Monthly Update - November 2011

November 28, 2011 Fuel shortage and lower schedules hamper coal and gas-based generation Continued fuel shortage at coal-based plants (resulting into a cumulative lower generation of 5.3bn units) and lower schedules (resulting into a cumulative lower generation of 5.6bn units) from discoms has led to decline in growth of power generation in the country. In October 2011, all India power generation growth slowed down to 4.99% against 8.47% in October 2010. In our opinion, the situation is unlikely to reverse in November as well. Power deficit expands to 9.64% in October, but merchant rates remain subdued due to dismal participation by SEBs The power deficit witnessed expansion (YoY) for the first time in the last 16 months. Participation in the merchant market remained good with the improvement of buy/sell bid ratio. But rates have remained subdued due to poor participation by discoms. We expect the deficit to remain stable, due to slow industrial demand and poor residential consumption in the winter season. Similarly, merchant and bilateral rates may not witness spikes in the near-term. Continuous deterioration of fuel supply position, imported coal-based plants import less coal than targeted As of 30 September 2011, coal availability at the coal-based station declined by ~8%, due to poor logistics and Telangana agitation in Andhra Pradesh, resulting in critical and super-critical shortages at 31 and 21 power stations, respectively. With an anticipated coal availability of 54mn tonnes during F12e, the plants designed to run on domestic coal have imported 90% of their targeted (prorated target) amount. However, the plant that were designed to run on imported coal, have just imported 69% of their targeted capacity. We understand the rise in international coal prices was the key deterrent for the imported coal-based plants to import coal up to the target. This is because the majority of imported coal-based projects are competitively bid projects and rise in fuel prices negatively impact them, as there would be under-recovery at the variable cost level. International coal prices remained firm YoY, but declined MoM, Indonesian government reduced coal reference price by 2.17% in November Internationally coal prices decline due to poor off-take by India and China. Following this, the Indonesian government has set a coal reference price of $116.65 (2.17% lower than the October reference price) for November 2011. Depreciation of domestic currency, base coal price/tonne at above $100 and dismal policy action for raising tariff are the key deterrents for the poor off-take in India, resulting in the pile up of coal stocks to 11mn tonnes mark in the Indian ports. We expect coal traders to reduce prices (to trim rising inventory cost), but the off-take will be slower due to 18% rupee depreciation. 2QF12 performance: Maintain UNDERWEIGHT on sector The 2QF12 performance of our covered companies remains almost in line with our expectation. A significant pick up in capitalisation by Power Grid and the pass through (by CERC) of J&K water charges remains the key positives in 2QF12. We maintain our UNDERWEIGHT view on the sector and prefer regulated utilities. Power Grid, Neyveli Lignite, CESC and NTPC are our preferred picks.

Valuation
Key Indicators Net Sales % growth EBITDA % growth PAT EPS (Rs / share) EPS Growth (%) P/E (x) P/BV (x) EV/EBITDA (x) EV/Sales RoNW (%) RoCE (%) Rating Target NTPC F 12e 6,72,375 22.4 1,53,027 21.7 1,03,252 12.5 13.4 12.2 1.7 8.2 2.3 13.7 20.0 BUY 211 F 13e 7,74,796 15.2 1,65,434 8.1 1,05,129 12.7 1.8 12.0 1.5 8.3 2.2 12.8 17.5 PGCIL F 12e 98,799 17.8 83,443 18.3 28,338 6.1 5.2 13.8 1.9 10.9 9.2 12.2 15.5 BUY 129 F 13e 1,20,306 21.8 1,02,699 23.1 34,970 7.6 23.4 11.7 1.7 9.9 8.4 13.6 12.6 NHPC F 12e 53,344 26.3 33,745 18.6 21,821 1.8 0.7 12.8 1.1 4.7 2.9 8.6 5.1 REDUCE 27 F 13e 63,112 18.3 39,223 16.2 23,519 1.9 7.8 11.9 1.1 4.9 3.0 9.0 4.7 Neyveli Lignite F 12e 46,918 18.8 17,173 33.16 13,190 7.9 1.3 9.0 1.0 6.6 2.4 11.0 8.1 BUY 120 F 13e 57,031 21.6 21,521 25.32 14,014 8.4 6.3 8.5 0.9 5.4 2.0 10.8 8.1 Torrent Power F 12e 72,578 11.1 17,443 (2.6) 11,155 23.6 4.7 8.3 1.6 6.8 1.6 19.7 11.5 REDUCE 244 F 13e 74,433 2.6 18,828 7.9 8,413 17.8 (24.6) 11.1 1.5 6.9 1.7 13.5 7.3 CESC F 12e 46,770 18.7 11,040.9 10.27 5,315 42.3 8.8 5.8 0.5 4.3 1.0 8.8 4.9 BUY 386 F 13e 50,388 7.7 12,213.4 10.62 6,449 51.3 21.3 4.8 0.5 3.9 0.9 9.8 5.7

Source: SSL

Analyst: Rabindra Nath Nayak Alok Ramachandran

Tel: 42273410 42273478

E-mail: rabindra.nayak@sbicapsec.com alok.ramachandran@sbicapsec.com

Please refer to our disclaimer given at the last page.

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

Fuel shortage and lower schedules hamper coal and gas-based generation
All India generation was up 4.99% YoY in October 2011 to 74.14bn units, led by increased capacity addition. However, growth in generation slowed down from 8.47% (October 2010) recorded last year. However, the cumulative generation in the country during April-October 2011 improved by 8.64% from 4.76% (Apr-Oct 2010) at 509.14bn units. Dismal generation is largely due to: a) continued fuel shortage and b) lower schedule led by the availability of cheaper nuclear and hydro power (up 23% YoY). As per the CEA data, the coal-based plants have witnessed a cumulative generation (April-October 2011) loss of 5.32bn units due to fuel shortage and 5.59bn units due to lower schedules from discoms. During the month, nuclear generation continued its robust growth (monthly up by18% YoY and cumulatively up by 42% YoY) performance, led by better fuel availability and improved schedules from discoms. Similarly, with better monsoons, the generation from hydro power plants has achieved a growth rate of 14.41% compared to 9.50% achieved in October 2010. For April-October 2011, the generation from hydro power plants has also achieved a growth rate of 21.48% compared to 8.03% in April-October 2010.

Coal-based plants have witnessed a cumulative generation (AprilOctober 2011) loss of 5.32bn units due to fuel shortage and 5.59bn units due to lower schedules from discoms

Hydel and nuclear perform, thermal disappoints

30,000 22,500 100 75 4,800 4,750 4,700 4,650 4,600 4,550 4,500 4,450 100 80

(MW)

(%)

(MW)

15,000 7,500

50 25

40 20

Nov-10

Jan-11

Jun-11

May-11

Mar-11

Feb-11

Oct-10

Apr-11

Jul-11

Aug-11

Sep-10

Dec-10

Sep-11

Dec-10

Sep-10

Apr-11

Oct-10

Aug-11

Nov-10

Central Hydel Capacity Central Hydel PLF

State Hydel Capacity State Hydel PLF

Nuclear Capacity

May-11

Nuclear PLF

60,000 45,000

100 75
(MW)

22,500 18,000

Sep-11

Jan-11

Jun-11

Mar-11

Feb-11

Jul-11

100 75
(%)

(MW)

(%)

13,500 9,000 4,500

Oct-10 Sep-10 Apr-11 Aug-11 Nov-10 May-11 Sep-11 Dec-10 Jan-11 Jun-11 Mar-11 Feb-11 Jul-11

30,000 15,000

50 25

50 25 0

Oct-10

Sep-10

Apr-11

Aug-11

Nov-10

May-11

Sep-11

Dec-10

Jan-11

Jun-11

Mar-11

Feb-11

Jul-11

Central Thermal capacity Central Thermal PLF

State Thermal capacity State Thermal PLF

IPP Thermal capacity IPP TH PLF

Pvt. Utl. Thermal capacity Pvt. Utl. TH PLF

80,000 60,000

70 65 60 55 50

(MU's)

20,000 0

Oct-10

Nov-10

Dec-10

Sep-10

Apr-11

Aug-11

All India units gen.

May-11

All India PLF

Source: CEA, SSL

Sep-11

Jan-11

Jun-11

Mar-11

Feb-11

Jul-11

(%)

40,000

November 28, 2011 | 2

(%)

60

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

Power deficit expands to 9.6% in October, but merchant rates remain subdued due to dismal participation by SEBs In September 2011, power deficit in India rose to 9.6% from 6.8% YoY. The power deficit witnessed expansion (YoY) for the second time in the last 17 months. During the month, power generation reported a meagre 5% YoY rise and power availability by 2.4%. However, power requirement grew 5.6% in October 2011. A faster rise in power requirement against availability led to expansion in power deficit. We expect the deficit to remain stable, due to slow industrial demand and poor residential consumption in the winter season. Poor off-take by SEBs has led to poor realisation in the merchant market. The spike in prices seen during the festive season was tapered off and as per the recent CERC report (Analysis of Weekly Reporting by Licensed Traders for October 2011), the realisation is likely to go further southwards in the coming months. All India PLF and average deficit

A faster rise in power requirement against availability led to expansion in power deficit.

Average Deficit
166,000 161,000 65 156,000 70

(18.0) (15.0) (12.0)

(%)

(MW)

151,000 146,000

60

(%)

(9.0) (6.0) (3.0)

55 141,000

Nov-10

Jan-11

Jun-11

May-11

Mar-11

Feb-11

Oct-10

Sep-10

Apr-11

Jul-11

136,000

50

Aug-11

Sep-11

Dec-10

0.0
Oct Apr Nov May Dec
Nov-11

Feb

Jul

Aug

All India Capacity - (MW)

All India PLF - (%)

2009

2010

Source: IEX, SSLe

Merchant tariffs peaked out again

18
Merchant prices trend up sharply in October 2011, primarily due to Diwali-demand and coal supply disruption in Telangana affecting production at SECL.

14 9 5 0

Sep

Jan

Mar

Jun

2011

Aug-11

Average
Source: IEX, SSLe

May-11

Daily max

Daily min

November 28, 2011 | 3

Sep-11

Jan-11

Jun-11

Mar-11

Feb-11

Oct-11

Apr-11

Jul-11

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

Sept11 saw increase in buyers, led by festive demand and the shortage of coal producton from SECL; average bilateral tariffs remained at ~Rs4/unit
4,000 3,000
(MU's)

2.0 1.5 1.0 0.5

(x)

10 8 5 3

2,000 1,000 0
Oct-10 Sep-10

Nov-10

Jan-11

Jun-11

May-11

Mar-11

Feb-11

Jul-11

Oct-10

Apr-11

Aug-11

Sep-10

Nov-10

Jan-11

Jun-11

May-11

Feb-11

Mar-11

Dec-10

Apr-11

Jul-11

0.0
Aug-11 Sep-11

No Buy bids
Source: CERC

No of Sell offers

Buyers/Salers

IEX NEW Grid Bi-Lat Min

Dec-10

Bi-Lat Wt Avg Bi-Lat Max

Continuous deterioration of fuel supply position, imported coal-based plants import less coal than targeted Coal supply position deteriorated with 31 of 86 plants facing critical inventory levels against 25 plants YoY. In September 2011, coal requirement of 31.5mn tonnes was estimated, however, only 24.9mn tonnes of coal was available to the thermal power stations. As of 30 September 2011, 31 thermal power stations had critical stock including 21 stations with super-critical stock, i.e. stock for less than 4 days. Inadequate receipt of coal and transportation problems is the main reasons for coal shortages. During the current financial year 2011-12, the anticipated gap between the requirement and the availability of domestic coal was estimated ~54mn tonnes. Out of 54mn tonnes, 34mn tonnes of coal will support plants designed for domestic coal, for which all the utilities have been advised by the ministry to take necessary action and rest 20mn tonnes of coal was the requirements of power plants designed on imported coal. So far, the plants designed through domestic coal have imported 90% of their targeted (pro-rated target) amount, however, the plant that were dedicated to run on imported coal, have just importing 69% of their targeted capacity. We understand the rise in international coal prices has been the key deterrent for the imported coal-based plants to import coal up to the target. This is because the majority of the imported coal-based projects are competitively bid projects and rise in fuel prices negatively impact them, as there would be underrecovery at the variable cost level. International coal prices remained firm YoY, but declined MoM, Indonesian government reduced coal reference price by 2.17% in November In October 2011, international coal price indexes, Newcastle and Richards Bay index fell by 3.5% and 4.7% MoM, respectively. However, prices remain firm on YoY basis, as both the indices are up 17.5% and 13.5% YoY, respectively. This is primarily driven by global demand for thermal coal by China and India. Despite an acute fuel shortage, Indian power producers are refusing to buy expensive coal, leaving coal importers to face big losses as stocks mount up. Prices of major coal grades from Indonesia declined by ~2% from their October level, due to slower off-take by India. China bought ~12.58mn tonnes of coal from Indonesia last month and India has imported only 3.96mn tonnes, which is only ~30% of Chinese imports. Around 40% of total Indonesian coal exports in October were shipped to China. Indian imports dropped drastically since the last two months. Despite an acute fuel shortage, Indian power producers are refusing to buy expensive coal, leaving coal importers to face big losses as stocks mount up. Coal stocks have piled up at various ports, reaching record levels, and are estimated to surpass the 11mn tonnes mark (according to media reports). The Indonesian government has set a coal reference price of $116.65 (2.17% lower than October reference price) for November. We expect coal imports to improve in November.

Plants that were dedicated to run on imported coal, have just imported 69% of their targeted capacity.

November 28, 2011 | 4

Sep-11

Oct-11

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

International coal prices remain firm

Newcastle Coal Index
200 In this range for past ten months
180 150

Richards Bay Coal Index

In this range for past four months

(US$/metric tonne)

(USD$/metric tonne)

150 100 50 0 `

120 90 60 30

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Source: Bloomberg, SSL

Gas prices also remain firm

9.0 7.5 6.0

USD

4.5 3.0 1.5

Jan-09

Jan-10

Jan-11

Jul-08

Jul-09

Jul-10

Oct-08

Oct-09

Oct-10

Jul-11

Monthly FOB Gas prices

Source: Bloomberg, SSL

Policy updates
CERC came out with new regulation for the renewable power CERC has come out with Terms and Conditions for Tariff determination from Renewable Energy Sources Regulations, 2012. These regulations will come into force on 1.4.2012 and unless reviewed earlier or extended by the Commission, will remain in force for five years from the date of commencement. Despite, the shelving of power plants, the projects under implementation in the sector remained buoyant at Rs25 trillion Capex - New announcements slows and shelving increases According to the CMIEs Capex database, fresh project announcements in the electricity sector fell by 44% YoY to Rs747.33bn in September 2011. This fall is also visible in the entire economy where new project announcement s fell by 44% YoY. Also, in 2QF12, the country witnessed the highest amount of projects being shelved at Rs747.4bn in the past 64 quarters. Of this, the electricity sector accounted for 63.6% at Rs475bn. Despite, the shelving of power plants, the projects under implementation in the sector remained buoyant at Rs25,000bn.

November 28, 2011 | 5

Oct-11

Apr-08

Apr-09

Apr-10

Apr-11

Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

Projects commissioned in F12 till date

Capacity addition this year Apr-Oct'11 Plan-wise Achievement
72,000 120%

1139

54,000

90%

(MW)

36,000

60%

18,000 6361.5 0 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th11th Thermal (MW)
Source: CEA, SSL

30%

0% Target Achievement % of Achievement

Hydro (MW)

Renewable Energy (MW)

New project announcement slows down and shelving also increases; projects under implementation robust
Projects Announcements
3,000 2,250 900 750

Project Shelved
70 60 50 30 20 10 0 40

(Rs Bn)

(Rs Bn)

600 450 300 150

1,500 750 0

Jun-09

Jun-10

Mar-09

Mar-10

Sep-09

Sep-10

Mar-11

Jun-11

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

New Investments

All India Abandoned

% of Electricity projects shelved

30,000 25,000 20,000

Announced & Under Implementation

1.2 1.0 0.8

(Rs Mn)

10,000 5,000

0.4 0.2

Sep-09

Sep-10

Announced

Under implementation

Under Implementation/Announced

Source: CMIE, SSL

Project completed during F12 (AprOct11) Following are among the major projects that are completed till date: KSK Energys 540MW coal-based power project at Warora, Maharashtra worth Rs24,160mn North Delhi Powers 108MW combined cycle power project at Rithala, Delhi worth Rs2,564.8mn. Lanco Infratechs 1,200MW coal-based power project at Anpara, Uttar Pradesh worth Rs44,500mn APGENCOs 234MW Priyadarshini Jurala Hydro-electric plant at Mehboobnagar, Andhra Pradesh worth Rs5,470mn. Jaiprakash Power Ventures 1,000MW Karcham Wangtoo Hydro-electric plant at Kinnaur, Himachal Pradesh worth Rs69,033mn JSW Energys 1,200MW coal-based power plant in Ratnagiri, Maharashtra worth Rs45,000mn.

November 28, 2011 | 6

Sep-11

Dec-09

Dec-10

Jun-09

Jun-10

Mar-09

Mar-10

Mar-11

Jun-11

0.0

(x)

15,000

0.6

Sep-11

Dec-09

Dec-10

(%)

(%)

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

2QF12 results snapshot

NTPC - Dismal operating performance, hopes afloat for 2HF12 NTPC posted net sales of Rs153,775mn and PAT of Rs24,241mn in 2QF12. Operating performance was affected due to planned outages and consistent backing down by SEBs. The management has guided for a better 2HF12, despite fuel shortage. With the completion of its major planned maintenance in 1HF12, it is prepared for a better show during 2HF12. We also have revised estimates for F12e, by assuming a 40% increase in coal costs, increase in debtor days due to slower payment by SEBs and revision of the tax rate to 28%. Reiterate a BUY rating. NHPC - No positive surprises, adjusted PAT below estimates Sales grew 54.1% YoY to Rs19.81bn led by reimbursement allowance of water charges, as per the CERC order dated 21/10/2011. Adjusting to the water cess, sales was Rs15.17bn. Reported PAT was higher by 40% YoY at Rs9,664.7mn, We have revised our capacity addition target for F12e from 1,080MW to 560MW, by removing Parbati-III from our estimates, reduced provision as a percentage of core income from 3% to 1%, incorporated water cess charges, since it is now a pass-through. Maintain REDUCE. PGCIL - 3QF12 to watch out for Power Grid Corporation posted net sales of Rs22,644mn and PAT of Rs7,087mn. The management has maintained guidance to meet its capex and capitalisation targets for F12 and the 12th Plan. The company has invested Rs46,110mn in 1HF12. We have revised our capex estimates down from Rs160bn to Rs140bn, but have increased the capitalisation from Rs72bn to Rs94.58bn in F12e and reduced the debtor days from 146 to120 days on the back clearances of the tariff petitions and the managements guidance to improve its debtor days. Maintain BUY. Torrent Power - Result marginally above estimates; maintain REDUCE Torrent Power posted net sales of Rs19,982mn and PAT of Rs2,920mn. We have revised our estimates by incorporating a higher-than-expected input tariff to adjust to the power purchase cost for the companys two franchise in Bhiwandi and Agra. Due to this, valuation of these businesses increased: Bhiwandi (Rs12/share, earlier Rs9.5/share) and Agra (Rs17/share, earlier Rs7.6/share). We have increased the input tariff by revising the index in Bhiwandi and Agra by 30% and 40%, respectively. Increase in other income to incorporate expected receipt of carbon credits in F12e. Maintain REDUCE. We maintain our UNDERWEIGHT view on the sector and prefer regulated utilities. Power Grid, Neyveli Lignite, CESC and NTPC are our preferred picks. CESC - Tariff petition clearances likely to wipe off dismal 1HF12 performance CESCs 2QF12 net sales was Rs12,410mn and PAT was Rs1,140mn. We have revised our estimates by reducing the salaries and wages, as proportion of sales from 11.5% to 9.5%. We have reduced the retail ventures borrowing requirement from its parent arm in F13e from Rs1,500mn to Rs1,200mn and in F14e from Rs650mn to Rs500mn, due to better performance by the retail venture. Reduced losses at the corporate EBITDA level for F12e/F13e/F14e from a negative of Rs1,494mn/1,190mn/782mn to a negative of Rs1,108mn/958mn/519mn for Spencers by looking at the companys ability to maintain a healthy SSS growth, lower RODC, employee and advertisement cost, despite its plans to open new stores. Maintain BUY. Neyveli Lignite Corporation - Performance in line; maintain BUY Neyveli Lignite Corporation posted net sales of Rs11,588mn and PAT of Rs2,784mn. We have reduced our EPS estimate for F12e/ F13e by 13.1/ 20% to Rs7.9/17.8, respectively, owing to the incorporation of the Mining Bill, TPS-III (1,00MW replacement project) and reduction of lignite production from its mines in Barsingsar due to teething problems in commissioning the plant. We maintain a BUY rating with a revised target price of Rs120.

The 2QF12 performance of our covered companies remains almost in line with our expectation. A significant pick up in capitalisation by Power Grid and the pass through (by CERC) of J&K water charges remains the key positives in 2QF12.

November 28, 2011 | 7

Power Sector Monthly Update November 2011

SBICAP Securities Ltd

Generation companies under coverage

Neyveli Lignite 2,800 2,700 2,600 2,500 2,400 2,300 100
32,000

NTPC
100 80

80
24,000

(MW)

(MW)

(%)

60 40

16,000 40 8,000 20

20

Oct-10

Apr-11

Aug-11

Sep-10

Nov-10

Dec-10

Oct-10

Sep-10

Apr-11

Aug-11

Nov-10

May-11

Sep-11

Dec-10

Jan-11

Jun-11

Mar-11

Feb-11

Jul-11

Coal Capacity (MW) Coal - PLF (%)

May-11

Gas Capacity (MW) Gas - PLF (%)

Capacity - (MW)

PLF (%)

NHPC
4,000 3,000 100 75

600 450

CESC

Sep-11

Jan-11

Jun-11

Mar-11

Feb-11

Jul-11

100 75 50 25 0

(MW)

(MW)

(%)

2,000 1,000 0

50 25 0

300 150 0

Nov-10

Jan-11

Jun-11

May-11

Mar-11

Feb-11

Oct-10

Apr-11

Jul-11

Aug-11

Sep-10

Oct-10

Apr-11

Aug-11

Sep-10

Nov-10

Dec-10

May-11

Sep-11

Jan-11

Jun-11

Mar-11

Feb-11

Capacity (MW)

PLF - (%)

Capacity (MW)

Dec-10

PLF (%)

Torrent Power
1,200 900 (MW) 600 300 0 Sep-10 120 90 60 30 0 Aug-11 Sep-11 (%)

Nov-10

Jan-11

Jun-11

Coal Based Plants Capacity (Sabarmati & Vatwa) PLF Generated from Coal based plants (%)

Gas based (Sugen) Capacity PLF generated from Gas based Generation (Sugen) (%)

Source: SSL, CEA

News during the month

Power investment slows, chronic deficit worsens. Click here Power ministry scales down goal for 12th plan. Click here Private sector adds 4,30MW of 7,500MW from Apr-Oct11. Click here Neyveli Lignite set to light 250MW unit. Click here TNEB plans to hike tariff by 25-40%. Click here

May-11

Mar-11

Feb-11

Oct-10

Dec-10

Apr-11

Jul-11

November 28, 2011 | 8

Sep-11

Jul-11

(%)

(%)

60

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Rabindranath Nayak Alok Ramachandran Nirav Vasa Ravikant Bhat Divyanshi Dayanand Aayush Dureha Manish Kumar Vivek Kumar Akshit Shah Sagarika Mukherjee Vaishali Parkar Rahul Kundnani Dipesh Mehta Ankit Pande Jatin Damania Dikshit Mittal Gunjan Poddar Milind Raginwar Sanjay Bhansali Lead Analyst Associate Associate Analyst Analyst Trainee Analyst Analyst Analyst Analyst Analyst Analyst Analyst Associate Analyst Analyst Associate Analyst Power & Capital Goods Power Capital Goods Banking Banking Banking Infrastructure/Construction Pharma Realty FMCG Auto Media IT IT Metal, Mining & Pipes Oil & Gas Oil & Gas Cement Production in Charge 42273310 42273478 42273460 42273349 42273385 42273456 42273388 42273312 42273329 42273386 42273364 42273387 42273311 42273458 42273361 42273330 42273363 42273362 42273313 rabindra.nayak@sbicapsec.com alok.ramachandran@sbicapsec.com nirav.vasa@sbicapsec.com ravikant.bhat@sbicapsec.com divyanshi.dayanand@sbicapsec.com aayush.dureha@sbicapsec.com manish.kumar@sbicapsec.com vivek.kumar@sbicapsec.com akshit.shah@sbicapsec.com sagarika.mukherjee@sbicapsec.com vaishali.parkar@sbicapsec.com rahul.kundnani@sbicapsec.com dipesh.mehta@sbicapsec.com ankit.pande@sbicapsec.com jatin.damania@sbicapsec.com dikshit.mittal@sbicapsec.com gunjan.poddar@sbicapsec.com milind.raginwar@sbicapsec.com Sanjay.bhansali@sbicapsec.com

Key to investment Ratings Guide to the expected return over the next 12 months. 1=BUY (expected to give absolute returns of 20 or more percentage points); 2=ACCUMULATE/ADD (expected to give absolute returns between 10 to 20 percentage points); 3=REDUCE (expected to give absolute returns between 0 to 10 percentage points); 4=SELL (expected to give absolute negative returns)

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