February 2012

CLEANTECH TRACK
Monthly Update on Indian Cleantech Industry

News of the Month

Delay in solar projects: NTPC trading arm encashes bank guarantees of 14 developers NTPC Vidyut Vyapar Nigam (NVVN) has come down heavily upon 14 project developers, including three in which Lanco Infratech Ltd holds stakes, for failing to meet the commissioning deadline. The projects to these 14 companies, totalling 70 MW, were awarded under the first phase of Indias Jawaharlal Nehru National Solar Mission by NVVN An NVVN official said that in terms of strict compliance of the guidelines, bank guarantees of these developers have been encashed for not commissioning the projects by January 9, which was the deadline. Official sources said the amount encashed would be close to Rs 280mn. The penalty for each project averages approximately Rs 20mn. This is the first warning. After this, the developers are given two months' time to finish the project, and if they still don't, this would entail further loss of bank guarantee thereafter, three months time is provided with penalties to complete the project, failing which the project would stand removed from the Mission. The total extension in this manner is up to six months beyond the scheduled date. Under the first batch, 35 new projects were expected to generate 610 MW of solar power (140 MW of photovoltaic and 470 MW thermal) and grid connectivity was expected by January 2012. Generation from new photovoltaic projects was to commence from this January, and from thermal sources by May 2013. These projects are spread across the country Rajasthan, Orissa, Andhra Pradesh, Karnataka and Tamil Nadu. The three companies with equity participation from Lanco are DDE Renewable Energy Ltd, Electromech Maritech Pvt. Ltd and Finehope Allied Energy Pvt. Ltd. Lanco also holds the engineering, procurement and construction (EPC) contract for their projects. Lanco, apart from having 105MW, is doing EPC in seven projects and also holds some equity in them. NVVN has encashed the bank guarantees at a time when allegations have been made that Lanco Infratech contravened rules and got solar projects in excess of its entitlement through a network of shell companies.

Content Content
Private Equity 2

CER Price Chart

News Update

Events Calendar

Stock Market Update

Results Update

Peer Benchmarking

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Investment Activity
Clean-tech Private Equity deals Last 6 months of 2011 and Jan-Feb 2012 Date Investor(s) Target 2011 18-July 21-July 04-Aug 08-Aug 12-Aug 07-Sept 27-Sept 10-Oct 21-Oct 07-Nov 2012 02-Jan 25-Jan 24-Feb

Amount ($Mn) 40 6.7 18.2 15 33 26.4 200 50 58 25.1 18.1 9.8 0.4

Business

Stage

FE Clean Energy Group IFCI Venture IDFC PE IFC IDFC India Infrastructure Fund India Infrastructure Plc Goldman Sachs GE Energy Financial Services GE Energy Financial Services SBI-Macquarie Infra Fund JP Morgan Asset Management Zephyr Peacock Hyderabad Angels

NSL Renewable Power Amrit Jal Venture Ltd Green Infra Shalivahana Green Energy Caparo Energy India Ltd Shree Maheshwar Hydel ReNew Wind Power Greenko Moser Baer Clean Energy Soham Renewable Energy Leap Green Energy Gadhia Solar Green India Building Systems and Services Pvt Ltd

Renewable Renewable-hydel Renewable-wind Renewable-biomass Renewable-wind Renewable-hydel Renewable-wind Renewable-wind Renewable-solar Renewable-hydel Renewable-wind Renewable-solar Energy efficient products

Growth Growth Growth Growth Growth SPV Growth Project Project Late Growth Growth Early

Source: Four-S Research

The month of February saw 1 investment in cleantech space: Hyderabad Angels, a network of Angel investors focused on early stage businesses announced a strategic Series A investment of Rs 20mn in Green India Building Systems and Services Private Limited (GIBSS). This investment in green energy leader GIBSS was led by serial entrepreneur Sashi Reddi. GIBSS addresses the demand & supply gap with energy efficient Geothermal, Hot water cogeneration and Lighting systems that help buildings reduce operational costs by 60-80%.

Movement of Carbon Credit (Spot Price)

29-Feb12 CER (Spot Price in ) 4.61 1 week (% change) -7.2% 1M (% change) 14.4% 3M (% change) -19.1% 6M (% change) -51.2% 12M (% change) -61.3%

CER Price Chart () - Movement during the last month

5.9 5.6 5.3 5 4.7 4.4 4.1 3.8 3.5 3.2 2.9 2.6 2.3 2 1-Feb 5-Feb 9-Feb 13-Feb 17-Feb 21-Feb 25-Feb 29-Feb

Source: BlueNext

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News Update
Rajasthan lowers solar tariffs ahead of bid deadline The Rajasthan Electricity Regulatory Commission has lowered the tariffs for the purchase of electricity from solar power plants in the State by the state utility. A solar power producer in the State who completes his project by March 31, 2014, will get Rs 10.12 a unit if he does not claim accelerated depreciation' and Rs 8.85 a unit, if he also claims accelerated depreciation. Earlier, these figures were Rs 15.32 and Rs 13.19 a unit. The revised tariffs demonstrate the falling trend in prices. Rajasthan has a fairly large programme, of 200 MW, equally divided between photo voltaic and thermal. Gujarat Solar Program cuts power rates by up to 33% Gujarats solar program has cut the preferential rate it pays to utilities for sun power by as much as 33% as global prices of panels declined by more than half. Photovoltaic plants commissioned after the Jan. 28 deadline will be paid a rate of Rs 9.98 per kilowatt-hour for the first 12 years, compared with Rs 15 for those finished on time, the Gujarat Electricity Regulatory Commission said in a tariff order on its website. The rate will be reduced to Rs 7 per kilowatt-hour for the next 13 years. India joins governments in Europe that are cutting clean- energy subsidies as equipment costs plunge. Panel prices fell 51% last year after the 10 largest manufacturers doubled production capacity, according to data compiled by Bloomberg. Kerela Govt to set up waste management plants in all districts Kerala Cabinet has decided to set up waste treatment plants in all 14 districts. The treatment plants would be set up with new technology which minimised the land requirement to a great extent compared to existing ones. Under the new technology, there would be separate treatment unit to deal with plastics. Arrangements also would be made to segregate the solid waste from plastic waste at the originating place would also be made. India clean-energy investments reach $10.3bn in 2011: BNEF Investment in clean-energy projects grew faster in India than in any other major economy last year, rising 52% to $10.3bn, according to Bloomberg New Energy Finance. The largest increase came from the solar industry with $4.2bn of funding for sun-powered plants connected to the grid, a seven-fold increase from 2010 and about par with the $4.6bn that went to wind projects. Asset financing accounted for $9.5bn of the total, while private equity and venture capital firms invested $425mn, New Energy Finance said. In 2011, India added 2,827 MW of new wind capacity, making it the third-biggest market after China and the U.S. Its solar capacity rose to an estimated 277 MW from 18 MW in 2010 India's frst solar desalination plant in Surat, Gujarat Perry Mehta, founder of FutureNet, IT service provider and environment technology firm, is setting up the country's first solar plant to desalinate sea water in Surat. In a joint venture, his firm, along with Sardar Vallabhbhai National Institute of Technologys (SVNIT) research and technological aid, is setting up country's first salt water desalination plant in Surat which would be operational by June this year. It will be set up at an investment of Rs 35mn. This small-size plant would desalinate one lakh litres of sea water daily and turn it into drinking water using solar energy. Trishe Energy scouting for Private Equity infusion Chennai-based Trishe Energy, a wind power developer, which bagged an order from Indian Energy, an independent power producer (IPP), for the setting up of 1,000-MW of wind farms, is looking for private equity infusion. With the Indian Energy deal, Trishe has orders worth close to 2,000 MW in India. The Framework Agreement that was signed by Indian Energy and Trishe Energy envisages that approximately 300 MW of projects will be commissioned during 2013, a further 350 MW by 2014 and the remaining 350 MW by 2016. The projects will be implemented across a number of States in India, including Tamil Nadu, Karnataka and Maharashtra. Wipro expects to build 100 MW of solar projects next year Wipros clean-tech business has just completed building 40 MW of solar photovoltaic power plants for its customers. 5 MW more is sure to come by March and expects to do 100 MW by 2012-13. Wipro EcoEnergy is building its energy practice' on two pillars solar energy, comprising both large, utility-scale solar plants and roof-tops, as well as energy management. At present, Wipro EcoEnergy provides remote monitoring services to its EPC clients. Soon, it intends to take this business to its non-clients and then to customers abroad. Welspun bags Rs 9.5bn solar power project from AP Private power firm Welspun Energy today said it has bagged a contract worth Rs 9.5bn from the Andhra Pradesh government to set up a 100 MW solar power plant in Anantpur. The company will construct, operate and maintain the power plant and will complete the project by 2013. The company plans to develop 250 MW solar power projects in 2012-13 and to be among the top three producers of solar power in the country in the next two-three years by producing at least 500 MW of solar power by 2014. Welspun has already commissioned a 30 MW solar energy project and is working on various projects totaling another 80 MW which are in various stages of completion.

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

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Green Infra ready to invest in solar powered towers IDFC PE funded-Green Infra Ltd, a solar power developer, is ready to invest to put up mini solar plants that could power telecom towers. Green Infra made news recently when it won two projects worth 25 MW in the second round of bidding of the National Solar Mission. Green Infra's quote of Rs 9.44 a unit (averaged for the two projects) was the highest among the 20-odd winners. The company also has a 10 MW solar plant operating in Gujarat. It also has 165 MW of wind power capacity and expects to add another 135 MW in the next two months. Sun Edison, Azure win rooftop contracts Two US-headquartered companies, Sun Edison and Azure Power, have won the mandate for setting up rooftop solar power plant projects in Gandhinagar, Gujarat. Implemented by Gujarat Energy Research Management Institute (GERMI), this rent-a-roof programme is the first-of-its-kind in India. Sun Edison and Azure Power will each put up 2.5 MW of solar plants on the roofs of houses or office complexes that are willing to rent their roof for the purpose. The roof owner will get a part of the revenue generated by the power plant. The owner will not get to use the electricity to run his home or office, as has been the case in all the rooftop solar developments so far in the country. Numeric Power eyes solar EPC, storage Numeric Power Systems, which has just got richer by Rs 830 crore after divesting its core business UPS systems, says its immediate engagement will be with solar energy. While not wishing to give out details, the company's Managing Director, Mr R Chellappan, said that the company is looking at presence in two areas EPC jobs and storage systems (batteries). Apart from building two 1 MW plants, Numeric has done close to 1,000 rooftop solar plants across the country. For one of the 1 MW plants, Numeric is its own EPC contractor. The plant, near Coimbatore, would be put under the REC scheme. The other plant, near Sivaganga, is just a few days from commissioning. The electricity it generates will fetch Rs 18.45 a unit. Lanco to exit wind energy business In an indication of the coming consolidation in Indias wind energy sector, Lanco Infratech Ltd has decided to exit the segment and has given the mandate for selling the business to audit and consulting firm Ernst and Young (E&Y). Lanco has 5,000 MW of wind power licences and had acquired land for 600MW of capacity through Lanco Wind Power Pvt. Ltd. Lancos decision comes at a time when the company is laden with a debt burden of Rs. 297bn as of 30 September. VRL Logistics set to exit wind power Hubli-based transport major VRL Logistics Ltd (VRL) has firmed up plans to sell its wind power and cement business units and concentrate on its core business. The company official said that the utilities are not making timely payment for the power produced and there are two to three months of outstanding dues always. The company has an outstanding payment of Rs 780mn from the Hubli Electricity Supply Company (Hescom) and an overdue interest payment is to the order of Rs 30mn. The company has entered into a power purchase agreement with Hescom and sells power at Rs 3.50 per unit. In 2007, the company had forayed into wind power business and presently operates an installed capacity of 51 MW. The company had been looking at exiting the business since 2009 and has received two to three proposal. Tata Power commissions 25-MW solar project in Gujarat Tata Power has commissioned a 25 MW solar photovoltaic (PV) power project in Gujarat. Spread over 100 acres of land, the Rs 3.65bn solar plant is based on crystalline silicon PV technology. The company had signed a power purchase agreement for the project with Gujarat Urja Vikas Nigam Ltd. The Mithapur plant is one of the largest of its kind in the country and is now feeding power into the grid. The companys subsidiary, Tata Power Renewable Energy Ltd, had recently tied up the entire debt requirement through a consortium of domestic lenders, namely State Bank of India and Export Import Bank of India. Tata Power plans to set up 300-MW of solar power capacity by 2017. French betting big on India's solar potential Indian subsidiary of French major, Solairedirect plans to invest Rs 40bn to become 400 MW company in next 5 years. The company provides end-to-end solar energy solutions for turnkey projects, including project development and engineering, construction and installation, financing, operation and maintenance. Solairedirect has already won a 5 MW project in Rajasthan, under the Jawaharlal Nehru National Solar Mission (JNNSM). The company bagged the order with an offered tariff of as low as Rs 7.49/ unit. The Rajasthan project will be operational by December 2012. Adani Power to invest Rs 30bn in solar power Adani Power plans to invest Rs 30bn ($600mn) in two years to add 160 MW solar power to its existing capacity. The company, set to commission its first 40-MW solar power plant in Bitta village of Kutch district, Gujarat, has plans to expand it to 100 MW. The company is planning to set up another 100 MW plant near Jaisalmer. This project could be commissioned by 2013-14. RRECL invites bids for 50 solar projects in India Rajasthan Renewable Energy Corp (RREC) has invited request for selection for the construction of 50 solar power projects in the Indian state of Rajasthan. The 50 solar photovoltaic (PV) plants will each have a capacity of 1MW (AC). RRECL will

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

FOUR-S Cleantech Track

connect each small solar PV plant on 11kV level at 33/11kV Discom's substation in Rajasthan, under Rajasthan Solar Energy Policy, 2011. The bidding process will close on 19 March 2012. Sunair develops solar-wind hybrid power generator for rooftops Sunair Power Private Ltd has revisited the technology of vertical shaft windmills and has developed a machine for rooftop applications in the country. The Bangalore-based company is offering solar-wind hybrid power systems that can generate about 8 units of green power a day, with 60% coming from wind sources. While the windmills are completely manufactured by the company, the solar panels are sourced from module manufacturers. The advantage is that the vertical shaft machines rotate even at low wind speeds of 1.5 m/s and generate power at 3 m/sec compared with conventional windmills that start spinning only at speeds of 3 m/s. Greenko to add 165 MW wind energy in Maharashtra Greenko Group is set to commission 165 MW wind farm in Maharashtra by May, taking its installed capacity of wind turbines generation from about 220 MW now to about 385 MW. Under the phase one of expansion plan of the company for wind power generation, Greenko plans to set up projects with a total capacity of 500 MW by 2014-15. Of this, wind farms with a total generation capacity of over 350 MW are at various stages of execution. The company has a strategic venture with the US-based major GE (General Electric) for the implementation of wind farms in the country. A venture has been set up by Greenko wherein GE financial services arm had teamed up in October last to invest up to $50mn. Shree Ganesh Jewellery acquires 2 solar PV firms The Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) has entered into solar power generation business by acquiring controlling stakes in two companies Alex Astral Power Ltd and Alex Spectrum Radiation Ltd. The Kolkata-based Sureka Group is the co-promoter in both the companies. Alex Astral Power has already commissioned a 25-MW solar power plant in Gujarat and Alex Spectrum is slated to commission a 5-MW solar project in Rajasthan in a week's time. SGJHL has invested approximately Rs 1bn for acquiring 55% equity stake in each of these solar PV (photovoltaic) companies. Vikram Solar commissions solar plant in Gujarat and Orissa Vikram Solar, a Kolkata based solar module manufacturer, has announced the commissioning of two new power plants - one in Gujarat and one in Rourkela, Orissa. The Gujarat power plant is a 5MW power plant and the second plant in Orissa is capable of producing 1 MW power. Both these projects have been built under the policy guidance from Indian Renewable Energy Development Agency (IREDA). Financial services firm Blue Circle acquires Enelek Solar Power Blue Circle Services Ltd, a Mumbai-based public-listed financial services company, has acquired renewable energy firm Enelek Power for an undisclosed sum. Co-founded by Nachiket Gandhi (who is also the CEO), Enelek Power designs and manufactures solar thermal heating and power systems. Maharishi Solar offers low cost solar thermal solutions Maharishi Solar Technology has launched a Parabolic Trough a low cost solar solution for the industries to reduce fuel cost for electricity and fossil fuel for generating heat. The technology is a result of the strategic tie-up with US-based Abengoa Solar Inc, (ASI), which is into delivering solar technology solutions. Company has set up a manufacturing facility to manufacture Parabolic Troughs in Noida, Uttar Pradesh. It has invested around Rs 3.5bn for this business and is setting up new facilities in Gujarat and Tamil Nadu.

Upcoming Events Calendar

Renergy 2012 Date: March 12-13, 2012 Place: Chennai Organizer: TamilNadu Energy Development Agency Web: www.renergy2012.com India Wind Energy Summit 2012 Date: April 19-20, 2012 Place: Chennai Organizer: Noppen Web: www.indiawindenergysummit.com HydroVision India Date: April 19-21, 2012 Place: New Delhi Organizer: PennWell and Inter Ads Web: www.hydropowerindia.com Renewable Energy World India 2012 Date: May 5-7, 2012 Place: New Delhi Organizer: PennWell and Inter Ads Web: www.renewableenergyworldindia.com

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

FOUR-S Cleantech Track

Stock Market Update
Companies NHPC Jaiprakash Power Venture Suzlon Praj Industries Ltd. Ramky Infra VA Tech Wabag Orient Green Power Shriram EPC Moserbear Entegra Indosolar Ion Exchange IndoWind Energy Asian Electronics Nifty Sensex Mcap (29-Feb-12) Rs Mn
260,776 116,149 47,278 14,967 13,370 11,310 6,225 3,867 3,095 2,260 1,944 1,529 610 291 -

Price (29-Feb-12)
21.2 44.0 26.6 81.0 233.8 427.8 13.3 87.3 18.4 12.4 5.8 113.0 6.8 8.2 5,385.2 17,752.7

1 week (% change) 1M (% change) 3M (% change)

-2.5% -2.4% -6.2% -4.3% -1.6% -2.8% 0.4% -6.7% -8.5% -2.7% -5.7% -5.1% -7.5% 1.2% -2.2% -2.2% 2.9% -0.2% -5.0% -8.0% -0.1% 18.2% -5.7% -13.4% 3.7% -7.1% -34.5% 2.8% 7.9% 16.3% 3.6% 2.6% -6.0% 30.0% 14.2% 5.7% 13.5% 25.1% 24.3% -15.3% 1.4% -14.5% -14.1% 17.1% -12.8% 35.5% 11.4% 10.1%

6M (% change) 12M (% change)

-12.9% 33.0% -28.0% 14.6% 1.6% 15.5% 0.4% -33.1% -21.2% -17.3% -34.5% -14.6% -47.7% 0.6% 7.7% 6.5% -10.7% 7.5% -46.8% 21.3% -21.8% -17.6% -44.1% -42.3% -54.8% -34.7% -69.1% -17.0% -65.8% -41.4% -2.5% -3.8%

Latest Quarterly Results 9MFY12

Companies Suzlon NHPC* Moser-Baer* Ramky Infrastructure Shriram EPC* VA Tech Wabag Jaiprakash Power Venture* Praj Industries* Orient Green Power Ion Exchange* Asian Electronics* Indosolar* IndoWind Energy* Entegra 9M FY11 107,181 30,872 14,139 18,528 8,374 7,342 6,717 3,507 1,665 3,882 1,131 4,989 395 6 Revenue 9M FY12 145,440 42,110 16,337 24,502 7,804 7,727 13,725 6,128 1,787 4,466 691 854 269 1 YoY 35.7% 36.4% 15.5% 32.2% -6.8% 5.2% 104.3% 74.7% 7.3% 15.0% -38.9% -82.9% -31.9% -87.0% 9M FY11 (2,158) 24,157 1,372 2,198 1,071 376 5,795 286 761 171 (237) 223 108 (55) EBITDA 9M FY12 11,999 26,281 1,953 3,211 871 393 12,627 556 672 206 (276) (1,016) 131 (74) YoY NM 8.8% 42.3% 46.1% -18.7% 4.5% 117.9% 94.4% -11.7% 20.5% NM NM 21.3% NM 9M FY11 (15,350) 15,282 (2,752) 1,147 548 66 1,482 329 91 90 (469) (628) 43 (328) PAT 9M FY12 (1,783) 19,697 (2,502) 1,422 210 134 4,097 557 (232) 95 (483) (1,886) 36 (349) YoY NM 28.9% NM 24.0% -61.7% 103.0% 176.5% 69.3% NM 5.6% NM NM -16.3% NM

In Rs Millions
Margins H1FY12 9M FY11 9M FY12 8.3% NM 62.4% 46.8% 12.0% NM 13.1% 5.8% 11.2% 2.7% 5.1% 1.7% 92.0% 29.9% 9.1% 9.1% 37.6% -13.0% 4.6% 2.1% NM NM NM NM 48.7% 13.4% NM NM

Note 1: *Standalone results Note2: Since Indowind Energy is June ending, the results are for H1FY12

Annual Results FY11

Companies Suzlon NHPC Moser-Baer Ramky Infrastructure Shriram EPC VA Tech Wabag Jaiprakash Power Venture* Praj Industries Orient Green Power Ion Exchange Asian Electronics* Indosolar* IndoWind Energy* Entegra FY10 207,792 51,616 27,322 20,416 13,704 12,295 7,178 7,344 563 5,250 2,278 1,313 631 16 Revenue FY11 180,902 51,437 26,829 31,470 16,748 12,418 8,407 6,649 2,093 6,102 1,473 5,820 453 9 YoY -12.9% -0.3% -1.8% 54.1% 22.2% 1.0% 17.1% -9.5% 271.7% 16.2% -35.3% 343.3% -28.2% -44.2% FY10 9,431 41,289 3,729 2,417 1,329 1,171 6,327 1,391 (4) 241 378 (206) 223 (72) EBITDA FY11 8,081 42,876 107 3,718 1,836 1,210 7,236 769 898 232 (421) 203 119 (72) YoY -14.3% 3.8% -97.1% 53.8% 38.1% 3.3% 14.4% -44.7% NA -3.8% NA NA -46.6% NA FY10 (9,826) 21,756 (3,936) 1,274 468 448 2,516 1,198 (166) 41 29 (664) 146 (155) PAT FY11 (13,238) 23,162 (8,486) 2,061 742 526 1,651 569 108 84 (793) (583) 47 (423) YoY NA 6.5% NA 61.8% 58.7% 17.5% -34.4% -52.5% NA 103.2% NA NA -67.8% NA

In Rs Millions
Margins FY11 EBITDA NPM 4.5% NA 83.4% 45.0% 0.4% NA 11.8% 6.5% 11.0% 4.4% 9.7% 4.2% 86.1% 19.6% 11.6% 8.6% 42.9% 5.1% 3.8% 1.4% NA NA 3.5% NA 26.3% 10.4% NA NA

Note 1: *Standalone results

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

FOUR-S Cleantech Track

Valuation Benchmarking
` NHPC Jaiprakash Power Venture Suzlon Praj Industries Ramky Infra VA Tech Wabag Orient Green Power Shriram EPC Moserbear Entegra Indosolar Ion Exchange IndoWind Energy Asian Electronics Mkt Cap (Rs mn) 260,776 116,149 47,278 14,967 13,370 11,310 6,225 3,867 3,095 2,260 1,944 1,529 610 291 EV (Rs mn) 369,254 236,584 158,280 13,682 28,041 9,763 12,815 16,343 24,610 32,454 6,502 2,059 2,255 1,786 Revenues TTM Dec'11 62,675 15,415 219,161 9,270 37,444 12,803 2,215 16,178 29,027 4 1,685 6,686 327 1,033 EBITDA TTM Dec'11 45,000 14,068 22,238 1,039 4,731 1,227 809 1,636 688 (91) (1,036) 267 142 (460) PAT TTM EV/Revenue Dec'11 27,577 5.9 4,266 15.3 329 0.7 797 1.5 2,336 0.7 594 0.8 (215) 5.8 404 1.0 (8,236) 0.8 (444) NM (1,841) 3.9 89 0.3 40 6.9 (807) 1.7

In Rs Millions
EV/EBITDA 8.2 16.8 7.1 13.2 5.9 8.0 15.8 10.0 35.8 NM NM 7.7 15.9 NM P/E 9.5 27.2 NM 18.8 5.7 19.1 NM 9.6 NM NM NM 17.2 15.3 NM

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

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