SUMMER INTERNSHIP PROJECT REPORT ON SECTORIAL ANALYSIS

Submitted In Partial Fulfillment Of The Re uirement F!r Ma"ter !f Mana#ement Studie" $MMS%
Name of the Faculty Guide : td. Prof. !akhi Shriva"tava #Faculty : Finance$ Su%mitted By : S&apnil S. Deorukhkar -.*/ &at'h !f ()**+*, Name of the Company : Dalal & Broacha Stock Broking Pvt.

Day and Date: Friday' ().*+.,*),

NCR-.S

STERLIN/ INSTIUTE OF MANA/EMENT STU-IES

AFFILIATE- TO UNI0ERSITY OF MUM&AI Pl!t N!1 2,32,A4 Se't!r*24 Near Sea5!!d" Rail5a6 Stati!n4 Nerul $Ea"t%4 Na7i Mumbai 8))9):1 Tel; )((+(99)((<( Fa=;)((+(99(((2)1

-ECLARATION

I hereb6 de'lare that the >r!?e't re>!rt entitled @FUN-AMENTAL FINANCIAL ANALYSIS OF INFRASTRUCTURE SECTORA 'arried !ut at @-ALAL AN- &ROACHA STOCB &ROBIN/ P0T1 LT-1A i" m6 5!rC "ubmitted in >artial fulfillment !f the re uirement f!r -e#ree !f MASTER OF MANA/EMENT STU-IES $MMS%4 UNI0ERSITY OF MUM&AI fr!m NCR-.S STERLIN/ INSTITUTE OF MANA/EMENT STU-IES4 NERUL4
NA0I

MUM&AI and n!t "ubmitted f!r the a5ard !f an6 de#ree4 di>l!ma4

fell!5"hi> !r an6 "imilar title" !r >riDe"1

-ate; Pla'e; Mumbai

Si#nature; Student Name; S5a>nil S1-e!ruChCar

ACBNOELE-/EMENT
0hi" Pro1ect ha" %een a great learning e2perience for me. 3 take thi" opportunity to thank Prof. !akhi Shriva"tava, my internal project guide whose valuable guidance & suggestions made this project possible. I am extremely thankful to him for his support. He has encouraged me and channelized my enthusiasm effectively. I express my heart felt gratitude towards my parents, siblings and all those friends who have willingly and with utmost commitment helped me during the course of my project work. I also express my profound gratitude to Prof. Dr.4enry Ba%u' Director of NC!D5S S06! 3NG 3NS030706 8F 9-N-G696N0 S07D36S for giving me the opportunity to &ork on the pro1ect and %roaden my kno&ledge and e2perience. 3 &ould like to confer my heartie"t thank" to my pro1ect guide 9r. -%%a" :umar and 9r. 7tkar"h' Santo"h Sir' ;a"u%hai for giving me the opportunity to &ork &ith them. By giving guidance and preparing my pro1ect 3 got depth kno&ledge of practical application" of the theoretical concept" and definitely the thing" &hich 3 have learned &ill undou%tedly help me in future' to analy"e many proce"" going on in an indu"try. 3 am al"o thankful to variou" indu"try e2pert" & e2ecutive" for "haring relevant information and valua%le thought" &ith me and helped me in &riting report.. a"t %ut not the lea"t' 3 am thankful to all tho"e &ho indirectly e2tended their co. operation and invalua%le "upport to me.

Student Name : S&apnil S.Deorukhkar Signature<<<<<<<<< Date <<<<<<<<<..

CERTIFICATE &6 the INSTITUTE

#0o %e filled in %y the "tudent in hi" = her hand&riting$

0hi" i" to certify that >>>>>>>>>>> #Name$ a "tudent of>>>>>#di"cipline$>>>>>>>from>>>>>>#3n"titute=7niver"ity$ ha" done=i" doing hi"=her "eme"ter pro1ect at >>>>>>>>> from >>>>>>>>>>>to>>>>>>>>>>>>> under my guidance. 0he pro1ect &ork entitled ?>>>>>>>>>>>>>>>>>>>>>@ em%odie" the original &ork done %y>>>>>>>>>>during hi"=her a%ove full "eme"ter pro1ect training period.

Date: Name of the Faculty Guide -uthoriAe Signatory

Place Bour College Name &ith Stamp

Director

Certifi'ate &6 the '!m>an6

0o %e collected from the company &here the "ummer trainee ha" pur"ued hi"=her intern"hip.

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TA&LE OF CONTENTS

CH1 N!1 *1 (1 ,1 81

Parti'ular" !f the C!ntent" E=e'uti7e Summar6 Intr!du'ti!n !f the t!>i' Ob?e'ti7e !f the "tud6 Re"ear'h Meth!d!l!#6 C C C -ata S!ur'e" S'!>e !f the Stud6 Limitati!n"

Pa#e N!1 * ( *, *8

G1 :1 91 <1 21 *)1

C!m>an6 Pr!file -ata Anal6"i" and Inter>retati!n Findin#" Su##e"ti!n" and Re'!mmendati!n" C!n'lu"i!n &ibli!#ra>h6

*: *2 G* G( G, G8

CHAPTER * EHECUTI0E SUMMARY

Fundamental analy"i" i" very helpful to the inve"tor' &hich i" reflected in the inve"tment purpo"e. Fundamental analy"i" con"i"t of three part"' they are economic' indu"try and company. -ny inve"tor" &ho go to "y"tematic inve"tment' he="he &ould like to kno&' the complete "cenario of the indu"try. 3t i" intere"ting to kno& the ho& the fundamental analy"i" help" to foreca"t the price of eDuity. 0he "tudy contain" the fundamental analy"i" of infra"tructure "ector in 3ndia. For doing thi" analy"i" fir"t the impact of 3ndian economy on infra"tructure "ector ha" %een "tudied. 3n thi" 3 have mea"ured ho& GDP gro&th and change" in inflation rate" affect" the infra"tructure "ector performance. Further "tudy contain" the in.depth analy"i" of infra"tructure "ector in 3ndia and al"o the content" of 6leventh five year plan ending ,*), and infra"tructure policy in 3ndia' &hich helped to analyAe the trend" and opportunitie" in thi" "ector. Further the "tudy contain" the heavy engineering and con"truction part of infra"tructure "ector and for analyAing thi" part of infra"tructure "ector an in.depth fundamental analy"i" have %een done %y taking companie" like 3E!C infra"tructure and pro1ect td and !eliance infra"tructure ltd. 0he fundamental analy"i" ha" %een done %y con"idering the %alance "heet and profit & lo"" "tatement of the"e companie" and al"o "tudy include" 0rend" analy"i"' Beta analy"i" and !atio analy"i" to derive the conclu"ion of the "tudy.

CHAPTER INTRO-UCTION TO FUN-AMENTAL ANALYSIS

0he proce"" of fundamental analy"i" involve" e2amining the economic' financial & other Dualitative a" &ell a" Duantitative factor" related to a "ecurity "o a" to determine it" intrin"ic value. Fhile u"ually thi" method i" u"ed to evaluate the value of a company5" "tock' it can al"o %e u"ed for any kind of "ecurity' like %ond" or currency. Fundamental analy"i" i" al"o kno&n a" Duantitative analy"i" and involve" delving into a company5" financial "tatement" #"uch a" profit and lo"" account and %alance "heet$ in order to "tudy the variou" financial indicator" #"uch a" earning"' lia%ilitie"' revenue"' e2pen"e" and a""et"$. Such an analy"i" i" u"ually carried out %y %roker"' analy"t"' and "avvy inve"tor". 0&o approache" in fundamental analy"i":. Fhile carrying out fundamental analy"i"' inve"tor" can u"e any of the follo&ing approache": 0op.do&n approach: 3n thi" approach' an analy"t inve"tigate" %oth national and international economic indicator"' like energy price"' GDP gro&th rate"' inflation and intere"t rate". 0he analy"i" of total "ale"' price level" and foreign competition in a "ector i" al"o done in order to identify the %e"t %u"ine"" in the "ector. Bottom.up approach: 3n thi" method' an analy"t "tart" the "earch &ith "pecific %u"ine""e"' irre"pective of the indu"try or region. Fundamental analy"i" i" done &ith the aim of predicting future performance of a company. 3t i" %a"ed on the theory that market price of a "ecurity tend" to move to&ard" it" Greal valueG or the Gintrin"ic value.G So &hen the intrin"ic value of a "ecurity i" higher than the "ecurity5" market value' it repre"ent" a time to %uy. 8n the other hand' &hen the value of the "ecurity i" lo&er than it" market value' inve"tor" "hould "ell it.

Step" in fundamental analy"i" are a" follo&": 9acroeconomic analy"i"' that involve" con"idering commoditie"' currencie"' and indice". 3ndu"try "ector analy"i" that involve" the analy"i" of companie" &hich are a part of the "ector. Situational analy"i" of the company that involve" "tudying their %u"ine"" model"' management' product" and "ervice"' it" current po"ition' future etc. Financial analy"i" of a company &hich involve" analyAing the financial "tatement" like %alance "heet"' income "tatement" and ratio". Ealuation &hich attempt" to find the intrin"ic value of the "ecuritie" of the company.

CHAPTER ( INTRO-UCTION

Indian Infra"tru'ture Se't!r

0he term Hinfra"tructureH refer" to %a"ic utilitie" or facilitie" that are u"ed daily %y people' "uch a" road"' electricity' &ater and "e&age "y"tem". H3ndu"tryH refer" to a "pecific %u"ine"" activity. 0herefore' an infra"tructure indu"try refer" to a group of organiAation" that %uild' "upply and maintain certain utilitie" and facilitie".. 0he main infra"tructure indu"trie" include tran"portation' energy' &ater management' communication" and &a"te management. 0hi" a" a &hole &hich include" variou" in infra"tructure "ector indu"trie" i" called a" infra"tructure "ector. For e2ample 8rganiAation" that %uild po&er plant" and tho"e that di"tri%ute po&er are "aid to %e in organiAation" in the energy infra"tructure indu"try. 0he activitie" of the the tran"portation infra"tructure indu"try revolve around %uilding and

maintaining mo"t of the facilitie" that make travel and tran"port po""i%le. Some facilitie" that are included in thi" "ector are road"' %ridge"' airport"' port"' rail&ay" and "u%&ay". 0ho"e in the energy infra"tructure "ector handle the con"truction and in"tallation of "olar po&er "y"tem"' &ind po&er "y"tem"' electricity grid" and many other facilitie" that help produce and di"tri%ute energy. 3n "imple &ord" 3nfra"tructure can %e defined a" a kind of "tructure &hich i" %uilt to provide "ervice" in the economy. 3t facilitie" are indeed' %a"ic "ervice facilitie" for an economy. 0he nature of infra"tructural in"tallation" i" that the"e do not directly produce thing" %ut promote productive activitie" of the economy. 6.g: rail&ay"' road"' dam"' canal"' po&er plant" etc

F!ll!5in# area"3"e't!r" !f the e'!n!m6 li"ted bel!5 are '!7ered in infra"tru'ture "e't!rI

-irport" Bank"' Financial 3n"titution" & 0erm lending 3n"titution" Cement & Cement Product" Coal Con"truction 6lectrical & 6lectronic component" 6ngineering 6nergy including Coal' 8il & Ga"' Petroleum & Pipeline" 3ndu"trial Capital Good" & Product" 9etal" & 9ineral" Port" Po&er and Po&er eDuipment !oad & !ail&ay initiative" 0elecommunication 0ran"portation 7r%an 3nfra"tructure including 4ou"ing & Commercial 3nfra"tructure 9ining' -luminum

Trend" and O>>!rtunitie" in Infra"tru'ture Se't!r The marCet

3ndia5" infra"tructure' %uilding and con"truction indu"try pre"ent" it"elf a" an attractive opportunity to potential inve"tor"' e2porter"' technology provider" and con"ulting partner". Po"t.glo%al financial cri"i"' it ha" huge potential for thriving inve"tment opportunitie" acro"" the &orld. 4o&ever' on the other hand' it continue" to "uffer from poor e2ecution cau"ing time and co"t overrun" or i""ue" pertaining to land acDui"ition and re"ettlement. Since ,**/' the 3ndian Government ha" introduced variou" policy.%a"ed a" &ell a" "tructural reform" not only to improve the pace of a&ard and e2ecution of large infra"tructure pro1ect"' %ut al"o to improve the inve"tment climate for private "ector participation in all ma1or infra"tructure "ector". 0he gro&th inten"ive IBudget ,*),5 &a" announced in 9arch &ith a focu" on t&o pivotal "ector"' infra"tructure and agriculture. 3nve"tment" &orth !" J* lakh crore have %een propo"ed in the infra"tructure "ector. 0he infra"tructure "ector' including the 9etro net&ork and high&ay pro1ect"' ha" got a ma1or %oo"t in the Budget. 3nve"tment" &orth !" J* lakh crore have %een propo"ed in the ),th Five.Bear Plan' half of &hich &ill %e pumped in %y private inve"tor" through pu%lic private partner"hip" #PPP$ and %y rai"ing ta2. free %ond" &orth !" K*'*** crore. 3n order to fuel the infra"tructure gro&th' government" at federal and "tate level' financial in"titution" and private "ector companie" &ill all have to pitch in. Con"eDuently' the policy frame&ork in infra"tructure "ector" today i" much more conducive to private inve"tment &ith many opportunitie" for pu%lic private partner"hip". 4o&ever' the infra"tructure "ector in 3ndia i" dominated %y a handful of large player" &ho alone po""e"" the e2perti"e to e2ecute the mega.pro1ect" a" per the de"ign capa%ility' con"truction e2cellence and timely e2ecution demanded in today5" &orld. Fith re1uvenation in the pace of infra"tructure development and the tremendou" opportunity it pre"ent" in the near future' there i" a reDuirement for more competent player" #perhap" of foreign origin$ to enter the market to fulfill the technological and operational gap" that e2i"t acro"" the value chain. 0hi" could %e a

ma1or entry point for large -u"tralian infra"tructure operator" and technology "upplier".

0he 3ndian infra"tructure indu"try i" "et for a ro%u"t e2pan"ion over the long term' given the government5" effort" to attract capital for multi.%illion dollar inve"tment" in tran"port' energy' port"=airport"' utilitie" and ur%an infra"tructure.

O>>!rtunitie";+
3ndia "till remain" a" one of the fa"te"t gro&ing free market economie" in the &orld. Fhile thi" gro&th open" up many opportunitie" for 3ndian companie"' it al"o create" "ignificant opportunitie" for 3nternational firm". 0he infra"tructure "ector in 3ndia' %eing the foundation for "upporting economic gro&th' i" very likely to &itne"" huge inve"tment" over the ne2t fe& year". 0here e2i"t multiple opportunitie" acro"" the "ector" under the infra"tructure um%rella. Snap"hot" of the"e are provided %elo&:

Rail5a6";+
6ngineering' procurement and de"ign of dedicated freight corridor" !e.development of e2i"ting "tation" to &orld.cla"" "tation" 9a"" !apid 0ran"it Sy"tem #9etro$ pro1ect" in 4ydera%ad' 9um%ai and Bangalore':ochi' Pune and ;aipur

R!ad" and hi#h5a6";+

o Development 4igh&ay" of (J'***km of high&ay" under the National

o Development Program me initiated %y National 4igh&ay" -uthority of 3ndia #N4-3$ o Conver"ion of ,*'***km of "tate high&ay" into national high&ay"' along &ith the upgrading of )L'***km of the latter o I8perate' 9aintain and 0ran"fer5 pro1ect" of pu%lic funded road" to %e %id out %y o N4-3 o 62pan"ion of e2i"ting road" and high&ay" to K.lane"' M.lane" and ,. lane" for "pecified "tretche" o Development of e2pre""&ay" and toll &ay" o Creation of ring road"' %ypa""e"' grade "eparator" and "ervice road"

P!rt";+
Supply of t&o cape"iAe cargo ve""el" of )+*'***DF0 #Dead Feight 0onnage$ each for loading dry cargo like iron.ore' coal' grain" etc' and five tug.%oat" for operation" in t&o of 3ndia5" leading port". Plan" include having ,* cap"iAe ve""el" %y ,*,*.Port development pro1ect" #eg. con"truction of 1ettie" and %erth"$ Procurement or replacement of port eDuipment Channel deepening to improve draft Port connectivity pro1ect"

Air>!rt";+
9oderni"ation of metro airport" 7pgrading of (J non.metro airport" #including terminal %uilding and air"ide &ork"$ Creation of training centre" for aviation indu"try profe""ional" 9aintenance' repair and overhaul operation" for current and future aircraft fleetfleet

P!5er;+
)'***9F "olar po&er generation to %e achieved %y ,*)( and ,*GF %y the end of ,*,, under ;a&aharlal Nehru National Solar 9i""ion Supply of heavy engineering machinery for thermal and "olar po&er generation on "ite one of 3ndia5" leading port and S6N location". 8pportunity to "upply machinery=eDuipment for po&er generation pro1ect" having a capacity of up to to )J'***9F' in the pipeline %y one of 3ndia5" leading infra"tructure conglomerate %y ,*)J 6Duipment=tur%ine "upplying opportunitie" for &ind energy po&er generation pro1ect" in pipeline #capacity up to ,**9F$ %y one of 3ndia5" ma1or clean energy producer Po&er generation including 7ltra 9ega Po&er Pro1ect" launched under Po&er Finance Corporation #in e2ce"" of M'***9F$ Po&er tran"mi""ion grid" Po&er di"tri%ution #including eDuipment "uch a" tran"former"' generator" and meter"$

Real e"tate;+
8pportunity to to "et up manufacturing="ervice" unit" in a leading S6N development Con"truction of 9etro "tation" and attached retail mall" and recreational area" !etail' re"idential and commercial pro1ect" Green %uilding pro1ect" Product" "uch a" cement' "teel' tim%er and "ervice" O architecture' land"caping and ma"ter planning

Minin#;+
9ineral e2ploration Contract mining and mineral e2traction 9ineral proce""ing Speciali"t ancillary "ervice" and "y"tem" including mine "afety "y"tem"

Oil and #a";+

62ploration including "u%."urface mining and deep&ater e2ploration !efining and tran"portation 8il and ga" di"tri%ution and marketing "ervice"

S>!rt" infra"tru'ture;+
o& co"t "olution" for community.%a"ed "port facilitie"

Super"tructure concept and de"ign #em%racing multipurpo"e u"e concept$ Ne& "tadia and upgrade" including "hade "tructure' "eating' lighting and turf

In7e"tment O>>!rtunitie" in Indian Infra"tru'ture

0he ro%u"t current gro&th in GDP ha" e2po"ed the grave inadeDuacie" in the country5" infra"tructure "ector". 0he "trong population gro&th in 3ndia and it" %ooming economy are generating enormou" pre""ure" to moderniAe and e2pand 3ndia5" infra"tructure. 0he creation of &orld cla"" infra"tructure &ould reDuire large inve"tment" in addre""ing the deficit in Duality and Duantity. 9ore than 7SD MLJ %n &orth of inve"tment i" to flo& into 3ndia5" infra"tructure %y ,*),. No country in the &orld other than 3ndia need" and can a%"or% "o many fund" for the infra"tructure "ector. Fith the a%ove inve"tment" 3ndia5" infra"tructure &ould %e eDual to the %e"t in the &orld %y ,*)L. 3n the ne2t five year" planned infra"tructure inve"tment in 3ndia in "ome key "ector" are #at current price"$: 9oderniAation of high&ay" .7SP LJ %illion' Development of civil aviation 7SP ), %illion' Development of 3rrigation "y"tem. 7SP )+ %illion' Development of Port". 7SP ,K %illion' Development of !ail&ay". 7SP L) %illion' Development of 0elecom. 7SP (, %illion' Development of Po&er .7SP ,(, %illion. 0hu" in the eleventh five year plan'inve"tment infra"tructure in the a%ove 4igh&ay "ector" infra"tructure #-viation 'Po&er 'Con"truction infra"tructure'

infra"tructure' Port infra"tructure '0elecom infra"tructure $ &ill %e 7SP (+M %illion"#!" )L',*'*** Crore"$ con"idering the huge infra"tructure market potential in 3ndia. 3n addition to the a%ove' inve"tment" to the tune of 7SP /) %illion" have %een planned in other infra"tructure "ector" like 0ouri"m infra"tructure '7r%an infra"tructure'!ural infra"tructure' S6N" 'and &ater infra"tructure and "anitation infra"tructure plan period ,**L.*+ to ,*)).), a" 7SPMLJ %illion". Dome"tic and glo%al infra"tructure fund" have e2po"ure to 3ndian infra"tructure "ector". thu" making the total infra"tructure inve"tment" in the eleventh

Infra"tru'ture "e't!r tar#et" f!r Ele7enth fi7e 6ear >lan endin# ()*(

Ele'tri'it6; -dditional po&er generation capacity of a%out /*'*** 9F ' reaching electricity to all un. electrified hamlet" and providing acce"" to all rural hou"ehold" through !a1iv Gandhi Grameen EidyutikaranBo1na #!GGEB$ Nati!nal Hi#h5a6"; Si2.laning K'J** km of Golden Quadrilateral and "elected National 4igh&ay"' Four.laning K'L(K km on North.South and 6a"t.Fe"t Corridor"' Four.laning ),')*/ km of National 4igh&ay"' Fidening ,*'*** km of National 4igh&ay" to t&o lane"' Developing )*** km of 62pre""&ay"' Con"tructing +'L(L km of road"' including ('+MK km of National 4igh&ay"' in the North 6a"t Rural R!ad"; Con"tructing )' KJ',MM km of ne& rural road"' and rene&ing and upgrading e2i"ting )' /,'MKM km covering L+'(*M rural ha%itation". Rail5a6"; Con"tructing Dedicated Freight Corridor" %et&een 9um%ai.Delhi and udhiana.:olkata' )*'(** km of ne& rail&ay line"R gauge conver"ion of over )*'*** km and dou%ling' 9oderniAation and redevelopment of ,) rail&ay "tation"' 3ntroduction of private entitie" in container train" for rapid addition of rolling "tock and capacity' 9etro rail" and &orld cla"" "tation" P!rt"; Capacity addition of M+J million 90 in 9a1or Port"' (MJ million 90 in 9inor Port"' con"truction of 1ettie" and %erth"' Port connectivity' channel" deepening and port eDuipment".

Air>!rt" ; 9oderniAation and redevelopment of M metro and (J non.metro airport"' Con"tructing L Greenfield airport"' Con"tructing ( airport" in North 6a"t' 7pgrading CNS=-09 facilitie" '6"ta%li"hing training facilitie" and 9!8 Tele'!m and IT; -chieving a telecom "u%"cri%er %a"e of K** million' &ith ,** million rural telephone connection"' -chieving a %road%and coverage of ,*million and M* million internet connection" Irri#ati!n; Developing )K million hectare" through ma1or' medium and minor irrigation &ork" Urban Infra"tru'ture; 7r%an rene&al pro1ect" for "elected citie"R one million plu" citie"' "tate capital" and place" of hi"torical' religiou" or touri"t importance under ;a&aharlal Nehru National 7r%an !ene&al 9i""ion #;NN7!9$. Rural infra"tru'ture; -" per Bharat Nirman action propo"ed in rural infra"tructure for irrigation' road"' hou"ing' &ater "upply' electrification and telecommunication connectivity C!n"tru'ti!n and Real E"tate infra"tru'ture; Development of re"idential and retail real e"tate' Green %uilding"' con"truction of S6N". Minin# Infra"tru'ture; 9ineral e2ploration' 9ineral e2traction' proce""ing' technology and eDuipment".

Infra"tru'ture >!li'6 in India;

9a1or policy initiative" "uch a" deregulation' via%ility gap funding '3ndia infra"tructure finance company' Committee on infra"tructure 'rural infra"tructure programme' National ur%an rene&al mi""ion' pu%lic private partner"hip"' aunch of private "ector infra"tructure fund" have %een implemented in infra"tructure "ector R!ad P!li'6 in India; 3ndian infra"tructure policy on road" permit duty free import of high capacity and modern road con"truction eDuipment"' complete ta2 holiday for any )* con"ecutive year" out of ,* year". onger conce""ion period" of up to (* year" are permitted a" per the road" policy of 3ndia. Air>!rt" P!li'6 in India; 3ndian airport infra"tructure policy permit" )**S ta2 e2emption for airport pro1ect" for )* year"' )**S eDuity o&ner"hip %y Non !e"ident 3ndian" #N!3"$' )**S foreign direct inve"tment" #FD3$ in 3ndia in e2i"ting and Greenfield airport pro1ect"' -irport policy of 3ndia al"o allo&" M/SFD3 and )**S N!3 inve"tment in airport tran"port "ervice". P!rt" P!li'6 in India; -" per 3ndian port policy all area" of port operation open for Private Sector Participation .Private "ector participation and ;E" no& permitted. Port" policy of 3ndia al"o allo&" )**S income ta2 e2emption for a period of )* year". P!5er P!li'6 in India; 3ndian po&er policy permit )** percent FD3 #e2cept atomic energy$ in electricity generation' tran"mi""ion' and di"tri%ution and trading' 6"ta%li"hing po&er plant" &ithout any licen"e' tran"mi""ion "ervice" for 3ndependent po&er tran"mi""ion companie".

Oil4 /a" and minin# P!li'6; )**S FD3 permitted for mining #e2cept coal$. C-S"' levied earlier on crude production' ha" %een a%oli"hed for the %lock" offered under N6 P. 3n deep&ater e2ploration royalty for area" %eyond M**m %athymetry &ill %e charged at half the prevailing rate. 3n petroleum and natural ga" "ector )** FD3 i" permitted e2cept refining '"u%1ect to "ectoral regulation"R and in the ca"e of actual 0rading and marketing of petroleum product"' dive"tment of ,KS eDuity in favour of 3ndian partner=pu%lic &ithin J year" .3n refining )**S FD3 i" allo&ed in private companie" and ,KS FD3 allo&ed in Pu%lic "ector companie". Real E"tate P!li'6 in India; Corporate ta2 e2emption of up to )**S for indu"trial park"' S6N" and hou"ing pro1ect" are permitted a" per 3ndian !eal 6"tate Policy. Tele'!mmuni'ati!n P!li'6 in India; LMS FD3 i" allo&ed in Ba"ic and cellular' 7nified -cce"" Service"' National=3nternational ong Di"tance' E.Sat' Pu%lic 9o%ile !adio 0rucked Service" #P9!0S$' Glo%al 9o%ile Per"onal Communication" Service" #G9PCS$ and 8ther value added telecom "ervice"' 3SP &ith gate&ay"' radio paging' end.toend %and&idth. )**S FD3 i" permitted in 3SP &ithout gate&ay' infra"tructure provider providing dark fi%er' electronic mail and voice mail' "u%1ect to the condition that "uch companie" "hall dive"t ,KS of their eDuity in favor of 3ndian pu%lic in J year"' if the"e companie" are li"ted in other part" of the &orld a" per the 3ndian telecommunication policy.

CHAPTER , O&JECTI0E OF STU-Y

7nder"tanding and "tudying the 3nfra"tructure Sector in 3ndia 7nder"tanding the trend"' Pro%lem" and pro"pect" and future gro&th opportunitie" of 3nfra"tructure Sector in 3ndia 0o do valuation of "elected companie" in 3nfra"tructure Sector 0o prepare re"earch report of "elected 3nfra"tructure Companie" and "ugge"ting inve"tor to inve"t in particular "hare of the company

CHAPTER 8 RESEARCH METHO-OLO/Y T

!e"earch de"ign or re"earch methodology i" the procedure of collecting' analyAing and interpreting the data to diagno"e the pro%lem and react to the opportunity in "uch a &ay &here the co"t" can %e minimiAed and the de"ired level of accuracy can %e achieved to arrive at a particular conclu"ion. 0he methodology i" u"ed in the "tudy for the completion of the pro1ect and the fulfillment of the pro1ect o%1ective"

-ATA SOURCES
C Primar6 -ata

Primary data collect %y di"cu""ing &ith my guide and other "taff mem%er of thecompany 8%"ervatio n C Se'!ndar6 -ata td and

0he "econdary data &a" collected from the &e%"ite of company like 3E!C

!eliance infra td. 0he data &a" gathered from the -nnual report" of the company. 0he data collected &a" merged in a meaningful manner "o that the reader can have an appropriate idea and under"tanding of the company5" operating and financial po"ition.

SCOPE OF THE STU-Y

0hi" "tudy i" an effort to get the in"ight a%out the 3nfra"tructure "ector and it" impact on the 3ndian economy and Gro"" Dome"tic Product #GDP$. 0he "tudy "ho&" the mechani"m a%out the valuation of the "hare" of the "elected 3nfra"tructure companie". 0hi" valuation &ill help individual inve"tor" and %roker" to gain a competitive edge and help them to take "ucce""ful inve"tment deci"ion". 0he "tudy i" %eing made to get the in"ight of the fair market value of eDuity "hare" of 3nfra"tructure companie" in 3ndia. For the valuation analy"i" of %alance "heet & profit & lo"" -=c' Calculation of Beta rate' !atio analy"i"' DuPont -naly"i" ha" %een calculated. Further' the "tudy i" %a"ed on information of la"t five year". 0he "tudy i" %eing carried out %y taking into con"ideration t&o 3nfra"tructure companie" i.e. 3E!C !eliance 3nfra"tructure td. td and

LIMITATIONS

a. Fundamental analy"i" a""umption" and calculation" are %a"ed on hi"torical data and foreca"t". 0herefore the Duality of information and a""umption" u"ed are critical. %. Pa"t performance i" not an indicator of future performance. c. 0here &a" no "ource to o%tain Primary data from the companie" like 3E!C and !eliance 3nfra td hence had to "ource the information from the "econdary "ource" like company &e%"ite". td

C H A P T E R G C!m >a n 6 >r!f il e -alal and &r!a'ha St!'C &r!Cin# P7t1 Ltd1

The C!m>an6;+ 0he firm trace" it" %eginning" to )/K)' &hen Priyakant Dalal 1oined force" &ith Shapur Broacha to e"ta%li"h Dalal & Broacha. 0he company ha" "teadily evolved and matured through four decade"' con"olidating it" managerial "trength" to handle corporate gro&th' &hile e2panding it" "ervice portfolio to an"&er changing inve"tor need". 0oday' the firm i" an integrated financial "ervice" player offering an e2ten"ive range of financial "olution" and "ervice" to a &ide "pectrum of cu"tomer" &ith varied need" ranging from eDuitie" to mutual fund" to commoditie" to depo"itory "ervice".

0he firm i" a mem%er of Bom%ay Stock 62change' a" &ell a" the National Stock 62change in the Ca"h a" &ell a" the F&8 "egment". 3t i" al"o a mem%er of the 9ulti Commodity 62change and i" a Depo"itory Participant &ith CDS . 8ther "ervice" provided %y the company include di"tri%ution of 9utual Fund"' 3P8"' and Portfolio 9anagement Service"' &ith the firm currently handling over ,*'*** retail client"' N!3"' corporate"' %ank"' mutual fund"' and F33".

(1( Phil!"!>h6; At -alal J &r!a'ha4 5e ha7e >re"er7ed !ur '!re >hil!"!>h6 "in'e !ur in'e>ti!n alm!"t G) 6ear" a#!1 It i" emb!died in the f!ll!5in# >rin'i>le"; U ong.term approach to inve"tment" U -voiding any kind of "peculative ri"k.taking U Protecting our client"G capital U 6n"uring "teady gro&th at every opportunity U 6n"uring a%"olute tran"parency U 9aintaining the tru"t of our client" U Nurturing long.term relation"hip (1, Mile"t!ne"; Dalal & Broacha ha" al&ay" follo&ed a path of con"i"tent and "u"taina%le gro&th' adding mile"tone" that realiAe value for the cu"tomer and "trengthen our market

pre"ence.

(18 Pr!du't"; Dalal & Broacha offer" it" clientele an integrate platform to "ati"fy any financial "ervice reDuirement. 8ur e2ten"ive "ervice "uite include" the follo&ing "ervice": (181* In"tituti!nal E uitie" -e"C; Since it &a" "et up nearly t&o decade" ago' our 3n"titutional 6Duity De"k ha" gro&n e2ponentially. 0oday' &e are doing %u"ine"" &ith each and every ma1or financial in"titution' %ank and mutual fund in 3ndia' along &ith a large num%er of Foreign 3n"titutional 3nve"tor" #F33"$.8ur 3n"titutional 6Duitie" De"k compri"e" t&o function" O namely' Sale" and Dealing. 0he Sale" team' &ho"e primary

re"pon"i%ility i" client "ervicing and %u"ine"" acDui"ition' act" a" a liai"on %et&een the Dealing team' our !e"earch de"k and the Client. 0he Dealing team i" re"pon"i%le for the accurate e2ecution of order" placed %y our in"titutional client" and for providing the latter &ith real.time market input". 0he 3n"titutional 6Duitie" De"k coordinate" &ith the !e"earch Department to provide &orld.cla"" "ervice" to thi" very demanding group of cu"tomer". (181( Retail E uitie" -e"C; 8ur !etail %u"ine"" i" the %ack%one of our company and o&e" it" "ucce"" largely to the empha"i" laid on %uilding "teady' long.term relation"hip" O "ome of &hich have la"ted longer than three decade". 0he firm currently "ervice" over ,*'*** regi"tered client" throughout 3ndia &ith the help of )J %ranche" and "everal a""ociate". (181, P!rtf!li! Mana#ement Ser7i'e"; - recent addition to our %ouDuet of product"' our portfolio management "ervice i" de"igned keeping in mind the need" of our 4igh Net Forth cu"tomer". 0he "ervice offer" a complete end to.end "olution for cu"tomer" &ho are looking at ma2imiAing their return" through e2pert fund management.

(181G NRI -e"C; 0hi" dedicated de"k addre""e" the variou" need" of our many N!3 client" "ettled all acro"" the glo%e. Fe %elieve that mo"t client" "ettled a%road need "pecial attention for the many compliance and ta2 related regulation" enforced in 3ndia. Fe "trive to provide comprehen"ive "olution" to their many need" through e2pert empirical advice and per"pective" dra&n from ,* year" of e2perience in handling thi" cla"" of cu"tomer".

(181: -e>!"it!r6 -e"C; 0hrough it" depo"itory "ervice" the firm offer" it" cu"tomer" "mooth' "eamle""' efficient and paperle"" "ettlement of all trade" and tran"action" undertaken %y them. (1819 Fi=ed In'!me -e"C; 0hi" divi"ion of the firm deal" mainly in de%t in"trument" "uch a" government "ecuritie"' corporate %ond"' "tate government %ond"' etc. 0he de"k deal" &ith mainly provident fund"' gratuity fund"' pen"ion fund"' tru"t"' %ank"' and Primary Dealer". 0he firm i" al"o a mem%er of the FD9 "egment of the NS6 and cater" to many 3n"titutional client" "uch a" %ank" and Primary Dealer". (181< C!mm!ditie"; 0he company i" a mem%er of the 9ulti Commodity 62change and offer" it" cu"tomer" a trading opportunity in all different commodity cla""e". (1812 Re"ear'h; Fe do not claim to %e the premier eDuity re"earch hou"e in the country' %ut &e pride our"elve" in %eing an idea %a"ed re"earch outfit &ith a ?%ottom" up@ approach . and the %e"t in the league. 8ur !e"earch cater" to %oth 3n"titutional and !etail Client". 8ur %rief i" "imple: identify good %u"ine""e" &ith decent management at a rea"ona%le price.

0he proce"" involve" identifying good %u"ine""e"' meeting the management' analyAing the %alance "heet and recommending the idea to a client. 3n the pa"t year &e have met a%out ,** companie" acro"" the country. 0hough &e follo& a %ottom" up approach' &e have a team of "i2 analy"t"' each "peciali"ing in different "ector".

,.J 0he 9anagement team:

4riday -nil

9ilind

Naile"h

Eipul

Bhave"h

Naile"h Dalal #Director$: - Bachelor of Commerce &ith a diploma in management' hi" "trength lie" in under"tanding people' &hether employee" or cu"tomer". Fith ,J year"5 e2perience in the field' hi" people management "kill" are a definite advantage to the firm . and thi" "ho&" in the firm5" "ucce""ful management of a huge cu"tomer %a"e. 4e handle" the firm5" retail and financial function". Eipul Dalal #Director$: Dalal & BroachaG" "trong in"titutional relation"hip"' %uilt over the la"t ,* year"' are due to the effort" of thi" Bachelor of Commerce. 0he focu" on in"titutional %u"ine"" increa"ed after he 1oined the firm &ho"e po"ition among"t in"titutional %uyer" i" o&ed largely to hi" effort".

4riday Dalal #4ead . Bu"ine"" Development$: - third.generation family mem%er to 1oin the %u"ine"" vertical" of the firm. &ith a po"t.graduate

Dualification. 4e ha" "pent the la"t J year" &orking acro"" variou" %u"ine""

4aving gone through the rigour"' he no& focu"e" on %u"ine"" development and ne& %u"ine""e". 4e head" the firmG" Corporate 0rea"ury De"k. 9ilind :armarkar #4ead . !e"earch$: Dalal & BroachaG" re"earch department' compri"ing a team of "i2' &a" "et up %y thi" Chartered -ccountant. 4e 1oined the firm over fifteen year" ago after having "pent a fe& year" in corporate planning and financial management. Bhave"h Do"hi #4ead O Fi2ed 3ncome & Di"tri%ution$: Fith Dalal & Broacha for over )J year"' thi" Co"t -ccountant &a" re"pon"i%le for "etting up the firm5" Fi2ed 3ncome &Di"tri%ution De"k' &hich he head" today. go.getter' he i" re"pon"i%le for the firmG" %ranch e2pan"ion along &ithne& %u"ine""e". -nil Chaudary #4ead O Depo"itory & 30$: 4e i" credited &ith having "et up our Depo"itory De"k. 4ei" al"o re"pon"i%le for providing a "eamle"" integration of technology' giving Dalal & Broacha a trou%le. free platform to "ervice it" client". 4e %ring" more than )J year"5e2perience in office eDuipment and financial "ervice" to the %u"ine"".

CHAPTER : O7er7ie5 !f Indian E'!n!m6 IN-IAN /-P

0he Gro"" Dome"tic Product #GDP$ in 3ndia &a" &orth )L,/.*) %illion 7S dollar" in ,*)*' according to a report pu%li"hed %y the Forld Bank. 0he GDP value of 3ndia i" roughly eDuivalent to ,.L/ percent of the &orld economy. 4i"torically' from )/K* until ,*)*' 3ndia GDP averaged ((/.+M** %illion 7SD reaching an all time high of )L,/.*)** %illion 7SD in Decem%er of ,*)* and a record lo& of (K.K)** %illion 7SD in Decem%er of )/K*. 0he gro"" dome"tic product #GDP$ mea"ure" of national income and a given countryG" output for economy. 0he gro"" dome"tic product #GDP$ i" eDual to the total e2penditure" for all final good" and "ervice" produced &ithin the country in a "tipulated period of time. 0hi" page

include" a chart &ith hi"torical data for 3ndia GDP.

IN-IAN /-P /ROETH RATE

0he Gro"" Dome"tic P

roduct #GDP$ in 3ndia e2panded J.( percent in the fir"t Duarter **until ,*),' 3ndia

of ,*), over the "ame Duarter of the previou" year. 4i"torically' from ,*

GDP Gro&th !ate averaged L.(L** Percent reaching an all time high of )).+*** Percent in Decem%er of ,**( cand ord lo& of ).K*** Percent in Decem%er of ,**,. 0he a re Gro"" Dome"tic Product #GDP$ gro&th rate provide" an aggregated mea"ure of change" in value of the good" and "ervice" produced %y an economy. 3ndiaG" diver"e economy encompa""e" traditional village farming' modern agriculture' handicraft"' a &ide range of modern

indu"trie"' and a multitude of "ervice". Service" are the ma1or "ource of economic gro&th' accounting for more than half of 3ndiaG" output &ith le"" than one third of it" la%or force. 0he economy ha" po"ted an average gro&th rate of more than decade "ince )//L' LS in the reducing poverty %y a%out )* percentage point". 0hi" page include" a chart &ith hi"torical data for 3ndia GDP Gro&th !ate.

IN-IAN INFLATION RATE

0he inflation rate in 3ndia &a" recorded at L.JJ percent in 9ay of ,*),. 4i"torically' from )/K/ until ,*),' 3ndia 3nflation !ate averaged +.* Percent reaching an all time high of (M.L Percent in Septem%er o f )/LM and a record lo& of .)).( Percent in 9ay of )/LK.

3nflation rate refer" to a general ri"e in price" mea"ured again"t a "tandard level of purcha"ing po&er. 0he mo"t &ell kno&n mea"ure" of 3nflation are the CP3 &hich mea"ure" con"umer price"' and the GDP deflator' &hich mea"ure" inflation in the &hole of the dome"tic economy. 0hi" page include" a chart &ith hi"torical data for 3ndia 3nflation !ate.

,) ,)

IN-IAN INTEREST RATE

0he %enchmark intere"t rate in 3ndia &a" la"t reported at +.** p

e rcent. 4i"torically'

from ,*** until ,*),' 3ndia 3ntere"t !ate averaged K.ML** Percent reaching an all time high of )M.J*** Percent in -ugu"t of ,*** and a record lo& of M.,J** Percent in -pril of ,**/. 3n 3ndia' intere"t rate deci"ion" are taken %y the !e"erve Bank of Central Board of 3ndiaG"

Director". 0he official intere"t rate i" the %enchmark repurcha"e rate. 0hi" page include" a chart &ith hi"torical data for 3ndia 3ntere"t !ate.

Be6 banC rate" C!! S ! !6P8 !-06 !6E6!S6 !6P8 !-06

A" !n ?ul6 ()*( M.LJS ,MS +S LS

IN-IAN STOCB MARBET

Stock" in 3ndia had a po"itive performance during the la"t month. 0he S6NS6V' a ma1or "tock market inde2 %a"ed in 3ndia' rallied LJJ point" or M.MJ percent during the la"t (* day". 4i"torically' from )/L/ until ,*),' the S6NS6V averaged J,M/.K reaching an all time high of ,)**J.* in Novem%er of ,*)* and a record lo& of ))(.( in Decem%er of )/L/. 0he S6NS6V i" a ma1or "tock market inde2 &hich track" the performance of large companie" %a"ed in 3ndia. - "tock market or e2change i" the centre of a net&ork of tran"action" &here "ecuritie" %uyer" meet "eller" at a certain price. 0hi" page include" a chart &ith hi"torical data for 3ndia Stock 9arket.

ANALYSIS OF I0RCL

%a"e d

3E!C td' formerly 3E!C an 3ndia.

3nfra"tructure" & Pro1ect"

imited' i"

engineering and con"truction company. 0he Company i" engaged in the %u"ine"" of development and e2ecution of engineering procurement' con"truction and commi""ioning #6PCC$ and ump Bum 0urn :ey # S0:$ facilitie" in variou" infra"tructure pro1ect"' "uch a" &ater "upply' road" and %ridge"' to&n"hip" and indu"trial "tructure"' po&er tran"mi""ion' for Central=State Government"' other local %odie" and private "ector in 3ndia. 0he ma1or inve"tment" of the Company are in the "u%"idiarie" Fater 3nfra"tructure" td' 3E!C -""et" & 4olding" imited and 4indu"tan Dorr.8liver imited. 0he Company5" other "u%"idiarie" include 3E!C td and Salem 0oll &ay" td. 3E!C Strategic !e"ource" td' -lkor Petroo td' 3E! 6nviro Pro1ect" Pvt.

Mi""i!n:.
0o %e leading player in infra"tructure development %y providing total "olution".

0i"i!n:.
9eeting ever.gro&ing and challenging reDuirement" in today5" competitive &orld through "trong Duality "y"tem".
,M ,M

Creating a dedicated and "trong &orkforce through continual development. -dding value to the inve"tor"

0ALUES :.
Commitment to client "ati"faction. -&arene"" of Duality. De"ire of e2cellence. Que"t for continual improvement.

Be6 P!int":.
Started in )//*' 3E!C contract 3mplementation in 3ndia Strong pre"ence in Fater' 0ran"portation' Building & 3ndu"trial Structure" and Po&er "ector Proven Pro1ect 62ecution Skill" and pre"ence acro"" ,) "tate" in 3ndia 7ndertaking B80= B880 = DB880 0ype Pu%lic Private Partner"hip #PPP$ pro1ect" 4ighly Dualified and &ell trained human re"ource %a"e i"ted in )//J' proven dividend paying track record ha" %ecome a leading player in 6PC and S0:

,J ,J

E!C G!87P C89P-N36S

I0RCL LIMITE-

I0RCL ASSETS J HOL-IN/S LIMITE-

HIN-USTAN -ORR+ OLI0ER LIMITE-

D-EB9-!:4-9 #7:$

SU&SI-IARY COMPANIES;+ 3E!C -SS60S & 48 D3NGS 39306D 3E!C -&4 i" a ma1ority o&ned company of 3E!C . 3E!C -&4 &a" originally incorporated a" a !eal 6"tate Development Company and ha" "ince re"tructured it"elf a" an -""et" & 4olding" Company. 3t offer" a &ide gamut of "ervice" and it" holding a""et" are a" diver"e a":

Eater Chennai Fater De"alination Plant at an inve"tment of 3N! K** crore"' &ith a capacity of )** million litre" per day

R!ad"
,K ,K

Nearly (*** lane km" at an inve"tment of 3N! /+'L)M million including National 4igh&ay".B80 Pro1ect" like: 3mprovement' 8peration and 9aintenance including Strengthening and Fidening of e2i"ting ,.lane road to M.lane dual carriage &ay on Build' 8perate & 0ran"fer #B80$ %a"i". Salem to :umarpalyam on N4.ML in the State of 0amilnadu for J( km"

:umarpalyam to Chengapalli on N4.ML in the State of 0amilnadu for ML km" ;alandhar . -mrit"ar "ection on N4.) in the State of Pun1a% for M/ km" Guna . Bypa"" "ection N4.( in the State of 9adhya Prade"h for )( km"

Oil J /a" TanCa#e" &orth over 3N! ,/'*** million' including )) crude oil tank"' M, fini"hed product tank" and )J mounded %ullet"

Real E"tate" -part from the"e' 3E!C -&4 ha" a land re"erve of around ,J** acre" "pread acro"" 4ydera%ad' Noida' Bangalore' EiAag' Pune' 9um%ai and Chennai 0o&n"hip pro1ect" like 4ill !idge Spring"' 4ydera%ad and -avi"a' Sreeperum%adur 4indu"tan Dorr.8liver td. 4indu"tan Dorr.8liver #4D8$ i" a leading 3ndian 6ngineering' Procurement and Con"truction #6PC$ Company. Fith a uniDue com%ination of proce"" kno&.ho&' e2perience and technical=managerial a%ility in pollution control proce""e"' 4indu"tan Dorr.8liver i" an ideal acDui"ition for 3E!C . 4D85" core e2perti"e lie" in De"igning' 9anufacturing' Supplying & 3n"talling 6Duipment' Sy"tem" & Proce""e" for liDuid."olid "eparation and pollution control. Fith thi" ne& arm' 3E!C i" &ell &ithin reach of po"itioning it"elf a" a full. fledged :no&ledge Proce"" 8ut"ourcing 4u% for engineering "olution".

-a76MarCham
Davy9arkham &a" acDuired %y 4D8 in Fe% ,*)*. 3t engage" in de"ign' manufacture' fa%rication and machining of heavy and comple2 engineering
,L ,L

component" and a""em%lie". 4eavy engineering and manufacturing facilitie" "pread acro"" )K'*** "D mt &ith capa%ility of handling large "tructure". 62ten"ive &ork"hop"' "ituated in Sheffield #7:$ are uniDue in Fe"tern 6urope' in term" of capacity and capa%ilitie" for heavy fa%rication" and machined component". Davy9arkham handle" e2tremely large turnkey pro1ect"' utili"ing our e2perti"e in hydraulic"' control"' engineering' in"tallation and "ervicing. Fe al"o have the capa%ility of moving individual "tructure" &eighing up to (J* tonne".

Davy9arkham >r!7ide" H-O an entr6 int! nu'lear en#ineerin# ">a'e %acked %y a manufacturing' machining and technical facilityy

Chennai Eater -e"alinati!n Ltd

62ecuting the mo"t pre"tigiou" contract of Chennai Sea Fater De"alination Plant Pro1ect at 9in1ure' Chennai' 0amilnadu in ;oint Eenture &ith B6F6S- C0- of Spain on De"ign' Build' 8&n' 8perate and 0ran"fer %a"i".

AlC!r Petr!! Ltd

AlC!r Petr!! Ltd #-lkor$ i" a 4ydera%ad %a"ed "u%"idiary of 3E!C engaged in 8il & Ga" 62ploration & Production. 3t ha" an a""ociation &ith Gu1arat State Petroleum Corporation td #GSPC $ and t&o other partner".
,+ ,+

AlC!r ha" five e2ploration %lock" along &ith the GSPC & other". 3t -lkor ha" three %lock" &ith participating intere"t of ,JS each in the !epu%lic of Bemen and t&o %lock" &ith participating intere"t of ,*S each in -ra% !epu%lic of 6gypt.

Share H!ldin# Pattern !f I0RCL;

Be6 Share -ata Se't!r Infra"tru'ture 9arket.Cap )M*J F.E , Currrent 6PS *./ Currrent P=6 J+.J Beta ,.*(M J,Feek 4igh= o& LJ.,*=,L.)* BS6 Code J(*LL( NS6 Code 3E!C 3NF!,/ ,/

BS6 Sen"e2 Nifty

)LM,/./+ J,L+./

(* (*

-i7idend Hi"t!r6;
-nnouncement Date
31-05-2011 31-05-2010 29-05-2009 28-05-2008 29-05-2007 08-06-2006

6ffective Date
15-09-2011 08-09-2010 01-09-2009 09-09-2008 31-08-2007 22-09-2006

Dividend 0ype
Final Final Final Final Final Final

Dividend #S$
30 40 70 70 50 50

!". *.K *.+ ).M ).M ) )

&!ard !f -ire't!r";
Name 6 Sudhir !eddy 6 Sunil !eddy ! Balarami !eddy 6 6lla !eddy 0 ! C Bo"e Sriniva"a !eddy : -"hok !eddy 0 N Chaturvedi P ! 0ripathi De"ignation Chairman and 9anaging director Eice Chairman 62ecutive Director & CF8 Director Director Director 62ecutive Director Director Director

Be6 Client";
Publi' Se't!r Client"
8il & Natural Ga" Corporation td Bharat 4eavy 6lectrical td National 0hermal Po&er Corporation td Nuclear po&er Corporation of 3ndia td Bharat Petroleum Corporation td 3ndian 8il Corporation td

Pri7ate Se't!r Client"

Birla 3n"titute of 0echnology & Science D F -kruti 3nfo Park" #Pune$ td Brandi2 3ndia -pparel City #Pvt$ td 0elco Con"truction 6Duipment Company td 0-0- Pro1ect" td ;indal Steel & Po&er td

Finan'ial Statement" !f I0RCL Mana#erial &alan'e Sheet J P3L A''!unt "tatement

&alan'e "heet;+
- managerial Balance "heet ha" %een prepared that give" an overall idea a%out the -""et" and Deferred 0a2 ia%ilitie" of the company. 0he ia%ility on ia%ility "ide. ia%ility "ide include" 6Duity' De%t and 4ere 6Duity include" 6Duity "hare capital'

!e"erve" and "urplu" &hich are availa%le for the eDuity "hareholder. De%t include" all "ecured and un"ecured de%t of the firm. Deferred ta2 lia%ility mean" the difference %et&een the ca"h ta2 paid and actual or reported ta2. 8n -""et "ide it include" Net Fi2ed -""et" #NF-$' Non ca"h &orking capital #NCFC$' ca"h' 3nve"tment and mi"cellaneou" e2penditure of the company.

#!" in Cr"$ Year SOURCES OF FUN-S ; Share Capital !e"erve" 0otal 6Duity Share Farrant" 6Duity -pplication 9oney T!tal Shareh!lder". Fund" Secured oan" 7n"ecured oan" T!tal -ebt T!tal Liabilitie" APPLICATION OF FUN-S ; Gro"" Block e"" : -ccumulated Depreciation e"": 3mpairment of -""et" Net Block ea"e -d1u"tment Capital Fork in Progre"" 3nve"tment" Current -""et"' oan" & -dvance" 3nventorie" Sundry De%tor" Ca"h and Bank oan" and -dvance" 0otal Current -""et"

Mar ** J(.M )'/((./L * * *42<91,9 )'K,/.ML MKK.(( (4)2G1<) 84)<,1*9 /,M.,( ,(,.M, * K/).+) * ,J./+ K(M.L

Mar *) J(.M )'L//.+K * * *4<G,1(: )',K+.+* (MM.J, *4:*,1,( ,48::1G< LJ*.)+ )+(.L+ * JKK.M * (J.(, K)(.+

Mar )2 ,K.L )'L+(.++ * * *4<*)1G< )'*)+.M+ (L/.JM *4,2<1)( ,4()<1:) KK,.(J )M).KJ * J,*.L * )/.JJ (+/.,

Mar )<

Mar )9

,K.L ,J./( )'JL+.+K )',/).LJ * * * * *4:)G1G: *4,*91:< JL+.L/ (+/.MK M+/.*J )KK.KJ *4):91<8 GG:1** (4:9,18) *4<9,192 M)L.J/ /+.M * ()/.)/ * JM.*/ (M*./) ,J/.(M KK.M, * )/,./, * J*.J/ ,+,.+/

,L(.,) ,MM.K+ ,*/.(J )/M.(M +,.JM )'/,/.+) )'/MK.(L )'(M(.*, KJ+.M/ K((.,) )M(.)J )KM.(K )**.+L )LL.)M ,,(.+, (')*K.)L ,'(MJ.*+ ,'(K).), )'+J,.L( )'M*/.J/ J'MJ,.(M M'L**.M/ M'*)M.(K ,'++,.L* ,'(M/.)K

e"" : Current ia%ilitie" and Provi"ion" Current ia%ilitie" Provi"ion" 0otal Current ia%ilitie" Net Current -""et" 9i"cellaneou" 62pen"e" not &ritten 8ff Deferred 0a2 -""et" Deferred 0a2 ia%ility Net Deferred 0a2 T!tal A""et" Contingent ia%ilitie"

,'KL,.KL ,'(/,.M, )'KL/.J) +L+.MM /)(.,, M*.(M MM.J( M(./K (M.LM +,./K ,'L)(.*) ,'M(K./J )'L,(.ML /)(.)+ //K.)+ ,'L(/.(( ,',K(.JM ,',/*.+/ )'/K/.J, )'(J,./+ * * * * * ,+.)+ )L.)) ), L.ML K.J+ (K.+( ,/.J/ ,(.LM )L.L+ ),.)L .+.KJ .),.M+ .)).LM .)*.() .J.J/ 84)<,1*9 ,48::1G< ,4()<1:) (4:9,18) *4<9,192 J'*+J.)/ ('/KK./L ,'K+K.(M ,'*)K.() )'J++.MM

Inter>retati!n;+

Fe can "ee that the 6Duity of the firm ha" increa"ed from !" ,J./(cr in ,**L to !"J(.Mcr in ,*)) 3t "ho&" the inve"tor" have "ho&n good faith and tru"t on company &hich ha" helped the firm to increa"e it" eDuity capital %y ,*J./MS.

-l"o NF- ha" increa"ed from !" )/,./,cr in ,**L to !" K/).+)cr in ,*)) it "ho&" that company ha" put mo"t of it" fund in Fi2ed -""et to increa"e the overall gro&th of the company. -l"o Net Current -""et" #NCFC. Net Current &orking Capital$ ha" increa"ed from !" )'(J,./+cr in ,**L to !" ,'L(/.((cr in ,*)).

5Pr!fit J L!"" A3C Statement !f I0RCl

#!" in Cr"$ Year INCOME ; Sale" 0urnover 62ci"e Duty Net Sale" 8ther 3ncome Stock -d1u"tment" T!tal In'!me EHPEN-ITURE ; !a& 9aterial" Po&er & Fuel Co"t 6mployee Co"t 8ther 9anufacturing 62pen"e" Selling and -dmini"tration 62pen"e" 9i"cellaneou" 62pen"e" e"": Pre.operative 62pen"e" Capitali"ed 0otal 62penditure 8perating Profit 3ntere"t Gro"" Profit Depreciation Profit Before 0a2 0a2 Fringe Benefit ta2 Deferred 0a2 !eported Net Profit 62traordinary 3tem" -d1u"ted Net Profit -d1"t. %elo& Net Profit P & Balance %rought for&ard Statutory -ppropriation" -ppropriation" P & Balance carried do&n Dividend Preference Dividend 6Duity Dividend S 6arning" Per Share.7nit Curr Book Ealue.7nit Curr Mar **$*(% J'KJ/.,M L.L/ J'KJ).MJ JK.J, (*.KJ G49,<1:( LK.LL ),.L) ,ML.J M'((*.)M MJ+.JM M).+J * J')KL.J) JL).)) ,K,.L) (*+.M LJ.L+ ,(,.K, L+.JJ * .(.+( )JL./ .)./M )J/.+M *.(( M)( * L(.(M M/L.+/ )K.*, * (* J.+, LM.(( Mar *)$*(% J'M/J.*J ,.)/ J'M/,.+K K(.,K (,.)K G4G<<1(< MM.M( )*.ML )+(.J, M'(**.(* M)*.L+ M(.K, * M'//(.), J/J.)K ,),.*( (+(.)( JM.,+ (,+.+J ))K.L/ * *.LM ,)).(, .).*/ ,),.M) * (*+., * )*K.J, M)( ,).(K * M* L.L+ K/.( Mar )2$*(% M'/+(.*/ ,.KK M'/+*.M( /L.(( )M.*/ G4)2*1<G (*.K +.*K )L/.L M'*().K, ()M.J, +.,( * M'JL,.L( J)/.), )/+.*( (,).*/ ML.() ,L(.L+ MM.J+ ).+ ).M( ,,J./L .*.++ ,,K.+J ,./) ,*+.K/ * ),/.(L (*+., )+.K/ * L* )K.K/ )(J.M) Mar )<$*(% ('K/+.)) * ('K/+.)) L(.*L )*J.+/ ,4<991)9 )).,M J./M ),+.JM ('))/.(K )L,./ M.MK * ('MM,.MM M(M.K( ))K.M+ ()+.)J (,.+, ,+J.(( K+.,( ).J( J.*/ ,)*.M+ .*.*J ,)*.J( * /L.*L * /+.+K ,*+.K/ )+.K/ * L* )J.J( ),*.*J Mar )9$*(% ,'(MK.MK * ,'(MK.MK (,.K, J(.+J (48,(12, * (.MJ LJ.*M )'/J/.,M ),K.LM M.*J * ,')K+.J, ,KM.M) JL.L( ,*K.K+ ,).J/ )+J.*/ M).(J *.+( ).MJ )M).MK .*.M) )M).+L * L,.(+ * ))K.LL /L.*L ),./L * J* )*.LM )*).M)

0he Profit & o"" -=C ha" %een prepared in much con"olidated manner &hich give" the overall "ummary of all revenue" and e2pen"e" of the firm for the period of K year". 0he change" in Profit & o"" -=C can %e under"tood &ell %y 0rend -naly"i" Statement.

L*** K*** J*** M*** (*** ,*** ,'(MK. MK ('K/+.) ) J'M/J.*J M'/+(.* J'KJ/.,M / Sale" 0urnover P B D 3 0

P 0 )*** * ,**L ,KM.M) )M).+L M(M.K( ,)*.J(

J/J.)K J)/.), ,,K.+J ,),.M) ,*)*

JL).)) )J/.+M

,**+

,**/

,*))

Inter>retati!n;+

0he a%ove chart "ho&" Profit after 0a2 of the firm. Fe can "ee that even though "ale" ha" increa"ed' the P-0 ha" i" declined "uddenly. 0hi" %ecau"e the company ha" paid more ta2 in the year ,*))

(* (*

Trend Anal6"i" "tatement;+

Year INCOME ; Sale" 0urnover 62ci"e Duty Net Sale" 8ther 3ncome Stock -d1u"tment" T!tal In'!me EHPEN-ITURE ; !a& 9aterial" Po&er & Fuel Co"t 6mployee Co"t 8ther 9anufacturing 62pen"e" Selling and -dmini"tration 62pen"e" 9i"cellaneou" 62pen"e" e"": Pre.operative 62pen"e" Capitali"ed 0otal 62penditure 8perating Profit 3ntere"t Gro"" Profit Depreciation Profit Before 0a2 0a2 Fringe Benefit ta2 Deferred 0a2 !eported Net Profit 62traordinary 3tem" -d1u"ted Net Profit P & Balance %rought for&ard Statutory -ppropriation" -ppropriation" P & Balance carried do&n Dividend Preference Dividend 6Duity Dividend S 6arning" Per Share.7nit Curr 6arning" Per Share#-d1$.7nit Curr Book Ealue.7nit Curr Mar )9$*(% S )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** Mar )<$*(% S )J+ )** )J+ ,,M )/L )J/ )),M )L, )L) )J/ )(K ))* )J/ )KM ,*, )JM )J, )JM )KJ )+M (J) )M/ ), )M+ )(M +J ,)J )MM )M* )MJ ))+ Mar )2$*(% S ,), ,KK ,), ,/+ ,K ,*/ (*K* ,(M ,(/ ,*K ,M+ ,*( ,)) )/K (M( )JJ ,)/ )M+ )*+ ,)L // )K* ,)J )K* ,++ ))) ()+ )MM )M* )JJ )(M Mar *)$*(% S ,(M ,)/ ,(M )/M K* ,(* MMM( (*( ,MJ ,)/ (,M )*LL ,(* ,,J (KL )+J ,J) )L+ ,+, * J) )M/ ,KK )J* M,K /) M,J )KJ +* L, K+ Mar **$*(% S ,M) LL/ ,M) )L( JL ,(K LKLL (K+ ((* ,,) (K, )*(( ,(+ ,)K MJJ )M/ (J) ),K )/* * .,KM )), ML( ))( JL) K( J)( ),M K* JM L(

()

Cal'ulati!n !f &eta Rate;+

Beta i" a mea"ure of a "tockG" volatility in relation to the market. By definition' the market ha" a %eta of ).*' and individual "tock" are ranked according to ho& much they deviate from the market. - "tock that "&ing" more than the market over time ha" a %eta a%ove ).*. 3f a "tock move" le"" than the market' the "tockG" %eta i" le"" than ).*. 4igh.%eta "tock" are "uppo"ed to %e ri"kier %ut provide a potential for higher return"R lo&.%eta "tock" po"e le"" ri"k %ut al"o lo&er return"

I0RCL
M!nth
;an.*L Fe%.*L 9ar.*L -pr.*L 9ay.*L ;un.*L ;ul.*L -ug.*L Sep.*L 8ct.*L Nov.*L Dec.*L ;an.*+ Fe%.*+ 9ar.*+ -pr.*+ 9ay.*+ ;un.*+ ;ul.*+ -ug.*+ Sep.*+ 8ct.*+ Nov.*+ Dec.*+ ;an.*/ Fe%.*/ 9ar.*/ -pr.*/

SENSEH
Return
.,+.(LS *.J*S /.+MS /.(+S ,.)/S L.+JS .,.(JS )).+(S )/.K)S .L.M*S )+.J)S .)+.JKS M.)/S .)M.LMS L.*LS .(.M(S .,K.LJS .*.L)S ).KMS .,(.(/S .K(./(S J/.,LS K.(+S .,(.K,S .*.+,S )).+,S (*.JKS )*L.M*S

Cl!"e Pri'e
M*J.LJ ,/*.KJ ,/,.) (,*.+J (J*./J (J+.KJ (+K.+ (LL.L M,,.M J*J.,J MKL.+J JJM.MJ MJ).JJ ML*.MJ M*).) M,/.MJ M)M.L (*(.LJ (*).K (*K.JJ ,(M.+J +M.L )(M./ )M(.J )*/.K )*+.L ),).JJ )J+.L

M!nth
;an.*L Fe%.*L 9ar.*L -pr.*L 9ay.*L ;un.*L ;ul.*L -ug.*L Sep.*L 8ct.*L Nov.*L Dec.*L ;an.*+ Fe%.*+ 9ar.*+ -pr.*+ 9ay.*+ ;un.*+ ;ul.*+ -ug.*+ Sep.*+ 8ct.*+ Nov.*+ Dec.*+ ;an.*/ Fe%.*/ 9ar.*/ -pr.*/

Cl!"e
)M*/*./, ),/(+.*/ )(*L,.) )(+L,.(L )MJMM.MK )MKJ*.J) )JJJ*.// )J()+.K )L,/).) )/+(L.// )/(K(.)/ ,*,+K.// )LKM+.L) )LJL+.L, )JKMM.MM )L,+L.() )KM)J.JL )(MK).K )M(JJ.LJ )MJKM.J( ),+K*.M( /L++.*K /*/,.L, /KML.() /M,M.,M ++/).K) /L*+.J ))M*(.,J

Return
.+.)+S ).*MS K.),S M.+MS *.L(S K.)JS .).M/S ),.++S )M.L(S .,.(/S M.LLS .)(.**S .*.M*S .)).**S )*.J*S .J.*MS .)L.//S K.KMS ).MJS .)).L*S .,(.+/S .L.)*S K.)*S .,.()S .J.KJS /.)/S )L.MKS ,+.,KS

9ay.*/

(,/.)J

M.)KS

9ay.*/

)MK,J.,J

.*./*S (,

;un.*/ ;ul.*/ -ug.*/ Sep.*/ 8ct.*/ Nov.*/ Dec.*/ ;an.)* Fe%.)* 9ar.)* -pr.)* 9ay.)* ;un.)* ;ul.)* -ug.)* Sep.)* 8ct.)* Nov.)* Dec.)* ;an.)) Fe%.)) 9ar.)) -pr.)) 9ay.)) ;un.)) ;ul.)) -ug.)) Sep.)) 8ct.)) Nov.)) Dec.)) ;an.), Fe%.), 9ar.), -pr.), 9ay.), ;un.),

(M,.+J ((M.LJ (K( (/).K (ML./J (L).M (J*.JJ (*L.K (,).+J )KJ.M )+).(J )KL./J )+L )L,.KJ )JK.M )K*.,J )M/.M ))/.L ),+.LJ +*.(J K/.( +).K L/.)J L( K/.+ K,., (J.*J (J.), M).M (M.L ,+., J*.J JK.+ KK.,J K).K M*.(M J,.+

.,.(KS +.MMS L.++S .)).)JS K.LMS .J.K)S .),.,JS M.K(S .M+.K)S /.KMS .L.(/S )).(MS .L.KLS ./.M)S ,.MKS .K.LLS .)/.++S L.JKS .(L.J/S .)(.LJS )L.LJS .(.**S .L.LLS .M.(+S .)*.+/S .M(.KJS *.,*S )L.++S .)K.)+S .)+.L(S L/.*+S ),.M+S )K.KMS .L.*,S .(M.J)S (*.+/S

;un.*/ ;ul.*/ -ug.*/ Sep.*/ 8ct.*/ Nov.*/ Dec.*/ ;an.)* Fe%.)* 9ar.)* -pr.)* 9ay.)* ;un.)* ;ul.)* -ug.)* Sep.)* 8ct.)* Nov.)* Dec.)* ;an.)) Fe%.)) 9ar.)) -pr.)) 9ay.)) ;un.)) ;ul.)) -ug.)) Sep.)) 8ct.)) Nov.)) Dec.)) ;an.), Fe%.), 9ar.), -pr.), 9ay.), ;un.),

)MM/(.+M )JKL*.() )JKKK.KM )L),K.+M )J+/K.,+ )K/,K.,, )LMKM.+) )K(JL./K )KM,/.JJ )LJ,L.LL )LJJ+.L) )K/MM.K( )LL**./ )L+K+.,/ )L/L).), ,**K/.), ,**(,.(M )/J,).,J ,*J*/.*/ )+(,L.LK )L+,(.M )/MMJ.,, )/)(J./K )+J*(.,+ )+K/(.+K )+()M.(( )KKLK.LJ )KMJ(.LK )LL*J.*) )K),(.MK )JMJM./, )L)/(.JJ )LLJ,.K+ )LM*M., )L()+.+) )K,)+.J( )LM,/./+

+.),S .*.*,S /.(,S .L.)+S K.M+S (.)+S .K.(MS *.MMS K.K+S *.)+S .(.J*S M.MKS *./JS *.J+S )).KLS .*.)+S .,.JJS J.*KS .)*.KMS .,.LJS /.)*S .).J/S .(.()S ).*(S .,.*(S .+./MS .).(MS L.K*S .+./(S .M.)JS )).,JS (.,JS .)./KS .*.M/S .K.(JS L.MLS

((

Calculation of la"t five year" Beta !ate from #;an.*L to ;un.),$

Beta Sensex 1.000 IVRCL 2.034

3n order to calculate Beta' &e have con"idered monthly Clo"ing 9arket Price of 3E!C ,*),. td. and al"o monthly Clo"ing 9arket Price of S6NS6V from ;anuary ,**L to ;une

Inter>retati!n;+
Fe have found that Beta rate of 3E!C td. i" ,.*(M. 3t "ho&" that "tock ha"

more volatility' it i" more ri"ky %ut it i" al"o good for high return".

(M (M

!eliance 3nfra"tructure td

Relian'e Infra"tru'ture Limited

!eliance 3nfra"tructure imited i" 3ndia leading utility company having pre"ence in acro"" the value chain of po&er %u"ine"" i.e. Generation' 0ran"mi""ion' Di"tri%ution' 6PC and 0rading and the large"t infra"tructure company %y developing pro1ect" in all high gro&th area" in infra"tructure "ector i.e. !oad"' 4igh&ay"' 9etro !ail"' -irport" and Specialty !eal 6"tate. 8ur pre"ence "pan" acro"" three vertical": o 6ngineering' Procurement and Con"truction o 6nergy o 3nfra"tructure !eliance 3nfra i" headed %y -nil -m%ani. 0he companyG" corporate headDuarter" i" "ituated in Sector ,M' Noida. 0he company i" the "ole di"tri%utor of electricity to con"umer" in the "u%ur%" of 9um%ai. 3t al"o run" po&er generation' tran"mi""ion and di"tri%ution %u"ine""e" in other part" of 9ahara"htra' Goa and -ndhra Prade"h !eliance 3nfra"tructure' formerly kno&n a" !eliance 6nergy and prior to that a" Bom%ay Su%ur%an 6lectric Supply ' 3t" 3ndiaG" large"t private "ector enterpri"e in po&er utility. 0he company i" the "ole di"tri%utor of electricity to con"umer" in the "u%ur%" of 9um%ai. 3t al"o run" po&er generation' tran"mi""ion and di"tri%ution %u"ine""e" in other part" of 9ahara"htra' Goa and -ndhra Prade"h.
(J (J

!eliance 3nfra"tructure

imited ha" commi""ioned country fir"t )**S privately

o&ned 0ran"mi""ion line in 3ndia on Build' 8&n 8perate %a"i". 0hi" line ha" %een con"tructed %et&een Solapur and :arad' t&o prime citie" and di"trict place" in the Fe"tern !egion" of the 9ahara"htra State.

Hi#hli#ht" f!r C!m>an6 Pr!file

o 8ne of the large"t 3ndian %u"ine"" conglomerate. o eading Private 7tility Firm in 0ran"mi""ion. o Significant pre"ence in 6PC' 6nergy and 3nfra"tructure.

E'!n!mi' In7!l7ement
o Di"tri%ute" more than (K %illion unit" of electricity to over (* million con"umer" acro"" an area" that "pan" over )',M'(** "D.km". o Generate" /M* 9F of electricity through po&er "tation" located in 9ahara"htra' -ndhra Prade"h' :erala' :arnataka and Goa. 62ecute" tran"mi""ion pro1ect" and undertake" trading of po&er. o eading player in the private "ector in 6ngineering' Procurement and Con"truction %u"ine"" of po&er pro1ect". o 62panded it" footprint %eyond po&er "ector and engaged in pro1ect" encompa""ing key infra"tructural area" like high&ay"' road"' %ridge"' metro rail' cement' airport and ma"" rapid tran"it "y"tem". o - turnover of over !".)J'K/* crore and market capitaliAation of over !". ,M'MJ* crore a" on 9arch ()' ,*)*.

Environmental Involvement
o Plant emi""ion parameter" &ell %elo& "tatutory limit" at all po&er "tation". o Flue Ga" de"ulphuriAation at Dahanu 0hermal Po&er Station &ith S82 a%"orption of more than /*S a" "tipulated.

(K (K

o !eduction of heat rate' re"ulting in reduced con"umption of coal' &hich re"ulted into reduced emi""ion". o 3n"tallation of varia%le freDuency drive"' there%y controlling au2iliary po&er con"umption &ell %elo& level" pre"cri%ed %y Central 6lectricity -uthority. o -dopted car%on "eDue"tration approach %y ma""ive plantation of mangrove" to protect creek %ank" from ero"ion and develop %reeding ground" for marine life. o -ffore"tation and plantation of tree" in and around the po&er "tation".

Social Involvement
Be"t teacher a&ard"' educational kit" to "tudent"' computer training cour"e"' "pon"or"hip for education' financial "upport for higher "tudie". 3n"tallation of hand pump"' health "ervice" "upport to "chool"' %lood donation camp"' gynecologi"t camp. Con"truction of old age home' di"tri%ution of "e&ing machine"' fir"t aid centre".

Our Vision
0o %e among"t the mo"t admired and mo"t tru"ted integrated utility companie" in the &orld' delivering relia%le and Duality product" and "ervice" to all cu"tomer" at competitive co"t"' &ith international "tandard" of cu"tomer care. there%y creating "uperior value for all "takeholder". 0o "et ne& %enchmark" in "tandard" of corporate performance and governance through the pur"uit of operational and financial e2cellence' re"pon"i%le citiAen"hip and profita%le gro&th.

Our Mission
0o attain glo%al %e"t practice" and %ecome a &orld.cla"" utility.

(L (L

 0o create &orld.cla"" a""et" and infra"tructure to provide the platform for fa"ter' con"i"tent gro&th for 3ndia to %ecome a ma1or &orld economic po&er. 0o achieve e2cellence in "ervice' Duality' relia%ility' "afety and cu"tomer care.

0o earn the tru"t and confidence of all cu"tomer" and "takeholder"' e2ceeding their e2pectation" and make the Company a re"pected hou"ehold name. 0o &ork &ith vigour' dedication and innovation &ith total cu"tomer "ati"faction a" the ultimate goal. 0o con"i"tently achieve high gro&th &ith the highe"t level" of productivity. 0o %e a technology driven' efficient and financially "ound organi"ation. 0o %e a re"pon"i%le corporate citiAen nurturing human value" and concern for "ociety' the environment and a%ove all people. 0o contri%ute to&ard" community development and nation %uilding. 0o promote a &ork culture that fo"ter" individual gro&th' team "pirit and creativity to overcome challenge" and attain goal". 0o encourage idea"' talent and value "y"tem". 0o uphold the guiding principle" of tru"t' integrity and tran"parency in all a"pect" of interaction" and dealing".

Environmental Policy
-t !3nfra pre"ervation and promotion of environment i" of fundamental concern in all it" %u"ine"" activitie". !3nfra' having a leading role in delivering relia%le and Duality product" and "ervice" to all con"umer" at competitive co"t"' i" con"ciou" of it" re"pon"i%ility to&ard" creating' con"erving and a"certaining "afe and clean environment for "u"taina%le development. 0he Company i" committed to achieve e2cellence in environmental performance and to&ard" achieving the"e o%1ective"' the Company "hall -dopt appropriate operational practice" and "uita%le technologie" to monitor' control and minimiAe the impact of it" activitie" on environment. Continually improve it" environmental performance %y "etting o%1ective" and target" to prevent or reduce pollution and &a"te and minimiAe u"e of re"ource".
(+ (+

 Comply &ith all the relevant legi"lative and regulatory environmental reDuirement". Develop and maintain a highly motivated &orkforce trained for effective management of environment and emergency "ituation".

Provide relevant information on environmental policy to the concerned authoritie" and intere"ted partie" and en"ure that the policy i" under"tood' implemented and maintained %y employee" at all level" &ithin the organiAation. 6valuate and modify environmental management practice" keeping in vie& regulatory reDuirement"' community concern" and technological advancement". Con"erve natural re"ource" %y their re"pon"i%le and efficient u"e in all the operation". Plant tree"' develop green %elt" and promote lu"h green "urrounding" at our generating location" and e"ta%li"hment" to &ork in harmony &ith natureR and 9ake thi" policy availa%le to pu%lic.

Health and Safety Policy

!3nfra firmly %elieve" that health and "afety of it" employee"' &ho are an a""et to the company' i" of utmo"t importance. Safety i" an e""ential and integral part of each and every activity at !3nfra. 0herefore all &ork "hall %e carried out &ith utmo"t care' giving due con"ideration to "afety &hich "hall not %e compromi"ed under any circum"tance". -ccident" and ri"k to health are preventa%le through continuou" improvement in &orking environment and involvement of all employee" making there%y a "afe' healthy and accident free &ork place. Fith regard to health and "afety o%1ective"' !3nfra &ill: . Comply &ith the reDuirement of all relevant "tatutory provi"ion" 3ncorporate appropriate health and "afety criteria and factor" into %u"ine"" deci"ion" a" &ell a" "election and placement of per"onnel at appropriate level" and a""igning the re"pon"i%ility thereof Provide and maintain "afe and healthy &ork place through operational procedure' "afe "y"tem" and method" of &ork" Develop "afety a&arene"" to protect all employee" from fore"eea%le &ork haAard"
(/ (/

 Provide appropriate level" of training and "upport to management and employee" to en"ure that they are a%le to fulfill health and "afety re"pon"i%ilitie" Fork &ith ma1or "upplier"' contractor" and cu"tomer" to facilitate their health and "afety performance improvement and al"o make it o%ligatory for them to follo& the plant "afety rule"' procedure"' "y"tem" and "afe practice"

Conduct audit" and mock drill" on "ite to en"ure that operation" are in compliance &ith health and "afety management reDuirement" and for emergency preparedne"". 6n"ure that appropriate re"ource" are availa%le to fully implement health and "afety policy and continuou"ly revie& the policy5" relevance &ith re"pect to legal and %u"ine"" development 0he Company firmly %elieve" that accident" are preventa%le and aim" in achieving ?Nero -ccident evel@.

-i7idend Hi"t!r6;+
-nnouncement Date
30-05-2011 10-05-2010 23-04-2009 28-04-2008 05-04-2007

6ffective Date
15-09-2011 19-05-2010 02-07-2009 04-07-2008 28-06-2007

Dividend 0ype
Final interim Final Final Final

Dividend #S$
72 71 70 63 53

!". L., L.) L K.( J.(

M* M*

Share h!ldin# Pattern;+

"hare holding pattern

Pu%lic Promoter

M+S J,S

Publi' Share H!ldin# Pattern;+

Pu%lic Share 4olding Pattern

F33 D33 Non 3n"titution Corporate Bodie" Cu"todian 3n"titution

M*S

)LS , ( S ) K S ) S ( S

M) M)

&!ard !f -ire't!r"

Name -nil Dhiru%hai -m%ani alit ;alan E P 9alik eena Sriva"tava Sati"h Seth S C Gupta S !ao ! ! !ai

-e"i#nati!n Chairman = Chair Per"on Fhole 0ime Director Director Director Eice Chairman Director #8peration"$ Director -dditional Director

Be6 Share -ata

Be6 Share -ata Se't!r Infra"tru'ture 9arket.Cap )M/K* F.E )* Currrent 6PS LK.*K Currrent P=6 L.M+ Beta ,.*,/ J,Feek 4igh= o& KL/.L+=(,+.(J BS6 Code JK*(/* NS6 Code !6 3NF!BS6 Sen"e2 )LM,/./+ Nifty J,L+./

Finan'ial "tatement !f Relian'e Infra"tru'ture Mana#erial &alan'e "heet "tatement J Pr!fit J L!"" A3' Statement &alan'e "heet
#!" in Cr"$ Year SOURCES OF FUN-S ; Share Capital !e"erve" 0otal 6Duity Share Farrant" 6Duity -pplication 9oney T!tal Shareh!lder". Fund" Secured oan" 7n"ecured oan" Service ine & Sec.Dep. From Cu"t. T!tal -ebt T!tal Liabilitie" APPLICATION OF FUN-S ; Gro"" Block e"": -ccumulated Depreciation e"":3mpairment of -""et" Net Block #NF-$ ea"e -d1u"tment Capital Fork in Progre"" 3nve"tment" Current -""et"' oan" & -dvance" 3nventorie" Sundry De%tor" Ca"h and Bank oan" and -dvance" 0otal Current -""et" e"": Current ia%ility and Provi"ion" Current ia%ilitie" Provi"ion" 0otal Current ia%ilitie" Net Current -""et" 9i"cellaneou" 62pen"e" not &ritten off Deferred 0a2 -""et" Deferred 0a2 ia%ility Net Deferred 0a2 T!tal A""et" Contingent ia%ilitie" Mar ** ,KL.ML )L'M**.*M * * *94::91G* )'J+(./, ,'(+J.(L * ,42:21(2 (*4:,:1<) )*'J)(.L, M'(*L.LJ * K',*J./L * KM/.,J ),'J+M.*+ ,/*.(M ,'L/(.)( (L).*J ),'K(/.J* )K'*/M.*, ),'J)).M, )',+K.*L )('L/L.M/ ,',/K.J( * ,J*.), (M/.)J .//.*( (*4:,:1<) J'JJ)./) Mar *) ,MM./, )M'(KK.)/ JM).*+ * *G4*G(1*2 )'MLJ.** ,'K(/./* * 84**812) *24(:91)2 L'M,+.,L ('/J).)( * ('MLL.)M * JJM.+L )*'*)/.JL ,K/.)J )'LM,./( (*).+, /'K++.*( ),'**)./( J'KMK.L, /+).// K'K,+.L) J'(L(.,, * ,J/.L( M)L.MM .)JL.L) *24(:91)2 (',((.)K Mar )2 ,,K.*L )*'+/L.++ L+(.M/ * **42)9188 )'+M+.(( J'M+(.+J * 94,,(1*< *24(,21:( K'/,,.K/ ('J+,.J, * ('(M*.)L * JKM.M, ),')ML.)* MM*.K+ )'J,(.(( ,J).*) K'J++.K) +'+*(.K( M'KJJ.J* LKK.,J J'M,).LJ ('(+).++ * )K+.L+ (K,.L( .)/(./J *24(,21:( ('+J(.+* Mar )< ,(J.K, )*'KKL.+J L+(.M/ * **4:<:12: )'),J.** ('+K(.++ * 842<<1<< *:4:9G1<8 K'(/K.)M ('(,+.JK * ('*KL.J+ * JK+./, L'L,K.M* (**.,/ )'(J).M) +L.KJ K'++,.L* +'K,,.*J ,'K)/.J( MM).*L ('*K*.K* J'JK).MJ * J,.(/ (**./ .,M+.J) *:4:9G1<8 K'M,M./* Mar )9 ,,+.JL /'))*.KL * * 24,,21(8 )'M(J.** M'M,(.(, ,M.KM G4<<(12: *G4(((1() J'+/+.(K ('*+,.M/ * ,'+)J.+L * ,++.M/ ,'J)).++ ,/,.K/ )',*/.++ ,')LJ./, /',+/.M, ),'/KL./) ,'M**.*M L(*.K, (')(*.KK /'+(L.,J * (M.K, ,KJ./) .,().,/ *G4(((1() ('/K*.,(

Inter>retati!n;+
!eliance 3nfra td5" De%t ha" decrea"ed from !" G4<<(12:cr in ,**L to !"

,42:21(2cr in ,*))3t "ho&" that company i" "ettling off it" de%t year %y year to improve it" financial po"ition and it" o&n fund ha" increa"ed from !" 24,,21(8cr in ,**L to !" *94::91G*cr in ,*)). 3t indicate" that company5" Financial po"ition i" healthy.

0he NF- ha" increa"ed from !" (4<*G1<9cr in ,**L to !" :4()G129cr in ,*)) and 3nve"tment ha" increa"ed from !" (4G**1<<cr in ,**M to !"*(4G<81)<cr in ,*))

M* M*

Pr!fit J L!"" A3C Statement;+

Year INCOME ; 8perating 3ncome #"ale" 0urnover$ 62ci"e Duty Net 8perating 3ncome 8ther 3ncome Stock -d1u"tment T!tal In'!me EHPEN-ITURE ; 6lectricity & Fuel 62pen"e" 8perating 62pen"e" 6mployee Co"t Selling & -dmini"tration e2pen"e" 9i"cellaneou" 62pen"e" e"" : Pre.operative 62pen"e" Capitali"ed 0otal 62penditure 8perating Profit 3ntere"t Gro"" Profit Depreciation Profit Before 0a2 0a2 Fringe Benefit ta2 Deferred 0a2 !eported Net Profit 62traordinary 3tem" -d1u"ted Net Profit -d1u"tment %elo& net profit P & Balance %rought for&ard Statutory -ppropriation" -ppropriation" P & Balance %rought for&ard Dividend Preference Dividend 6Duity Dividend S 6arning" Per Share.7nit Curr 6arning" Per Share#-d1$.7nit Curr Book Ealue.7nit Curr Mar **$*(% /'(/(.++ * /'(/(.++ +J).KJ M(.*K *)4(<<1G2 M'*,J.MJ (')*M.ML LK,.,+ (,L.(/ M*/.LK ().J, +'J/L.+( )'K/*.LK ,M,.MJ )'MM+.() ()(.M) )')(M./* )),.KL * .J+.K+ )'*+*./) M*.)M )'*M*.LL * J/+.MK )/.*K )',K*.)L M**.)M )/).,J * L, (/.,J K(K.+( Mar *)$*(% /'+,).LJ * /'+,).LJ )'*)+.(+ /,.LK *)42,(1<2 M'JM).LL (')MK.LJ KJ*.,( ()+.L) M*).+ (J.,) /'*,M.*J )'/*+.+M ,/,.,) )'K)K.K( ()/.+M )',/K.L/ )+).(M * .(K.,M )')J).K/ )+/.J( /K,.)K * K+(., )K./K )',)/.ML J/+.MK )L(.+K * L) MK.K, JK/.,M Mar )2$*(% /'+(K.MJ * /'+(K.MJ )',K,.,K .))/.K, *)42921)2 J'M,*.LL ,',*(.K, J((.*, ()+.+M LK*.KM ,K.MK /',)*.M( )'LK+.KK ((*.J )'M(+.)K ,MM.++ )')/(.,+ )*(.,K J.L .JM.JK )')(+.++ M*./+ )'*/L./* L).) L*(.LK )M.JJ )',)J.// K+(., )JL.K/ * L* M/.,L MK*.+,

(Rs in Crs) Mar )<$*(% K')J,.), * K')J,.), )')(K./J ,(*.MM 94G*21G* ('J*(.,) )'MJL./, (+(.(+ ,J(.,+ ,//.(+ K*./) J'+(K.,K )'K+(.,J (*+.LK )'(LM.M/ ,,,./M )')J).JJ M(.L K )L.,, )'*+M.K( ++.(+ //K.,J * (J/.,+ )(.(, L,K.+( L*(.LK )ML.L( * K( MM./L M().)) Mar )9$*(% J'LK/.,K *.*( J'LK/.,( +KJ.,L .J*.MK :4G<81)8 ,'MJ(.L* ,'*KJ./) (*+.(, ,(M.MJ ,),.JM J(.M+ J',,).MM )'(K,.K* ,J*.(, )')),.,+ ,M*.*K +L,.,, (+.+J M.LL ,L.)J +*).MJ )/.J/ L+).+K * ,LJ./( )).M) L*K.K/ (J/.,+ ),).), * J( (M.)K (LM.)/

M) M)

Profit & o"" -=C for !eliance 3nfra"tructure td ha" %een prepared for K year". 0hi" "ho&" all the revenue" and e2pen"e" incurred %y the company over the period of time -l"o 0rend -naly"i" Statement have %een prepared.

)M*** ),*** )**** +*** K*** M*** J'LK/. ,K

Chart 0itle
/'+(K.MJ /'+,).LJ /'(/(.+ + Sale" 0urnover K')J,.), P B D 3 0 P 0

,*** *

)'K+(.,J )'LK+.KK )'/*+.+M )'K/*.LK )'(K,. K* (J/.,+ L*(.LK K+(., J/+.MK M**.)M ,**L ,*)* ,**+ ,*)) ,**/

Inter>retati!n;+
0he "ale" of the firm have kept on ri"ing from !" J'LK/.,Kcr in ,**L to !" /'(/(.++cr in ,*)).

0he Profit after 0a2 ha" increa"ed over the period from !"(J/.,+cr in

,**L to !" M**.)Mcr %ut there i" a fall in the la"t t&o year due to increa"e in Selling and di"tri%ution e2pen"e" and Depreciation and 0a2.

Trend Anal6"i" Statement;+

Year INCOME ; 8perating 3ncome 62ci"e Duty Net 8perating 3ncome 8ther 3ncome Stock -d1u"tment T!tal In'!me EHPEN-ITURE ; 6lectricity & Fuel 62pen"e" 8perating 62pen"e" 6mployee Co"t Selling & -dmini"tration e2pen"e" 9i"cellaneou" 62pen"e" e"" : Pre.operative 62pen"e" Capitali"ed 0otal 62penditure 8perating Profit 3ntere"t Gro"" Profit Depreciation Profit Before 0a2 0a2 Fringe Benefit ta2 Deferred 0a2 !eported Net Profit 62traordinary 3tem" -d1u"ted Net Profit -d1u"tment %elo& net profit P & Balance %rought for&ard Statutory -ppropriation" -ppropriation" P & Balance %rought for&ard Dividend Preference Dividend 6Duity Dividend S 6arning" Per Share.7nit Curr 6arning" Per Share#-d1$.7nit Curr Book Ealue.7nit Curr Mar )9$*(% )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** )** Mar )<$*(% )*K.KM )*K.KM )().M* .MJK.K+ ))M.,) )M,.LL L*.JL ),M.(M )*+.*( )M*.+K ))(.+/ ))).LL ),(.J( ),(.(J ),(.JL /,.+L )(,.*( )),.M+ ),J.L/ K(.M( )(J.(( MJ).)J ),L.M, )(*.,) ))K.LM )*,.+J )/J.++ ),)./L ))+.+L )().KJ ))J.,) Mar )2$*(% )L*.J* )L*.J* )MJ.++ ,(L.*K )KK.LJ ,,*./, )*K.KL )L,.++ )(J.// (JL.++ M/.M+ )LK.M* ),/.+* )(,.*( ),/.(* )*,.*) )(K.+) ,KJ.L/ ))/.J* .,**./K )M,.)* ,*/.)/ )M*.M, ,JJ.*J ),L.J, )L,.*L )/*.)K )(*.)/ )(,.*+ )MM.,( ),(.)J Mar *)$*(% )L*.,M )L*.,M ))L.L* .)+(.+( )KK.*J )+J.)* )J,.(, ,)*.+/ )(J./M )+/.*J KJ.+M )L,.+( )M*.*/ ))K.L( )MJ.(M )((.,( )M+.K+ MKK.LL *.** .)((.M+ )M(.L* /KL.M+ ),(.*K ,ML.K* )M+.KM )L,.JK )KK.JL )M(.JM )((./K )(K.M+ )J,.)( Mar **$*(% )K,.+( )K,.+( /+.M( .+J.(( )JK.,L )KM.*K )J*.,L ,ML.,M )(/.KM )/,.L/ J+./M )KM.KK ),M.*+ /K.+K )(*.,) )(*.JJ )(*.), ,/*.*) *.** .,)K.)( )(M.+L ,*M./* )((.)) ,)K.+/ )KL.*J )L+.(, ))).(L )JL./* )(J.+J ))M./* )L*.)/

M(

Cal'ulati!n !f &eta Rate;+

Relian'e Infra
9onth ;an.*L Fe%.*L 9ar.*L -pr.*L 9ay.*L ;un.*L ;ul.*L -ug.*L Sep.*L 8ct.*L Nov.*L Dec.*L ;an.*+ Fe%.*+ 9ar.*+ -pr.*+ 9ay.*+ ;un.*+ ;ul.*+ -ug.*+ Sep.*+ 8ct.*+ Nov.*+ Dec.*+ ;an.*/ Fe%.*/ 9ar.*/ -pr.*/ 9ay.*/ ;un.*/ ;ul.*/ -ug.*/ Sep.*/ 8ct.*/ Nov.*/ Dec.*/ Clo"e Price J)(.K ML/.(J M/J.)J J*+.M J(/.KJ K)M.) L/(.MJ LL/.LJ ),*J.J )+KK.+ )L(+.) ,)(M.K )/+M.) )JKL.LJ ),J).)J )M,J.KJ ),(*.LJ L+M.+ /KJ.)J //).)J L/*.( MJK.LJ J*,.JJ JL/.K J+,.( M/*.K J)J.(J K/J., ),LK.+J ))/L.J ),*J.) ))MK.*J ),,).K )*J+.M )*M+.( ))MK./ !eturn" .K.KLS (.(*S ,.K+S K.)JS )(.+*S ,/.,)S .).L(S JM.K*S JM.+KS .K.+/S ,,.+)S .L.*JS .,*./+S .,*.)/S )(./JS .)(.KLS .(K.,(S ,,./+S ,.K/S .,*.,KS .M,.,)S )*.*(S )J.((S *.MLS .)J.LJS J.*MS (M./*S +(.KLS .K.,)S *.K(S .M./*S K.J/S .)(.(KS .*./JS /.M)S ./.+/S 9onth ;an.*L Fe%.*L 9ar.*L -pr.*L 9ay.*L ;un.*L ;ul.*L -ug.*L Sep.*L 8ct.*L Nov.*L Dec.*L ;an.*+ Fe%.*+ 9ar.*+ -pr.*+ 9ay.*+ ;un.*+ ;ul.*+ -ug.*+ Sep.*+ 8ct.*+ Nov.*+ Dec.*+ ;an.*/ Fe%.*/ 9ar.*/ -pr.*/ 9ay.*/ ;un.*/ ;ul.*/ -ug.*/ Sep.*/ 8ct.*/ Nov.*/ Dec.*/

SENSEH
Clo"e )M*/*./, ),/(+.*/ )(*L,.) )(+L,.(L )MJMM.MK )MKJ*.J) )JJJ*.// )J()+.K )L,/).) )/+(L.// )/(K(.)/ ,*,+K.// )LKM+.L) )LJL+.L, )JKMM.MM )L,+L.() )KM)J.JL )(MK).K )M(JJ.LJ )MJKM.J( ),+K*.M( /L++.*K /*/,.L, /KML.() /M,M.,M ++/).K) /L*+.J ))M*(.,J )MK,J.,J )MM/(.+M )JKL*.() )JKKK.KM )L),K.+M )J+/K.,+ )K/,K.,, )LMKM.+) !eturn" .+.)+S ).*MS K.),S M.+MS *.L(S K.)JS .).M/S ),.++S )M.L(S .,.(/S M.LLS .)(.**S .*.M*S .)).**S )*.J*S .J.*MS .)L.//S K.KMS ).MJS .)).L*S .,(.+/S .L.)*S K.)*S .,.()S .J.KJS /.)/S )L.MKS ,+.,KS .*./*S +.),S .*.*,S /.(,S .L.)+S K.M+S (.)+S .K.(MS MM

;an.)* Fe%.)* 9ar.)* -pr.)* 9ay.)* ;un.)* ;ul.)* -ug.)* Sep.)* 8ct.)* Nov.)* Dec.)* ;an.)) Fe%.)) 9ar.)) -pr.)) 9ay.)) ;un.)) ;ul.)) -ug.)) Sep.)) 8ct.)) Nov.)) Dec.)) ;an.), Fe%.), 9ar.), -pr.), 9ay.), ;un.),

)*((.J )**(./J //+.(J ))(K.) )*KL., ),*).*J ))*L.LJ )***.+ )*K/.L )*(J.+ +MM.L +M, L*L.L K*/.JJ K+L.+ KJL.) JK/.( J(K JM*./J M(L.J (L(.JJ MKM.( M*M., (M*.MJ J(J./ J/M.(J J+K./ J,L., MJ*.,J JJ+.(J

.,.+KS .*.JKS )(.+*S .K.*KS ),.JMS .L.LLS ./.KJS K.++S .(.)LS .)+.MJS .*.(,S .)J./JS .)(.+LS ),.+MS .M.MKS .)(.(KS .J.+JS *./,S .)/.),S .)M.K,S ,M.,/S .),./MS .)J.LLS JL.M)S )*./)S .).,JS .)*.)LS .)M.K*S ,M.*)S

;an.)* Fe%.)* 9ar.)* -pr.)* 9ay.)* ;un.)* ;ul.)* -ug.)* Sep.)* 8ct.)* Nov.)* Dec.)* ;an.)) Fe%.)) 9ar.)) -pr.)) 9ay.)) ;un.)) ;ul.)) -ug.)) Sep.)) 8ct.)) Nov.)) Dec.)) ;an.), Fe%.), 9ar.), -pr.), 9ay.), ;un.),

)K(JL./K )KM,/.JJ )LJ,L.LL )LJJ+.L) )K/MM.K( )LL**./ )L+K+.,/ )L/L).), ,**K/.), ,**(,.(M )/J,).,J ,*J*/.*/ )+(,L.LK )L+,(.M )/MMJ.,, )/)(J./K )+J*(.,+ )+K/(.+K )+()M.(( )KKLK.LJ )KMJ(.LK )LL*J.*) )K),(.MK )JMJM./, )L)/(.JJ )LLJ,.K+ )LM*M., )L()+.+) )K,)+.J( )LM,/./+

*.MMS K.K+S *.)+S .(.J*S M.MKS *./JS *.J+S )).KLS .*.)+S .,.JJS J.*KS .)*.KMS .,.LJS /.)*S .).J/S .(.()S .*.*KS .,.*(S .+./MS .).(MS L.K*S .+./(S .M.)JS )).,JS (.,JS .)./KS .*.M/S .K.(JS L.MLS

Calculation of la"t five year" Beta !ate from #;an.*L to ;un.),$

&eta Sen"e2 ) !eliance 3nfra ,.*,/+

MJ

Inter>retati!n;+
Fe have found that Beta rate of !eliance 3nfra"tructure td. i" ,.*,/. 3t "ho&" that "tock ha" more volatility' it i" more ri"ky %ut it i" al"o good for high return".

3n order to calculate Beta' &e have con"idered monthly Clo"ing 9arket Price of !eliance 3nfra"tructure td. and al"o monthly Clo"ing 9arket Price of S6NS6V from ;anuary ,**L to ;une ,*),.

MK MK

Rati! Anal6"i" !f I0RCL J Relian'e Infra"tru'ture Ltd1

Bear ,*)).), #!". 3n Cr$ Parti'ular" T!tal -ebt T!tal E uit6 -ebt+E uit6 Rati!

S&I ),L**J.JL +(/J)., *1G*

ICICI )M*)KM./) K*M*J.,J (1,(

H-FC ,(+MK.J) ,//,M.K+ )192

G% -ebt e uit6 rati!;+ -ebt+E uit6 Rati! K T!tal -ebt T!tal E uit6 FB ,*)).), #!". 3n Cr$ Parti'ular" T!tal -ebt T!tal E uit6 -ebt+E uit6 Rati! Inter>retati!n; 4ere' 4DFC Bank i" dependent on it" o&n fund' 3t "ho&" the overall financial po"ition of the company i" healthy' Fherea" 3 C 3 C 3 B a n k i" more dependent it" De%t fund and take more advantage of ta2 %enefit. on %orro&ed fund and i" al"o taking ma2imum ta2 %enefit. So 4DFC can al"o "lightly increa"e I0RCL ,*/J.+ )/+L.(L *1)G Relian'e Infra (/K/.,/ )LKKL.(J )1((

:% -ebt!r" turn!7er rati!;+ L-ebt!r" Turn!7er Rati! K Net Credit Sale" 3 A7era#e Trade -ebt!r"M FB ,*)).), #!". 3n Cr$ Parti'ular" Net Credit Sale" A7era#e Trade -ebt!r" -ebt!r" Turn!7er Rati!

I0RCL JKJ).MJ )/,/.+) *,1:9time"

Relian'e Infra /(/(.++ ,L/(.)( *)12*time"

ML ML

Inter>retati!n; 4ere' 3E!C 3E!C td i" having "lightly high De%tor" 0urnover ratio &hich indicate" that td i" in a good condition in collection of de%t. 3t indicate" that 3E!C 5" de%tor

collection period i" le"" than !eliance 3nfra td.

M+ M+

9% -i7idend >a6!ut rati!;+

FB ,*)).), #!". 3n Cr$ Parti'ular" -i7idend >er C!mm!n Share Earnin# >er Share -i7idend Pa6!ut Rati! Inter>retati!n; 4ere' 3E!C td i" having greater dividend payout ratio a" compared to other" td earning" are &ell "upporting it" dividend payment". &hich reflect" that 3E!C I0RCL *.K J.+, *,1:9N Relian'e Infra L., (/.,J *)12*N

<% -uP!nt Anal6"i";+ ROE K Pr!fit Mar#in $Pr!fit3Sale"% F T!tal A""et Turn!7er $Sale"3A""et"% F E uit6 Multi>lier $A""et"3E uit6%

FB ,*)).), #!". 3n Cr$ Parti'ular" Pr!fit Mar#in $Pr!fit3Sale"% T!tal A""et Turn!7er $Sale"3A""et"% E uit6 Multi>lier $A""et3E uit6% ROE Inter>retati!n; 4ere' 3E!C

I0RCL *.,+ ).(/ ,.*) )19<

Relian'e Infra *.)) *.M( (.M, )1*:

td5" !86 i" high a" compared to !eliance 3nfra td. 0hi" i" %ecau"e

of increa"e in net profit margin and a""et turnover &hich i" a very po"itive "ign for the company. 4o&ever 6Duity multiplier i" the "ource of the ri"e and the company &a" already appropriately leveragedR thi" i" "imply making thing" more ri"ky.

J* J*

FIN-IN/S
0he overall po"ition of %oth the companie" i" "ati"factory. But a" compared to !eliance 3nfra td' 3E!C td5" performance i" much %etter & it5" 0uring out to %e one of the emerging 3nfra"tructure Company. 3t i" "een that 3E!C td i" earning at %etter rate of return a" compared to !eliance 3nfra td. 6ven 3E!C td i" properly utiliAing it" capital employed. 0hi" &ould help 3E!C td to increa"e it" 6Duity capital in the market. 3t i" "een that !eliance 3nfra td i" more dependent on it" o&n fund' 8n the other hand 3E!C td i" ri"k taking company a" it i" more dependent on %orro&ed fund. Beta rate of 3E!C td. 3" ,.*( and !eliance 3nfra td. 3" ,.*, "o it "ugge"t that %oth the company5" "hare" are more ri"kier for "hort term inve"tment. Becau"e they have more volatility compare to market inde2. But they may al"o give higher return. But !eliance 3nfra td i" %etter for long term inve"tment a" compared to 3E!C td' %ecau"e it financial po"ition i" %etter a" it i" le"" dependent on %orro&ed fund. 8n the %a"i" on current performance of %oth firm" 3E!C 3nfra td for gaining higher return in "hort term. td i" %etter than !eliance

J) J)

SU//ESTIONS AN- RECOMMEN-ATIONS

0here "hould %e a limited num%er of client" under the relation"hip manger. So that he can handle ne& a" &ell a" old cu"tomer properly and there mu"t %e a good infra"tructure of the company to get the attention of the pu%lic and the office "hould %e at re"idential area "o tho"e cu"tomer" get the "ervice ea"ily. Give more demon"tration to cu"tomer" "o that they can get complete kno&ledge a%out online trading &ith free of co"t. Company "hould educate a%out the rule" and regulation" of S6B3 to it" cu"tomer" 0here "hould %e provi"ion of complain "ugge"tion %o2e" at each %ranch "o that the pro%lem" of cu"tomer" can %e dealt &ith. 0hi" can %e an effective "y"tem for "ho&ing ho"pitality to&ard" cu"tomer". 0here "hould %e more pu%lic a&arene"" programmed and adverti"ement related to company5" product and "ervice" "o that people "hould %e more a&are a%out -nand rathi and there "hould %e regular training program like Fork"hop"' Seminar"' and 9eeting" etc. for the "ake of development of the organiAation and al"o for the development of the employee"5 performance "imultaneou"ly. Company ha" to more aggre""ive to&ard it" e2i"ting client5" feed%ack and for their "ervice" after giving them product" %ecau"e it can increa"e company loyalty a" &ell it" %rand name. !".)*J* account opening charge" are too high &hen targeting a corporate "o the company "hould %e fle2i%le on thi" amount. !eliance "hould provide periodic training for updating the product kno&ledge of variou" financial advi"or" and Company "hould organiAe cu"tomer happine"" "urvey for %oth active and inactive client". 0here "hould %e a good re"earch team &ho ha" to "urvey the market and kno& a%out the client5" "ati"faction level and al"o found out the potential cu"tomer.

J,

CONCLUSION

3nfra"tructure "ector i" one of continuou" gro&ing indu"try and the return" look Duite po"itive. 3nfra"tructure "ector i" one of the key driver" for rapid economic gro&th in the country. 8n return. the %a"i" of the "tudy it i" found that 3E!C td. i" %etter infra"tructure company than the !eliance infra %ecau"e it" earning at %etter rate of ooking at current "cenario of glo%al market 3ndian market ha" good potential gro& in ne2t fe& year" and looking at the development pro1ect" going in 3ndia it ha" good "cope to gro& in coming year". So it "ho&" a good "cope for inve"tor" to inve"t in infra"tructure "ector.

J(

&ibli!#ra>h6
0he a%ove "tudy &a" conducted %y taking "econdary data. 0herefore the "tudy ha" %een carried out %y taking reference" from the follo&ing "ite".

&&&.trading economic".com http:==&&&.inve"topedia.com http:==&&&.%"eindia.com http:==&&&.moneycontrol.com http:==&&&.rinfra.com=ir>ic>concall.html &&&.livemint.com$ http:==&&&.indiainfraguru.com http:==&&&.au"trade.gov.au=3nfra"tructure.to.3ndia=default.a"p2

JM