Summary Valuation

Methodology Fair value per Share Weights Weighted Price

DCF Valuation 1,105 33.3% 368
Relative Valuation (P/E) 1,186 33.3% 395
Relative Valuation (EV/EBITDA) 913 33.3% 304

Target Price (Rs.) 1,068

CMP (As on 1 April 2015) (Rs.) 887

Upside/ (Downside) 20.4%

On Current Price On Target Price

P/E (Current Year) - 2015 34.3 41.3
P/E (Next Year) - 2016 26.2 31.5

Financial Highlights
Year Revenue Growth EBITDA Margin
2012 411,722 1.8% 79,782 19.4%
2013 458,938 11.5% 99,252 21.6%
2014 397,667 -13.4% 87,444 22.0%
2015E 440,437 10.8% 96,564 21.9%
2016E 524,462 19.1% 126,133 24.1%
2017E 613,612 17.0% 150,335 24.5%
2018E 701,045 14.2% 177,014 25.3%
2019E 790,177 12.7% 213,348 27.0%
2020E 873,812 10.6% 235,929 27.0%
Adj. PAT Margin EPS P/E RoE
51,707 12.6% 18.7 47.6 26.9%
65,344 14.2% 23.6 37.6 29.5%
60,002 15.1% 21.6 41.0 24.2%
71,629 16.3% 25.8 34.3 26.0%
93,875 17.9% 33.9 26.2 29.6%
109,878 17.9% 39.6 22.4 30.1%
125,080 17.8% 45.1 19.7 29.7%
151,922 19.2% 54.8 16.2 30.9%
168,457 19.3% 60.8 14.6 29.2%
Peers Valuation
EPS 2015E (Rs.) Peer Multiple P/E 2015E (x)
25.8 45.9

EBITDA 2015E (Rs. Lacs) Peer Multiple EV/EBITDA 2015E (x)

96,564.2 25.7

Key Peers Mcap (Rs. Mn) P/E 2015E (x) P/E 2016E (x)
L&T 1,559,573 33.4 27.3
BHEL 569,801 27.2 20.3
Siemens 491,927 97.4 68.7
ABB India 254,428 80.3 56.1
Havells India 189,376 39.9 32.1
Thermax 128,451 44.9 34.1
Crompton Greaves 102,974 24.1 16.7
Kirloskar Oil 37,325 20.0 16.7
Cummins India 237,685 33.5 28.8

Peers Average (x) 45.9 34.0

Source: Bloomberg

Key Financial Indicators FY 2012 FY 2013 FY 2014

L&T
Price Earnings Ratio (x) 18.0 28.7 21.4
Enterprise Value (Rs. Mn) 815,281.5 859,008.1 1,235,622.1
Cur EV/T12EBITDA (x) 12.1 14.5 18.0
Market capitalization (Rs. Mn) 801,630.2 840,740.3 1,178,940.3
Sales (Rs. Mn) 531,705.2 516,109.6 565,989.2
Net Profit (loss) (Rs. Mn) 44,565.0 49,106.5 54,931.3
EBITDA Margin (%) 12.6 11.5 12.2
Profit Margin (%) 8.4 9.5 9.7
Return on Equity (%) 18.9 18.1 17.5
Dividend Yield %) 1.3 0.9 1.1
Price to Book Ratio (x) 3.2 2.9 3.5

BHEL
Price Earnings Ratio (x) 8.9 6.6 13.9
Enterprise Value (Rs. Mn) 565,863.1 370,975.9 388,444.6
Cur EV/T12EBITDA (x) 5.1 3.4 5.8
Market capitalization (Rs. Mn) 629,400.4 433,225.2 479,852.0
Sales (Rs. Mn) 472,278.6 476,176.7 383,888.2
Net Profit (loss) (Rs. Mn) 70,399.6 66,147.3 34,607.8
EBITDA Margin (%) 23.7 22.9 17.5
Profit Margin (%) 14.9 13.9 9.0
Return on Equity (%) 30.9 23.7 10.9
Dividend Yield %) 2.5 3.1 1.4
Price to Book Ratio (x) 2.5 1.4 1.5

Siemens
Price Earnings Ratio (x) 70.3 87.6 48.8
Enterprise Value (Rs. Mn) 231,548.2 164,078.9 283,390.6
Cur EV/T12EBITDA (x) 24.1 37.4 41.4
Market capitalization (Rs. Mn) 241,286.2 170,082.9 294,564.6
Sales (Rs. Mn) 129,199.0 113,526.0 106,626.0
Net Profit (loss) (Rs. Mn) 3,432.0 1,940.0 6,032.0
EBITDA Margin (%) 7.5 3.9 6.4
Profit Margin (%) 2.7 1.7 5.7
Return on Equity (%) 8.8 4.9 14.4
Dividend Yield %) 0.9 1.1 0.7
Price to Book Ratio (x) 6.1 4.2 6.7

ABB India
Price Earnings Ratio (x) 108.1 82.0 119.5
Enterprise Value (Rs. Mn) 151,019.3 149,967.6 274,451.9
Cur EV/T12EBITDA (x) 39.4 30.1 49.4
Market capitalization (Rs. Mn) 148,494.8 146,916.1 273,001.6
Sales (Rs. Mn) 75,649.9 77,219.9 76,306.5
Net Profit (loss) (Rs. Mn) 1,374.1 1,793.1 2,285.1
EBITDA Margin (%) 5.1 6.5 7.3
Profit Margin (%) 1.8 2.3 3.0
Return on Equity (%) 5.4 6.8 8.3
Dividend Yield %) 0.4 0.4 --
Price to Book Ratio (x) 5.7 5.5 9.7

Havells India
Price Earnings Ratio (x) 23.4 21.6 24.4
Enterprise Value (Rs. Mn) 71,313.6 78,958.7 112,278.3
Cur EV/T12EBITDA (x) 14.9 14.5 17.3
Market capitalization (Rs. Mn) 71,383.7 80,330.0 116,570.1
Sales (Rs. Mn) 36,156.1 42,249.9 47,196.9
Net Profit (loss) (Rs. Mn) 3,054.3 3,713.9 4,786.9
EBITDA Margin (%) 13.2 12.9 13.8
Profit Margin (%) 8.5 8.8 10.1
Return on Equity (%) 20.7 21.4 23.9
Dividend Yield %) 1.1 1.2 1.6
Price to Book Ratio (x) 4.4 4.3 5.5
Thermax
Price Earnings Ratio (x) 13.6 19.2 35.2
Enterprise Value (Rs. Mn) 50,429.8 60,957.6 81,517.3
Cur EV/T12EBITDA (x) 8.4 11.8 17.9
Market capitalization (Rs. Mn) 55,348.1 67,156.5 89,152.7
Sales (Rs. Mn) 53,040.6 46,908.7 43,021.6
Net Profit (loss) (Rs. Mn) 4,068.6 3,499.6 2,529.7
EBITDA Margin (%) 11.3 11.0 10.6
Profit Margin (%) 7.7 7.5 5.9
Return on Equity (%) 28.1 20.2 13.0
Dividend Yield %) 1.5 1.2 0.8
Price to Book Ratio (x) 3.5 3.6 4.4

Crompton Greaves
Price Earnings Ratio (x) 17.6 13.5 19.5
Enterprise Value (Rs. Mn) 80,743.3 52,452.7 96,223.8
Cur EV/T12EBITDA (x) 11.2 8.8 14.5
Market capitalization (Rs. Mn) 88,590.0 60,171.9 100,530.1
Sales (Rs. Mn) 64,853.8 71,353.0 74,895.7
Net Profit (loss) (Rs. Mn) 5,048.6 4,458.4 5,210.9
EBITDA Margin (%) 11.1 8.3 8.9
Profit Margin (%) 7.8 6.3 7.0
Return on Equity (%) 20.2 15.5 16.3
Dividend Yield %) 1.0 1.3 0.8
Price to Book Ratio (x) 3.3 2.0 3.0

Kirloskar Oil
Price Earnings Ratio (x) 11.4 12.3 16.5
Enterprise Value (Rs. Mn) 22,687.7 20,075.5 22,871.2
Cur EV/T12EBITDA (x) 7.4 5.8 7.5
Market capitalization (Rs. Mn) 21,837.1 24,389.1 29,356.6
Sales (Rs. Mn) 22,755.5 23,196.5 22,869.6
Net Profit (loss) (Rs. Mn) 1,918.0 1,988.4 1,784.5
EBITDA Margin (%) 13.5 15.0 13.4
Profit Margin (%) 8.4 8.6 7.8
Return on Equity (%) 20.0 18.2 14.7
Dividend Yield %) 2.7 3.0 2.5
Price to Book Ratio (x) 2.1 2.1 2.3

Cummins India
Price Earnings Ratio (x) 23.2 18.1 27.6
Enterprise Value (Rs. Mn) 130,049.1 129,219.5 160,396.1
Cur EV/T12EBITDA (x) 18.5 15.5 23.0
Market capitalization (Rs. Mn) 137,324.9 138,322.8 165,433.0
Sales (Rs. Mn) 40,521.7 45,893.8 39,766.7
Net Profit (loss) (Rs. Mn) 5,912.7 7,641.1 6,000.2
EBITDA Margin (%) 17.3 18.2 17.5
Profit Margin (%) 14.6 16.7 15.1
Return on Equity (%) 30.7 34.5 24.2
Dividend Yield %) 2.2 2.6 2.2
Price to Book Ratio (x) 6.7 5.8 6.5

Source: Bloomberg
Premium/(Discount) Value per Share (Rs.)
0.0% 1,186.0

Premium/(Discount) Value per Share (Rs.)

0.0% 913.5

2014A
EV/EBITDA 2015E (x) EV/EBITDA 2016E (x) RoE (%) Net Profit Margin (%) EBITDA Margin (%)
23.6 19.7 17.5 9.7 12.2
17.2 13.1 10.9 9.0 17.5
51.6 39.5 14.4 5.7 6.4
36.2 28.3 8.3 3.0 7.3
25.3 21.6 23.9 10.1 13.8
26.5 20.8 13.0 5.9 10.6
14.2 11.5 16.3 7.0 8.9
11.0 8.8 14.7 7.8 13.4
31.1 25.4 24.2 15.1 17.5

25.7 20.4

Current/LTM FY 2015E FY 2016E

28.3 33.4 27.3

1,654,426.0
24.0 23.6 19.7
1,559,572.8
581,285.8 624,581.3 743,512.7
57,190.1 47,992.3 58,160.1
10.5
7.1 7.7 7.9
13.5 14.7
0.9 0.9 1.0
4.6 4.2 3.8

16.5 27.2 20.3

483,601.0
13.7 17.2 13.1
569,801.3
319,284.3 311,590.3 342,402.4
 23,755.3 21,118.6 28,029.1
4.8
3.5 6.8 8.2
6.2 7.8
1.1 1.1 1.3
1.7 1.7 1.6

81.5 97.4 68.7

480,752.6
70.3 51.6 39.5
491,926.6
102,285.7 113,091.1 131,425.4
11,720.8 6,716.8 7,350.9
8.8
29.6 4.6 5.6
10.9 14.1
0.4 0.4 0.5
11.2 10.2 9.3

111.4 80.3 56.1

255,878.1
46.1 36.2 28.3
254,427.8
76,306.5 86,276.3 99,030.9
2,285.1 3,574.0 5,012.2
8.2
3.8 4.2 5.1
8.3 11.5 14.8
0.3 0.4 0.5
9.1 8.3 7.4

39.5 39.9 32.1

185,840.8
27.0 25.3 21.6
189,376.0
51,564.8 53,318.9 60,888.0
4,800.1 4,699.2 5,645.1
14.4
9.4 8.9 9.5
24.8 27.8
1.0 1.0 1.3
8.9 7.8 6.9
 50.8 44.9 34.1
122,938.1
27.6 26.5 20.8
128,450.5
45,049.8 52,400.1 60,214.4
3,095.3 2,791.7 3,660.9
11.6
6.7 5.5 6.2
13.7 16.5
0.6 0.7 0.8
6.3 5.7 5.1

20.0 24.1 16.7

100,038.4
14.6 14.2 11.5
102,974.4
77,230.3 85,844.8 95,378.6
7,736.6 4,401.2 6,060.8
8.7
21.3 5.5 6.5
14.2 14.8
0.7 0.8 1.0
3.1 2.7 2.4

20.9 20.0 16.7

30,074.4
10.7 11.0 8.8
37,324.8
24,882.9 25,714.0 29,152.0
1,663.3 1,806.3 2,237.2
9.6
5.6 7.0 7.7
13.4 15.1
1.9 2.1 1.9
3.0 2.7 2.5

39.6 33.5 28.8

233,625.9
32.0 31.1 25.4
237,685.1
41,626.9 44,057.7 51,730.7
7,372.0 7,238.5 8,190.5
17.9
17.1 16.1 15.9
25.7 26.6
1.5 1.7 1.8
9.3 8.4 7.4
Dividend Yield (%)
1.1
1.4
0.7
NA
1.6
0.8
0.8
2.5
2.2
Discounted Cash Flows
Details (Rs. Lacs) 2015E 2016E 2017E 2018E
Free Cashflow to the Firm 38,016 72,831 87,045 116,624
Discount Rate (WACC) 10.8% 1.0 1.1 1.2 1.4
Discounted Cashflows 37,675 65,120 70,218 84,879
Sum of Discounted Cash flows - EV 3,010,252

Long term Growth Rate 6.75%

Enterprise Value - EV 3,010,252

Outstanding Debt -
Cash and Cash Equivalents 52,845
Market Value of the Firm 3,063,097

No.of Outstanding Shares (Lacs) 2,772

Fair Value Per Share (Rs.) 1,105.0

CMP (As on 1 April 2015) (Rs.) 887.5

Upside/Downside 24.5%

Computation of WACC
Share Capital 256,515
Total Debt -
Total 256,515

Equity as a % of Total Invested Capital 100.0%

Debt as a % of Total Invested Capital 0.0%

Computation of Cost of Equity

Expected market rate of Return 11.6% Source: Bloomberg
Risk Free Rate 7.8% Source: Bloomberg
Country Risk Premium 3.8%
Beta 0.8 Source: Bloomberg
Expected Return on Equity 10.8%

Computation of Cost of Debt

Interest Rate 0.0%
Tax Rate 26.6%
Effective Cost of Debt 0.0%
WACC 10.8%

Enterprise Value 2,407,166

 2019E 2020E Terminal Value
145,870 165,458 4,318,926
1.5 1.7 1.7
95,781 98,019 2,558,560
Revenue Model
Details (Rs. Lacs) 2011 2012 2013 2014 2015E
Segmental Revenue

Powergen 134,950 126,200 160,000 113,500 104,988

Growth -6.5% 26.8% -29.1% -7.5%
Industrial 55,880 53,600 51,400 52,400 49,780
Growth -4.1% -4.1% 1.9% -5.0%
Distribution 101,160 76,200 89,000 89,200 89,200
Growth -24.7% 16.8% 0.2% 0.0%
Automotive 26,000 24,900 15,900 12,000 10,200
Growth -4.2% -36.1% -24.5% -15.0%
Others, Inc. adjustments 5,241 7,565 884 840
Growth 44.3% -88.3% -5.0%
Domestic Sales 317,990 286,141 323,865 267,984 255,007
Growth -10.0% 13.2% -17.3% -4.8%

Exports
HHP 106,043 97,076 88,235 86,927 126,044
Growth -8.5% -9.1% -1.5% 45.0%
LHP - 22,000 38,800 35,000 50,750
Growth 76.4% -9.8% 45.0%
Total Exports 106,043 119,076 127,035 121,927 176,794
Growth 12.3% 6.7% -4.0% 45.0%

Total Sales 424,033 405,217 450,900 389,911 431,801

Eliminations 28,916 - - - -

Operating Income 395,117 405,217 450,900 389,911 431,801

Growth 2.6% 11.3% -13.5% 10.7%

Other Operating Revenue

Scrap sales 824 1,078 1,061 860
Export Incentives 829 1,916 2,064 2,724
Commission 5,419 1,112 564 142
Other 2,064 2,399 4,349 4,030
9,136 6,505 8,038 7,756 8,636
As a % of Operating Income 2.3% 1.6% 1.8% 2.0% 2.0%
Total Revenue 404,253 411,722 458,938 397,667 440,437
Growth 1.8% 11.5% -13.4% 10.8%
Revenue break up
Domestic Sales 80% 71% 72% 69% 59%
Powergen 34% 31% 35% 29% 24%
Industrial 14% 13% 11% 13% 12%
Distribution 26% 19% 20% 23% 21%
Automotive 7% 6% 4% 3% 2%

Total Exports 27% 29% 28% 31% 41%

HHP 27% 24% 20% 22% 29%
LHP 0% 5% 9% 9% 12%
 2016E 2017E 2018E 2019E 2020E CAGR

115,486 127,035 139,738 153,712 165,241 6.5%

10.0% 10.0% 10.0% 10.0% 7.5%
57,247 62,972 69,269 76,196 81,910 7.7%
15.0% 10.0% 10.0% 10.0% 7.5%
107,040 128,448 147,715 162,487 178,735 12.3%
20.0% 20.0% 15.0% 10.0% 10.0%
11,220 12,342 13,576 14,934 16,427 5.4%
10.0% 10.0% 10.0% 10.0% 10.0%
882 926 972 1,021 1,072 3.3%
5.0% 5.0% 5.0% 5.0% 5.0%
291,875 331,722 371,271 408,349 443,385 8.8%
14.5% 13.7% 11.9% 10.0% 8.6%

151,253 173,941 191,335 210,469 226,254 17.3%

20.0% 15.0% 10.0% 10.0% 7.5%
71,050 95,918 124,693 155,866 187,039 32.2%
40.0% 35.0% 30.0% 25.0% 20.0%
222,303 269,858 316,028 366,334 413,293 22.6%
25.7% 21.4% 17.1% 15.9% 12.8%

514,178 601,581 687,299 774,684 856,678 14.0%

- - - - -

514,178 601,581 687,299 774,684 856,678 14.0%

19.1% 17.0% 14.2% 12.7% 10.6%

10,284 12,032 13,746 15,494 17,134 14.1%

2.0% 2.0% 2.0% 2.0% 2.0%
524,462 613,612 701,045 790,177 873,812 14.0%
19.1% 17.0% 14.2% 12.7% 10.6%
57% 55% 54% 53% 52%
22% 21% 20% 20% 19%
11% 10% 10% 10% 10%
21% 21% 21% 21% 21%
2% 2% 2% 2% 2%

43% 45% 46% 47% 48%

29% 29% 28% 27% 26%
14% 16% 18% 20% 22%
Income Statement
Details (Rs. Lacs) 2011 2012 2013 2014 2015E
Total Revenue 404,253 411,722 458,938 397,667 440,437
Growth 1.8% 11.5% -13.4% 10.8%

Cost of Goods Sold 258,037 264,542 288,743 242,411 269,548

As a % of Revenue 63.8% 64.3% 62.9% 61.0% 61.2%

Gross Profit 146,216 147,180 170,195 155,256 170,890

Gross Profit Margin 36.2% 35.7% 37.1% 39.0% 38.8%
Growth 0.7% 15.6% -8.8% 10.1%

Employee Benefits Expense 25,463 30,394 33,862 33,962 37,437

Other Income 8,037 10,057 15,764 17,771 13,762
Other Expenses 44,414 47,061 52,845 51,621 50,650
Total Expenses 61,840 67,398 70,943 67,812 74,325

EBITDA 84,376 79,782 99,252 87,444 96,564

EBITDA Margin 20.9% 19.4% 21.6% 22.0% 21.9%
Growth -5.4% 24.4% -11.9% 10.4%

Depreciation and Amortization Expense 3,664 4,198 4,725 5,275 6,936

EBIT 80,712 75,584 94,527 82,169 89,628
EBIT Margin 20.0% 18.4% 20.6% 20.7% 20.3%
Growth -6.4% 25.1% -13.1% 9.1%

Finance Costs 475 541 461 418 463

Exceptional items - 7,420 11,067 - 8,260
PBT 80,237 82,463 105,133 81,751 97,425
PBT Margin 19.8% 20.0% 22.9% 20.6% 22.1%

Tax expense 21,138 23,336 28,722 21,749 17,537

Tax Rate 26.3% 28.3% 27.3% 26.6% 18.0%

Net Profit 59,099 59,127 76,411 60,002 79,889

Profit Margin 14.6% 14.4% 16.6% 15.1% 18.1%

Less: Exceptional items - 7,420 11,067 - 8,260

Adjusted Net Profit 59,099 51,707 65,344 60,002 71,629
Profit Margin 14.6% 12.6% 14.2% 15.1% 16.3%
Growth -12.5% 26.4% -8.2% 19.4%
Basic and Diluted Earnings per Share (Rs.) 21.32 18.65 23.57 21.65 25.84
Growth -12.5% 26.4% -8.2% 19.4%

Number of Shares Outstanding (In Lacs) 2,772 2,772 2,772 2,772 2,772

Dividend per Share 15 11.0 13.0 13.0 13.0

Dividend Paid 29,700 30,492 36,036 36,036 36,036
Dividend Distribution Tax 4,872 4,947 6,017 6,124 6,124
DDT rate 16.4% 16.2% 16.7% 17.0% 17.0%
Dividend Payout Ratio 50.3% 51.6% 47.2% 60.1% 45.1%

Bonus Issue - 1,584 - - -

Profit transferred to Reserve & Surplus 24,527 22,104 34,358 17,842 37,729

P/E (x) 41.6 47.6 37.6 41.0 34.3

BV/Share 65.2 73.7 86.1 92.5 106.1
P/B (x) 13.6 12.0 10.3 9.6 8.4
Dividend Yield 1.5% 1.5%
 2016E 2017E 2018E 2019E 2020E CAGR
524,462 613,612 701,045 790,177 873,812 14.0%
19.1% 17.0% 14.2% 12.7% 10.6%

318,348 371,236 420,627 474,106 524,287 13.7%

60.7% 60.5% 60.0% 60.0% 60.0%

206,113 242,377 280,418 316,071 349,525 14.5%

39.3% 39.5% 40.0% 40.0% 40.0%
20.6% 17.6% 15.7% 12.7% 10.6%

43,268 50,623 56,084 59,263 65,536 11.6%

23,601 27,613 31,547 35,558 39,322 14.2%
60,313 69,031 78,868 79,018 87,381 9.2%
79,980 92,042 103,404 102,723 113,596 9.0%

126,133 150,335 177,014 213,348 235,929 18.0%

24.1% 24.5% 25.3% 27.0% 27.0%
30.6% 19.2% 17.7% 20.5% 10.6%

8,265 8,913 9,679 10,152 10,621 12.4%

117,868 141,422 167,334 203,195 225,308 18.3%
22.5% 23.0% 23.9% 25.7% 25.8%
31.5% 20.0% 18.3% 21.4% 10.9%

524 552 561 632 699 8.9%

- - - - -
117,343 140,869 166,774 202,563 224,609 18.3%
22.4% 23.0% 23.8% 25.6% 25.7%

23,469 30,991 41,693 50,641 56,152 17.1%

20.0% 22.0% 25.0% 25.0% 25.0%

93,875 109,878 125,080 151,922 168,457 18.8%

17.9% 17.9% 17.8% 19.2% 19.3%

- - - - -
93,875 109,878 125,080 151,922 168,457 18.8%
17.9% 17.9% 17.8% 19.2% 19.3%
31.1% 17.0% 13.8% 21.5% 10.9%
 33.87 39.64 45.12 54.81 60.77 18.8%
31.1% 17.0% 13.8% 21.5% 10.9%

2,772 2,772 2,772 2,772 2,772

15.0 18.0 20.0 22.0 24.0

41,580 49,896 55,440 60,984 66,528 10.8%
7,066 8,479 9,422 10,364 11,306
17.0% 17.0% 17.0% 17.0% 17.0%
44.3% 45.4% 44.3% 40.1% 39.5%

- - - - -

45,229 51,503 60,219 80,575 90,623

26.2 22.4 19.7 16.2 14.6

122.5 141.0 162.8 191.8 224.5
7.2 6.3 5.5 4.6 4.0
1.7% 2.0% 2.3% 2.5% 2.7%
Balance Sheet
Details (Rs. Lacs) 2011 2012 2013 2014 2015E
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 3,960 5,544 5,544 5,544 5,544
Reserves and Surplus 176,667 198,771 233,129 250,971 288,700
Total Shareholders' Equity 180,627 204,315 238,673 256,515 294,244

Non-current Liabilities
Deferred Tax Liabilities (Net) - - 3,278 4,651 4,651
Long-term Liabilities 1,979 1,470 1,914 2,019 2,236
Long-term Provisions 10,048 10,065 12,935 11,709 10,860
Total Non-current Liabilities 12,027 11,535 18,127 18,379 17,747

Current Liabilities
Trade Payables 56,943 51,662 54,934 48,511 55,387
Other Current Liabilities 11,084 15,165 20,346 18,567 22,155
Short-term Provisions 25,885 27,492 34,882 35,301 36,924
Total Current Liabilities 93,912 94,319 110,162 102,379 114,465

Total Equity and Liabilities 286,566 310,169 366,962 377,273 426,457

ASSETS
Non-current Assets
Tangible Assets 34,825 45,895 48,958 91,752 132,478
Intangible Assets 812 596 385 163 -
Capital Work-in-progress 6,467 4,967 12,079 9,576 10,570
Non-current Investments 5,865 7,551 5,339 5,339 5,339
Deferred Tax Assets (net) 1,873 695 - - -
Long-term Loans and Advances 18,988 34,294 47,263 68,795 72,401
Total Non-current Assets 68,830 93,998 114,024 175,625 220,788

Current Assets
Current Investments 66,681 52,204 57,417 44,196 35,357
Inventories 51,896 56,761 53,035 55,134 57,602
Trade Receivables 71,816 67,834 85,499 78,203 82,054
Cash and Bank Balances 10,373 22,350 35,465 8,649 13,546
Short-term Loans and Advances 16,772 16,525 20,619 15,250 16,893
Other Current Assets 198 497 903 216 216
Total Current Assets 217,736 216,171 252,938 201,648 205,669

Total Assets 286,566 310,169 366,962 377,273 426,457

Parity - - - - -

Total Revenue 404,253 411,722 458,938 397,667 440,437

Total COGS 258,037 264,542 288,743 242,411 269,548

Long-term Liabilities 1,979 1,470 1,914 2,019 2,236

Turover Days 1.8 1.3 1.5 1.9 1.9

Long-term Provisions 10,048 10,065 12,935 11,709 10,860

Turover Days 9.1 8.9 10.3 10.7 9.0

Trade Payables 56,943 51,662 54,934 48,511 55,387

Turover Days 80.5 71.3 69.4 73.0 75.0

Other Current Liabilities 11,084 15,165 20,346 18,567 22,155

Turover Days 15.7 20.9 25.7 28.0 30.0

Short-term Provisions 25,885 27,492 34,882 35,301 36,924

Turover Days 36.6 37.9 44.1 53.2 50.0

Long-term Loans and Advances 18,988 34,294 47,263 68,795 72,401

Turover Days 17.1 30.4 37.6 63.1 60.0

Current Investments 66,681 52,204 57,417 44,196 35,357

Growth -21.7% 10.0% -23.0% -20.0%

Inventories 51,896 56,761 53,035 55,134 57,602

Turover Days 73.4 78.3 67.0 83.0 78.0

Trade Receivables 71,816 67,834 85,499 78,203 82,054

Turover Days 64.8 60.1 68.0 71.8 68.0

Short-term Loans and Advances 16,772 16,525 20,619 15,250 16,893

Turover Days 15.1 14.6 16.4 14.0 14.0

Calculation of Working Capital

Current Assets
Inventories 51,896 56,761 53,035 55,134 57,602
Trade Receivables 71,816 67,834 85,499 78,203 82,054
Short-term Loans and Advances 16,772 16,525 20,619 15,250 16,893
 Other Current Assets 198 497 903 216 216
Total Current Assets 140,682 141,617 160,056 148,803 156,766

Current Liablities
Trade Payables 56,943 51,662 54,934 48,511 55,387
Other Current Liabilities 11,084 15,165 20,346 18,567 22,155
Short-term Provisions 25,885 27,492 34,882 35,301 36,924
Total Current Liabilities 93,912 94,319 110,162 102,379 114,465

Working Capital 46,770 47,298 49,894 46,424 42,300

Changes in working Capital -528 -2,596 3,470 4,124

 2016E 2017E 2018E 2019E 2020E

5,544 5,544 5,544 5,544 5,544

333,928 385,431 445,650 526,225 616,848
339,472 390,975 451,194 531,769 622,392

4,651 4,651 4,651 4,651 4,651

2,663 3,115 3,841 4,330 4,788
12,932 13,449 15,365 15,154 16,758
20,246 21,215 23,858 24,135 26,197

65,414 76,281 86,430 100,017 114,912

26,166 30,513 32,267 36,370 40,219
43,609 45,769 51,858 58,451 64,638
135,189 152,563 170,555 194,838 219,770

494,907 564,753 645,607 750,742 868,358

153,552 173,881 178,349 182,300 185,741

- - - - -
12,587 13,499 14,722 15,804 17,476
5,339 5,339 5,339 5,339 5,339
- - - - -
86,213 94,143 101,796 110,408 119,700
257,691 286,863 300,205 313,851 328,257

31,821 35,003 42,004 54,605 70,987

65,414 76,281 86,430 97,419 107,730
93,397 100,868 111,399 125,562 138,852
26,252 41,986 78,464 128,780 188,800
20,116 23,536 26,889 30,308 33,516
216 216 216 216 216
237,216 277,891 345,402 436,890 540,102

494,907 564,753 645,607 750,742 868,358

 - - - - -

524,462 613,612 701,045 790,177 873,812

318,348 371,236 420,627 474,106 524,287

2,663 3,115 3,841 4,330 4,788

1.9 1.9 2.0 2.0 2.0

12,932 13,449 15,365 15,154 16,758

9.0 8.0 8.0 7.0 7.0

65,414 76,281 86,430 100,017 114,912

75.0 75.0 75.0 77.0 80.0

26,166 30,513 32,267 36,370 40,219

30.0 30.0 28.0 28.0 28.0

43,609 45,769 51,858 58,451 64,638

50.0 45.0 45.0 45.0 45.0

86,213 94,143 101,796 110,408 119,700

60.0 56.0 53.0 51.0 50.0

31,821 35,003 42,004 54,605 70,987

-10.0% 10.0% 20.0% 30.0% 30.0%

65,414 76,281 86,430 97,419 107,730

75.0 75.0 75.0 75.0 75.0

93,397 100,868 111,399 125,562 138,852

65.0 60.0 58.0 58.0 58.0

20,116 23,536 26,889 30,308 33,516

14.0 14.0 14.0 14.0 14.0

65,414 76,281 86,430 97,419 107,730

93,397 100,868 111,399 125,562 138,852
20,116 23,536 26,889 30,308 33,516
 216 216 216 216 216
179,144 200,901 224,934 253,506 280,315

65,414 76,281 86,430 100,017 114,912

26,166 30,513 32,267 36,370 40,219
43,609 45,769 51,858 58,451 64,638
135,189 152,563 170,555 194,838 219,770

43,955 48,338 54,379 58,667 60,545

-1,655 -4,384 -6,041 -4,289 -1,877

Assets Schedule
Details (Rs. Lacs) 2011 2012 2013 2014 2015E
Tangible Assets (Gross Block)
Opening Balance 68,695 77,831 91,885 99,002 146,053
Additions 9,947 15,118 7,796 48,263 48,000
Deductions 811 1,064 679 1,212 1,461
Closing Balance 77,831 91,885 99,002 146,053 192,592

Accumulated Depreciation
Opening Balance 40,546 43,006 45,990 50,044 54,301
Depreciation charge during the year 3,182 3,982 4,514 5,053 6,773
Deductions 722 998 460 796 959
Closing Balance 43,006 45,990 50,044 54,301 60,115
89% 94% 68% 66%
Depreciation Rate 4.3% 4.7% 4.7% 4.1% 4.0%

Net Block
Opening 28,149 34,825 45,895 48,958 91,752
Closing 34,825 45,895 48,958 91,752 132,478

Intangible Assets
Opening Balance 5,145 5,145 5,145 5,145 5,145
Additions - - - - -
Deductions - - - - -
Closing Balance 5,145 5,145 5,145 5,145 5,145

Accumulated Amortisation
Opening Balance 3,851 4,333 4,549 4,760 4,982
Amortisation charge during the year 482 216 211 222 163
Deductions - - - - -
Closing Balance 4,333 4,549 4,760 4,982 5,145

Amortisation Rate 9.4% 4.2% 4.1% 4.3% 4.3%

Net Block
Opening 1,294 812 596 385 163
Closing 812 596 385 163 -

Capital Work-in-progress
Capital Work-in-progress 6,467 4,967 12,079 9,576 10,570

As a % of Tangible Assets 8.8% 5.9% 12.7% 7.8% 6.2%

As a % of Revenue 1.6% 1.2% 2.6% 2.4% 2.4%
 2016E 2017E 2018E 2019E 2020E

192,592 220,667 248,460 260,975 273,366

30,000 30,000 15,000 15,000 15,000
1,926 2,207 2,485 2,610 2,734
220,667 248,460 260,975 273,366 285,632

60,115 67,115 74,579 82,627 91,065

8,265 8,913 9,679 10,152 10,621
1,265 1,449 1,632 1,714 1,795
67,115 74,579 82,627 91,065 99,891

4.0% 3.8% 3.8% 3.8% 3.8%

132,478 153,552 173,881 178,349 182,300

153,552 173,881 178,349 182,300 185,741

5,145 5,145 5,145 5,145 5,145

- - - - -
- - - - -
5,145 5,145 5,145 5,145 5,145

5,145 5,145 5,145 5,145 5,145

- - - - -
- - - - -
5,145 5,145 5,145 5,145 5,145

4.3% 4.3% 4.3% 4.3% 4.3%

- - - - -
- - - - -
12,587 13,499 14,722 15,804 17,476

6.1% 5.8% 5.8% 5.9% 6.3%

2.4% 2.2% 2.1% 2.0% 2.0%
Cash Flow Statement
Details (Rs. Lacs) 2012 2013 2014 2015E 2016E
Net Profit 59,127 76,411 60,002 79,889 93,875
Add:
Depreciation and Amortization 4,198 4,725 5,275 6,936 8,265
Interest Paid 541 461 418 463 524
Changes in Working Capital -528 -2,596 3,470 4,124 -1,655
Cash Flow from Operating Activities 63,338 79,001 69,165 91,412 101,010

Cash Flow from Investing Activities

Capital Expenditure -14,054 -7,117 -47,051 -46,539 -28,074
Capital Work-in-progress 1,500 -7,112 2,503 -994 -2,017
Investments -1,337 -15,275 -8,311 5,234 -10,277
Other Adjustments -1,490 6,132 -544 -1,591 1,234
Cash Flow from Investing Activities -15,381 -23,372 -53,403 -43,891 -39,134

Cash Flow from Financing Activities

Issue of Share Capital - - - - -
Inc/Dec in Debt - - - - -
Dividend Paid -35,439 -42,053 -42,160 -42,160 -48,646
Interest Paid -541 -461 -418 -463 -524
Cash Flow from Financing Activities -35,980 -42,514 -42,578 -42,623 -49,171

Cash Flow during the Year 11,977 13,115 -26,816 4,897 12,706

Opening Cash Balance 10,373 22,350 35,465 8,649 13,546

Closing Cash balance 22,350 35,465 8,649 13,546 26,252

Free Cash Flow Statement

EBIT 75,584 94,527 82,169 89,628 117,868
Tax Rate 28.3% 27.3% 26.6% 18.0% 20.0%
Post Tax EBIT 54,195 68,703 60,309 73,495 94,294

Depreciation and Amortization 4,198 4,725 5,275 6,936 8,265

Capital Expenditure -14,054 -7,117 -47,051 -46,539 -28,074
Changes in Working Capital -528 -2,596 3,470 4,124 -1,655

Free Cash Flow to Firm (FCFF) 43,811 63,715 22,003 38,016 72,831
Capital Employed 181,965 203,208 247,866 280,698 313,221

RoIC 29.8% 35.7% 26.7% 27.8% 31.8%

 2017E 2018E 2019E 2020E
109,878 125,080 151,922 168,457

8,913 9,679 10,152 10,621

552 561 632 699
-4,384 -6,041 -4,289 -1,877
114,960 129,280 158,418 177,899

-27,793 -12,515 -12,390 -12,266

-912 -1,222 -1,082 -1,673
-11,113 -14,653 -21,214 -25,673
-480 1,010 -1,437 267
-40,298 -27,380 -36,123 -39,346

- - - -
- - - -
-58,375 -64,862 -71,348 -77,834
-552 -561 -632 -699
-58,928 -65,422 -71,980 -78,533

15,735 36,477 50,316 60,021

26,252 41,986 78,464 128,780

41,986 78,464 128,780 188,800

141,422 167,334 203,195 225,308

22.0% 25.0% 25.0% 25.0%
110,309 125,501 152,397 168,981

8,913 9,679 10,152 10,621

-27,793 -12,515 -12,390 -12,266
-4,384 -6,041 -4,289 -1,877

87,045 116,624 145,870 165,458

348,989 372,730 402,989 433,591

33.3% 34.8% 39.3% 40.4%

Cost Model
Details (Rs. Lacs) 2011 2012 2013 2014 2015E
Total Revenue 404,253 411,722 458,938 397,667 440,437

Cost of Materials Consumed 240,206 244,664 270,181 228,084

Purchases of Traded Goods 22,459 25,768 18,543 14,843
Change in Inventories -4,628 -5,890 19 -516
Cost of Goods Sold 258,037 264,542 288,743 242,411 269,548
As a % of Revenue 63.8% 64.3% 62.9% 61.0% 61.2%

Employee Benefits Expense 25,463 30,394 33,862 33,962 37,437

As a % of Revenue 6.3% 7.4% 7.4% 8.5% 8.5%

Other Expenses 44,414 47,061 52,845 51,621 50,650

As a % of Revenue 11.0% 11.4% 11.5% 13.0% 11.5%

Other Income 8,037 10,057 15,764 17,771 22,022

As a % of Revenue 2.0% 2.4% 3.4% 4.5% 5.0%

Finance Costs 475 541 461 418 463

As a % of Revenue 0.1% 0.1% 0.1% 0.1% 0.1%
 2016E 2017E 2018E 2019E 2020E
524,462 613,612 701,045 790,177 873,812

318,348 371,236 420,627 474,106 524,287

60.7% 60.5% 60.0% 60.0% 60.0%

43,268 50,623 56,084 59,263 65,536

8.3% 8.3% 8.0% 7.5% 7.5%

60,313 69,031 78,868 79,018 87,381

11.5% 11.3% 11.3% 10.0% 10.0%

23,601 27,613 31,547 35,558 39,322

4.5% 4.5% 4.5% 4.5% 4.5%

524 552 561 632 699

0.1% 0.1% 0.1% 0.1% 0.1%
Quarterly Income Statement
Details (Rs. Lacs) Q1 2013 Q2 2013 H1 2013 Q3 2013 9M 2013
Total Revenue 125,875 108,690 234,565 108,946 343,511
Growth YoY
Growth QoQ -13.7% 0.2%

Cost of Goods Sold 79,721 67,971 147,692 68,296 215,988

As a % of Revenue 63.3% 62.5% 63.0% 62.7% 62.9%

Gross Profit 46,154 40,719 86,873 40,650 127,523

Gross Profit Margin 36.7% 37.5% 37.0% 37.3% 37.1%
Growth YoY
Growth QoQ -11.8% -0.2%

Employee Benefits Expense 8,466 8,135 16,601 8,408 25,009

Other Income 3,849 3,382 7,231 6,613 13,844
Other Expenses 14,439 12,592 27,031 11,380 38,411
Total Expenses 19,056 17,345 36,401 13,175 49,576

EBITDA 27,098 23,374 50,472 27,475 77,947

EBITDA Margin 21.5% 21.5% 21.5% 25.2% 22.7%
Growth YoY
Growth QoQ -13.7% 17.5%

Depreciation and Amortization Expense 1,139 1,171 2,310 1,178 3,488

EBIT 25,959 22,203 48,162 26,297 74,459
EBIT Margin 20.6% 20.4% 20.5% 24.1% 21.7%

Finance Costs 135 129 264 85 349

Exceptional items 4,750
PBT 25,824 22,074 47,898 30,962 78,860
PBT Margin 20.5% 20.3% 20.4% 28.4% 23.0%

Tax expense 7,769 5,980 13,749 7,554 21,303

Tax Rate 30.1% 27.1% 28.7% 24.4% 27.0%

Net Profit 18,055 16,094 34,149 23,408 57,557

Profit Margin 14.3% 14.8% 14.6% 21.5% 16.8%
Growth YoY
Growth QoQ -10.9% 45.4%

Basic and Diluted Earnings per Share (Rs.) 6.51 5.81 12.32 8.44 20.76
Growth

Number of Shares Outstanding (In Lacs) 2,772 2,772 2,772 2,772 2,772
Q4 2013 FY 2013 Q1 2014 Q2 2014 H1 2014 Q3 2014 9M 2014 Q4 2014 FY 2014
115,428 458,939 104,933 93,271 198,204 102,301 300,505 97,162 397,667
-16.6% -14.2% -15.5% -6.1% -12.5% -15.8% -13.4%
5.9% -9.1% -11.1% 9.7% -5.0%

72,757 288,745 65,432 56,037 121,469 61,391 182,860 59,551 242,411

63.0% 62.9% 62.4% 60.1% 61.3% 60.0% 60.9% 61.3% 61.0%

42,671 170,194 39,501 37,234 76,735 40,910 117,645 37,611 155,256

37.0% 37.1% 37.6% 39.9% 38.7% 40.0% 39.1% 38.7% 39.0%
-14.4% -8.6% -11.7% 0.6% -7.7% -11.9% -8.8%
5.0% -7.4% -5.7% 9.9% -8.1%

8,852 33,861 8,309 8,757 17,066 8,729 25,795 8,167 33,962

8,237 22,081 6,679 5,584 12,263 2,363 14,626 3,145 17,771
14,434 52,845 13,632 13,213 26,845 12,425 39,270 12,351 51,621
15,049 64,625 15,262 16,386 31,648 18,791 50,439 17,373 67,812

27,622 105,569 24,239 20,848 45,087 22,119 67,206 20,238 87,444

23.9% 23.0% 23.1% 22.4% 22.7% 21.6% 22.4% 20.8% 22.0%
-10.6% -10.8% -10.7% -19.5% -13.8% -26.7% -17.2%
0.5% -12.2% -14.0% 6.1% -8.5%

1,237 4,725 1,174 1,312 2,486 1,331 3,817 1,458 5,275

26,385 100,844 23,065 19,536 42,601 20,788 63,389 18,780 82,169
22.9% 22.0% 22.0% 20.9% 21.5% 20.3% 21.1% 19.3% 20.7%

112 461 122 93 215 97 312 106 418

26,273 105,133 22,943 19,443 42,386 20,691 63,077 18,674 81,751

22.8% 22.9% 21.9% 20.8% 21.4% 20.2% 21.0% 19.2% 20.6%

7,419 28,722 6,324 4,962 11,286 5,968 17,254 4,495 21,749

28.2% 27.3% 27.6% 25.5% 26.6% 28.8% 27.4% 24.1% 26.6%

18,854 76,411 16,619 14,481 31,100 14,723 45,823 14,179 60,002

16.3% 16.6% 15.8% 15.5% 15.7% 14.4% 15.2% 14.6% 15.1%
-8.0% -10.0% -8.9% -37.1% -20.4% -24.8% -21.5%
-19.5% -11.9% -12.9% 1.7% -3.7%

6.80 27.57 6.00 5.22 11.22 5.31 16.53 5.12 21.65

2,772 2,772 2,772 2,772 2,772 2,772 2,772 2,772 2,772
Q1 2015 Q2 2015 H1 2015 Q3 2015 9M 2015
104,514 114,406 218,920 108,309 327,229
-0.4% 22.7% 10.5% 5.9% 8.9%
7.6% 9.5% -5.3%

63,325 70,577 133,902 66,758 200,660

60.6% 61.7% 61.2% 61.6% 61.3%

41,189 43,829 85,018 41,551 126,569

39.4% 38.3% 38.8% 38.4% 38.7%
4.3% 17.7% 10.8% 1.6% 7.6%
9.5% 6.4% -5.2%

9,033 10,170 19,203 10,176 29,379

2,411 7,264 9,675 4,114 22,049
14,170 14,667 28,837 12,439 41,276
20,792 17,573 38,365 18,501 48,606

20,397 26,256 46,653 23,050 77,963

19.5% 22.9% 21.3% 21.3% 23.8%
-15.9% 25.9% 3.5% 4.2% 16.0%
0.8% 28.7% -12.2%

1,860 2,039 3,899 2,165 6,064

18,537 24,217 42,754 20,885 71,899
17.7% 21.2% 19.5% 19.3% 22.0%

125 98 223 134 357

8,260 - - -
26,672 24,119 50,791 20,751 71,542
25.5% 21.1% 23.2% 19.2% 21.9%

5,473 3,879 9,352 2,649 12,001

20.5% 16.1% 18.4% 12.8% 16.8%

21,199 20,240 41,439 18,102 59,541

20.3% 17.7% 18.9% 16.7% 18.2%
27.6% 39.8% 33.2% 23.0% 29.9%
49.5% -4.5% -10.6%

7.65 7.30 14.95 6.53 21.48

2,772 2,772 2,772 2,772 2,772
Revenue Break up
2013
Details (Rs. Crores) 1Q 2Q 3Q 4Q FY 1Q
Domestic 620 765 822 832 3,039 753
Export 421 303 249 296 1,269 276
Total Revenue 1,041 1,068 1,071 1,128 4,308 1,029

Domestic
Powergen Segment 330
Industrial Segment 140
Distribution Segment 230
Automotive Segment 40
Export
LHP export 90
HHP 186
Misc 13
Total 1,041 1,068 1,071 1,128 4,308 1,029
`
Source: Cummins India call transcript
 2014 2015
2Q 3Q 4Q FY 1Q 2Q 3Q 9M 15 9M 14
612 720 617 2,702 643 633 667 1,943 2,085
302 280 339 1,197 390 484 390 1,264 858
914 1,000 956 3,899 1,033 1,117 1,057 3,207 2,943

240 295 270 1,135 288 259 230 777 865

120 150 114 524 102 114 165 381 410
227 240 196 893 218 236 235 689 697
15 35 30 120 26 24 25 75 90

60 90 110 350 119 130 100 349 240

242 190 229 847 271 354 290 915 618
10 - 7 30 9 12 21 23
914 1,000 956 3,899 1,033 1,117 1,057 3,207 2,943
YoY Change
-6.8%
47.3%
9.0%

-10.2%
-7.1%
-1.1%
-16.7%

45.4%
48.1%
-8.7%
Key Ratios
Details 2012 2013 2014 2015E 2016E
Key Financial Metrics
Growth
Revenue 1.8% 11.5% -13.4% 10.8% 19.1%
Gross Profit 0.7% 15.6% -8.8% 10.1% 20.6%
EBITDA -5.4% 24.4% -11.9% 10.4% 30.6%
EBIT -6.4% 25.1% -13.1% 9.1% 31.5%
PAT -12.5% 26.4% -8.2% 19.4% 31.1%
EPS -12.5% 26.4% -8.2% 19.4% 31.1%

Profitability
Gross Profit Margin 35.7% 37.1% 39.0% 38.8% 39.3%
EBITDA Margin 19.4% 21.6% 22.0% 21.9% 24.1%
EBIT Margin 18.4% 20.6% 20.7% 20.3% 22.5%
PAT Margin 12.6% 14.2% 15.1% 16.3% 17.9%
RoCE 26.9% 29.5% 24.2% 26.0% 29.6%
RoE 26.9% 29.5% 24.2% 26.0% 29.6%

Valuation
P/E (x) 47.6 37.6 41.0 34.3 26.2
P/B (x) 12.0 10.3 9.6 8.4 7.2
EV/EBITDA (x) 30.2 24.3 27.5 24.9 19.1
EV/Sales (x) 5.8 5.2 6.1 5.5 4.6
Dividend yield 1.7% 1.2% 1.5% 1.5% 1.5%

Per Share
Adjusted EPS 18.7 23.6 21.6 25.8 33.9
BV/Share 73.7 86.1 92.5 106.1 122.5
Cash/Share 8.1 12.8 3.1 4.9 9.5
Dividend / Share 11.0 13.0 13.0 13.0 15.0

Efficiency
Tax Rate 28.3% 27.3% 26.6% 18.0% 20.0%
Asset turnover (x) 2.0 1.9 1.5 1.5 1.5
Inventory (days) 78.3 67.0 83.0 78.0 75.0
Debtor (days) 60.1 68.0 71.8 68.0 65.0
Payables (days) 71.3 69.4 73.0 75.0 75.0
Cash Conversion Cycle (days) 67.2 65.6 81.8 71.0 65.0
2017E 2018E 2019E 2020E

17.0% 14.2% 12.7% 10.6%

17.6% 15.7% 12.7% 10.6%
19.2% 17.7% 20.5% 10.6%
20.0% 18.3% 21.4% 10.9%
17.0% 13.8% 21.5% 10.9%
17.0% 13.8% 21.5% 10.9%

39.5% 40.0% 40.0% 40.0%

24.5% 25.3% 27.0% 27.0%
23.0% 23.9% 25.7% 25.8%
17.9% 17.8% 19.2% 19.3%
30.1% 29.7% 30.9% 29.2%
30.1% 29.7% 30.9% 29.2%

22.4 19.7 16.2 14.6

6.3 5.5 4.6 4.0
16.0 13.6 11.3 10.2
3.9 3.4 3.0 2.8
1.7% 2.0% 2.3% 2.5%

39.6 45.1 54.8 60.8

141.0 162.8 191.8 224.5
15.1 28.3 46.5 68.1
18.0 20.0 22.0 24.0

22.0% 25.0% 25.0% 25.0%

1.5 1.5 1.5 1.4
75.0 75.0 75.0 75.0
60.0 58.0 58.0 58.0
75.0 75.0 77.0 80.0
60.0 58.0 56.0 53.0
5 Plants
Kothrud, Pune
Pirangut
BCL upfit, Phaltan
PGBU SEZ, Phaltan
PDC, Phaltan

Capacity
Power Generation Business Unit Plant (Pirangut)
A facility for the Power Generation Business was inaugurated at MIDC Specimatured capacity of 51,000 units by 2016
Power Generation Business Unit Plant (Pirangut)

Phaltan Midrange Engine Upfit Center This facility will have an annual capacity of 24,000 engines
Engine Business Unit Plants (Kothrud and Pune - Nagar Road)

Distribution Business Unit Plants (Erandwane, Pune and HHP Rebuild Center, Phaltan
India Parts Distribution Center (Phaltan

2011 2012 2013 2014

Export sales Unit
Engines sold 9,310 7,327 5,581 5,412
Generator sets sold 4,908 3,880 6,715 6,747
14,218 11,207 12,296 12,159
7.46 10.63 10.33 10.03
51,000 units by 2016