Vol.

XI, 26th July’10 –31st July’10

POWER TRACK
Weekly Update on Indian Power Industry

News of the Week Content

India plans `500bn power sector debt fund Content
In an attempt to bridge a funding shortfall and help banks avoid Private Equity 2
asset-liability mismatches, the government plans to create a
`500bn debt fund that will raise low-cost and long-term
resources for re-financing power projects. The fund is in the Mergers & Acquisitions 2
process of being formulated and is looking at takeout financing.
Takeout financing is a system designed to help banks lend to
long-duration projects. In takeout financing, a long-term
financing institution such as India Infrastructure Finance Co. Ltd News Update 3
(IIFCL) agrees to take an existing loan off the books of a bank
for a price. This would help banks in asset-liability management
in financing long-term projects when their resources are short- Corporate Developments 3
or medium-term in nature. The funding ability of Indian
institutions is restricted by central bank limits on how much
they can lend to each sector or business group. As a result, the
country’s target of adding 160,000MW of capacity in the 11th
New Project Launched 4
Plan (2007-12) and 12th Plan (2012-17), requiring a total
investment of `18tn, hinges on the ability to mobilize debt. It
will be managed by an asset management company, and may Upcoming Events 5
refinance up to 90% of outstanding project debt and will earn
around 100 basis points over what it pays to investors. India
has been for long contemplating setting up such infrastructure
Stock Market Update 6
funds. It was reported in May about plans for an $11bn
(`515.9bn today) debt fund to build ports, roads and bridges.
The sponsors of the power sector fund are expected to be a
combination of organizations such as PFC, REC, Life Insurance Peer Benchmarking 7
Corp. of India, State Bank of India, Infrastructure Development
Finance Co. Ltd and IIFCL. It may also include investment banks
and non-banking financial companies along with multilateral About Four-S Services 8
funding agencies.

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 FOUR-S Power Track
Investment Activity for 2010
Private Equity deals
Date Investor(s) Target Stake (%) Amount ($Mn) Business Stage
AD Hydro (Bhilwara
27-Jan IFC 12 15 Power Generation Project
Energy Ltd.)
General Atlantic, Goldman Sachs,
17-Mar Asian Genco 44 425 Power Generation Late
Norwest Venture Partners
09-Apr Temasek Holdings GMR Energy NA 200 Power Generation Late
02-Jun IDFC GMR Energy NA 74.5 Power Generation Growth
30-Jun Olympus Capital Tata Power 14 300 Power Utility Growth
02-July Blackstone Monnet Power 12.4 60 Power Generation Growth
12-Jul FE Clean, IFC Bhilwara Energy 10.8 50 Power Generation Late
28-Jul Fe Clean Energy Fund Bhilwara Energy 2.4 11 Power Generation Late
Adhunik Power &
30-Jul SBI Maquarie Infrastructure Fund 12 26.8 Power Generation Late
Natural Resources
FE Clean raised its stake in Bhilwara Energy to 8% by buying an additional 2.37% stake, SBI Macquarie Infrastructure Fund acquired a 12% stake in Adhunik Power and
Natural Resources. Till date there have been 9 deals in the sector for a total investment of $1.15bn. Power sector continues to be a preferred choice for PE players.

Mergers & Acquisitions

Date Investor(s) Target Stake (%) Amount ($Mn) Business
25-May Sembcorp Industries Thermal Powertech 49 225 Power Generation
06-Apr Greenko LVS Power Limited NA NA Power Generation
Source: Four-S Database
There was no new M&A transaction in power space last week. In the major transaction this year, Sembcorp Industries acquired 49%
stake in thermal Powertech, an SPV floated by Gayatri projects for $225mn.

Power Index Movement during the Week

Movement in Power Index vis-à-vis Benchmark Indices
Jul-30 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change)
Power Index (BSE) 3,110 -1.8% 1.9% -0.1% 7.6% 4.3%
Nifty 5,368 -1.5% 3.4% 3.2% 15.5% 15.7%
Sensex 17,868 -1.4% 3.2% 1.8% 14.8% 13.9%

Daily Movement during the Week

3154.3
3148.33 3145.61
3138.31

3110.24
Source: BSE

26-Jul 27-Jul 28-Jul 29-Jul 30-Jul

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News Update
Only 10% of capacity addition target for 2010-11
While the country grapples with power shortages, it is not being
helped by the abysmal progress of capacity addition.
Pertinently, out of the total capacity addition target of 20,359
MW for the current fiscal, only 2,105 MW, or 10.33%, has been
achieved, so far. Out of this, the central undertakings have
added 205 MW, while state and private participation stand at
1,300 MW and 600 MW, respectively as against the
corresponding targets of 7,639 MW, 6,368 MW and 6,352 MW,
respectively.
NTPC Q1 net dips 16% to `18.419bn
State-run power enterprise, NTPC, has reported 16.03%
decline in its net profit for the first quarter ended June 30,
2010. The provisional and un-audited profit-after-tax (PAT)
stood at `18.4189, against `21.9362bn recorded during the
same period of the previous 2009-10. At the same time, the
net sales of the company rose from `12,002.68bn, to
`129.4449bn, registering a growth of 7.8%, over the
corresponding figure for the previous fiscal. The earnings-per-
share (EPS) of the company has declined from `2.66, in the
first quarter of the previous fiscal to `2.23, during the period
under assessment.
Power sector may soon offer telecom-like tariffs - Consumers
can buy pre-paid cards, time-of-day packages
Power consumers will soon be offered a ‘menu' for electricity
tariffs – different charges for different types of usage, as is the
case in the telecom sector. The facility is already in place, albeit
for high-tension (HT) consumers, as the discoms (distribution
companies) have started using smart energy meters (SEMs).
Soon pre-paid cards and time-of-day packages will also be
offered to consumers. Equipped with information technology
and communication (ICT) solutions, SEMs can remotely monitor
usage patterns, pilferages and peak load management in real
time. Pre-paid electricity cards are also expected. One can buy a
`500 voucher and can plan its use as per ones need.
PowerGrid gets `22bn relief from govt.
The government has forfeited a service tax claim of over
`22bn on Power Grid Corporation, a move that could facilitate
smooth sailing for the proposed stake sale in the country’s
largest transmission utility.The finance ministry has issued a
notification relieving the transmission utility of any liability
towards payment of service tax, a government official said.
The finance minister had withdrawn service tax on power
transmission in the Union budget 2010-11.
India to up nuclear power production three folds:
Atomic minerals directorate for exploration and research
director Dr Anjan Chaki said that India would enhance power
Research Desk
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production through nuclear energy by three folds by 2050.
Delivering a lecture on fuelling India's power requirements
and role of nuclear energy, organized to mark the celebration
of 94th foundation day of University of Mysore at Crawford
Hall, the director said India has plans to increase nuclear
power production by 10% in the next four decades. Presently,
installed capacity of nuclear power in India is only 3.2% as
against 78% in France and 19% in China. The main source of
power generated in our country is thermal and it constitutes
63% of total power production.
Corporate Developments
NTPC seeks coal linkage for Bongaigaon TPP expansion
The public sector power major, NTPC, has already started
lobbying for coal linkage to the Bongaigaon expansion project in
Assam, even as fuel issues hampering the 3x250 MW Stage-I of
the Bongaigaon thermal power project (TPP) are yet to be
resolved. The power firm plans to expand the yet-to-be
commissioned Bongaigaon TPP capacity by another 250 MW.
Meanwhile, NTPC has obtained the commitment of the state
government to facilitate the acquisition of land and water for
the proposed expansion, while preparation of the feasibility
report for the project is presently underway. NTPC has, now,
called on the Ministry of Power (MoP) to also endorse its
petition for fuel supplies, to the coal ministry.
Adani unit invites bid for 3,300 MW project in Mundra
Kutchh Power Generation Limited (KPPGL), a subsidiary of Adani
Power Limited (APL), is scouting for an EPC contractor to
execute its proposed 5x660 MW supercritical unit-based power
project at Bhadreswar, in the Kutch district of Gujarat. The
company has floated a global tender for the purpose. The new
power plant will be developed near APL's 4,650 MW coal-fired
project at Mundra, which is currently under execution. The cost
of the project has been estimated to be `130bn and would use
coal imported from Australian and South African coal mines. The
project is scheduled to be commissioned within 30 months from
the date of issue of letter-of-intent (LoI) to the selected EPC-
contractor.
Adani Enterprises to invest `65bn in coal mining
After its big-ticket entry into infrastructure sector in the port
and power segments, the Adani Group is now focusing on end-
to-end coal mining operation with a planned investment of
`65bn over the next three to four years that includes laying of
private railway lines in Orissa and Chhattisgarh to enable it to
ship coal by sea route to Mundra and then transport it by train
to the upcoming power plants in Gujarat and Maharashtra.
 FOUR-S Power Track

Recently, the flagship company of the group, Adani Enterprises
Ltd (AEL), raised nearly `40bn primarily for its coal mining
activity.
Policies/Regulations Update
Mumbai to have uniform power tariff
Maharashtra energy minister Ajit Pawar said that the
government was positive about the uniform tariff of electricity
in Mumbai and a high-power committee headed by the chief
minister will take further decision on it. People and the public
representatives across the city have been demanding uniformity
of the rate per unit of electricity used. The consumers of BEST,
Reliance, MSEB and Tata have been paying different charges for
their usage leading to a feeling of disparity among consumers.
The uniformity, on the lines of the one implemented in Delhi,
will give respite to the consumers paying more rate.
Power Exchanges, Traders against capping of electricity prices
Most power companies and exchanges are opposed to the
Central Electricity Regulatory Commission's (CERC's) proposal to
cap electricity prices. They feel the move may affect competitive
rates being discovered in tariff-based bidding. The country's
nodal power regulatory agency, in a discussion paper, argued
that the Electricity Act, 2003, empowers it to regulate rates in
case of shortages to ensure reasonable prices. CERC admitted
prices were declining, though they were still on the higher side.
Internationally, prices were in the range of `2.50-3.50 per unit,
while currently prices on exchanges were at `3.50 to `4.85 per
unit.
Global News Update
Dhaka inks power deal with New Delhi
Bangladesh has signed an agreement with India for buying
power. The accord, valid for 35 years, was signed between the
Bangladesh Power Development Board (BPDB) and the Power
Grid Corporation of India Ltd (PGCI). Under the agreement,
Bangladesh would buy 500 MW from Indian power plants and
import it through the PGCI's regional transmission system. The
power will be transmitted through a 400 Kv switching station
and a 400 Kv single circuit line. The PGCI will construct a 400
Kv double circuit line stretching from Bahrampur in India to
Bheramara in Bangladesh. Initially, 250 MW will be made
available by India. The transmission is expected to start in
2012.
Equipment supplies to power sector: Chinese vendors
catching up on BHEL
Due to substantial cost and time implications and limited
manufacturing capacity of the state-run BHEL, contracts for a
large number of power projects have already been awarded to
various Chinese equipment manufacturers. In the forthcoming
days, BHEL, the country's largest heavy-equipment
manufacturing firm, is likely to face a far stiff competition from
its Chinese counterparts, as the trend in ordering of the
contracts for power plants to Chinese firms have witnessed a
phenomenal rise since the beginning of the 11th Plan period.
With no contracts for the 10th Plan projects in their order
books, the Chinese firms have, till recently, managed to acquire
around 25% share in the supply of power equipment to the
projects that have been planned for construction during the
11th Plan programme.

New Projects Announced/Launched

Company Capacity (MW) Est. Cost (` Cr) Location Type Expected Commission

Gemac-Sepco 1,320 6,000 Tamil Nadu Thermal 3 years

JSL 1,320 7,375 Orissa Thermal NA

Gemac-Sepco 1,320 8,000 Gujarat Thermal NA

Gemac-Sepco 500 2,000 Gujarat Gas NA
GMR 1,270 8,000 Chattisgarh Thermal NA
Source: Four-S Research

New Projects Commissioned

Neyveli Lignite commissions 1st unit of Rajasthan power plant

State-owned Neyveli Lignite Corp has commissioned its lignite-based power plant at Barsingar, in Rajasthan. Neyveli Lignite
Corporation (NLC) declared the first 125-MW unit of the 250 (2x125) MW project commissioned.

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Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
 FOUR-S Power Track
Events Calendar

1st Concentrated Solar Thermal Summit India Clean Technology Summit 2010
Date: Sep 7-8, 2010 Date: Sep 29-30, 2010
Place: New Delhi, India Place: New Delhi, India
Organizer: CSP Today Organizer: FICCI
Web: www.csptoday.com/india Tel: 011 23738760-70
Web: www.ficci.com
World Future Energy Summit
Date: Jan 17-20, 2012
Place: Abu Dhabi
Organizer: WFES
Tel: +971 2 4446113
Web: http://www.worldfutureenergysummit.com/

Four-S Indian PE Directory 2010” – A Guide to choosing private equity partners

 Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years.
 A first-of-its-kind, the directory offers “Deal History” in India for individual investor.
 Management, investment profile and Contact details.
 User-friendly Spreadsheet Format.
 It comes from Four-S Services, the most trusted deal information bank in India.

Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
 FOUR-S Power Track
Stock Market Update

Companies Mcap (July 30) Rs Mn Price (July 30) 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change)
NTPC 1637549.2 198.6 -1.3% 1.2% -3.1% -2.8% -8.2%
Power Grid 422988.5 100.5 -0.4% -0.8% -8.4% -6.7% -14.4%
Reliance Power 392476.0 163.8 -5.2% -4.4% 0.6% 16.9% -3.9%
NHPC 391163.6 31.8 1.4% 11.6% 4.8% -1.1% NA
Tata Power 313198.1 1319.8 -0.3% 1.3% -2.6% 2.6% -2.8%
Reliance Infra 271255.0 1107.8 -2.5% -5.2% -2.5% 6.8% -9.4%
Adani Power 277954.5 127.5 -0.4% 6.2% 1.9% 22.5% NA
Neyveli Lignite 261471.0 155.9 0.0% 1.3% 2.7% 7.9% 11.6%
JSW Energy Ltd. 207876.9 126.8 -1.9% -0.4% 0.8% 22.7% NA
Torrent Power 163278.1 345.6 -0.2% 4.4% 13.5% 18.6% 51.1%
Jaiprakash Power Ventures 146278.5 69.8 -4.1% 0.4% -5.4% 5.3% -16.5%
CESC 49237.2 394.1 -1.1% 5.4% -2.9% 1.0% 22.7%
GIPCL 17061.1 112.8 -1.9% -2.7% -4.8% 7.0% 25.3%
Entegra 3093.6 29.0 2.3% 3.2% -14.2% 6.2% 15.1%

Results

Annual Results FY’10 ` in Millions

Companies Revenue EBITDA PAT Margins FY’10
FY'09 FY’10 YoY FY'09 FY’10 YoY FY'09 FY’10 YoY EBITDA NPM
NTPC 4,49,243 5,01,885 11.7% 1,28,067 1,50,067 17.2% 80924.6 88,377 9.2% 29.9% 17.6%
Tata Power 1,75,875 1,89,858 8.0% 32,651 38,200 17.0% 12,978 21,386 64.8% 20.1% 11.3%
Reliance Infra 98,686 1,00,273 1.6% 10,309 11,192 8.6% 11,517 11,389 -1.1% 11.2% 11.4%
Power Grid 56,900 71,275 25.3% 45,864 58,694 28.0% 16,906 20,409 20.7% 82.3% 28.6%
Torrent Power 44,250 59,092 33.5% 7,829 17,889 128.5% 4,079 8,366 105.1% 30.3% 14.2%
NHPC 34,767 52,273 50.4% 23,110 41,290 78.7% 11,849 21,756 83.6% 79.0% 41.6%
CESC 41,720 43,270 3.7% 4,720 6,720 42.4% 760 1,560 105.3% 15.5% 3.6%
Neyveli Lignite 33,549 41,210 22.8% 15,053 12,936 -14.1% 8,211 12,475 51.9% 31.4% 30.3%
JSW Energy Ltd. 18,350 23,551 28.3% 14,236 12,134 -14.8% 2,767 7,455 169.4% 51.5% 31.7%
GIPCL 9,499 11,628 22.4% 2,295 2,184 -4.8% 1,068 853 -20.1% 18.8% 7.3%
Jaiprakash Power Ventures 3,179 7,178 125.8% 2,945 6,327 114.8% 1,499 2,421 61.5% 88.1% 33.7%
Adani Power - 4,349 NA (55) 2,437 NA (55) 1,700 NA 56.0% 39.1%
Reliance Power - 207 NA (1,031) (1,073) NA 2,445 6,839 NA NA NA
Entegra 908 15 NA (24) (52) NA 4 (256) NA NA NA
Average 30.3% 36.5% 59.1% 42.9% 22.5%

Quarterly Results Q4FY’10 ` in Millions

Companies Revenue EBITDA PAT Margins Q4FY’10
Q4 FY’09 Q4 FY’10 YoY Q4 FY’09 Q4 FY’10 YoY Q4 FY’09 Q4 FY’10 YoY EBITDA NPM
NTPC 1,21,877 1,27,315 4.5% 29,618 30,439 2.8% 21,134 20,177 -4.5% 23.9% 15.8%
Tata Power 42,593 53,531 25.7% 6,734 11,173 65.9% (533) 10,250 NA 20.9% 19.1%
Reliance Infra 26,439 24,092 -8.9% 1,559 2,714 74.0% 3,462 2,511 -27.5% 11.3% 10.4%
Power Grid 12,640 22,305 76.5% 8,729 18,225 108.8% 6,161 5,465 -11.3% 81.7% 24.5%
Torrent Power 10,518 17,169 63.2% 9,554 13,465 40.9% 1,446 2,880 99.1% 78.4% 16.8%
NHPC NA NA NA NA NA NA NA NA NA NA NA
CESC 7,540 7,700 2.1% 1,650.0 2,000.0 21.2% 940.0 1,000.0 6.4% 26.0% 13.0%
Neyveli Lignite NA NA NA NA NA NA NA NA NA NA NA
JSW Energy Ltd. 4,791 7,899 64.9% 921.3 3,361.8 264.9% 238.0 2,730.3 1047.2% 42.6% 34.6%
GIPCL 2,541 2,841 11.8% 619.8 659.7 6.4% 361.1 293.4 -18.7% 23.2% 10.3%
Jaiprakash Power Ventures 387 1,845 377.3% 1,016.4 1,494.4 47.0% 47.9 511.0 966.8% 81.0% 27.7%
Adani Power NA 2,013 NA NA 1,173.6 NA NA 983.1 NA 58.3% 48.8%
Reliance Power NA 135 NA NA (1,755.7) NA NA 6,601.9 NA NA NA
Entegra 41 0 NA (12.2) (25.4) NA 15.7 (66.5) NA NA NA
Average 77.2% 70.2% 257.2% 44.7% 22.1%
Latest results (Q4 FY’10) for NHPC Is not available
Quarterly results for all the peer group are on consolidated basis except for Adani Power, Torrent Power
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prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
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 FOUR-S Power Track
Valuation

Valuation
Companies CMP Market Cap EV EV/EBIDTA P/E EV/Sales
Rs Mn Mn (x) (x) (x)
NTPC 198.6 1634663.3 1850384 12.3x 18.5x 3.7x
Power Grid 100.5 421725.9 682091 11.6x 20.7x 9.6x
Reliance Power 163.8 417882.1 430991 NA 61.1x NA
NHPC 31.8 377017.8 514512 12.5x 17.3x 9.8x
Tata Power 1319.8 316781.4 446436 11.7x 14.8x 2.4x
Reliance Infra 1107.8 287159.4 383630 34.3x 25.2x 3.8x
Adani Power 127.5 275774.5 320086 131.3x 162.2x 73.6x
Neyveli Lignite 155.9 266504.2 261731 NA 21.4x NA
JSW Energy Ltd. 126.8 205170.9 224601 18.5x 27.5x 9.5x
Torrent Power 345.6 164577.4 194040 10.8x 19.7x 3.3x
Jaiprakash Power Ventures 69.8 151727.2 160379 25.3x 62.7x 22.3x
CESC 394.1 51561.1 78051 11.6x 33.1x 1.8x
GIPCL 112.8 17756.9 26125 12.0x 20.8x 2.2x
Entegra 29.0 3088.2 19630 NA NA NA
Average 327956.4 399478 26.5x 28.6x 6.8x

th
CMP as on 30 July
Adani Power being an outlier has been excluded from the average valuation multiples

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 FOUR-S Power Track

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