DCF & Relative Valuation of Reliance Energy

8/6/2019 DCF & Relative Valuation of Reliance Energy

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VALUATION OF THE COMPANY ReliaSUBMITTED BY

- SOVIT JAISWAL-ENROLLMENT NUMBER - 07BS 4302-----------

mail - [email protected]

Phone - -9904475076---

Contents lick Below to go

1 Assumptions

2 WACC

3 DCF Valuation

4 Cash Flow

5 Balance Sheet

6 Profit and Loss Account

7 Quarterly Data8 Projections Sales

9 Ratio Calculations

10 Cost Structure

11 Financial Ratios

12 Final Report Requirements

13 UBS Growth Formula

14 Rough

Assumptions!

WACC (daily)'!

DCF Valuation'

Cash Flow'!A

BS '!A1

PL!A1

Qtrly data'!AProjections sale

RATIO.CAL!

Cost Structure'

Finacial Ratios'

Final Report require

UBS Growth Form

Rough!A1
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1

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Assumptions

Projection of Sales: In sales projection, instead of taking 4 years average

click to go back


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growth rate and adding it with 3.75, we have calculated m


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1 2 3 4

Date eliance Energ Sensex

20February2007 520.90 14230.47 #REF! #REF!

21February2007 522.10 14157.72 0.23 -0.33

22February2007 513.30 13978.05 -1.69 -2.25

23February2007 503.30 13568.08 -1.95 -2.51

26February2007 507.00 13383.88 0.74 0.17

27February2007 503.15 13408.56 -0.76 -1.32

28February2007 479.35 12800.91 -4.73 -5.29

480.55 12861.35 0.25 -0.31

475.30 12836.75 -1.09 -1.65

470.05 12344.44 -1.10 -1.67

474.95 12427.13 1.04 0.48479.20 12390.46 0.89 0.33

490.25 12596.86 2.31 1.74

481.35 12788.16 -1.82 -2.38

474.15 12844.99 -1.50 -2.06

465.90 12817.62 -1.74 -2.30

458.70 12504.10 -1.55 -2.11

462.30 12510.75 0.78 0.22

455.60 12316.10 -1.45 -2.01

457.45 12426.66 0.41 -0.16

476.15 12674.77 4.09 3.53491.10 12664.33 3.14 2.58

492.00 13071.81 0.18 -0.38

486.15 13196.90 -1.19 -1.75

475.65 13090.80 -2.16 -2.72

482.35 12861.18 1.41 0.85

488.15 12832.69 1.20 0.64

495.15 12984.13 1.43 0.87

476.75 12425.52 -3.72 -4.28

481.35 12481.86 0.96 0.40

487.45 12691.24 1.27 0.71500.75 12711.50 2.73 2.17

512.75 12904.85 2.40 1.83

509.75 13075.48 -0.59 -1.15

510.55 13161.21 0.16 -0.40

504.20 13030.87 -1.24 -1.81

502.85 13119.88 -0.27 -0.83

Ri

Ri-Avg(R

i)

1March 2007

2March 2007

5March 2007

6March 2007

7March 2007

8March 2007

9March 2007

12March 2007

13March 2007

14March 2007

15March 2007

16March 2007

19March 2007

20March 200721March 2007

22March 2007

23March 2007

26March 2007

28March 2007

29March 2007

30March 2007

2April 2007

3April 2007

4April 20075April 2007

9April 2007

10April 2007

11April 2007

12April 2007

13April 2007


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504.30 13479.49 0.29 -0.27

506.05 13581.04 0.35 -0.21

510.20 13602.90 0.82 0.26

505.35 13423.64 -0.95 -1.51

511.05 13684.95 1.13 0.57

522.95 13879.39 2.33 1.77525.15 13850.07 0.42 -0.14

523.55 14052.17 -0.30 -0.87

517.35 14127.18 -1.18 -1.75

508.90 13884.53 -1.63 -2.19

508.40 13693.59 -0.10 -0.66

512.40 13987.77 0.79 0.23

515.70 13912.92 0.64 0.08

512.55 13861.38 -0.61 -1.17

505.65 13741.24 -1.35 -1.91

519.40 13612.04 2.72 2.16514.90 13745.23 -0.87 -1.43

508.70 13554.34 -1.20 -1.77

511.40 13924.02 0.53 -0.03

508.55 13885.46 -0.56 -1.12

505.95 13936.88 -0.51 -1.07

509.95 14217.36 0.79 0.23

511.30 14201.01 0.26 -0.30

551.70 14362.63 7.90 7.34

550.90 14348.26 -0.15 -0.71

570.45 14325.89 3.55 2.99551.15 14174.05 -3.38 -3.94

555.75 14046.06 0.83 0.27

550.50 14368.40 -0.94 -1.51

555.30 14372.07 0.87 0.31

534.70 14379.21 -3.71 -4.27

539.65 14448.57 0.93 0.36

541.70 14539.89 0.38 -0.18

541.25 14465.68 -0.08 -0.64

550.55 14432.67 1.72 1.16

533.10 14234.07 -3.17 -3.73

528.10 14139.09 -0.94 -1.50

520.85 14010.61 -1.37 -1.93

516.35 14057.63 -0.86 -1.43

517.05 13946.99 0.14 -0.43

520.25 13968.38 0.62 0.06

526.60 14087.91 1.22 0.66

531.50 14112.53 0.93 0.37

16April 2007

17April 2007

18April 2007

19April 2007

20April 2007

23April 200724April 2007

25April 2007

26April 2007

27April 2007

30April 2007

3May 2007

4May 2007

7May 2007

8May 2007

9May 200710May 2007

11May 2007

14May 2007

15May 2007

16May 2007

17May 2007

18May 2007

21May 2007

22May 2007

23May 200724May 2007

25May 2007

28May 2007

29May 2007

30May 2007

31May 2007

1June 2007

4June 2007

5June 2007

6June 2007

7June 2007

8June 2007

11June 2007

12June 2007

13June 2007

14June 2007

15June 2007


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530.05 14057.26 -0.27 -0.83

535.65 14058.79 1.06 0.49

538.00 14347.58 0.44 -0.12

560.40 14406.67 4.16 3.60

590.20 14441.76 5.32 4.76

590.75 14424.71 0.09 -0.47589.80 14478.75 -0.16 -0.72

578.20 14407.12 -1.97 -2.53

580.55 14435.24 0.41 -0.16

614.10 14574.45 5.78 5.22

624.30 14638.88 1.66 1.10

614.30 14720.00 -1.60 -2.16

611.35 14790.75 -0.48 -1.04

591.35 14731.22 -3.27 -3.83

597.95 14826.56 1.12 0.55

615.50 15005.47 2.94 2.37612.70 14966.40 -0.45 -1.02

625.80 14829.55 2.14 1.58

668.50 14963.53 6.82 6.26

675.25 15216.83 1.01 0.45

705.90 15239.41 4.54 3.98

698.55 15272.46 -1.04 -1.60

688.75 15160.27 -1.40 -1.96

685.90 15357.38 -0.41 -0.98

688.25 15524.68 0.34 -0.22

714.80 15477.91 3.86 3.30775.30 15742.32 8.46 7.90

778.10 15572.98 0.36 -0.20

799.90 15654.40 2.80 2.24

763.45 15159.68 -4.56 -5.12

780.25 15135.25 2.20 1.64

793.45 15224.82 1.69 1.13

737.30 14910.52 -7.08 -7.64

752.15 14896.47 2.01 1.45

753.35 15061.13 0.16 -0.40

742.55 14705.58 -1.43 -2.00

764.70 14901.83 2.98 2.42

783.10 15088.07 2.41 1.84

757.90 15062.10 -3.22 -3.78

748.30 14570.89 -1.27 -1.83

753.35 14869.15 0.67 0.11

753.70 14964.66 0.05 -0.52

717.50 14345.03 -4.80 -5.36

18June 2007

19June 2007

20June 2007

21June 2007

22June 2007

25June 200726June 2007

27June 2007

28June 2007

29June 2007

2July 2007

3July 2007

4July 2007

5July 2007

6July 2007

9July 200710July 2007

11July 2007

12July 2007

13July 2007

16July 2007

17July 2007

18July 2007

19July 2007

20July 2007

23July 200724July 2007

25July 2007

26July 2007

27July 2007

30July 2007

31July 2007

1August 2007

2August 2007

3August 2007

6August 2007

7August 2007

8August 2007

9August 2007

10August 2007

13August 2007

14August 2007

16August 2007


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719.35 13779.88 0.26 -0.30

725.40 14406.91 0.84 0.28

692.00 13941.93 -4.60 -5.17

724.80 13870.70 4.74 4.18

705.75 14128.72 -2.63 -3.19

735.55 14163.61 4.22 3.66761.85 14581.35 3.58 3.01

766.55 14751.68 0.62 0.06

782.15 14592.11 2.04 1.47

766.75 15053.98 -1.97 -2.53

779.75 15131.36 1.70 1.13

776.95 15323.05 -0.36 -0.92

823.45 15389.62 5.98 5.42

823.35 15407.00 -0.01 -0.57

860.40 15350.18 4.50 3.94

850.40 15565.22 -1.16 -1.72864.25 15363.53 1.63 1.07

860.15 15506.10 -0.47 -1.04

894.30 15486.81 3.97 3.41

889.55 15547.66 -0.53 -1.09

882.65 15568.36 -0.78 -1.34

907.80 15467.46 2.85 2.29

926.65 15468.80 2.08 1.51

946.10 15940.79 2.10 1.54

987.70 16261.36 4.40 3.84

1009.60 16308.09 2.22 1.661093.70 16599.66 8.33 7.77

1087.45 16676.98 -0.57 -1.13

1026.20 16887.07 -5.63 -6.19

1117.25 17018.56 8.87 8.31

1205.50 17152.31 7.90 7.34

1October2007 1349.40 17144.58 11.94 11.38

3October2007 1450.40 17288.41 7.48 6.92

4October2007 1477.85 17494.70 1.89 1.33

5October2007 1447.15 17708.80 -2.08 -2.64

8October2007 1379.50 17322.14 -4.67 -5.24

9October2007 1533.65 17287.19 11.17 10.61

10October2007 1585.85 18436.99 3.40 2.84

11October2007 1597.85 18536.97 0.76 0.20

12October2007 1636.30 18336.00 2.41 1.84

15October2007 1847.35 18525.61 12.90 12.34

16October2007 1904.40 18777.75 3.09 2.53

17October2007 1762.40 17307.90 -7.46 -8.02

17August 2007

20August 2007

21August 2007

22August 2007

23August 2007

24August 200727August 2007

28August 2007

29August 2007

30August 2007

31August 20073September20074September20075September20076September20077September200

710September200711September200712September200713September200714September200717September200718September200719September200720September200721September20

0724September200725September200726September200727September200728September2007


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18October2007 1591.35 17771.16 -9.71 -10.27

19October2007 1333.25 17226.18 -16.22 -16.78

22October2007 1370.00 17171.45 2.76 2.19

23October2007 1523.15 17910.30 11.18 10.62

24October2007 1653.90 18317.17 8.58 8.02

25October2007 1649.60 18459.51 -0.26 -0.8226October2007 1670.00 18629.53 1.24 0.68

29October2007 1721.85 19621.39 3.10 2.54

30October2007 1789.20 19694.85 3.91 3.35

31October2007 1866.80 19735.21 4.34 3.78

1November2007 1767.80 19634.47 -5.30 -5.86

2November2007 1852.35 19255.77 4.78 4.22

5November2007 1820.85 19502.45 -1.70 -2.26

6November2007 1844.95 19337.85 1.32 0.76

7November2007 1819.15 19249.47 -1.40 -1.96

8November2007 1850.95 18917.40 1.75 1.199November2007 1838.10 18737.22 -0.69 -1.26

1818.90 18333.21 -1.04 -1.61

1853.80 18636.21 1.92 1.36

1920.35 19336.96 3.59 3.03

1854.15 19723.20 -3.45 -4.01

1825.70 19472.51 -1.53 -2.10

1827.25 19583.97 0.08 -0.48

1794.30 19196.42 -1.80 -2.36

1692.85 18515.30 -5.65 -6.22

1605.10 18182.83 -5.18 -5.751725.10 18548.06 7.48 6.91

1789.55 19137.66 3.74 3.17

1755.45 19019.33 -1.91 -2.47

1704.05 18884.20 -2.93 -3.49

1663.70 18930.31 -2.37 -2.93

1738.10 19006.89 4.47 3.91

3December2007 1900.15 19446.68 9.32 8.76

4December2007 1893.10 19482.34 -0.37 -0.93

5December2007 1887.55 19560.68 -0.29 -0.85

6December2007 1946.60 19716.57 3.13 2.57

7December2007 1932.10 19706.43 -0.74 -1.31

1946.05 19834.01 0.72 0.16

1945.65 20019.34 -0.02 -0.58

1931.70 20045.42 -0.72 -1.28

1911.50 20065.63 -1.05 -1.61

1909.45 19936.49 -0.11 -0.67

1828.95 19177.19 -4.22 -4.78

12November200713November200714November200715November200716November200719November200720November200721November200722November200

723November200726November200727November200728November200729November200730November2007

10December200711December200712December200713December200714December200717December2007


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1808.05 19009.35 -1.14 -1.70

1882.60 18886.40 4.12 3.56

1939.85 19097.70 3.04 2.48

2058.90 19308.20 6.14 5.58

2111.95 19896.61 2.58 2.02

2134.55 20159.73 1.07 0.512155.30 20022.88 0.97 0.41

2134.60 20239.63 -0.96 -1.52

1January2008 2279.00 20220.46 6.76 6.20

2January2008 2365.50 20077.40 3.80 3.23

3January2008 2517.40 20293.87 6.42 5.86

4January2008 2510.35 20367.94 -0.28 -0.84

7January2008 2584.15 20438.19 2.94 2.38

8January2008 2536.00 20696.60 -1.86 -2.42

9January2008 2565.45 20701.49 1.16 0.60

10January2008 2465.10 20530.07 -3.91 -4.4711January2008 2486.05 20505.81 0.85 0.29

14January2008 2474.00 20661.90 -0.48 -1.05

15January2008 2364.55 20203.63 -4.42 -4.99

16January2008 2266.60 19513.25 -4.14 -4.70

17January2008 2212.70 19643.76 -2.38 -2.94

18January2008 2124.05 18930.42 -4.01 -4.57

21January2008 1776.05 16951.50 -16.38 -16.95

22January2008 1716.35 15332.42 -3.36 -3.92

23January2008 1989.95 16951.03 15.94 15.38

24January2008 1815.85 17070.05 -8.75 -9.3125January2008 2030.25 17504.00 11.81 11.25

28January2008 2097.70 17443.29 3.32 2.76

29January2008 2106.90 17927.92 0.44 -0.12

30January2008 1992.30 17683.51 -5.44 -6.00

31January2008 1984.10 17417.63 -0.41 -0.97

1February2008 2015.00 17534.96 1.56 1.00

4February2008 2012.80 18439.33 -0.11 -0.67

5February2008 2026.30 18509.54 0.67 0.11

6February2008 2056.35 17936.01 1.48 0.92

7February2008 1987.15 17492.28 -3.37 -3.93

8February2008 1963.25 17203.06 -1.20 -1.76

11February2008 1582.30 16457.74 -19.40 -19.97

12February2008 1535.75 16565.48 -2.94 -3.50

13February2008 1558.10 16725.68 1.46 0.89

14February2008 1708.15 17265.19 9.63 9.07

15February2008 1709.50 17445.05 0.08 -0.48

18December200719December200720December200724December200726December200727December200

728December200731December2007


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Average 1115.01 16,007.32 0.56 0.56

Beta 1.05387

Rf 7.95%

Rm(daily avg) 0.10%

Rm 45.84%

Ke 47.88%

16.94%

NW 93,392.40 30 trading da

Debt 61,142.50 60 trading da

capital employed 154,534.90 90 trading da

Tax Rate 16.8% 120 trading d

3.14% 150 trading d

WACC 11.27% 251 trading d

Debt NW Total

FY08E 89693.65 101,994 191687.78

FY09E 121974.72 99,831 221805.65

FY10E 192863.47 107,868 300731.20

FY11E

Ke

kd

Source: 2017 GS as on20th Jan - Source - RBI


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5 6 7 8

Col. 6 ^2

#REF! #REF! #REF! #REF! SUMMARY OUTPUT

-0.51 -0.61 0.38 0.20

-1.27 -1.37 1.88 3.08 Regression St

-2.93 -3.04 9.22 7.62 Multiple R

-1.36 -1.46 2.13 -0.25 R Square

0.18 0.08 0.01 -0.11 Adjusted R Square

-4.53 -4.64 21.49 24.53 Standard Error

0.47 0.37 0.14 -0.11 Observations

-0.19 -0.29 0.09 0.49

-3.84 -3.94 15.51 6.56 ANOVA

0.67 0.57 0.32 0.27

-0.30 -0.40 0.16 -0.13 Regression

1.67 1.56 2.44 2.73 Residual

1.52 1.42 2.00 -3.36 Total

0.44 0.34 0.12 -0.70

-0.21 -0.32 0.10 0.73

-2.45 -2.55 6.50 5.37 Intercept

0.05 -0.05 0.00 -0.01 X Variable 1

-1.56 -1.66 2.75 3.34

0.90 0.79 0.63 -0.12

2.00 1.89 3.58 6.68-0.08 -0.19 0.03 -0.48

3.22 3.11 9.70 -1.18

0.96 0.85 0.73 -1.49

-0.80 -0.91 0.82 2.47

-1.75 -1.86 3.45 -1.57

-0.22 -0.32 0.11 -0.21

1.18 1.08 1.16 0.94

-4.30 -4.41 19.41 18.85

0.45 0.35 0.12 0.14

1.68 1.57 2.48 1.110.16 0.06 0.00 0.12

1.52 1.42 2.01 2.60

1.32 1.22 1.49 -1.40

0.66 0.55 0.30 -0.22

-0.99 -1.09 1.20 1.97

0.68 0.58 0.34 -0.48

click to go back

Rm

RM-Avg(R

M))

CovarianceCol. 4 X

Col. 6


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2.74 2.64 6.96 -0.72

0.75 0.65 0.42 -0.14

0.16 0.06 0.00 0.01

-1.32 -1.42 2.02 2.15

1.95 1.84 3.40 1.04

1.42 1.32 1.74 2.33-0.21 -0.31 0.10 0.04

1.46 1.36 1.84 -1.17

0.53 0.43 0.19 -0.75

-1.72 -1.82 3.32 4.00

-1.38 -1.48 2.19 0.98

2.15 2.04 4.18 0.46

-0.54 -0.64 0.41 -0.05

-0.37 -0.47 0.22 0.56

-0.87 -0.97 0.94 1.85

-0.94 -1.04 1.09 -2.250.98 0.88 0.77 -1.25

-1.39 -1.49 2.23 2.63

2.73 2.62 6.89 -0.08

-0.28 -0.38 0.14 0.43

0.37 0.27 0.07 -0.29

2.01 1.91 3.64 0.44

-0.12 -0.22 0.05 0.06

1.14 1.03 1.07 7.59

-0.10 -0.20 0.04 0.14

-0.16 -0.26 0.07 -0.77-1.06 -1.16 1.35 4.59

-0.90 -1.01 1.01 -0.27

2.29 2.19 4.80 -3.30

0.03 -0.08 0.01 -0.02

0.05 -0.05 0.00 0.23

0.48 0.38 0.14 0.14

0.63 0.53 0.28 -0.10

-0.51 -0.61 0.38 0.40

-0.23 -0.33 0.11 -0.38

-1.38 -1.48 2.19 5.52

-0.67 -0.77 0.59 1.16

-0.91 -1.01 1.02 1.96

0.34 0.23 0.05 -0.33

-0.79 -0.89 0.79 0.38

0.15 0.05 0.00 0.00

0.86 0.75 0.57 0.50

0.17 0.07 0.01 0.03


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-0.39 -0.50 0.25 0.41

0.01 -0.09 0.01 -0.05

2.05 1.95 3.81 -0.24

0.41 0.31 0.10 1.11

0.24 0.14 0.02 0.67

-0.12 -0.22 0.05 0.100.37 0.27 0.07 -0.20

-0.49 -0.60 0.36 1.51

0.20 0.09 0.01 -0.01

0.96 0.86 0.74 4.49

0.44 0.34 0.11 0.37

0.55 0.45 0.20 -0.98

0.48 0.38 0.14 -0.39

-0.40 -0.51 0.26 1.94

0.65 0.54 0.30 0.30

1.21 1.10 1.22 2.62-0.26 -0.36 0.13 0.37

-0.91 -1.02 1.04 -1.60

0.90 0.80 0.64 5.01

1.69 1.59 2.53 0.71

0.15 0.04 0.00 0.18

0.22 0.11 0.01 -0.18

-0.73 -0.84 0.70 1.65

1.30 1.20 1.43 -1.17

1.09 0.99 0.97 -0.22

-0.30 -0.40 0.16 -1.331.71 1.60 2.58 12.68

-1.08 -1.18 1.39 0.24

0.52 0.42 0.18 0.94

-3.16 -3.26 10.65 16.70

-0.16 -0.26 0.07 -0.43

0.59 0.49 0.24 0.55

-2.06 -2.17 4.70 16.56

-0.09 -0.20 0.04 -0.29

1.11 1.00 1.00 -0.40

-2.36 -2.46 6.07 4.92

1.33 1.23 1.52 2.98

1.25 1.15 1.31 2.11

-0.17 -0.28 0.08 1.04

-3.26 -3.36 11.32 6.15

2.05 1.94 3.78 0.22

0.64 0.54 0.29 -0.28

-4.14 -4.24 18.01 22.77


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-3.94 -4.04 16.35 1.23

4.55 4.45 19.77 1.24

-3.23 -3.33 11.10 17.21

-0.51 -0.61 0.38 -2.57

1.86 1.76 3.09 -5.60

0.25 0.14 0.02 0.532.95 2.85 8.10 8.58

1.17 1.06 1.13 0.06

-1.08 -1.19 1.40 -1.75

3.17 3.06 9.37 -7.75

0.51 0.41 0.17 0.47

1.27 1.16 1.35 -1.07

0.43 0.33 0.11 1.80

0.11 0.01 0.00 -0.01

-0.37 -0.47 0.22 -1.86

1.40 1.30 1.68 -2.24-1.30 -1.40 1.96 -1.49

0.93 0.82 0.68 -0.85

-0.12 -0.23 0.05 -0.78

0.39 0.29 0.08 -0.32

0.13 0.03 0.00 -0.04

-0.65 -0.75 0.56 -1.72

0.01 -0.09 0.01 -0.14

3.05 2.95 8.69 4.53

2.01 1.91 3.64 7.32

0.29 0.18 0.03 0.301.79 1.68 2.84 13.09

0.47 0.36 0.13 -0.41

1.26 1.16 1.34 -7.16

0.78 0.68 0.46 5.61

0.79 0.68 0.47 5.01

-0.05 -0.15 0.02 -1.69

0.84 0.74 0.54 5.09

1.19 1.09 1.19 1.45

1.22 1.12 1.26 -2.96

-2.18 -2.29 5.23 11.97

-0.20 -0.31 0.09 -3.24

6.65 6.55 42.87 18.61

0.54 0.44 0.19 0.09

-1.08 -1.19 1.41 -2.19

1.03 0.93 0.87 11.48

1.36 1.26 1.58 3.18

-7.83 -7.93 62.90 63.59


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2.68 2.57 6.62 -26.42

-3.07 -3.17 10.05 53.20

-0.32 -0.42 0.18 -0.92

4.30 4.20 17.63 44.59

2.27 2.17 4.70 17.40

0.78 0.67 0.45 -0.550.92 0.82 0.67 0.55

5.32 5.22 27.26 13.28

0.37 0.27 0.07 0.91

0.20 0.10 0.01 0.38

-0.51 -0.61 0.38 3.60

-1.93 -2.03 4.13 -8.58

1.28 1.18 1.39 -2.66

-0.84 -0.95 0.90 -0.72

-0.46 -0.56 0.31 1.10

-1.73 -1.83 3.34 -2.17-0.95 -1.06 1.11 1.33

-2.16 -2.26 5.11 3.63

1.65 1.55 2.40 2.10

3.76 3.66 13.37 11.07

2.00 1.89 3.59 -7.59

-1.27 -1.37 1.89 2.88

0.57 0.47 0.22 -0.22

-1.98 -2.08 4.34 4.92

-3.55 -3.65 13.33 22.70

-1.80 -1.90 3.61 10.912.01 1.91 3.63 13.17

3.18 3.08 9.46 9.76

-0.62 -0.72 0.52 1.78

-0.71 -0.81 0.66 2.84

0.24 0.14 0.02 -0.41

0.40 0.30 0.09 1.18

2.31 2.21 4.89 19.37

0.18 0.08 0.01 -0.07

0.40 0.30 0.09 -0.26

0.80 0.69 0.48 1.78

-0.05 -0.15 0.02 0.20

0.65 0.54 0.30 0.09

0.93 0.83 0.69 -0.48

0.13 0.03 0.00 -0.03

0.10 0.00 0.00 0.00

-0.64 -0.75 0.56 0.50

-3.81 -3.91 15.30 18.69


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-0.88 -0.98 0.96 1.67

-0.65 -0.75 0.56 -2.67

1.12 1.02 1.03 2.52

1.10 1.00 1.00 5.57

3.05 2.94 8.67 5.93

1.32 1.22 1.49 0.62-0.68 -0.78 0.61 -0.32

1.08 0.98 0.96 -1.49

-0.09 -0.20 0.04 -1.23

-0.71 -0.81 0.66 -2.62

1.08 0.97 0.95 5.71

0.36 0.26 0.07 -0.22

0.34 0.24 0.06 0.57

1.26 1.16 1.35 -2.81

0.02 -0.08 0.01 -0.05

-0.83 -0.93 0.87 4.17-0.12 -0.22 0.05 -0.06

0.76 0.66 0.43 -0.69

-2.22 -2.32 5.39 11.57

-3.42 -3.52 12.39 16.56

0.67 0.57 0.32 -1.66

-3.63 -3.73 13.95 17.06

-10.45 -10.56 111.45 178.89

-9.55 -9.65 93.21 37.87

10.56 10.45 109.27 160.77

0.70 0.60 0.36 -5.572.54 2.44 5.95 27.43

-0.35 -0.45 0.20 -1.24

2.78 2.67 7.15 -0.33

-1.36 -1.47 2.15 8.80

-1.50 -1.61 2.58 1.56

0.67 0.57 0.33 0.57

5.16 5.05 25.54 -3.39

0.38 0.28 0.08 0.03

-3.10 -3.20 10.25 -2.95

-2.47 -2.58 6.64 10.12

-1.65 -1.76 3.09 3.10

-4.33 -4.44 19.68 88.57

0.65 0.55 0.30 -1.93

0.97 0.86 0.75 0.77

3.23 3.12 9.75 28.31

1.04 0.94 0.88 -0.45


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0.10 0.00 1087.10 1145.65

Beta 1.05

1.05387

7.95% 10 year govt. bond

LAA+ corporate bond - ICRA Limited August 2007

8.99%Risk premium

16.94%

Market Variance Covariance Beta

y period 444.43 575.58 1.30

y period 501.74 668.06 1.33

y period 692.15 877.99 1.27

y period 778.61 917.77 1.18

y period 905.05 1023.65 1.13

y period 1087.10 1145.65 1.05

Interest WACC

2401.60 2.68% 9.86%

50433.60 41.35% 23.09%

75650.40 39.22% 24.19%

24.19%

kd


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tistics

0.95

0.91

0.91

199.48

251

df SS MS F Significance F

1 96512478.81 96512478.81 2425.3 0

249 9908720.79 39794.06

250 106421199.6

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%

-2940.2 83.3 -35.3 0 -3104.26 -2776.13 -3104.26

0.25 0.01 49.25 0 0.24 0.26 0.24

variance 6015278.73

Covariance 1517804.71

Beta 0.25


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pper 95.0%

-2776.13

0.26


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DCF VALUATION - Reliance Energy

Assumptions FY07 FY08E FY09E FY10E

Revenue Growth (%) -2.4% 15.8% 68.3% 25.0%

FCF Margin (%) -20.4% -20.1% -17.6% 224.4%

Tax Rate (%) 0.0% 0.0% 1.8% 2.3%

Capex/Sales 7.8% 12.4% 30.7% 21.1%

DCF VALUATION

FY06 FY07 FY08(E) FY09(E)

Revenue 41337.20 40334.90 46712.30 78626.46

EBIT 2453.00 3989.50 13951.90 37708.82

% of Revenues 5.93 9.89 29.87 47.96

Depreciation 3464.40 3486.30 1703.10 2488.50

% of Revenues 8.38 8.64 3.65 3.16

EBITDA 5917.40 7475.80 15655.00 40197.32

% of Revenues 14.31 18.53 33.51 51.12

Less: Cash Tax 0.00 0.00 254.80 855.90

NOPLAT 5917.40 7475.80 15400.20 39341.42

Capex -3231.00 -4985.90 -14360.06 -16564.36

Changes in WC -15486.80 -15358.80 -18390.02 -7623.41

Post Tax Non-operating cash flows 4367.46 4780.16 9120.50 161304.65

Free Cash Flows -8432.94 -8088.74 -8229.38 176458.30

It is assumed Free Cash flPV of Estimated FC Flows -4672.63 156482.42

Horizontal Value

PV of Estimated Perpetuity Flows

Total Present Value (EV) 212233.0

Book Value of Debt 93392.4

Fundamental Value of Equity 118840.6

No of Outstanding Shares 230.45

Fundamental Value per share (Rs) 515.70

Sensitivity Analysis


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Continuing Rate 10.00%

WACC 11.27%

-8120.25 156482.85

Total Present Value -1187300

Fundamental Value per share -5557.4


WACC 12.0%

-8113.62 155335.89




WACC 12.0%

-8113.62 155335.89




WACC 12.5%

-8109.10 154559.43




WACC 13.0%

-8104.61 153790.26




WACC 13.00%

-8104.61 153790.26




WACC 13.00%

-8104.61 153790.26




WACC 12.50%

-8109.10 154559.43




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-5557.4 -3276.0 -3276.0

ContinuingGrowth(%) Weighted Av

11.27 12 12.5

11 2084.7 2259.4 2376.0

11.5 1993.0 2139.3 2235.6

9 1912.7 2036.4 2116.8

9.5 1841.9 1947.3 2015.0

10 1779.1 1869.2 1926.8

Rs.


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FY11E FY12E

10.0% 15.0%

100.9% -5.3%

1.0% 1.3%

2.1% 15.0%

(as on August 31, 2007)

Rs in m

FY10(E) FY11(E) FY12(E)

98283.07 108111.38 124328.08

29838.41 32822.25 32673.42

30.36 30.36 26.28

2595.00 7297.52 8392.15

2.64 6.75 6.75

32433.41 40119.77 41028.27

33.00 37.11 33.00

305.55 420.13 522.78 nge in WC - for

32127.87 39699.64 40542.79

-2108.45 -16216.71 -19892.49 Actuals

-70887.00 -31403.69 -45946.94 Average of 3PY

139998.03 2202.88 2792.91

99130.45 -5717.88 -22503.74

w beyond FY12 grows at 8 -24979.1579004.43 -4095.44 -14485.74

###

###

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-2485.7 -2189.4 -2463.2 -1602.5 -4513.2

erage Cost of Capital (%)

13

2517.9

2351.2

2212.2

2094.7

1993.9


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FY06 FY07 FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)

68.32% 25.00% 10.00% 15.00%

47.96% 30.36% 30.36% 26.28%

apex assumed to grow at 15% and 16% for FY11E and FY12

FY11E and FY12E the average of the 3 previous years is conside

FY06 FY07 FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)

-37.46% -38.08% -39.37% -9.70% -72.13% -29.05% -36.96%

-29.05% -36.96%

11.0% Sustainable Growth Rate

Assumed to grow in long termat GDP growth rate. RBI's

Third Quarter Review keepsthe growth of GDP at 8.5%


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Cash Tax FY04 FY05 FY06 FY07

EBIT 2453.00 3989.50 13951.90 37708.82

Current Tax (Cash Tax) (qtrly data) 0.00 0.00 254.80 855.90

Deferred Tax (Non-cash Tax) (qd) 0.00 0.00 24.02 -393.30

Current tax as % of EBIT 0.00% 0.00% 1.83% 2.27%

Deferrent tax as % of EBIT 0.00% 0.00% 0.17% -1.04%

Average (last 4 immediate PY's)


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FY08(E) FY09(E) FY10(E)

29838.41 32822.25 32673.42

305.55 420.13 522.78

0.00 0.00 0.00

1.02% 1.28% 1.60%

0.00% 0.00% 0.00%

1.02% 1.28% 1.60%


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Cash Flow Statement - Reliance E

Cash Flow from Operating Activities

FY05 FY06 FY07

PAT 20285.37 5419.08 6503.40

Add: Depreciation 24528.50 3617.00 2679.40

Add: Interest Expense 0.00 1348.20 1918.80

Add: Other Non-Cash Charges 0.00 0.00 0.00

Add: Direct taxes paid 0.00 274.02 1311.30

Operating Profit Before WC Changes 44813.87 10658.30 12412.90

Changes in Current Assets (excluding cash) ### ### ###

Changes in Current Liabilities 18877.50 3262.10 7632.10

Changes In WC (7073.20) ### ###

Cash Generated From Operations 37740.67 -8753.20 -37715.70

Less: Direct Taxes Paid 0.00 274.02 1311.30

Others (provision for deferred tax) 0.00 0.00 0.00

Net Cash Generated From Operations 37740.67 -9027.22 ###

Cash Flow from Investing Activities

Capital Expenditure (CAPEX) ### (3231.00) (4985.90)Investments (6962.20) (4965.20) ###

Others 0.00 0.00 0.00

Net Cash Used In Investing Activities ### ### ###

Cash Flow from Financing Activities

Change in Debt 40213.30 4732.10 16197.10

Change in Equity 7,536.20 -4,530.20 -720.30

Dividends Paid 0.00 (991.00) (1208.50)

Interest Paid 0.00 (1348.20) (1918.80)

Others 35577.33 15436.02 10085.00

Net Cash used in Financing Activities ### ### ###

Net Increase in Cash and Cash Equivalen ### ### ###


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Cash and cash equivalents At the beginn 0 60453.7 56529

Net Increase in Cash and Cash Equivalen60453.70 ### ###

Cash and cash equivalents At the end 60453.70 ### 21759.20

cash balance as per balance sheet 60453.7 56529.0 21759.2

difference 0.00 0.00 0.00

Note:

1

2 During the same year also includes a sum of Rs.76.1 million written off due to impairm

3

4

Computation of Securities premium 2005 2006 2007

Premium on conversion of FCCB's 2429.00 3053.00 126.80

Less: Provision for redemption of FCCB's 468.00 -455.40 -14.70

Less: Impairment of asset 76.10 0.00 0.00

Less: Expenses of issue FCCB's/Debenture 0.40 0.00 7.40Add: Conversion of application money pending 0.00 846.90 0.00

Add: Shareholders deposit 0.00 456.00 0.00

Add: Premium on amalgamation 0.00 0.00 932.70

Less: Deficit on amalgamation 0.00 0.00 2352.80

Add: Exchange fluctuation reserve 0.00 0.00 -3.70

1884.50 4811.30 (1289.70)

During the year 2005 there is an increase in securities premium account on account osame premium for redemption of FCCB'S Rs.468 million. Also a expenses of FCCB'S ha

During the year 2006 there is once again a securities premium transfer on account ofconversion transferred to reserves account Rs.846.9 million, provision for redemption

million. A reserve on shareholders deposit was created to the extent of Rs.456 million

During the year 2007 premium on conversion of FCCB's Rs.126.8million, on amalgamareveresed Rs.14.7million and a debenture expense of Rs.7.4 million has been written


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nergyRs in million

FY08(E) FY09(E) FY10(E)

20025.40 151186.82 109304.00

3304.47 3148.20 3148.20

2401.60 50433.60 75650.40

0.00 0.00 0.00

1185.20 38954.70 53836.30

26916.67 243723.32 241938.90

### (19817.15) (24217.15)

4718.77 15447.10 (44552.90)

### (4370.05) (68770.05)

-2733.87 239353.27 173168.85

1185.20 38954.70 53836.30

0.00 0.00 0.00

-3919.07 200398.57 119332.55

### (16564.36) (2108.45)(7707.27) (9078.30) (9078.30)

### (25642.66) (11186.75)

28551.15 32281.07 70888.75

232.37 214.80 414.80

(7009.00) (52915.00) (38256.00)

(2401.60) (50433.60) (75650.40)

(4647.03) (100649.82) (63426.00)

### ### ###

### 3253.36 2116.95

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21759.2 10498.69 13752.05

### 3253.36 2116.95

10498.69 13,752.05 15869.00

10498.7 13752.1 15869.0

0.00 0.00 0.00

ent of assets during the year as per AS28 which is adjusted in reserves.

f conversion of FCCB'S to Rs. 2429 million and also a provision made from thes been written off in the same account Rs.0.4 m. The same is adjusted.

CCB'S to the extent of Rs.3053 million and also application money pendingn FCCB's made in the previous year transfered in the current year Rs.455.4

tion Rs.208.9million, provision for redemption of FCCB's no longer requiredff during the year from the reserves.


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Balance Sheet - Reliance Ener

Particulars FY05 FY06 FY07

Gross Asset 51,729.70 54706.10 58983.60

Accumulated Depriciation 24,528.5028145.50 30824.90

Capital WIP 1,921.90 2176.50 2884.90

Net Fixed Asset 29,123.10 28,737.10 31,043.60

Investments & Deposits 6,962.20 11927.40 25118.80

Current Asset 86,404.40 105,153.30 128,144.20

Cash 60,453.70 56529.00 21759.20

Other Current Assets 1,409.10 3129.00 3464.50

Inventories 3,530.90 3110.80 2926.90

Trade Debtors 9,309.60 10927.90 10563.90

Loans and Advances 11,701.10 31456.60 89429.70

Current Liabilities & Provisions 18,877.50 22139.60 29771.70

Net Current Asset Excluding Cash 7,073.20 26,484.70 76,613.30

Miscellaneous Items

Capital Deployed 103,612.20 123,678.20 154,534.90

Non-Current Liabilities

Secured Debt 7,850.00 19198.10 14350.00Non-secured debt & Trade deposit 29,536.70 23471.20 44233.20Deferred Tax Liabilities(Net) 2,605.50 2040.70 2312.90Service Line Deposits from Consumers 221.10 235.40 246.40

Total Liabilities 40,213.30 44,945.40 61,142.50

Contingent Liabilities

Share Capital 1,856.10 2123.60 2285.70

Reserve and Surplus 55,862.70 75726.80 91106.70

Equity Warrants Issued and Subscribed 5,680.10 882.40

Total Stock Holder's Equuity 63,398.90 78,732.80 93,392.40

103,612.20 123,678.20 154,534.90

Capital Employed 103,612.20 123,678.20 154,534.90

DIFF 0.00 0.00 0.00

current ratio 4.58 4.75 4.30


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D\E 0.63 0.57 0.65

cash from cash flow statement 60453.70 56529.00 21759.20

difference between the two cash balan 0.00 0.00 0.00

Closing Cash Balance from Cash Flow S 60453.70 56529.00 21759.20

Particulars FY05 FY06 FY07

No. of rooms #REF! #REF! #REF!

% Increase in rooms #REF! #REF!#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!






% of rooms of IHCL (excluding subsidaries) #REF! #REF! #REF!

Total Book value of assets (including land

building, furniture, etc.) 51,730 54,706 58,984

Cost of Construction of a Room (Rs.in millio #REF! #REF! #REF!

Increase in cost of construction #REF! #REF!

Capex 2976 4278

Growth in Capex 5.75% 7.82%

Note

The total value of assets as a percentage of sales averaged to 135% during the 4 PY's to 2

Hence as the sales changed due to the projection rate being changed hence per room cost

Moreover the cost of construction is assumed to be increase at 4% each year for the next 3


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gyRs in million

FY08(E) FY09(E) FY10(E)

72,937.79 89020.65 90647.60 Assets as a percentage of sal

34,129.3737277.57 40425.77

Growth rate of assets3,290.77 3772.27 4253.77

42,099.19 55,515.35 54,475.60 As a %age of sales

32,826.07 41904.37 50982.67 Invst as a %age of gross asse

151252.99 174323.50 200657.60 Average cash

Average inventory

10,498.69 13,752.05 15869.00 Average debors

4,722.93 5350.63 5778.33

2,585.53 2283.53 1981.53 Average Loans and advances

11,521.43 12148.58 12375.73 Average current liabilities

121,924.40 140788.70 164653.00 Average Net sales

Cash turnover ratio

34,490.47 49937.57 5384.67 Inventory turnover ratio

106,263.83 110,633.88 179,403.93 Debtors turnover ratio

Loans and advances turno

191,687.78 221,805.65 300,731.20

25,721.09 36608.47 60246.00 As %age of total liabilities61,110.20 82158.45 128806.702,602.76 2925.80 3465.87

259.60 282.00 344.90

89,693.65 121,974.72 192,863.47

2,518.07 2732.87 3147.67

99,476.07 97098.07 104720.07

101,994.13 99,830.93 107,867.73

191,687.78 221,805.65 300,731.20

191,687.78 221,805.65 300,731.20

0.00 0.00 0.00

4.39 3.49 37.26

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0.88 1.22 1.79

10498.69 13752.05 15869.00

0.00 0.00 0.00

10498.69 13752.05 15869.00

FY08(E) FY09(E) FY10(E)

#REF! 0 0

#REF! #REF! 0.00%#REF! 0 0

#REF! 0.00% 0.00%

0

#REF! 0.00 0.00

#REF! 0.00% 0.00%

#REF! 0.00 0.00

#REF! 0.00% 0.00%

#REF! 0 0

72,938 89,021 90,648

#REF! #REF! #REF! Increase in cost of constructio

#REF! #REF! #REF!

13954 16083 1627

23.66% 22.05% 1.83%

008E. This resulted in huge cash deficit in the balance sh

in million rupees has been considered over the average t

years as the current Inflation is hovering at 4%.


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FY04 FY05 FY06 FY07 FY08(E) FY09(E)

s 0.00 1.25 1.32 1.46 1.56 1.13

#DIV/0! 1.06 1.08 1.24 1.22

0.00 0.71 0.70 0.77 0.90 0.71

s #DIV/0! 0.13 0.22 0.43 0.45 0.47

30226.85 58491.35 39144.10 16128.94 12125.37

1765.45 3320.85 3018.85 2756.22 2434.53

4654.80 10118.75 10745.90 11042.67 11835.01

5850.55 21578.85 60443.15 105677.05 131356.55

9438.75 20508.55 25955.65 32131.08 42214.02

37650.90 41321.95 40836.05 43523.60 62669.38

1.25 0.71 1.04 2.70 5.17

21.33 12.44 13.53 15.79 25.74

8.09 4.08 3.80 3.94 5.30

er ratio 6.44 1.91 0.68 0.41 0.48

#DIV/0! 0.20 0.43 0.23 0.29 0.30

Interest 0.00 0.00 1348.20 1918.80 2401.60 50433.60

Interest cost #DIV/0! 0.00% 3.00% 3.14% 2.68% 41.35%


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n by the inflation each year assumed to be on an average at 4%


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FY10(E)

0.92

1.02

0.55

0.56

14810.53

2132.53

12262.16

152720.85

27661.12

88454.76

5.97

41.48

7.21

0.58

0.31

75650.40

39.22%


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Profit And Loss Statement - Reliance En

Particulars FY04 FY05 FY06 FY07

Net Sales 33995.10 41306.70 41337.20 40334.90

% Growth 0% 21.51% 0.07% -2.42%

Total Revenue 33995.10 41306.70 45925.50 46078.90% Growth 0% 21.51% 11.18% 0.33%

EXPENDITURES

Staff Costs 530.40 2376.90 0.00 0.00

% of Net Sales 2% 5.75% 0.00% 0.00%

Other Manufacturing/Operating costs 3465.90 12244.50 35419.80 32859.10

% of Net Sales 10% 29.64% 85.69% 81.47%

Miscellaneous Expenses 0.00 2935.53 0.00 0.00

% of Net Sales 0% 7.11% 0.00% 0.00%

Total Expenditures 3996.30 17556.93 35419.80 32859.10

% of Net Sales 12% 42.50% 85.69% 81.47%

EBITDA 29998.80 23749.77 5917.40 7475.80

EBITDA Margin % 88% 57.50% 14.31% 18.53%

Growth % -20.83% -75.08% 26.34%

Depreciation & Amortisation 0.00 3464.40 3464.40 3486.30

EBIT 29998.80 20285.37 2453.00 3989.50

Financial Charges 0.00 0.00 1348.20 1918.80

Other Income 0.00 0.00 4588.30 5744.00

PBT 29998.80 20285.37 5693.10 7814.70

Pre-tax Margin % 88.24% 49.11% 13.77% 19.37%

Tax 0.00 0.00 274.02 1311.30

Effective Tax Rate % 0% 0.00% 4.81% 16.78%

Adjusted PAT 29998.80 20285.37 5419.08 6503.40

Net Profit Margin % 88% 49.11% 13.11% 16.12%Growth in Adjusted PAT % 0% -32.38% -73.29% 20.01%

Extrodinary Income 0 0

Reported PAT 29998.80 20285.37 5419.08 6503.40

Shares In Issue 212.00 230.46

Adjusted EPS #DIV/0! #DIV/0! 25.56 28.22

Growth % 0% #DIV/0! #DIV/0! 10.40%

Dividend paid 991 1209

Dividend pay out ratio 0.00 0.18 0.19

Net profit transferred to Reserves Acccount 20285.37 4428.08 5294.90

DPS

Note:

1 The growth in the year 2008 is considered at 25.13%, in the 3 immediate previous years t

2 The revenue increase is considered moderate as the increase is subject to macro economi

3 The growth in Net profit margin, EBIT, EPS is taken on a conservative side.


61/131

4 The expenditure during the year 2008 is more or less as the same as that of year 2007 in


62/131


63/131

ercentage terms and hence there is a small growth in EBDITA of 11.87%


64/131


65/131


66/131

Company - Reliance Energy(UN)AUDITED FINANCIAL RESULTS FOR

QUARTER ENDED 31st Jun/Sep/Dec/Mar

(Rs. in millions, except per share data) Stand alone

Particulars2003-04 2004-05

Annual(Apr-Mar) AMJ

1 Turnover

Less Excise Duty

2 Net Turnover 33995.10 9427.80

3 Other Income

4 Total Operational Expenditure 6893.13

a) Cost of Fuel 1848.90

b) Staff Cost 530.40

c) Purchase of Trade Goods

d) (Increase) / Decrease In Stock In Trade & WIPe) Cost of Electrical Energy Purchased 2935.50

f) Cost of Materials & Subcontract Charges (EPC & Contracts) 1274.70

g) Tax on Electricity 185.70

h) General expences 0.00

g) Other expenditure 117.93

5 Operating Profit (PBDIT) 2242.50

Depreciation 810.60

6 PBIT 1431.90

Interest & Financial Charges 306.30

7 Profit before Tax 1125.60

8 Provision for Current Tax (incl. FBT) 31.20

9 Provision for deferred Tax

Others

10 Profit After Tax (Reported PAT) 1094.40

11 0 Extra Ordinary Items 5.70

12 Net Profit (Adjusted PAT) 1100.10

13

14 Reserves and surplus incl. revaluation reserve

15 Earning per share (each of Rs 10)a) Basic

b) Diluted

16 Number of Outsanding Shares (of par value Rs 10)

a Basic

b Diluted (Incl. of bonus & convertible debentures)

17 Share price (Current price)

Market Capitalization 0.00

click to go back

Sr.No.

Paid up equity share Capital(Equity share of Rs 10 each)


67/131


68/131

EBIT

Electrical Energy

EPC and Contracts

Others

Unallocated

Inter Segment Profit/ Un allocable Income

Total

Capital Employed

Electrical Energy

EPC and Contracts

Others

Unallocated

Total Capital employed


69/131


70/131

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

2004-05 2004-05 2004-05 2004-05 2004-05 2004-05

JAS -m (Apr-Sep OND 9-m (Apr-Dec) JFM nnual(Apr-Mar

23.44% 21.36% 22.59% 21.79% 12.99% 18.66%

7.72% 6.58% 7.05% 6.74% 3.96% 5.75%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


29.46% 30.37% 28.43% 29.69% 13.35% 23.89%

7.45% 10.75% 10.07% 10.51% 50.14% 24.59%

3.60% 2.71% 3.11% 2.85% 1.71% 2.44%


7.80% 4.24% 15.83% 8.28% 4.97% 7.11%#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!





0.00 0.00 0.00 0.00 0.00 0.00

0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00%


71/131


72/131

% of subsidaries income 100.00%

Subsidaires income 18748.30

Actual Total Sales 18748.30

2005-06 2005-06 2005-06 2005-06 2005-06 2005-06 2005-06

AMJ JAS -m (Apr-Sep OND -m (Apr-Dec JFM nnual(Apr-Mar

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

9496.80 10428.90 19925.70 9883.50 29809.20 10381.80 41337.20

1347.60 1184.70 2532.30 1492.80 4025.10 1862.70 4588.30

7881.90 8394.50 16276.40 8090.10 24366.50 8480.40 35419.80

2046.90 1879.80 3926.70 2098.80 6025.50 2095.50 7362.60

653.10 629.70 1282.80 654.60 1937.40 428.40 0.00

0.00 0.00 0.00 0.00

0 0 0.00 0 0.00 0 0.002753.10 2953.50 5706.60 2641.80 8348.40 2527.20 10041.00

1335.30 1699.50 3034.80 935.40 3970.20 2115.60 11645.50

290.10 288.00 578.10 288.90 867.00 272.70 991.20

0.00 0.00 0.00 0.00 0.00 0.00 5379.50

803.40 944.00 1747.40 1470.60 3218.00 1041.00 0.00

1614.90 2034.40 3649.30 1793.40 5442.70 1901.40 5917.40

817.20 870.60 1687.80 907.20 2595.00 891.30 3464.40

797.70 1163.80 1961.50 886.20 2847.70 1010.10 2453.00

433.20 552.70 985.90 467.40 1453.30 477.30 1348.20

1712.10 1795.80 3507.90 1911.60 5419.50 2395.50 5693.10

129.00 266.10 395.10 355.20 750.30 106.20 254.80

7.50 -81.00 -73.50 -102.00 -175.50 -217.80 24.02

9.30 15.00 24.30 12.00 36.30 812.40 -4.80

1566.30 1595.70 3162.00 1646.40 4808.40 1694.70 5419.08

0.00 0.00 0.00 0.00 0.00 0.00 0.00

1566.30 1595.70 3162.00 1646.40 4808.40 1694.70 5419.08

1953.60 2019.40 3973.00 2019.40 5992.40 2123.60 8116.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

8.02 7.90 15.66 8.16 23.82 7.98 25.52

8.02 7.90 15.66 8.16 23.82 7.98 25.52

195.34 201.89 201.89 201.89 201.89 212.32 212.32

195.34 201.89 201.89 201.89 201.89 212.32 212.32

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00


73/131

0.00 0.00 0.00 0.00 0.00 0.00 991.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

2005-06 2005-06 2005-06 2005-06 2005-06 2005-06 2005-06

AMJ JAS -m (Apr-Sep OND -m (Apr-Dec JFM nnual(Apr-Mar

21.55% 18.02% 19.71% 21.24% 20.21% 20.18% 17.81%

6.88% 6.04% 6.44% 6.62% 6.50% 4.13% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

28.99% 28.32% 28.64% 26.73% 28.01% 24.34% 24.29%

14.06% 16.30% 15.23% 9.46% 13.32% 20.38% 28.17%

3.05% 2.76% 2.90% 2.92% 2.91% 2.63% 2.40%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.01%

8.46% 9.05% 8.77% 14.88% 10.80% 10.03% 0.00%#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!




136.50 185.10 321.60 253.20 574.80 -111.60 278.82

11.37%

16.17% 22.86% 20.14% 40.08% 26.35% 10.51% 10.39%

0.98%


74/131


75/131

% of subsidaries income

Subsidaires income

Actual Total Sales

2006-07 2006-07 2006-07 2006-07 2006-07 2006-07

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

11548.50 14076.30 25624.80 15336.90 40961.70 16142.50

1711.20 1760.70 3471.90 2867.40 6339.30 2754.20

10214.40 12300.90 22515.30 14510.10 37025.40 15544.80

2343.30 2148.60 4491.90 2240.40 6732.30 2480.40

685.50 749.10 1434.60 734.10 2168.70 966.60

0.00 0.00 0.00 0.00 0.00 0.00

0 0 0.00 0 0.00 03137.10 3343.80 6480.90 4558.20 11039.10 4285.20

1912.20 4397.10 6309.30 5625.60 11934.90 6471.30

314.40 315.00 629.40 321.60 951.00 295.20

0.00 0.00 0.00 0.00 0.00 0.00

1821.90 1347.30 3169.20 1030.20 4199.40 1046.10

1334.10 1775.40 3109.50 826.80 3936.30 597.70

618.90 635.40 1254.30 611.70 1866.00 534.60

715.20 1140.00 1855.20 215.10 2070.30 63.10

459.30 670.50 1129.80 550.50 1680.30 822.90

1967.10 2230.20 4197.30 2532.00 6729.30 1994.40

201.00 366.30 567.30 521.70 1089.00 379.80

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

1766.10 1863.90 3630.00 2010.30 5640.30 1614.60

0.00 0.00 0.00 0.00 0.00 0.00

1766.10 1863.90 3630.00 2010.30 5640.30 1614.60

2123.60 2131.70 4255.30 2131.70 6387.00 2285.70

0.00 0.00 0.00 0.00 0.00 0.00

8.32 8.74 17.03 9.43 26.47 7.07

8.32 8.74 17.03 9.43 26.47 7.07

212.32 213.14 213.14 213.12 213.12 228.53

212.32 213.14 213.14 213.12 213.12 228.53

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00


76/131

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

2006-07 2006-07 2006-07 2006-07 2006-07 2006-07

AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM

20.29% 15.26% 17.53% 14.61% 16.44% 15.37%

5.94% 5.32% 5.60% 4.79% 5.29% 5.99%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

27.16% 23.75% 25.29% 29.72% 26.95% 26.55%

16.56% 31.24% 24.62% 36.68% 29.14% 40.09%

2.72% 2.24% 2.46% 2.10% 2.32% 1.83%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

15.78% 9.57% 12.37% 6.72% 10.25% 6.48%#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!




#DIV/0! #DIV/0! #DIV/0! #DIV/0! #REF! #DIV/0!

201.00 366.30 567.30 521.70 1089.00 379.80

28.10% 32.13% 30.58% 242.54% 52.60% 601.90%

2007-08

AMJ07 JAS07 H1FY07 OND07 9MFY08 JFM08

12985.90 12759.90 25745.80 12473.20 38219.00 0.00

3397.70 2870.90 6268.60 2805.10 9073.70 0.00

0.20 0.00 0.20 0.00 0.20 0.00

0.00 0.00 0.00 3255.80 3255.80

0.00 0.00 0.00 0.00 0.00 0.00

16383.80 15630.80 32014.60 18534.10 50548.70 0.00


77/131

888.90 1517.20 2406.10 973.30 3379.40 0.00

172.40 334.80 507.20 253.70 760.90 0.00

-0.60 -0.20 -0.80 -0.20 -1.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

907.40 -738.70 168.70 1080.00 1248.70 0.00

1968.10 1113.10 3081.20 2306.80 5388.00 0.00

30336.00 31799.30 31799.30 33458.80 33458.80 0.00

4531.30 5021.10 5021.10 3111.90 3111.90 0.00

17.30 17.30 17.30 17.20 17.20 0.00

17.30 17.30 17.30 72332.00 72332.00 0.00

34901.90 36855.00 36855.00 108919.90 108919.90 0.00


78/131

100.00%

26011.30 40334.9

26011.30

2006-07 2007-08E 2007-08E 2007-08E 2007-08E 2007-08E

nnual(Apr-Ma AMJ JAS -m (Apr-Sep OND -m (Apr-Dec0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

40334.90 16240.10 15417.30 31657.40 15054.90 46712.30

5744.00 3599.20 2581.90 6181.10 3479.20 9660.30

32859.10 15864.20 13604.30 29468.50 14313.60 43782.10

8121.00 2722.40 1990.90 4713.30 2499.00 7212.30

0.00 996.30 1043.80 2040.10 937.40 2977.50

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0 0 0.00 0 0.0010875.60 6711.00 6492.20 13203.20 6481.70 19684.90

7288.40 2916.70 2221.60 5138.30 2331.20 7469.50

1140.00 353.00 337.00 690.00 330.50 1020.50

5434.10 0.00 0.00 0.00 0.00 0.00

0.00 2164.80 1518.80 3683.60 1733.80 5417.40

7475.80 375.90 1813.00 2188.90 741.30 2930.20

3486.30 581.30 555.80 1137.10 566.00 1703.10

3989.50 -205.40 1257.20 1051.80 175.30 1227.10

1918.80 692.90 854.30 1547.20 854.40 2401.60

7814.70 2700.90 2984.80 5685.70 2800.10 8485.80

855.90 485.30 484.00 969.30 215.90 1185.20

-393.30 0.00 0.00 0.00 0.00 0.00

848.70 0.00 0.00 0.00 0.00 0.00

6503.40 2215.60 2500.80 4716.40 2584.20 7300.60

0.00 0.00 0.00 0.00 0.00 0.00

6503.40 2215.60 2500.80 4716.40 2584.20 7300.60

8672.70 2285.70 2285.70 4571.40 2365.40 6936.80

0.00 0.00 0.00 0.00 0.00 0.00

28.46 9.70 10.94 20.64 10.93 30.87

28.46 9.70 10.94 20.64 10.93 30.87

228.53 228.53 228.52 228.52 236.49 236.49

228.53 228.53 228.52 228.52 236.49 236.49

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00


79/131

1208.50

0.00

2006-07 2007-08E 2007-08E 2007-08E 2007-08E 2007-08E

Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND 9-m (Apr-Dec)

20.13% 16.76% 12.91% 14.89% 16.60% 15.44%

0.00% 6.13% 6.77% 6.44% 6.23% 6.37%

0.00%

0.00%

26.96% 41.32% 42.11% 41.71% 43.05% 42.14%

18.07% 17.96% 14.41% 16.23% 15.48% 15.99%

2.83% 2.17% 2.19% 2.18% 2.20% 2.18%

13.47% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 13.33% 9.85% 11.64% 11.52% 11.60%#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

462.60

11.60%

21.45%

-9.86%

2007-08

38219.00

9073.70

0.20

3255.80

0.00

50548.70


80/131

3379.40

760.90

-1.00

0.00

1248.70

5388.00

0.00

0.00

0.00

0.00

0.00


81/131

2007-08E 2007-08E 2008-09E 2008-09E 2008-09E 2008-09E

JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND

0.00 0.00 18898.60 19529.09 38427.70 18205.89

0.00 0.00 0.00 0.00 0.00 0.00

0.00 46712.30 18898.60 19529.09 38427.70 18205.89

0.00 9660.30 9660.30 19320.60 28980.90 48301.50

0.00 43782.10 18118.81 17878.75 35997.56 18488.65

0.00 7212.30 4308.29 3161.26 7469.55 2932.10

0.00 2977.50 1121.79 1039.28 2161.07 871.42

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.000.00 19684.90 5493.08 4731.88 10224.97 5629.48

0.00 7469.50 3515.69 6533.55 10049.24 7362.44

0.00 1020.50 578.04 468.05 1046.09 420.89

0.00 0.00 0.00 0.00 0.00 0.00

0.00 5417.40 3101.91 1944.73 5046.63 1272.32

0.00 2930.20 10440.10 20970.94 31411.04 48018.74

0.00 1703.10 1703.10 3406.20 5109.30 8515.50

0.00 1227.10 8737.00 17564.74 26301.74 39503.24

0.00 2401.60 2401.60 4803.20 7204.80 12008.00

0.00 8485.80 6335.40 12761.54 19096.94 27495.24

0.00 1185.20 2090.68 4211.31 6301.99 9073.43

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 7300.60 4244.72 8550.23 12794.95 18421.81

0.00 0.00 0.00 0.00 0.00 0.00

0.00 7300.60 4244.72 8550.23 12794.95 18421.81

0.00 6936.80

0.00 0.00

#DIV/0! 30.87

#DIV/0! 30.87

0.00 236.49

0.00 236.49

0.00 0.00

0.00 0.00


82/131

2007-08E 2007-08E 2008-09E 2008-09E 2008-09E 2008-09E

JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND

#DIV/0! 15.44% 22.80% 16.19% 19.44%

#DIV/0! 6.37% 5.94% 5.32% 5.62% 4.79%

#DIV/0! 42.14% 29.07% 24.23% 26.61% 30.92%

#DIV/0! 15.99% 18.60% 33.46% 26.15% 40.44%

#DIV/0! 2.18% 3.06% 2.40% 2.72% 2.31%

#DIV/0! 0.00% 0.00% 0.00% 0.00% 0.00%

#DIV/0! 11.60% 16.41% 9.96% 13.13% 6.99%


83/131


84/131

2008-09E 2008-09E 2008-09E

9-m (Apr-Dec) JFM nnual(Apr-Mar)

56633.59 21992.87 78626.46

0.00 0.00 0.00

56633.59 21992.87 78626.46

77282.40 ### 202866.30

54486.21 22763.31 77249.51

10401.65 3725.73 14127.38

3032.50 1316.92 4349.41

0.00 0.00 0.00

0.00 0.00 0.0015854.45 6074.11 21928.55

17411.68 9720.33 27132.02

1466.98 443.41 1910.39

0.00 0.00 0.00

6318.95 1482.81 7801.76

79429.78 124813.46 204243.24

13624.80 22140.30 35765.10

65804.98 102673.16 168478.14

19212.80 31220.80 50433.60

46592.18 71452.36 118044.54

15375.42 23579.28 38954.70

0.00 0.00 0.00

0.00 0.00 0.00

31216.76 47873.08 79089.84

0.00 0.00 0.00

31216.76 47873.08 79089.84

6936.80

11.40

0.00


85/131

2008-09E 2008-09E 2008-09E

9-m (Apr-Dec) JFM nnual(Apr-Mar)

16.11% 18.37% 16.94%

5.35% 5.99% 5.53%

27.99% 27.62% 27.89%

30.74% 44.20% 34.51%

2.59% 2.02% 2.43%

0.00% 0.00% 0.00%

11.16% 6.74% 9.92%


86/131


87/131

Actuals

Projected

Company - Reliance Energy

Net sales (Operating revenue excluding other income)Q1 AMJ Q2 JAS 6 months Q3 OND

FY 2004-05 9427.8 7917.3 17345.10 9291.3

FY 2003-04 7637.1 7626.3 15263.40 10495.5

YOY Growth% 23.45% 3.82% 13.64% -11.47%

FY 2005-06 9496.8 10428.9 19925.70 9883.5

FY 2004-05 9427.8 7917.3 17345.10 9291.3

YOY Growth% 0.73% 31.72% 14.88% 6.37%

FY 2006-07 11548.5 14076.3 25624.80 15336.9

FY 2005-06 9496.8 10428.9 19925.70 9883.5

YOY Growth% 21.60% 34.97% 28.60% 55.18%

FY 2007-08 16240.1 15417.3 31657.40 15054.9

FY 2006-07 11548.5 14076.3 25624.80 15336.9

YOY Growth% 40.63% 9.53% 23.54% -1.84%

FY 2008-09 18898.60 19529.09 38427.70 18205.89

FY 2007-08 16240.1 15417.3 31657.4 15054.9

YOY Growth% 16.37% 26.67% 21.39% 20.93%

FY 2009-10 23710.19 24219.98 47930.17 22467.89

FY 2008-09 18898.60 19529.09 38427.70 18205.89

Growth% 25.46% 24.02% 0.25 23.41%

Segments ELECTRICAL ENERGY

Net sales (Operating revenue excluding other income)

Q1 AMJ Q2 JAS 6 months Q3 OND

FY 2004-05

FY 2003-04

Growth%

FY 2005-06

FY 2004-05Growth%

FY 2006-07

FY 2005-06

Growth%

FY 2007-08

FY 2006-07

Growth%

FY 2008-09


88/131

FY 2007-08

Growth%

Segments EPC AND CONTRACTS


Q1 AMJ Q2 JAS 6 months Q3 OND

FY 2004-05

FY 2003-04

Growth%

FY 2005-06

FY 2004-05

Growth%

FY 2006-07

FY 2005-06

Growth%

FY 2007-08

FY 2006-07

Growth%

FY 2008-09

FY 2007-08

Growth%

Other Sales


Q1 AMJ Q2 JAS 6 months Q3 ONDFY 2004-05

FY 2003-04

FY 2005-06

FY 2004-05

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

FY 2006-07

FY 2005-06


FY 2007-08

FY 2006-07

Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2008-09

FY 2007-08



89/131


90/131

2008-09 moving average

quarter % increase in growth9 months Q4 JFM 12 months AMJ 16.37%

JAS 26.67%

26636.40 14670.3 41306.70 OND 20.93%

25758.90 8236.20 33995.10 JFM 33.94%

3.41% 78.12% 21.51%

29809.20 10381.8 40191.00 2009-10 moving average

26636.40 14670.3 41306.70 quarter % increase in growth

11.91% -29.23% -2.70% AMJ 25.46%

40961.70 16142.5 57104.20 JAS 24.02%

29809.20 10381.8 40191.00 OND 23.41%

37.41% 55.49% 42.08% JFM 22.03%46712.30 16419.94 63131.70

40961.70 16142.5 57104.20

14.04% 1.72% 10.56%

56633.59 21992.87 78626.46

46712.3 16419.94 63132.24

21.24% 33.94% 24.54%

70398.06 26837.90 97235.96

56633.59 21992.87 78626.46

0.24 22.03% 23.67%

9 months Q4 JFM 12 months

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91/131



#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!


92/131


93/131

Q1 AMJ 2004-05Q1 AMJ

Q2 JAS 2004-05Q2 JASQ3 OND 2004-05Q3 OND

Q4 JFM 2004-05Q4 JFM

2005-06Q1 AMJ

2005-06Q2 JAS

2005-06Q3 OND

2005-06Q4 JFM

2006-07Q1 AMJ

2006-07Q2 JAS

2006-07Q3 OND

2006-07Q4 JFM

FY 2007-08Q1 AMJ

FY 2007-08Q2 JAS

FY 2007-08Q3 OND

FY 2007-08Q4 JFM

FY 2008-09EQ1 AMJ

FY 2008-09EQ2 JAS

FY 2008-09EQ3 ON

FY 2008-09EQ4 JFM

2004-05Q1 AMJ

2005-06Q1 AMJ

2006-07Q1 AMJ

FY 2007-08Q1 AMJ

FY 2008-09EQ1 AMJ


94/131


95/131


96/131

2004-05 2005-06 2006-07

23.45%

3.82%-11.47%

78.12%

0.73%

31.72%

6.37%

-29.23%

21.60%

34.97%

37.41%

55.49%

19.01%

27.25%

11.77%

43.79%

14.78%

32.32%

19.52%

24.35%

3 Yr Averag Increase in growth from average

23.45%

0.73%

21.60% 15.26% 3.75%

19.01% 13.78% 1.00%

14.78%


1 2 3 4 5 6 7 8

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

1

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

40.00%


97/131

3.82%

31.72%

34.97% 23.50% 3.75%

27.25% 31.32% 1.00%

32.32%


-11.47%

6.37%

37.41% 10.77% 1.00%

11.77% 18.52% 1.00%

19.52%


78.12%

-29.23%

55.49% 34.79% 9.00%

43.79% 23.35% 1.00%

24.35%

1

0.00%

10.00%

20.00%

1

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

1

-50.00%

0.00%

50.00%

100.00%

this is only quarter every yearthat there is an increase in thetourist arrivals compared to the

other quarters. the graph is clearon this asspect a kink in the

december each year (scroll downfor the graph)


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99/131

operating matrices

foreign currency

9 10 11 12 13 14 15 16

Column T LinearRegression forColumn T

2 3

Column T

LinearRegressio

n forColumn T

1 2 3 4 5 6 7 8 9 1

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%


100/131

2 3

Column T

LinearRegression forColumn T

2 3

Column T


2 3

Column T



101/131


102/131

0 11 12 13 14 15 16 17 18 19 20

Column T LinearRegression forColumn T


103/131


104/131


105/131

COMPANY -Reliance Energy

Year CURRENT SHARE PRICE EPS

121.0 2.8

FY 08E 121.0 8.6

FY 09E 121.0 64.9

FY 10E 121.0 46.9

Year PAT Shareholders Equity(NW)

6503.4 93392.4

FY 08E 20025.4 101994.1

FY 09E 151186.8 99830.9

FY 10E 109304.0 107867.7

Year EBIT Total Asset-CL

3989.5 124763.20

FY 08E 13951.9 157197.31

FY 09E 37708.8 171868.08

FY 10E 29838.4 295346.53

Year PAT EPS

6503.4 2.8

FY 08E 20025.4 8.6

FY 09E 151186.8 64.9

FY 10E 109304.0 46.9

FY 07 (Mar 31

FY 07 (Mar 31

FY 07 (Mar 31

FY 07 (Mar 31


106/131

P/ E

42.9

14.1

1.9

2.6

ROE

6.96%

19.63%

151.44%

101.33%

ROCE

3.20%

8.88%

21.94%

10.10%

2304.60

2330.80

2330.80

2330.80

click to go back

NO.of OutstandingShares (Incl. CD)


107/131

COMPANY - Reliance Energy

2003-04 2004-05 2005-06

As a percentage of Turnover nnual(Apr-Mar) nnual(Apr-Mar nnual(Apr-Mar)

(Inc)/dec in stock in trade #DIV/0! 18.66% 17.81%

Consumption of raw materials #DIV/0! 5.75% 0.00%Staff cost #DIV/0! #DIV/0! 0.00%

Power and Fuel #DIV/0! #DIV/0! 0.00%

License Fee #DIV/0! 23.89% 24.29%

Upkeep & Service Cost #DIV/0! 24.59% 28.17%

Repair and Maintenance #DIV/0! 2.44% 2.40%

Administrative and Selling #DIV/0! #DIV/0! 13.01%

Other expenditure #DIV/0! 7.11% 0.00%

Depreciation #DIV/0! #DIV/0! #DIV/0!

Interest & Financial Charges #DIV/0! #DIV/0! #DIV/0!

Provision for Current Tax (incl. FB #DIV/0! #DIV/0! #DIV/0!

Provision for deferred Tax #DIV/0! #DIV/0! #DIV/0!

Other income% of revenue #DIV/0! #DIV/0! #DIV/0!

2004-05 2005-06

As a percentage of Turnover AMJ AMJ

(Inc)/dec in stock in trade 19.61% 21.55%

Consumption of raw materials 5.63% 6.88%

Staff cost #REF! 0.00%

Power and Fuel #REF! 0.00%

License Fee 31.14% 28.99%

Upkeep & Service Cost 13.52% 14.06%

Repair and Maintenance 1.97% 3.05%

Administrative and Selling #DIV/0! 0.00%

Other expenditure 1.25% 8.46%

Depreciation #DIV/0! #DIV/0!

Interest & Financial Charges #DIV/0! #DIV/0!

Provision for Current Tax (incl. FBT) #DIV/0! #DIV/0!

Provision for deferred Tax #DIV/0! #DIV/0!

Other income% of revenue #DIV/0! #DIV/0!

click to go back


108/131

Considered

2006-07 2008 2009 2004-05 2005-06 2006-07

nnual(Apr-Mar) 6-m (Apr-Sep -m (Apr-Sep -m (Apr-Sep

20.13% 18.87% 20.19% 21.36% 19.71% 17.53%

0.00% 0.00% 0.00% 6.58% 6.44% 5.60%0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%

0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%

26.96% 28.31% 30.29% 30.37% 28.64% 25.29%

18.07% 23.61% 25.26% 10.75% 15.23% 24.62%

2.83% 2.56% 2.73% 2.71% 2.90% 2.46%

13.47% #DIV/0! #DIV/0! #DIV/0! 0.00% 0.00%

0.00% 0.00% 0.00% 4.24% 8.77% 12.37%






Considered

2006-07 2008 2009 2004-05 2005-06 2006-07

AMJ JAS JAS JAS

20.29% 21.31% 22.80% 23.44% 18.02% 15.26%

5.94% 5.94% 5.94% 7.72% 6.04% 5.32%

0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%

0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%

27.16% 27.16% 29.07% 29.46% 28.32% 23.75%

16.56% 17.39% 18.60% 7.45% 16.30% 31.24%

2.72% 2.86% 3.06% 3.60% 2.76% 2.24%

0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%

15.78% 16.09% 16.41% 7.80% 9.05% 9.57%







109/131

Considered

2008 2009 2004-05 2005-06 2006-07 Considered

) 9-m (Apr-Dec -m (Apr-Dec -m (Apr-Dec)

18.41% 21.79% 20.21% 16.44% 17.26%

5.88% 6.74% 6.50% 5.29% 5.56%0.00% #DIV/0! 0.00% 0.00% 0.00%

0.00% #DIV/0! 0.00% 0.00% 0.00%

26.56% 29.69% 28.01% 26.95% 28.30%

25.85% 10.51% 13.32% 29.14% 30.59%

2.58% 2.85% 2.91% 2.32% 2.44%

0.00% #DIV/0! 0.00% 0.00% 0.00%

12.99% 8.28% 10.80% 10.25% 10.76%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!




#DIV/0! #DIV/0! #REF! #REF!

Considered Considered

2008 2009 2004-05 2005-06 2006-07 2008 2009

OND OND OND

16.03% 16.19% 22.59% 21.24% 14.61% 15.34% 16.11%

5.32% 5.32% 7.05% 6.62% 4.79% 4.79% 4.79%

0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%

23.75% 24.23% 28.43% 26.73% 29.72% 30.31% 30.92%

32.80% 33.46% 10.07% 9.46% 36.68% 38.51% 40.44%

2.35% 2.40% 3.11% 2.92% 2.10% 2.20% 2.31%

0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%

9.76% 9.96% 15.83% 14.88% 6.72% 6.85% 6.99%







110/131

Considered

2004-0 005-06 006-0 2008 2009

JFM JFM JFM

12.99% 20.18% 15.37% 16.13% 16.94%

3.96% 4.13% 5.99% 5.99% 5.99%

#DIV/0! 0.00% 0.00% 0.00% 0.00%

#DIV/0! 0.00% 0.00% 0.00% 0.00%

13.35% 24.34% 26.55% 27.08% 27.62%

50.14% 20.38% 40.09% 42.09% 44.20%

1.71% 2.63% 1.83% 1.92% 2.02%

#DIV/0! 0.00% 0.00% 0.00% 0.00%

4.97% 10.03% 6.48% 6.61% 6.74%







111/131

Financial Ratios

FY04 FY05 FY06 FY07 FY08(E)

Profitability Ratios

Return on Assets (ROA) #DIV/0! 16.56% 3.72% 3.53% 8.85%

Return on Equity (ROE) #DIV/0! 32.00% 6.88% 6.96% 19.63%Return on Capital Employed (ROCE) #DIV/0! 19.58% 1.98% 2.58% 7.28%

Dupont Analysis-ROE Decomposition

PAT/PBT (Tax Efficiency) 1.00 1.00 0.95 0.83 0.94

PBT/EBIT (Interest Burden) 1.00 1.00 2.32 1.96 1.52

EBIT/Sales (OPM) 0.88 0.49 0.06 0.10 0.30

Sales/Total Assets (Asset Turnover) #DIV/0! 0.34 0.28 0.22 0.21

TA/NW (Financial Leverage) #DIV/0! 1.93 1.85 1.97 2.22

ROE #DIV/0! 32.00 6.88 6.96 19.63

Liquidity Ratios

Current Ratio #DIV/0! 4.58 4.75 4.30 4.39Acid Test Ratio #DIV/0! 4.39 4.61 4.21 4.31

Debt-Equity Ratio #DIV/0! 0.63 0.57 0.65 0.88

Efficiency Ratios

Assets Turnover Ratio #DIV/0! 0.34 0.28 0.22 0.21

Working Capital Turnover Ratio #DIV/0! 0.61 0.50 0.41 0.40

F.A. Turnover Ratio #DIV/0! 1.42 1.44 1.30 1.11

C.A. Turnover Ratio #DIV/0! 0.48 0.39 0.31 0.31

Debtors Velocity #DIV/0! 82.26 96.49 95.60 90.03

Margin Ratios (%)EBITDA Margin 88.24% 57.50% 14.31% 18.53% 33.51%

Pre-Tax Margin 88.24% 49.11% 13.77% 19.37% 45.41%

Net Profit Margin 88.24% 49.11% 13.11% 16.12% 42.87%

Growth Ratios YoY (%)

Net Sales 0.00% 21.51% 0.07% -2.42% 15.81%

EBITDA 0.00% -20.83% -75.08% 26.34% 109.41%

Adj.PAT 0.00% -32.38% -73.29% 20.01% 207.92%

Adj.EPS 0.00% #DIV/0! #DIV/0! 10.40% 204.46%

Working Ratios (Days)

Inventory #DIV/0! 31.20 27.47 26.49 20.20

Debtors #DIV/0! 82.26 96.49 95.60 90.03

Net Working Capital Excluding Cash 0.00 7073.20 26484.70 ### 106263.83

Other Ratios (%)

Other Income/PBT 0.00% 0.00% 80.59% 73.50% 45.54%


112/131

Per Share (Rs.)

Adj.EPS #DIV/0! #DIV/0! 25.56 28.22 85.92

CEPS #DIV/0! #DIV/0! 41.90 4.33 9.32

DPS #DIV/0! #DIV/0! 4.67 0.52 3.01

BVPS #DIV/0! #DIV/0! 371.38 40.52 43.76

Cash Per Share #DIV/0! #DIV/0! 266.65 94.42 45.04


113/131

FY09(E) FY10(E)

55.64% 35.71%

151.44% 101.33%17.00% 9.92%

0.80 0.67

5.04 5.47

0.48 0.30

0.29 0.32

2.72 2.84

151.44 101.33

3.49 37.263.45 36.90

1.22 1.79

0.29 0.32

0.63 0.50

1.42 1.80

0.45 0.49

56.40 45.96

51.12% 33.00%

241.83% 165.99%

192.28% 111.21%

68.32% 25.00%

156.77% -19.31%

654.98% -27.70%

-50.17% 200.66%

10.60 7.36

56.40 45.96

110633.88 179403.93

106.69% 128.08%


114/131

42.81 128.71

65.93 48.01

22.70 16.41

42.83 46.28

59.00 68.08


115/131

Reliance Energy

Rs. in bln

Key Financials * FY 06 FY 07 FY08E FY09E

Net sales 41.34 40.33 16.24 15.42

%Growth 0.07% -2.42% -59.74% -5.07%

EBITDA 5.92 7.48 2.09 6.30

EBITDA Margin % 14.31% 18.53% 12.85% 40.87%

Adjusted PAT 5.42 6.50 0.40 5.94

%Growth -73.29% 20.01% -93.78% 1366.54%

Net profit margin % 13.11% 16.12% 2.49% 38.50%

EPS (based on Adj.Pat) 25.56 28.22 85.92 42.81

371.38 40.52 43.76 42.83

Return on equity 6.88% 6.96% 0.40% 5.95%

(*share split in the year FY07 from Rs.10 per share to Re.1 per share)

Key ratios (%) FY 06 FY 07 FY08E FY09E

P/E 23.90 17.55 5.90 11.36

P/BV 1.65 3.59 3.32 3.39

EV/EBITDA 19.93 157.91 603.83 197.00

EV/Sales 2.85 29.27 77.57 80.51

Key data

Face value (Rs.) 10

Shares outstanding (mn) 586.63

Market cap (Rs. In bln) 77.46

52 week high/low (Rs.) 178/101

BSE Code 500850

NSE Code INDHOTEL

Bloomberg Code IH IN

Reuters Code IHTL.BO

Shareholding pattern (%) March 2007

Book value per share *

5.38%

3.54% 0.67% 0.52% 0.70% 0.04% 0.02%Promoters

FII's

GDR

Non-residentIndians &OCB's


116/131

Promoters 28.28%

FII's 24.07%

Resident Individuals & HUF's 19.15%

Financial Institutions/Banks 10.68%

Mutual Funds/UTI 7.58%

Insurance Companies 5.38%

Corporate Bodies 3.54%

GDR 0.67%

Non-resident Indians & OCB's 0.52%

Directors & their Relatives 0.70%

NSDL & CDSL Clearing Members 0.04%

Trusts 0.02%

Foreign Banks 0.00%

Total 100.63%

Promoters 28.28%

FII's 24.07%

Resident Individuals & HUF's 19.15%

Financial Institutions/Banks 10.68%

Mutual Funds/UTI 7.58%

Insurance Companies 5.38%

Corporate Bodies 3.54%

28.28%

24.07%19.15%

10.68%

7.58% ResidentIndividuals &HUF's

FinancialInstitutions/Banks

Mutual

Funds/UTIInsuranceCompanies

CorporateBodies

Directors &theirRelatives

NSDL & CDSLClearingMembers

Trusts

ForeignBanks

28.2

24.0

19.1

10.6

7.55.3

3.5


117/131

Others 1.32%

Total 100.00%

28%

24%19%

11%

8%

5%4%1%

hareholding pattern March '0

Promoters

FII's

ResidentIndividuals &HUF's

FinancialInstitutions/Banks

MutualFunds/UTI

InsuranceCompanies

CorporateBodies

Others


118/131

Rs. In million

Valuation Inputs FY04 FY05 FY06 FY07 FY08(E) FY09(E)Price as on March 31 (Rs) 380.00 629.70 1356.90 145.40 145.40 145.40

No of Outstanding Shares 0.00 0.00 212.00 2304.60 2330.80 2330.80

Market Capitalisation 0.00 0.00 ### ### ### 338898.32

Debt 0.00 40213.30 44945.40 61142.50 89693.65 121974.72

Cash & Equivalents 0.00 60453.70 56529.00 21759.20 10498.69 13752.05

Enterprise Value 0.00 ### ### ### ### 447120.99

EBITDA 29998.80 23749.77 5917.40 7475.80 15655.00 40197.32

Sales 33995.10 41306.70 41337.20 40334.90 46712.30 78626.46

EV/EBITDA 0.00 -0.85 46.66 50.09 26.71 11.12

EV/Sales 0.00 -0.49 6.68 9.28 8.95 5.69

click to go backShare


119/131


120/131


121/131

FY10(E)145.40

2330.80

338898.32

192863.47

15869.00

515892.79

32433.41

98283.07

15.91

5.25

split to Re.1 per share from Rs.10


122/131


123/131


124/131

FY04 FY05 FY06 FY07 FY08(E) FY09(E)

PAT 29998.80 20285.37 5419.08 6503.40 20025.40 ###

Shareholders Equity (Networt 0.00 ### ### ### ### ###

Return of Equity (ROE) #DIV/0! 32.00% 6.88% 6.96% 19.63% 151.44%

Price/Book Value 1.80

Price 121.00

Book Value 67.05

Cost of Equity (COE or Ke) 16.94%

Beta of the stock 1.0539

Rf (2017 GS Bonds) 7.95%

Rm 0.00%

Risk Premium 8.99%

Growth (g) = 29.34%


125/131

FY10(E)

###

###

101.33%

click to go back


126/131

FOREIGN EXCHANGE EARNINGS IN INDIA DURING 2007

AND CORRESPONDING FIGURES FOR 2005 & 2006

2007*

January 3299.51 0.21February 3003.95 0.14

March 2798.96 0.15

April 2341.18 0.1

May 1858.51 0.11

June 2111.74 0.09

July 2844.72 0.17

August 2694.73 0.27

September 2445.12 0.25

October 3021.62 0.12

November 3580.84 0.12December 4249.21 0.16

Total 34250.09 0.16

FOREIGN TOURIST ARRIVALS & FOREIGN EXCHANGE EARNINGS IN INDIA

DURING 2007 AND CORRESPONDING FIGURES FOR 2005 & 2006

2006 2007

January 459489 532088 15.80% 19

February 439090 498806 13.60% 18.7

March 391009 444186 13.60% 11.1

April 309208 333945 8.00% 24.5

May 255008 267758 5.00% 13.1

June 278370 310104 11.40% 12.7

July 337332 377474 11.90% 9.6

August 304387 360089 18.30% 11.1

September 297891 325893 9.40% 15.8

October 391399 440715 12.60% 12.5

November 442413 510987 15.50% 4.4

December 547488 635086 16.00%

4453084 5037131.08 13.12%

January 2004

February 2004

March 2004

RS.CRORES)

MONTHS

FOREIGN TOURIST ARRIVAL (N

MONTHS

2007/06

2006/05


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April 2004

May 2004

June 2004

July 2004

August 2004

September 2004

October 2004November 2004

December 2004

January 2005

February 2005

March 2005

April 2005

May 2005

June 2005

July 2005

August 2005September 2005

October 2005

November 2005

December 2005

January 2006

February 2006

March 2006

April 2006

May 2006

June 2006

July 2006

August 2006

September 2006

October 2006

November 2006

December 2006

January 2007

February 2007

March 2007

April 2007

May 2007

June 2007

July 2007

August 2007

September 2007

October 2007

November 2007

Janua

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DCF & Relative Valuation of Reliance Energy

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