Financial

Analysis of
Companies in
Power sector

Analysis of NTPC, Adani Power,

Reliance Power, Tata Power from the
view point of manangement, lenders and
investors

Submitted to
Dr. Arunima Haldar
D016 Rishabh Dhall
D018 Vishwajeet Grewal
D020 Rohan Jagetiya
D021 Baibhav Jha
D022 Geetaman Singh Johar
D028 Yash Khatri

Contents

Power Sector Overview ..................................................................................................................... 2

History of the sector .......................................................................................................................... 2
Present Overview ............................................................................................................................. 2
Future Outlook .................................................................................................................................. 2
Company Overview ............................................................................................................................ 2
NTPC Limited .................................................................................................................................... 2
Adani Power Limited ......................................................................................................................... 2
Reliance Power ................................................................................................................................. 2
Tata Power ........................................................................................................................................ 3
Analysis from the view point of Management ................................................................................ 3
Average Payable Period Creditors Turnover Ratio ...................................................................... 3
Average Receivable Period Debtors Turnover Ratio ................................................................... 3
Inventory Turnover Ratio .................................................................................................................. 3
EBITDA Margin % ............................................................................................................................. 4
Analysis from the view point of Lenders ........................................................................................ 4
Long term Debt Equity Ratio ............................................................................................................ 4
Interest Coverage Ratio.................................................................................................................... 4
Liquidity Ratios.................................................................................................................................. 5
Analysis from the view point of Investors ...................................................................................... 5
Return on Equity ............................................................................................................................... 5
Return on Capital Employed ............................................................................................................ 5
Earnings Per Share & Dividend per share ....................................................................................... 6
DuPont Analysis for year 2015 ......................................................................................................... 6
Appendix.............................................................................................................................................. 7
Bibliography ...................................................................................................................................... 11

Page 1 of 11

Power Sector Overview

History of the sector
The power sector has evolved over a period of time. Keeping generation under the state ownership during the
nationalisation stage from 1956-1991 to letting private players participate in generation from 1991. Industrial Policy
Resolution 1956 made generation, transmission and distribution exclusively in the hands of the government. This era
saw a growth in Companies like NHPC, NTPC and Power Grid etc. Post 1991, laws have been amended to Electricity
Act 2003 which eliminates licensing, competitive bidding among a few changes. The National Tariff Policy 2006 provides
with the guidelines for price fixation keeping in mind adequate returns to Companies involved in generation, transmission
and distribution. The production capabilities have grown many folds from just a meagre 1713 Mw in 1950 to 2.71 Lac
Mw as on March 31, 2015.
Present Overview
India is the fourth largest consumer and third largest producer of electricity in the world. India has an installed capacity
of 2.71 lac MW as on March 31, 2015. The breakup based on source of power is shown in figure 1. Approximately 70
% of the power is generated through thermal sources like coal, gas & diesel. (Refer Figure 1)
The installed capacities are divided amongst state utilities, central government owned plants and private players. Under
the thermal power sector, 27 % of the installed capacities i.e. 44,398 Mw is owned by National Thermal Power
Corporation (NTPC) whereas Adani Power Limited (APL), TATA Power Limited (TPL) and Reliance Power (RPL)
totalling to 23,911 Mw 15% of the capacities. Various states in total have a power capacity of 58,100 Mw in total. (Refer
Table 1). Though generation has grown many folds, consumption has outpaced it and still India remains an overall
power deficit country with power cuts in areas.
Future Outlook
Successful coal allocation during Q4 2014-15 and government focus to address supply issues from domestic coal
production from Coal India should improve fuel scenario which will help Companies reduce their dependence on foreign
coal which has become expensive over the period of years. At the same time, premiums offered during coal auctions
will put pressure on Companies to quote higher prices for power purchase agreements (PPA). At the same time,
consolidation is the sector is continuities due to the pressure of high amount of debt from banks.
With coal supplies improving over a period and reforms under implementation should revive interest in the sector. With
a target of adding 100 Gw under the 13th 5 year Plan along with the growing demand and increasing penetration will
provide a stimulus in the sector.
Company Overview
NTPC Limited
NTPC Limited, formerly known as National Thermal Power Corporation Limited, a Maharatana Company, is a
Government Company incorporated in 1975. It started its commercial operations from Singrauli in Uttar Pradesh in
1983. Over the period of time, NTPC has constructed green field projects as well has taken over plants owned by state
utilities. With a total of 24 plants out of which 17 plants are thermal based, it has become the largest power producer in
India.
The management is planning to add approximately 16.5 Gw under its belt and also targeting to tap in solar energy which
will eventually form a significant part of its portfolio. The Company has been able to earn higher RoEs due to high
efficient plants and economies of scale of its operations and secured fuel supplies from Coal India Limited.
Adani Power Limited
Incorporated as a subsidiary of Adani Enterprises Limited, APL started off as a power trading Company in 1996. With
coal trading and ports being developed by sister concerns, power seemed a natural extension its businesses. With an
installed capacity of 9,240 Mw as on March 31, 2015, the Company is the largest private producer of power. The
Company operates a UMPP (Ultra Mega Power Project) at Mundra along with generation facilities in Tiroda, Kawai.
Over the recent times, APL has acquired existing power plants in Udupi from Lanco Infrafratech in August 2014. The
Company also operates transmission & distribution facilities of over 2,070 km. APL has diversified from thermal power
projects and has forayed into Solar Power in Gujarat. Recently it inked a JV with Government of Rajasthan to set up
Indias largest solar project generating 5,000 Mw of electricity. The Company has a target of 20,000 Mw of power
generation by 2020.
Reliance Power
Reliance power generates 5,945 Mw of electricity with 3960Mw being generated at its Sasan UMPP. The Company
started off as a private Company in 1995 and has undergone a lot of changes to its present form. The Company also
operates plants at Rosa in Uttarpradesh and Butibori in Maharashtra. The Company had a record breaking IPO with
over 3.1mn applicants in 2008.

Page 2 of 11

Tata Power
Tata Power had its inception in 1915, establishing India's first large hydro-electric project in KhopoliToday, Tata Power
With an installed electricity generation capacity of about 8,747 MW, it is India's second largest private power producer.
Tata power is poised for multi-fold growth. It is one of the largest renewable energy players in India and it has developed
the country's first 4000 MW Ultra Mega Power Project at Mundra in Gujarat. The Company has entered into various joint
ventures for coal based as well as solar power plants.
Analysis from the view point of Management
Average Payable Period Creditors Turnover Ratio

Average Payable Period

300
253

250
200
150
126

117
85

66
41
33

29
2010-11

2011-12

2012-13

NTPC

APL

2013-14

2014-15

RPL

TPL

100
50
-

Creditor turnover ratio depicts the rate at which the

Company is paying off its suppliers. The same ratio in days
tells us the average payable period in days.
An analysis of all the ratios are showing an increasing
trends in the number of days the suppliers are being paid
for purchases of goods and services.
Specifically for APL, the ratio for 2010-11 has been ignored
as the project was into the implementation phase with no
COGS and high levels of accounts payable for capital
goods. Post that, the ratio has decreased but has remained
higher than the average of all other Companies which
stood at 48 days.
Amongst all Companies, RPL has the lowest payable days
in 2014-15 but NTPC has been a consistent performer.

Average Receivable Period Debtors Turnover Ratio

Average Receivable Period

106

120
100
80

64

60

54

49
28

49

36

40
20
-

2010-11

2011-12

2012-13

NTPC

APL

2013-14

2014-15

RPL

TPL

Debtors turnover ratio depicts the number of times the

debtors are realised in the year. With the same in number
of days, it shows in how many days the debtors are
realised.
NTPC, being a government company enjoys the lowest
ratio amongst the competition whereas the ratio for RPL is
very high at 106 days. Analysing the same with the creditor
turnover ratio, the company is seen as not utilizing working
capital and might be using other funds for payment of its
suppliers. APL which had negligent revenue in 2010-11
has increased to 49 days which is the most efficient
company in the private sector. TPL is also close to 54 days.
It can be said that the power sector companies generally
offer a credit period of 30-60 days.

Inventory Turnover Ratio

Inventory Turnover in days

300

253

250

222

200
150
71
39 40

30
26
2010-11

26
2011-12
NTPC

2012-13
APL

2013-14

2014-15

RPL

TPL

100
50

Inventory
inventory
electricity
inventory
spares.

holding period shows the number of days of

which is being held by the Company. As
is not stored and transferred over the grid, the
represents the stock of Coal and machinery

With issues in procuring coal from India and other countries

as well, this ratio is of huge importance. The ratios for RPL
and APL in the initial years are high due to starting of
commercial operations where the inventory is stored but
revenue is not generated. NTPC may have lower holding
days as the Company has secured supplies from Coal India
as it is a government Company. APL also has a holding
days of 40 days.

Page 3 of 11

EBITDA Margin %

EBITDA Margin %
80%

58%

60%
29%
40%
27%
21% 20%

24%
22%
-10%

20%

0%
-20%

2010-11

2011-12

2012-13

NTPC

2013-14

2014-15

RPL

TPL

APL

EBITDA Margin is the operating profit % of the Company

where depreciation and interest expenses have been
excluded as this is a capital intensive industry. This leads
to higher interest costs as the loans taken by the industry
is at very high levels.
NTPC and TPL are amongst the lowest EBITDA Margins
but that can be explained with the diverse portfolio it has.
APL has performed over a consistent basis except 201213. RPL has been able to improve its margins due to
operational efficiency and commencement of its Sasan
UMPP.

Analysis from the view point of Lenders

Long term Debt Equity Ratio

Long Term Debt Equity Ratio

7.73
6.13

3.45
2.28
1.27

1.37

0.69
0.33
2010-11

1.14
2011-12

2012-13

2013-14

2014-15

APL

RPL

TPL

NTPC

9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
-

Long term debt equity ratio shows the relationship bears to

the owners total investment in the Company. This ratio is
of utmost importance in the sector since it requires a large
amount of investment into fixed assets financed though
loans.
APL has been under immense pressure due to the high
levels of debts it has taken. The equity portion is also
reducing due to the losses that the Company is incurring
which is of the fact of high depreciation and interest
charges on foreign currency loans. Further, APL has been
impacted by the delay in implementation of compensatory
tariffs and thus affecting cash flows. The Company is
further planning for new debt which will stretch its balance
sheet more and thus remains a key cause of concern.

TPL has been able to reduce its ratio in the last year and
remains under limit. NTPC which has been able to posts profits, has the lowest Debt Equity ratio at 1.14 times as equity
is on the higher side.
Interest Coverage Ratio
Interest Coverage Ratio shows the ability of the Company
to meet interest expenses. It determines the ability of the
Company to pay interest as a % of the EBIT. Higher ratios
are better signs for lenders.

Interest Coverage Ratio

8.00
7.18
6.00
4.00

3.64
2.93

2.00

3.19

0.40

(2.00)
2010-11
NTPC

2011-12

(1.07)
2012-13

APL

(0.34)

(0.17)

2013-14

2014-15

RPL

TPL

Overall, the performance of the Companies has

deteriorated with the increase in the loans and decreasing
margins. Amongst them NTPC has the best interest
coverage ratio whereas APL due to negative PBIT has the
least interest coverage ratio. This shows that there might
be an issue while paying interest as the Company is not
generating enough profits. Continuous low ratios might be
a signal for lenders that their interest might not be repaid
and thus they should exercise caution while giving loans to
the Company.
By this analysis, NTPC is the most attractive company.

Page 4 of 11

Liquidity Ratios

Current Ratio
3.00

Liquid Ratio
3.00

2.56

2.50
2.00

2.41

2.00

1.50
1.00
0.50

2.54

2.50

1.16

1.50

0.71

0.81
0.71

1.00

0.42

0.58

0.50

0.32

2010-11

2011-12

NTPC

APL

0.94

2012-13

2013-14
RPL

2014-15
TPL

2.17

0.55

0.70
0.49

0.36

0.44

2010-11

2011-12

NTPC

2012-13
APL

2013-14
RPL

2014-15
TPL

The most common solvency ratio used are current and liquid ratio which shows short term financial position and its
ability to meet short terms financial obligations. Position of APL and TPL remains lower due to the presence of short
term borrowings which is pushing the ratio downwards. Similarity on the liquid ratios APL and TPL remain below the
average of the Companies.
Analysis from the view point of Investors
Return on Equity
Return on equity ratio is a profitability ratio that measures
the ability of a firm to generate profits from its shareholders
investments in the company

Return on Equity
15.56%

30.00%
15.54%
20.00%
10.00% 8.16%
0.00%
4.52%
-10.00%
-20.00%
-30.00%
-40.00%
-50.00%
-60.00%
2010-11 2011-12
NTPC

13.53%
4.98%
2.86%
-14.25%

APL recorded huge losses in 2012-13 due to a combination

of various reasons mainly due to higher cost of imported
coal, financial expenses (+165% YoY) and depreciation
(+104% YoY)

-53.45%
2012-13

APL

2013-14

RPL

A rising ROE suggests that a company is increasing its

ability to generate profit without needing as much capital. It
also indicates how well a company's management is
deploying the shareholders' capital.

2014-15
TPL

While NTPC has the highest and consistent RoE amongst

the competition. Other Companies have maintained RoE
over the period without much fluctuation.

Return on Capital Employed

Return on capital employed or ROCE is a profitability ratio
that measures how efficiently a company can generate
profits from its capital employed by comparing net
operating profit to capital employed.

ROCE
16.00%
14.00%
12.00%

11.52%
9.77%
8.59%
8.17%

10.00% 10.69%
8.00%
6.00%
4.00%
2.00%

3.37%
5.55%
3.56%

0.00%
-2.00%

2010-11
NTPC

2011-12

-0.28%
2012-13 2013-14

APL

RPL

ROCE is a long-term profitability ratio because it shows

how effectively assets are performing while taking into
consideration long-term financing.
TPL has the highest ROCE for the year 2014-15. One
important thing is APL has a positive ROCE but a negative
ROE which again proves that the Company is stressed by
the interest & depreciation charge.

2014-15
TPL

Page 5 of 11

Earnings Per Share & Dividend per share

Earnings Per Share

Dividend Per Share

20
15

7
12.12

11.34

10

9.19

2.85

-5

3.67
1.51

2.35

3.8

-2.84

5.75

5.75

4
2.5

3
2

-9.59

-10

1.25

1.25

1.15

1.25

1.3

2010-11

2011-12

2012-13

2013-14

2014-15

-15

0
2010-11

2011-12
NTPC

2012-13
APL

2013-14
RPL

2014-15
TPL

NTPC

TPL

Earnings per share serves as an indicator of a company's profitability. It measures the amount of net income earned
per share of stock outstanding and this can be used by a shareholder while making decisions about the particular
investment, in comparison to other alternate investments.
EPS for the NTPC has almost been consistent in last five years and is the highest among all companies while for RPL
it has been steadily increasing which is a good sign for investors. After a major drop in EPS from 2010-11 to 2011-12,
TPL is on recovery mode and gaining since then. EPS for APL has been decreasing since because of losses.
Only NTPC and TPL have declared dividends in the last 5 years.
DuPont Analysis for year 2015

Dupont Analysis
Net Profit Margin

Asset Turnover

Capital Structure

NTPC
1200%
1000%
800%
600%
400%
200%
0%
TPL

APL

-200%

RPL

DuPont analysis bifurcates the return on equity into Net Profit Margin, Asset Turnover and its capital structure.
It can be observed that APL has a skewed capital structure which is also evident by its debt equity ratio.

Page 6 of 11

Appendix
Figure 1 - Installed Capacity - March 2015

Power Industry Installed Capacity

15%
13%

0%
2%

11%
9%
61%

Coal

Gas

Diesel

Nuclear

Hydro

Renewable Sources

Table 1 Thermal power installed Capacity Breakup by major Companies

Name of the Company

Installed
Capacity in Mw
44,398
9,240
8,726
5,945
58,100
38,226

NTPC
Adani Power
Tata Power
Reliance Power
State Electricity Boards
Others

% of Total
27
6
5
4
35
23

Table 2 Turnover Ratio Calculation for NTPC

Ratios
Debtors Turnover Ratio (Times)
Debtor Turnover (In Days)
Creditors Turnover (Times)
Average Payable Period
Inventory Turnover (Times)
Inventory Turnover (Days)

FY
2014-15
10
36
9
41
9
40

FY
2013-14
12
30
9
40
11
33

FY
2012-13
11
34
9
39
12
31

FY
2011-12
16
23
11
34
13
29

FY
2010-11
13
28
12
29
12
30

FY
2014-15
7.48
49
3
126
9
38.87

FY
2013-14
13.70
27
3
109
8
46.66

FY
2012-13
11.23
33
3
115
5
74.71

FY
2011-12
16.52
22
1
253
5
73.30

FY
2010-11
93.02
4
0
902
1
253.49

Table 3 Turnover Ratio Calculation for Adani Power

Ratios
Debtors Turnover Ratio (Times)
Debtor Turnover (In Days)
Creditors Turnover (Times)
Average Payable Period
Inventory Turnover (Times)
Inventory Turnover (Days)

Page 7 of 11

Table 4 Turnover Ratio Calculation for Reliance Power

Ratios
Debtors Turnover Ratio (Times)
Debtor Turnover (In Days)
Creditors Turnover (Times)
Average Payable Period
Inventory Turnover (Times)
Inventory Turnover (Days)

FY
2014-15
3.43
106
11
33
5
70.60

FY
2013-14
4.30
85
13
29
6
64.87

FY
2012-13
4.96
74
17
22
9
39.54

FY
2011-12
4.03
91
10
35
13
28.03

FY
2010-11
5.73
64
3
117
2
222.25

FY
2014-15
6.80
54
6
66
14
26.18

FY
2013-14
9.09
40
7
52
14
26.16

FY
2012-13
11.84
31
9
43
14
25.22

FY
2011-12
13.20
28
6
58
15
24.13

FY
2010-11
7.51
49
4
85
14
25.54

Table 5 Turnover Ratio Calculation for Tata Power

Ratios
Debtors Turnover Ratio (Times)
Debtor Turnover (In Days)
Creditors Turnover (Times)
Average Payable Period
Inventory Turnover (Times)
Inventory Turnover (Days)
Table 6 Solvency Ratios

2014-15
2013-14
2012-13 2011-12
41,791.62 44,385.39 44,818.67 41,211.10
7,972.46 5,988.48 4,575.78 4,177.91
33,819.16 38,396.91 40,242.89 37,033.19
35,946.33 29,665.11 26,702.39 20,795.01
1.16
1.50
1.68
1.98
0.94
1.29
1.51
1.78

in crores
2010-11
38,685.71
3,910.83
34,774.88
16,060.32
2.41
2.17

Adani Power Limited 2014-15

2013-14
2012-13 2011-12
CA
10,192.14 7,104.23 5,052.41 5,988.61
CL
17,440.73 18,288.98 15,614.22 13,338.76
Stock
1,629.05 1,280.96 1,555.67
826.75
Quick Assets
8,563.09 5,823.27 3,496.74 5,161.86
Current
0.58
0.39
0.32
0.45
Liquid Ratio
0.49
0.32
0.22
0.39

in crores
2010-11
1,861.52
4,385.44
283.61
1,577.91
0.42
0.36

NTPC
CA
Stock
Quick Assets
CL
Current
Liquid Ratio

Reliance Power
CA
CL
Stock
Quick Assets
Current
Liquid

2014-15
8,150.33
10,076.03
1,047.47
7,102.86
0.81
0.70

2013-14
6,355.94
7,442.28
622.77
5,733.17
0.85
0.77

2012-13
8,834.07
6,206.78
535.55
8,298.52
1.42
1.34

2011-12
5,699.04
3,552.54
160.69
5,538.35
1.60
1.56

in crores
2010-11
8,030.19
3,135.96
53.65
7,976.54
2.56
2.54

Page 8 of 11

Tata Power
CA
CL
Stock
Liquid Assets
Current Ratio
Liquid Ratio

in crores
2014-15
2013-14
2012-13 2011-12
2010-11
14,916.36 13,360.88 12,150.12 11,470.09 7,234.48
21,111.12 21,726.72 16,642.57 13,201.48 10,182.63
5,563.95 4,542.61 3,305.01 2,271.35 1,668.94
9,352.41 8,818.27 8,845.11 9,198.74 5,565.54
0.71
0.61
0.73
0.87
0.71
0.44
0.41
0.53
0.70
0.55

Table 7 Long Term Equity Ratios

NTPC
2014-15 2013-14
2012-13 2011-12 2010-11
Long Term Borrowings 93,362.92 75,542.30 64,587.72 54,851.94 47,059.57
Net Worth
82,093.98 87,003.49 81,240.95 74,275.81 68,384.56
DE Ratio
1.14
0.87
0.80
0.74
0.69
Adani
Long term debt
Net Worth
DE Ratio

35,089.66 33,131.48 33,191.60 29,584.83 21,687.82

5,724.62 6,543.39 4,293.41 6,041.31 6,287.32
6.13
5.06
7.73
4.90
3.45

Reliance
Long term debt
Net Worth
DE Ratio

28,220.55 26,253.51 24,186.03 14,262.00 5,525.26

20,631.99 19,469.93 18,582.58 17,569.62 16,833.44
1.37
1.35
1.30
0.81
0.33

TPL
Long term debt
Net Worth
DE Ratio

32,618.38 30,469.94 31,599.34 29,733.11 17,757.84

14,310.59 12,392.25 12,326.88 12,664.99 14,019.54
2.28
2.46
2.56
2.35
1.27

Table 8 EBITDA Margin

NTPC
Sales
EBITDA
Adani
Sales
EBITDA
Reliance
Sales
EBITDA

2014-15 2013-14 2012-13 2011-12 2010-11

80622.04 78921.66 69376.82 65893.25 57607.17
17,194.06 19,693.23 18,148.67 15,113.78 12,774.63
21%
25%
26%
23%
22%
18823.73 15768.08
5,159.37 4,672.59
27%
30%

6779.36 4089.79 2135.19

959.61 1,325.18 1,245.65
14%
32%
58%

6852.74 5174.75
2,011.30 1,712.89
29%
33%

4926.59
623.89
13%

2019.21
229.02
11%

1054.76
-105.62
-10%

Tata Power
Sales
34366.85 35648.7 33025.43 26001.4 19450.76
EBITDA
6,940.48 6,917.33 6,444.70 4,900.22 4,593.59
20%
19%
20%
19%
24%

Page 9 of 11

Table 9 ICR Calculation

NTPC
PBIT
Interest
ICR

15

14

13

12

11

10,456.21 14,485.76 16,610.95 13,137.26 12,392.33

3,570.37 3,203.07 2,480.54 2,134.72 1,725.75
2.93
4.52
6.70
6.15
7.18

Reliance
PBIT
Interest
ICR

1,238.81
3,699.27
0.33

1,199.61
3,439.90
0.35

952.39
2,635.53
0.36

771.89
1,527.09
0.51

702.60
866.15
0.81

1,483.74
3,699.27
0.40

975.07
3,439.90
0.28

1,276.68
2,635.53
0.48

507.25
1,527.09
0.33

3,156.88
866.15
3.64

-815.63
4,863.53
-0.17

-1,369.54
4,010.00
-0.34

-1,818.22
1,702.86
-1.07

0.34
737.53
0.00

813.20
255.03
3.19

2013

2012

2011

TATA
PBIT
Interest
ICR
Adani
PBIT
Interest
ICR
Table 10 Return on Equity Calculation

NTPC
NP
NW
RoE

2015

2014

9,992.37 11,403.40 12,586.22 9,814.66 9,348.23

73848.52 78758.03 72995.49 66030.35 60139.1
13.5309 14.47903 17.24246 14.86386 15.54435

Reliance
NP
NW
RoE

1028.32 1,026.67 1,011.46

866.78
760.44
20631.99 19,469.93 18,582.58 17,569.62 16,833.44
4.98%
5.27%
5.44%
4.93%
4.52%

TATA
NP
NW
RoE

408.82
-33.31
98.72 -968.29 2,181.91
14,310.59 12,392.25 12,326.88 12,664.99 14,019.54
3%
-0.27%
1%
-8%
16%

Adani
NP
NW
RoE

-815.63 -290.55 -2,295.01 -294.50

513.18
5,724.62 6,543.39 4,293.41 6,041.31 6,287.32
-14%
-4%
-53%
-5%
8%

Page 10 of 11

Bibliography
1) http://www.ntpc.co.in/en/investors/annual-reports
2) http://www.adanipower.com/financials-and-filings
3) http://www.reliancepower.co.in/investor_information/investor_desk.htm
4) http://www.tatapower.com/investor-relations/anlreport-archive.aspx
5) http://site.securities.com.ezproxy.svkm.ac.in:2048
6) https://www.crisilresearch.com.ezproxy.svkm.ac.in/industryasync.jspx?serviceId=31&State=null
7) http://www.cea.nic.in/installed_capacity.html
8) http://www.investopedia.com/
9) Edelweiss Sector Reports
10) IBEF Power Sector Report
11) Financial Accounting A South Asian Perspective by Godwin, Alderman and Sanyal
12) Financial Accounting for Management by N. Ramachandran and Ram Kumar Kakani

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