November 27 & 28, 2007 The Taj Mahal, Mumbai

Enam Conference Highlights

Nandan Chakraborty Head Research
nandan@enam.com (+91 22 6754 7601)

28 November, 2007 1

Keynote Speech by Polymath Dr Arun Shourie!

Dr Shourie is arguably the father of Indias on-going bull run through his divestment initiative as former Minister of Divestment & Telecom. He is the author of dozens of acclaimed books addressing virtually EVERY STRATEGIC problem India faces. Excerpts: Demographic changes:

Jobless growth in India could lead to multifarious social tensions - 100mn jobs to be created in the next 5 yrs! Europe: Socio-political impact on rest of world due to demographic/ religious transformations in Europe

Geo politics:

India encircled by extremist Pakistan, Maoist Nepal, emerging fundamentalism in Bangladesh, internal strife in Sri Lanka & Chinese backed military junta in Myanmar US: May not be able to hold on to Iraq and Afghanistan for long any evacuation of troops will be claimed as victory by fundamentalists and create a very unstable and volatile neighborhood for India China: A superpower with not very honorable designs on India:
` `

Repeated military incursions into Indian territory by the Chinese in the recent past Reiteration of claim over Arunachal Pradesh (a crucial border state, where we also have Gas)

Indo-US Nuke deal:

Sovereignty: Fine print of the agreement being ignored. Signing the deal tantamount to getting into the NPT, which India has avoided thus far Expensive: Even at peak ests, India can only generate about 30000+ MW through nuclear power (ie only 4% of needs) at a huge investment of ~USD 90bn, while compromising on sovereignty & better choices. Eg current Indian T&D losses are multiples of what nuclear energy could provide us the MAJOR thrust should be HERE! Hydel: For the same USD 90 bn, we could underwrite Nepals entire fiscal deficit of USD 1.5bn per annum for the next 60 years & negotiate to get Hydel power with them. This would also cure the perennial problem of floods in UP & Bihar and win an ally in an unfriendly neighborhood

Conference Speakers
Company Name Aditya Birla Nuvo AIA Engineering Bank of Maharashtra Cairn India CCCL Dish TV Emaar MGF ENIL Financial Technologies Future Group Grasim HDIL ICICI Pru Life Idea Cellular Infosys Jai Corp Lanco Moser Baer Mundra Port SEZ NDTV
Source: Bloomberg

Mkt Cap (USD mn) 3,677 733 833 9,525 898 886 Unlisted 622 2,722 8,770 4,439 Unlisted 8,136 23,111 4,501 2,983 1,156 Unlisted 556

Speakers Mr. Adesh Gupta Mr. Bhadresh Shah Mr. M. D. Mallya Mr. Indrajit Banerjee Mr. Sarabeswar Mr. Arun Kapoor Mr. Sanjay Baweja Mr. Subramanian Mr. Shreekant Javalgekar Mr. Kishore Biyani/ S. Sain Mr. Sanjeev Bafna Mr. Sunny Wadhawan Mr. Satyan Jambunathan Mr. Anil Jhala Mr. Mohandas Pai Mr. Anand Jain Mr. G. Venkatesh Mr. Yogesh Mathur Mr. Ameet Desai Mr. Narayan Rao

Page No

Company Name NHPC NTPC Patel Engineering Peninsula Land Punj Lloyd Redington Reliance Energy Reliance Capital RIL Industries State Bank of India Shiram Transport Fin. Sterlite Sun TV Titan Industries UTI AMC Vishal Retail Voltamp WWIL Yes Bank Zee Ltd Zodiac Clothing

Mkt Cap (USD mn) Unlisted 49,218 1,153 783 3,742 806 10,263 14,603 104,524 30,536 1,490 18,489 3,784 1,712 Unlisted 395 414 384 1,631 3,146 101

Speakers Mr. Taneja Mr. A. K. Singhal Mr. Sonal Patel Mr. Rajeev Piramal Mr. Luv Chabbra Mr. Raj Shankar Mr. Lalit Jalan Mr. Praveen Challa Mr. Alok Agarwal Mr S. S. Ranjan Mr. R. Sridhar Mr. Navin Agarwal Mr. K. Maran Mr. K. F. Kapadia Mr. Imtiazur Rahman Mr. R. C. Agarwal Mr. K. S. Patel Mr. Subhash Chandra Mr. Rajat Monga Mr. Pradeep Guha Mr. Anees Noorani

Page No -

4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20-21

22 23 24 25 26 27 28 29 30 31 32-33 34-35
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36-37
38

39
40

41-42 43-44

Note: Enam has current investment banking mandates with some cos, whose highlights have been omitted

Aditya Birla Nuvo

Large, diversified & expanding conglomerate

Revenues
12,000 9,000 6,000 3,000 Fertilizers Telecom Telecom 0 Rayon Carbon Black Insulators Textiles Life Ins. (Rs mn)

Fair mix of value & growth businesses. Growth businesses to continue to expand & receive bulk of the investments (~Rs 36.2bn in FY07). Value businesses are in a consolidation mode (cash flow generation of ~Rs 15.5bn in FY07)

Growth businesses exhibiting strong momentum

Insurance : New products and wider geographical reach (via increase in insurance agents to 1lakh by FY08 end from the 72,000 currently) to drive market share gains and emerge among the Top 3. Targeting 1,000 branches by FY09 from 339 currently Telecom : Idea (mkt share at 9.1%) to continue expansion into tier-2 and tier-3 towns with increased penetration the current focus. Mumbai & Bihar await spectrum allocation Garments : Expects to expand footprint to 5lakh sq. ft. by FY08 end and 10lakh sq. ft. FY10 from 3.6lakh sq. ft. currently. High rentals remain a key concern. To strengthen brand equity and improve retail productivity BPO : Turnaround and scale benefits to improve realizations over the next 2-3 yrs

Garments

Fin. Svcs

Q2FY07

Q2FY08

PBIT
1,500 1,000 500 0 (500) Fertilizers (1,000) Rayon Carbon Black Insulators Textiles Garments Life Ins. Fin. Svcs Software BPO (Rs mn)

Value businesses to continue to aid growth businesses, while maintaining strong positions in respective industries

Increased capacity in Carbon Black, Insulators, Rayon & Textiles Segment to consolidate its existing leading position. Insulators remain a promising opportunity Cash flows from value businesses deployed in growth businesses to drive momentum

Q2FY07

Q2FY08

Financial summary
Y/E Mar 2006 2007 2008E 2009E Sales (Rs mn) 48,136 82,580 100,951 122,075 EBITDA (Rs mn) 6,119 11,421 13,230 16,264 PAT (Rs mn) 2,081 2,804 2,825 3,832 Consensus EPS* (Rs.) 34.9 47.7 EPS (Rs.) 24.9 30.1 30.3 41.1 Change (YoY %) 131 21 1 36 P/E (x) 29.8 35.3 52.0 38.3 RoE (%) 13.2 9.9 7.5 9.3

(CMP: Rs 1574) RoCE (%) 12.5 10.5 9.6 12.1 EV/EBITDA (x) 14.0 13.3 14.6 11.0

Source: Company, ENAM estimates; *Consensus broker estimates

Software

BPO

AIA Engineering
Capacity expansion

Capacity expanded from 65,000 MT to 115,000MT in June 2007 Expect further addition of 50,000MT by March 2008 and another 100,000MT by March 2009 depending on SEZ approval

Revenue guidance

FY08E Rs 7bn , FY09E Rs 10-11bn, FY10E- Rs 13bn ( even without the new SEZ) It will take ~1yr to construct the new plant after getting the SEZ notification and involve Rs 1.5bn capex

Margins have stabilized

Q1FY08 result marred by raw material and rupee appreciation, but margins stabilized in Q2FY08
`

AIAE has managed to take price hike and reset forex cover at Rs.39

The management believes that OPMs of at least 22-24% are sustainable going forward

International mining vertical status

Response remains good, but will take orders only after new plant capacity stabilizes in 3-4months time Mining market at 2.25 mn MT; growing at 3-4% p.a.
`

Currently over 95% is addressed by forged mill internals as against high chrome mill internals of AIAE

Financial summary
Y/E Mar 2006 2007 2008E 2009E Sales (Rs mn) 4,067 5,230 7,542 11,367 PAT (Rs mn) 533 946 1,315 2,073 Consensus EPS* (Rs.) 66.9 93.7 EPS (Rs.) 30.0 50.3 70.0 110.3 Change (YoY %) 43 68 39 58 P/E (x) 20.5 23.9 21.2 13.5 RoE (%) 28.4 24.1 23.3 28.6 RoCE (%) 36.5 31.7 31.5 37.7

(CMP: Rs 1486) EV/EBITDA (x) 11.3 15.5 14.4 9.0 DPS (Rs) 2.9 3.6 3.8 4.0

Source: Company, ENAM estimates; *Consensus broker estimates

Bank of Maharashtra
Expand branch network

Planning 35-40 new branches this year, of which 20-25 would be in Maharashtra 310 branches are already under CBS and another 290 branches would be brought under CBS covering 90% of the branch network by Mar 2008

CASA, margins and asset quality

Expect improvement in NIM during the second half of FY08 Asset quality to improve, targeting GNPA levels of ~2.5% and NNPA of ~0.8% by March 2008 CASA expected to be in the range of ~43% by March-08 and deposit growth of ~25% expected

Initiatives

Customer database for better customer management is being developed and a fully developed software would be rolled out in 8-9 months time Providing extensive training to staff members to adopt to the new technology initiatives Increased cross selling of products in retail space

Target is Rs 1.1 trillion worth of business by 2010

Financial summary
Y/E Mar 2006 2007 2008E 2009E PAT (Rs. m) 508 2,718 3,585 4,357 EPS (Rs.) 1.2 6.3 8.3 10.1 Change YoY (%) (71.3) 435.3 31.9 21.5 P/E (x) 61.8 11.5 8.7 7.2 BV (Rs.) 36 40 45 52 P/BV (x) 2.0 1.8 1.6 1.4 NPAs (%) 2.0 1.2 0.8 0.8 P/Adj. BV (x) 2.4 2.2 1.8 1.6 (CMP: Rs 73) RoE (%) 3.3 16.7 19.6 20.8 RoA (%) 0.2 0.8 0.8 0.8

Source: Company, ENAM estimates

Cairn India
Rajasthan block development on track

Peak production from Northern fields (mainly MBA fields) to be 10-15% greater than the earlier reported 150,000 bpd, on account of revised production target for Bhagyam field (40,000 bpd against 25,000 bpd earlier). FDP for Bhagyam expected to be approved soon. Preparation of Mangala FDP addendum underway could bring further upside. First oil expected by 2H CY2010 Preliminary study for implementation of EOR techniques at MBA fields has shown encouraging results. Early implementation of this could result in improving recovery factor by 15-30% (from earlier 30%) and extend the production plateau by 4-6 years

Crude evacuation issue broadly settled

Crude evacuation pipeline from Mangala to Salaya has been approved by the Government and the coordination with the State Governments is underway for land related issues. The pipeline is expected to be complete in next 18-20 months Issues related to cess sharing and pricing of Rajasthan crude to be settled in 6-9 months( need to be resolved 6 months prior to first oil)

Pure play on crude oil

CIL a pure play on crude prices, the outlook for which remains strong Upside potential exists from 12 blocks in exploration stage in addition to two producing and one development block
(CMP: Rs 208) PAT (Rs mn) 3,238 2,601 21,828 57,289 Consensus EPS* (Rs.) 1.2 1.6 21.7 30.8 EPS (Rs.) 1.8 1.5 12.3 32.2 Change (YoY %) (1,629.5) (19.7) 739.3 162.5 P/E (x) 0.0 0.0 142.4 17.0 RoE (%) 6.0 4.6 32.7 56.2 RoCE (%) 8.5 6.6 34.2 63.6 EV/EBITDA (x) 187.5 (3.3) 79.7 12.8 DPS (Rs) 0.2 0.2 1.4 3.7 Sales (Rs mn) 8,788 8,200 36,330 84,795

Financial summary
Y/E Dec 2007E 2008E 2009E 2010E

Source: Company, ENAM estimates; *Consensus broker estimates

Consolidated Construction Consortium

Current order backlog of ~Rs 21bn vs Rs 20bn at end of March 07

Repeat clients account for 57%.; avg. ticket size for repeat clients compared to new clients (Rs 245mn v/s Rs 147mn)

Revenue guidance of 100%+ growth for FY08E; going forward overall 45% CAGR in top line and OPM of ~11% expected

Margins to improve only due to change in business mix with higher proportion of M&E and interiors coming in

Hurdle rate of 25% ROCE for undertaking any project; balance sheet reflects the same

HFY08 net working capital at Rs 3.2bn or 21% of annualized turnover ( well below industry average of 35-40%) Working capital loans of Rs 1.4bn on books, cash of Rs 816mn and net Worth of Rs 2bn

Strategy - growth though JVs in new segments

The company aims to be the leader in buildings and factory construction sector by 2012 In process of finalizing JV partner ( US based co.) for targeting airport orders of over Rs 5bn Also formed JV with ABB and Spic Jurong of Singapore to bid for thermal power plants construction Exploring possibility of JV to enter heavy civil works such as BoP for steel plants, oil and gas pipelines

Financial summary
Y/E March 2006 2007 2008E 2009E Sales (Rs mn) 4,252 8,633 17,925 26,841 PAT (Rs mn) 190 476 1,245 1,875 EPS (Rs.) 6.4 14.3 33.7 50.7 Change (YoY %) (16) 125 135 51 P/E (x) 126.1 150.4 67.0 28.5 RoE (%) 23.3 29.2 36.6 32.0 RoCE (%) 30.2 30.2 39.9 35.9 EV/EBITDA (x) 69.0 82.8 46.2 18.9

(CMP: Rs 959) DPS (Rs) 0.7 0.9 1.0 1.5

Source: Company, ENAM estimates

Dish TV
Dish TV leads with 2.4mn subscribers to touch 7.9mn by 2011E (@ 20,000 subs. per week)

Revenues to grow from Rs 1.9bn (2007) to Rs 31.6bn by 2011E. Breakeven expected at ~4-4.5mn subscribers (2010) Acquisition cost of Rs 1,600 per subscriber ( Cost is capitalized and written off over 5 yrs) to be recovered in 1-1.5 yrs First-mover advantage
` `

Dish TV: Uniquely equipped

Largest DTH service offering of 170 channels. Dish will have attained considerable economies of scale before competition sets in DTH operators could command carriage fees from some channels, which is a first in the global DTH industry Tie up with Star, Sony and now Sun TV. Tie-up Disney for movies. Zee library will also be leveraged Exclusivity of content (produced in house) seen as a possibility going forward Sun Direct- Dec 07; Reliance Blue magic Apr 08, Bharti Dec 08 However, transponder capacity still a constraint. Dish will be the only company with capacity of 350+ channels for the next two years Key fundamentals of survival Distribution, branding & content: Main challenge now is to increase ARPUs

Continuous expansion of content

` `

Competition set to increase from new players

` ` `

Financials

EBITDA margin of 31% targeted by 2011E. Cash breakeven expected by 2010E

`

Increasing subscriber base to provide substantial operating leverage. Agreements with content providers are on a sliding scale basis, thereby reducing content cost as subscriber base grows

Current investment of Rs 8bn deployed. Funding over next 3 years @ ~Rs 11bn. via debt (60%) and equity (40%)
(CMP Rs: 83) Sales (Rs. mn) 205 1,758 PAT (Rs. mn) (875) (2,042) EPS (Rs.) (20.4) (47.7) Change YoY (%) 133 RoE (%) (159.1) (137.4) RoCE (%) (89.2) (81.2)

Financial summary
Y/E Mar 2006 2007
Source: Company, ENAM estimates

ENIL
Retains market leadership with ~50% revenue share

Reach: 24mn listeners - No. 1 pan-India with no consistent No. 2 Recently expanded network via tie up with 10 stations

10 8 6 4 2 0

Competitive landscape: Mumbai & Delhi

(mns) 6.7 4.4 5.0 6.4 4.3 4.2 5.7 3.8 4.0 5.9 3.9 4.3

Of 32 licenses obtained, 28 stations are operational

18 of these launched; remaining to be operational in Q3FY08 10 stations operational at end-FY07. Broken even (OPM 33-34%)

Key drivers

Ad rate hikes in FY08 - 1) 10% in Delhi and Pune in August: 2) 15% for entire network in September Increased ad inventory by 4 hrs. with utilization at 42% Effective pricing across all 24 stations is Rs 11,600 (H1FY08) Revenue split -OOH: 50%, Radio: 40-42% and Events: 5-8%

ILT Wave 9

ILT Wave 10 ILT Wave 11 ILT Wave 12 Radio City Red FM

Radio Mirchi

Radio Mirchi: Leading the pack

Category Player ENIL (Radio Mirchi) Adlabs (Big FM) Sun TV (South Asia FM) Sun TV (Kal Radio) MBPL (Radio City) Mid-Day (Radio One) HT Media (Fever 104) Red FM) A+ 4 4 1 3 4 3 3 A 9 4 6 2 8 3 1 B 11 10 9 4 3 C 7 24 5 14 6 D 1 3 3 of top 13 towns 13 8 6 3 11 7 4 3 Total 32 45 23 21 20 7 4 3

Business strategy

Radio: 2 fold intl. expansion - Indian content in mature markets and mainstream content in underdeveloped markets Out-of-home (OOH): Renewed focus with plans to raise Rs 5bn over 2-3 yrs. (Rs 2bn through private equity in TIML by Dec 07) Event Mgmt: (Alternate Brand Solutions) - ~700 events done - Plans to focus on owned events rather than managed events.

Competition from BIG FM, Suryan & SFM in top 13 towns (~70% of ad spend) could see fragmentation
Sales (Rs mn) PAT (Rs mn) Consensus EPS* (Rs.) EPS (Rs.)

Financial summary
Y/E March

Source: Ministry of I & B, Industry data

Change (YoY %) P/E (x) RoE (%) RoCE (%)

(CMP: Rs 520) EV/EBITDA (x) DPS (Rs)

2006 2007

1,374 2,351

212 251

6.7

4.5 5.3

18

49.2 62.7

16.0 9.0

18.9 7.5

27.3 39.2

0.0 0.0

Source: *Consensus broker estimates, Company, ENAM estimates

10

Financial Technologies
Growth Strategy : Leverage growth through its exchange technology platform and transaction centric business model. Focus on innovation and value creation. Update on Key Ventures

Software products revenue (40-50% of revenue)

Self fueling growth cycle

Exchange Venture revenue (50-60% of revenue)

MCX : Growth drivers include new product launches, strategic domestic/ global alliances, market share gains and anticipated regulatory developments DGCX : Strategic placement on account of geographical location, time zone, marquee membership and benefits from 50-yr tax holiday IBES Forex : Growth drivers include new products, new currency trading and retail / corporate participation NSEL : Targeting roll-outs in key states in the first phase NBHC: Pan-India network platform for collateral management services SNX : Focussed on promoting trading in targeted products, online price dissemination and efficient warehouse-based delivery system Other initiatives include Riskraft (for Consulting services), Tickerplant Infovending (for delivery of real-time market data in an intelligent user-friendly format), and Atom technologies (for enabling transactions on mobile)

Perpetual and Growing Revenue Stream Software revenue Tech licensing revenue Annual maintenance contracts (AMC) Svcs revenue STP, NCG, Consultancy and customization Customers : Exchanges Brokerage houses DPs, fund houses, AMCs, custodians

Group Revenues

Exchange Revenues

Software Exchange Income/Dividend from investments Income from dilution in equity stake in subs/ JVs

Transaction Fees Membership Fees Content development

Customers : Exchange members

Financial summary
Y/E March Sales (Rs mn) 574 1,820 2,645 PAT (Rs mn) 196 666 698 EPS (Rs.) 4.8 15.0 14.2 Change (YoY %) 288 215 (5) P/E (x) 55.4 113.9 128.8 RoE (%) 25.9 23.3 16.6

(CMP: Rs 2376) RoCE (%) 40.3 41.4 24.2 EV/EBITDA (x) 30.6 61.3 54.3

2005 2006 2007

Source: Company, ENAM estimates

11

Grasim
A cement and VSF major

31mn tonnes of cement capacity (including 17mtpa of 51% UltraTech). 2nd largest cement producer in India Worlds top producer of Viscose Staple Fibre (VSF) with a global market share of 11% Largest merchant producer of sponge iron in India with a capacity of 900,000 tonnes p.a.

Huge expansion plans Rs 100bn

Cement: Capacity to be expanded to 48mn tonnes by FY09, from 31mn tonnes. Volume CAGR of ~13% over next three years Brownfield expansion - Shambhupura plant (4mn tonnes) and Tadipatri plant (5mn tonnes) to be operational by March 2008 Greenfield projects: Kotputli plant (4mn tonnes) to commence production by September 2008 VSF: Capacity ramp-up from 270,000 tonnes to 453,000 tonnes. Sales volume to grow at CAGR of 8% over next three years Source of funding: Largely from internal accruals with current gearing of 0.51x

Outlook

Cement Sector outlook remains favorable with demand growth of 10% and delay in commissioning of announced capacity VSF Prices to remain firm because of strong demand from comfort fabric and knitted fibres. Volume growth to further boost operating profits of the company
(CMP: Rs 3793) Consensus EPS* (Rs.) 254.1 291.2 280.0 EPS (Rs.) 199.2 266.3 302.1 308.5 Change (YoY %) 103 34 13 2 P/E (x) 10.5 14.2 12.6 12.3 RoE (%) 28 28 24 19 RoCE (%) 33 32 31 28 EV/EBITDA (x) 6.3 8.7 7.3 6.7 DPS (Rs) 31.4 31.4 31.4 32.9 Sales (Rs mn) 136,033 163,065 195,943 212,769 PAT (Rs mn) 18,263 24,416 27,702 28,290

Financial summary (Consolidated)

Y/E March 2007 2008E 2009E 2010E

Source: Company, ENAM estimates; *Consensus broker estimates

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HDIL
New acquisitions/ developments since listing

Kharadi, Pune: JDA of 1.2mn sq.ft. (66% IT/ITES & 34% residential development planned) Navi Mumbai: 15 acres acquired from Eveready for Rs. 1.15bn. (IT/ITES of 2mn sq.ft.) Bhandup: 8.32 acres acquired from Kilburn for Rs. 1.25bn. (IT/ITES of 1.2mn sq.ft.) Kochi: 70 acres of land at Airport sea road acquired from HMT. (IT city of 8mn sq.ft.) HDIL owns 45% of DS Corp. which intends to develop & own a hotel in Juhu, Mumbai; currently searching for an international hotel operator

Mumbai airport slum redevelopment project: Ready for takeoff

Project timeline: 4.5 years with estimated revenues of Rs 150- 180bn Phase I Rehab of 20,000 families to start next year Existing FSI of 2.5 plans to approach GoM for higher FSI (of 4.0) considering density of slum dwellers Have tied up 180 acres of land (@ Rs 100-120mn/ acre) in various pockets within 5 kms of Dharavi to rehabilitate displaced slums To result in ~32mn sq. ft. of TDRs and ~7.5mn sq. ft. of saleable area translating into ~Rs 320-350 per share

Update on Dharavi (500 acres; 57,000 slums)

JLL & PWC appointed for screening the 26 bids received from various developers/ consortium 7-8 bidders expected to be short listed by Dec-07 (funds from allotment to help clear GoMs deficit before upcoming elections)

Scaling up resources to meet the execution challenge

More than 600 employees (>200 engineers, >100 architects, >25 CAs/MBAs) & 12,000 contract labourers ~70mn sq. ft. of ongoing projects (incl. airport) to be completed in 5 years (completed ~8-10mn in FY07)

Current debt: Rs 10bn; Networth Rs 27bn

Sales (Rs mn) 4,349 12,042 19,627 30,358 PAT (Rs mn) 1,175 5,477 8,436 12,661 EPS (Rs.) 5.5 25.6 39.4 59.2 Change (YoY %) 706 366 54 50 RoE (%) 91.7 119.4 44.7 34.3

Financial summary
Y/E March 2006 2007 2008E 2009E Valuation * NAV Price/ NAV (x) SOTP Value Price/ SOTP (x) (Rs) 1,015 0.75 965 0.79

Source: Company, ENAM estimates; *Base case scenario. SOTP Range: Rs 776 Rs 1,246

13

ICICI Prudential Life

Life insurance market to grow by at least 35-40% over the next couple of years

Industry grew 37% during H1FY08. Private sector to grow by 60-70% this fiscal

Low insurance penetration in India

Penetration to improve from the current level of 4.1% of GDP to 6 - 6.5% by 2010

Non agency share in business increasing

Non agency business increased to 40% in Oct-07 from 30% in March 2005 20% of business comes from ICICI Bank which is 50% of non agency business. Balance from distributors and agents

Growth drivers

More than product innovation the primary growth driver is the geographical reach of the company Company operates out of 1,010 branches in 701 locations and 211,000 advisors (Oct 2007)

Future Plans

Expand the distribution in Tier II and Tier III cities. Low rural penetration offers opportunities for growth Expand the health products from the current 8 health products including critical illness cover for Type II diabetes and hospitalization care

14

Idea Cellular
Growth momentum intact, amidst spectrum imbroglio

Q1FY07

Q2FY07

Q3FY07

Q4FY07

Q1FY08

Evaluation of a shared model in the tower business by key GSM players

Expects a tower company to be formed with pooled resources from key GSM vendors. Positive for industry as (1) tower duplication reduced (2) move towards consolidation in the tower industry and (3) higher visibility on tenancy ratio Idea strategically placed: Adds ~ 700-800 towers a month and would be a strong client for the consolidated tower entity given its growth plan in additional 11 circles

Estab Circl Rev (LHS) Estab Circl Margin (RHS)

New Circl Rev (LHS) New Circl Margin (RHS)

Monthly Subscriber Statistics

1,000,000 (Nos) 800,000 600,000 400,000 200,000 0 (%) 14 12 10 8 6

Interim correction as industry penetrates semi-urban and rural areas

Expects ARPUs and MoUs to fall for a while as rural penetration increases. New users typically wait for a while before increasing MoUs. This is an industry phenomenon Rationalization in some life-time plans to reduce the number of free minutes. Expects that to provide some support to falling revenue per minute

Financial summary
Y/E Mar Sales (Rs mn) EBITDA (Rs.) PAT (Rs mn) Consensus EPS* (Rs.) EPS (Rs.) Change (YoY %) P/E (x)

2006 2007 2008E 2009E

29,655 43,664 66,940 91,890

10,674 14,637 22,759 33,617

2,117 5,033 10,071 14,016

3.9 5.3

0.9 1.9 3.8 5.3

177 104 100 39

0.0 49.5 35.9 25.8

Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Idea Monthly Net adds (LHS) Share of Net adds (RHS)

(CMP: Rs 121) EV/EBITDA (x)

RoE (%)

RoCE (%)

39.3 23.9 24.8 26.6

12.0 12.7 15.8 20.3

Q2FY08

New rollouts : Services in Mumbai and Bihar circle to commence within 2 quarters of allocation of spectrum. Capex for additional circles to be ~USD 1.2 bn Additional Growth Opportunities : Through entry into ILD and data businesses Spectrum Issue : Unlikely to impact subscriber growth barring one city. Expect resolution by the Ministry and Govt. GSM operators can be expected to go till the Supreme Court to resolve matters. As expected, DoT likely to follow a middle path between TRAIs and TECs recommendations

16,000 12,000 8,000 4,000 0

Revenues & EBITDA Margins

(Rs.mn) (%)

80 40 0 (40) (80) (120)

3.4 18.9 17.8 12.3

Source: Company, ENAM estimates; *Consensus broker estimates

15

Infosys
Concerns overdone, USD growth intact

Cons. Revenues and QoQ growth

48,000 (Rs.mn) 40,000 32,000 24,000 16,000 8,000 0 (%) 20 15 10 5 0 -5

Global benchmarking and operating Levers

Revenues (LHS)

Expects Indian vendors to emerge as global leaders within next 2-3 years Operating levers include better pricing (through higher share of high-end services like Consultancy, Solutions based offerings, Package implementation etc), increase in utilisation rates, onsite : offshore mix, better client mining, scale economies, higher solutions based delivery that are industry specific etc

Cons. EBITDA & EBITDA Margins

15,000 12,000 9,000 6,000 3,000 0 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 EBITDA % Margin (RHS) (Rs mn) (%) 36 34 32 30 28 26

Cash on balance sheet Acquisitions and dividends

May look to expand into new geographies (Japan, Germany and France), enhancing new capabilities (Consultancy and solutions) or building expertise in new verticals (healthcare and life sciences) We expect cash balance of > USD 4bn in FY10E. This is sizeable

Financial summary
Y/E March 2006 2007 2008E 2009E Sales (Rs mn) 95,216 138,930 170,380 222,269 PAT (Rs mn) 24,395 37,304 46,018 57,705 Consensus EPS* (Rs.) 80.3 98.1 EPS (Rs.) 44.7 66.3 80.6 101.0 Change (YoY %) 31 48 22 25 P/E (x) 33.4 30.4 19.5 15.5 RoE (%) 39.5 40.8 35.0 33.2 RoCE (%) 45.2 46.4 40.3 39.2

1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 QoQ growth (RHS)

CY08 IT Budgets : Expect clear indication by end-Jan 2008. Impact of decrease in discretionary spending on overall revenues is expected to marginal (if any as only 3-4% of revenues would be impacted) Currency : 3-4% YoY appreciation manageable. Wider fluctuations can be managed to a certain extent by operating levers Wage Inflation : Its robust pyramid structure ensures wage inflation within limits (2-3% for onsite and 4-5% for offshore is the YoY increase in per capita expense)

(CMP: Rs 1570) EV/EBITDA (x) 25.0 24.5 15.4 11.2 DPS (Rs) 22.7 11.5 13.6 17.2

Source: Company, ENAM estimates; *Consensus broker estimates

16

Jai Corp
Navi Mumbai development plans on track

The bigger picture

LIMITED NORTH-SOUTH EXPANSION

Winning formula of size, proximity, connectivity, world class infra, globally competitive utilities & services
` ` `

Thane
NH 4

NMSEZ: 5,260 acres; MSEZ - ~5,000+ acres acquired Intl Airport: Investment of Rs 90bn; bidding by Dec-08 Execution capabilities ramped up significantly- Over 1,200 employees currently working on SEZ initiative
Existing Airport

Financial closure for both SEZs achieved - Investment of ~USD 400bn envisaged (Rs 50bn already invested)
`

To Thane

To result in an additional ~USD 4,000bn of investments ~2mn jobs; ~USD 25bn of exports, generation of ~USD 2.5bn of taxes, annual purchasing power of ~USD 12.5bn

Navi Mumbai
B Palm

4 NH

Mumbai
MTHL
Only way to expand JNPT

arg each M

Maintaining business focus

CBD

Proposed Airport
54 H SN H4

AY SW ES PR EX NE PU AI 4 NH MB MU

Solving the crux of the problem

D MbPT
Uran

NMSEZ
4B

SH

Core biz: Venture capital To launch several additional funds (offshore, domestic, overseas real estate) Existing biz: Steel to be hived off, expand plastics

PANVEL
B

54

D
NH

NH 17

NH 17

Enabling GoM agencies to generate cash key so as to solve Mumbais infra bottlenecks
` `

SH 54

Govt. agencies like MHADA, MMRDA, MSTRC sitting on large assets (~Rs 100bn) unlocking of the same critical Creation of infra TDR to be loaded on existing cities

REWAS (PROPOSED)

MSEZ

Raigad
Source: Company

17

Lanco Infratech
Power division
` ` `

Target capacity addition of 3475MW i.e. from 518 MW in 2007 to 3,900 MW by 2011 Further projects worth 7,480MW are at an drawing board stages

400MW (Kondapalli), 600MW (Amarkantak)- fuel linkage in place Finalizing plans for 2,640MW thermal plant in Orissa ( captive mine 1,000MW; coal linkage 1,320MW; balance pending MOU with Madhya Pradesh (1,200MW) and Jharkhand(2,640MW) Trying to secure coal linkages

Real Estate

Lanco Hills : Plans to develop 19.8 mn.sq.ft. on course (11.6 mn.sq.ft. commercial, balance residential) Chennai (47.8 acre): JDA with 55% stake, expected to have 4-4.5 mn.sq.ft area with Rs 2,700-3,000 selling rate Kokapet, Hyderabad (21.8 acre): 15km away from new int. airport, no development plan as yet Currently has two road projects, with ~17% equity IRR Plans to foray into electricity transmission & port project
`

Infrastructure

Jointly bid for Paradeep port and a another port in Kerala

Construction & EPC To leverage on in-house projects

Order book of ~USD 1.9bn, targeting 18-20% OPMs on construction projects Order book doesnt include additional power capacity planned, which could lead to a substantial rise in the order book Recently won an order for Varanasi Airport, which will help in additional airport orders
(CMP: Rs 487) PAT (Rs mn) Consensus EPS* (Rs.) EPS (Rs.) Change (YoY %) P/E (x) RoE (%) RoCE (%) EV/EBITDA (x)

Financial summary
Y/E March Sales (Rs mn)

2006 2007E 2008E 2009E

1,471 16,058 28,738 46,604

171 1,880 3,050 5,474

8.3 17.5 26.1

5.6 8.6 13.9 24.9

54 62 79

0.0 18.5 35.1 19.6

24.6 18.5 14.4 20.9

11.6 20.4 11.3 12.7

6.6 12.0 21.2 13.3

Source: *Consensus broker estimates, Company, ENAM estimates

18

Moser Baer
Optical media business to remain steady

Optical Media Business to grow at a CAGR of 20-25% over next 3 years Margins to sustain Global DVDR/RW shipments to grow over 43% in 2007 to approximately 9 billion units 2HFY08 to witness initial mass market shipments of Blu Laser products Short term pricing to remain impacted till resolution of license issue of Philips and rupee appreciation Adverse impact in October due to generator shut down Optical Media Margins sustainable around 30% range

PV business

Moser Baer has strategic ties ups across the PV value chain like Solaria and SolFocus Commercial Shipments begin during the Q1FY08 with 90%+ yields on 40 MW line Large scale, 8 year supply contract with REC in place Construction of thin film facility under way ready by November 2007, production by CYQ1/2 08

Entertainment

Acquisition of 9500 titles Strong distribution network - titles to be available in 100,000 outlets across country Business model is highly scalable break even in FY08
(CMP Rs: 258) PAT (Rs. mn) 664 (71) 788 EPS (Rs.) 6.0 (0.6) 7.1 ChangeYoY (%) P/E (x) 35.1 42.3 RoE (%) 6.6 (0.4) 3.9 RoCE (%) 6.1 2.3 5.7 EV/EBITDA (x) 10.7 11.5 9.9 DPS (Rs.) 1.0 1.0 1.5

Financial summary
Y/E Mar 2005 2006 2007 Sales (Rs.mn) 12,804 16,641 19,840

Source: Company, ENAM estimates

19

NDTV
Core business

NDTV 24X7 leading English News - ad rate premium ranging between 25-30%; NDTV Indias revenues not suffered in spite of lower ratings due to a steady advertiser base; NDTV Profit to see operating leverage kick in

New channels

Astro Awani in Malaysia through JV with Astro. Astro has offered an additional stake to NDTV in the JV (currently 20%) NDTV Arabia targeting Indian Diaspora in Middle East & North Africa. NDTV MetroNation (Delhi): City-centric news & infotainment channel. Next launch in Chennai (by end-FY08), followed by Mumbai, Bangalore and Kolkata (in FY09). NDTV Good Times: The 5-yr, Rs 1bn ad deal with Kingfisher to result in ~140% of its targeted 1st year revs. (To utilize 10% of inventory.)
`

Good Times success has enabled earlier-than-planned launches of 2 additional lifestyle channels. Investment: Rs 250-300 mn per channel.

NDTV Imagine

Content incorporates subtle differentiation within the confines of the mass GEC space through innovation in soaps, format shows and reality shows. The channel is exercising complete control over content production Distribution in place with 90% penetration targeted. Aim is to ensure position amongst top 3 in GEC. Channel to be free-to-air initially Of the USD 120mn raised by NDTV Networks, ~USD 80mn has been invested in Imagine
(CMP Rs: 349) PAT (Rs. mn) 259 203 EPS (Rs.) 4.3 3.3 Change YoY (%) -29 -22 P/E (x) 60.3 93.9 RoE (%) 12.3 7.4 RoCE (%) 14.3 4.5 EV/EBITDA (x) 36.3 61

Financial summary
Y/E Mar 2006 2007 Sales (Rs. mn) 2,210 2,784

Source: Company, ENAM estimates

20

NDTV (Continued)
NDTV Convergence

NDTV has opted to build internet properties rather than taking the inorganic route. It has recently revamped its cricket site cricketndtv.com, which now includes features like live, ball-by-ball commentary and chat NDTV is betting on mobile internet gaining traction and plans a full-fledged launch of its mobile portal, NDTV Active, by mid-December

With the USD 120mn fund raising, required capital for current plans has been completely tied-up

21

NTPC
Capex & Capacity Addition

Management confident of achieving 50GW capacity by 2012 and 75GW by 2017, ~14GW capacity already under construction and balance 8GW will be awarded by December 2007 Capex of ~USD40bn over 2007-12 to be funded through internal accruals and debt

Capacity expansion
Present Power Generation (MW) 27,904 -2.66 -2011-12 50,004 15 10 1,000 2016-17 ~ 75,000 ~ 47 25 2,000

(Prodn) (MTPA)
Trading (Units Traded) (BU) Distribution

Coal Mining

Coal Linkages

Recently awarded 8 coal blocks with Mineable Reserves of 2.8bn tons Mining capex of USD2bn over 2007-12 Managements base case expectation is 14% ROE and realistic case of Coal India prices of USD 20-25 per ton

(Capacity) (MW)

NTPC by 2017
Coal 66%

ROE Maximization

Current PLF of ~90% is sustainable over next 10 yrs. Hence, ROE will be in excess of regulated returns of 14% at ~18% Company is trying to maximize ROE through selling waste ash, merchant sales, and carbon credits from its new hydro & super critical power plants

Financial summary
Y/E March 2006 2007 2008E 2009E Sales (Rs mn) 261,452 309,557 422,342 474,434 PAT (Rs mn) 60,672 68,497 78,783 85,894 Consensus EPS* (Rs.) 9.4 10.4 EPS (Rs.) 7.4 8.3 9.6 10.4 Change (YoY %) 17 13 15 9

R.E.S 1% Nuclear 3% Source:Company

JV 7%

Hydro 12%

Gas 11%

(CMP: Rs 231) EV/EBITDA (x) 16.2 15.8 14.7 13.9 BVPS (Rs) 54.5 59.7 65.9 71.8

P/E (x) 18.2 18.0 16.2 14.9

RoE (%) 13.9 14.5 15.2 15.1

RoCE (%) 12.9 13.0 13.3 13.1

Source: Company, ENAM estimates; *Consensus broker estimates

22

Patel Engineering
Revenues and order book

Current order backlog at Rs 54bn PEL expects revenues CAGR of 30%+ going forward driven by both infra and real estate businesses

Real Estate

Current land bank is 1,000 acre in Hyderabad, Chennai, Bangalore, Mumbai and Panvel Development plans for 15.63 mn.sq.ft. (~12% of the land bank) in place The management intends to maintain the land bank at the same level as it executes projects

Power

MOU signed for 1,200MW imported coal based thermal power project at Bhavnagar; to hold 51% stake in the project
` `

PELs equity commitment will be to the tune of Rs 6bn and will be funded through proceeds of Real Estate Scouting for coal mines to secure its fuel supply

Recently signed MoU for 100MW hydropower plant in Arunachal Pradesh on IPP basis Has also bid for another 600MW worth of hydro power projects on an IPP basis

Financial summary
Y/E March 2006 2007 2008E 2009E Sales (Rs mn) 10,147 12,956 17,200 21,322 PAT (Rs mn) 722 1,055 1,038 1,408 Consensus EPS* (Rs.) 18.3 24.6 EPS (Rs.) 14.4 17.7 17.4 23.6 Change (YoY %) 73 22 (2) 36 P/E^ (x) 24.0 13.5 8.9 6.5 RoE (%) 37.3 22.6 13.7 16.2 Core RoCE (%) 26.7 19.7 20.9 24.2

(CMP: Rs 761) EV/EBITDA^ (x) 15.7 9.3 5.0 3.7 VOI (Rs) 127 100 607 607

Source: *Consensus broker estimates, Company, ENAM estimates, ^Adjusted for VOI

23

Peninsula Land
Key highlights

Continued focus on Mumbai (~4mn sq. ft.), with expansion to other cities in last 18 months (~31mn) Expecting ~USD 700mn (PBT) from Mumbai projects in 24-30 months Lack of supply to keep Mumbai prices buoyant
`

Total mill land of 600 acres, of which 30-40% already developed/ under development; only 3-4 more plots in BKC to come up for bidding; redevelopment of old bldgs Rent Act not in favour of redevelopment & not enough FSI to make such projects viable

Hence, no slowdown in Mumbai realty prices seen, especially for the quality commercial space Key project highlights
` ` `

Dawn Mills minor setback as govt. re-thinking allowing usage of suburban land for MHADAs share of property Hyderabad acquired 30 acres totaling ~5mn sq. ft. SEZs Jurong appointed for master planning

Growth strategy

1st mover advantage to be key to avoid localized oversupply of real estate space- enough opportunity seen in all cities Beefing execution by possible tie ups with international contractors/ acquiring strategic stake in local contractors
` ` ` `

Doubling of employee base to 260; structured re-organization with regional delegation of authority 2 funds (domestic and offshore) of ~USD 450mn to pursue opportunities with IRR > 30% (domestic commitments of USD 50-60mn recd) Financial closure to be achieved by March 2008 15% exposure of fund to Mumbai, with balance spread over 10-11 cities (CMP Rs: 126) Sales (Rs mn) 2,748 3,194 PAT (Rs mn) 1,387 1,572 EPS (Rs) 32.9 37.4 Change YoY (%) 733 13 RoE (%) 103.4

Leveraging strategic relationship with realty funds to focus on core competencies

Financial summary
Y/E Mar 2006 2007
Source: Company, ENAM estimates

24

Punj Lloyd
Revenue & margins

The management expects USD 2bn+ in revenues for FY08 and aims to be a USD 5bn company by FY11 New orders in Sembawang are having OPM at 7%+ compared to legacy orders, which had OPM of 1-2% New orders in Punj are at 11%+ OPM; the management expects an improvement of 50-100bps pa in line with overall industry margins

Projects & order backlog

Current order backlog stands at USD4.3bn of which USD2.9bn is for core business & USD1.4bn is for Sembawang Legacy orders of Sembawang stand at ~USD325mn and will be executed over next 12-15 months Core business has 38 projects in hand while Sembawang has another ~10 projects Group execution cycle to remain in the range of 24-26 months

Outlook and strategy

Sees Middle-East and India as key markets globally, focusing on increasing share of revenues from Middle-East Also, upgradation of refineries in EU for compliance with Euro III and Euro IV norms provides a USD 15bn opportunity To focus only on bigger contracts & targeting average order size of USD250mn from the current US150mn Punj will also be investing ~USD11mn for purchase of 6 onshore rigs and has placed orders for 2 x 1500HP rigs
(CMP: Rs 456) PAT (Rs mn) 1,610 3,365 5,238 7,967 Consensus EPS* (Rs.) 11.5 17.4 23.5 EPS (Rs.) 5.7 10.5 16.3 24.8 Change (YoY %) 328 83 56 52 P/E (x) 28.4 43.5 28.0 18.4 RoE (%) 13.5 17.1 18.0 22.5 RoCE (%) 14.9 17.2 18.8 22.6 EV/EBITDA (x) 12.1 20.4 14.2 10.0 DPS (Rs) 0.3 0.6 0.7 0.7

Financial summary
Y/E March 2007 2008E 2009E 2010E Sales (Rs mn) 51,266 80,365 109,330 144,042

Source: *Consensus broker estimates, Company, ENAM estimates

25

Redington India
Leading integrated SCM player

FY 2007: Revenue Performance

(Rs mn) Ingram Micro Redington HCL Infosystems eSys SES Technologies Iris Computers Neoteric Rashi Peripherals Savex Supertron FY05 47,880 26,660 22,030 10,880 3,770 3,860 2,900 2,100 2,540 1,390 FY06 55,170 40,680 26,610 15,670 4,620 4,760 4,120 3,830 2,960 1,800 FY07 68,960 50,220 35,220 22,000 6,620 5,720 5,500 4,800 4,960 2,760 CAGR (%) 20.0 37.2 26.4 42.2 32.5 21.7 37.7 51.2 39.7 40.9

Leads Growth : Through existing product lines (market share gains, postsales support services), addition of new products in existing verticals, foray into new verticals that have higher margins & have negative working capital cycle and exploring new geographies (identified CIS & Vietnam as new target markets) Unparalleled Distribution network : To leverage on low penetration in India (<2%) through its 13,000+ channel partners, 40 brands and superior logistics capabilities. Middle East operations have 2,800+ channel partners & 19 brands Differentiates itself from its key competitor (mainly Ingram Micro in India) by providing support for the products during warranty and post warranty period and handling SCM for non-IT products

Venture into NBFC

To enable higher growth and improve leverage with credit rating intact. Business development by targeting third party receivables Leveraging its best A/R management practices and robust MIS systems (Bad debts incl. provisions less than 0.09% of sales in India)

Source: Dataquest. Includes only the agency revenues, product revenues excluded for all the products

Q3 is seasonally lukewarm as it is the last financial quarter for one of its key competitors in India Financial summary
Sales (Rs mn) 67,906 90,614 113,445 141,219 EBITDA (Rs mn) 1,267 1,927 2,442 3,096 PAT (Rs mn) 720 1,017 1,363 1,740 EPS (Rs.) 11.4 13.1 17.5 22.3 Change (YoY %) 58 14 34 28 P/E (x) 10.5 23.4 18.4 RoE (%) 18.8 19.2 20.3 22.4 RoCE (%) 17.1 17.3 17.6 19.4

(CMP: Rs 410) EV/EBITDA (x) 3.0 7.6 15.2 12.2 DPS (Rs) 2.5 3.5 4.5

Y/E March 2006 2007 2008E 2009E

Source: Company, ENAM estimates

26

Reliance Capital
Current AUM of USD 20bn, 65% of which is in debt schemes and balance 35% in equity Fund management

Currently managing offshore fund of USD 150mn. Strategy is to establish a good track record and then raise global fund Awaiting SEBI approval for investment into India through fund registered in Mauritius. Plan to raise ~USD 1bn

Expansion plans

Planning to grow loan book to Rs 60bn by March 2008 from the current Rs 30bn Unsecured personal loans are capped at 20% of the book Expand the reach by opening 10,000 outlets in 5,000 locations by Dec 2008. Around 90% of them to be franchisee outlets. To scale up life insurance distribution network from the current 350 branches and 150,000 agents to 750 branches and 350,000 agents On the broking side, already started portfolio advisory and would be starting margin funding business

Proprietary book has listed investments of Rs 15bn (at cost), market value of Rs 65bn

27

Reliance Industries
KG-D6 development on track

KG-D6 A1/A3 development plan remains on track with first gas expected by July 2008. 16 out of 18 development wells have been drilled and fast progress is taking place for onshore and offshore facilities. East-West pipeline for transportation of KG-D6 gas is expected to be complete by March 2008. Initial production at 40 MMSCMD, which will be ramped up to 80 MMSCMD by mid of 2009 First oil from MA cretaceous section in the block is expected by 4Q CY2010 with initial production of 40,000 bpd

Completion of RPLs Jamnagar refinery ahead of schedule

Work on RPLs refinery is over 70% complete and the refinery is likely to get commissioned at least three months ahead of the scheduled date of completion i.e. December 2008

Capitalizing on strong refining and petrochemicals cycle

Refining business to benefit from robust refining margin outlook on account of delay in commissioning of new capacities, high global refinery operating levels and its higher refinery complexity Delay in petrochemicals projects mainly in the Middle East and strong domestic demand for both polyesters and polymers, will keep integrated petchem margins healthy till 2010 end

E&P activity to pick up in coming months

Addition of 5 deep-sea rigs and 1 jack-up rig in next 18-24 months to its exiting fleet will help RIL to fasten its exploration activity. The company plans to drill 100 exploratory wells in next 3-4 years
(CMP: Rs 2786) PAT (Rs mn) 94,979 120,748 141,591 187,165 Consensus EPS* (Rs.) 94.1 109.4 EPS (Rs.) 68.2 76.7 90.0 119.0 Change (YoY %) 24 13 17 32 P/E (x) 11.7 17.8 31.0 23.4 RoE (%) 19.2 17.2 15.7 17.9 RoCE (%) 17.1 15.6 13.3 15.6 EV/EBITDA (x) 9.1 12.5 21.6 15.0 DPS (Rs) 11.4 10.4 14.3 16.1 Sales (Rs mn) 831,172 1,138,896 1,143,606 1,389,891

Financial summary
Y/E March 2006 2007 2008E 2009E

Source: Company, ENAM estimates; *Consensus broker estimates

28

State Bank of India

Largest bank

Customer base of 90mn on standalone basis and ~146mn together with associates Highest market shares on standalone basis in advances and deposits at 15.4% Network of 9,668 branches on standalone basis and 14,670 branches including associates

Key Initiatives

Derisk the Investment portfolio and to improve the fee based income To increase the market share of inward remittances from the current 25% To expand rural reach by adding 40 million new customers in 3 years To establish presence in 1,00,000 villages Start Private Equity and Venture Capital business very soon Offer better customer services by creating better customer focused products Recruitment and training of frontline staff Improve asset quality by an improved credit selection and emphasis on restructuring of impaired assets Sell NPLs to ARCIL and other third parties

Financial summary (Consolidated)

Y/E Mar 2006 2007 2008E 2009E PAT (Rs. m) 55,299 63,643 84,224 95,641 EPS (Rs.) 105 121 160 182 Chg YoY (%) 1.2 15.1 32.3 13.6 P/E* (x) 19.2 16.7 12.6 11.1 BV (Rs.) 707 802 930 1076 P/BV* (x) 2.9 2.5 2.2 1.9 NPAs (%) 1.5 1.5 1.6 1.6 P/Adj. BV (x) 3.2 2.9 2.5 2.2

(CMP: Rs 2300) RoE (%) 15.9 16.0 18.5 18.1 RoA (%) 0.8 0.9 1.0 1.0

Source: Company, ENAM estimates*P/B and P/E adjusted for the value of Life Insurance, estimated at Rs.280 p/s

29

Shriram Transport Finance

Largest asset financing NBFC

~Rs 150bn of assets under management. Expect to double the AUM by 2010 70% of the portfolio consist of the pre-owned vehicles

Diversify and de-risk the portfolio

Scale up the new truck financing business Foray into new segments like 3-wheeler financing, tractor and construction equipment financing Entered into tie-up with Mahindra & Mahindra for used tractor financing

Credit losses under control

Credit losses average ~2% and during a downswing in the business may expand by another 75bps Risk of asset liability mismatch minimal with asset life of 36-46 months and liabilities ~36 months

Future plans

Roping in local private financers to expand business reach by leveraging their network Ashley Transport (40% owned by Shriram, 60% by Ashok Leyland) to tap into Rs 80-100bn challan discounting market

Financial summary
Y/E Mar 2006 2007 2008E 2009E PAT (Rs mn) 1,380 1,904 3,647 4,935 EPS (Rs ) 9 10 18 24 Change YoY (%) 12.7 73.1 34.5 P/E (x) 31.1 27.6 15.9 11.8 BV (Rs ) 48 58 87 105 P/BV (x) 5.9 4.9 3.3 2.7 NPAs (%) 0.4 1.3 1.2 1.1 P/Adj.BV (x) 6.1 5.3 3.5 2.9

(CMP: Rs 285) RoE RoA (%) (%) 26.6 3.0 20.2 2.5 25.6 3.2 25.1 3.4

Source: Company, ENAM Research; * FY06 onwards, numbers are pro-forma merged with SOF

30

Sterlite
Aggressive expansion plans

People and leaders

Zinc & Lead: Capacity: To raise combined zinc and lead capacity to 754 ktpa by 2008 from 496 ktpa currently Aluminium: Additional 500 ktpa aluminum in 30% owned Vedanta alumina Commercial Energy - Power: Implementing 2,400 MW power project to be commissioned progressively from Q3FY09. To add upto 10,000 MW over the next 5 yrs

Huge talent pool drawn from the engineering, business management, human resource and finance functions Long Term Incentive Plan (LTIP) for its senior management as well as young professionals

Sterlite: Business Structure

Sterlite Ind. India Copper smelting / refining 100% Copper mines of Tasmania (Australia) Copper mining 100% Sterlite Energy Ltd. (India) Coal power

High quality and sizable resources

Zinc: High grade ore containing reserves of ~209.4mn tonnes (mine life of ~20 years at 1 mtpa production) Aluminum: Bauxite - 150mn tonnes reserve Commercial Energy: Coal blocks containing ~320mn tonnes of coal have been secured

30% Vedanta Alumina Ltd. (India) Alumina/ Aluminium

51% Bharat Aluminium Ltd. (India) Aluminium

65%

Company

Hindustan Zinc (India) Zinc mine/metal

Globally cost competitive operations

Business

Financial summary
Y/E Mar 2007 2008E 2009E 2010E Sales (Rs mn) 245,058 250,183 248,852 268,703 Adj.PAT (Rs mn) 42,771 54,874 63,872 69,976 Consensus EPS* (Rs.) 66.6 75.6 EPS (Rs.) 60.4 77.5 90.2 98.8 Change (YoY %) 161 28 16 10 P/E (x) 7.8 13.4 11.5 10.5 RoE (%) 40 40 44 46 RoCE (%) 58 45 47 48

(CMP: Rs 1035) EV/EBITDA (x) 3.7 8.0 6.9 5.8 DPS (Rs) 3.6 4.0 4.0 4.0

Source: *Consensus broker estimates, Company, ENAM estimates on 100% BALCO & 91% HZL consolidation

31

Sun TV
Key concerns addressed

Fall-out with DMK, and launch of Kalaignar TV

`

80 60 40 20 0

No impact on Suns dominance

(%) 62 60 59 60

Political imbroglio overdone - 3 months after Kalaignar TVs launch, no drop in Suns ratings None of the major content players including Balaji, Radaan have left the company (de-risking strategy with only 1 slot given to each content producer) With the slots sale system that Sun works with, the producers stand to gain much more than the fixed fee structure that other networks operate under

Content producers leaving Sun

`

9 Sun Group Week 34 Week 38

Kalaignar TV* Week 42 Week 46

TN Govt. entering cable business will pose challenges for growth of Suns channels
` ` ` `

Source: Company ENAM Research; *launched in Wk 38

Sun Groups distribution business has always had only a limited share of TNs cable market In the other three southern states where Sun is also the leader, Sun Group does not have its own distribution The demand from viewers ensure Suns channels get aired over all cable networks Any possible entry of Government into cable will help reduce underreporting of subscriber numbers, which will benefit Sun the most
Sales (Rs mn) 3,220 6,780 9,309 12,496 PAT (Rs mn) 1,313 2,469 3,870 5,712 Consensus EPS* (Rs.) 9.5 12.4 EPS (Rs.) 3.3 6.3 9.8 14.5

A strong dominance in South India

Market Tamil Nadu Andhra Pradesh Karnataka Kerala No. of channels 4 4 3 2 pay +1 FTA channels pay channels pay + 1 FTA channels FTA channels Audience share (%) 60 36 32 22

Source: Company ENAM Research

Financial summary
Y/E March 2006# 2007# 2008E 2009E Change (YoY %) 69 88 57 48 P/E (x) 0.0 60.4 38.8 26.3 RoE (%) 35.6 40.8 36.1 36.8 RoCE (%) 40.7 54.6 55.9 56.9

(CMP: Rs 381) EV/EBITDA (x) 0.7 30.6 21.5 15.0

Source: Company, ENAM estimates; *Consensus broker estimates; #Note: Current year / period balances and amounts included the effect of the amalgamation of Gemini TV Pvt Ltd (GTPL), and the Demerged Undertaking of Udaya TV Pvt Ltd (UTPL) and therefore, are not comparable with those of the previous year / period. Previous periods' / year's figures have been regrouped / reclassified wherever necessary.^Adjusted for stock split

32

Sun TV (Continued)
Suns pay revenue in Q4FY07 was Rs 240mn. FY08 subscription revenues are expected to be ~Rs 1bn+ on back of increased DTH penetration
` ` `

In the first month of launch of Sun channels on Tata Sky and Dish TV, Sun TV Network, has attracted close to 275,000 subs (@ Rs 25 per sub) Additionally, Sun Direct has booked ~350,000 subs in pre-launch phase (expected to go to 3mn by end-FY09) International subscription revenues of Rs 500mn expected in FY08

Future plans (investment of Rs 2bn over the next 2 yrs)

Ad revenue to increase by 30-35% (Rate hike 10-15%; Additional inventory 10-15%; New channel launches 510%) Average ad rates @~Rs 18,000/10 sec. Still provide significant room for growth (Star Plus charges Rs 80,000/10 sec for same eyeballs) To replicate the successful Tamil kids channel, Chutti TV, in other states. To make Chutti TV a pay channel in 6-7 months Radio business to provide a complete media package to advertisers
` `

13 stations operational with balance 32 stations to go operational by end- FY08 New stations to break even within 18 months of launch

Launch documentary channels in all 4 southern languages Business News channels in Tamil & Telugu To take the Kerala channels pay next year

33

Titan Industries
A personal accessories major

Worlds 6th largest, integrated manufacturer and brand for watches Commands >60% market share of the organized watch market Indias largest player in the branded jewellery segment (Tanishq)
` `

Branded jewellery remains under penetrated at 5% of overall market Gold Plus mass market initiative for semi-urban & rural regions. Generated Rs 1bn in H1FY08 Titan Eye+ the 3rd retail initiative. Started in Q4FY07 and achieved sales of Rs 250mn

Entered the hugely untapped prescription eyewear market (~ Rs 15bn)

`

To maintain current robust growth trend

Watches: Potential to grow >20% p.a. for next 3 years

` ` `

Margins to improve over time due to consumer up trading and higher mid-premium watches sold through organized retail Margins to remain stable due to product mix changes. (Tanishq with higher margin and Gold Plus with lower margin) No slowdown witnesses in 22K gold jewellery off take, despite rising gold prices Still in gestation period, Titan is vying to get large offset contracts from aerospace and automotive segments over the next two years Huge untapped potential with ~300mn people requiring vision correction and only 25% of them are users
(CMP: Rs 1480) Adj. PAT (Rs mn) 1,113 1,295 1,796 2,388 Consensus EPS* (Rs.) 35.6 48.7 EPS (Rs.) 26.3 29.2 40.5 53.8 Change (YoY %) 41 11 39 33 P/E (x) 31.7 28.8 36.6 27.5 RoE (%) 76.5 51.6 45.3 42.0 RoCE (%) 32.2 36.3 41.2 45.6 EV/EBITDA (x) 22.7 18.7 23.0 17.4 DPS (Rs) 3.0 5.0 6.5 8.5

Jewellery: New initiatives like Gold Plus can lead to a ~60% p.a. growth till FY10

Precision engineering: Can be a Rs 5bn business in the next 5 years

` `

Eyewear: Titan eye+ to expand to 50 stores by FY09 and ~200 stores in the next few years

Financial summary
Y/E March 2006 2007 2008E 2009E Sales (Rs mn) 14,402 20,902 29,526 39,151

Source: Company, ENAM estimates; *Consensus broker estimates

34

Titan Industries (Continued)

Revenue target: USD 1bn+ by FY10
60 50 40 30 20 10 0 FY07 FY08E FY09E FY010E 21 30 40 50 (Rs bn)

Organized retail will account for >75% of TILs revenue in FY08

Retailing expansion 2007-08 World of Titan Sonata Fastrack Kiosks Tanishq Gold Plus Titan Eye+ No of Outlets 207 to 268 15 to 25 10 to 40 88 to 106 10 to 28 1 to 14

Revenue growth trend

Domestic Watches
6 (Rs bn) 3.6 10
20%

Domestic Jewellery
(Rs bn) 5.7 3.3 8.8
54%

TIL consolidated
15 12 9 6 3 0 6.7 (Rs bn) 13.9
40%

4.3

8 6 4 2

9.9

3.0

0 H1FY06 H1FY07 H1FY08

0 H1FY06 H1FY07 H1FY08

Source: Company

H1FY06

H1FY07

H1FY08

35

Vishal Retail
Rapid scale up: 10mn sq.ft. by FY11 from current 1.7mn sq. ft.
`

New Formats: Convenience stores (in pilot phase in Delhi) and specialty stores (apparel, luggage, foot wear etc.)

Roll out plan on track: 85 stores by FY 2008 and 151 stores by FY 2009 with a total retail space of around 4mn sq. ft.
` `

The company has a target of operating 300 350 hypermarket formats and 3000 4000 convenience/specialty stores (500 5000 sq ft) by FY11 Focus on Tier II and III to continue with a majority of the stores to be opened in those cities Signed MOU for 45 new stores till date with total retail space of over 990,000 sq. ft.

Strengthening support systems

` ` `

Planning more regional warehouses to cater needs of increasing stores and speed up the supply chain process To launch concept of Vishal Vidyalaya (Specialized Retail Training Academy) to train people at both the front-end & back end level 4 zonal structure to 14 regional structure, headed by regional CEO responsible for execution, development and profitability

Contribution from FMCG and non-apparels to increase to 45% of revenues by FY 2009

Vishal plans to enter consumer durables, jewellery, liquor and pharma segments within the next 3 months

Funding plans: Rs 2.5bn to be raised by Q1FY09 Key financial highlights

Growth in the same stores sales were flat in H1FY08 (vs. 12% YoY in FY 2006 and 21% YoY in FY 2007) Inventory days at 250 days fro H1FY08, but expected to ease (target 135 days) as new store roll out was back ended in FY08 Net margin to remain stable at ~4% as higher margins from pvt. labels will mitigate lower margins from FMCG business (CMP: Rs 693) Financial summary
Sales (Rs mn) 2,884 6,027 10,686 16,829 PAT (Rs mn) 126 250 430 673 Consensus EPS* (Rs.) 20.2 31.7 EPS (Rs.) 7.6 13.6 19.2 30.1 Change (YoY %) 275 79 41 57 P/E (x) 0.0 0.0 36.1 23.0 RoE (%) 24.4 25.0 21.5 22.4 RoCE (%) 24.0 21.7 19.5 20.3 EV/EBITDA (x) 1.7 3.3 15.2 10.8 EV/Sales (x) 0.2 0.4 1.8 1.2

Y/E March 2006 2007 2008E 2009E

Source: *Consensus broker estimates, Company, ENAM estimates

36

Vishal Retail (Continued)

Targeting 10mn sq. ft. by FY11
200 150 100
151 (Nos) (mn. sq ft)

Same Stores Sales & Growth trend

5 4 3 2 1 0
2,000 1,500 1,000 500 0 FY'05 FY'06 FY'07 Curr. Year Sales Pre. Year sales
-1%

(Rs mn)
21%

12%

50
49

85

0 FY07 No. of stores FY08E FY09E Retail space (RHS)

Revenue mix trend

100% 80% 60% 40% 20% 0% FY05 Apparel FY06 Non Apparel FY07 FMCG H1FY08 Others
Source: Company
85% 71% 63% 3% 12% 9% 20% 15% 22% 20% 20%

Proposed stores in FY08 with finalized locations

Regions Tier I Cities Description Bangalore, Kolkata, Delhi, Mumbai Chennai, Hyderabad, Pune Cities with population over 1mn No. of stores 3 1 28

59%

Tier II Cities Tier III Cities

37

Voltamp Transformers
Focus on capacity expansion

Capacity expansion trend

100% 80% 60% 40% 20% 0% FY04 FY05 FY06 FY07
4,500 4,500 5,400 7,200

Figures in MVA
9,000

Plans to increase capacity from 7,200MVA in FY07 to 9000MVA by FY08 Confident of the new capacity being absorbed easily Will consider further capacity addition as required

Composition: Dry type-17%, Power-45%, Distribution-38% ~80% of this to be executed in FY08E

Power Transformer Dry Type Transformer

Distn. Transformer

Revenue and margin outlook

Revenue guidance: 40-45% CAGR over next 2yrs Margins have expanded by a healthy 500 bps to 18.7% in H1FY08 Voltamp expects margins to remain at these levels in H2FY08

Demand-supply balance favorable for the next 2 yrs

Despite expansion by most players, the management expects demandsupply balance to remain favorable for the next 2-3yrs
Sales (Rs mn) 2,488 4,058 6,139 8,361 PAT (Rs mn) 234 428 733 986 Consensus EPS* (Rs.) 66.5 85.2 EPS (Rs.) 23.1 42.3 72.5 97.4 Change (YoY %) 56 83 71 34 P/E (x) 14.2 22.4 16.7

We are raising our FY09 EPS estimates by 15% in view of the revised guidance and favorable outlook

Financial summary
Y/E March 2006 2007 2008E 2009E RoE (%) 40.3 50.7 57.6 50.9 RoCE (%) 49.8 71.5 89.5 79.2

(CMP: Rs 1625) EV/EBITDA (x) 0.4 8.7 14.0 10.5 DPS (Rs) 0.6 9.4 17.6 21.1

Source: Company, ENAM estimates; *Consensus broker estimates

FY08

Order book Rs 4bn (1x FY07 revenues)

38

WWIL
Rollout of CAS across the country likely to change the media distribution landscape in India Head End In The Sky (HITS) technology to be launched in the 1st week of January Revenues to increase to Rs 25bn by 2011 (FY07 - Rs 1.8bn) Pay subscriber base to increase from 0.8mn currently to 6.9mn by 2012 Carriage fees: Benefiting MSOs

With the onslaught of several new channels, all vying for higher ratings, increase in carriage fees to provide significant benefit to MSOs like WWIL

Risks to call: Implementation of CAS could be delayed further

CAS: Increasing addressability
CAS Pre Post Comments ARPU (Rs.) Addressability (%) Revenue Sharing - Broadcaster - MSO - LCO 200 10 15 5 80 200* *Assuming subscription to 20 channels 100 As mandated by TRAI 45 3x increase in subscription revenues 30 6x increase in pay revenues 25 Increasing ARPU's may negate drop in LCOs revenue

Source: ENAM Research

39

Yes Bank
Focus on servicing small/emerging corporates and affluent clients.

Provides 360 degree services, catering to all their business and personal banking needs Gains client loyalty by providing specialized solutions to clients

Expand retail banking

To open ~75 branches a year taking the total branches to 250 by 2010 Initially to concentrate on deposits and wealth management in retail banking Single PIN for all transactions, RTGS, RFID to improve the customer management To adopt a less aggressive strategy in the consumer lending space Almost 2/3rd of the employees are posted in the retail banking

Technology initiatives

To develop wireless, mobile banking once proper security environment is in place

Currently have USD 100-200m in PE funds. Targeting to establish 3-4 PE funds To raise ~Rs 3.2bn by preferential placement of 4.99% shares by the end of Dec 2008. Further ~2% dilution likely during Jan-March 2008
Financial summary
Y/E Mar 2006 2007 2008E 2009E PAT (Rs mn) 553 944 1,818 3,008 EPS (Rs) 2.0 3.4 6.1 9.6 Change YoY (%) 64 80 58 P/E (x) 111.5 67.8 37.7 23.9 BV (Rs) 21 28 48 68 P/BV (x) 10.8 8.1 4.8 3.3 NPAs (%) 0.0 0.0 0.1 0.1 (CMP: Rs 228) ROE (%) 14.0 13.9 16.3 16.8 ROA (%) 2.0 1.2 1.3 1.3

Source: Company, ENAM estimates

40

Zee Entertainment Enterprises

Zee TV has 39 programs of the Top 100 in Hindi GEC (Week 42) No.2 channel in the country

Channel share up from 28% (FY07) to 36% in FY08 42% channel share in primetime (PT) band. On weekdays PT, ZTV ahead of Star Plus, while weekends it lags slightly behind

Snapping At Star Plus Heels

Time Band 17.00 17.30 18.00 18.30 19.00 19.30 20.00 20.30 21.00 21.30 22.00 22.30 23.00 17.29 17.59 18.29 18.79 19.29 19.79 20.29 20.79 21.29 21.79 22.29 22.79 23.29 Our Position Movie-Leader Movie-Leader Kasamh Se (R) - Leader Saath Phere (R) - Leader Mamta/Har Ghar - Leader Parivar - Leader Dulhan - Leader Maayka - Leader Kasamh Se Saath Phere - Leader Betiyaan Teen Bahuraniyan (Mar-07) Arandhangini

Recent slippage in ratings due to completion of Zees hit show - SaReGaMaPa

With Star Voice of India program now over, ratings of Zee TV & Star Plus expected to converge

54% Channel share No.1 program across Genre New launch Bidai Kahani Ghar Ghar Ki Kyunki (No.1 GEC prog) Kayamath

Content based on family drama but focuses on real social issues

Plans to increase fresh programming hours Plans to concentrate on the weekend and afternoon slots

Current ARPUs at Rs 45 per sub. for the bouquet

Source: Company, ENAM Research

International rev accounting for 30% of total rev.

Financials

Expected revenues by 2011E of Rs 39.6bn @ 30% CAGR EBITDA margin of 35% in 5 yrs (vs 22% currently)
(CMP: Rs 294) PAT (Rs mn) 2,154 2,407 3,547 4,840 Consensus EPS* (Rs.) 8.5 11.2 EPS (Rs.) 5.0 5.5 8.2 11.2 Change (YoY %) (36) 12 47 36 P/E (x) 48 45 36 26 RoE (%) 8 8 11 13 RoCE (%) 8 10 14 17 EV/EBITDA (x) 36 33 26 18 DPS (Rs) 1.2 1.5 3.3 4.5 Sales (Rs mn) 14,233 14,411 16,703 19,632

Financial summary
Y/E March 2006 2007 2008E 2009E

Source: *Consensus broker estimates, Company, ENAM estimates

41

Zee Entertainment Enterprises (Continued)

Content & programming

Digitization to change the scenario (2 new DTH players to speed up things). Once subscription revenues are substantial, differentiation in content will be more viable Committee of broadcasters formed to revamp ratings measurement system
`

25 20 15 10 5 0

Ranking Among Top 50 Programs

16 15 15 17 21 19 19 20 22

9 10 3 3 0 3

11

12 10 11

14 14

Current system representing only 25mn homes (out of 72mn C&S HHs)

Sports: 2 pronged strategy of cricket (ICL) and football Plans to have dedicated channels for cricket & football (Zee Sports & ten Sports) with 1 FTA for all other sports

Road ahead

Launch of Zee Next on 17 December 2007 (focused on the mass-youth) to capitalize on existing gap in GEC. Rs 20bn to be spent over the next 1-1.5 yrs
`

Target of 70-75 GRPs initially

Ad revenues to grow @ 30% in FY09. Thereafter minimum growth rate of ~15% Subscription revenue to grow with digitization. (H1FY08 DTH revs: Rs 250mn) Exploring VAS opportunities after response of SaReGaMaPa (10mn responses across SMS & internet). For next program, they are integrating VS from the content creation stage itself Head-end In The Sky (HITS) to be launched in the 1st week of Jan will also help subscription revenue growth

800 700 600 500 400 300 200 100 0

Source: Company

Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Star Plus Zee TV Sony

Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07

All Day Performance

591 416 185 209 347 308

42

Zodiac
Aggressively scaling up organized branded retail reach

53 exclusive Zodiac showrooms and 4 ZOD! stores spread across 18 cities. Plans to add 100 more outlets in next 3 years to cover 25 cities across the country Store roll outs impacted (line of sight - 20 stores vs. target of 30 stores for FY08) due to execution delays by mall developers 1200 independent multi-brand retailers contribute 50% of branded sales

New menswear brand to be launched in Q3FY08

Targeting the youth category. ZCL intends to maintain its premium pricing for the new brand

Improving store economics and stable export scenario

Same store sales growth at 20% in H1FY08. Branded sales growth in H2FY08 to be driven by festive season New stores are expected to achieve cash breakeven in the 1st year of operation Unlike other apparel export majors, ZCLs export operating margins has not been impacted by rupee appreciation Caters to a high end private label customers, who bank on ZCLs ability to show case new design collections

Capex plan (~2.5bn) and sourcing of funds

Largely to fund store roll outs, expanding manufacturing capacity and working capital requirements Board approval is awaited to raise funds by issue of warrants and equity shares
(CMP: Rs 455) Adj. PAT (Rs mn) 126 234 319 404 Consensus EPS* (Rs.) 35.2 42.8 EPS (Rs.) 15.1 28.0 38.2 48.3 Change (YoY %) 51 86 36 27 P/E (x) 19.0 9.0 11.9 9.4 RoE (%) 13.5 21.9 24.9 25.8 RoCE (%) 17.5 27.1 30.0 32.7 EV/EBITDA (x) 12.4 5.8 8.0 6.2 DPS (Rs) 5.0 6.0 7.5 9.0

Financial summary
Y/E March 2006 2007 2008E 2009E Sales (Rs mn) 2,154 2,592 3,075 3,591

Source: Company, ENAM estimates; *Consensus broker estimates

43

Zodiac (Continued)
Export Sales Trend
2.0 (Rs bn) 1.5 1.0 1.44 0.5 0.0 FY05 FY06 FY07 H1FY07 H1FY08 1.04
CAGR 28 %

Branded Sales Trend

1.0 (Rs bn) 0.8 0.6
CAGR 27 %

1.72

6%

0.4 0.83 0.2 0.0 FY05 0.52

0.70

0.87

38 %

0.79

0.36 FY06 FY07 H1FY07

0.49

H1FY08

450 (Rs mn) 360 270 180 90 0 FY05

Source: Company

EBITDA Trend

CAGR 64 %

408 152 232

76 %

248 141

FY06

FY07

H1FY07

H1FY08

44

Thank You
ENAM Securities Pvt. Ltd.
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