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VALUATION OF THE COMPANY Reliance En

SUBMITTED BY
- SOVIT JAISWAL-
ENROLLMENT NUMBER - 07BS 4302-----------
Email - -sovit_jaiswaal@hotmail.com--------
Phone - -9904475076---

Contents Click Below to go to Sheet


1 Assumptions Assumptions!A1
2 WACC WACC (daily)'!A1
3 DCF Valuation DCF Valuation'!A1
4 Cash Flow Cash Flow'!A1
5 Balance Sheet BS '!A1
6 Profit and Loss Account PL!A1
7 Quarterly Data Qtrly data'!A1
8 Projections Sales Projections sales'!A1
9 Ratio Calculations RATIO.CAL!A1
10 Cost Structure Cost Structure'!A1
11 Financial Ratios Finacial Ratios'!A1
12 Final Report Requirements Final Report requirements'!A1
13 UBS Growth Formula UBS Growth Formula'!A1
14 Rough Rough!A1
Reliance Energy

ow to go to Sheet
ssumptions!A1
ACC (daily)'!A1
F Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ections sales'!A1
ATIO.CAL!A1
st Structure'!A1
acial Ratios'!A1
port requirements'!A1
rowth Formula'!A1
Rough!A1
Assumptions click to go back

Projection of Sales: In sales projection, instead of taking 4 years average growth rate and
average growth rate and adding it with 3.75, we have calculated moving average of 4 years
1 2 3 4

Date Reliance Energy Sensex Ri Ri-Avg(Ri)


20February2007 520.90 14230.47 #REF! #REF!
21February2007 522.10 14157.72 0.23 -0.33
22February2007 513.30 13978.05 -1.69 -2.25
23February2007 503.30 13568.08 -1.95 -2.51
26February2007 507.00 13383.88 0.74 0.17
27February2007 503.15 13408.56 -0.76 -1.32
28February2007 479.35 12800.91 -4.73 -5.29
1March 2007 480.55 12861.35 0.25 -0.31
2March 2007 475.30 12836.75 -1.09 -1.65
5March 2007 470.05 12344.44 -1.10 -1.67
6March 2007 474.95 12427.13 1.04 0.48
7March 2007 479.20 12390.46 0.89 0.33
8March 2007 490.25 12596.86 2.31 1.74
9March 2007 481.35 12788.16 -1.82 -2.38
12March 2007 474.15 12844.99 -1.50 -2.06
13March 2007 465.90 12817.62 -1.74 -2.30
14March 2007 458.70 12504.10 -1.55 -2.11
15March 2007 462.30 12510.75 0.78 0.22
16March 2007 455.60 12316.10 -1.45 -2.01
19March 2007 457.45 12426.66 0.41 -0.16
20March 2007 476.15 12674.77 4.09 3.53
21March 2007 491.10 12664.33 3.14 2.58
22March 2007 492.00 13071.81 0.18 -0.38
23March 2007 486.15 13196.90 -1.19 -1.75
26March 2007 475.65 13090.80 -2.16 -2.72
28March 2007 482.35 12861.18 1.41 0.85
29March 2007 488.15 12832.69 1.20 0.64
30March 2007 495.15 12984.13 1.43 0.87
2April 2007 476.75 12425.52 -3.72 -4.28
3April 2007 481.35 12481.86 0.96 0.40
4April 2007 487.45 12691.24 1.27 0.71
5April 2007 500.75 12711.50 2.73 2.17
9April 2007 512.75 12904.85 2.40 1.83
10April 2007 509.75 13075.48 -0.59 -1.15
11April 2007 510.55 13161.21 0.16 -0.40
12April 2007 504.20 13030.87 -1.24 -1.81
13April 2007 502.85 13119.88 -0.27 -0.83
16April 2007 504.30 13479.49 0.29 -0.27
17April 2007 506.05 13581.04 0.35 -0.21
18April 2007 510.20 13602.90 0.82 0.26
19April 2007 505.35 13423.64 -0.95 -1.51
20April 2007 511.05 13684.95 1.13 0.57
23April 2007 522.95 13879.39 2.33 1.77
24April 2007 525.15 13850.07 0.42 -0.14
25April 2007 523.55 14052.17 -0.30 -0.87
26April 2007 517.35 14127.18 -1.18 -1.75
27April 2007 508.90 13884.53 -1.63 -2.19
30April 2007 508.40 13693.59 -0.10 -0.66
3May 2007 512.40 13987.77 0.79 0.23
4May 2007 515.70 13912.92 0.64 0.08
7May 2007 512.55 13861.38 -0.61 -1.17
8May 2007 505.65 13741.24 -1.35 -1.91
9May 2007 519.40 13612.04 2.72 2.16
10May 2007 514.90 13745.23 -0.87 -1.43
11May 2007 508.70 13554.34 -1.20 -1.77
14May 2007 511.40 13924.02 0.53 -0.03
15May 2007 508.55 13885.46 -0.56 -1.12
16May 2007 505.95 13936.88 -0.51 -1.07
17May 2007 509.95 14217.36 0.79 0.23
18May 2007 511.30 14201.01 0.26 -0.30
21May 2007 551.70 14362.63 7.90 7.34
22May 2007 550.90 14348.26 -0.15 -0.71
23May 2007 570.45 14325.89 3.55 2.99
24May 2007 551.15 14174.05 -3.38 -3.94
25May 2007 555.75 14046.06 0.83 0.27
28May 2007 550.50 14368.40 -0.94 -1.51
29May 2007 555.30 14372.07 0.87 0.31
30May 2007 534.70 14379.21 -3.71 -4.27
31May 2007 539.65 14448.57 0.93 0.36
1June 2007 541.70 14539.89 0.38 -0.18
4June 2007 541.25 14465.68 -0.08 -0.64
5June 2007 550.55 14432.67 1.72 1.16
6June 2007 533.10 14234.07 -3.17 -3.73
7June 2007 528.10 14139.09 -0.94 -1.50
8June 2007 520.85 14010.61 -1.37 -1.93
11June 2007 516.35 14057.63 -0.86 -1.43
12June 2007 517.05 13946.99 0.14 -0.43
13June 2007 520.25 13968.38 0.62 0.06
14June 2007 526.60 14087.91 1.22 0.66
15June 2007 531.50 14112.53 0.93 0.37
18June 2007 530.05 14057.26 -0.27 -0.83
19June 2007 535.65 14058.79 1.06 0.49
20June 2007 538.00 14347.58 0.44 -0.12
21June 2007 560.40 14406.67 4.16 3.60
22June 2007 590.20 14441.76 5.32 4.76
25June 2007 590.75 14424.71 0.09 -0.47
26June 2007 589.80 14478.75 -0.16 -0.72
27June 2007 578.20 14407.12 -1.97 -2.53
28June 2007 580.55 14435.24 0.41 -0.16
29June 2007 614.10 14574.45 5.78 5.22
2July 2007 624.30 14638.88 1.66 1.10
3July 2007 614.30 14720.00 -1.60 -2.16
4July 2007 611.35 14790.75 -0.48 -1.04
5July 2007 591.35 14731.22 -3.27 -3.83
6July 2007 597.95 14826.56 1.12 0.55
9July 2007 615.50 15005.47 2.94 2.37
10July 2007 612.70 14966.40 -0.45 -1.02
11July 2007 625.80 14829.55 2.14 1.58
12July 2007 668.50 14963.53 6.82 6.26
13July 2007 675.25 15216.83 1.01 0.45
16July 2007 705.90 15239.41 4.54 3.98
17July 2007 698.55 15272.46 -1.04 -1.60
18July 2007 688.75 15160.27 -1.40 -1.96
19July 2007 685.90 15357.38 -0.41 -0.98
20July 2007 688.25 15524.68 0.34 -0.22
23July 2007 714.80 15477.91 3.86 3.30
24July 2007 775.30 15742.32 8.46 7.90
25July 2007 778.10 15572.98 0.36 -0.20
26July 2007 799.90 15654.40 2.80 2.24
27July 2007 763.45 15159.68 -4.56 -5.12
30July 2007 780.25 15135.25 2.20 1.64
31July 2007 793.45 15224.82 1.69 1.13
1August 2007 737.30 14910.52 -7.08 -7.64
2August 2007 752.15 14896.47 2.01 1.45
3August 2007 753.35 15061.13 0.16 -0.40
6August 2007 742.55 14705.58 -1.43 -2.00
7August 2007 764.70 14901.83 2.98 2.42
8August 2007 783.10 15088.07 2.41 1.84
9August 2007 757.90 15062.10 -3.22 -3.78
10August 2007 748.30 14570.89 -1.27 -1.83
13August 2007 753.35 14869.15 0.67 0.11
14August 2007 753.70 14964.66 0.05 -0.52
16August 2007 717.50 14345.03 -4.80 -5.36
17August 2007 719.35 13779.88 0.26 -0.30
20August 2007 725.40 14406.91 0.84 0.28
21August 2007 692.00 13941.93 -4.60 -5.17
22August 2007 724.80 13870.70 4.74 4.18
23August 2007 705.75 14128.72 -2.63 -3.19
24August 2007 735.55 14163.61 4.22 3.66
27August 2007 761.85 14581.35 3.58 3.01
28August 2007 766.55 14751.68 0.62 0.06
29August 2007 782.15 14592.11 2.04 1.47
30August 2007 766.75 15053.98 -1.97 -2.53
31August 2007
3September200 779.75 15131.36 1.70 1.13
4September2007 776.95 15323.05 -0.36 -0.92
5September2007 823.45 15389.62 5.98 5.42
6September2007 823.35 15407.00 -0.01 -0.57
7September2007 860.40 15350.18 4.50 3.94
10September207 850.40 15565.22 -1.16 -1.72
07
11September20 864.25 15363.53 1.63 1.07
07
12September20 860.15 15506.10 -0.47 -1.04
07
13September20 894.30 15486.81 3.97 3.41
07
14September20 889.55 15547.66 -0.53 -1.09
07
17September20 882.65 15568.36 -0.78 -1.34
07
18September20 907.80 15467.46 2.85 2.29
07
19September20 926.65 15468.80 2.08 1.51
07
20September20 946.10 15940.79 2.10 1.54
07
21September20 987.70 16261.36 4.40 3.84
07
24September20 1009.60 16308.09 2.22 1.66
07
25September20 1093.70 16599.66 8.33 7.77
07
26September20 1087.45 16676.98 -0.57 -1.13
07
27September20 1026.20 16887.07 -5.63 -6.19
07
28September20 1117.25 17018.56 8.87 8.31
07 1205.50 17152.31 7.90 7.34
1October2007 1349.40 17144.58 11.94 11.38
3October2007 1450.40 17288.41 7.48 6.92
4October2007 1477.85 17494.70 1.89 1.33
5October2007 1447.15 17708.80 -2.08 -2.64
8October2007 1379.50 17322.14 -4.67 -5.24
9October2007 1533.65 17287.19 11.17 10.61
10October2007 1585.85 18436.99 3.40 2.84
11October2007 1597.85 18536.97 0.76 0.20
12October2007 1636.30 18336.00 2.41 1.84
15October2007 1847.35 18525.61 12.90 12.34
16October2007 1904.40 18777.75 3.09 2.53
17October2007 1762.40 17307.90 -7.46 -8.02
18October2007 1591.35 17771.16 -9.71 -10.27
19October2007 1333.25 17226.18 -16.22 -16.78
22October2007 1370.00 17171.45 2.76 2.19
23October2007 1523.15 17910.30 11.18 10.62
24October2007 1653.90 18317.17 8.58 8.02
25October2007 1649.60 18459.51 -0.26 -0.82
26October2007 1670.00 18629.53 1.24 0.68
29October2007 1721.85 19621.39 3.10 2.54
30October2007 1789.20 19694.85 3.91 3.35
31October2007 1866.80 19735.21 4.34 3.78
1November2007 1767.80 19634.47 -5.30 -5.86
2November2007 1852.35 19255.77 4.78 4.22
5November2007 1820.85 19502.45 -1.70 -2.26
6November2007 1844.95 19337.85 1.32 0.76
7November2007 1819.15 19249.47 -1.40 -1.96
8November2007 1850.95 18917.40 1.75 1.19
9November2007
12November200 1838.10 18737.22 -0.69 -1.26
13November2007 1818.90 18333.21 -1.04 -1.61
14November2007 1853.80 18636.21 1.92 1.36
15November2007 1920.35 19336.96 3.59 3.03
16November2007 1854.15 19723.20 -3.45 -4.01
19November2007 1825.70 19472.51 -1.53 -2.10
20November2007 1827.25 19583.97 0.08 -0.48
21November2007 1794.30 19196.42 -1.80 -2.36
22November2007 1692.85 18515.30 -5.65 -6.22
23November2007 1605.10 18182.83 -5.18 -5.75
26November2007 1725.10 18548.06 7.48 6.91
27November2007 1789.55 19137.66 3.74 3.17
28November2007 1755.45 19019.33 -1.91 -2.47
29November2007 1704.05 18884.20 -2.93 -3.49
30November2007 1663.70 18930.31 -2.37 -2.93
7 1738.10 19006.89 4.47 3.91
3December2007 1900.15 19446.68 9.32 8.76
4December2007 1893.10 19482.34 -0.37 -0.93
5December2007 1887.55 19560.68 -0.29 -0.85
6December2007 1946.60 19716.57 3.13 2.57
7December2007
10December200 1932.10 19706.43 -0.74 -1.31
11December2007 1946.05 19834.01 0.72 0.16
12December2007 1945.65 20019.34 -0.02 -0.58
13December2007 1931.70 20045.42 -0.72 -1.28
14December2007 1911.50 20065.63 -1.05 -1.61
17December2007 1909.45 19936.49 -0.11 -0.67
7 1828.95 19177.19 -4.22 -4.78
18December200
19December2007 1808.05 19009.35 -1.14 -1.70
20December2007 1882.60 18886.40 4.12 3.56
24December2007 1939.85 19097.70 3.04 2.48
26December2007 2058.90 19308.20 6.14 5.58
27December2007 2111.95 19896.61 2.58 2.02
28December2007 2134.55 20159.73 1.07 0.51
31December2007 2155.30 20022.88 0.97 0.41
7 2134.60 20239.63 -0.96 -1.52
1January2008 2279.00 20220.46 6.76 6.20
2January2008 2365.50 20077.40 3.80 3.23
3January2008 2517.40 20293.87 6.42 5.86
4January2008 2510.35 20367.94 -0.28 -0.84
7January2008 2584.15 20438.19 2.94 2.38
8January2008 2536.00 20696.60 -1.86 -2.42
9January2008 2565.45 20701.49 1.16 0.60
10January2008 2465.10 20530.07 -3.91 -4.47
11January2008 2486.05 20505.81 0.85 0.29
14January2008 2474.00 20661.90 -0.48 -1.05
15January2008 2364.55 20203.63 -4.42 -4.99
16January2008 2266.60 19513.25 -4.14 -4.70
17January2008 2212.70 19643.76 -2.38 -2.94
18January2008 2124.05 18930.42 -4.01 -4.57
21January2008 1776.05 16951.50 -16.38 -16.95
22January2008 1716.35 15332.42 -3.36 -3.92
23January2008 1989.95 16951.03 15.94 15.38
24January2008 1815.85 17070.05 -8.75 -9.31
25January2008 2030.25 17504.00 11.81 11.25
28January2008 2097.70 17443.29 3.32 2.76
29January2008 2106.90 17927.92 0.44 -0.12
30January2008 1992.30 17683.51 -5.44 -6.00
31January2008 1984.10 17417.63 -0.41 -0.97
1February2008 2015.00 17534.96 1.56 1.00
4February2008 2012.80 18439.33 -0.11 -0.67
5February2008 2026.30 18509.54 0.67 0.11
6February2008 2056.35 17936.01 1.48 0.92
7February2008 1987.15 17492.28 -3.37 -3.93
8February2008 1963.25 17203.06 -1.20 -1.76
11February2008 1582.30 16457.74 -19.40 -19.97
12February2008 1535.75 16565.48 -2.94 -3.50
13February2008 1558.10 16725.68 1.46 0.89
14February2008 1708.15 17265.19 9.63 9.07
15February2008 1709.50 17445.05 0.08 -0.48
Average 1115.01 16,007.32 0.56 0.56

Source: 2017 GS as on
20th Jan - Source - RBI

Beta 1.05387
Rf 7.95%
Rm(daily avg) 0.10%
Rm 45.84%
Ke 47.88%

Ke 16.94%
NW 93,392.40 30 trading day period
Debt 61,142.50 60 trading day period
capital employed 154,534.90 90 trading day period
Tax Rate 16.8% 120 trading day period
kd 3.14% 150 trading day period
WACC 11.27% 251 trading day period

Debt NW Total
FY08E 89693.65 101,994 191687.78
FY09E 121974.72 99,831 221805.65
FY10E 192863.47 107,868 300731.20
FY11E
click to go back
5 6 7 8

Covarianc
eCol. 4 X
Rm RM-Avg(RM)) Col. 6 ^2 Col. 6
#REF! #REF! #REF! #REF! SUMMARY OUTPUT
-0.51 -0.61 0.38 0.20
-1.27 -1.37 1.88 3.08 Regression Statistics
-2.93 -3.04 9.22 7.62 Multiple R
-1.36 -1.46 2.13 -0.25 R Square
0.18 0.08 0.01 -0.11 Adjusted R Square
-4.53 -4.64 21.49 24.53 Standard Error
0.47 0.37 0.14 -0.11 Observations
-0.19 -0.29 0.09 0.49
-3.84 -3.94 15.51 6.56 ANOVA
0.67 0.57 0.32 0.27
-0.30 -0.40 0.16 -0.13 Regression
1.67 1.56 2.44 2.73 Residual
1.52 1.42 2.00 -3.36 Total
0.44 0.34 0.12 -0.70
-0.21 -0.32 0.10 0.73
-2.45 -2.55 6.50 5.37 Intercept
0.05 -0.05 0.00 -0.01 X Variable 1
-1.56 -1.66 2.75 3.34
0.90 0.79 0.63 -0.12
2.00 1.89 3.58 6.68
-0.08 -0.19 0.03 -0.48
3.22 3.11 9.70 -1.18
0.96 0.85 0.73 -1.49
-0.80 -0.91 0.82 2.47
-1.75 -1.86 3.45 -1.57
-0.22 -0.32 0.11 -0.21
1.18 1.08 1.16 0.94
-4.30 -4.41 19.41 18.85
0.45 0.35 0.12 0.14
1.68 1.57 2.48 1.11
0.16 0.06 0.00 0.12
1.52 1.42 2.01 2.60
1.32 1.22 1.49 -1.40
0.66 0.55 0.30 -0.22
-0.99 -1.09 1.20 1.97
0.68 0.58 0.34 -0.48
2.74 2.64 6.96 -0.72
0.75 0.65 0.42 -0.14
0.16 0.06 0.00 0.01
-1.32 -1.42 2.02 2.15
1.95 1.84 3.40 1.04
1.42 1.32 1.74 2.33
-0.21 -0.31 0.10 0.04
1.46 1.36 1.84 -1.17
0.53 0.43 0.19 -0.75
-1.72 -1.82 3.32 4.00
-1.38 -1.48 2.19 0.98
2.15 2.04 4.18 0.46
-0.54 -0.64 0.41 -0.05
-0.37 -0.47 0.22 0.56
-0.87 -0.97 0.94 1.85
-0.94 -1.04 1.09 -2.25
0.98 0.88 0.77 -1.25
-1.39 -1.49 2.23 2.63
2.73 2.62 6.89 -0.08
-0.28 -0.38 0.14 0.43
0.37 0.27 0.07 -0.29
2.01 1.91 3.64 0.44
-0.12 -0.22 0.05 0.06
1.14 1.03 1.07 7.59
-0.10 -0.20 0.04 0.14
-0.16 -0.26 0.07 -0.77
-1.06 -1.16 1.35 4.59
-0.90 -1.01 1.01 -0.27
2.29 2.19 4.80 -3.30
0.03 -0.08 0.01 -0.02
0.05 -0.05 0.00 0.23
0.48 0.38 0.14 0.14
0.63 0.53 0.28 -0.10
-0.51 -0.61 0.38 0.40
-0.23 -0.33 0.11 -0.38
-1.38 -1.48 2.19 5.52
-0.67 -0.77 0.59 1.16
-0.91 -1.01 1.02 1.96
0.34 0.23 0.05 -0.33
-0.79 -0.89 0.79 0.38
0.15 0.05 0.00 0.00
0.86 0.75 0.57 0.50
0.17 0.07 0.01 0.03
-0.39 -0.50 0.25 0.41
0.01 -0.09 0.01 -0.05
2.05 1.95 3.81 -0.24
0.41 0.31 0.10 1.11
0.24 0.14 0.02 0.67
-0.12 -0.22 0.05 0.10
0.37 0.27 0.07 -0.20
-0.49 -0.60 0.36 1.51
0.20 0.09 0.01 -0.01
0.96 0.86 0.74 4.49
0.44 0.34 0.11 0.37
0.55 0.45 0.20 -0.98
0.48 0.38 0.14 -0.39
-0.40 -0.51 0.26 1.94
0.65 0.54 0.30 0.30
1.21 1.10 1.22 2.62
-0.26 -0.36 0.13 0.37
-0.91 -1.02 1.04 -1.60
0.90 0.80 0.64 5.01
1.69 1.59 2.53 0.71
0.15 0.04 0.00 0.18
0.22 0.11 0.01 -0.18
-0.73 -0.84 0.70 1.65
1.30 1.20 1.43 -1.17
1.09 0.99 0.97 -0.22
-0.30 -0.40 0.16 -1.33
1.71 1.60 2.58 12.68
-1.08 -1.18 1.39 0.24
0.52 0.42 0.18 0.94
-3.16 -3.26 10.65 16.70
-0.16 -0.26 0.07 -0.43
0.59 0.49 0.24 0.55
-2.06 -2.17 4.70 16.56
-0.09 -0.20 0.04 -0.29
1.11 1.00 1.00 -0.40
-2.36 -2.46 6.07 4.92
1.33 1.23 1.52 2.98
1.25 1.15 1.31 2.11
-0.17 -0.28 0.08 1.04
-3.26 -3.36 11.32 6.15
2.05 1.94 3.78 0.22
0.64 0.54 0.29 -0.28
-4.14 -4.24 18.01 22.77
-3.94 -4.04 16.35 1.23
4.55 4.45 19.77 1.24
-3.23 -3.33 11.10 17.21
-0.51 -0.61 0.38 -2.57
1.86 1.76 3.09 -5.60
0.25 0.14 0.02 0.53
2.95 2.85 8.10 8.58
1.17 1.06 1.13 0.06
-1.08 -1.19 1.40 -1.75
3.17 3.06 9.37 -7.75
0.51 0.41 0.17 0.47
1.27 1.16 1.35 -1.07
0.43 0.33 0.11 1.80
0.11 0.01 0.00 -0.01
-0.37 -0.47 0.22 -1.86
1.40 1.30 1.68 -2.24
-1.30 -1.40 1.96 -1.49
0.93 0.82 0.68 -0.85
-0.12 -0.23 0.05 -0.78
0.39 0.29 0.08 -0.32
0.13 0.03 0.00 -0.04
-0.65 -0.75 0.56 -1.72
0.01 -0.09 0.01 -0.14
3.05 2.95 8.69 4.53
2.01 1.91 3.64 7.32
0.29 0.18 0.03 0.30
1.79 1.68 2.84 13.09
0.47 0.36 0.13 -0.41
1.26 1.16 1.34 -7.16
0.78 0.68 0.46 5.61
0.79 0.68 0.47 5.01
-0.05 -0.15 0.02 -1.69
0.84 0.74 0.54 5.09
1.19 1.09 1.19 1.45
1.22 1.12 1.26 -2.96
-2.18 -2.29 5.23 11.97
-0.20 -0.31 0.09 -3.24
6.65 6.55 42.87 18.61
0.54 0.44 0.19 0.09
-1.08 -1.19 1.41 -2.19
1.03 0.93 0.87 11.48
1.36 1.26 1.58 3.18
-7.83 -7.93 62.90 63.59
2.68 2.57 6.62 -26.42
-3.07 -3.17 10.05 53.20
-0.32 -0.42 0.18 -0.92
4.30 4.20 17.63 44.59
2.27 2.17 4.70 17.40
0.78 0.67 0.45 -0.55
0.92 0.82 0.67 0.55
5.32 5.22 27.26 13.28
0.37 0.27 0.07 0.91
0.20 0.10 0.01 0.38
-0.51 -0.61 0.38 3.60
-1.93 -2.03 4.13 -8.58
1.28 1.18 1.39 -2.66
-0.84 -0.95 0.90 -0.72
-0.46 -0.56 0.31 1.10
-1.73 -1.83 3.34 -2.17
-0.95 -1.06 1.11 1.33
-2.16 -2.26 5.11 3.63
1.65 1.55 2.40 2.10
3.76 3.66 13.37 11.07
2.00 1.89 3.59 -7.59
-1.27 -1.37 1.89 2.88
0.57 0.47 0.22 -0.22
-1.98 -2.08 4.34 4.92
-3.55 -3.65 13.33 22.70
-1.80 -1.90 3.61 10.91
2.01 1.91 3.63 13.17
3.18 3.08 9.46 9.76
-0.62 -0.72 0.52 1.78
-0.71 -0.81 0.66 2.84
0.24 0.14 0.02 -0.41
0.40 0.30 0.09 1.18
2.31 2.21 4.89 19.37
0.18 0.08 0.01 -0.07
0.40 0.30 0.09 -0.26
0.80 0.69 0.48 1.78
-0.05 -0.15 0.02 0.20
0.65 0.54 0.30 0.09
0.93 0.83 0.69 -0.48
0.13 0.03 0.00 -0.03
0.10 0.00 0.00 0.00
-0.64 -0.75 0.56 0.50
-3.81 -3.91 15.30 18.69
-0.88 -0.98 0.96 1.67
-0.65 -0.75 0.56 -2.67
1.12 1.02 1.03 2.52
1.10 1.00 1.00 5.57
3.05 2.94 8.67 5.93
1.32 1.22 1.49 0.62
-0.68 -0.78 0.61 -0.32
1.08 0.98 0.96 -1.49
-0.09 -0.20 0.04 -1.23
-0.71 -0.81 0.66 -2.62
1.08 0.97 0.95 5.71
0.36 0.26 0.07 -0.22
0.34 0.24 0.06 0.57
1.26 1.16 1.35 -2.81
0.02 -0.08 0.01 -0.05
-0.83 -0.93 0.87 4.17
-0.12 -0.22 0.05 -0.06
0.76 0.66 0.43 -0.69
-2.22 -2.32 5.39 11.57
-3.42 -3.52 12.39 16.56
0.67 0.57 0.32 -1.66
-3.63 -3.73 13.95 17.06
-10.45 -10.56 111.45 178.89
-9.55 -9.65 93.21 37.87
10.56 10.45 109.27 160.77
0.70 0.60 0.36 -5.57
2.54 2.44 5.95 27.43
-0.35 -0.45 0.20 -1.24
2.78 2.67 7.15 -0.33
-1.36 -1.47 2.15 8.80
-1.50 -1.61 2.58 1.56
0.67 0.57 0.33 0.57
5.16 5.05 25.54 -3.39
0.38 0.28 0.08 0.03
-3.10 -3.20 10.25 -2.95
-2.47 -2.58 6.64 10.12
-1.65 -1.76 3.09 3.10
-4.33 -4.44 19.68 88.57
0.65 0.55 0.30 -1.93
0.97 0.86 0.75 0.77
3.23 3.12 9.75 28.31
1.04 0.94 0.88 -0.45
0.10 0.00 1087.10 1145.65

Beta 1.05

1.05387
7.95% 10 year govt. bond
LAA+ corporate bond - ICRA Limited August 2007
8.99% Risk premium
16.94%

Market Variance Covariance Beta


0 trading day period 444.43 575.58 1.30
0 trading day period 501.74 668.06 1.33
0 trading day period 692.15 877.99 1.27
0 trading day period 778.61 917.77 1.18
0 trading day period 905.05 1023.65 1.13
1 trading day period 1087.10 1145.65 1.05

Interest kd WACC
2401.60 2.68% 9.86%
50433.60 41.35% 23.09%
75650.40 39.22% 24.19%
24.19%
egression Statistics
0.95
0.91
0.91
199.48
251

df SS MS F Significance F
1 96512478.81 96512478.81 2425.3 0
249 9908720.79 39794.06
250 106421199.6

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
-2940.2 83.3 -35.3 0 -3104.26 -2776.13 -3104.26
0.25 0.01 49.25 0 0.24 0.26 0.24

variance 6015278.73
Covariance 1517804.71
Beta 0.25
Upper 95.0%
-2776.13
0.26
DCF VALUATION - Reliance Energy

Assumptions FY07 FY08E FY09E FY10E

Revenue Growth (%) -2.4% 15.8% 68.3% 25.0%


FCF Margin (%) -20.4% -20.1% -17.6% 224.4%
Tax Rate (%) 0.0% 0.0% 1.8% 2.3%
Capex/Sales 7.8% 12.4% 30.7% 21.1%

DCF VALUATION (as on Augu

FY06 FY07 FY08(E) FY09(E)


Revenue 41337.20 40334.90 46712.30 78626.46
EBIT 2453.00 3989.50 13951.90 37708.82
% of Revenues 5.93 9.89 29.87 47.96
Depreciation 3464.40 3486.30 1703.10 2488.50
% of Revenues 8.38 8.64 3.65 3.16
EBITDA 5917.40 7475.80 15655.00 40197.32
% of Revenues 14.31 18.53 33.51 51.12
Less: Cash Tax 0.00 0.00 254.80 855.90
NOPLAT 5917.40 7475.80 15400.20 39341.42
Capex -3231.00 -4985.90 -14360.06 -16564.36
Changes in WC -15486.80 -15358.80 -18390.02 -7623.41
Post Tax Non-operating cash flows 4367.46 4780.16 9120.50 161304.65
Free Cash Flows -8432.94 -8088.74 -8229.38 176458.30
It is assumed Free Cash flow beyond FY12
PV of Estimated FC Flows -4672.63 156482.42
Horizontal Value
PV of Estimated Perpetuity Flows
Total Present Value (EV) 212233.0

Book Value of Debt 93392.4

Fundamental Value of Equity 118840.6

No of Outstanding Shares 230.45

Fundamental Value per share (Rs) 515.70

Sensitivity Analysis
Continuing Rate 10.00%
WACC 11.27%
-8120.25 156482.85
Total Present Value -1187300
Fundamental Value per share -5557.4

Continuing Rate 10.00%


WACC 12.0%
-8113.62 155335.89
Total Present Value -661559
Fundamental Value per share -3276.0

Continuing Rate 10.00%


WACC 12.0%
-8113.62 155335.89
Total Present Value -661559
Fundamental Value per share -3276.0

Continuing Rate 10.00%


WACC 12.5%
-8109.10 154559.43
Total Present Value -479431
Fundamental Value per share -2485.7

Continuing Rate 10.25%


WACC 13.0%
-8104.61 153790.26
Total Present Value -411140
Fundamental Value per share -2189.4

Continuing Rate 10.50%


WACC 13.00%
-8104.61 153790.26
Total Present Value -474255
Fundamental Value per share -2463.2

Continuing Rate 9.50%


WACC 13.00%
-8104.61 153790.26
Total Present Value -275894
Fundamental Value per share -1602.5

Continuing Rate 11.00%


WACC 12.50%
-8109.10 154559.43
Total Present Value -946654
Fundamental Value per share -4513.2
Continuing Rate 10.00%

-5557.4 -3276.0 -3276.0

Table 1: DCF Sensitivity


Rs.
Weighted Average Cost of
Continuing Growth (%)

11.27 12 12.5
11 2084.7 2259.4 2376.0
11.5 1993.0 2139.3 2235.6
9 1912.7 2036.4 2116.8
9.5 1841.9 1947.3 2015.0
10 1779.1 1869.2 1926.8
Energy click to go back

FY11E FY12E

10.0% 15.0%
100.9% -5.3%
1.0% 1.3%
2.1% 15.0%

(as on August 31, 2007)


Rs in m
FY10(E) FY11(E) FY12(E)
98283.07 108111.38 124328.08
29838.41 32822.25 32673.42
30.36 30.36 26.28
2595.00 7297.52 8392.15
2.64 6.75 6.75
32433.41 40119.77 41028.27
33.00 37.11 33.00
305.55 420.13 522.78 Change in WC - for FY11E and FY12E th
32127.87 39699.64 40542.79
-2108.45 -16216.71 -19892.49 Actuals
-70887.00 -31403.69 -45946.94 Average of 3PY
139998.03 2202.88 2792.91
99130.45 -5717.88 -22503.74
ree Cash flow beyond FY12 grows at 8% -24979.15
79004.43 -4095.44 -14485.74
###
###

lysis
PV of Horizon Value
79004.83 -4095.47 -14485.89 -1396085.95

PV of Horizon Value
77914.59 -4012.63 -14100.37 -868582.52

PV of Horizon Value
77914.59 -4012.63 -14100.37 -868582.52

PV of Horizon Value
77180.57 -3957.16 -13843.65 -685260.60

PV of Horizon Value
76456.67 -3902.70 -13592.71 -615786.96

PV of Horizon Value
76456.67 -3902.70 -13592.71 -678901.63

PV of Horizon Value
76456.67 -3902.70 -13592.71 -480541.23

PV of Horizon Value
77180.57 -3957.16 -13843.65 -1152483.73
-2485.7 -2189.4 -2463.2 -1602.5 -4513.2

Rs.
ghted Average Cost of Capital (%)
13
2517.9
2351.2
2212.2
2094.7
1993.9
FY06 FY07 FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)
68.32% 25.00% 10.00% 15.00%
47.96% 30.36% 30.36% 26.28%

Capex assumed to grow at 15% and 16% for FY11E and FY12E

n WC - for FY11E and FY12E the average of the 3 previous years is considered
FY06 FY07 FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)
-37.46% -38.08% -39.37% -9.70% -72.13% -29.05% -36.96%
-29.05% -36.96%

11.0% Sustainable Growth Rate

Assumed to grow in long term


at GDP growth rate. RBI's
Third Quarter Review keeps
the growth of GDP at 8.5%
Cash Tax FY04 FY05 FY06 FY07

EBIT 2453.00 3989.50 13951.90 37708.82


Current Tax (Cash Tax) (qtrly data) 0.00 0.00 254.80 855.90
Deferred Tax (Non-cash Tax) (qd) 0.00 0.00 24.02 -393.30
Current tax as % of EBIT 0.00% 0.00% 1.83% 2.27%
Deferrent tax as % of EBIT 0.00% 0.00% 0.17% -1.04%
Average (last 4 immediate PY's)
FY08(E) FY09(E) FY10(E)

29838.41 32822.25 32673.42


305.55 420.13 522.78
0.00 0.00 0.00
1.02% 1.28% 1.60%
0.00% 0.00% 0.00%
1.02% 1.28% 1.60%
Cash Flow Statement - Reliance Energy

Cash Flow from Operating Activities


FY05 FY06 FY07
PAT 20285.37 5419.08 6503.40
Add: Depreciation 24528.50 3617.00 2679.40
Add: Interest Expense 0.00 1348.20 1918.80
Add: Other Non-Cash Charges 0.00 0.00 0.00
Add: Direct taxes paid 0.00 274.02 1311.30
Operating Profit Before WC Changes 44813.87 10658.30 12412.90

Changes in Current Assets (excluding cash) ### ### ###


Changes in Current Liabilities 18877.50 3262.10 7632.10
Changes In WC (7073.20) ### ###

Cash Generated From Operations 37740.67 -8753.20 -37715.70

Less: Direct Taxes Paid 0.00 274.02 1311.30


Others (provision for deferred tax) 0.00 0.00 0.00
Net Cash Generated From Operations 37740.67 -9027.22 ###

Cash Flow from Investing Activities

Capital Expenditure (CAPEX) ### (3231.00) (4985.90)


Investments (6962.20) (4965.20) ###
Others 0.00 0.00 0.00
Net Cash Used In Investing Activities ### ### ###

Cash Flow from Financing Activities

Change in Debt 40213.30 4732.10 16197.10


Change in Equity 7,536.20 -4,530.20 -720.30
Dividends Paid 0.00 (991.00) (1208.50)
Interest Paid 0.00 (1348.20) (1918.80)
Others 35577.33 15436.02 10085.00
Net Cash used in Financing Activities ### ### ###

Net Increase in Cash and Cash Equivalents ### ### ###


Cash and cash equivalents At the beginning 0 60453.7 56529
Net Increase in Cash and Cash Equivalents
60453.70 ### ###
Cash and cash equivalents At the end 60453.70 ### 21759.20

cash balance as per balance sheet 60453.7 56529.0 21759.2


difference 0.00 0.00 0.00

Note:
During the year 2005 there is an increase in securities premium account on account of conversion of FC
1
same premium for redemption of FCCB'S Rs.468 million. Also a expenses of FCCB'S has been written off
2 During the same year also includes a sum of Rs.76.1 million written off due to impairment of assets durin
During the year 2006 there is once again a securities premium transfer on account of FCCB'S to the exte
3 conversion transferred to reserves account Rs.846.9 million, provision for redemption on FCCB's made in
million. A reserve on shareholders deposit was created to the extent of Rs.456 million

During the year 2007 premium on conversion of FCCB's Rs.126.8million, on amalgamation Rs.208.9millio
4
reveresed Rs.14.7million and a debenture expense of Rs.7.4 million has been written off during the year

Computation of Securities premium 2005 2006 2007

Premium on conversion of FCCB's 2429.00 3053.00 126.80


Less: Provision for redemption of FCCB's 468.00 -455.40 -14.70
Less: Impairment of asset 76.10 0.00 0.00
Less: Expenses of issue FCCB's/Debenture 0.40 0.00 7.40
Add: Conversion of application money pending 0.00 846.90 0.00
Add: Shareholders deposit 0.00 456.00 0.00
Add: Premium on amalgamation 0.00 0.00 932.70
Less: Deficit on amalgamation 0.00 0.00 2352.80
Add: Exchange fluctuation reserve 0.00 0.00 -3.70

1884.50 4811.30 (1289.70)


iance Energy click to go back
Rs in million

FY08(E) FY09(E) FY10(E)


20025.40 151186.82 109304.00
3304.47 3148.20 3148.20
2401.60 50433.60 75650.40
0.00 0.00 0.00
1185.20 38954.70 53836.30
26916.67 243723.32 241938.90

### (19817.15) (24217.15)


4718.77 15447.10 (44552.90)
### (4370.05) (68770.05)

-2733.87 239353.27 173168.85

1185.20 38954.70 53836.30


0.00 0.00 0.00
-3919.07 200398.57 119332.55

### (16564.36) (2108.45)


(7707.27) (9078.30) (9078.30)

### (25642.66) (11186.75)

28551.15 32281.07 70888.75


232.37 214.80 414.80
(7009.00) (52915.00) (38256.00)
(2401.60) (50433.60) (75650.40)
(4647.03) (100649.82) (63426.00)
### ### ###

### 3253.36 2116.95


21759.2 10498.69 13752.05
### 3253.36 2116.95
10498.69 13,752.05 15869.00

10498.7 13752.1 15869.0


0.00 0.00 0.00

account of conversion of FCCB'S to Rs. 2429 million and also a provision made from the
FCCB'S has been written off in the same account Rs.0.4 m. The same is adjusted.
to impairment of assets during the year as per AS28 which is adjusted in reserves.
account of FCCB'S to the extent of Rs.3053 million and also application money pending
edemption on FCCB's made in the previous year transfered in the current year Rs.455.4
456 million

amalgamation Rs.208.9million, provision for redemption of FCCB's no longer required


en written off during the year from the reserves.
Balance Sheet - Reliance Energy
Particulars FY05 FY06 FY07
Gross Asset 51,729.70 54706.10 58983.60
Accumulated Depriciation 24,528.50 28145.50 30824.90
Capital WIP 1,921.90 2176.50 2884.90
Net Fixed Asset 29,123.10 28,737.10 31,043.60
Investments & Deposits 6,962.20 11927.40 25118.80

Current Asset 86,404.40 105,153.30 128,144.20

Cash 60,453.70 56529.00 21759.20


Other Current Assets 1,409.10 3129.00 3464.50
Inventories 3,530.90 3110.80 2926.90
Trade Debtors 9,309.60 10927.90 10563.90
Loans and Advances 11,701.10 31456.60 89429.70

Current Liabilities & Provisions 18,877.50 22139.60 29771.70


Net Current Asset Excluding Cash 7,073.20 26,484.70 76,613.30
Miscellaneous Items
Capital Deployed 103,612.20 123,678.20 154,534.90

Non-Current Liabilities
Secured Debt 7,850.00 19198.10 14350.00
Non-secured debt & Trade deposit 29,536.70 23471.20 44233.20
Deferred Tax Liabilities(Net) 2,605.50 2040.70 2312.90
Service Line Deposits from Consumers 221.10 235.40 246.40
Total Liabilities 40,213.30 44,945.40 61,142.50
Contingent Liabilities
Share Capital 1,856.10 2123.60 2285.70
Reserve and Surplus 55,862.70 75726.80 91106.70
Equity Warrants Issued and Subscribed 5,680.10 882.40
Total Stock Holder's Equuity 63,398.90 78,732.80 93,392.40
103,612.20 123,678.20 154,534.90
Capital Employed 103,612.20 123,678.20 154,534.90

DIFF 0.00 0.00 0.00

current ratio 4.58 4.75 4.30


D\E 0.63 0.57 0.65

cash from cash flow statement 60453.70 56529.00 21759.20


difference between the two cash balance 0.00 0.00 0.00
Closing Cash Balance from Cash Flow Stmt 60453.70 56529.00 21759.20

Particulars FY05 FY06 FY07

No. of rooms #REF! #REF! #REF!


% Increase in rooms #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!

% of rooms of IHCL (excluding subsidaries) #REF! #REF! #REF!


Total Book value of assets (including land
building, furniture, etc….) 51,730 54,706 58,984
Cost of Construction of a Room (Rs.in million) #REF! #REF! #REF!
Increase in cost of construction #REF! #REF!
Capex 2976 4278
Growth in Capex 5.75% 7.82%

Note
The total value of assets as a percentage of sales averaged to 135% during the 4 PY's to 2008E. This resu
Hence as the sales changed due to the projection rate being changed hence per room cost in million rupe
Moreover the cost of construction is assumed to be increase at 4% each year for the next 3 years as the c
ce Energy click to go back
Rs in million
FY08(E) FY09(E) FY10(E)
72,937.79 89020.65 90647.60 Assets as a percentage of sales
34,129.37 37277.57 40425.77 Growth rate of assets
3,290.77 3772.27 4253.77
42,099.19 55,515.35 54,475.60 As a %age of sales
32,826.07 41904.37 50982.67 Invst as a %age of gross assets

151252.99 174323.50 200657.60 Average cash


Average inventory
10,498.69 13,752.05 15869.00 Average debors
4,722.93 5350.63 5778.33
2,585.53 2283.53 1981.53 Average Loans and advances
11,521.43 12148.58 12375.73 Average current liabilities
121,924.40 140788.70 164653.00 Average Net sales
Cash turnover ratio
34,490.47 49937.57 5384.67 Inventory turnover ratio
106,263.83 110,633.88 179,403.93 Debtors turnover ratio
Loans and advances turnover ratio
191,687.78 221,805.65 300,731.20

25,721.09 36608.47 60246.00 As %age of total liabilities


61,110.20 82158.45 128806.70
2,602.76 2925.80 3465.87
259.60 282.00 344.90
89,693.65 121,974.72 192,863.47

2,518.07 2732.87 3147.67


99,476.07 97098.07 104720.07

101,994.13 99,830.93 107,867.73


191,687.78 221,805.65 300,731.20
191,687.78 221,805.65 300,731.20

0.00 0.00 0.00

4.39 3.49 37.26


0.88 1.22 1.79

10498.69 13752.05 15869.00


0.00 0.00 0.00
10498.69 13752.05 15869.00

FY08(E) FY09(E) FY10(E)

#REF! 0 0
#REF! #REF! 0.00%
#REF! 0 0
#REF! 0.00% 0.00%
0
#REF! 0.00 0.00
#REF! 0.00% 0.00%
#REF! 0.00 0.00
#REF! 0.00% 0.00%

#REF! 0 0

72,938 89,021 90,648


#REF! #REF! #REF! Increase in cost of construction by the inflation each y
#REF! #REF! #REF!
13954 16083 1627
23.66% 22.05% 1.83%

4 PY's to 2008E. This resulted in huge cash deficit in the balance sheet.
room cost in million rupees has been considered over the average to sales.
r the next 3 years as the current Inflation is hovering at 4%.
FY04 FY05 FY06 FY07 FY08(E) FY09(E)
tage of sales 0.00 1.25 1.32 1.46 1.56 1.13
ets #DIV/0! 1.06 1.08 1.24 1.22

0.00 0.71 0.70 0.77 0.90 0.71


gross assets #DIV/0! 0.13 0.22 0.43 0.45 0.47

30226.85 58491.35 39144.10 16128.94 12125.37


1765.45 3320.85 3018.85 2756.22 2434.53
4654.80 10118.75 10745.90 11042.67 11835.01

advances 5850.55 21578.85 60443.15 105677.05 131356.55


abilities 9438.75 20508.55 25955.65 32131.08 42214.02
37650.90 41321.95 40836.05 43523.60 62669.38
tio 1.25 0.71 1.04 2.70 5.17
er ratio 21.33 12.44 13.53 15.79 25.74
r ratio 8.09 4.08 3.80 3.94 5.30
ces turnover ratio 6.44 1.91 0.68 0.41 0.48

#DIV/0! 0.20 0.43 0.23 0.29 0.30

Interest 0.00 0.00 1348.20 1918.80 2401.60 50433.60


Interest cost #DIV/0! 0.00% 3.00% 3.14% 2.68% 41.35%
construction by the inflation each year assumed to be on an average at 4%
FY10(E)
0.92
1.02

0.55
0.56

14810.53
2132.53
12262.16

152720.85
27661.12
88454.76
5.97
41.48
7.21
0.58

0.31

75650.40
39.22%
Profit And Loss Statement - Reliance Energy

Particulars FY04 FY05 FY06 FY07


Net Sales 33995.10 41306.70 41337.20 40334.90
% Growth 0% 21.51% 0.07% -2.42%
Total Revenue 33995.10 41306.70 45925.50 46078.90
% Growth 0% 21.51% 11.18% 0.33%
EXPENDITURES
Staff Costs 530.40 2376.90 0.00 0.00
% of Net Sales 2% 5.75% 0.00% 0.00%
Other Manufacturing/Operating costs 3465.90 12244.50 35419.80 32859.10
% of Net Sales 10% 29.64% 85.69% 81.47%
Miscellaneous Expenses 0.00 2935.53 0.00 0.00
% of Net Sales 0% 7.11% 0.00% 0.00%
Total Expenditures 3996.30 17556.93 35419.80 32859.10
% of Net Sales 12% 42.50% 85.69% 81.47%
EBITDA 29998.80 23749.77 5917.40 7475.80
EBITDA Margin % 88% 57.50% 14.31% 18.53%
Growth % -20.83% -75.08% 26.34%
Depreciation & Amortisation 0.00 3464.40 3464.40 3486.30
EBIT 29998.80 20285.37 2453.00 3989.50
Financial Charges 0.00 0.00 1348.20 1918.80
Other Income 0.00 0.00 4588.30 5744.00
PBT 29998.80 20285.37 5693.10 7814.70
Pre-tax Margin % 88.24% 49.11% 13.77% 19.37%
Tax 0.00 0.00 274.02 1311.30
Effective Tax Rate % 0% 0.00% 4.81% 16.78%
Adjusted PAT 29998.80 20285.37 5419.08 6503.40
Net Profit Margin % 88% 49.11% 13.11% 16.12%
Growth in Adjusted PAT % 0% -32.38% -73.29% 20.01%
Extrodinary Income 0 0
Reported PAT 29998.80 20285.37 5419.08 6503.40
Shares In Issue 212.00 230.46
Adjusted EPS #DIV/0! #DIV/0! 25.56 28.22
Growth % 0% #DIV/0! #DIV/0! 10.40%

Dividend paid 991 1209


Dividend pay out ratio 0.00 0.18 0.19
Net profit transferred to Reserves Acccount 20285.37 4428.08 5294.90

DPS

Note:
1 The growth in the year 2008 is considered at 25.13%, in the 3 immediate previous years the growth was av
2 The revenue increase is considered moderate as the increase is subject to macro economic development
3 The growth in Net profit margin, EBIT, EPS is taken on a conservative side.
4 The expenditure during the year 2008 is more or less as the same as that of year 2007 in percentage terms
ance Energy click to go back
Rs in million
FY08(E) FY09(E) FY10(E)
46712.30 78626.46 98283.07
15.81% 68.32% 25.00%
56372.60 281492.76 307235.36
22.34% 399.34% 9.15%

2977.50 4349.41 19656.61


6.37% 5.53% 20.00%
22662.40 26277.96 21622.28
48.51% 33.42% 22.00%
5417.40 7801.76 24570.77
11.60% 9.92% 25.00%
31057.30 38429.14 65849.66
66.49% 48.88% 67.00%
15655.00 40197.32 32433.41
33.51% 51.12% 33.00%
Increase due to interest of merged
109.41% 156.77% -19.31%
companies included. Assumed to be one
1703.10 2488.50 2595.00 time and is likely to ease in the
13951.90 37708.82 29838.41 subsequent years to come.
2401.60 50433.60 75650.40
9660.30 202866.30 208952.29
21210.60 190141.52 163140.30
45.41% 241.83% 165.99%
1185.20 38954.70 53836.30
5.59% 20.49% 33.00%
20025.40 151186.82 109304.00
42.87% 192.28% 111.21%
207.92% 654.98% -27.70%
0 0 0
20025.40 151186.82 109304.00 Shares has been split from
233.08 233.08 233.08 Rs.10 to Re.1. Here
85.92 42.81 128.71 considered Rs.10 only for
204.46% -50.17% 200.66% comparison purpose

7009 52915 38256


0.35 0.35 0.35
13016.40 98271.82 71048.00

3.01 22.70 16.41

ous years the growth was averaging 32.6%


ro economic development
ar 2007 in percentage terms and hence there is a small growth in EBDITA of 11.87%
110%
36.80%

112%
37.34%
35.73%
107.18%

446%
148.61%
Company - Reliance Energy click to go back
(UN)AUDITED FINANCIAL RESULTS FOR
QUARTER ENDED 31st Jun/Sep/Dec/Mar
(Rs. in millions, except per share data) Stand alone
Sr.
Particulars
No. 2003-04 2004-05
Annual(Apr-Mar) AMJ
1 Turnover
Less Excise Duty
2 Net Turnover 33995.10 9427.80
3 Other Income
4 Total Operational Expenditure 6893.13
a) Cost of Fuel 1848.90
b) Staff Cost 530.40
c) Purchase of Trade Goods
d) (Increase) / Decrease In Stock In Trade & WIP
e) Cost of Electrical Energy Purchased 2935.50
f) Cost of Materials & Subcontract Charges (EPC & Contracts) 1274.70
g) Tax on Electricity 185.70
h) General expences 0.00
g) Other expenditure 117.93
5 Operating Profit (PBDIT) 2242.50
Depreciation 810.60
6 PBIT 1431.90
Interest & Financial Charges 306.30
7 Profit before Tax 1125.60
8 Provision for Current Tax (incl. FBT) 31.20
9 Provision for deferred Tax
Others
10 Profit After Tax (Reported PAT) 1094.40
11 0 Extra Ordinary Items 5.70
12 Net
PaidProfit (Adjusted
up equity sharePAT)
Capital 1100.10
13 (Equity share of Rs 10 each)
14 Reserves and surplus incl. revaluation reserve
15 Earning per share (each of Rs 10)
a) Basic
b) Diluted
16 Number of Outsanding Shares (of par value Rs 10)
a Basic
b Diluted (Incl. of bonus & convertible debentures)
17 Share price (Current price)
Market Capitalization 0.00
18 Dividend (Annual Data only) 0.00
Dividend % 0.00
19 Retained earnings (Annual Data only) 0.00
20 Capital Employed (Annual Data only) 0.00
a Total asset 0.00
b Current Liability 0.00

2003-04 2004-05
As a percentage of Turnover Annual(Apr-Mar) AMJ
Cost of Fuel #DIV/0! 19.61%
Staff cost #DIV/0! 5.63%
Purchase of Trade Goods #DIV/0! #REF!
(Increase) / Decrease In Stock In Trade & WIP #DIV/0! #REF!
Cost of Electrical Energy Purchased #DIV/0! 31.14%
Cost of Materials & Subcontract Charges (EPC & Contracts) #DIV/0! 13.52%
Tax on Electricity #DIV/0! 1.97%
General expences #DIV/0! #DIV/0!
Other expenditure #DIV/0! 1.25%
Depreciation #DIV/0! #DIV/0!
Interest & Financial Charges #DIV/0! #DIV/0!
Provision for Current Tax (incl. FBT) #DIV/0! #DIV/0!
Provision for deferred Tax #DIV/0! #DIV/0!
Other income as a % of revenue #DIV/0! #DIV/0!
Total Tax 0.00 31.20
Tax as a %age of EBIT #DIV/0!
Current tax as a %age of EBIT #DIV/0! 2.18%
Deferred Tax as a %age of EBIT #DIV/0!

Reliance Energy Ltd.


Segment revenue
Electrical Energy
EPC and Contracts
Others
Unallocated
Inter Segment Revenue
Total
EBIT
Electrical Energy
EPC and Contracts
Others
Unallocated
Inter Segment Profit/ Un allocable Income
Total

Capital Employed
Electrical Energy
EPC and Contracts
Others
Unallocated
Total Capital employed
% of subsidaries income 100.00%
Subsidaires income 13379.00
Actual Total Sales 13379.00

2004-05 2004-05 2004-05 2004-05 2004-05 2004-05


JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)

7917.30 17345.10 9291.30 26636.40 14670.30 41306.70

6291.60 13184.73 8090.10 21274.83 12779.40 34054.23


1856.10 3705.00 2098.80 5803.80 1905.30 7709.10
611.10 1141.50 654.60 1796.10 580.80 2376.90
0.00 0.00 0.00
0.00 0.00 0.00
2332.20 5267.70 2641.80 7909.50 1958.10 9867.60
590.10 1864.80 935.40 2800.20 7355.40 10155.60
284.70 470.40 288.90 759.30 250.20 1009.50
0.00 0.00 0.00
617.40 735.33 1470.60 2205.93 729.60 2935.53
2493.90 4736.40 2652.60 7389.00 3120.00 10509.00
837.30 1647.90 840.60 2488.50 975.90 3464.40
1656.60 3088.50 1812.00 4900.50 2144.10 7044.60
246.90 553.20 355.80 909.00 439.20
1409.70

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

2004-05 2004-05 2004-05 2004-05 2004-05 2004-05


JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)
23.44% 21.36% 22.59% 21.79% 12.99% 18.66%
7.72% 6.58% 7.05% 6.74% 3.96% 5.75%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
29.46% 30.37% 28.43% 29.69% 13.35% 23.89%
7.45% 10.75% 10.07% 10.51% 50.14% 24.59%
3.60% 2.71% 3.11% 2.85% 1.71% 2.44%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
7.80% 4.24% 15.83% 8.28% 4.97% 7.11%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00 0.00 0.00 0.00
0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00%
% of subsidaries income 100.00%
Subsidaires income 18748.30
Actual Total Sales 18748.30

2005-06 2005-06 2005-06 2005-06 2005-06 2005-06 2005-06


AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
9496.80 10428.90 19925.70 9883.50 29809.20 10381.80 41337.20
1347.60 1184.70 2532.30 1492.80 4025.10 1862.70 4588.30
7881.90 8394.50 16276.40 8090.10 24366.50 8480.40 35419.80
2046.90 1879.80 3926.70 2098.80 6025.50 2095.50 7362.60
653.10 629.70 1282.80 654.60 1937.40 428.40 0.00
0.00 0.00 0.00 0.00
0 0 0.00 0 0.00 0 0.00
2753.10 2953.50 5706.60 2641.80 8348.40 2527.20 10041.00
1335.30 1699.50 3034.80 935.40 3970.20 2115.60 11645.50
290.10 288.00 578.10 288.90 867.00 272.70 991.20
0.00 0.00 0.00 0.00 0.00 0.00 5379.50
803.40 944.00 1747.40 1470.60 3218.00 1041.00 0.00
1614.90 2034.40 3649.30 1793.40 5442.70 1901.40 5917.40
817.20 870.60 1687.80 907.20 2595.00 891.30 3464.40
797.70 1163.80 1961.50 886.20 2847.70 1010.10 2453.00
433.20 552.70 985.90 467.40 1453.30 477.30 1348.20
1712.10 1795.80 3507.90 1911.60 5419.50 2395.50 5693.10
129.00 266.10 395.10 355.20 750.30 106.20 254.80
7.50 -81.00 -73.50 -102.00 -175.50 -217.80 24.02
9.30 15.00 24.30 12.00 36.30 812.40 -4.80
1566.30 1595.70 3162.00 1646.40 4808.40 1694.70 5419.08
0.00 0.00 0.00 0.00 0.00 0.00 0.00
1566.30 1595.70 3162.00 1646.40 4808.40 1694.70 5419.08
1953.60 2019.40 3973.00 2019.40 5992.40 2123.60 8116.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00

8.02 7.90 15.66 8.16 23.82 7.98 25.52


8.02 7.90 15.66 8.16 23.82 7.98 25.52

195.34 201.89 201.89 201.89 201.89 212.32 212.32


195.34 201.89 201.89 201.89 201.89 212.32 212.32
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 991.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

2005-06 2005-06 2005-06 2005-06 2005-06 2005-06 2005-06


AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar)
21.55% 18.02% 19.71% 21.24% 20.21% 20.18% 17.81%
6.88% 6.04% 6.44% 6.62% 6.50% 4.13% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
28.99% 28.32% 28.64% 26.73% 28.01% 24.34% 24.29%
14.06% 16.30% 15.23% 9.46% 13.32% 20.38% 28.17%
3.05% 2.76% 2.90% 2.92% 2.91% 2.63% 2.40%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.01%
8.46% 9.05% 8.77% 14.88% 10.80% 10.03% 0.00%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
136.50 185.10 321.60 253.20 574.80 -111.60 278.82
11.37%
16.17% 22.86% 20.14% 40.08% 26.35% 10.51% 10.39%
0.98%
% of subsidaries income
Subsidaires income
Actual Total Sales

2006-07 2006-07 2006-07 2006-07 2006-07 2006-07


AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
11548.50 14076.30 25624.80 15336.90 40961.70 16142.50
1711.20 1760.70 3471.90 2867.40 6339.30 2754.20
10214.40 12300.90 22515.30 14510.10 37025.40 15544.80
2343.30 2148.60 4491.90 2240.40 6732.30 2480.40
685.50 749.10 1434.60 734.10 2168.70 966.60
0.00 0.00 0.00 0.00 0.00 0.00
0 0 0.00 0 0.00 0
3137.10 3343.80 6480.90 4558.20 11039.10 4285.20
1912.20 4397.10 6309.30 5625.60 11934.90 6471.30
314.40 315.00 629.40 321.60 951.00 295.20
0.00 0.00 0.00 0.00 0.00 0.00
1821.90 1347.30 3169.20 1030.20 4199.40 1046.10
1334.10 1775.40 3109.50 826.80 3936.30 597.70
618.90 635.40 1254.30 611.70 1866.00 534.60
715.20 1140.00 1855.20 215.10 2070.30 63.10
459.30 670.50 1129.80 550.50 1680.30 822.90
1967.10 2230.20 4197.30 2532.00 6729.30 1994.40
201.00 366.30 567.30 521.70 1089.00 379.80
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1766.10 1863.90 3630.00 2010.30 5640.30 1614.60
0.00 0.00 0.00 0.00 0.00 0.00
1766.10 1863.90 3630.00 2010.30 5640.30 1614.60
2123.60 2131.70 4255.30 2131.70 6387.00 2285.70
0.00 0.00 0.00 0.00 0.00 0.00

8.32 8.74 17.03 9.43 26.47 7.07


8.32 8.74 17.03 9.43 26.47 7.07

212.32 213.14 213.14 213.12 213.12 228.53


212.32 213.14 213.14 213.12 213.12 228.53
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

2006-07 2006-07 2006-07 2006-07 2006-07 2006-07


AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM
20.29% 15.26% 17.53% 14.61% 16.44% 15.37%
5.94% 5.32% 5.60% 4.79% 5.29% 5.99%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
27.16% 23.75% 25.29% 29.72% 26.95% 26.55%
16.56% 31.24% 24.62% 36.68% 29.14% 40.09%
2.72% 2.24% 2.46% 2.10% 2.32% 1.83%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
15.78% 9.57% 12.37% 6.72% 10.25% 6.48%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #REF! #DIV/0!
201.00 366.30 567.30 521.70 1089.00 379.80

28.10% 32.13% 30.58% 242.54% 52.60% 601.90%

2007-08
AMJ07 JAS07 H1FY07 OND07 9MFY08 JFM08
12985.90 12759.90 25745.80 12473.20 38219.00 0.00
3397.70 2870.90 6268.60 2805.10 9073.70 0.00
0.20 0.00 0.20 0.00 0.20 0.00
0.00 0.00 0.00 3255.80 3255.80
0.00 0.00 0.00 0.00 0.00 0.00
16383.80 15630.80 32014.60 18534.10 50548.70 0.00
888.90 1517.20 2406.10 973.30 3379.40 0.00
172.40 334.80 507.20 253.70 760.90 0.00
-0.60 -0.20 -0.80 -0.20 -1.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
907.40 -738.70 168.70 1080.00 1248.70 0.00
1968.10 1113.10 3081.20 2306.80 5388.00 0.00

30336.00 31799.30 31799.30 33458.80 33458.80 0.00


4531.30 5021.10 5021.10 3111.90 3111.90 0.00
17.30 17.30 17.30 17.20 17.20 0.00
17.30 17.30 17.30 72332.00 72332.00 0.00
34901.90 36855.00 36855.00 108919.90 108919.90 0.00
100.00%
26011.30 40334.9
26011.30

2006-07 2007-08E 2007-08E 2007-08E 2007-08E 2007-08E


Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
40334.90 16240.10 15417.30 31657.40 15054.90 46712.30
5744.00 3599.20 2581.90 6181.10 3479.20 9660.30
32859.10 15864.20 13604.30 29468.50 14313.60 43782.10
8121.00 2722.40 1990.90 4713.30 2499.00 7212.30
0.00 996.30 1043.80 2040.10 937.40 2977.50
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0 0 0.00 0 0.00
10875.60 6711.00 6492.20 13203.20 6481.70 19684.90
7288.40 2916.70 2221.60 5138.30 2331.20 7469.50
1140.00 353.00 337.00 690.00 330.50 1020.50
5434.10 0.00 0.00 0.00 0.00 0.00
0.00 2164.80 1518.80 3683.60 1733.80 5417.40
7475.80 375.90 1813.00 2188.90 741.30 2930.20
3486.30 581.30 555.80 1137.10 566.00 1703.10
3989.50 -205.40 1257.20 1051.80 175.30 1227.10
1918.80 692.90 854.30 1547.20 854.40 2401.60
7814.70 2700.90 2984.80 5685.70 2800.10 8485.80
855.90 485.30 484.00 969.30 215.90 1185.20
-393.30 0.00 0.00 0.00 0.00 0.00
848.70 0.00 0.00 0.00 0.00 0.00
6503.40 2215.60 2500.80 4716.40 2584.20 7300.60
0.00 0.00 0.00 0.00 0.00 0.00
6503.40 2215.60 2500.80 4716.40 2584.20 7300.60
8672.70 2285.70 2285.70 4571.40 2365.40 6936.80
0.00 0.00 0.00 0.00 0.00 0.00

28.46 9.70 10.94 20.64 10.93 30.87


28.46 9.70 10.94 20.64 10.93 30.87

228.53 228.53 228.52 228.52 236.49 236.49


228.53 228.53 228.52 228.52 236.49 236.49
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1208.50

0.00

2006-07 2007-08E 2007-08E 2007-08E 2007-08E 2007-08E


Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)
20.13% 16.76% 12.91% 14.89% 16.60% 15.44%
0.00% 6.13% 6.77% 6.44% 6.23% 6.37%
0.00%
0.00%
26.96% 41.32% 42.11% 41.71% 43.05% 42.14%
18.07% 17.96% 14.41% 16.23% 15.48% 15.99%
2.83% 2.17% 2.19% 2.18% 2.20% 2.18%
13.47% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 13.33% 9.85% 11.64% 11.52% 11.60%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
462.60
11.60%
21.45%
-9.86%

2007-08
38219.00
9073.70
0.20
3255.80
0.00
50548.70
3379.40
760.90
-1.00
0.00
1248.70
5388.00

0.00
0.00
0.00
0.00
0.00
2007-08E 2007-08E 2008-09E 2008-09E 2008-09E 2008-09E
JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND
0.00 0.00 18898.60 19529.09 38427.70 18205.89
0.00 0.00 0.00 0.00 0.00 0.00
0.00 46712.30 18898.60 19529.09 38427.70 18205.89
0.00 9660.30 9660.30 19320.60 28980.90 48301.50
0.00 43782.10 18118.81 17878.75 35997.56 18488.65
0.00 7212.30 4308.29 3161.26 7469.55 2932.10
0.00 2977.50 1121.79 1039.28 2161.07 871.42
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 19684.90 5493.08 4731.88 10224.97 5629.48
0.00 7469.50 3515.69 6533.55 10049.24 7362.44
0.00 1020.50 578.04 468.05 1046.09 420.89
0.00 0.00 0.00 0.00 0.00 0.00
0.00 5417.40 3101.91 1944.73 5046.63 1272.32
0.00 2930.20 10440.10 20970.94 31411.04 48018.74
0.00 1703.10 1703.10 3406.20 5109.30 8515.50
0.00 1227.10 8737.00 17564.74 26301.74 39503.24
0.00 2401.60 2401.60 4803.20 7204.80 12008.00
0.00 8485.80 6335.40 12761.54 19096.94 27495.24
0.00 1185.20 2090.68 4211.31 6301.99 9073.43
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 7300.60 4244.72 8550.23 12794.95 18421.81
0.00 0.00 0.00 0.00 0.00 0.00
0.00 7300.60 4244.72 8550.23 12794.95 18421.81
0.00 6936.80
0.00 0.00

#DIV/0! 30.87
#DIV/0! 30.87

0.00 236.49
0.00 236.49
0.00 0.00
0.00 0.00
2007-08E 2007-08E 2008-09E 2008-09E 2008-09E 2008-09E
JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND
#DIV/0! 15.44% 22.80% 16.19% 19.44%
#DIV/0! 6.37% 5.94% 5.32% 5.62% 4.79%

#DIV/0! 42.14% 29.07% 24.23% 26.61% 30.92%


#DIV/0! 15.99% 18.60% 33.46% 26.15% 40.44%
#DIV/0! 2.18% 3.06% 2.40% 2.72% 2.31%
#DIV/0! 0.00% 0.00% 0.00% 0.00% 0.00%
#DIV/0! 11.60% 16.41% 9.96% 13.13% 6.99%
2008-09E 2008-09E 2008-09E
9-m (Apr-Dec) JFM Annual(Apr-Mar)
56633.59 21992.87 78626.46
0.00 0.00 0.00
56633.59 21992.87 78626.46
77282.40 ### 202866.30
54486.21 22763.31 77249.51
10401.65 3725.73 14127.38
3032.50 1316.92 4349.41
0.00 0.00 0.00
0.00 0.00 0.00
15854.45 6074.11 21928.55
17411.68 9720.33 27132.02
1466.98 443.41 1910.39
0.00 0.00 0.00
6318.95 1482.81 7801.76
79429.78 124813.46 204243.24
13624.80 22140.30 35765.10
65804.98 102673.16 168478.14
19212.80 31220.80 50433.60
46592.18 71452.36 118044.54
15375.42 23579.28 38954.70
0.00 0.00 0.00
0.00 0.00 0.00
31216.76 47873.08 79089.84
0.00 0.00 0.00
31216.76 47873.08 79089.84
6936.80

11.40

0.00
2008-09E 2008-09E 2008-09E
9-m (Apr-Dec) JFM Annual(Apr-Mar)
16.11% 18.37% 16.94%
5.35% 5.99% 5.53%

27.99% 27.62% 27.89%


30.74% 44.20% 34.51%
2.59% 2.02% 2.43%
0.00% 0.00% 0.00%
11.16% 6.74% 9.92%
Actuals
Projected

Company - Reliance Energy

Net sales (Operating revenue excluding other income)


Q1 AMJ Q2 JAS 6 months Q3 OND

FY 2004-05 9427.8 7917.3 17345.10 9291.3


FY 2003-04 7637.1 7626.3 15263.40 10495.5
YOY Growth% 23.45% 3.82% 13.64% -11.47%
FY 2005-06 9496.8 10428.9 19925.70 9883.5
FY 2004-05 9427.8 7917.3 17345.10 9291.3
YOY Growth% 0.73% 31.72% 14.88% 6.37%
FY 2006-07 11548.5 14076.3 25624.80 15336.9
FY 2005-06 9496.8 10428.9 19925.70 9883.5
YOY Growth% 21.60% 34.97% 28.60% 55.18%
FY 2007-08 16240.1 15417.3 31657.40 15054.9
FY 2006-07 11548.5 14076.3 25624.80 15336.9
YOY Growth% 40.63% 9.53% 23.54% -1.84%
FY 2008-09E 18898.60 19529.09 38427.70 18205.89
FY 2007-08 16240.1 15417.3 31657.4 15054.9
YOY Growth% 16.37% 26.67% 21.39% 20.93%
FY 2009-10E 23710.19 24219.98 47930.17 22467.89
FY 2008-09E 18898.60 19529.09 38427.70 18205.89
Growth% 25.46% 24.02% 0.25 23.41%

Segments ELECTRICAL ENERGY

Net sales (Operating revenue excluding other income)


Q1 AMJ Q2 JAS 6 months Q3 OND

FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%

Segments EPC AND CONTRACTS

Net sales (Operating revenue excluding other income)


Q1 AMJ Q2 JAS 6 months Q3 OND

FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%

Other Sales
Net sales (Operating revenue excluding other income)
Q1 AMJ Q2 JAS 6 months Q3 OND
FY 2004-05
FY 2003-04
FY 2005-06
FY 2004-05
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2006-07
FY 2005-06
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2007-08
FY 2006-07
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2008-09
FY 2007-08
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
click to go back
2008-09 moving average
quarter % increase in growth
9 months Q4 JFM 12 months AMJ 16.37%
JAS 26.67%
26636.40 14670.3 41306.70 OND 20.93%
25758.90 8236.20 33995.10 JFM 33.94%
3.41% 78.12% 21.51%
29809.20 10381.8 40191.00 2009-10 moving average
26636.40 14670.3 41306.70 quarter % increase in growth
11.91% -29.23% -2.70% AMJ 25.46%
40961.70 16142.5 57104.20 JAS 24.02%
29809.20 10381.8 40191.00 OND 23.41%
37.41% 55.49% 42.08% JFM 22.03%
46712.30 16419.94 63131.70
40961.70 16142.5 57104.20
14.04% 1.72% 10.56%
56633.59 21992.87 78626.46
46712.3 16419.94 63132.24
21.24% 33.94% 24.54%
70398.06 26837.90 97235.96
56633.59 21992.87 78626.46
0.24 22.03% 23.67%

9 months Q4 JFM 12 months


9 months Q4 JFM 12 months

9 months Q4 JFM 12 months

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!


Q1 AMJ 2004-05Q1 AMJ
in growth Q2 JAS 2004-05Q2 JAS
Q3 OND 2004-05Q3 OND
Q4 JFM 2004-05Q4 JFM
2005-06Q1 AMJ
2005-06Q2 JAS
2005-06Q3 OND
2005-06Q4 JFM
in growth 2006-07Q1 AMJ
2006-07Q2 JAS
2006-07Q3 OND
2006-07Q4 JFM
FY 2007-08Q1 AMJ
FY 2007-08Q2 JAS
FY 2007-08Q3 OND
FY 2007-08Q4 JFM
FY 2008-09EQ1 AMJ
FY 2008-09EQ2 JAS
FY 2008-09EQ3 OND
FY 2008-09EQ4 JFM

2004-05Q1 AMJ
2005-06Q1 AMJ
2006-07Q1 AMJ
FY 2007-08Q1 AMJ
FY 2008-09EQ1 AMJ
2004-05Q2 JAS
2005-06Q2 JAS
2006-07Q2 JAS
FY 2007-08Q2 JAS
FY 2008-09EQ2 JAS

2004-05Q3 OND
2005-06Q3 OND
2006-07Q3 OND
FY 2007-08Q3 OND
FY 2008-09EQ3 OND

2004-05Q4 JFM
2005-06Q4 JFM
2006-07Q4 JFM
FY 2007-08Q4 JFM
FY 2008-09EQ4 JFM
2004-05 2005-06 2006-07
23.45%
3.82%
-11.47% 100.00%
78.12%
0.73% 80.00%
31.72%
6.37% 60.00%
-29.23%
21.60% 40.00%
34.97%
Column
37.41%
20.00%
55.49%
19.01%
27.25% 0.00%
11.77%
43.79% -20.00%
14.78%
32.32% -40.00%
19.52% 1 2 3 4 5 6 7 8 9 10 11 1
24.35%

25.00%

3 Yr AverageIncrease in growth from average


23.45% 20.00%
0.73%
21.60% 15.26% 3.75% 15.00%
19.01% 13.78% 1.00%
14.78%
10.00%

5.00%

0.00%
1 2

40.00%
3 Yr AverageIncrease in growth from average 30.00%

20.00%

10.00%
40.00%

30.00%
3.82%
31.72% 20.00%
34.97% 23.50% 3.75%
10.00%
27.25% 31.32% 1.00%
32.32% 0.00%
1 2

50.00%
3 Yr AverageIncrease in growth from average 40.00%
-11.47% 30.00%
6.37% 20.00%
37.41% 10.77% 1.00% 10.00%
11.77% 18.52% 1.00% 0.00%
19.52% -10.00%
-20.00%
1 2

100.00%

3 Yr AverageIncrease in growth from average 50.00% C


78.12%
L
-29.23% 0.00% R
55.49% 34.79% 9.00% n
43.79% 23.35% 1.00% -50.00% C
24.35% 1 2

this is only quarter every year


that there is an increase in the
tourist arrivals compared to the
other quarters. the graph is clear
on this asspect a kink in the
december each year (scroll down
for the graph)
operating matrices
foreign currency

100.00%

80.00%

60.00%
Column T Linear
Regression for 40.00%
Column T Colum
20.00%

0.00%

-20.00%

-40.00%
7 8 9 10 11 12 13 14 15 16 1 2 3 4 5 6 7 8 9 10 11 12 13

Column T
Linear
Regressio
n for
Column T

2 3

Column T
Linear
Regressio
n for
Column T
Linear
Regressio
n for
Column T
2 3

Column T
Linear
Regressio
n for
Column T

2 3

Column T
Linear
Regressio
n for
Column T
2 3
Column T Linear
Regression for
Column T

7 8 9 10 11 12 13 14 15 16 17 18 19 20
COMPANY -Reliance Energy

Year CURRENT SHARE PRICE EPS


FY 07 (Mar 31) 121.0 2.8
FY 08E 121.0 8.6
FY 09E 121.0 64.9
FY 10E 121.0 46.9

Year PAT Shareholders Equity(NW)


FY 07 (Mar 31) 6503.4 93392.4
FY 08E 20025.4 101994.1
FY 09E 151186.8 99830.9
FY 10E 109304.0 107867.7

Year EBIT Total Asset-CL


FY 07 (Mar 31) 3989.5 124763.20
FY 08E 13951.9 157197.31
FY 09E 37708.8 171868.08
FY 10E 29838.4 295346.53

Year PAT EPS


FY 07 (Mar 31) 6503.4 2.8
FY 08E 20025.4 8.6
FY 09E 151186.8 64.9
FY 10E 109304.0 46.9
rgy click to go back

P/ E
42.9
14.1
1.9
2.6

ROE
6.96%
19.63%
151.44%
101.33%

ROCE
3.20%
8.88%
21.94%
10.10%

NO.of Outstanding
Shares (Incl. CD)
2304.60
2330.80
2330.80
2330.80
COMPANY - Reliance Energy click to go back

2003-04 2004-05 2005-06


As a percentage of Turnover Annual(Apr-Mar)Annual(Apr-Mar)Annual(Apr-Mar)
(Inc)/dec in stock in trade #DIV/0! 18.66% 17.81%
Consumption of raw materials #DIV/0! 5.75% 0.00%
Staff cost #DIV/0! #DIV/0! 0.00%
Power and Fuel #DIV/0! #DIV/0! 0.00%
License Fee #DIV/0! 23.89% 24.29%
Upkeep & Service Cost #DIV/0! 24.59% 28.17%
Repair and Maintenance #DIV/0! 2.44% 2.40%
Administrative and Selling #DIV/0! #DIV/0! 13.01%
Other expenditure #DIV/0! 7.11% 0.00%
Depreciation #DIV/0! #DIV/0! #DIV/0!
Interest & Financial Charges #DIV/0! #DIV/0! #DIV/0!
Provision for Current Tax (incl. FBT) #DIV/0! #DIV/0! #DIV/0!
Provision for deferred Tax #DIV/0! #DIV/0! #DIV/0!
Other income% of revenue #DIV/0! #DIV/0! #DIV/0!

2004-05 2005-06
As a percentage of Turnover AMJ AMJ
(Inc)/dec in stock in trade 19.61% 21.55%
Consumption of raw materials 5.63% 6.88%
Staff cost #REF! 0.00%
Power and Fuel #REF! 0.00%
License Fee 31.14% 28.99%
Upkeep & Service Cost 13.52% 14.06%
Repair and Maintenance 1.97% 3.05%
Administrative and Selling #DIV/0! 0.00%
Other expenditure 1.25% 8.46%
Depreciation #DIV/0! #DIV/0!
Interest & Financial Charges #DIV/0! #DIV/0!
Provision for Current Tax (incl. FBT) #DIV/0! #DIV/0!
Provision for deferred Tax #DIV/0! #DIV/0!
Other income% of revenue #DIV/0! #DIV/0!
Considered
2006-07 2008 2009 2004-05 2005-06 2006-07
Annual(Apr-Mar) 6-m (Apr-Sep)
6-m (Apr-Sep)
6-m (Apr-Sep)
20.13% 18.87% 20.19% 21.36% 19.71% 17.53%
0.00% 0.00% 0.00% 6.58% 6.44% 5.60%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
26.96% 28.31% 30.29% 30.37% 28.64% 25.29%
18.07% 23.61% 25.26% 10.75% 15.23% 24.62%
2.83% 2.56% 2.73% 2.71% 2.90% 2.46%
13.47% #DIV/0! #DIV/0! #DIV/0! 0.00% 0.00%
0.00% 0.00% 0.00% 4.24% 8.77% 12.37%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Considered
2006-07 2008 2009 2004-05 2005-06 2006-07
AMJ JAS JAS JAS
20.29% 21.31% 22.80% 23.44% 18.02% 15.26%
5.94% 5.94% 5.94% 7.72% 6.04% 5.32%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
27.16% 27.16% 29.07% 29.46% 28.32% 23.75%
16.56% 17.39% 18.60% 7.45% 16.30% 31.24%
2.72% 2.86% 3.06% 3.60% 2.76% 2.24%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
15.78% 16.09% 16.41% 7.80% 9.05% 9.57%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Considered
2008 2009 2004-05 2005-06 2006-07 Considered
(Apr-Sep) 9-m (Apr-Dec)9-m (Apr-Dec)9-m (Apr-Dec)
18.41% 21.79% 20.21% 16.44% 17.26%
5.88% 6.74% 6.50% 5.29% 5.56%
0.00% #DIV/0! 0.00% 0.00% 0.00%
0.00% #DIV/0! 0.00% 0.00% 0.00%
26.56% 29.69% 28.01% 26.95% 28.30%
25.85% 10.51% 13.32% 29.14% 30.59%
2.58% 2.85% 2.91% 2.32% 2.44%
0.00% #DIV/0! 0.00% 0.00% 0.00%
12.99% 8.28% 10.80% 10.25% 10.76%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #REF! #REF!

Considered Considered
2008 2009 2004-05 2005-06 2006-07 2008 2009
OND OND OND
16.03% 16.19% 22.59% 21.24% 14.61% 15.34% 16.11%
5.32% 5.32% 7.05% 6.62% 4.79% 4.79% 4.79%
0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%
23.75% 24.23% 28.43% 26.73% 29.72% 30.31% 30.92%
32.80% 33.46% 10.07% 9.46% 36.68% 38.51% 40.44%
2.35% 2.40% 3.11% 2.92% 2.10% 2.20% 2.31%
0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%
9.76% 9.96% 15.83% 14.88% 6.72% 6.85% 6.99%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Considered
2004-052005-062006-07 2008 2009
JFM JFM JFM
12.99% 20.18% 15.37% 16.13% 16.94%
3.96% 4.13% 5.99% 5.99% 5.99%
#DIV/0! 0.00% 0.00% 0.00% 0.00%
#DIV/0! 0.00% 0.00% 0.00% 0.00%
13.35% 24.34% 26.55% 27.08% 27.62%
50.14% 20.38% 40.09% 42.09% 44.20%
1.71% 2.63% 1.83% 1.92% 2.02%
#DIV/0! 0.00% 0.00% 0.00% 0.00%
4.97% 10.03% 6.48% 6.61% 6.74%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Financial Ratios
FY04 FY05 FY06 FY07 FY08(E)

Profitability Ratios
Return on Assets (ROA) #DIV/0! 16.56% 3.72% 3.53% 8.85%
Return on Equity (ROE) #DIV/0! 32.00% 6.88% 6.96% 19.63%
Return on Capital Employed (ROCE) #DIV/0! 19.58% 1.98% 2.58% 7.28%
Dupont Analysis-ROE Decomposition
PAT/PBT (Tax Efficiency) 1.00 1.00 0.95 0.83 0.94
PBT/EBIT (Interest Burden) 1.00 1.00 2.32 1.96 1.52
EBIT/Sales (OPM) 0.88 0.49 0.06 0.10 0.30
Sales/Total Assets (Asset Turnover) #DIV/0! 0.34 0.28 0.22 0.21
TA/NW (Financial Leverage) #DIV/0! 1.93 1.85 1.97 2.22
ROE #DIV/0! 32.00 6.88 6.96 19.63

Liquidity Ratios
Current Ratio #DIV/0! 4.58 4.75 4.30 4.39
Acid Test Ratio #DIV/0! 4.39 4.61 4.21 4.31
Debt-Equity Ratio #DIV/0! 0.63 0.57 0.65 0.88

Efficiency Ratios
Assets Turnover Ratio #DIV/0! 0.34 0.28 0.22 0.21
Working Capital Turnover Ratio #DIV/0! 0.61 0.50 0.41 0.40
F.A. Turnover Ratio #DIV/0! 1.42 1.44 1.30 1.11
C.A. Turnover Ratio #DIV/0! 0.48 0.39 0.31 0.31
Debtors Velocity #DIV/0! 82.26 96.49 95.60 90.03

Margin Ratios (%)


EBITDA Margin 88.24% 57.50% 14.31% 18.53% 33.51%
Pre-Tax Margin 88.24% 49.11% 13.77% 19.37% 45.41%
Net Profit Margin 88.24% 49.11% 13.11% 16.12% 42.87%

Growth Ratios YoY (%)


Net Sales 0.00% 21.51% 0.07% -2.42% 15.81%
EBITDA 0.00% -20.83% -75.08% 26.34% 109.41%
Adj.PAT 0.00% -32.38% -73.29% 20.01% 207.92%
Adj.EPS 0.00% #DIV/0! #DIV/0! 10.40% 204.46%

Working Ratios (Days)


Inventory #DIV/0! 31.20 27.47 26.49 20.20
Debtors #DIV/0! 82.26 96.49 95.60 90.03
Net Working Capital Excluding Cash 0.00 7073.20 26484.70 ### 106263.83

Other Ratios (%)


Other Income/PBT 0.00% 0.00% 80.59% 73.50% 45.54%
Per Share (Rs.)
Adj.EPS #DIV/0! #DIV/0! 25.56 28.22 85.92
CEPS #DIV/0! #DIV/0! 41.90 4.33 9.32
DPS #DIV/0! #DIV/0! 4.67 0.52 3.01
BVPS #DIV/0! #DIV/0! 371.38 40.52 43.76
Cash Per Share #DIV/0! #DIV/0! 266.65 94.42 45.04
FY09(E) FY10(E)

55.64% 35.71%
151.44% 101.33%
17.00% 9.92%

0.80 0.67
5.04 5.47
0.48 0.30
0.29 0.32
2.72 2.84
151.44 101.33

3.49 37.26
3.45 36.90
1.22 1.79

0.29 0.32
0.63 0.50
1.42 1.80
0.45 0.49
56.40 45.96

51.12% 33.00%
241.83% 165.99%
192.28% 111.21%

68.32% 25.00%
156.77% -19.31%
654.98% -27.70%
-50.17% 200.66%

10.60 7.36
56.40 45.96
110633.88 179403.93

106.69% 128.08%
42.81 128.71
65.93 48.01
22.70 16.41
42.83 46.28
59.00 68.08
Reliance Energy

Rs. in bln
Key Financials * FY 06 FY 07 FY08E FY09E

Net sales 41.34 40.33 16.24 15.42


%Growth 0.07% -2.42% -59.74% -5.07%
EBITDA 5.92 7.48 2.09 6.30
EBITDA Margin % 14.31% 18.53% 12.85% 40.87%
Adjusted PAT 5.42 6.50 0.40 5.94
%Growth -73.29% 20.01% -93.78% 1366.54%
Net profit margin % 13.11% 16.12% 2.49% 38.50%
EPS (based on Adj.Pat)* 25.56 28.22 85.92 42.81
Book value per share * 371.38 40.52 43.76 42.83
Return on equity 6.88% 6.96% 0.40% 5.95%
(*share split in the year FY07 from Rs.10 per share to Re.1 per share)

Key ratios (%) FY 06 FY 07 FY08E FY09E

P/E 23.90 17.55 5.90 11.36


P/BV 1.65 3.59 3.32 3.39
EV/EBITDA 19.93 157.91 603.83 197.00
EV/Sales 2.85 29.27 77.57 80.51

Key data

Face value (Rs.) 10


Shares outstanding (mn) 586.63
Market cap (Rs. In bln) 77.46
52 week high/low (Rs.) 178/101
BSE Code 500850
NSE Code INDHOTEL
Bloomberg Code IH IN
Reuters Code IHTL.BO

Shareholding pattern (%) March 2007

3.54% 0.67% 0.52% 0.70% 0.04% 0.02%


Promoters GDR
5.38% FII's Non-resident
Indians &
OCB's
7.58% Resident 28.28%&
Directors
Individuals & their
HUF's Relatives
Financial NSDL & CDSL
Institutions/B Clearing
3.54% 0.67% 0.52% 0.70% 0.04% 0.02%
Promoters GDR
5.38% FII's Non-resident
Indians &
OCB's
7.58% Resident 28.28%&
Directors
Individuals & their
HUF's Relatives
Financial NSDL & CDSL
Institutions/B Clearing
anks Members
10.68% Mutual Trusts
Funds/UTI
Insurance Foreign
Companies Banks
Corporate
Bodies

19.15%
24.07%

Promoters 28.28%
FII's
Resident Individuals & HUF's
Financial Institutions/Banks
24.07%
19.15%
10.68%
28.28
Mutual Funds/UTI
Insurance Companies
Corporate Bodies
7.58%
5.38%
3.54%
24.07
19.15
GDR 0.67%
Non-resident Indians & OCB's 0.52%
Directors & their Relatives 0.70%

10.68
NSDL & CDSL Clearing Members 0.04%
Trusts 0.02%
Foreign Banks 0.00%

7.58
Total 100.63%

5.38
Promoters 28.28%
FII's 24.07%
Resident Individuals & HUF's 19.15%

3.54
Financial Institutions/Banks 10.68%
Mutual Funds/UTI 7.58%
Insurance Companies 5.38%

0.67
Corporate Bodies 3.54%

0.52
Others 1.32%
Total 100.00%

Shareholding pattern March '07


4% 1%
5%
8% 28%
Promoters Mutual
Funds/UTI
FII's Insurance
Companies
11% Resident Corporate
Individuals & Bodies
HUF's
Financial Others
Institutions/Bank
s

19%
24%
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Share split to Re.1 per sha

Rs. In million
Valuation Inputs FY04 FY05 FY06 FY07 FY08(E) FY09(E)
Price as on March 31 (Rs) 380.00 629.70 1356.90 145.40 145.40 145.40
No of Outstanding Shares 0.00 0.00 212.00 2304.60 2330.80 2330.80
Market Capitalisation 0.00 0.00 ### ### ### 338898.32
Debt 0.00 40213.30 44945.40 61142.50 89693.65 121974.72
Cash & Equivalents 0.00 60453.70 56529.00 21759.20 10498.69 13752.05
Enterprise Value 0.00 ### ### ### ### 447120.99
EBITDA 29998.80 23749.77 5917.40 7475.80 15655.00 40197.32
Sales 33995.10 41306.70 41337.20 40334.90 46712.30 78626.46
EV/EBITDA 0.00 -0.85 46.66 50.09 26.71 11.12
EV/Sales 0.00 -0.49 6.68 9.28 8.95 5.69
Share split to Re.1 per share from Rs.10

FY10(E)
145.40
2330.80
338898.32
192863.47
15869.00
515892.79
32433.41
98283.07
15.91
5.25
FY04 FY05 FY06 FY07 FY08(E) FY09(E)
PAT 29998.80 20285.37 5419.08 6503.40 20025.40 ###
Shareholders Equity (Networth) 0.00 ### ### ### ### ###

Return of Equity (ROE) #DIV/0! 32.00% 6.88% 6.96% 19.63% 151.44%

Price/Book Value 1.80


Price 121.00
Book Value 67.05

Cost of Equity (COE or Ke) 16.94%

Beta of the stock 1.0539


Rf (2017 GS Bonds) 7.95%
Rm 0.00%
Risk Premium 8.99%

Growth (g) = 29.34%


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FY10(E)
###
###

101.33%
FOREIGN EXCHANGE EARNINGS IN INDIA DURING 2007
AND CORRESPONDING FIGURES FOR 2005 & 2006
FOREIGN EXCHANGE EARNINGS (IN
RS.CRORES)
     MONTHS 2007*
January 3299.51 0.21
February 3003.95 0.14
March 2798.96 0.15
April 2341.18 0.1
May 1858.51 0.11
June 2111.74 0.09
July 2844.72 0.17
August 2694.73 0.27
September 2445.12 0.25
October 3021.62 0.12
November 3580.84 0.12
December 4249.21 0.16
Total 34250.09 0.16

FOREIGN TOURIST ARRIVALS & FOREIGN EXCHANGE EARNINGS IN INDIA


DURING 2007 AND CORRESPONDING FIGURES FOR 2005 & 2006

      FOREIGN TOURIST ARRIVAL (Nos.)


     MONTHS 2006 2007      2007/06      2006/05
January 459489 532088 15.80% 19
February 439090 498806 13.60% 18.7
March 391009 444186 13.60% 11.1
April 309208 333945 8.00% 24.5
May 255008 267758 5.00% 13.1
June 278370 310104 11.40% 12.7
July 337332 377474 11.90% 9.6
August 304387 360089 18.30% 11.1
September 297891 325893 9.40% 15.8
October 391399 440715 12.60% 12.5
November 442413 510987 15.50% 4.4
December 547488 635086 16.00%
4453084 5037131.08 13.12%

January 2004
February 2004
March 2004
April 2004
May 2004
June 2004
July 2004
August 2004
September 2004
October 2004
November 2004
December 2004
January 2005
February 2005 Tourists arrival cy
March 2005 12
April 2005
May 2005 10
June 2005
July 2005 8
August 2005
September 2005 6
October 2005
November 2005 4
December 2005
January 2006 2
February 2006
March 2006 0
January 2004

April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
click to go back

Foreign Exchange Earnings in Rupees Crore


4500.00
4000.00
3500.00
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00

August
January

February

May

July
April
March

September
     2007/06 June
15.8
Tourist Arrivals Monthly
13.6
700000
13.6
600000
8
5 500000
11.4 400000
11.9 300000
18.3 200000
9.4 100000
12.6 0
August
January

February

May

July
April
March

June

15.5
ts arrival cycle Jan 2004 to Nov 2007

February 2004
June
July

July
August

August September

rivals Monthly
gs in Rupees Crores

September October

October November
2007*

November December

December

2007
2006
February 2004