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					                                                                                                                          March 2012




                               CLEANTECH TRACK
                                 Monthly Update on Indian Cleantech Industry

    News of the Month                                                                           Content
India’s largest solar program cuts power rates by up to 33%
                                                                                                Content
India’s largest solar program, of the State of Gujarat, has cut the
preferential rate it pays to utilities for sun power by as much as 33% as                         Private Equity                                    2
global prices of panels declined by more than half.

Photovoltaic plants commissioned after the Jan. 28 deadline will be paid                          CER Price Chart                                   2
a rate of Rs 9.98 (20 cents) per kilowatt-hour for the first 12 years,
compared with Rs 15 for those finished on time, the Gujarat Electricity
Regulatory Commission said in a tariff order. The rate will be reduced to
Rs 7 per kilowatt-hour for the next 13 years.                                                     News Update                                       3
India joins governments in Europe that are cutting clean energy subsidies
as equipment costs plunge. Panel prices fell 51% last year after the 10
largest manufacturers doubled production capacity, according to data                              Events Calendar                                   5
compiled by Bloomberg.

The companies that finished their projects by Jan. 28 include Lanco                               Stock Market Update                               6
Infratech, Tata Power, GMR Infrastructure, Azure Power India and Green
Infra.

Of the 958MW of capacity, Gujarat issued contracts for 25MW of                                    Results Update                                    6
projects using solar-thermal technology where steam is produced from
sunlight for conventional turbines. Rests were for PV projects - PV
technology uses panels that convert sunlight directly into electricity.
                                                                                                  Peer Benchmarking                                 7
The regulator raised the rate for solar-thermal projects and fixed it for 25
years to give them more certainty after one developer was unable to
raise bank loans after 11 months, according to the tariff order. These                            About Four-S Services                             8
projects will now be paid Rs 11.55 per kilowatt-hour that won’t be
reduced from Rs 11 to Rs 4 per kilowatt-hour after 12 years as planned
earlier, it said.

The rate paid to photovoltaic plants will be lowered 7% annually from
the Rs 9.28 rupees for each year that their completion is delayed after
March 31, 2013.




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                                                                                                               FOUR-S Cleantech Track
 Investment Activity

  Clean-tech Private Equity deals – Last 6 months of 2011 and Jan-Mar 2012
  Date     Investor(s)                      Target                                                     Amount      Business                       Stage
                                                                                                        ($Mn)
   2011
 18-July      FE Clean Energy Group                      NSL Renewable Power                             40        Renewable                     Growth
 21-July      IFCI Venture                               Amrit Jal Venture Ltd                          6.7        Renewable-hydel               Growth
 04-Aug       IDFC PE                                    Green Infra                                    18.2       Renewable-wind                Growth
 08-Aug       IFC                                        Shalivahana Green Energy                        15        Renewable-biomass             Growth
 12-Aug       IDFC India Infrastructure Fund             Caparo Energy India Ltd                         33        Renewable-wind                Growth
 07-Sept      India Infrastructure Plc                   Shree Maheshwar Hydel                          26.4       Renewable-hydel                SPV
 27-Sept      Goldman Sachs                              ReNew Wind Power                               200        Renewable-wind                Growth
 10-Oct       GE Energy Financial Services               Greenko                                         50        Renewable-wind                Project
 21-Oct       GE Energy Financial Services               Moser Baer Clean Energy                         58        Renewable-solar               Project
 07-Nov       SBI-Macquarie Infra Fund                   Soham Renewable Energy                         25.1       Renewable-hydel                Late
   2012
  02-Jan      JP Morgan Asset Management                 Leap Green Energy                              18.1       Renewable-wind                Growth
  25-Jan      Zephyr Peacock                             Gadhia Solar                                   9.8        Renewable-solar               Growth
                                                         Green India Building Systems and                          Energy efficient
 24-Feb       Hyderabad Angels                                                                           0.4                                      Early
                                                         Services Pvt Ltd                                          products
Source: Four-S Research

  There have been 3 deals in the cleantech space in 2012 till date totaling $28.3mn. The largest one includes JP Morgan’s $18.1mn
  investment in Leap Green Energy, a renewable energy producer.




   Movement of Carbon Credit (Spot Price)
                                30-Mar’12    1 week (% change)        1M (% change)       3M (% change)        6M (% change)       12M (% change)
   CER (Spot Price in €)          3.89              -1.5%                 -15.6%               -5.8%               -51.4%               -70.4%
           CER Price Chart (€) - Movement during the last month



                    6
                  5.7
                  5.4
                  5.1
                  4.8
                  4.5
                  4.2
                  3.9
                  3.6
                  3.3                                                                                            Source: BlueNext
                    3
                        1-Mar     5-Mar     9-Mar    13-Mar 17-Mar 21-Mar 25-Mar 29-Mar




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


Better industrial processes will cut solar costs: McKinsey                        plants, such as reflective mirrors and turbines, according to
Improvements in manufacturing processes will drive down                           his estimates.
solar costs, say Mr Krister Aanesen and Mr Rajat Gupta,
experts on the solar industry at McKinsey & Company. They                         India clean-energy investments reach $10.3bn in 2011: BNEF
predict that ‘solar system' costs will come down from $2.50 a                     Investment in clean-energy projects grew faster in India than
watt today to $1.50 by 2015 and to $1 by 2020, just by the                        in any other major economy last year, rising 52% to $10.3bn,
application of “well understood, identified, industrial levers.”                  according to Bloomberg New Energy Finance. The largest
These “levers” are factors such as scale, procurement, design-                    increase came from the solar industry with $4.2bn of funding
to-value, modularisation and de-bottlenecking. In India, the                      for sun-powered plants connected to the grid, a seven-fold
cost levels are likely to be achieved faster due to higher levels                 increase from 2010 and about par with the $4.6bn that went
of competition.                                                                   to wind projects. Asset financing accounted for $9.5bn of the
                                                                                  total, while private equity and venture capital firms invested
Wind mill owners to try novel approach to power trading                           $425mn, New Energy Finance said. In 2011, India added 2,827
The Tamil Nadu Spinning Mills Association (TASMA) along with                      MW of new wind capacity, making it the third-biggest market
its members is likely to float a special purpose vehicle (SPV) in                 after China and the U.S. Its solar capacity rose to an estimated
which the windmill owners and power consumers will be                             277 MW from 18 MW in 2010
partners. This will mean the consumers who do not own wind
mills or have adequate captive capacity will in effect own a                      Bharat Light picks up stake in SunEdison project
share in the wind mill asset and can avail of benefits of captive                 Bharat Light and Power has picked up stake in the 2.5-MW
power. The electricity rules dictate that only those with at                      Gandhinagar rooftop project of SunEdison. Though small, the
least 26% stake in a wind mill and consume at least 51% of the                    deal is of significance because of the uniqueness of the
power generated can avail of captive power benefits. A direct                     project. The Gandhinagar grid-connected rooftop solar project
partnership between wind mill owners and consumers will                           is the first of its kind in the country – the owners of the roof
help address this limitation. For the power suppliers, a                          and of the project are different. Under this rent-a-roof model,
partnership with the consumer means they are not                                  the roof owner gets a share of the income from the solar
constrained by the complex power trading mechanism or the                         plant.
several months' delay in payment from the power utility when
they supply to the State grid. TASMA members own about                            Solar photovoltaic plant installed in Rajasthan
3,000 MW of wind energy generation capacity, that is over                         A Rs 670mn, 5MW solar photovoltaic power plant has been
half the total wind mill capacity in Tamil Nadu.                                  installed at village Rawara, Taluka Phalodi, in Rajasthan. The
                                                                                  project, owned by Indian Oil Corporation, was commissioned
FM proposes to scrap duties on solar parts to boost industry                      by Rajasthan Electronics & Instruments Ltd under the
Finance Minister Pranab Mukherjee, in his annual budget                           Jawaharlal Nehru National Solar Mission. This power plant is
speech, proposed to scrap duties on imports of solar-thermal                      designed to feed power to 33/132 kV grid sub-station at
equipment sparing companies from the so-called special                            village Bap, which is situated 18 km from plant site Rawara. It
countervailing duty. The exemption would lower costs for the                      is expected to generate energy of 67 lakh KWh a year. The
seven companies building a third of India’s planned solar                         solar power plant has been developed based on crystalline
capacity using solar- thermal technology, which concentrates                      technology.
sunlight to boil water, used to power steam turbines. The
developers building India’s solar-thermal capacity, targeted at                   Shree Ganesh Jewellery bags Odisha solar power project
470 MW by early 2013, are Reliance Power, Lanco Infratech                         The Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) has
Ltd. (LANCI), Godawari Power & Ispat Ltd., Aurum Renewable                        bagged a 25MW solar power project in Odisha. The project
Energy Pvt., KVK Energy & Infrastructure Pvt., Megha                              will be executed by Kolkata-based Alex Green Energy in which
Engineering & Infrastructures Ltd, and Abhijeet Group’s                           the company holds a majority stake. Alex Green is co-
Corporate Ispat Alloys Ltd. Reliance Power is importing                           promoted by the Sureka Group. Alex Green won the right to
turbines from Areva SA, while the others have ordered units                       develop a 5-MW project in a solar auction in Odisha. The
from suppliers including General Electric Co. (GE) and Siemens                    company in fact emerged as the lowest bidder by quoting a
AG. (SIE). The special countervailing duty on imports is equal                    rate of Rs 7 a unit. Under the rules of the Odisha tender, the
to the excise duty imposed on similar local products. It’s a tax                  least bidder will be offered all the 25 MW at the winning
of about 8-9% on most equipment used to build solar-thermal                       price. Alex would be commissioning the entire 25 MW shortly.
                                                                                  The total investment including the debt component for

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

commissioning the solar plant in Odisha would be close to Rs                     statement, the design and engineering works of the plant
1.75bn.                                                                          have been done by AIC Projects, Germany. The plant uses
                                                                                 power conditioning units manufactured by SMA AG, Germany,
Sterling and Wilson among top solar EPC players                                  and amorphous silicon thin film solar photovoltaic modules.
Having just crossed the 80 MW-mark in commissioning of EPC
contracts for solar power projects, the Goldman Sachs-funded                     Hydropower major SJVNL forays into wind power
Sterling and Wilson, has emerged as one of the larger EPC                        Satluj Jal Vidyut Nigam Ltd (SJVNL) which owns and operates
contractors in the field — perhaps only second to L&T. The                       India's largest hydropower project in Himachal Pradesh has
Shapoorji Pallonji group company expects to do between 150                       now decided to venture into wind energy. "The company has
MW and 200 MW next year. The company is now doing its                            plans to invest Rs 3.5bn by 2012-13 for setting up a wind
22nd project - its biggest was a 25 MW plant at                                  power project to generate 50 MW electricity," deputy general
Surendernagar, Gujarat. The size of Sterling and Wilson's solar                  manager Vijay Verma told. He said the company would
business is about Rs 2bn. Shapoorji Pallonji group owns 56%                      commission the project in either Maharashtra, Rajasthan,
of Sterling and Wilson. In 2008, Goldman Sachs invested                          Madhya Pradesh or Gujarat. It is also planning to launch a 1
$50mn into the company for 11% stake. The rest of the equity                     MW solar energy project near its maiden 1,500 MW Nathpa
is held by the top management professionals.                                     Jhakri hydropower project in Shimla district which started
                                                                                 generation in 2004-05.
BHEL commissions record 13 MW of solar power plants in
2011-12                                                                          Tata Comm to buy 5.76% in Green Infra Wind
Bharat Heavy Electricals Limited (BHEL) has set a new record                     Tata Communications Ltd plans to buy 5.76% stake in Tamil
in its Solar Photovoltaic (PV) business in a single year, by                     Nadu-based Green Infra Wind Generation Ltd as part of its
commissioning 13 MW of Solar Power Plants in various parts                       plans to use power from alternative energy sources. Under
of the country during the current financial year. Solar Power                    the proposal, Tata Communications plans to buy 10 million
Projects commissioned by the company during the year                             units of power, which is about 30% of its annual power
include a 3 MW Grid Connected Solar Power Plant at Raichur                       requirement in Tamil Nadu, from Green Infra. Tata
in Karnataka, a 5 MW Plant in Rajasthan, 2 plants of 2 MW                        Communications already has an agreement with Green Infra
each in Maharashtra and over 1 MW in the Lakshadweep                             to procure 13 million units. The additional procurement will
Islands. Significantly, all these projects have been                             take Tata Communication's to 23 million units. This is the
commissioned by BHEL on Engineering, Procurement and                             second such investment by Tata Communications. The
Construction (EPC) basis.                                                        company has already invested Rs 7.8 lakh in Green Infra Wind
                                                                                 Farms Ltd for a 9.75% stake.
Cleantech Ventures commissions rooftop solar plant at
Mahindra World City in Chennai; looks at new business                            ABB mulls EPC solutions for solar projects in India
segments                                                                         Power equipment major ABB plans to enter the EPC
Cleantech Ventures, a part of Mahindra Partners focusing on                      (engineering, procurement and construction) space for solar
solar energy , is planning to expand its operations to water                     projects in India. The company currently does partial EPC like
treatment and management, and energy efficiency in the next                      executing eBoP (Electrical Balance of Plant) for projects. The
one or two years. Speaking to reporters on the sidelines of                      company manufactures solar inverters and substation
commissioning a 75-KW rooftop solar plant at Mahindra                            components, and low voltage components like miniature
World City here, Vish Palekar, business head – Cleantech                         circuit breakers, surge arresters and lightning arresters for
Ventures, said, “At present 100% of our business is in the solar                 solar fields, most of which are manufactured at ABB's unit in
energy sector. We will be expanding into some other                              Nashik, Maharashtra. The company also makes complete
segments like energy efficiency and water treatment in the                       plant monitoring systems for solar fields. Within a year, the
next year or two.” The company is also looking to offer hybrid                   company has completed orders for over 90 MW of inverters,
energy option to telecom tower companies in collaboration                        about 60 MW of solar substations and 21 MW of Electrical
with diesel generator manufacturer Mahindra Powerol.                             BoP.

Amrit Jal Ventures commissions solar unit in Kadiri                              Wipro expects to build 100 MW of solar projects next year
Amrit Jal Ventures has announces the commissioning of a 1                        Wipro EcoEnergy, the clean-tech business of IT giant Wipro,
MW grid-connected solar photovoltaic power plant at Kadiri in                    has just completed building 40 MW of solar photovoltaic
Anantapur district of Andhra Pradesh. This project is part of                    power plants for its customers. Mr G.K. Prasanna, Senior Vice-
the Jawaharlal Nehru National Solar Mission and has been                         President, Wipro EcoEnergy, expects to do around 100 MW in
developed by SunVolt Energy Pvt Ltd. According to a                              2012-13 – a figure that would put Wipro among the top EPC

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

players in the solar industry. Wipro EcoEnergy is building its                   with which the company has signed a power purchase
‘energy practice' on two pillars – solar energy, comprising                      agreement ensuring a sale for the next 25 years.
both large, utility-scale solar plants and roof-tops, as well as
‘energy management'.                                                             Commissioning delays: More trouble for photovoltaic
                                                                                 developers
Abhijeet's solar thermal project on track                                        NTPC Vidyut Vyapar Nigam (NVVN) is in the process of en-
With the process of placing orders for equipment being                           cashing the second tranche of bank guarantees from 14
almost over, Abhijeet Projects Ltd is on track for the                           project developers for missing the second deadline of
completion of its 50-MW solar thermal power plant at                             February 9, to commission the projects under the first batch
Jaisalmer, Rajasthan. A consortium led by the Chennai-based                      of phase I of the National Solar Mission. The initial deadline of
Shriram EPC Ltd is building the plant for Abhijeet. Right now at                 January 9 was set by the NVVN for commissioning of projects
the site, nearly a thousand people are doing the civil works.                    under the first batch of National Solar Mission phase 1. The
The EPC contractor, Shriram EPC-led consortium, is confident                     developers were given a month to finish the project after the
of completing the project well ahead of the deadline of May 9,                   lapse of the first deadline. The penalty for the second tranche
2013.                                                                            for each project averages around Rs 40mn. Last month, in
                                                                                 compliance to the guidelines, bank guarantees of 14
Mono Steel completes 10MW solar plant in Gujarat                                 developers amounting to about Rs 280mn were encashed. Of
Mono Steel (India) Ltd., a sponge iron-maker, completed a                        these 14 projects, Lanco is the EPC contractor in three.
10MW solar power plant in India’s Gujarat state, according to
the project contractor. The plant has a 25-year contract to sell                 Vikram Solar commissions solar plant in Gujarat and Orissa
power to Gujarat state, according to a statement from                            Vikram Solar, a Kolkata based solar module manufacturer, has
Mumbai-based Waaree, which built the unit and supplied the                       announced the commissioning of two new power plants - one
photovoltaic panels.                                                             in Gujarat and one in Rourkela, Orissa. The Gujarat power
                                                                                 plant is a 5MW power plant and the second plant in Orissa is
UP's first solar power plant starts functioning                                  capable of producing 1 MW power. Both these projects have
The first solar power unit of Uttar Pradesh has started                          been built under the policy guidance from Indian Renewable
functioning. Situated at Naini, about 25 kms from Allahabad,                     Energy Development Agency (IREDA).
the 5 MW solar power plant developed by Kolkata-based
company, EMC Limited, as part of the Union ministry of new
and renewable energy's Jawharlal Nehru National Solar
Mission became operational on March 4. The EMC had been
entrusted with this project by the NTPC Vidyut Vyapar Nigam,


Upcoming Events Calendar

        India Wind Energy Summit 2012                                         HydroVision India
        Date: April 19-20, 2012                                               Date: April 19-21, 2012
        Place: Chennai                                                        Place: New Delhi
        Organizer: Noppen                                                     Organizer: PennWell and Inter Ads
        Web: www.indiawindenergysummit.com                                    Web: www.hydropowerindia.com

                                             Renewable Energy World India 2012
                                             Date: May 5-7, 2012
                                             Place: New Delhi
                                             Organizer: PennWell and Inter Ads
                                             Web: www.renewableenergyworldindia.com




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


 Companies                     Mcap (20-Mar-12) Rs Mn       Price (30-Mar-12)       1 week (% change) 1M (% change) 3M (% change)            6M (% change) 12M (% change)
 NHPC                                           242,325                   19.7                     -1.5%           -7.1%              9.1%             -16.2%           -22.1%
 Jaiprakash Power Venture                       107,692                   40.8                      1.9%           -7.3%             16.3%              19.7%            -3.3%
 Suzlon                                          44,878                   25.3                     -9.8%           -5.1%             40.3%             -30.7%           -43.4%
 Praj Industries Ltd.                            14,819                   80.2                     -0.2%           -1.0%              6.9%              13.5%            11.7%
 Ramky Infra                                     12,398                  216.8                      0.5%           -7.3%              7.3%               1.8%           -28.6%
 VA Tech Wabag                                   11,354                  429.4                      3.7%            0.4%             28.1%              17.0%           -14.7%
 Orient Green Power                               5,968                   12.8                     -3.8%           -4.1%             50.9%             -13.3%           -49.6%
 Shriram EPC                                      3,576                   80.7                     -1.2%           -7.5%              0.5%             -35.2%           -49.4%
 Moserbear                                        2,742                   16.3                     -1.5%          -11.4%             16.4%             -24.5%           -60.3%
 Entegra                                          1,868                   10.3                     -5.1%          -17.3%            -11.6%             -48.6%           -57.0%
 Indosolar                                        1,625                    4.9                     -2.0%          -16.4%             -4.0%             -45.8%           -71.6%
 Ion Exchange                                     1,464                  108.3                      3.8%           -4.2%             17.8%             -13.6%           -17.0%
 IndoWind Energy                                    538                    6.0                     -4.8%          -11.8%              6.2%             -45.2%           -68.2%
 Asian Electronics                                  250                    7.1                     -4.7%          -14.0%             29.4%              -2.8%           -34.4%
 Nifty                                               -                 5,295.6                      0.3%           -1.7%             14.5%               7.1%            -9.2%
 Sensex                                              -                17,478.2                      0.7%           -1.5%             13.1%               6.2%           -10.1%




Latest Quarterly Results – 9MFY’12                                                                                                                       In Rs Millions
 Companies                                  Revenue                                  EBITDA                                     PAT                      Margins H1FY’12
                                9M FY’11    9M FY’12       YoY       9M FY’11        9M FY’12        YoY        9M FY’11      9M FY’12       YoY       9M FY’11 9M FY’12
 Suzlon                          107,181      145,440        35.7%       (2,158)        11,999           NM       (15,350)       (1,783)        NM          8.3%         NM
 NHPC*                            30,872       42,110        36.4%      24,157          26,281          8.8%       15,282        19,697       28.9%        62.4%      46.8%
 Moser-Baer*                      14,139       16,337        15.5%        1,372           1,953        42.3%       (2,752)       (2,502)        NM         12.0%         NM
 Ramky Infrastructure             18,528       24,502        32.2%        2,198           3,211        46.1%        1,147         1,422       24.0%        13.1%       5.8%
 Shriram EPC*                       8,374       7,804        -6.8%        1,071             871       -18.7%          548           210      -61.7%        11.2%       2.7%
 VA Tech Wabag                      7,342       7,727         5.2%          376             393         4.5%           66           134      103.0%         5.1%       1.7%
 Jaiprakash Power Venture*          6,717      13,725      104.3%         5,795         12,627        117.9%        1,482         4,097      176.5%        92.0%      29.9%
 Praj Industries*                   3,507       6,128        74.7%          286             556        94.4%          329           557       69.3%         9.1%       9.1%
 Orient Green Power                 1,665       1,787         7.3%          761             672       -11.7%           91          (232)        NM         37.6%     -13.0%
 Ion Exchange*                      3,882       4,466        15.0%          171             206        20.5%           90            95        5.6%         4.6%       2.1%
 Asian Electronics*                 1,131         691       -38.9%         (237)           (276)         NM          (469)         (483)        NM           NM          NM
 Indosolar*                         4,989         854       -82.9%          223          (1,016)         NM          (628)       (1,886)        NM           NM          NM
 IndoWind Energy*                     395         269       -31.9%          108             131        21.3%           43            36      -16.3%        48.7%      13.4%
 Entegra                                6           1       -87.0%          (55)            (74)         NM          (328)         (349)        NM           NM          NM
Note 1: *Standalone results
Note2: Since Indowind Energy is June ending, the results are for H1FY’12

Annual Results – FY’11
                                                                                                                                                            In Rs Millions
Companies                                   Revenue                                  EBITDA                                      PAT                       Margins FY’11
                                 FY’10        FY’11        YoY         FY’10          FY’11               YoY     FY’10             FY’11        YoY      EBITDA         NPM
Suzlon                           207,792      180,902       -12.9%        9,431          8,081         -14.3%       (9,826)      (13,238)         NA         4.5%          NA
NHPC                              51,616       51,437        -0.3%       41,289         42,876           3.8%      21,756         23,162        6.5%        83.4%      45.0%
Moser-Baer                        27,322       26,829        -1.8%        3,729            107         -97.1%       (3,936)       (8,486)         NA         0.4%          NA
Ramky Infrastructure              20,416       31,470        54.1%        2,417          3,718          53.8%        1,274         2,061       61.8%        11.8%        6.5%
Shriram EPC                       13,704       16,748        22.2%        1,329          1,836          38.1%          468           742       58.7%        11.0%        4.4%
VA Tech Wabag                     12,295       12,418         1.0%        1,171          1,210           3.3%          448           526       17.5%         9.7%        4.2%
Jaiprakash Power Venture*           7,178        8,407       17.1%        6,327          7,236          14.4%        2,516         1,651      -34.4%        86.1%      19.6%
Praj Industries                     7,344        6,649       -9.5%        1,391            769         -44.7%        1,198           569      -52.5%        11.6%        8.6%
Orient Green Power                    563        2,093     271.7%             (4)          898             NA         (166)          108          NA        42.9%        5.1%
Ion Exchange                        5,250        6,102       16.2%          241            232          -3.8%           41            84      103.2%         3.8%        1.4%
Asian Electronics*                  2,278        1,473      -35.3%          378           (421)            NA           29          (793)         NA           NA          NA
Indosolar*                          1,313        5,820     343.3%          (206)           203             NA         (664)         (583)         NA         3.5%          NA
IndoWind Energy*                      631          453      -28.2%          223            119         -46.6%          146            47      -67.8%        26.3%      10.4%
Entegra                                16            9      -44.2%           (72)          (72)            NA         (155)         (423)         NA           NA          NA
Note 1: *Standalone results




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

  `                          Mkt Cap (Rs mn)   EV (Rs mn)   Revenues TTM     EBITDA TTM       PAT TTM     EV/Revenue    EV/EBITDA       P/E
                                                               Dec'11           Dec'11         Dec'11
  NHPC                              242,325       350,803           62,675          45,000       27,577           5.6          7.8             8.8
  Jaiprakash Power Venture          107,692       228,127           15,415          14,068         4,266         14.8         16.2            25.2
  Suzlon                             44,878       155,881         219,161           22,238           329          0.7          7.0             NM
  Praj Industries                    14,819        13,534            9,270           1,039           797          1.5         13.0            18.6
  Ramky Infra                        12,398        27,068           37,444           4,731         2,336          0.7          5.7             5.3
  VA Tech Wabag                      11,354         9,806           12,803           1,227           594          0.8          8.0            19.1
  Orient Green Power                  5,968        12,557            2,215             809          (215)         5.7         15.5             NM
  Shriram EPC                         3,576        16,053           16,178           1,636           404          1.0          9.8             8.9
  Moserbear                           2,742        24,256           29,027             688        (8,236)         0.8         35.3             NM
  Entegra                             1,868        32,063                4             (91)         (444)         NM           NM              NM
  Indosolar                           1,625         6,184            1,685          (1,036)       (1,841)         3.7          NM              NM
  Ion Exchange                        1,464         1,994            6,686             267            89          0.3          7.5            16.5
  IndoWind Energy                       538         2,183              327             142            40          6.7         15.4            13.5
  Asian Electronics                     250         1,745            1,033            (460)         (807)         1.7          NM              NM




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




 Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and
 objective advice to top Indian & global companies & PE Firms. Four-S has already proven
 success in corporate finance, strategy consulting, fund-raising, investment banking and
 investor relations mandates with 100+ corporates and large PE funds

Four-S, trusted advisor to top Indian & Global Cos




     Offering comprehensive bouquet of services to SMEs, Corporates and PE
     Funds




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

                           About Four-S Services


                           Four-S Services provides customized business and financial research to organizations across the globe. The
                           company also provides Investor Relations consulting to corporate based on in-depth sectoral and company
                           research. The company has an impressive client profile and a team of senior analysts covering key sectors
                           including Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructure
                           and Manufacturing amongst others. For further information on the company please visit www.four-s.com


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

				
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