HBL Power

OneSource One-Stop Report
HBL Power Systems Ltd.

22 March 2010
OneSource One-Stop Reports for HBL Power Systems Ltd.

8-2-601, Road No.10 Employees: 950 Financials in: USD (000)
Banjara Hills Company Type: Public Independent
Hyderabad, 500 034 Traded: Bombay Stock 517271 Fiscal Year End: 31-Mar-2009
India Exchange: Reporting Currency: Indian Rupee
Tel: 91-40-23355575 Incorporation Annual Sales: 272,063.9 1
1977
Fax: 91-40-23355048 Date:
Net Income: 19,751.0
Auditor: Satyanarayana & Co.
Total Assets: 188,053.5 2
www.hbl.in
Market Value: 195,172.2
(12-Mar-2010)
Business Description
HBL Power Systems Limited is an India-based holding company. The principal activity of the Company is manufacturing of nickel
batteries and to act as a marketing agent. The Company's reportable segment is batteries. Battery segment consists of various
types of batteries for defence, aviation, telecom and industrial application. Its subsidiaries include HBL Power Systems (M) Sdn.
Bhd, Bhagirath Energy Systems Private Limited and HBL (UK) Limited. The Company is in joint venture with HBL ELTA Avionics
Systems Pvt. Limited. For the fiscal year ended 31 March 2009, HBL Power Systems Ltd.'s revenues rose 28% to RS12.51B. Net
income rose 36% to RS908.3M. Revenues reflect an increase in sales from the Batteries business segment and higher other
income. Net income also reflects lower sundry expenses, fall in bad debts written off, a decrease in loss on sale of assets, lower
interest on unsecured loans and the absence of provision for diminution in value of investments.
Source: Reuters
Industry
Industry Electronic Instruments and Controls

ANZSIC 2006: 2439 - Other Electrical Equipment Manufacturing
NACE 2002: 3140 - Manufacture of accumulators, primary cells and primary batteries
NAICS 2002: 335911 - Storage Battery Manufacturing
UK SIC 2003: 3140 - Manufacture of accumulators, primary cells and primary batteries
US SIC 1987: 3691 - Storage Batteries
Key Executives
Name Title Source

P. Satish Kumar Chief Finance Officer Reuters
D. Mabu Basha Compliance Officer, Company Secretary Reuters
Kamaluddin Bin Saidon Director - HBL Power Systems (M) SDN BHD Reuters
A. J. Prasad Executive Chairman of the Board, Managing Director Reuters
Mikkilineni Satyanarayana Subramanya
President - Marketing Reuters
Srinath
Significant Developments
Topic #* Most Recent Headline Date
Equity Financing / Related 1 HBL Power Systems Ltd. Announces Allotment Of Shares 22-Sep-2009
Dividends 2 HBL Power Systems Ltd. Announces Dividend; Appoints Auditors 8-Oct-2009
* number of significant developments within the last 12 months
News
Title Date
CARE rates HBL Power Systems Ltd's debts at A/PR1
5-Jan-2010
Aii Data Processing Ltd (106 Words)
HBL Power Board recommends dividend & Sub-division
26-Jun-2009
HT Media (112 Words)
Page 2
HBL Power - Audited Financial Results for Mar 31, 2009

25-Jun-2009
HT Media (47 Words)
Dividend / Sub-division
25-Jun-2009
HT Media (104 Words)
India's Reliance Capital lifts stake in local battery maker HBL
10-May-2009
Asia In Focus (148 Words)
Financial Summary
As of 31-Mar-2009
Key Ratios Company Industry

Sales 5 Year Growth 48.43 7.91
Source: Reuters
Stock Snapshot
Traded: Bombay Stock Exchange: 517271
As of 12-Mar-2010 Financials in: INR
Recent Price 35.05 EPS 3.78

52 Week High 45.60 Price/Sales 0.71
52 Week Low 9.21 Price/Book 2.21
Avg. Volume (mil) 0.32 Beta 1.41
Market Value (mil) 8,867.65
Price % Change Rel S&P 500%

4 Week -8.84% -14.23%
13 Week -8.72% -8.97%
52 Week 282.64% 85.98%
Year to Date -8.72% -7.13%
Source: Reuters
Key IDSM Number: 42438512
1 - Profit & Loss Item Exchange Rate: USD 1 = INR 45.98813

2 - Balance Sheet Item Exchange Rate: USD 1 = INR 50.735
© 1983-2010 Reuters Research Inc. All Rights Reserved.

Copyright © 2010 Graham & Whiteside Limited
© Copyright 2010, infoUSA. All Rights Reserved.
Stock quotes provided by Quote.com (security prices are at least 15 min. delayed)
Published by OneSource Information Services, Inc., 2010
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HBL Power Systems Ltd. Corporate Overview

Location Quote Symbol - Exchange Incorporation
1977
8-2-601, Road No.10 517271 - Bombay Stock Exchange Date:
Banjara Hills Sales INR(mil): 12,511.7 Company Type: Public Independent
Hyderabad, 500 034 Assets INR(mil): 9,540.9 Quoted Status: Quoted
India Employees: 950 SAB Nife Power
Previous Name:
Fiscal Year End: 31-Mar-2009 Systems Ltd
KeyIDSM: 42438512 Executive Chairman of the A. J.
Tel: 91-40-23355575
Industry: Electronic Instruments and Board, Managing Director: Prasad
Fax: 91-40-23355048
www.hbl.in Controls
Company Web Links

Company Contact/E-mail Employment Opportunities Home Page
Corporate History/Profile Financial Information Investor Relations
Contents
Industry Codes Market Data
Business Description Shareholders
Brand/Trade Names Subsidiaries
Financial Data Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:

6240 - Financial Asset Investing
2439 - Other Electrical Equipment Manufacturing
NACE 2002 Codes:

3140 - Manufacture of accumulators, primary cells and primary batteries
7415 - Management activities of holding companies
NAICS 2002 Codes:

335912 - Primary Battery Manufacturing
335911 - Storage Battery Manufacturing
551112 - Offices of Other Holding Companies
US SIC 1987:
3691 - Storage Batteries
6719 - Offices of Holding Companies, Not Elsewhere Classified
3692 - Primary Batteries, Dry and Wet
UK SIC 2003:
7415 - Management activities of holding companies
3140 - Manufacture of accumulators, primary cells and primary batteries
Business Description
HBL Power Systems Limited is an India-based holding company. The principal activity of the Company is manufacturing of nickel
batteries and to act as a marketing agent. The Company's reportable segment is batteries. Battery segment consists of various types
of batteries for defence, aviation, telecom and industrial application. Its subsidiaries include HBL Power Systems (M) Sdn. Bhd,
Bhagirath Energy Systems Private Limited and HBL (UK) Limited. The Company is in joint venture with HBL ELTA Avionics Systems Pvt.
Limited. For the fiscal year ended 31 March 2009, HBL Power Systems Ltd.'s revenues rose 28% to RS12.51B. Net income rose 36% to
RS908.3M. Revenues reflect an increase in sales from the Batteries business segment and higher other income. Net income also
reflects lower sundry expenses, fall in bad debts written off, a decrease in loss on sale of assets, lower interest on unsecured loans
and the absence of provision for diminution in value of investments.
Source: Reuters
More Business Descriptions

Manufacture and distribution of nickel cadmium pocket plate batteries, defence electronics and power electronics, including switch
Page 5
mode rectifiers, torpedo batteries, aviation batteries, valve regulated lead acid batteries and fibre electrodes. The company's customer
focus is on five sectors: aviation, communication, defence, industry and railways. ISO 9001 certified
Source: Graham & Whiteside
Battery Manufacturing
Source: infoUSA
Brand/Trade Names
SNPS HBL
Financial Data
Financials in: INR(mil)
1 Year Growth
Revenue: 12,511.7 27.9%
Net Income: 908.3 36.3%
Assets: 9,540.9 14.8%
Long Term Debt: 3,698.6
Total Liabilities: 5,698.4
Working Capital: 4.1
Date of Financial Data: 31-Mar-2009
Market Data
Quote Symbol: 517271
Exchange: Bombay Stock Exchange
Currency: INR
Stock Price: 35.1
Stock Price Date: 03-12-2010
52 Week Price Change %: 282.6
Market Value (mil): 8,867.7
SEDOL: B03D005
ISIN: INE292B01021
Equity and Dept Distribution:
11/2006, Company name changed from HBL Nife Power Systems Limited.11/2009, 10-for-1 Stock split.
Subsidiaries
Company Percentage Owned Country
Bhagirath Energy Systems Private Ltd 100% INDIA
HBL NIFE Egypt SAE 100% EGYPT
HBL NIFE Power Systems Ltd 100% UNITED ARAB EMIRATES
HBL Technologies (M) Sdn Bhd 100% MALAYSIA
HBL NIFE China & HK Ltd 100% HONG KONG SAR
HBL NIFE (UK) Ltd 100% UK
Shareholders
Major Shareholders
Dr A J Prasad
Key Corporate Relationships

Auditor: Satyanarayana & Co.
Bank: State Bank of India
Auditor: Satyanarayana & Co., Saryanarayana & Co
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Copyright © 2010 Graham & Whiteside Limited
© Copyright 2010, infoUSA. All Rights Reserved.
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The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's
strategic projects and investments. More about Strategic Initiatives
Strategic Initiatives
Partnerships
HBL has a market share of 60% in telecom batteries. HBL is embarking upon a new capacity expansion programme
which is expected to go on stream in FY07-08 and is also stepping its current infrastructural capabilities to focus on
new products that are likely to ensure high turnover levels for the company in the years to come. HBL has promoted
a joint venture company, HBL Elta Avionics Systems (HELA) in collaboration with ELTA Systems, a division of the
Israel Aircraft Industries, Israel, for co-production of EW and Radar systems in India. ELTA of Israel, a leading global
player in radar, communication, early warning and fire control applications for defense. The JV is likely to unlock
more value for company.
Source: BATLIVALA AND KARANI(ANON), December 21, 2006
The JV is likely to unlock more value for company. HBL Power Systems Limited was initially started as Hyderabad
Batteries Limited in 1977 as a small-scale industry for the manufacture of batteries for industrial use promoted by Dr.
A.J. Prased. In 1986, he promoted SAB NIFE Power Systems Limited in collaboration with SAB NIFE AB, Sweden,
as a joint venture partner and financial collaborator for the manufacture of Nickel Cadmium Pocket Plate Batteries. In
April 2000, the company was merged with SAB NIFE Power Systems Limited, along with another associate company
Pinaki Technologies Limited, to position as a complete solution provider of specialised batteries for various
applications and related electronics. Post merger, the company was renamed as HBL Nife Power Systems Limited.
During 200102, the company acquired controlling interest in Compact Power Sources Private Limited, which was
engaged in manufacturing of Cap Lamps and Batteries for mining industry and was eventually amalgamated/merged
with HBL Nife Power Systems Limited. HBL is currently engaged in the manufacture of large capacity nickel cadmium
batteries and power electronics equipment like rectifiers and battery chargers. As the original technical
collaboration agreement with M/s SAB NIFE AB, Sweden has ceased the company had recently passed a special
resolution to delete the word NIFE from the name, HBL NIFE POWER SYSTEMS and to rename the company to HBL
POWER SYSTEMS. Dr. A.J. Prasad, Chairman and Managing Director of the company is a Graduate in engineering
from IIT, Kharagpur and holds a master degree in management from the Massachusetts Institute of Technology, and
a Doctorate from Columbia University in International Business. Mr. Ashok Nagarkatti is the Executive Director
battery technology of the company, since 1987.
HBL has established a joint venture company, HBL Elta Avionics Systems (HELA) in collaboration with ELTA Systems,
a division of the Israel Aircraft Industries, Israel, for coproduction of EW and Radar systems in India. The venture will
provide a wide range of high performance RF systems, assemblies and components needed to integrate sophisticated
EW, UAVs and ECCM systems and platforms, including the fighter aircrafts, various missiles and ground-based radar
systems. The venture plans to become an international development and manufacturing hub for EW and Radars for
both the domestic defense requirements and exports. The company is undertaking a capacity expansion of Rs. 3.35
bn to be completed by 2010.
Product
New product offering: HBL recently launched low cost PIT batteries for buses, trucks and diesel genset starting
applications. The company is likely to offer more technology intensive products in the future which will attract higher
margins. HBL has established a joint venture company, HBL Elta Avionics Systems (HELA) in collaboration with
ELTA Systems, a division of the Israel Aircraft Industries, Israel, for coproduction of EW and Radar systems in India.
The venture will provide a wide range of high performance RF systems, assemblies and components needed to
integrate sophisticated EW, UAVs and ECCM systems and platforms, including the fighter aircrafts, various missiles
and ground-based radar systems. The venture plans to become an international development and manufacturing hub
for EW and Radars for both the domestic defense requirements and exports.
Sales and Distribution

With its current expansion programmes, the capacity utilisations in VRLA and NCPP batteries are likely to be at 85%
and 80%, respectively, in FY07. HBL has a sales and service support with a branch network spread across Noida,
Mumbai, Kolkata, Chennai, Bangalore, Udhampur, Lucknow, Guwahati, Bhopal, Ranchi and Pune. The company is
also planning to expand its branch sales and National Service Network by setting up 100 stations by October 2008.
The sales grew by 47% to Rs. 2,231 mn in 1HFY07 as against Rs.
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Copyright © 2010 Thomson Financial Partners/The Investext Group

Published by OneSource Information Services, Inc.,Mar, 2010
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The Strengths/Weaknesses report is created using technology to extract meaningful insights from analyst reports
about a company's standing in the market. More about Strengths/Weaknesses (SWOT)
Strengths/Weaknesses (SWOT)
Strengths/Opportunities
Intellectual Property
HBL has also been doing R&D work in defense electronics for the past 5 years & owns several intellectual property
(IP) rights. It has obtained 7 licenses from the Ministry of Defense. It owns an IP for artillery fuses which is a
backward integration from batteries giving it significant competitive advantage as the import content in its fuzes is
low. It also owns IP rights for several opto electronic products (weapon sights etc). Further, it cofunded R&D at a firm
abroad for critical modules of un-cooled thermal imagers and is now working on other modules.
Source: EMKAY SHARE AND STOCK BROKERS LTD(GOLCHHA, AMIT), January 19, 2010
Other
The company expects a large order (Rs1.5-2.0bn) from the defense ministry by Q1FY11E. While we have not
factored any contribution from these segments, we remain highly optimistic on its future growth potential.
Considering the fact that its railway signaling products are capable of significant improvement & efficiencies in
railways operations at a lower cost, we expect its railway signaling business to be a major growth driver. In the field
of defense electronics, we expect HBL's IP rights, licenses & tie ups to enable it to garner a larger share of business
vis-?
Source: EMKAY SHARE AND STOCK BROKERS LTD(GOLCHHA, AMIT), January 19, 2010
Weaknesses/Threats
Competition
The company is constantly focussing on five sectors i.e. Aviation, Industry, Communication, Railway and Defense to
meet the diverse customer needs and constantly upgrade its core competence in order to keep pace with the
changing technology. and standby powers for generators and at transmission and distribution. HBL has a unique
business model through which it identifies profitable business opportunities, wherein there is limited competition due
to technology and thus develops the required technology needed to enter the market at low risk and low cost. The
product strategy is set in such a way to choose those products whose market in India is too small for foreign
companies to take up local production and where large Indian companies lack conviction for R&D. HBL normally plans
for six to eight year horizon for commercialisation. HBL has identified four product areas and in each case an
appropriate business model has been decided.
Copyright © 2010 Thomson Financial Partners/The Investext Group

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HBL Power Systems Ltd. Executives Report

Hyderabad, , India, Tel: 91-40-23355575, URL: http://www.hbl.in/
Board of Directors
Name Title Function Source

Executive Chairman of the Board, Managing
A. J. Prasad Chairman RT
Director
Reuters Biography (HBL Power Systems Ltd.)
Dr. A. J. Prasad is Chairman of the Board, Managing Director of HBL Power Systems Ltd. He is Director of Beaver
Engineering Limited, Guided Missile Engineering India Pvt. Limited.
Education (Source: RT )
PHD International Business, Columbia University
M Management, Massachusetts Institute of Technology
B Technology, Indian Institute of Technology, Kanpur
Preeti Khandelwal Independent Director Director/Board Member RT

Mrs. Preeti Khandelwal serves as Independent Director of HBL Power Systems Ltd. She is a Practicing Company
Secretary and has expertise in Company law and FEMA related issues. She is a Director of R-Squart Innovations (P)
Ltd.
Executive Director - Battery Technology,

Ashok Nagarkatti Director/Board Member RT
Whole Time Director
Ashok Nagarkatti serves as Executive Director - Battery Technology, Whole Time Director of HBL Power Systems Ltd.
M Technology, Indian Institute of Technology, Mumbai
M. Kavita Prasad Non-Executive Director Director/Board Member RT

Ms. M. Kavita Prasad is Non-Executive Director of HBL Power Systems Ltd. She is a Graduate in Commerce, Post-
Graduate Diploma in Computer Application from NIIT. Her other directorships include: Beaver Engineering Limited
and Kairos Engineering Limited.
M. S. Ramakrishna Independent Director Director/Board Member RT

Mr. M. S. Ramakrishna is Independent Director of HBL Power Systems Ltd. He is a Graduate in Commerce. He is one
of the founder Director He was instrumental in of Karvy Group diversifying Karvy into the field of Medical
Transcription leveraging on the Company s core Comoetency of Transaction processing. His other directorships
include: Karvy Consultants Limited, Karvy Computershare Private Limited, Karvy Comtrade Limited, Karvy Financial
Services Limited, Karvy Global Services Limited, Karvy Global Services Inc., USA, Karvy Inc., Karvy Insurance
Broking Limited, Karvy Investor Services Limited, Karvy Stock Broking Limited, Andhra Cements Limited, Athena
Projects Limited, Ckar Systems Private Limited, Countrywide Power Transmission Limited, Eco Propcon Private
Limited, Green Infrastructure Private Limited, Biswas Buildcon Private Limited, Srivathsa Power Projects Limited, Viz.
Projects Private Limited, Backbone Properties Pvt. Ltd. and Bruma Properties Private Limited Concord Realtor Private
Limited.
V. V. Rao Independent Director IDBI Nominee Director/Board Member RT

Mr. V.V. Rao serves as Independent Director IDBI Nominee of HBL Power Systems Ltd.
P. Ganapati Rao Independent Director Director/Board Member RT

Mr. P Ganapati Rao serves as Independent Director of HBL Power Systems Ltd.
Executive Director - Operations, Whole Time

J. K. Verma Director/Board Member RT
Director
Mr. J. K. Verma is Executive Director - Operations, Whole Time Director of HBL Power Systems Ltd. He is a
professional with technical background, having varied experience in the manufacturing sector, retired from ITI
Limited, a Public Sector Undertaking based at Bangalore as Director and appointed whole time director. His
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experience and services would be useful to HBL Power Systems Ltd. He has varied and substantial experience in
Manufacturing sector. His other Directorships include: HBL Elta Avionics Systems Private Limited.
Executives
Name Title Function Source

Executive Chairman of the Board,
A. J. Prasad Chief Executive Officer RT
Managing Director
Dr. A. J. Prasad is Chairman of the Board, Managing Director of HBL Power Systems Ltd. He is Director of Beaver
Engineering Limited, Guided Missile Engineering India Pvt. Limited.
PHD International Business, Columbia University
M Management, Massachusetts Institute of Technology
B Technology, Indian Institute of Technology, Kanpur
Mikkilineni Satyanarayana Subramanya SrinathPresident - Marketing President RT

Mikkilineni Satyanarayana Subramanya Srinath is President (Marketing) of HBL Power Systems Ltd.
Executive Director - Operations, Whole

J. K. Verma Operations Executive RT
Time Director
Mr. J. K. Verma is Executive Director - Operations, Whole Time Director of HBL Power Systems Ltd. He is a
professional with technical background, having varied experience in the manufacturing sector, retired from ITI
Limited, a Public Sector Undertaking based at Bangalore as Director and appointed whole time director. His
experience and services would be useful to HBL Power Systems Ltd. He has varied and substantial experience in
Manufacturing sector. His other Directorships include: HBL Elta Avionics Systems Private Limited.
D. Mabu Basha Compliance Officer, Company Secretary Company Secretary RT

D.Mabu Basha serves as Compliance Officer, Company Secretary of HBL Power Systems Ltd.
Chief Compliance Officer & Company

E. Sudhakar Company Secretary IUSA
Secretary
P. Satish Kumar Chief Finance Officer Finance Executive RT
P. Satish Kumar serves as Chief Finance Officer of HBL Power Systems Ltd.
Director - HBL Power Systems (M) SDN

Kamaluddin Bin Saidon Information Executive RT
BHD
Kamaluddin Bin Saidon serves as Director - HBL Power Systems (M) SDN BHD.
Executive Director - Battery Technology,

Ashok Nagarkatti Information Executive RT
Whole Time Director
Ashok Nagarkatti serves as Executive Director - Battery Technology, Whole Time Director of HBL Power Systems Ltd.
M Technology, Indian Institute of Technology, Mumbai
Data Noted as Source: IUSA , © Copyright 2010, infoUSA. All Rights Reserved.
Data Noted as Source: RT , © 1983-2010 Reuters Research Inc. All Rights Reserved.
Published by OneSource Information Services, Inc., Mar, 2010
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Significant Developments
HBL Power Systems Ltd. Announces Dividend; Appoints Auditors

Oct 08, 2009
HBL Power Systems Ltd. announced that a dividend of 30% (i.e. INR 3 per share of INR 10 each) of the paid up equity share capital of
the Company as recommended by the Board of Directors is hereby declared out of profits of the Company for the year 2008-09 and be
paid to those holders of the equity shares whose manes appeared in the Register of members and as per the equity holdings as on
September 17, 2009. The Company also announced that M/s Satyanarayana & Co., Chartered Accountants are hereby appointed as
Auditors of the Company for the financial year 2009-10.
HBL Power Systems Ltd. Announces Allotment Of Shares

Sep 22, 2009
HBL Power Systems Ltd. announced that it has considered the issue and allotment of 10,20,445 equity shares of INR 10 each at INR 340
per share (including the premium of INR 330 per share) on preferential basis to M/s. Citigroup Global Markets Mauritius Ltd.
HBL Power Systems Ltd. Recommends Dividend

Jun 26, 2009
HBL Power Systems Ltd. announced that it has recommended a dividend of INR 3 per equity share of INR 10 each (30% on face value of
INR 10 each) for the financial year 2008-09.
©1983-2010 Reuters Research Inc. All Rights Reserved.

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CARE rates HBL Power Systems Ltd's debts at A/PR1

Aii Data Processing Ltd
05 January 2010
[What follows is the full text of the news story.]

Related Companies
HBL Power [profile]
(ADPnews) - Jan 5, 2010 - Indian rater CARE on Monday assigned its A/PR1 ratings to local Systems Ltd.
nickel batteries maker HBL Power Systems Ltd's (BOM:517271) bank facilities of an aggregate
amount of some INR 11.1 billion (USD 240m/EUR 166m).
Related Industries
3600 Electrical & electronic
The ratings are supported by the company's long track record, experienced management,
machinery
niche positioning in the battery segment, high growth in end-user telecoms industry,
satisfactory financial position and increasing presence in new product segment through Misc. Capital [profile]
measured investments. Goods
31200 Manufacture of
electricity distribution and
The rating is however, constrained by slowing economy and fluctuating raw material prices.
control apparatus
2849 Electronic Equipment
(INR 100 = USD 2.165/EUR 1.498) Manufacturing n.e.c.
Rating agency website: www.careratings.com
Source:
© 2010 Acquire Media Corporation. Published by OneSource Information Services, Inc., January 2010
HBL Power Board recommends dividend & Sub-division

HT Media
26 June 2009
India, June 26 -- HBL Power Systems Ltd has informed BSE that the Board of Directors of the
Company at its meeting held on June 25, 2009, inter alia, has approved the following:1.
Recommended a dividend of Rs 3/- per equity share of Rs 10 each (30% on face value of Rs
10 each) for the financial year 2008-09 and subject to the approval of the members at
ensuing Annual General Meeting.2. Sub-division of equity shares from Rs 10 per share into 10
shares of Rs 1/- each.Published by HT Syndication with permission from Accord Fintech.For
more information on news feed please contact Sarabjit Jagirdar at
htsyndication@hindustantimes.com
© 2009 Acquire Media Corporation. Published by OneSource Information Services, Inc., June 2009
HBL Power - Audited Financial Results for Mar 31, 2009

HT Media
25 June 2009
India, June 25 -- HBL Power Systems Ltd has informed BSE about the audited financial results
for the Quarter & Year ended March 31, 2009.Published by HT Syndication with permission
from Accord Fintech.For more information on news feed please contact Sarabjit Jagirdar at
htsyndication@hindustantimes.com
Page 18
Dividend / Sub-division
HT Media
25 June 2009
India, June 25 -- Hbl Power Systems Limited has informed the Exchange that the Meeting of
the Board of Directors of the Company held on June 25, 2009, inter-alia approved the
following: i) Recommended a dividend of Rs.3/- per equity share of Rs. 10 each for the
financial year 2008-09 and subject to the approval of the members at the ensuing Annual
General Meeting. ii) Sub-division of equity shares from Rs. 10 per share into 10 shares of Rs.
1 each.Published by HT Syndication with permission from Accord Fintech.For more information
on news feed please contact Sarabjit Jagirdar at htsyndication@hindustantimes.com
India's Reliance Capital lifts stake in local battery maker HBL

Asia In Focus
10 May 2009

Related Companies
Reliance Capital [profile]
MUMBAI, May 11 Asia in Focus - Anil Ambani group firm RELIANCE CAPITAL (BSE:500111) Ltd
has hiked its stake in Indian battery maker HBL POWER SYSTEMS (BSE:517271) to 7.80 per
cent through open market transactions. In a disclosure to the Bombay Stock Exchange, HBL
Power Systems said Reliance Capital has bought 18,94,123 shares, or 7.80 per cent stake, in Related Topics
the Andhra Pradesh-based company between May 6 and May 7. Finance & Accounting
Standards
* Calculated on the basis of average closing price of HBL Power on the two days, the deal Financial Markets
value comes to about Rs 33.69 crore (US$6.8 million). Mergers and Acquisitions
Regulatory Activity
* Reliance Capital is engaged in asset management and mutual funds, life and general
insurance, private equity and investments and stock broking among others, while HBL Power Related Geographies
Systems, formerly HBL Nife Power Systems, is engaged in manufacturing of nickel batteries.
Asia
India
ASIA IN FOCUS
Related Industries
11-05 1251
3600 Electrical & electronic
machinery
5000 Wholesale trade --
durable goods
5100 Wholesale trade --
nondurable goods
6000 Depository institutions
6210 Security brokers and
dealers
Investment [profile]
Services
Misc. Capital [profile]
Goods
Personal & [profile]
Household Prods.
S&Ls/Savings [profile]
Banks
31200 Manufacture of
electricity distribution and
control apparatus
50100 Sale of motor
vehicles
65230 Other financial
intermediation not
elsewhere classified
Page 19
2849 Electronic Equipment

Manufacturing n.e.c.
4600 Machinery and Motor
Vehicle Wholesaling
4700 Personal and
Household Good Wholesaling
7320 Deposit Taking
Financiers
7511 Financial Asset Broking
Services
© 2009 Acquire Media Corporation. Published by OneSource Information Services, Inc., May 2009
Page 20
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Articles: 0 Matches
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HBL Power Systems Ltd. Annual Income Statement

Hyderabad, India, Tel: 91-40-23355575, URL: http://www.hbl.in/
Financials in: USD (000)

Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006 31-Mar-2005
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal Updated Normal Updated Normal Updated Normal Updated Normal
Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 45.98813 40.278756 45.22085 44.213701 44.871432
Auditor Satyanarayana & Satyanarayana & Satyanarayana & Satyanarayana & Satyanarayana &
Co. Co. Co. Co. Co.
Auditor Opinion Unqualified Unqualified Unqualified Unqualified Unqualified
Gross Revenue 305,122.0 281,916.7 130,481.9 95,274.5 73,863.4

Excise Tax Receipts -34,220.1 -40,025.3 -16,903.6 -11,980.5 -9,349.5
Revenue 270,901.9 241,891.4 113,578.4 83,294.0 64,513.9
Interest Income, Non-Bank 699.2 683.5 - - -
Other Revenue 462.8 229.4 891.0 664.4 487.7
Other Revenue, Total 1,162.0 912.9 891.0 664.4 487.7
Total Revenue 272,063.9 242,804.3 114,469.4 83,958.5 65,001.6
Cost of Revenue 192,430.4 171,243.6 78,990.8 55,649.3 42,648.1

Excise Taxes Payments 1,071.2 870.3 - - -
Cost of Revenue, Total 193,501.5 172,113.9 78,990.8 55,649.3 42,648.1
Gross Profit 77,400.4 69,777.5 34,587.6 27,644.7 21,865.8
Selling/General/Administrative 18,183.0 17,392.6 11,025.5 9,158.7 7,148.1

Expense
Labor & Related Expense 15,927.6 14,931.6 8,052.1 6,313.8 5,858.0
Advertising Expense 328.7 265.1 - - -
Total 34,439.3 32,589.3 19,077.7 15,472.6 13,006.2
Selling/General/Administrative
Expenses
Depreciation 6,079.2 3,848.6 1,880.6 1,516.4 1,276.3
Amortization of Intangibles 223.0 0.0 - - -
Depreciation/Amortization 6,302.2 3,848.6 1,880.6 1,516.4 1,276.3
Interest Expense - Operating 8,581.6 7,144.3 3,438.6 2,699.0 1,924.2
Interest Capitalized - Operating -802.2 -408.9 -331.3 -104.5 -31.0
Interest Expense - Net Operating 7,779.3 6,735.4 3,107.3 2,594.4 1,893.2
Interest Expense (Income) - Net 7,779.3 6,735.4 3,107.3 2,594.4 1,893.2
Operating Total
Loss (Gain) on Sale of Assets - 4.0 2.2 - - -
Operating
Other Unusual Expense (Income) 295.3 256.3 0.0 0.0 298.9
Unusual Expense (Income) 299.3 258.5 0.0 0.0 298.9
Total Operating Expense 242,321.7 215,545.8 103,056.4 75,232.7 59,122.7
Operating Income 29,742.2 27,258.5 11,413.0 8,725.7 5,878.9
Investment Income - Non- - - - - 1.6

Operating
Page 23
Interest/Investment Income - Non- - - - - 1.6

Operating
Interest Income (Expense) - Net - - - - 1.6
Non-Operating Total
Income Before Tax 29,742.2 27,258.5 11,413.0 8,725.7 5,880.5
Total Income Tax 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5

Income After Tax 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income Before Extraord Items 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Income Available to Common Excl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

Extraord Items
Income Available to Common Incl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

Extraord Items
Basic/Primary Weighted Average 242.8 242.8 220.7 220.7 200.7

Shares
Basic EPS Excl Extraord Items 0.08 0.07 0.03 0.03 0.02
Basic/Primary EPS Incl Extraord Items 0.08 0.07 0.03 0.03 0.02
Dilution Adjustment - - 0.0 0.0 0.0
Diluted Net Income 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Diluted Weighted Average Shares 242.8 242.8 220.7 220.7 200.7
Diluted EPS Excl Extraord Items 0.08 0.07 0.03 0.03 0.02
Diluted EPS Incl Extraord Items 0.08 0.07 0.03 0.03 0.02
Dividends per Share - Common Stock 0.01 0.00 0.00 0.00 0.00
Primary Issue
Gross Dividends - Common Stock 1,583.9 904.2 805.4 748.8 671.0
Interest Expense, Supplemental 7,332.8 6,039.8 2,698.1 3,098.8 2,192.4
Interest Capitalized, Supplemental -802.2 -408.9 -331.3 -104.5 -31.0
Depreciation, Supplemental 6,079.2 3,848.6 1,881.3 1,516.4 1,276.3
Total Special Items 297.7 216.5 0.0 0.0 298.9
Normalized Income Before Tax 30,040.0 27,475.0 11,413.0 8,725.7 6,179.4
Effect of Special Items on Income 100.0 85.1 0.0 0.0 84.3

Taxes
Inc Tax Ex Impact of Sp Items 10,091.2 10,803.9 4,312.7 2,767.0 1,742.8
Normalized Income After Tax 19,948.7 16,671.1 7,100.3 5,958.7 4,436.6
Normalized Inc. Avail to Com. 19,948.7 16,671.1 7,100.3 5,958.7 4,436.6
Basic Normalized EPS 0.08 0.07 0.03 0.03 0.02

Diluted Normalized EPS 0.08 0.07 0.03 0.03 0.02
Amort of Intangibles, Supplemental 223.0 0.0 - - -
Rental Expenses 239.2 209.7 133.9 98.5 77.4
Advertising Expense, Supplemental 328.7 265.1 234.6 194.8 141.0
Research & Development Exp, - - 11.9 - -
Supplemental
Normalized EBIT 37,819.3 34,210.4 14,520.3 11,320.2 8,071.0
Normalized EBITDA 44,121.5 38,059.0 16,401.6 12,836.5 9,347.3
Current Tax - Domestic 9,141.8 9,186.0 3,381.0 2,209.7 1,170.0
Current Tax - Other 14.1 10.6 4.4 - -
Current Tax - Total 9,156.0 9,196.5 3,385.5 2,209.7 1,170.0
Page 24
Deferred Tax - Domestic 468.7 595.7 591.9 201.8 429.3

Deferred Tax - Total 468.7 595.7 591.9 201.8 429.3
Domestic Tax - Other 33.1 608.4 155.2 185.1 59.2
Other Tax 333.4 318.1 180.2 170.4 0.0
Income Tax - Total 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5
Other Pension, Net - Domestic 365.7 142.4 99.4 - -
Domestic Pension Plan Expense 365.7 142.4 99.4 - -
Defined Contribution Expense - 875.3 755.9 488.4 - -
Domestic
Total Pension Expense 1,241.1 898.2 587.7 - -
Total Plan Other Expense 365.7 142.4 99.4 - -
Annual Balance Sheet
Financial Glossary
UpdateType/Date Updated Normal Reclassified Updated Normal Updated Normal Updated Normal
31-Mar-2009 Normal 31-Mar-2007 31-Mar-2006 31-Mar-2005
31-Mar-2009
Exchange Rate 50.735 40.12 43.465 44.565 43.665
Co. Co. Co. Co. Co.
Cash 9,892.7 4,553.1 6,066.9 5,727.1 3,243.3

Short Term Investments 1,507.2 480.8 - - -
Cash and Short Term Investments 11,399.8 5,033.8 6,066.9 5,727.1 3,243.3
Accounts Receivable - Trade, 8,197.0 6,506.8 - - 4,337.0
Gross
Provision for Doubtful Accounts -28.4 -223.7 - - -19.1
Trade Accounts Receivable - Net 8,168.6 6,283.1 6,610.8 5,890.1 4,317.9
Other Receivables 56,283.7 72,553.6 40,406.7 29,380.9 24,367.3
Total Receivables, Net 64,452.3 78,836.7 47,017.5 35,271.0 28,685.2
Inventories - Finished Goods 6,649.1 2,955.3 609.6 669.1 398.3
Inventories - Work In Progress 9,969.8 18,651.7 5,457.3 5,291.1 3,632.1
Inventories - Raw Materials 18,124.5 20,887.5 10,908.8 8,157.3 7,591.5
Inventories - Other 769.0 536.2 384.1 1,069.1 652.0
Total Inventory 35,512.4 43,030.6 17,359.8 15,186.6 12,273.9
Restricted Cash - Current 5,829.5 7,244.3 - - -
Other Current Assets, Total 5,829.5 7,244.3 - - -
Total Current Assets 117,194.0 134,145.5 70,444.2 56,184.7 44,202.4
Buildings 14,563.7 14,973.9 8,742.6 5,916.2 4,988.3

Land/Improvements 2,884.8 3,096.0 1,691.4 1,191.4 718.3
Machinery/Equipment 5,530.7 5,992.4 4,522.7 3,658.1 3,143.0
Construction in Progress 13,082.5 9,375.9 10,221.7 4,068.1 1,748.6
Leases 182.4 223.3 206.1 200.4 0.0
Other Property/Plant/Equipment 50,200.4 51,919.5 34,059.2 24,468.7 20,301.8
Property/Plant/Equipment - Gross 86,444.6 85,580.9 59,443.7 39,502.9 30,900.0
Accumulated Depreciation -17,295.5 -15,130.2 -10,684.1 -8,547.6 -7,209.6
Property/Plant/Equipment - Net 69,149.1 70,450.7 48,759.6 30,955.3 23,690.4
Page 25
Intangibles, Net 1,583.8 2,258.5 2,084.7 863.7 0.0

LT Investments - Other 26.0 95.2 210.3 3,914.2 23.6
Long Term Investments 26.0 95.2 210.3 3,914.2 23.6
Deferred Charges 100.6 204.4 259.9 97.3 127.9
Other Long Term Assets, Total 100.6 204.4 259.9 97.3 127.9
Total Assets 188,053.5 207,154.4 121,758.6 92,015.2 68,044.3
Accounts Payable 24,360.5 32,635.6 20,692.2 12,785.6 12,105.6

Notes Payable/Short Term Debt 0.0 0.0 0.0 0.0 0.0
Dividends Payable 1,470.5 944.1 873.1 784.3 731.5
Customer Advances 5,235.9 2,375.9 691.1 1,012.8 645.1
Income Taxes Payable 143.7 521.5 41.7 35.9 119.3
Other Current Liabilities 5,266.1 4,224.0 1,330.7 1,592.0 507.8
Other Current liabilities, Total 12,116.3 8,065.5 2,936.6 3,425.1 2,003.7
Total Current Liabilities 36,476.8 40,701.1 23,628.8 16,210.7 14,109.3
Long Term Debt 72,900.5 88,024.7 40,562.4 31,436.1 25,698.8

Total Long Term Debt 72,900.5 88,024.7 40,562.4 31,436.1 25,698.8
Total Debt 72,900.5 88,024.7 40,562.4 31,436.1 25,698.8
Deferred Income Tax - LT Liability 2,938.7 3,169.4 2,373.4 1,706.0 1,536.9

Deferred Income Tax 2,938.7 3,169.4 2,373.4 1,706.0 1,536.9
Minority Interest - - - - 0.0
Total Liabilities 112,316.0 131,895.2 66,564.6 49,352.9 41,345.0
Common Stock 4,785.6 6,051.7 5,586.0 4,952.8 4,596.9

Common Stock 4,785.6 6,051.7 5,586.0 4,952.8 4,596.9
Additional Paid-In Capital 13,935.7 17,622.9 16,266.7 11,407.6 420.9
Retained Earnings (Accumulated 56,901.8 51,439.8 33,134.1 26,176.7 21,553.8
Deficit)
Other Equity 114.5 144.7 207.2 125.1 127.7
Other Equity, Total 114.5 144.7 207.2 125.1 127.7
Total Equity 75,737.5 75,259.2 55,194.0 42,662.3 26,699.3
Total Liabilities & Shareholders’ 188,053.5 207,154.3 121,758.6 92,015.2 68,044.3

Equity
Shares Outstanding - Common 242.8 242.8 242.8 220.7 200.7

Stock Primary Issue
Total Common Shares Outstanding 242.8 242.8 242.8 220.7 200.7
Number of Common Shareholders 8,929 8,572 8,015 7,960 8,802
Deferred Revenue - Current 5,235.9 2,375.9 691.1 1,012.8 645.1
Annual Cash Flows
Financial Glossary
Page 26

Co. Co. Co. Co. Co.
Net Income/Starting Line 30,037.6 27,514.8 11,413.0 8,725.7 6,177.8

Depreciation 6,079.2 3,599.7 1,880.6 1,516.4 1,276.7
Depreciation/Depletion 6,079.2 3,599.7 1,880.6 1,516.4 1,276.7
Amortization 223.0 0.0 - - -
Unusual Items -295.0 -37.4 47.1 126.2 -174.7
Other Non-Cash Items 5,833.6 4,250.5 1,201.2 1,252.9 1,020.3
Non-Cash Items 5,538.6 4,213.0 1,248.3 1,379.0 845.6
Accounts Receivable -1,927.5 -24,792.7 -8,098.2 -5,416.5 -10,935.4
Inventories -1,638.1 -24,127.9 -1,719.4 -3,185.7 -4,484.5
Accounts Payable -236.7 -3,904.5 -2,327.7 -1,805.4 -470.5
Other Liabilities 3,426.1 14,034.9 6,466.3 1,984.3 3,988.8
Other Operating Cash Flow -9,769.5 -9,043.1 -3,892.6 -2,482.6 -1,558.2
Changes in Working Capital -10,145.6 -47,833.3 -9,571.6 -10,906.0 -13,459.7
Cash from Operating Activities 31,732.8 -12,505.7 4,970.3 715.1 -5,159.5
Purchase of Fixed Assets -21,191.8 -21,492.9 -19,407.5 -10,248.5 -4,336.9

Capital Expenditures -21,191.8 -21,492.9 -19,407.5 -10,248.5 -4,336.9
Sale of Fixed Assets 262.8 374.2 53.6 31.8 51.0
Investment, Net 54.4 -47.4 3,655.3 -3,924.7 17.8
Other Investing Cash Flow - - - - 0.0
Other Investing Cash Flow Items, 317.2 326.8 3,709.0 -3,893.0 68.8
Total
Cash from Investing Activities -20,874.6 -21,166.1 -15,698.5 -14,141.5 -4,268.0
Other Financing Cash Flow -5,268.1 -1,137.3 3,328.1 10,159.5 -578.0

Financing Cash Flow Items -5,268.1 -1,137.3 3,328.1 10,159.5 -578.0
Cash Dividends Paid - Common -926.5 -3,414.6 -1,044.6 -776.5 -605.6
Total Cash Dividends Paid -926.5 -3,414.6 -1,044.6 -776.5 -605.6
Sale/Issuance of Common - 0.0 488.1 452.3 0.0
Common Stock, Net - 0.0 488.1 452.3 0.0
Issuance (Retirement) of Stock, - 0.0 488.1 452.3 0.0
Net
Long Term Debt Issued - - 0.0 159.8 880.9
Long Term Debt, Net 3,632.6 43,906.6 8,001.7 6,306.0 10,984.1
Issuance (Retirement) of Debt, 3,632.6 43,906.6 8,001.7 6,306.0 10,984.1
Net
Cash from Financing Activities -2,562.0 39,354.8 10,773.3 16,141.4 9,800.5
Net Change in Cash 8,296.2 5,682.9 45.0 2,715.1 373.0
Net Cash - Beginning Balance 10,711.5 6,546.8 5,786.3 3,203.0 2,783.1

Net Cash - Ending Balance 19,007.7 12,229.8 5,831.3 5,918.1 3,156.1
Cash Interest Paid 5,268.1 3,414.6 1,044.6 800.3 578.0
Cash Taxes Paid 9,769.5 9,043.1 3,892.6 2,646.8 1,558.2
Page 27
Published by OneSource Information Services, Inc., March, 2010.
Page 28



Co. Co. Co. Co. Co.
Domestic Sales 271,701.7 257,684.6 105,728.5 74,000.2 59,615.9

Export Sales 26,972.8 20,718.0 18,550.4 14,640.5 10,902.0
Installation Charges 562.8 277.6 1,037.3 3,039.1 0.0
Works Contract receipts 2,569.8 1,925.4 4,289.0 2,854.6 2,209.9
Service Charges Received 2,768.9 834.1 463.0 590.7 538.7
Testing Charges 170.1 95.5 72.0 104.6 0.0
Job Work and Others - 0.0 14.9 44.8 596.9
Share of Joint Venture 375.9 381.5 326.7 0.0 -
Less: Excise Duty and Taxes -34,220.1 -40,025.3 -16,903.6 -11,980.5 -9,349.5
Interest Received 696.8 639.4 - - -
Profit on Sale of Assets 1.6 42.0 - - -
Exchange Gain 0.8 2.2 - - -
Other Income 462.8 229.4 891.0 664.4 487.7
Total Revenue 272,063.9 242,804.3 114,469.4 83,958.5 65,001.6
Material Cost 178,513.9 159,727.6 73,222.9 50,758.4 38,701.9

Manufacturing Cost 13,916.4 11,516.0 5,767.9 4,891.0 3,946.2
Employees Cost 15,926.9 14,930.9 8,052.1 6,313.8 5,858.0
Excise Duty Paid 1,071.2 870.3 - - -
Director's Sitting Fees 0.7 0.7 - - -
Advertisement & Business 328.6 265.1 - - -
Promotion
Loss on Sale of Assets 4.0 2.2 - - -
Admin./Selling 17,500.2 16,244.9 10,458.8 8,759.0 6,879.9
Interest-Term Loans 5,268.1 3,414.6 1,044.6 800.3 578.0
Interest-BankBorrow. 2,759.5 2,891.6 1,889.1 1,489.6 1,108.4
Interest Capitalised -802.2 -408.9 -331.3 -104.5 -31.0
Bank Charges 226.0 336.7 221.2 250.7 157.9
BG Charges 427.6 695.7 409.2 320.8 237.8
LC Charges 456.8 811.1 345.5 149.1 110.4
Other Interest Charges 107.4 142.5 94.6 88.3 -
Finance Cost - Joint Venture 18.9 0.0 1.1 0.0 -
Depreciation 6,079.2 3,848.6 1,880.6 1,516.4 1,276.3
Extra Ordinary Items 295.3 256.3 0.0 0.0 260.3
Adjustment of loss of Subsidiary - - - 0.0 38.6
Amortisation of Intangible Assets 223.0 0.0 - - -
Page 29

Net Income Before Taxes 29,742.2 27,258.5 11,413.0 8,725.7 5,880.5
Provision for Income Taxes 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5

Net Income After Taxes 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income Before Extra. Items 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Income Available to Com Excl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

ExtraOrd
Income Available to Com Incl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

ExtraOrd
Basic Weighted Average Shares 242.8 242.8 220.7 220.7 200.7

Basic EPS Excluding ExtraOrdinary 0.08 0.07 0.03 0.03 0.02
Items
Basic EPS Including ExtraOrdinary 0.08 0.07 0.03 0.03 0.02
Item
Diluted EPS Excluding ExtraOrd Items 0.08 0.07 0.03 0.03 0.02
Diluted EPS Including ExtraOrd Items 0.08 0.07 0.03 0.03 0.02
DPS-Equity Shares 0.01 0.00 0.00 0.00 0.00
Normalized Income Before Taxes 30,040.0 27,475.0 11,413.0 8,725.7 6,179.4

Normalized Income After Taxes 19,948.7 16,671.1 7,100.3 5,958.7 4,436.6

Interest Expense 7,332.8 6,039.8 2,698.1 3,098.8 2,192.4
Interest Capitalized -802.2 -408.9 -331.3 -104.5 -31.0
Rental Expense 239.2 209.7 133.9 98.5 77.4
Depreciation 6,079.2 3,848.6 1,881.3 1,516.4 1,276.3
Advertising Expense 328.6 265.1 234.6 194.8 141.0
Software Development Expenditure - - 11.9 - -
Amortisation of Intangibles 223.0 0.0 - - -
Current Tax 9,141.8 9,186.0 3,381.0 2,209.7 1,170.0
Wealth Tax 14.1 10.6 4.4 - -
Deferred Tax 468.7 595.7 591.9 201.8 429.3
Previous Year 33.1 608.4 155.2 185.1 59.2
Fringe Benefit Tax 333.4 318.1 180.2 170.4 0.0
Income Tax - Total 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5
Contribution to Gratuity 365.7 142.4 99.4 - -
Page 30

Contribution to Provident Fund & Other 875.3 755.9 488.4 - -
Annual Balance Sheet

31-Mar-2009
Exchange Rate 50.735 40.12 43.465 44.565 43.665
Co. Co. Co. Co. Co.
Raw Materials 18,124.5 20,887.5 10,908.8 8,157.3 7,591.5

Stores/Spares 533.9 327.1 221.4 206.0 148.3
Tools/Fixtures 97.8 130.1 90.8 69.9 95.5
Semi-Finished 9,969.8 18,651.7 5,457.3 5,291.1 3,632.1
Finished Goods 6,649.1 2,955.3 609.6 669.1 398.3
Warehouse/Trans. 99.9 36.0 40.3 793.2 408.2
Inventory - Joint Venture 37.3 43.0 31.7 0.0 -
Sun. Debt, Net - - 6,610.8 5,890.1 -
Sundry Debtors 8,197.0 6,506.8 - - 4,337.0
Doubtful Debts -28.4 -223.7 - - -19.1
Other Debtors - Joint Venture 152.6 264.8 131.9 0.0 -
Other Debtors 47,559.4 61,720.6 33,503.2 25,145.0 21,872.3
Dividend Account 34.9 36.3 - - -
Fixed Deposit 1,507.2 480.8 - - -
Margin Money Deposits 5,794.6 7,208.0 - - -
Cash/BankBalance 8,989.1 4,458.8 6,066.9 5,727.1 3,243.3
Cash-Joint Venture 903.6 94.2 - - -
Loans/Advances 8,571.6 10,568.2 6,771.6 4,235.9 2,495.0
Land 2,884.8 3,096.0 1,691.4 1,191.4 718.3

Leasehold Land 182.4 223.3 206.1 200.4 0.0
Building-Factory 13,786.4 13,996.1 7,840.1 5,268.2 4,539.2
Buildings-Others 777.2 977.8 902.5 648.0 449.1
Plant/Machinery 49,327.5 51,876.3 34,025.1 24,464.5 20,297.4
Office Equip. 2,603.6 2,905.6 2,049.0 1,718.7 1,509.7
Furn./Fixtures 1,018.1 1,084.9 883.4 651.3 612.5
Vehicles 1,909.0 2,002.0 1,590.2 1,288.1 1,020.8
Technic. Library 3.7 4.7 4.3 4.2 4.3
Development Expenditure 1,583.8 2,258.5 2,084.7 863.7 0.0
Assets - Share of Joint Venture 869.2 38.4 29.7 - -
Depreciation -17,295.5 -15,130.2 -10,684.1 -8,547.6 -7,209.6
Cap.Work-in-Prog 13,082.5 9,375.9 10,221.7 4,068.1 1,748.6
Investments 26.0 95.2 210.3 3,914.2 23.6
Page 31
Miscellaneous 100.6 204.4 259.9 97.3 127.9

Total Assets 188,053.5 207,154.4 121,758.6 92,015.2 68,044.3
Bills Payable 3,694.9 12,288.6 3,450.2 715.6 1,696.0

Sundry-Supplies 17,360.7 16,157.7 14,114.8 10,442.4 8,558.3
Sundry-Expenses 3,304.9 4,189.3 3,127.2 1,627.6 1,851.4
CustomerAdvances 5,235.9 2,375.9 691.1 1,012.8 645.1
Advances-Project 98.6 124.6 115.0 112.2 0.0
Other Liabilities 223.2 184.7 129.3 508.3 93.8
Unpaid Dividend 34.9 36.3 35.2 41.4 41.9
Directors Current Account 310.1 322.1 70.3 107.2 0.0
Current Liabilities - Joint Ventures 1,458.2 708.9 115.7 0.0 -
Provisions for Warranty 1,369.0 1,183.5 595.5 421.9 0.0
Provision for Tax - Net 143.7 521.5 41.7 35.9 119.3
Prov.Excise/Cus. 443.5 278.1 16.3 208.9 118.3
Prov . Commission on Profits 840.3 851.4 - - -
Prov-Earned Leave 242.3 387.9 85.4 42.1 45.5
Prov-Empl.Scheme 21.5 27.2 57.1 87.3 153.6
Provis.-Dividend 1,435.7 907.8 837.9 742.9 689.5
Provisions - Joint Venture 15.4 1.2 3.8 0.0 -
Prov-Tax On Div. 244.0 154.3 142.4 104.2 96.7
Secured Loans 69,460.5 81,889.6 35,352.9 26,603.2 21,260.1

Unsecured Loans 3,440.0 6,135.0 5,209.5 4,833.0 4,438.7
Deferred Taxes 2,938.7 3,169.4 2,373.4 1,706.0 1,536.9

Minority Int. - - - - 0.0
Share Capital 4,785.6 6,051.7 5,586.0 4,952.8 4,596.9

Capital Reserve 2.0 2.5 2.3 2.3 2.3
Invest. Subsidy 109.9 139.0 128.3 125.1 127.7
Share Premium 13,935.7 17,622.9 16,266.7 11,407.6 420.9
General Reserve 53,217.7 47,357.9 29,909.1 22,439.1 19,466.4
Exchange Caluation Reserve 2.2 1.6 1.5 1.7 15.2
Profit/Loss Acc. 3,679.8 4,077.8 3,221.2 3,733.6 2,069.8
Equity - Joint Venture 4.5 5.7 78.9 0.0 -
Total Equity 75,737.5 75,259.2 55,194.0 42,662.3 26,699.3
Total Liabilities & Shareholders' 188,053.5 207,154.3 121,758.6 92,015.2 68,044.3

Equity
S/O-Equity Shares 242.8 242.8 242.8 220.7 200.7

Number of Sharholders 8,929 8,572 8,015 7,960 8,802
Annual Cash Flows
Page 32

Co. Co. Co. Co. Co.
Net Income 30,037.6 27,514.8 11,413.0 8,725.7 6,177.8

Depreciation 6,079.2 3,599.7 1,880.6 1,516.4 1,276.7
Assets Written off -254.4 0.0 - - -
Projects Written off -41.0 0.0 - - -
Interest 5,268.1 3,414.6 1,044.6 800.3 578.0
Investment 0.0 -179.5 - - -
Investment Advance 0.0 -76.8 - - -
Loss of Subsidiary Under Winding - - - 0.0 -38.6
Exchange Variation - - - 0.0 14.8
Pre Operative Expenses Written off - - - 0.0 -133.9
Deposits Written off - - - 0.0 -126.4
Sale of Fixed Assets- Loss 1.9 4.5 7.5 1.4 8.7
Profit on Sale of Fixed Assets -1.6 -42.0 -28.8 -1.5 -0.5
Dfrd RevenueWriteoff - - 68.4 126.3 116.0
Provision for Bad & Doubtful Debts - - - - 0.0
Preliminary Expenses Written off 67.3 76.8 - 24.5 0.0
Investments Written off - - - 2.8 0.0
Provisions 498.3 1,015.4 156.6 425.2 427.5
Sundry Debtors -1,927.5 -24,792.7 -8,098.2 -5,416.5 -10,935.4
Inventories -1,638.1 -24,127.9 -1,719.4 -3,185.7 -4,484.5
Loans/Advances -236.7 -3,904.5 -2,327.7 -1,805.4 -470.5
Current Liabilities 3,426.1 14,069.4 6,497.5 2,047.9 4,040.8
Employee Voluntary 0.0 -34.5 -31.2 -63.7 -51.9
Income Tax Paid -9,769.5 -9,043.1 -3,696.4 -2,482.6 -1,558.2
Fringe Benefit TAx - - -196.2 -164.1 -
Description Adjustment - - - 164.1 -

Investments 54.4 -47.4 3,655.3 -3,924.7 17.8
Equip.HireChrg.Rcvd. - - - - 0.0
Int. Free Tax Loan - - 0.0 159.8 880.9

Int. Free Tax Loan, Net 0.0 -1.1 - - -
Invest Subsidy Rcvd. - - - - 0.0
Issue-Share Capital - 0.0 488.1 452.3 0.0
Share Premium 0.0 -79.4 4,468.8 11,082.5 0.0
Preliminary Expenses - - -222.3 -122.7 0.0
Proceed-LT Borrow. 8,189.5 26,775.2 1,544.4 4,595.0 2,076.0
Working Cap.Borrowing -2,999.7 16,642.2 6,218.4 1,223.3 7,548.7
Page 33
Increase/ Decrease in Unsecured -1,557.1 490.3 238.8 328.0 478.5

loans
Interest Paid -5,268.1 -1,057.9 -918.3 -800.3 -578.0
Dividend Paid -926.5 -3,414.6 -1,044.6 -776.5 -605.6

Cash Taxes Paid 9,769.5 9,043.1 3,892.6 2,646.8 1,558.2

Page 34
HBL Power Systems Ltd. Financial Health


Key Indicators USD (000)

Quarter Annual
Quarter Ending Year End 1 Year 3 Year 5 Year
Ending Yr Ago 31-Mar-2009 Growth Growth Growth
Total Revenue1 (?) - - 272,063.9 27.93% 49.93% 48.43%
Operating Income1 (?) - - 29,742.2 24.58% 52.48% 63.36%
Income Available to
Common Excl Extraord
Items1 (?) - - 19,751.0 36.34% 51.07% 62.62%
Basic EPS Excl Extraord
Items1 (?) - - 0.08 36.34% 46.35% 56.55%
Capital Expenditures2 (?) - - 21,191.8 12.57% 29.08% 51.75%
Cash from Operating
Activities2 (?) - - 31,732.8 - 258.70% 48.57%
Free Cash Flow (?) - - 10,541.0 - - 43.20%
Total Assets3 (?) - - 188,053.5 14.80% 32.51% 35.19%
Total Liabilities3 (?) - - 112,316.0 7.69% 37.35% 38.89%
Total Long Term Debt3
(?) - - 72,900.5 4.73% 38.21% 42.51%
Total Common Shares
Outstanding3 (?) - - 242.8 0.00% 3.23% 3.88%
1-ExchangeRate: INR to USD
Average for Period 45.988130
Average for Period 45.988130
Period End Date 50.735000
Utility Industry Specific USD (000)

Deferred Charges 3 (?) 100.6 204.4 259.9 97.3 127.9
3-ExchangeRate: INR to USD Period End
Date 50.735000 40.120000 43.465000 44.565000 43.665000
Key Ratios
Profitability
Gross Margin (?) 28.57% 28.85% 30.45% 33.19% 33.89%
Operating Margin (?) 10.93% 11.23% 9.97% 10.39% 9.04%
Pretax Margin (?) 10.93% 11.23% 9.97% 10.39% 9.05%
Net Profit Margin (?) 7.26% 6.81% 6.20% 7.10% 6.50%
Financial Strength
Current Ratio (?) 3.21 3.30 2.98 3.47 3.13
Long Term Debt/Equity (?) 0.96 1.17 0.73 0.74 0.96
Total Debt/Equity (?) 0.96 1.17 0.73 0.74 0.96
Management Effectiveness
Return on Assets (?) 10.18% 9.79% 6.84% 7.45% 7.45%
Return on Equity (?) 26.47% 24.59% 14.93% 17.18% 17.41%
Efficiency
Receivables Turnover (?) 3.89 3.76 2.86 2.63 2.93
Inventory Turnover (?) 5.04 5.59 4.99 4.06 4.40
Page 35
Asset Turnover (?) 1.40 1.44 1.10 1.05 1.15
Market Valuation USD (000)

Enterprise Value2 (?) 263,846.8 . Enterprise Value/Revenue (TTM) (?) 0.96
Enterprise Value/EBITDA (TTM) (?) 5.95 . Market Cap1 (?) 195,172.2
1-ExchangeRate: INR to USD on 12-Mar-2010 45.435000
2-ExchangeRate: INR to USD on 12-Mar-2010 45.435000

Page 36
HBL Power Systems Ltd. Annual Ratios



Financial Strength
Current Ratio (?) 3.21 3.30 2.98 3.47 3.13
Quick/Acid Test Ratio (?) 2.08 2.06 2.25 2.53 2.26
Working Capital1 (?) 80,717.2 93,444.4 46,815.4 39,974.0 30,093.1
Long Term Debt/Equity (?) 0.96 1.17 0.73 0.74 0.96
Total Debt/Equity (?) 0.96 1.17 0.73 0.74 0.96
Long Term Debt/Total Capital (?) 0.49 0.54 0.42 0.42 0.49
Total Debt/Total Capital (?) 0.49 0.54 0.42 0.42 0.49
Payout Ratio (?) 8.02% 5.47% 10.31% 12.57% 15.89%
Effective Tax Rate (?) 33.59% 39.32% 37.79% 31.71% 28.20%
Total Capital1 (?) 148,638.0 163,283.8 95,756.4 74,098.4 52,398.1
Efficiency
Asset Turnover (?) 1.40 1.44 1.10 1.05 1.15
Inventory Turnover (?) 5.04 5.59 4.99 4.06 4.40
Days In Inventory (?) 72.36 65.31 73.13 89.95 83.03
Receivables Turnover (?) 3.89 3.76 2.86 2.63 2.93
Days Receivables Outstanding (?) 93.83 97.16 127.47 138.86 124.72
Profitability
Gross Margin (?) 28.57% 28.85% 30.45% 33.19% 33.89%
Operating Margin (?) 10.93% 11.23% 9.97% 10.39% 9.04%
EBITDA Margin (?) 13.25% 12.81% 11.61% 12.20% 11.01%
EBIT Margin (?) 10.93% 11.23% 9.97% 10.39% 9.04%
Pretax Margin (?) 10.93% 11.23% 9.97% 10.39% 9.05%
Net Profit Margin (?) 7.26% 6.81% 6.20% 7.10% 6.50%
COGS/Revenue (?) 71.12% 70.89% 69.01% 66.28% 65.61%
SG&A Expense/Revenue (?) 12.66% 13.42% 16.67% 18.43% 20.01%
Management Effectiveness
Return on Assets (?) 10.18% 9.79% 6.84% 7.45% 7.45%
Return on Equity (?) 26.47% 24.59% 14.93% 17.18% 17.41%
Valuation
Free Cash Flow/Share2 (?) 0.04 -0.14 -0.06 -0.04 -0.05
Operating Cash Flow/Share 2 (?) 0.13 -0.05 0.02 0.00 -0.03
1-ExchangeRate: INR to USD Period End Date 50.735 40.12 43.465 44.565 43.665
2-ExchangeRate: INR to USD Average for Period 45.98813 40.278756 45.22085 44.213701 44.871432

Page 37
Page 38

Hyderabad, India, Tel: 91-40-23355575, URL: http://www.hbl.in/ Standardized

Financial Glossary
Co. Co. Co. Co. Co.
Gross Revenue 305,122.0 281,916.7 130,481.9 95,274.5 73,863.4

Excise Tax Receipts -34,220.1 -40,025.3 -16,903.6 -11,980.5 -9,349.5
Revenue 270,901.9 241,891.4 113,578.4 83,294.0 64,513.9
Interest Income, Non-Bank 699.2 683.5 - - -
Other Revenue 462.8 229.4 891.0 664.4 487.7
Other Revenue, Total 1,162.0 912.9 891.0 664.4 487.7
Total Revenue 272,063.9 242,804.3 114,469.4 83,958.5 65,001.6
Cost of Revenue 192,430.4 171,243.6 78,990.8 55,649.3 42,648.1

Excise Taxes Payments 1,071.2 870.3 - - -
Cost of Revenue, Total 193,501.5 172,113.9 78,990.8 55,649.3 42,648.1
Gross Profit 77,400.4 69,777.5 34,587.6 27,644.7 21,865.8
Selling/General/Administrative 18,183.0 17,392.6 11,025.5 9,158.7 7,148.1

Expense
Labor & Related Expense 15,927.6 14,931.6 8,052.1 6,313.8 5,858.0
Advertising Expense 328.7 265.1 - - -
Total 34,439.3 32,589.3 19,077.7 15,472.6 13,006.2
Selling/General/Administrative
Expenses
Depreciation 6,079.2 3,848.6 1,880.6 1,516.4 1,276.3
Depreciation/Amortization 6,302.2 3,848.6 1,880.6 1,516.4 1,276.3
Interest Expense - Operating 8,581.6 7,144.3 3,438.6 2,699.0 1,924.2
Interest Capitalized - Operating -802.2 -408.9 -331.3 -104.5 -31.0
Interest Expense - Net Operating 7,779.3 6,735.4 3,107.3 2,594.4 1,893.2
Interest Expense (Income) - Net 7,779.3 6,735.4 3,107.3 2,594.4 1,893.2
Operating Total
Loss (Gain) on Sale of Assets - 4.0 2.2 - - -
Operating
Other Unusual Expense (Income) 295.3 256.3 0.0 0.0 298.9
Unusual Expense (Income) 299.3 258.5 0.0 0.0 298.9
Operating Income 29,742.2 27,258.5 11,413.0 8,725.7 5,878.9
Investment Income - Non- - - - - 1.6
Page 39
Operating
Interest/Investment Income - Non- - - - - 1.6
Operating
Interest Income (Expense) - Net - - - - 1.6
Non-Operating Total
Income Before Tax 29,742.2 27,258.5 11,413.0 8,725.7 5,880.5
Total Income Tax 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5

Income After Tax 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income Before Extraord Items 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Income Available to Common Excl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

Extraord Items
Income Available to Common Incl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

Extraord Items
Basic/Primary Weighted Average 242.8 242.8 220.7 220.7 200.7

Shares
Basic EPS Excl Extraord Items 0.08 0.07 0.03 0.03 0.02
Basic/Primary EPS Incl Extraord Items 0.08 0.07 0.03 0.03 0.02
Diluted EPS Excl Extraord Items 0.08 0.07 0.03 0.03 0.02
Diluted EPS Incl Extraord Items 0.08 0.07 0.03 0.03 0.02
Dividends per Share - Common Stock 0.01 0.00 0.00 0.00 0.00
Primary Issue
Interest Expense, Supplemental 7,332.8 6,039.8 2,698.1 3,098.8 2,192.4
Interest Capitalized, Supplemental -802.2 -408.9 -331.3 -104.5 -31.0
Depreciation, Supplemental 6,079.2 3,848.6 1,881.3 1,516.4 1,276.3
Total Special Items 297.7 216.5 0.0 0.0 298.9
Normalized Income Before Tax 30,040.0 27,475.0 11,413.0 8,725.7 6,179.4
Effect of Special Items on Income 100.0 85.1 0.0 0.0 84.3

Taxes
Normalized Income After Tax 19,948.7 16,671.1 7,100.3 5,958.7 4,436.6

Amort of Intangibles, Supplemental 223.0 0.0 - - -
Rental Expenses 239.2 209.7 133.9 98.5 77.4
Advertising Expense, Supplemental 328.7 265.1 234.6 194.8 141.0
Research & Development Exp, - - 11.9 - -
Supplemental
Normalized EBIT 37,819.3 34,210.4 14,520.3 11,320.2 8,071.0
Normalized EBITDA 44,121.5 38,059.0 16,401.6 12,836.5 9,347.3
Current Tax - Domestic 9,141.8 9,186.0 3,381.0 2,209.7 1,170.0
Current Tax - Other 14.1 10.6 4.4 - -
Page 40

Deferred Tax - Domestic 468.7 595.7 591.9 201.8 429.3
Domestic Tax - Other 33.1 608.4 155.2 185.1 59.2
Other Tax 333.4 318.1 180.2 170.4 0.0
Income Tax - Total 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5
Other Pension, Net - Domestic 365.7 142.4 99.4 - -
Defined Contribution Expense - 875.3 755.9 488.4 - -
Domestic
Total Plan Other Expense 365.7 142.4 99.4 - -

Page 41
HBL Power Systems Ltd. Interim Income Statement


No Financial Data for HBL Power Systems Ltd.
Page 42
HBL Power Systems Ltd. Annual Balance Sheet


Financial Glossary
31-Mar-2009
Exchange Rate 50.735 40.12 43.465 44.565 43.665
Co. Co. Co. Co. Co.
Cash 9,892.7 4,553.1 6,066.9 5,727.1 3,243.3

Short Term Investments 1,507.2 480.8 - - -
Cash and Short Term Investments 11,399.8 5,033.8 6,066.9 5,727.1 3,243.3
Accounts Receivable - Trade, 8,197.0 6,506.8 - - 4,337.0
Gross
Provision for Doubtful Accounts -28.4 -223.7 - - -19.1
Trade Accounts Receivable - Net 8,168.6 6,283.1 6,610.8 5,890.1 4,317.9
Other Receivables 56,283.7 72,553.6 40,406.7 29,380.9 24,367.3
Total Receivables, Net 64,452.3 78,836.7 47,017.5 35,271.0 28,685.2
Inventories - Finished Goods 6,649.1 2,955.3 609.6 669.1 398.3
Inventories - Work In Progress 9,969.8 18,651.7 5,457.3 5,291.1 3,632.1
Inventories - Raw Materials 18,124.5 20,887.5 10,908.8 8,157.3 7,591.5
Inventories - Other 769.0 536.2 384.1 1,069.1 652.0
Total Inventory 35,512.4 43,030.6 17,359.8 15,186.6 12,273.9
Restricted Cash - Current 5,829.5 7,244.3 - - -
Other Current Assets, Total 5,829.5 7,244.3 - - -
Buildings 14,563.7 14,973.9 8,742.6 5,916.2 4,988.3

Land/Improvements 2,884.8 3,096.0 1,691.4 1,191.4 718.3
Machinery/Equipment 5,530.7 5,992.4 4,522.7 3,658.1 3,143.0
Construction in Progress 13,082.5 9,375.9 10,221.7 4,068.1 1,748.6
Leases 182.4 223.3 206.1 200.4 0.0
Other Property/Plant/Equipment 50,200.4 51,919.5 34,059.2 24,468.7 20,301.8
Property/Plant/Equipment - Gross 86,444.6 85,580.9 59,443.7 39,502.9 30,900.0
Accumulated Depreciation -17,295.5 -15,130.2 -10,684.1 -8,547.6 -7,209.6
Property/Plant/Equipment - Net 69,149.1 70,450.7 48,759.6 30,955.3 23,690.4
Intangibles, Net 1,583.8 2,258.5 2,084.7 863.7 0.0
LT Investments - Other 26.0 95.2 210.3 3,914.2 23.6
Long Term Investments 26.0 95.2 210.3 3,914.2 23.6
Deferred Charges 100.6 204.4 259.9 97.3 127.9
Other Long Term Assets, Total 100.6 204.4 259.9 97.3 127.9
Total Assets 188,053.5 207,154.4 121,758.6 92,015.2 68,044.3
Accounts Payable 24,360.5 32,635.6 20,692.2 12,785.6 12,105.6

Notes Payable/Short Term Debt 0.0 0.0 0.0 0.0 0.0
Page 43
Dividends Payable 1,470.5 944.1 873.1 784.3 731.5

Customer Advances 5,235.9 2,375.9 691.1 1,012.8 645.1
Income Taxes Payable 143.7 521.5 41.7 35.9 119.3
Other Current Liabilities 5,266.1 4,224.0 1,330.7 1,592.0 507.8
Other Current liabilities, Total 12,116.3 8,065.5 2,936.6 3,425.1 2,003.7
Long Term Debt 72,900.5 88,024.7 40,562.4 31,436.1 25,698.8

Total Debt 72,900.5 88,024.7 40,562.4 31,436.1 25,698.8
Deferred Income Tax - LT Liability 2,938.7 3,169.4 2,373.4 1,706.0 1,536.9

Deferred Income Tax 2,938.7 3,169.4 2,373.4 1,706.0 1,536.9
Common Stock 4,785.6 6,051.7 5,586.0 4,952.8 4,596.9

Common Stock 4,785.6 6,051.7 5,586.0 4,952.8 4,596.9
Additional Paid-In Capital 13,935.7 17,622.9 16,266.7 11,407.6 420.9
Retained Earnings (Accumulated 56,901.8 51,439.8 33,134.1 26,176.7 21,553.8
Deficit)
Other Equity 114.5 144.7 207.2 125.1 127.7
Other Equity, Total 114.5 144.7 207.2 125.1 127.7
Total Equity 75,737.5 75,259.2 55,194.0 42,662.3 26,699.3
Total Liabilities & Shareholders’ 188,053.5 207,154.3 121,758.6 92,015.2 68,044.3

Equity
Shares Outstanding - Common 242.8 242.8 242.8 220.7 200.7

Stock Primary Issue
Number of Common Shareholders 8,929 8,572 8,015 7,960 8,802

Page 44
HBL Power Systems Ltd. Annual Cash Flows


Financial Glossary
Co. Co. Co. Co. Co.
Net Income/Starting Line 30,037.6 27,514.8 11,413.0 8,725.7 6,177.8

Depreciation 6,079.2 3,599.7 1,880.6 1,516.4 1,276.7
Depreciation/Depletion 6,079.2 3,599.7 1,880.6 1,516.4 1,276.7
Amortization 223.0 0.0 - - -
Unusual Items -295.0 -37.4 47.1 126.2 -174.7
Other Non-Cash Items 5,833.6 4,250.5 1,201.2 1,252.9 1,020.3
Non-Cash Items 5,538.6 4,213.0 1,248.3 1,379.0 845.6
Accounts Receivable -1,927.5 -24,792.7 -8,098.2 -5,416.5 -10,935.4
Inventories -1,638.1 -24,127.9 -1,719.4 -3,185.7 -4,484.5
Accounts Payable -236.7 -3,904.5 -2,327.7 -1,805.4 -470.5
Other Liabilities 3,426.1 14,034.9 6,466.3 1,984.3 3,988.8
Other Operating Cash Flow -9,769.5 -9,043.1 -3,892.6 -2,482.6 -1,558.2
Changes in Working Capital -10,145.6 -47,833.3 -9,571.6 -10,906.0 -13,459.7
Purchase of Fixed Assets -21,191.8 -21,492.9 -19,407.5 -10,248.5 -4,336.9

Investment, Net 54.4 -47.4 3,655.3 -3,924.7 17.8
Other Investing Cash Flow - - - - 0.0
Other Investing Cash Flow Items, 317.2 326.8 3,709.0 -3,893.0 68.8
Total
Other Financing Cash Flow -5,268.1 -1,137.3 3,328.1 10,159.5 -578.0

Financing Cash Flow Items -5,268.1 -1,137.3 3,328.1 10,159.5 -578.0
Cash Dividends Paid - Common -926.5 -3,414.6 -1,044.6 -776.5 -605.6
Total Cash Dividends Paid -926.5 -3,414.6 -1,044.6 -776.5 -605.6
Sale/Issuance of Common - 0.0 488.1 452.3 0.0
Common Stock, Net - 0.0 488.1 452.3 0.0
Issuance (Retirement) of Stock, - 0.0 488.1 452.3 0.0
Net
Long Term Debt Issued - - 0.0 159.8 880.9
Long Term Debt, Net 3,632.6 43,906.6 8,001.7 6,306.0 10,984.1
Issuance (Retirement) of Debt, 3,632.6 43,906.6 8,001.7 6,306.0 10,984.1
Page 45
Net

Cash Taxes Paid 9,769.5 9,043.1 3,892.6 2,646.8 1,558.2

Page 46

Hyderabad, India, Tel: 91-40-23355575, URL: http://www.hbl.in/ As Reported


Co. Co. Co. Co. Co.
Domestic Sales 271,701.7 257,684.6 105,728.5 74,000.2 59,615.9

Export Sales 26,972.8 20,718.0 18,550.4 14,640.5 10,902.0
Installation Charges 562.8 277.6 1,037.3 3,039.1 0.0
Works Contract receipts 2,569.8 1,925.4 4,289.0 2,854.6 2,209.9
Service Charges Received 2,768.9 834.1 463.0 590.7 538.7
Testing Charges 170.1 95.5 72.0 104.6 0.0
Job Work and Others - 0.0 14.9 44.8 596.9
Share of Joint Venture 375.9 381.5 326.7 0.0 -
Less: Excise Duty and Taxes -34,220.1 -40,025.3 -16,903.6 -11,980.5 -9,349.5
Interest Received 696.8 639.4 - - -
Profit on Sale of Assets 1.6 42.0 - - -
Exchange Gain 0.8 2.2 - - -
Other Income 462.8 229.4 891.0 664.4 487.7
Total Revenue 272,063.9 242,804.3 114,469.4 83,958.5 65,001.6
Material Cost 178,513.9 159,727.6 73,222.9 50,758.4 38,701.9

Manufacturing Cost 13,916.4 11,516.0 5,767.9 4,891.0 3,946.2
Employees Cost 15,926.9 14,930.9 8,052.1 6,313.8 5,858.0
Excise Duty Paid 1,071.2 870.3 - - -
Director's Sitting Fees 0.7 0.7 - - -
Advertisement & Business 328.6 265.1 - - -
Promotion
Loss on Sale of Assets 4.0 2.2 - - -
Admin./Selling 17,500.2 16,244.9 10,458.8 8,759.0 6,879.9
Interest-Term Loans 5,268.1 3,414.6 1,044.6 800.3 578.0
Interest-BankBorrow. 2,759.5 2,891.6 1,889.1 1,489.6 1,108.4
Interest Capitalised -802.2 -408.9 -331.3 -104.5 -31.0
Bank Charges 226.0 336.7 221.2 250.7 157.9
BG Charges 427.6 695.7 409.2 320.8 237.8
LC Charges 456.8 811.1 345.5 149.1 110.4
Other Interest Charges 107.4 142.5 94.6 88.3 -
Finance Cost - Joint Venture 18.9 0.0 1.1 0.0 -
Depreciation 6,079.2 3,848.6 1,880.6 1,516.4 1,276.3
Extra Ordinary Items 295.3 256.3 0.0 0.0 260.3
Adjustment of loss of Subsidiary - - - 0.0 38.6
Amortisation of Intangible Assets 223.0 0.0 - - -
Page 47

Net Income Before Taxes 29,742.2 27,258.5 11,413.0 8,725.7 5,880.5
Provision for Income Taxes 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5

Net Income After Taxes 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income Before Extra. Items 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Net Income 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0
Income Available to Com Excl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

ExtraOrd
Income Available to Com Incl 19,751.0 16,539.7 7,100.3 5,958.7 4,222.0

ExtraOrd
Basic Weighted Average Shares 242.8 242.8 220.7 220.7 200.7

Basic EPS Excluding ExtraOrdinary 0.08 0.07 0.03 0.03 0.02
Items
Basic EPS Including ExtraOrdinary 0.08 0.07 0.03 0.03 0.02
Item
Diluted EPS Excluding ExtraOrd Items 0.08 0.07 0.03 0.03 0.02
Diluted EPS Including ExtraOrd Items 0.08 0.07 0.03 0.03 0.02
DPS-Equity Shares 0.01 0.00 0.00 0.00 0.00
Normalized Income Before Taxes 30,040.0 27,475.0 11,413.0 8,725.7 6,179.4

Normalized Income After Taxes 19,948.7 16,671.1 7,100.3 5,958.7 4,436.6

Interest Expense 7,332.8 6,039.8 2,698.1 3,098.8 2,192.4
Interest Capitalized -802.2 -408.9 -331.3 -104.5 -31.0
Rental Expense 239.2 209.7 133.9 98.5 77.4
Depreciation 6,079.2 3,848.6 1,881.3 1,516.4 1,276.3
Advertising Expense 328.6 265.1 234.6 194.8 141.0
Software Development Expenditure - - 11.9 - -
Current Tax 9,141.8 9,186.0 3,381.0 2,209.7 1,170.0
Wealth Tax 14.1 10.6 4.4 - -
Deferred Tax 468.7 595.7 591.9 201.8 429.3
Previous Year 33.1 608.4 155.2 185.1 59.2
Fringe Benefit Tax 333.4 318.1 180.2 170.4 0.0
Income Tax - Total 9,991.2 10,718.7 4,312.7 2,767.0 1,658.5
Contribution to Gratuity 365.7 142.4 99.4 - -
Page 48

Contribution to Provident Fund & Other 875.3 755.9 488.4 - -

Page 49
HBL Power Systems Ltd. Interim Income Statement


No Financial Data for HBL Power Systems Ltd.
Page 50
HBL Power Systems Ltd. Annual Balance Sheet



31-Mar-2009
Exchange Rate 50.735 40.12 43.465 44.565 43.665
Co. Co. Co. Co. Co.
Raw Materials 18,124.5 20,887.5 10,908.8 8,157.3 7,591.5

Stores/Spares 533.9 327.1 221.4 206.0 148.3
Tools/Fixtures 97.8 130.1 90.8 69.9 95.5
Semi-Finished 9,969.8 18,651.7 5,457.3 5,291.1 3,632.1
Finished Goods 6,649.1 2,955.3 609.6 669.1 398.3
Warehouse/Trans. 99.9 36.0 40.3 793.2 408.2
Inventory - Joint Venture 37.3 43.0 31.7 0.0 -
Sun. Debt, Net - - 6,610.8 5,890.1 -
Sundry Debtors 8,197.0 6,506.8 - - 4,337.0
Doubtful Debts -28.4 -223.7 - - -19.1
Other Debtors - Joint Venture 152.6 264.8 131.9 0.0 -
Other Debtors 47,559.4 61,720.6 33,503.2 25,145.0 21,872.3
Dividend Account 34.9 36.3 - - -
Fixed Deposit 1,507.2 480.8 - - -
Margin Money Deposits 5,794.6 7,208.0 - - -
Cash/BankBalance 8,989.1 4,458.8 6,066.9 5,727.1 3,243.3
Cash-Joint Venture 903.6 94.2 - - -
Loans/Advances 8,571.6 10,568.2 6,771.6 4,235.9 2,495.0
Land 2,884.8 3,096.0 1,691.4 1,191.4 718.3

Leasehold Land 182.4 223.3 206.1 200.4 0.0
Building-Factory 13,786.4 13,996.1 7,840.1 5,268.2 4,539.2
Buildings-Others 777.2 977.8 902.5 648.0 449.1
Plant/Machinery 49,327.5 51,876.3 34,025.1 24,464.5 20,297.4
Office Equip. 2,603.6 2,905.6 2,049.0 1,718.7 1,509.7
Furn./Fixtures 1,018.1 1,084.9 883.4 651.3 612.5
Vehicles 1,909.0 2,002.0 1,590.2 1,288.1 1,020.8
Technic. Library 3.7 4.7 4.3 4.2 4.3
Development Expenditure 1,583.8 2,258.5 2,084.7 863.7 0.0
Assets - Share of Joint Venture 869.2 38.4 29.7 - -
Depreciation -17,295.5 -15,130.2 -10,684.1 -8,547.6 -7,209.6
Cap.Work-in-Prog 13,082.5 9,375.9 10,221.7 4,068.1 1,748.6
Investments 26.0 95.2 210.3 3,914.2 23.6
Miscellaneous 100.6 204.4 259.9 97.3 127.9
Total Assets 188,053.5 207,154.4 121,758.6 92,015.2 68,044.3
Page 51
Bills Payable 3,694.9 12,288.6 3,450.2 715.6 1,696.0

Sundry-Supplies 17,360.7 16,157.7 14,114.8 10,442.4 8,558.3
Sundry-Expenses 3,304.9 4,189.3 3,127.2 1,627.6 1,851.4
CustomerAdvances 5,235.9 2,375.9 691.1 1,012.8 645.1
Advances-Project 98.6 124.6 115.0 112.2 0.0
Other Liabilities 223.2 184.7 129.3 508.3 93.8
Unpaid Dividend 34.9 36.3 35.2 41.4 41.9
Directors Current Account 310.1 322.1 70.3 107.2 0.0
Current Liabilities - Joint Ventures 1,458.2 708.9 115.7 0.0 -
Provisions for Warranty 1,369.0 1,183.5 595.5 421.9 0.0
Provision for Tax - Net 143.7 521.5 41.7 35.9 119.3
Prov.Excise/Cus. 443.5 278.1 16.3 208.9 118.3
Prov . Commission on Profits 840.3 851.4 - - -
Prov-Earned Leave 242.3 387.9 85.4 42.1 45.5
Prov-Empl.Scheme 21.5 27.2 57.1 87.3 153.6
Provis.-Dividend 1,435.7 907.8 837.9 742.9 689.5
Provisions - Joint Venture 15.4 1.2 3.8 0.0 -
Prov-Tax On Div. 244.0 154.3 142.4 104.2 96.7
Secured Loans 69,460.5 81,889.6 35,352.9 26,603.2 21,260.1

Unsecured Loans 3,440.0 6,135.0 5,209.5 4,833.0 4,438.7
Deferred Taxes 2,938.7 3,169.4 2,373.4 1,706.0 1,536.9

Minority Int. - - - - 0.0
Share Capital 4,785.6 6,051.7 5,586.0 4,952.8 4,596.9

Capital Reserve 2.0 2.5 2.3 2.3 2.3
Invest. Subsidy 109.9 139.0 128.3 125.1 127.7
Share Premium 13,935.7 17,622.9 16,266.7 11,407.6 420.9
General Reserve 53,217.7 47,357.9 29,909.1 22,439.1 19,466.4
Exchange Caluation Reserve 2.2 1.6 1.5 1.7 15.2
Profit/Loss Acc. 3,679.8 4,077.8 3,221.2 3,733.6 2,069.8
Equity - Joint Venture 4.5 5.7 78.9 0.0 -
Total Equity 75,737.5 75,259.2 55,194.0 42,662.3 26,699.3
Total Liabilities & Shareholders' 188,053.5 207,154.3 121,758.6 92,015.2 68,044.3

Equity
S/O-Equity Shares 242.8 242.8 242.8 220.7 200.7

Number of Sharholders 8,929 8,572 8,015 7,960 8,802

Page 52
HBL Power Systems Ltd. Annual Cash Flows



Co. Co. Co. Co. Co.
Net Income 30,037.6 27,514.8 11,413.0 8,725.7 6,177.8

Depreciation 6,079.2 3,599.7 1,880.6 1,516.4 1,276.7
Assets Written off -254.4 0.0 - - -
Projects Written off -41.0 0.0 - - -
Interest 5,268.1 3,414.6 1,044.6 800.3 578.0
Investment 0.0 -179.5 - - -
Investment Advance 0.0 -76.8 - - -
Loss of Subsidiary Under Winding - - - 0.0 -38.6
Exchange Variation - - - 0.0 14.8
Pre Operative Expenses Written off - - - 0.0 -133.9
Deposits Written off - - - 0.0 -126.4
Sale of Fixed Assets- Loss 1.9 4.5 7.5 1.4 8.7
Profit on Sale of Fixed Assets -1.6 -42.0 -28.8 -1.5 -0.5
Dfrd RevenueWriteoff - - 68.4 126.3 116.0
Provision for Bad & Doubtful Debts - - - - 0.0
Preliminary Expenses Written off 67.3 76.8 - 24.5 0.0
Investments Written off - - - 2.8 0.0
Provisions 498.3 1,015.4 156.6 425.2 427.5
Sundry Debtors -1,927.5 -24,792.7 -8,098.2 -5,416.5 -10,935.4
Inventories -1,638.1 -24,127.9 -1,719.4 -3,185.7 -4,484.5
Loans/Advances -236.7 -3,904.5 -2,327.7 -1,805.4 -470.5
Current Liabilities 3,426.1 14,069.4 6,497.5 2,047.9 4,040.8
Employee Voluntary 0.0 -34.5 -31.2 -63.7 -51.9
Income Tax Paid -9,769.5 -9,043.1 -3,696.4 -2,482.6 -1,558.2
Fringe Benefit TAx - - -196.2 -164.1 -
Description Adjustment - - - 164.1 -

Investments 54.4 -47.4 3,655.3 -3,924.7 17.8
Equip.HireChrg.Rcvd. - - - - 0.0
Int. Free Tax Loan - - 0.0 159.8 880.9
Page 53
Int. Free Tax Loan, Net 0.0 -1.1 - - -

Invest Subsidy Rcvd. - - - - 0.0
Issue-Share Capital - 0.0 488.1 452.3 0.0
Share Premium 0.0 -79.4 4,468.8 11,082.5 0.0
Preliminary Expenses - - -222.3 -122.7 0.0
Proceed-LT Borrow. 8,189.5 26,775.2 1,544.4 4,595.0 2,076.0
Working Cap.Borrowing -2,999.7 16,642.2 6,218.4 1,223.3 7,548.7
Increase/ Decrease in Unsecured -1,557.1 490.3 238.8 328.0 478.5
loans
Interest Paid -5,268.1 -1,057.9 -918.3 -800.3 -578.0
Dividend Paid -926.5 -3,414.6 -1,044.6 -776.5 -605.6

Cash Taxes Paid 9,769.5 9,043.1 3,892.6 2,646.8 1,558.2

Page 54
HBL Power Systems Ltd. Business Segments

Financials in: As Reported (mil)

Annual
External Revenue USD (000)

Batteries 253,443.7 100 % 225,178.3 100 % 102,620.8 94.8 % 87,902.6 94.8 % 66,414.2 93.1 %
Electronics - - 7,527.5 3.3 % 5,590.3 5.2 % 4,835.6 5.2 % 4,887.3 6.9 %
Segment Total 253,443.7 100 % 225,178.3 100 % 108,211.1 100 % 92,738.2 100 % 71,301.5 100 %
Intersegment
-1,343.8 -0.5 % -2,040.8 -0.9 % -265.4 -0.2 % -318.9 -0.3 % -503.7 -0.7 %
Revenue
Unallocated 19,963.8 7.9 % 18,754.3 8.3 % 5,632.4 5.2 % 2,854.3 3.1 % 3,066.5 4.3 %
Consolidated Total 272,063.7 107.3 % 241,891.8 107.4 % 113,578.1 105 % 95,273.6 102.7 % 73,864.4 103.6 %
Exchange Rate: INR
45.988130 40.278756 45.220850 44.213701 44.871432
to USD
Total Revenue USD (000)

Batteries 253,443.7 100 % 225,178.3 100 % 102,620.8 94.8 % 87,902.6 94.8 % 66,414.2 93.1 %
Electronics - - 7,527.5 3.3 % 5,590.3 5.2 % 4,835.6 5.2 % 4,887.3 6.9 %
Segment Total 253,443.7 100 % 225,178.3 100 % 108,211.1 100 % 92,738.2 100 % 71,301.5 100 %
Intersegment
-1,343.8 -0.5 % -2,040.8 -0.9 % -265.4 -0.2 % -318.9 -0.3 % -503.7 -0.7 %
Revenue
Unallocated 19,963.8 7.9 % 18,754.3 8.3 % 5,632.4 5.2 % 2,854.3 3.1 % 3,066.5 4.3 %
Exchange Rate: INR
45.988130 40.278756 45.220850 44.213701 44.871432
to USD
Depreciation USD (000)

Batteries 5,584.0 100 % 3,381.4 100 % 1,466.1 96.4 % 1,185.2 95.8 % 980.6 95.2 %
Electronics - - 64.6 1.9 % 55.3 3.6 % 52.0 4.2 % 49.0 4.8 %
Segment Total 5,584.0 100 % 3,381.4 100 % 1,521.4 100 % 1,237.2 100 % 1,029.6 100 %
Unallocated 495.8 8.9 % 466.7 13.8 % 358.2 23.5 % 278.2 22.5 % 247.4 24 %
Consolidated Total 6,079.8 108.9 % 3,848.2 113.8 % 1,879.7 123.5 % 1,515.4 122.5 % 1,277.0 124 %
Exchange Rate: INR
45.988130 40.278756 45.220850 44.213701 44.871432
to USD
Operating Income/Loss USD (000)

31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-05
Batteries 44,039.6 100 % 42,263.0 100 % 17,750.7 94.3 % 11,185.3 100.2 %
Electronics - - 811.8 1.9 % 1,079.1 5.7 % -26.7 -0.2 %
Segment Total 44,039.6 100 % 42,263.0 100 % 18,829.8 100 % 11,158.5 100 %
Unallocated 1,600.4 3.6 % 796.9 1.9 % -210.1 -1.1 % 488.1 4.4 %
Other - - - - 398.0 2.1 % - -
Consolidated Total 45,640.0 103.6 % 43,059.9 101.9 % 19,017.8 101 % 11,646.6 104.4 %
Exchange Rate: INR to USD 45.988130 40.278756 45.220850 44.871432
Operating Margin (%)

31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-05
Batteries 17.4 - 18.8 - 17.3 - 16.8 -
Electronics - - 10.8 - 19.3 - -0.5 -
Page 55
Segment Total 17.4 - 18.8 - 17.4 - 15.6 -

Unallocated 8.0 - 4.2 - -3.7 - 15.9 -
Consolidated Total 16.8 - 17.8 - 16.7 - 15.8 -
Income Before Tax USD (000)

Batteries 44,039.6 100 % 42,263.0 100 % 17,750.7 94.3 % 18,159.5 95.9 % 10,688.3 100.3 %
Electronics - - 811.8 1.9 % 1,079.1 5.7 % 771.3 4.1 % -26.7 -0.3 %
Segment Total 44,039.6 100 % 42,263.0 100 % 18,829.8 100 % 18,930.8 100 % 10,661.6 100 %
Unallocated 1,600.4 3.6 % 796.9 1.9 % -210.1 -1.1 % -3,969.4 -21 % 481.4 4.5 %
Other -15,897.6 -36.1 % -15,802.4 -37.4 % -7,206.9 -38.3 % - - - -
Consolidated Total 29,742.5 67.5 % 27,257.5 64.5 % 11,412.9 60.6 % 14,961.4 79 % 11,142.9 104.5 %
Exchange Rate: INR to
45.988130 40.278756 45.220850 44.213701 44.871432
USD
Pre-Tax Margin (%)

Batteries 17.4 - 18.8 - 17.3 - 20.7 - 16.1 -
Electronics - - 10.8 - 19.3 - 15.9 - -0.5 -
Segment Total 17.4 - 18.8 - 17.4 - 20.4 - 15.0 -
Unallocated 8.0 - 4.2 - -3.7 - -139.1 - 15.7 -
Consolidated Total 10.9 - 11.3 - 10.0 - 15.7 - 15.1 -
Total Assets USD (000)

Batteries 143,861.2 100 % 159,690.9 100 % 94,308.1 95.1 % 68,654.8 93.8 % 52,584.4 93.3 %
Electronics - - 6,346.0 4% 4,808.5 4.9 % 4,537.2 6.2 % 3,774.2 6.7 %
Segment Total 143,861.2 100 % 159,690.9 100 % 99,116.5 100 % 73,192.0 100 % 56,358.6 100 %
Unallocated 44,216.0 30.7 % 47,462.6 29.7 % 22,641.2 22.8 % 18,826.4 25.7 % 11,686.7 20.7 %
Consolidated
188,077.3 130.7 % 207,153.5 129.7 % 121,757.7 122.8 % 92,018.4 125.7 % 68,045.3 120.7 %
Total
Exchange Rate:
50.735000 40.120000 43.465000 44.565000 43.665000
INR to USD
Operating Return on Assets (%)

31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-05
Batteries 27.7 - 26.6 - 19.6 - 21.9 -
Electronics - - 12.8 - 23.3 - -0.7 -
Segment Total 27.7 - 26.6 - 19.8 - 20.3 -
Unallocated 3.3 - 1.7 - -1.0 - 4.3 -
Consolidated Total 22.0 - 20.9 - 16.3 - 17.6 -
Total Liabilities USD (000)

Batteries 29,330.8 100 % 36,291.1 100 % 18,661.0 92.8 % 14,722.3 88.5 % 12,733.3 89.5 %
Electronics - - 2,116.2 5.8 % 1,442.5 7.2 % 1,916.3 11.5 % 1,486.3 10.5 %
Segment Total 29,330.8 100 % 36,291.1 100 % 20,103.5 100 % 16,638.6 100 % 14,219.6 100 %
Unallocated 82,986.1 282.9 % 95,603.2 263.4 % 46,460.4 231.1 % 32,714.0 196.6 % 27,124.7 190.8 %
Consolidated
112,316.9 382.9 % 131,894.3 363.4 % 66,563.9 331.1 % 49,352.6 296.6 % 41,344.3 290.8 %
Total
Exchange Rate:
50.735000 40.120000 43.465000 44.565000 43.665000
INR to USD
Purchase of Fixed Assets USD (000)

Page 56
Batteries 15,419.2 100 % 17,177.8 100 % 14,787.4 99.2 % 7,029.5 99.9 % 3,180.2 99 %
Electronics - - 836.7 4.9 % 115.0 0.8 % 9.0 0.1 % 31.2 1%
Segment Total 15,419.2 100 % 17,177.8 100 % 14,902.4 100 % 7,038.5 100 % 3,211.4 100 %
Unallocated 5,775.4 37.5 % 3,865.6 22.5 % 2,379.4 16 % 2,058.2 29.2 % 1,036.3 32.3 %
Exchange Rate: INR
45.988130 40.278756 45.220850 44.213701 44.871432
to USD
Page 57
Page 58

HBL Power

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OneSource One-Stop Report

HBL Power Systems Ltd.

HBL Power Systems Ltd.

Industry Electronic Instruments and Controls

Name Title Source

Topic #* Most Recent Headline Date

* number of significant developments within the last 12 months

HBL Power - Audited Financial Results for Mar 31, 2009

Key Ratios Company Industry

Traded: Bombay Stock Exchange: 517271

As of 12-Mar-2010 Financials in: INR

Recent Price 35.05 EPS 3.78

Price % Change Rel S&P 500%

Key IDSM Number: 42438512

1 - Profit & Loss Item Exchange Rate: USD 1 = INR 45.98813

© 1983-2010 Reuters Research Inc. All Rights Reserved.

HBL Power Systems Ltd. Corporate Overview

Company Web Links

ANZSIC 2006 Codes:

NACE 2002 Codes:

NAICS 2002 Codes:

More Business Descriptions

Key Corporate Relationships

© 1983-2010 Reuters Research Inc. All Rights Reserved.

HBL Power Systems Ltd.

Sales and Distribution

Copyright © 2010 Thomson Financial Partners/The Investext Group

HBL Power Systems Ltd.

Copyright © 2010 Thomson Financial Partners/The Investext Group

HBL Power Systems Ltd. Executives Report

Name Title Function Source

Preeti Khandelwal Independent Director Director/Board Member RT

Executive Director - Battery Technology,

M. Kavita Prasad Non-Executive Director Director/Board Member RT

M. S. Ramakrishna Independent Director Director/Board Member RT

V. V. Rao Independent Director IDBI Nominee Director/Board Member RT

P. Ganapati Rao Independent Director Director/Board Member RT

Executive Director - Operations, Whole Time

Name Title Function Source

Mikkilineni Satyanarayana Subramanya SrinathPresident - Marketing President RT

Executive Director - Operations, Whole

D. Mabu Basha Compliance Officer, Company Secretary Company Secretary RT

Chief Compliance Officer & Company

Director - HBL Power Systems (M) SDN

Executive Director - Battery Technology,

Published by OneSource Information Services, Inc., Mar, 2010

HBL Power Systems Ltd.

HBL Power Systems Ltd. Announces Dividend; Appoints Auditors

HBL Power Systems Ltd. Announces Allotment Of Shares

HBL Power Systems Ltd. Recommends Dividend

©1983-2010 Reuters Research Inc. All Rights Reserved.

CARE rates HBL Power Systems Ltd's debts at A/PR1

[What follows is the full text of the news story.]

Rating agency website: www.careratings.com

HBL Power Board recommends dividend & Sub-division

[What follows is the full text of the news story.]

HBL Power - Audited Financial Results for Mar 31, 2009

[What follows is the full text of the news story.]

[What follows is the full text of the news story.]

India's Reliance Capital lifts stake in local battery maker HBL

[What follows is the full text of the news story.]

2849 Electronic Equipment

HBL Power Systems Ltd. Annual Income Statement