Dalal Street Journal - Golden 400 Companies India 2008

Buy this book at www.dalalstreetjournal.
com
editor’s desk
Of many gems and few surprises
I
am glad that you hold a copy of the third edition of Golden 400. In fact, we have
index realized that all our products improve in content and quality each year and we
do make a conscious effort to give you the best product. When we launched the
Preface first edition of Golden 400 in 2005, we did not realize that it would become so
6 special to our readers and they would wait for its release each year eagerly. As it
Legend has become the favourite reference book in your library, for us it is a passion to com-
8 pile this valuable resource.
The product that you see is the result of thousands of man-hours and meticulous
Interviews
62 planning. As usual, our list of Golden 400 is special as this is the only ranking in the
country that uses three important parameters to rank companies so that the toppers
Advertiser Index are indeed the real winners. Our three parameters are sales, net profit and market cap,
435 each having equal weightage. This ensures that the list that we represent command 90
Master Ranking per cent of the country’s market cap. No wonder this list is a real flag bearer of India
438 in the international market.
For an investor, this book is ideal to understand the basics about companies as it
Editorial Index
443 gives away quarterly trend, bonus and dividend history, products companies man-
ufacture, raw materials they consume and other important data and ratios which
Methodology otherwise are not available anywhere in the world in a single book. Remember, the
447 compilation follows a scientific method.
This time, Reliance Industries, which did not even make it to the top five last year,
Feedback Form
448 holds the first rank. However, I did predict in my last edit that Reliance would surely
be in the top five by the time we would come out with the next edition. Reliance is
the only company from the private sector to figure in the top five. PSUs have bagged
the remaining ranks. In fact, in top 10, only four companies (last year there were six)
are from the private sector. This shows the dominance of the PSUs in the blue chip
companies of the country. This is despite no divestment policies by the government.
While I feel Reliance will continue to occupy the top slot even next year, domi-
nance by PSUs will surely come down. May be in the next five years, we will see
companies in the Top 10, which are at present not listed or not even incorporated.
India is going to produce some of the best entrepreneurs in next decade, as capital
availability for the start-up is easy due to Private Equity Players as well as booming
primary market. These start-up companies will amass wealth for investors. Just to cite
a few examples: Bharti Airtel and India Bulls were nowhere in the picture 10 years
back but today they are leading from the front in their respective industries. So, as a
smart investor, catch the companies that are young, to grow your portfolio.
This excellent book would not have been possible without great inputs from
Ravishankar Panda, our Senior Asstt. Editor. He interviewed many CEOs for the
book and according to him today CEOs want to deliver growth for all its stake-
holders. They have fire in their belly to capture the world and hence their vision
is not pan India but pan world. I am sure many of the companies from the list
will become MNCs in the true sense as we move along.
But before I sign off, my sincere thanks go to M S Akhtar, the Project Facilitator,
who has worked relentlessly to make this project a success. I also thank the com-
plete space selling team headed by Girish Vasekar in Mumbai, Sanjay Seth in Delhi,
Bhaskar Joshi in Hyderabad, Raja Raman in Bangalore and all others who helped to
make this book an excellent treasure chest for the investment community.
170 CCMD,
P Swarnkar
Syndicate Bank
Sunil Damania
Managing Editor
Buy this book at www.dalalstreetjournal.com

legend
Quarterly
Net Income : Operating Income
Other Income : Other Recurring Income
Operating Profit : (Operating Income-Stock Adjustment) + Raw Material
Consumed + Power & Fuel + Employee Expenses + Excise + Admin & Selling Expenses +
Research And Devlopment Expenses + Expenses Capitalised + Total Expenditure +
Bank Provisions Made
PBDT : Tax Charges + Reported PAT
Tax : Tax Charges
PAT : Reported PAT
OPM(%) : Operating Income-(Stock Adjustment + Raw Material Consumed + Power & Fuel + Employee
Expenses + Excise + Admin & Selling Expenses + Research & Devlopment Expenses +
Expenses Capitalised + Total Expenditure + Bank Provisions Made) / Operating Income
NPM(%) : Reported PAT / (Operating Income + Other Recurring Income)
Balance Sheet Trend

Equity : Equity
Reserves : Free Reserves and Surplus+Other
Reserves Loans : Secured Loans + UnSecured Loans + Borrowings By Bank + Bank Deposits
Others : Pref Capital + Share Appl Money
Net block : Net Block + Intangibles + Capital WIP
Investments : Investments
Working Cap : Cash & Bank Balance + Money At Call Short Notice+Advances+Current Assets - Curr Liab & Prov
Others : Misc Exp Not Written Off
Annual Trend
Net Sales : Operating Income
Other Income : Other Recurring Income
Operating Profit : Operating Profit
Gross Profit : Adjusted PBDIT-Interest
PBT : AdjustedPBT
Tax Charges : Taxation
Reported Net Profit : Reported PAT Cash Flow from
operating Activity : Net Cash Flow Oprtng Activity
EPS (Rs.) : Reported EPS
Cash EPS (Rs.) : Reported Cash EPS Cash Flow from
Operations per share : Net Cash Flow Oprtng Activity / Number of Equity shares
OPM (%) : (Operating Profit / Operating Income)*100
RONW (%) : Reported Return On Net Worth
ROCE (%) : Return On Long Term Fund
Debt/Equity : Long Term Debt Equity Exports as percent of Total Sales
: (Foreign Exchange Earnings / Operating Income)*100
Net forex Earnings : Foreign Exchange Earnings - Foreign Exchange Outgo

interview
Dilip Modi
Group President and Head, Global Operations
Spice Communications
‘Spicing Growth With

Spice Advantage’
Spice is among the top six GSM What helped you notch substantial growth in the last finan-
operators in India with GPRS-enabled cial year?
We are focussed on the two most attractive mobile markets,
network and is poised to take the lead Punjab and Karnataka. We are a very strong player in Punjab,
where there is intense competition between seven players; cur-
in the evolving mobile eco-system. rently, we are number two in Punjab. In Karnataka, the focus
It is the first company to provide was to roll out more by increasing network coverage, as cover-
age was much smaller than in Punjab. So, increased coverage
unique VAS solutions and retails the has given us subscribers’ growth which in turn has given us
revenue growth. So the key drivers are investment in Network
entire spectrum of mobile devices. coverage, Brand, and in distribution which has shown results as
S
pice Communications using the brand name we have grown by 67 per cent in terms of subscribers’ growth.
Spice Telecom is presently operating cellular
phone services in Punjab and Karnataka. What are growth drivers for Spice Communications?
The company is part of the business con- The growth drivers for Spice Communications are –
glomerate in India that covers the entire Network coverage, Effective brand positioning, Distribution,
mobile value chain, Dilip Modi, Group President and Aggressive pricing and a host of Value added services.
Global Operations – Head chalks out his plans, strategies
and vision for Golden 400. Excerpts: What are your USPs?
68

interview
Our USP is that we are a 360º mobile customers. On the operating side, there
telephone company where innovation is should be a cost effective model; also,
the key. Spice is young, vibrant and the infrastructure sharing will be a driver for
next generation mobile company. the industry going forward.
What initiatives are you taking to What are your plans of providing
enhance your overall presence in India value-added services in order to woo
in terms of retailing? more customers?
As mentioned earlier, we have Value-added Services for us would
applied for licenses throughout the be the main differentiator. We were
country. Presently we are investing a lot among the first to offer subscribers call
in retail, through our one stop Mobile filter services, back ground music ser-
shop – HOTSPOT. We have already vice, Mobile radio service, etc.
opened 200 shops across the country
and by year end we would like to take We want to make Any diversification plans?
the number to 450-500. These stores From the group’s perspective, it will
will act as one stop mobile shop where Spice the most all be mobility linked. We are excited
people will get a handset of their own preferred and about the mobile eco system. It is all
choice, a piece of accessory they desire, about mobility, so diversification will be
after sales service, etc. admired brand for with respect to mobility.
What kind of growth in terms of num- Mobile services in What top line and bottom line growth
ber of subscribers are you vying for? the country. Anything do you expect this financial year?
In Punjab, our market share is close We have a January-December finan-
to 24 per cent and in Karnataka it is close you want to do with cial year and our half yearly results show
to 10 per cent. The number of subscribers a healthy top line growth of 40-50 per
right now is 350,000 (200,000 last year) a mobile, you can do cent and a very good PAT.
and we have shown a growth of 67 per with Spice Mobiles.
cent. We are adding 100,000-150,000 What is your target turnover for
subscribers every month. We would like 2010?
to be the No 1 or No 2 player in the
Dilip Modi, That will depend on how many sec-
market that we operate in right now. Group President and Head, tors we get entry into. On the two circles
Global Operations that we are operating in now, we expect
What are you doing to establish the Spice Communications 40 per cent Y-o-Y growth for the next 3
brand name? years and 8-10 per cent Q-o-Q growth.
We are investing in areas which will help us to get market
share. One important area that we are investing in, is retail; What risk and challenges do you foresee?
we plan to be in every market in India, through our mobile Well, the challenges would be the type of competition that
store HOTSPOT. Secondly, we are expanding our distribution we face; the price model of the competitors would be another
reach and our brand reach through our mobile phone business, challenge, if they are irrational price models. To what extent
which is Spice Mobile. Thirdly, we are investing in Customer the industry shares infrastructure, shares cost and services, is
Care and contact centre infrastructure. Fourthly, a host of value another risk/challenge.
added services are being offered to subscribers to gain from the
Spice Advantage. It is like you can do more with Spice Mobiles What is your vision for Spice?
than anybody else. So, we are positioning ourselves as a young, We want to make Spice the most preferred and admired
vibrant, next generation mobile service provider. brand for Mobile services in the country. Anything you want to
do with mobile, you can do with Spice Mobiles.
What does the current and future outlook of the Indian

Telecom industry look like? Any message for investors?
Well, there will be much more competition, which will in We will be very prudent with our investments; and not
turn benefit customers because companies will go out of their invest in things that don’t give us returns. Our fundamentals
way to woo them. From the industry point of view, it is a 6-7 are very strong and we will continue to drive robust growth to
million market a month. It will be an equal opportunity market attain good profitability. We have a strong partner in Telecom
for everyone to grow; the relative growth will depend on how Malaysia and we have strong vendor partners in China, Taiwan
efficiently people deliver on the various elements, what are the and Europe. Spice is the next generation mobile company and
areas of businesses one focuses on. For us, it is innovation and investors will ride that growth z
70

interview
Onkar S Kanwar,
CMD, Apollo Tyres
‘Top Quality, Technology And

People: Success Mantras’
What are the growth drivers for your company?
Apollo Tyres has been a leading In general, when the Indian economy does well, our growth
tyre maker since inception in 1975. possibilities increase. However, specifically in tyres, what mat-
ters is the pace of growth in our country’s road network. As
The one billion dollar company is better national highways coming up, and modern commercial
credited with many firsts in the vehicles and a range of passenger vehicles being introduced, I
would say we are well poised for the next few years.
Indian tyre industry.
F
Tell us about the acquisition of Dunlop Tyres, South Africa.
lagship of the Raunaq Group, Apollo What kind of exposure are you getting from this acquisition?
Tyres is a leading manufacturer of auto- Dunlop Tyres in South Africa has brought us numerous
mobile tyres, tubes and flaps. Its product areas of synergy in people, markets, products, technology
range includes truck and bus tyres, light and areas of expertise. Dunlop now allows us to be present
truck tyres and radials, passenger car radials, farm tyres and in two key African markets as a local manufacturer and have
Apollo Tyres
radials. Under the energetic leadership of Onkar S Kanwar, a substantial presence in other African markets. Dunlop’s
Chairman and Managing Director, Apollo Tyres is aim- truck-bus radial, off-the-road tyres and high speed passenger
ing to become a US $2 billion company. He chalks out his car tyre technology and products have added to our existing
strategies for increasing corporate value through profitable expertise in these categories. Through Dunlop we also have a
growth, to Golden 400. Excerpts: substantial presence in the European markets, which is a key
124

interview
area we are looking at in future. of high speed passenger car tyres with the
W and Z speed-rated Acelere Sportz and
Of late, the automobile industry is suf- Aspire. This resulted in Apollo having
fering from increasing interest rates and the widest range of passenger car tyres in
appreciation of the rupee. How is this India. Early in the year, we have brought
affecting your business? in the Regal truck-bus radial tyres and
We are fortunate that the higher added to our commercial vehicle portfo-
interest rates have not had an impact lio. On the traditional cross-ply commer-
on us as a company or industry. Yes the cial vehicle side, we came out with the
commercial vehicle segment has seen Champion FS which is a fuel saver.
some production downturns but we We are working with BEML
do not foresee this impacting us in the to produce for them off-the-road
near future, as long as the infrastruc- tyres and are looking to add to our
ture sector continues to grow at the radial truck-bus range, and the small-
pace it has been doing in recent years Our vision is to be er sizes of the light commercial and
and freight movement by road contin- passenger car tyres.
ues to take place. a significant global
What have been your company’s core
The market is witnessing volatility in
player in the next focus areas?
oil prices and raw materials. What strat- few years and to be Well, in terms of products we were
egies are you adopting to keep your a very commercial vehicle dominated
products cost effective? recognized as a tyre company. That has all changed in the
In the tyre industry, fluctuations in maker with some of past few years with the addition of farm
natural rubber, crude and steel prices radials, specialty and an excellent range of
are a constant source of pressure. In the best products passenger car tyres.
the past, we have had to resort to some But speaking from an overall per-
price hikes to counter this. However and services. spective, we are looking at three
on an on-going basis, our efforts are Onkar S Kanwar, key areas of excellence – Quality,
focused internally through de-bottle- CMD, Apollo Tyres Technology and People. We have set
necking, machine utilisation for maxi- ourselves very high standards, bench-
mum capacity, ways and means of marked against the best in India and
bringing down our manpower and energy costs. These have globally, and are positive of becoming standard bearers in
all paid dividends in terms of effective cost management and these areas.
we will continue to focus on them in future too. We feel these are the three key pillars, which will allow us to
grow at a pace outstripping others and ensure that we are able
What initiatives are you taking for better plant efficiency and to continue to deliver on those growth rates.
capacity expansion?
As I mentioned this is an area of continued focus for What is your target turnover for 2010?
us. We are looking at capacity increases by achieving better By the year 2010, we will be a US $2,010 million company,
economies of scale with a focus on areas which have lower or in other words, more than a two billion dollar company.
conversion costs. This brings up the entire manufacturing
base. We also undertake strategic sourcing of materials to What are the key challenges that your company is facing cur-
ensure best and often customised products at competitive rently?
prices. On the manpower side, our productivity levels have Managing raw material prices is a constant challenge that
been improving year-on-year. I can proudly say that we have we grapple with. Ensuring sustainable growth which brings in
the best kg per man hour production in the industry. opportunities for all levels of employees is also something we
Last but not least, efficient and best energy usage across are looking to address. And of course there is the challenge of
our plants is a passion for us; and our constant endeavour is to recruiting the best people for the best jobs alongside managing
bring down our energy conversion costs. We utilise wind and a certain level of attrition.
gas alongside traditional sources and have recently entered into
an agreement with GAIL for generating energy from steam by What is your vision for the company?
Apollo Tyres
trapping GAIL’s waste heat. Our vision is to be a significant global player in the next few
years and to be recognized as a tyre manufacturer offering some
What are your plans for the diversification of the of the best products and services. We also believe that in this
product range? process we need to contribute positively to all our stakeholders
This is an on-going process. Last year, we increased our range and make a difference to the communities we operate in. z
126

interview
Ashok Soota
CMD, MindTree Consulting
‘Creating New Domains

of Success’
MindTree Consuling, a foreknown shares his insights and vision for the company with Golden
400. Excerpts:
IT company, believes in delivering
affordable business solutions of What factors helped you to register an impressive perfor-
mance in the last financial year?
international quality through global It is a combination of different factors: strong demand
environment; our focus on being consulting-led on the IT
software development. services business and IP-led on the R&D business; healthy base
of supportive customers, including 36 Fortune customers and
H
eadquartered in Bangalore, MindTree strong culture and people brand, which enable us to attract and
Consulting is a leading IT company retain top quality talent.
MindTree Consuling
which provides IT and R&D services

across the world. The core focus areas What are the growth drivers for MindTree Consulting?
of the company in IT segment include travel and leisure, Our strategy to drive growth includes a combination of –
manufacturing, banking and financial services while under expanding geographical footprint; focussing on certain industry
R&D services, the company is catering product realization segments and niches within; strengthening our service offering
services to product companies in the technology field. Ashok – be it better understanding of our customer’s business domain
Soota, Chairman and Managing Director of MindTree has or re-usable technology frameworks and building blocks, and
been pivotal to the tremendous success of the company. He deepening relationships with our customers. In addition, we
144

also look at inorganic opportunities to What HR initiatives are you taking
supplement our offerings and strength- to keep the attrition rate low?
en our market position. We have always had a strong focus
on building a people friendly orga-
Tell us about your recent alliance with nization. Consistent with our people
Borland Software and CIT Group. focused philosophy; we refer to them as
Are you planning for any acquisition? “people” or “MindTree Minds” and not
The relationship with Borland as “employees” or “resources”. We have
was to develop a center of excellence a transparent evaluation system for both
in the testing space, while CIT is a performance and potential that seeks
customer for us in the BFSI space. individual development plans to build
Both are key relationships. We have capabilities and further competence. We
stated that acquisition will be a part focus on “performance management”
of our growth strategy. We will con- rather than “reviewing performance”
tinue to look for potential targets through performance appraisals, pro-
that can help us enter a new domain/ We want to be a fast viding input on leadership qualities,
industry or strengthen our services growing, differentiated, mentoring and periodic reviews of career
in areas where we are already offering alignment and planning.
our services. successful and globally
What is your target turnover for 2010?
What was your export revenue in admired software For the year 2007-08, we have
the last financial year? What kind of services company. Our guided to revenues in the range US
growth are you vying for in the cur- $178-180 million, which represents a
rent financial year? ambition is to grow Y-o-Y growth of about 36 per cent. We
For the FY07, our total income was are aiming for industry leading growth
about US $132 million (i.e. Rs 598
above the Indian IT in the next few years. While we achieved
crore). For the year 2007-08, we have industry average, be our first US $100 million revenue year
guided to revenues in the range of US in a record time of six years, the next
$178-180 million, which represents a a preferred employer target we have set for ourselves is US $1
Y-o-Y growth of about 36 per cent. and maintain our high billion. However, no specific time frame
has been decided.
What kind of strategies are you adopt- customer satisfaction.
ing for hedging yourself against stron- What kind of risks and challenges are
ger Rupee? Ashok Soota, you expecting to meet this target?
We have a board-approved CMD, MindTree Consulting We are seeing strong demand
policy for the use of foreign momentum and are confident of meet-
exchange hedges to mitigate ourselves against currency ing the revenue guidance this year. The profit guidance is sensi-
fluctuations. As on June 30, we had about US $69 mil- tive to the US $ /Re exchange rate.
lion of hedges. We monitor the currency movements
closely and take additional steps to protect ourselves as and What is your vision for MindTree Consulting?
when required. We want to be a fast growing, differentiated, successful and
globally admired software services company. Our ambition is
What kind of businesses are you vying for the recently to grow above the Indian IT industry average, be a preferred
launched IMTS business? employer and maintain our high customer satisfaction.
IMTS is our newest service offering and straddles across
both IT services and R&D services business. It is one of the Any message to the investors.
fastest growing services in MindTree. We are a differentiated software services company, high
value added through our consulting-led approach in IT ser-
What have been your focus areas in the recent times? vices and IP-led approach in R&D services, very strong people
Areas where we are currently investing in are: practices, which have given us preferred employer rankings
• For our growth in Japan consistently in several industry surveys, with highly satisfied
• Venturing into the new countries in Europe customers. We follow the highest standards of corporate gover-
• In banking segments across the world nance and transparency. We have an experienced, reputed and
• New industry verticals where we will enter in future credible management team and a strong board. We see strong
• Developing new intellectual properties in ultra wide opportunities ahead which MindTree is well positioned to
band technology exploit and capture for sustained growth. z
145

interview
Pradeep Jain
Chairman, Parsvnath Developers
‘Setting New Standards’

Parsvnath Developers is emerging in the last financial year?
as a dominant force in the Real We are an organized and professionally managed company
with national presence but regional focus. Because of our cre-
Estate sector. The company is dentials as a reputed real estate developer we enjoy the custom-
er’s confidence. We have a large and dedicated customer base.
setting standards in the construction The good performance also can be attributed to our very strong
industry by creating landmarks one marketing network and a strong project monitoring system,
which enables us to deliver projects in a timely and cost efficient
after another across 17 states of manner. Our diversified business model across all verticals with-
in the real estate sector and our transparent and efficient system
the country. of procuring materials also have made substantial contribution
P
arsvnath Developers is a leading real estate com- to our growth. We have been successful in identifying emerging
pany with a pan India presence. It is working in markets and assess the potential of a location for implement-
Parsvnath Developers
the diversified segments from residential to coming our projects. Most of the times, we enjoy the first-mover
mercial buildings, townships, hotels, IT parks, advantage because of our ability to spot opportunities. Control
SEZs, infrastructure projects, etc. Under the able leadership on quality, delivery and cost through in house construction and
of visionary Pradeep Jain, Chairman, the company is setting centralized purchase has been a regular feature of our company
footprints not only in India but is also planning to venture into which improves our performance at all levels.
offshore real estate development. He discusses his strategies and
vision for the company with Golden 400. Excerpts: What are your USPs?
Our USPs are:
Which factors helped you achieve remarkable performance • National player with regional focus.
152

• Ability to spot opportunities result- as 9 projects of “5 Star” category of
ing in first-mover advantage. hotels, 2 projects of “4 star” category,
• Large and dedicated customer base. 5 projects of “3 Star” category and one
• Control on Quality, Delivery and serviced apartment.
Cost through in-house construc- • Multiplexes: We are developing
tion and centralized purchase. 114 Multiplex Screens across India.
• Diversified portfolio across all These will be a part of Commercial
verticals. development and select Metro Malls.
• SEZs: PDL have approvals for 12
Which areas have been your focus SEZs from the Ministry of Commerce,
areas in recent times? we have received the notification for
We are primarily into residential, three SEZ’s (Indore, Gurgaon and
Shopping Malls, Hotels, SEZ. Dehradun).
You have a presence in more than

17 states. What are your plans for
We would like to be Of late, increasing interest rates is
affecting construction industry
increasing this number? one of the leading adversely. What strategies are you
We are pan-India company with adopting to hedge yourself?
projects now in 17 states and 48 cities corporate houses They have definitely burnt a deep-
and we plan to expand our footprint to with multinational er hole in the end users pocket. Bit in
newer locations across India to 20 states this scenario end users are left with no
and 250 cities. presence. What option than to purchase the property.
If they wait for the interest rates to
Tell us about the status of your vari-
we have acquired come down, their interest rates might
ous projects. in India in 20 years, fall but the property prices might rise.
Current projects aggregate a sale- However, the investor community is
able area of over 159.84 million sq ft we plan to achieve keeping away from the market.
including 27.96 million sq ft of three internationally
notified SEZs and two SEZs with What are your future expansion/
formal approval. The construction and in 5 years. diversification plans?
development work has already com- We plan to cover 20 states and 250
menced on 74 million sq ft. Currently Pradeep Jain, Chairman, cities – so we want to expand to more
PDL has 110 ongoing projects in 48 Parsvnath Developers towns in mainly those states where
cities and 17 states, bifurcation of few we have our presence. Now, the focus
of which is given below: will remain towards the south and the west of India – states
• Residential: We have successfully completed and like Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and
handed over 12 projects. We have 35 upcoming proj- Maharashtra. For example, there are many towns in Kerala,
ects with saleable area of 33.67 million sq ft. where big developers have not yet entered. Similarly, we are
• Commercial: We have successfully handed over 10 already in Mysore and a few other cities of Karnataka.
projects. We have 22 upcoming projects with saleable PDL has decided to venture into offshore real estate develop-
area of 4.73 million sq ft. ment in countries like UK, Singapore, UAE, Muscat, Bahrain
• Integrated Township: currently engaged in 18 projects and Mauritius. PDL also plans to diversify into Telecom.
with saleable area of 77.55 million sq ft.
• IT park: Integrated commercial complexes for IT/ What is your target turnover for 2010?
ITES and BPO Industry, we are currently engaged in Our growth rate is about 130-140 per cent on YoY basis.
5 projects with saleable area of 9.13 million sq ft.
• Delhi Metro Rail Corporation (DMRC): PDL has What is your vision for the company?
scaled up its projects and entered into concession We would like to be one of the leading corporate houses
agreements to develop shopping malls on 13 stations with multi national presence. What we have acquired in India
owned by DMRC on a BOT basis. These malls have in 20 years, we plan to portray Parsvnath Developers interna-
total developable area of 2.31 million sqft. PDL has tionally in 5 years.
already completed six of these projects covering 0.33
million sq ft. Any message to the investors…
• Hotels: PDL is currently engaged in total of 17 projects Investors satisfaction and to fulfill our commitments is our
with an area of 2.27 million sq ft in different categories message to all. z
153

Associate Sponsor
RANK financial snapshot

399 Spice Communications Registered Office : 60-D Sainik Farms Khanpur,
New Delhi - 110062
Spice Communications, a leading cellular phone services provider Tel: 65469839 - 43, Fax: 29552642,
with a major presence in Punjab and Karnataka, is among the top six Email: complianceofficer@spiceindia.com
private GSM operators in India with GPRS enabled network It has CEO: Dilip Modi
tie-ups with over 448 international operators across 208 countries. Business Group:
The company covers the entire mobile value chain, from providing Industry: Telecommunications - Service
mobile telephony services and manufacturing mobile handsets to
developing VAS solutions and retailing the entire spectrum of mobile High/Low Trends
devices. In the first six months of financial year 2007-08, the compa- 2007 2006 2005 2004 2003
ny posted net sales of Rs 483.9 crore and the other income con-
tributed Rs 35.93 crore. The OPIDBT stood at Rs 105.3 crore. It is BSE 67/45
now poised to take a lead in the evolving mobile eco-system. NSE
Product Mix (Year = 2007) Financial Highlights (Rs. Crore)

Product Name Sales Qty UoM Sales Product FY07 FY06 FY05 FY04 FY03
Value Mix
Sales 483.9 - - - -
NA NA NA NA NA Oper. Profit 105.3 - - - -
PAT -5.1 - - - -
Equity - - - - -
EPS - - - - -
B.V - - - - -
Investor Returns Last Five Quarters (Rs. Crore)

FY06 FY05 FY04 FY03 FY02 Jun07 Mar07 Dec06 Sep06 Jun06
Rights Issue N.A. N.A. N.A. N.A. N.A. Sales 252.18 231.75 213.71 184.35 176.40
Oper. Profit 61.40 48.29 47.71 40.19 40.01
Splits N.A. N.A. N.A. N.A. N.A.
Net Profit 5.53 0.42 -14.67 -24.80 -10.87
Dividend (%) N.A. N.A. N.A. N.A. N.A. Equity 689.93 576.81 576.81 551.94 551.94
Bonus ratio N.A. N.A. N.A. N.A. N.A. EPS - - - - -
RANK
400 Anant Raj Industries Registered Office : 85.2 Km. Stone, Delhi - Jaipur Highway,
Village Bhudla, Rewari District, Haryana - 123401
Anant Raj Industries business comprises of manufacturing of Tel: 249374 249376, Fax: 249373,
ceramic tiles and construction and investment in hospitality sector. Email: -
The company reported phenomenal growth in operating income to CEO: Anil Sarin
Rs 165.24 crore for FY'07 from Rs 20.65 crore in FY'06. Hence, Business Group: Not Applicable
the net profit registered a significant rise by 275.87 per cent to Rs Industry: Construction and Contracting - Real Estate
105.62 crore from Rs 28.1 crore. The company is planning to erect
16 hotels in the four and five-star categories in the NCR. The com- High/Low Trends
pany's 50:50 JV with Reliance ADA Group has started two hotels 2007 2006 2005 2004 2003
and one SEZ project in the NCR. It had bought the land for Rs 500
crore approximately. It collaborated with Aitken Spence, a Sri Lankan BSE 1620/936 1475/372 364/8 13/2 7/2
hotel chain to manage the hotels and infusing nearly Rs 700 crore. NSE 1600/940 1467/833
Product Mix (Year = Mar 2006) Financial Highlights (Rs. Crore)

Value Mix
Sales 20.65 22.51 28.66 18.18 15.40
Ceramic Floor & Wall Tiles 1585399.00 Sq Metres 21.91 100.00 Oper. Profit 3.88 2.73 3.93 2.10 1.55
PAT 28.08 0.29 0.62 3.90 0.79
Equity 21.79 19.29 19.29 13.49 13.49
EPS 12.89 0.15 0.32 2.89 0.58
B.V 40.14 11.41 11.26 11.34 10.71

Oper. Profit -2.37 2.62 65.57 2.25 1.33
Net Profit 73.54 1.12 42.30 27.03 20.02
Dividend (%) 25 N.A. N.A. N.A. N.A. Equity 41.35 35.78 34.28 25.28 25.28
Bonus ratio N.A. N.A. N.A. N.A. N.A. EPS 17.79 0.31 12.34 10.69 7.92
434

Associate Sponsor

299 Jaiprakash Hydro-Power Registered Office : JUIT Complex,, Waknaghat,
P.O. Dumehar Bani, Solan, Himachal Pradesh - 173215
Jaiprakash Hydro-Power is a part of Jaypee Group and a sub- Tel: 2670601, 2671554, 2671557, Fax: 2670883,
sidiary of Jaiprakash Associates Ltd. It was incorporated with the Email: jhpl.investor@jalindia.co.in
object of implementing 300 MW Baspa-II HEP at district Kinnaur in CEO: Manoj Gaur
Himachal Pradesh. During FY'07, the operating income increased to Business Group: Jaypee Group
Rs 335.77 crore from Rs 277.55 crore, with an improvement of 21 Industry: Power - Generation/Distribution
per cent. The net profit jumped by 37 per cent to Rs 199.54 crore
from Rs 145.68 crore. The company is likely to invest in the equity of High/Low Trends
a JV Company namely Jaypee Powergrid with Power Grid 2007 2006 2005 2004 2003
Corporation of India for developing a Transmission System to evacu-
ate power to be generated by 1000 MW Karcham Wangtoo Hydro BSE 85/26 40/22 38/27
Electric Project in Himachal Pradesh. NSE 85/26 40/22 37/27

Value Mix
Sales 335.77 277.55 304.99 300.02 0.00
Electricity - 335.77 100.00 Oper. Profit 304.14 251.99 281.66 273.89 0.00
PAT 199.54 145.68 51.10 57.91
Equity 491.00 491.00 491.00 491.00 460.00
EPS 4.06 2.97 1.04 1.18 0.00
B.V 19.35 14.16 10.65 10.79 9.37

Oper. Profit 88.39 72.01 39.32 103.73 77.75
Net Profit 50.39 48.22 2.50 58.83 35.99
Dividend (%) N.A. N.A. 7.5 N.A. N.A. Equity 491.00 491.00 491.00 491.00 491.00
RANK
300 KSKS Oils
Registered Office : Jiwaji Ganj, Morena District,
Madhya Pradesh - 476001
Oils posted a growth of 78.81 per cent in the operating Tel: 233951, 233959, 505051, Fax: 505060,
income to Rs 1,087.47 crore for FY'07. The net profit stood at Rs Email: mail@ksoils.in.
57.32 crore from Rs 15.17 crore, registering a phenomenal growth CEO: Sanjay Agarwal
of 277.85 per cent. The company stepped into a JV in Malaysia, Business Group: Not Applicable
wherein the company will hold 49 per cent stake for enabling the Industry: Edible Oils & Solvent Extraction
long-term objective of backward integration. It is planning to set-
up a refining plant at Haldia, at an investment of Rs 100 crore, with High/Low Trends
a capacity of 500 TPD. Further, it is in the process of setting up five 2007 2006 2005 2004 2003
more Greenfield units involving an investment of Rs 400 crore.
Besides, KS Oils would diversify into wind power generation at a BSE 548/49 321/92 112/23 36/6 19/2
cost of Rs 200 crore. NSE 548/49

Value Mix
Sales 1087.47 608.18 452.46 467.95 335.59
Oil 203036.00 Metric Tonnes 953.23 87.65 Oper. Profit 94.10 29.89 15.70 13.53 13.47
De-oiled Cakes 147054.00 Metric Tonnes 80.20 7.37 PAT 57.32 15.17 3.36 2.26 1.81
Ghee Vegetable (Vanaspati) 9428.00 Metric Tonnes 44.97 4.13 Equity 22.09 8.45 4.95 4.95 4.94
Goods Traded - 7.35 0.67 EPS 25.95 18.07 6.87 4.53 3.61
Power 4632383.00 KWH 1.74 0.16 B.V 73.85 55.71 49.15 40.66 35.70

Oper. Profit 45.70 33.69 30.61 16.10 12.59
Splits 10/1 N.A. N.A. N.A. N.A.
Net Profit 23.61 21.04 20.21 11.10 8.51
Dividend (%) 15 12 10 N.A. N.A. Equity 22.09 22.09 22.09 9.40 8.39
Bonus ratio N.A. 1:1 N.A. N.A. N.A. EPS 1.07 9.52 9.15 11.81 10.14
384

Associate Sponsor

199 Gitanjali Gems Registered Office : 801/802, Prasad Chambers,, Opera
House, Mumbai, Maharashtra - 400004
Gitanjali Group is one of the earliest diamond houses in India and Tel: 40362222, Fax: 23630363,
now achieved a distinct position of one of the largest diamond export- Email: investors@gitanjaligroup.com
ing companies in India. It captures the entire value chain right from CEO: Mehul C Choksi
sourcing to branding and marketing it to customers. During FY'07, Business Group: Not Applicable
the operating income surged by 36.9 per cent to Rs 2,219.26 crore. Industry: Diamond Cutting/Precious Metals/Jewellery
Following this, the operating cost jumped by 37.2 per cent to Rs
2,100.49 crore. The change in the net profit was significantly higher High/Low Trends
than that of top line reflecting the improvement in efficiency, as the 2007 2006 2005 2004 2003
net profit surged by 71.3 per cent to Rs 81.90 crore. The company has
made its foray into the software technology and telecom business through BSE 354/177 268/108
the incorporation of a wholly owned subsidiary "Ivida Technologies Pvt Ltd". NSE 355/177 267/108

Value Mix
Sales 2219.26 1621.26 1353.84 1306.11 1172.08
Diamonds 2736011.22 Carats 1249.68 77.55 Oper. Profit 118.78 90.80 32.83 36.30 47.58
Jewellery 1725328.44 Grams 307.19 19.06 PAT 81.90 47.80 8.76 11.49 18.46
Bullion 808.00 Kgs 54.48 3.38 Equity 59.00 59.00 30.01 30.01 30.01
EPS 13.88 8.10 2.92 3.83 6.15
B.V 128.64 120.08 82.21 79.29 74.74

Oper. Profit 42.48 23.94 35.79 28.54 30.50
Net Profit 32.83 13.72 24.83 22.25 21.10
Dividend (%) 15 10 N.A. N.A. N.A. Equity 60.55 59.00 59.00 59.00 59.00
RANK
200 Patel Engineering Registered Office : Patel Estate Road,, Jogeshwari
(West),Mumbai, Maharashtra - 400102
Patel Engineering, a Mumbai-based engineering and construction Tel: 26782916, 26782560, Fax: 26782455/26781505,
firm, has reported an increase of 37.67 per cent in operating income Email: headoffice@pateleng.com / ho@pateleng.com
to Rs 1,103.57 crore for FY'07. Operating expenses also reported a CEO: Rupen Patel
growth of 36.89 per cent to Rs 952.42 crore while net profit stood at Business Group: Patel's Group
Rs 108.11 crore, representing a growth of 53.98 per cent. Further, it Industry: Construction & Contracting - Civil
has bagged many orders like order worth Rs 518 crore from NHAI,
order worth Rs 156.68 crore from Brihan-Mumbai Municipal High/Low Trends
Corporation. As part of its expansion plan it plans to set up a 1200 2007 2006 2005 2004 2003
MW Plant near Bhavnagar with a proposed investment of Rs 5,000
crore. In a bid to unlock value, it has floated a real estate arm, Patel Realities BSE 490/293 635/222 369/70 608/62 364/119
India (PRIL). NSE 520/290 634/221 369/126

Value Mix
Sales 686.32 464.42 357.62 234.47 221.16
Income From Construction Work - 672.43 97.97 Oper. Profit 108.81 66.65 46.27 33.93 38.88
Income From Real Estate Develop.103483.85 Sq Yard 13.89 2.02 PAT 72.47 38.96 22.85 17.99 23.20
Equity 5.00 4.86 2.43 2.43 2.43
EPS 14.49 8.02 47.02 37.01 47.72
B.V 38.91 26.61 197.29 155.77 134.66

Oper. Profit 35.84 45.59 41.89 30.73 31.82
Splits N.A. N.A. 5/1 N.A. N.A.
Net Profit 26.36 33.95 29.17 25.04 19.96
Dividend (%) 130 100 100 100 100 Equity 5.96 5.96 5.97 5.97 5.97
Bonus ratio N.A. N.A. 1:1 N.A. N.A. EPS 4.42 5.70 4.89 4.20 3.35
334

100 Registered Office : IFCI Tower, 61, Nehru Place,
IFCI New Delhi, Delhi - 110019
Tel: 26487444, 26487622, 51792800/51,
Infrastructure Finance Corporation, has registered a turnaround Fax:26488471, Email: helpdesk@ifciltd.com
performance in 2006-07, during the period operating income of the CEO: Atul Kumar Rai
company grew by 27.14 per cent to Rs 1,997.65 crore whereas the Business Group: Joint Sector Holding
net profit zoomed at an astounding rate. After having recorded a net Industry: Finance - Term Lending Institutions
loss of Rs 177.82 crore the previous year, it posted a net profit of Rs Balance Sheet Trends (Rs. Crore)
898.02 crore, led by excellent top line growth as well as a 3136.22 per Liabilities 2007 2006 2005 2004
cent growth in other income to Rs 258.25 crore. On the cost front, Equity 638.68 638.68 638.68 638.68
interest expended fell by 4.10 per cent to Rs 730.94 crore, and as a Reserves -622.45 -4558.47 -4483.53 -4155.39
Loans 12924.28 13678.18 15024.95 17230.17
percent of operating income it fell from as high as 48.50 per cent the Others 429.27 429.27 429.27 429.27
previous year to 36.59 per cent thereby improving margins. Despite Assets
a phenomenal increase in tax charges to Rs 363.63 crore the bottom Net block 289.09 311.16 330.75 351.26
line zoomed to register its best performance. Currently, IFCI is in the Investments 2170.53 2080.25 2834.83 3563.55
Working Cap 10910.16 7796.22 8438.78 10204.63
process of roping in a strategic investor and has reportedly attracted Others 0.00 0.03 0.91 4.64
bids from several banking and private equity giants. Besides, it is
working on developing a new business model to revive business. It Raw Material Mix (Top 3) (Year = Mar 2007)
will no longer be a pure long-term lender and is looking to diversify Raw Material UoM Qty Cost of Raw Material
its business; it may take equity stake in projects it finances. Already as Name Good Mix
many as 10 domestic and foreign financial institutions and consortia Not Applicable Not Applicable - - -
have evinced interest in picking up 26 per cent stake in IFCI.
Product Mix (Top 3) (Year = Mar 2007) Annual Trends (Rs. Crore)
FY07 FY06 FY05
Product Name Sales Qty UoM Sales Product
Value Mix Net Sales 1982.85 1571.19 1225.88
Income From Finance - 1221.18 77.72 Other Income 56.24 7.98 22.88
Inc. From Sale Of Share & Sec. - 153.27 9.75 Operating Profit 1913.47 398.46 258.82
Interest - 138.28 8.80 Interest Cost 701.53 750.44 945.92
Gross Profit 1268.18 -344.00 -664.22
Quarterly Trends (Rs. Crore) Depreciation 9.02 9.88 17.86
PBT 1229.75 -365.61 -694.14
Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 Tax Charges 363.63 0.28
Net Income 349.95 1052.62 361.66 323.44 252.01 Reported Net Profit 873.71 -177.82 -324.40
Cash Flow from operating Activity 302.60 986.38 428.68
Other Income 135.62 41.47 5.88 2.03 4.30
Equity 638.68 638.68 638.68
Operating Profit 357.98 1149.28 313.81 284.54 175.99 EPS (Rs.) 13.68 -2.78 -5.08
Interest 179.44 181.37 187.77 168.23 193.57 Cash EPS (Rs.) 13.82 -2.63 -4.80
Gross Profit 314.16 1009.38 131.92 118.34 -13.28 Cash Flow from Operations per share 4.74 15.44 6.71
Depriciation 1.68 2.11 2.20 2.45 2.26 Eq. Dividend (%) 0.00 0.00 0.00
PBT 312.48 1031.58 129.72 115.89 -15.54 OPM (%) 96.50 25.36 21.11
Tax 65.62 363.15 0.35 0.06 0.07 RONW (%) 5383.30 0.00 0.00
ROCE (%) 14.66 3.89 2.29
PAT 246.86 668.43 129.37 115.83 -15.61
Debt/Equity 822.77 0.00 0.00
Equity 638.68 638.68 638.68 638.68 638.68 Exports as percent of Total Sales 0.03 0.00 0.01
OPM(%) 102.29 109.18 86.76 87.97 69.83 Net forex Eaarnings -68.28 -50.60 -34.75
NPM(%) 50.83 61.09 35.19 35.58 -6.09 Book Value 0.25 -61.37 -60.21
Investor Returns
FY06 FY05 FY04 FY03 FY02 BSE Code: 500106 z NSE Code: IFCIEQ
CMP: Rs. 96 z F.V: Rs. 10
Rights Issue N.A. N.A. N.A. N.A. N.A.
52 Week H/L: Rs. 105/9
Splits N.A. N.A. N.A. N.A. N.A. PE (x): 6.85
Dividend (%) N.A. N.A. N.A. N.A. N.A. Dividend Yield (%): -
Bonus ratio N.A. N.A. N.A. N.A. N.A.
High/Low Trends
2007 2006 2005 2004 2003
BSE 105/13 15/8 20/9 24/7 28999/22252
BSE 105/13 15/8 20/9 24/7 20/4
284

50 Registered Office : 6, Community Centre,, Saket,
Unitech New Delhi, Delhi - 110017
Tel: 26857330, 26857331, 26965169
Unitech, the largest listed real estate company in India with a Fax:26857338 Email: feedback@unitechgroup.com
market capitalization of over US $7.5 billion as on March'07, reg- CEO: Sanjay Chandra
istered whopping growth of 283.38 per cent in operating income to Business Group: Not Applicable
Rs 2,503.97 crore on the back of overall growth in the sector dur- Industry: Construction & Contracting - Civil
ing FY'07. Operating profit grew much higher at Rs 1,013.6 to Rs Balance Sheet Trends (Rs. Crore)
1,412.45 crore followed by similar growth in net profit from Rs Liabilities 2007 2006 2005 2004
69.64 crore to Rs 983.55 crore. The story continues and the com- Equity 162.34 12.49 12.49 12.49
pany is now taking off in another direction by moving into Airport Reserves 998.66 212.05 161.42 138.20
Loans 3607.17 686.77 323.83 131.65
Development and is scouting for some international players as part- Others 0.00 0.00 0.00 0.00
ners. Unitech has a fancy for foreign partners in most projects it Assets
undertakes. It has tie-up with Canadian company for expressway Net block 72.50 1879.39 1131.48 639.88
and is in pact with a Dutch firm for building a 3.6 km long and 50 Investments 518.92 282.39 166.57 83.39
Working Cap 4176.75 -1250.48 -800.32 -440.93
m high bridge on Hooghly river. Apart from all these, Unitech has Others 0.00 0.00 0.00 0.00
also diversified into hospitality sector and would build 28 hotels
and is also exploring opportunities for 'Project Management' tie- Raw Material Mix (Top 3) (Year = Mar 2007)
ups with foreign players. From being a player operating predomi- Raw Material UoM Qty Cost of Raw Material
nantly in the national capital region (NCR), Unitech is fast widen- Name Good Mix
ing its presence across the length and breadth of the country like its Not Applicable Not Applicable - - -
recent venture into the city of Kolkata.
FY06 FY05 FY04
Real Estate - 2147.65 85.76 Other Income 95.67 21.45 17.41
Consultancy Income - 296.32 11.83 Operating Profit 1412.45 126.84 49.57
Profit On Sale Of Assets - 60.00 2.39 Interest Cost 158.76 32.52 17.76
Gross Profit 1349.36 115.77 49.22
PBT 1344.82 108.05 42.92
Jun - 07 Mar - 07 Dec - 06 Sep - 06 Jun - 06 Tax Charges 361.27 38.48 13.46
Net Income 763.66 848.71 1002.74 384.76 267.76 Reported Net Profit 983.55 69.64 29.92
Cash Flow from operating Activity 0.00 -260.46 87.66
Other Income 25.07 35.44 13.85 7.93 38.45
Equity 162.34 12.49 12.49
Operating Profit 491.18 510.05 695.01 131.40 76.00 EPS (Rs.) 12.12 55.77 23.96
Interest 68.86 74.43 49.49 18.99 15.85 Cash EPS (Rs.) 12.17 58.25 25.67
Gross Profit 447.39 471.06 659.37 120.34 98.60 Cash Flow from Operations per share 0.00 -208.58 70.20
PBT 446.05 469.86 658.03 119.29 97.65 OPM (%) 56.40 19.41 9.73
Tax 98.22 112.77 205.65 19.20 23.65 RONW (%) 84.71 31.01 17.20
ROCE (%) 31.53 15.93 13.02
PAT 347.83 357.09 452.38 100.09 74.00
Debt/Equity 3.11 3.06 1.86
OPM(%) 64.31 60.09 69.31 34.15 28.38 Net forex Eaarnings 0.00 -11.42 -13.28
NPM(%) 44.10 40.38 44.49 25.48 24.16 Book Value 14.30 179.81 139.27
Investor Returns
FY06 FY05 FY04 FY03 FY02 BSE Code: 507878 z NSE Code: UNITECHEQ
CMP: Rs. 328 z F.V: Rs. 2
52 Week H/L: Rs. 357/157
Splits N.A. 10/2 N.A. N.A. N.A. PE (x): 54.13
Dividend (%) 25 10 40 30 20 Dividend Yield (%): -
Bonus ratio 1:1 12:1 N.A. N.A. N.A.
High/Low Trends
2007 2006 2005 2004 2003
BSE 624/239 14799/157 1010/266 343/68 126/38
NSE 623/237 14849/157 1005/265 345/78 127/40
234

Platinum Sponsor
RANK
Registered Office : Bharat Bhavan, 4 & 6, Currimbhoy 25

Bharat Petroleum Corp. Road, Ballard Estate, Mumbai, Maharashtra - 400001
Tel: 22713001 - 004, Fax:22713874 22616793
BPCL is a leading player in the Petroleum sector in the country, Email: info@bharatpetroleum.com
operating refineries in Mumbai and Kochi with a capacity of 12 CEO: Ashok Sinha
MMTPA and 7.5 MMTPA respectively for refining crude oil. Business Group: Public Sector
Further its subsidiary at Numaligarh has a capacity of 3 MMTPA. Industry: Refineries
During FY'07, the company's operating income grew by 27.83 per Balance Sheet Trends (Rs. Crore)
cent to Rs 96,556.85 crore, whereas the cost of sales grew by 25.18 Liabilities 2007 2006 2005 2004
per cent to Rs 93,177.32 crore. As a percent of sales cost of sales Equity 361.54 300.00 300.00 300.00
reduced from 98.54 per cent to 96.50 per cent, thereby operating Reserves 9912.00 8777.88 6088.43 5549.72
Loans 10829.24 8373.60 3881.61 2689.72
margins increased by 204 basis points to 3.5 per cent from 1.46 per Others 0.00 61.54 0.00 0.00
cent during FY'06. Further despite a 92.95 per cent rise in financial Assets
expenses and a 724.91 per cent rise in tax charges to Rs 961.52 Net block 11833.39 11085.47 8348.67 7453.48
crore, the net profit surged by an astounding 519.05 per cent to Rs Investments 7385.42 3877.42 1677.14 1976.97
Working Cap 1883.97 2550.13 244.23 -891.01
1,805.47 crore. The net profit margins improved to 1.86 per cent to Others 0.00 0.00 0.00 0.00
0.38 per cent during FY'06. Effective tax rate increased from 21.30
per cent to 34.75 per cent during the year. Moving forward the Raw Material Mix (Top 3) (Year = Mar 2007)
company through its 100 per cent subsidiary Bharat PetroResources Raw Material UoM Qty Cost of Raw Material
Ltd has signed a share purchase agreement for the acquisition of Name Good Mix
Encana Brasil Pe. The transaction is for the interests in ten deep- Oil Crude Metric Tonnes 17221007.00 31964.64 98.75
Base Oil Kilolitres 97316.00 263.81 0.81
water offshore exploration blocks in four concessions in Brazil.
Others Metric Tonnes 23478.00 71.49 0.22
FY07 FY06 FY05
Middle Distillates 16143082.00 Metric Tonnes 47393.93 57.11 Other Income 768.63 461.61 438.27
Light Distillates 8855785.00 Metric Tonnes 28389.33 34.20 Operating Profit 3717.79 1101.16 1692.22
Others 3624348.00 Metric Tonnes 5708.38 6.87 Interest Cost 477.35 247.41 139.80
Gross Profit 4009.07 1315.35 1990.69
PBT 3104.96 547.34 1394.65
Other Income 434.10 254.70 148.70 220.70 109.10
Equity 361.54 300.00 300.00
Operating Profit 206.00 1273.80 689.20 1713.80 -260.90 EPS (Rs.) 49.94 9.72 32.19
Gross Profit 516.10 1363.70 708.10 1842.50 -242.60 Cash Flow from Operations per share 128.52 45.00 7.80
PBT 288.50 1085.90 459.70 1646.10 -424.10 OPM (%) 3.85 1.45 2.92
Tax 95.80 415.90 156.20 387.60 2.40 RONW (%) 17.57 3.21 15.11
ROCE (%) 28.81 7.40 20.03
PAT 192.70 670.00 303.50 1258.50 -426.50
Debt/Equity 0.21 0.18 0.20
OPM(%) 0.77 4.78 2.59 5.94 -1.02 Net forex Eaarnings -23736.77 -19451.27 -5480.86
NPM(%) 0.71 2.49 1.13 4.33 -1.66 Book Value 284.16 302.60 212.95
Investor Returns
FY06 FY05 FY04 FY03 FY02 BSE Code: 500547 z NSE Code: BPCLEQ
CMP: Rs. 380 z F.V: Rs. 10
52 Week H/L: Rs. 421/282
Dividend (%) 160 25 125 175 150 Dividend Yield (%): 4.21
Bonus ratio N.A. N.A. N.A. N.A. N.A.
High/Low Trends
2007 2006 2005 2004 2003
BSE 448/287 503/291 475/340 533/215 470/187
NSE 400/282 505/291 475/339 533/230 467/185
209

Platinum Sponsor
RANK
Registered Office : 44 & 97A, Electronics City, 11

Infosys Technologies Hosur Road, Bangalore, Karnataka - 560100
Infosys is a global technology service provider that defines designs Tel: 28520261, 28520262, 28520351, Fax:28520362,
Email: mdpai@infosys.com
and delivers IT-enabled business solutions for its clients. During CEO: S Gopalakrishnan
FY'07, the operating income improved by 45.6 per cent to Rs 13,149 Business Group: Not Applicable
crore from Rs 9,028 crore, as the revenue contribution from Europe Industry: Computers - Software
improved from 24.5 per cent to 26.4 per cent, whereas contribution
Balance Sheet Trends (Rs. Crore)
from North America, India and Rest of the World dropped from 64.8
Liabilities 2007 2006 2005 2004
per cent, 1.7 per cent and 9 per cent to 63.3 per cent, 1.6 per cent and Equity 286.00 138.00 135.29 33.32
8.7 per cent respectively. The cost of sales surged by 47.8 per cent to Reserves 10876.00 6759.00 5106.44 3220.11
Rs 8,923 crore, as manufacturing expenses grew by 61.4 per cent to Loans 0.00 0.00 0.00 0.00
Others 0.00 0.00 0.00 0.00
Rs 1,378 crore from Rs 854 crore. Finally, the net profit increased to Assets
Rs 3,783 crore from Rs 2,421 crore. Going ahead, the company Net block 3107.00 2133.00 1494.42 970.30
acquired Philips BPO operations through a US $250 million out- Investments 839.00 876.00 1328.70 1027.38
sourcing contract, which has an expertise in finance and administra- Working Cap 7216.00 3888.00 2418.61 1255.75
Others 0.00 0.00 0.00 0.00
tion space, which will help Infosys leverage the platform to serve its
large number of clients in the banking and insurance space. Further, Raw Material Mix (Top 3) (Year = Mar 2007)
Infosys expanded its operation by creating its first subsidiary in Latin Raw Material UoM Qty Cost of Raw Material
America and opening of the development center and office in Mexico. Name Good Mix
The subsidiary is expected to provide full range of business consulting Not Applicable Not Applicable - - -
and IT services for clients in all industries. Infosys is in talks with the
TV18 group for jointly exploring media outsourcing services.
FY07 FY06 FY05
Software Develop.Charges - 13149.00 100.00 Other Income 333.00 221.00 118.68
Operating Profit 4226.00 2990.00 2326.20
Interest Cost
Gross Profit 4559.00 3211.00 2444.88
PBT 4089.00 2801.00 2175.57
Other Income 255.00 120.00 60.00 66.00 129.00
Equity 286.00 138.00 135.29
Interest Cash EPS (Rs.) 74.44 102.70 80.30
Gross Profit 1265.00 1269.00 1209.00 1120.00 1006.00 Cash Flow from Operations per share 57.00 81.18 50.25
PBT 1131.00 1136.00 1080.00 1010.00 909.00 OPM (%) 32.13 33.11 33.91
Tax 103.00 12.00 122.00 114.00 104.00 RONW (%) 33.89 35.10 36.33
ROCE (%) 36.64 40.62 41.52
PAT 1028.00 1124.00 958.00 896.00 805.00
Debt/Equity 0.00 0.00 0.00
OPM(%) 28.44 32.32 33.26 32.20 30.58 Net forex Eaarnings 6315.00 5059.00 3130.52
NPM(%) 27.00 30.58 27.26 26.83 26.86 Book Value 195.41 250.29 193.73
Investor Returns
FY06 FY05 FY04 FY03 FY02 BSE Code: 500209 z NSE Code: INFOSYSTCHEQ
CMP: Rs. 2002 z F.V: Rs. 5
52 Week H/L: Rs. 2415/1715
Bonus ratio N.A. 1:1 N.A. 3:1 N.A.
High/Low Trends
2007 2006 2005 2004 2003
BSE 2439/1745 3400/1572 3040/1850 6129/12815675/2420
NSE 2415/1715 3449/1572 3035/1875 6100/12855985/2300
195

10 Registered Office : BHEL House, Siri Fort,
Bharat Heavy Electricals New Delhi, Delhi - 110049
BHEL, the largest engineering and manufacturing enterprise in Tel: 26001046, Fax:26001102,
Email: csynks@bhel.in
India in the energy related infrastructure sector, registered an impres- CEO: Ashok K Puri
sive growth of 28.24 per cent in operating income to Rs 17,237.53 Business Group: Public Sector
crore during FY'07 on the back of improved order book position dur- Industry: Engineering - Heavy
ing the year. Comparatively lower growth in cost of sales at 25.14 per
Balance Sheet Trends (Rs. Crore)
cent propelled the operating profit, which grew by 43.91 per cent to
Liabilities 2007 2006 2005 2004
Rs 3,199.94 crore followed by 43.8 per cent growth in net profit to Rs Equity 244.76 244.76 244.76 244.76
2,414.70 crore. The company has a healthy order book position com- Reserves 8543.50 7056.62 5782.13 5051.18
prising order worth Rs 1,829 crore from Aravali Super Thermal Power Loans 89.33 558.24 536.98 540.03
Others 0.00 0.00 0.00 0.00
Project, Rs 431 crore from IOC, Rs 6.3 crore from PowerGrid, Rs 106 Assets
crore from Rashtriya Ispat Nigam and Rs 163 crore order from NTPC Net block 1294.88 1173.11 1141.92 1203.27
is the single largest transformer order that BHEL has received. Further, Investments 8.29 8.29 8.95 28.98
in order to strengthen its position, the company has planned to Working Cap 7574.42 6678.22 5413.01 4585.79
Others 0.00 0.00 0.00 17.92
increase its expenditure to Rs 238 crore to meet the technological
requirement for its ultra mega power project and nuclear power plant. Raw Material Mix (Top 3) (Year = Mar 2007)
By 2012, the R&D expenditure is expected to surge to Rs 100 crore Raw Material UoM Qty Cost of Raw Material
mark. Also, the company is targeting the offshore market to further Name Good Mix
boost the performance and has prepared a multi-pronged strategy to Components Not Reported - 4830.04 58.81
enhance its overseas operations and set a target of exports contribut- Ferrous Material Metric Tonnes 347876.00 2259.25 27.51
Others Not Reported 4268.00 599.15 7.29
ing 25 per cent of its total turnover by 2011-12.
FY07 FY06 FY05
Traction Motors,AC/DC aux. Gen. 2404.00 Numbers 502.54 23.35 Other Income 502.85 329.66 308.48
Transformers 12672.00 MVA 325.66 15.13 Operating Profit 3545.20 2223.59 1303.39
Water Wheel Mini Micro Turbo Gen. 38.00 Numbers 288.70 13.41 Interest Cost 43.33 58.75 81.41
Gross Profit 4004.72 2494.50 1530.47
PBT 3760.11 2248.57 1311.60
Other Income 206.32 286.02 185.47 169.89 120.09
Equity 244.76 244.76 244.76
Gross Profit 514.83 1868.54 1102.70 612.66 425.14 Cash Flow from Operations per share 115.27 66.34 33.43
PBT 445.92 1792.31 1036.49 545.99 361.28 OPM (%) 20.41 16.54 13.52
Tax 157.01 641.94 368.84 185.98 124.61 RONW (%) 27.47 22.99 15.81
ROCE (%) 42.84 29.35 21.22
PAT 288.91 1150.37 667.65 360.01 236.67
Debt/Equity 0.01 0.08 0.09
OPM(%) 8.70 20.95 19.72 12.44 11.02 Net forex Eaarnings -1582.59 -1826.43 -1008.49
NPM(%) 7.65 14.63 13.63 9.38 7.86 Book Value 359.06 298.31 246.24
Investor Returns
FY06 FY05 FY04 FY03 FY02 BSE Code: 500103 z NSE Code: BHELEQ
CMP: Rs. 2072 z F.V: Rs. 10
52 Week H/L: Rs. 2087/969
Bonus ratio 1:1 N.A. N.A. N.A. N.A.
High/Low Trends
2007 2006 2005 2004 2003
BSE 2923/1301 2668/1381 1499/669 786/375 515/165
NSE 2919/1301 2666/1370 1500/630 782/375 515/153
194

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