13 January 2012
Update | Sector: Capital Goods
Alstom Projects India
BSE SENSEX
S&P CNX
16,155
4,866
CMP: INR371
Alstom-SEC boiler JV not to impact BHEL
Not Rated
ABBAP's growth to hinge around hydropower and transportation sectors in India
Bloomberg
ABBAP IN
Equity Shares (m)
67.0
52-Week Range (INR) 692/280
1,6,12 Rel. Perf. (%)
6/-22/-28
M.Cap. (INR b)
24.9
M.Cap. (USD b)
0.5
Y/E March
2009
Sales (INR b) 22.9
EBITDA (INR b) 2.0
Net Profit (INR b)1.3
EPS (INR)
20.1
EPS Growth (%)89.8
BV/Share (INR)60.9
P/E (x)
18.4
P/BV (x)
6.1
EV/EBITDA (x) 10.8
EV/ Sales (x)
0.9
RoE (%)
35.5
RoCE (%)
33.0
2010
20.4
2.5
1.7
25.0
24.0
74.1
14.9
5.0
7.6
0.9
37.0
34.2
2011
18.0
2.5
1.7
25.2
1.0
87.7
14.7
4.2
7.1
1.0
31.2
28.7
Alstom SA acquired the transmission business of Areva T&D recently and has entered
into an agreement to form a boiler JV with Shanghai Electric Company. BHEL will not be
impacted by the JV.
ABBAP will transfer the boiler business to the JV. Its growth will hinge around the
hydropower, gas-based power and transportation sectors in India.
While the opportunity is large, near-term demand is subdued. Recovery in the
hydropower and gas-based power segments will be critical for the stock's
outperformance.
Global slowdown necessitating consolidation; Alstom SA to form JV with SEC for
boiler business:
The Alstom Group is undergoing significant transformation
globally. Alstom SA acquired the transmission business of Areva T&D recently
and has entered into an agreement with Shanghai Electric Company (SEC) to
create a 50:50 JV, which will own all boiler manufacturing assets of the two
companies worldwide. The company sees China and India as two key markets
over the next few years. The company is very optimistic on its JVs in India - with
Bharat Forge for supercritical turbine generator and with NTPC for boiler servicing.
Collaboration with BHEL to remain unaffected by JV with SEC:
BHEL has a long-
term technology agreement with Alstom. The formation of Alstom-SEC JV has
raised concerns on the future of this collaboration, given that SEC is an active
player in India. The Alstom management reiterated that these concerns are
unfounded. BHEL has exclusive rights on Alstom supercritical technology in India
and will continue to enjoy that status.
Indian BTG manufacturing industry lost out to Chinese manufacturers due to
unpreparedness:
The Indian power equipment manufacturers were not prepared
when demand surge occurred in 2005-08, leaving the field open to the Chinese
manufacturers. The scenario has changed over time and India has built sufficient
capacity to meet domestic demand. In India, however, projects are awarded on
the basis of initial cost and not on life-cycle cost, which is detrimental to the
growth of sector and puts companies like BHEL and Alstom at a disadvantage.
ABBAP's 1HFY12 margins fail to impress due to disappointing performance of
boiler business:
During 1HFY12, ABBAP's revenue increased 31% YoY. However
PAT declined 49% YoY, mainly due to disappointing performance of the boiler
business. The order book currently stands at INR58b, implying BTB of 3.2x FY11
revenue. We believe that while the opportunity in hydro and transportation
sectors is large, near-term demand is subdued and it will not be able to
compensate for loss of boiler business in the next few years. Recovery in the
hydropower and gas segments will be critical for stock outperformance. ABBAP
trades at 25% premium to BHEL on FY11 P/E and lacks near-term catalysts.
Shareholding pattern % (Sep-11)
Others,
14.9
Foreign,
3.7
Dom.
Inst,
12.9
Promoters
68.5
Stock performance (1 year)
Als tom Projects
Sens ex - Reba s ed
800
600
400
200
0
Dhirendra Tiwari
(Dhirendra.Tiwari@motilaloswal.com ) +91 22 3029 5127
Deepak Kumar Narnolia
(Deepaknaranolia@MotilalOswal.com) +91 22 3029 5126

Alstom Projects India
Power market facing hurdles
In India, demand for power and power equipments is driven by regulatory changes
and hence not predictable. Demand surged in 2005-8, following the Electricity Act
2003, which attracted a large number of first-time power developers to the sector.
The Indian power equipment manufacturers were not prepared for this demand
surge, leaving the field open to Chinese manufacturers.
Mr Sharma believes that, in India there is still little focus on efficiency. Projects
are awarded on the basis of initial cost and not on life-cycle costs. A large number
of thermal power projects based on imported equipment may see operational
cost rising over next 5-7 years, thereby significantly impacting their returns.
Established power equipment manufacturers, including Alstom, do not believe
in following predatory prices quoted by a few suppliers. Given the risks involved
with quoting low, including losses and liquidation damages, most manufacturers
will not be prepared to quote below their set price bands.
The installed capacity has little meaning. Indian manufacturers can produce not
more than 20GW per annum as of now (Indian power equipment manufacturing
capacity is expected to be 36GW by FY14-15).
Alstom (France) - Transferring boiler business to JV with Shanghai Electric
Alstom and Shanghai Electric Company have announced their intent to create
Alstom-Shanghai Electric Boilers Company (ASEBC), a 50:50 JV combining activities
of both the companies in the boiler market for power plants. However, the EPC
and service businesses of respective companies will not be transferred to the JV.
ASEBC would be world leader, with combined annual sales of about EUR2.5b.
By combining the complementary assets of the two companies, the joint company
will benefit from both (1) Shanghai Electric's cost competitiveness as well as its
very strong positioning in China, the largest market in the world for coal-fired
power plant boilers, and (2) Alstom's relationships with utilities worldwide as
well as its leadership in clean coal power plants and its technologies.
In India, the Durgapur facility of Alstom Projects India will be transferred to the
JV. Durgapur facility currently is engaged in new and spare parts manufacturing.
Currently Boiler business roughly contributes 30% of the sales.
BHEL has a long-term technology agreement with Alstom. The agreement was
signed in 2005 and is valid for 15 years. The formation of ASEBC has raised concerns
on the future of this collaboration, given that Shanghai Electric is an active player
in India. It has also raised a question whether Alstom, through the JV, will enter
the Indian power boiler market, thereby competing with BHEL directly.
Alstom management re-iterated that these concerns are unfounded. BHEL has
exclusive right on Alstom supercritical technology in India. The new JV will not
have access to Indian market for selling supercritical boilers, and ASEBC will not
directly compete.
The management stated that negotiations are still going on between Alstom and
SEC and actual scheme of merger has yet to evolve.
13 January 2012
2

Alstom Projects India
Alstom (France) - Global engineering giant with focus on power and
transport segments
Alstom globally operates in two segments, namely, a) Power and b) Transport.
Headquartered in France, the company is present in over 70 countries with EUR21b
of revenues (including Areva's T&D business acquired in FY11). According to the
company, Alstom has supplied ~25% of the global installed power generation
capacity and has rolled out 1 in 4 metro rail and 1 in 3 tramway systems globally.
The company is an integrated power equipment manufacturer in thermal, gas,
hydro and renewable energy sectors. The company also has strong product
portfolio for emission control in power generation, petrochemical and industrial
sectors. It also serves demand for upgrades and modernization of existing power
plants. Similarly, transport segment provides equipment and systems for rail
transportation activities, including passenger trains, locomotives, signaling
equipments, rail components and services.
The recently acquired T&D business from Areva T&D in FY11 has been added to a
new segment called the 'Alstom Grid' to its erstwhile operational segment of
Power and Transport. Alstom Grid has an order backlog of EUR5b, annual revenues
of EUR3.6b, and OPM of 5-6%.
The segment employs more than 20,000 people in over 90 manufacturing sites.
Alstom Grid is among top three companies in electricity transmission along with
ABB and Siemens. In FY11, geographical sales split was: Europe (30%), Africa-
Middle East (20%), Asia-Pacific (31%) and Americas (9%).
Alstom key figures (EUR b) - Alstom globally intends to maintain its EBITDA margins in the 7-8% range
Y/E March
FY06
FY07
FY08
Order Backlog
26.9
32.4
39.2
Orders Intake
15.3
19.0
23.5
Sales
13.4
14.2
16.9
OPM (%)
5.6
6.7
7.7
* including Areva T&D, # excluding Areva T&D
FY09
45.7
24.6
18.7
8.2
FY10
42.6
14.9
19.7
9.1
FY11
41.6
15.6
17.2
7.8
FY11* H1FY11* H1FY12* % YoY* % YoY#
46.8
45.3
47.4
4.6
6
19.05
7.0
10.1
43.7
48
20.9
10.4
9.4
-10.0
-15
7.5
7.3
6.7
(60bp)
Source: Company/MOSL
Power-Key Figures
Euro.B
Orders
Backlog
Sales
EBITDA
OPM (%)
FY09
16.5
26.2
13.1
1.2
9.6
FY10
9.4
23.3
13.9
1.5
10.6
FY11 H1FY11 H1FY12 % YoY
9.9
3.6
5.6
57.4
22.2
21.4
22.4
4.8
11.7
6.0
5.0
-15.8
1.1
0.5
0.4
-12.0
9.0
8.5
8.9
40bp
Source: Company/MOSL
Transport-Key Figures
Euro.B
Orders
Backlog
Sales
EBITDA
OPM (%)
FY09
8.1
19.5
5.7
0.4
7.2
FY10
5.5
19.2
5.7
0.4
7.2
FY11 H1FY11 H1FY12 % YoY
5.7
2.0
2.7
32.8
19.5
18.6
19.9
7.2
5.6
2.9
2.5
-15.6
0.4
0.2
0.1
-42.3
7.1
7.3
5.0 -230bp
Source: Company/MOSL
Grid - Key Figures
Euro.B
FY11**
H1FY11*
Orders
3.4
1.4
Backlog
5.1
5.3
Sales
3.6
1.5
EBITDA
0.2
0.1
OPM (%)
6.0
5.8
* Four months from June to Sept'10; ** June 2010 onwards
H1FY12
% YoY
1.9
32.4
5.0
-5.1
1.8
20.8
0.1
21.6
5.8
-
Source: Company/MOSL
13 January 2012
3

Alstom Projects India
Alstom Global: Power dominates the revenue mix (%)
Trans -
porta ti on
27%
Alstom-Global Order intake mix (%) (FY11)
Europe
34%
As i a Pa ci fi c
32%
Gri d
17%
Thermal
Power
47%
Afri ca
11%
Renewa bl e
Power
9%
La ti n
Ameri ca
10%
North
Ameri ca
13%
Source: Company/MOSL
Aggressively tapping Indian markets through JVs
In India, Alstom Group intends to focus on gaining traction in power equipment
space through joint ventures with leading Indian companies. India is emerging as
a key destination for Alstom. Globally the company is significantly ramping up its
focus towards emerging countries
Alstom France has formed two joint ventures with Bharat Forge. The flagship JV is
setting up a plant in Gujarat to manufacture supercritical steam turbine. Another
JV will have facility for turbine components. The plant, being set up at the cost of
INR20b, will have capacity of 5,000MW per annum.
Alstom France has also entered into technical collaboration with BHEL for
supercritical boilers. The agreement is valid till 2020.
Alstom has also formed a 50:50 JV with NTPC for servicing and retrofitting aging
steam generators.
Alstom presence in India
Alstom geographical order intake mix (FY11)
Other
emergi ng
countri es ,
25%
BRICs , 10%
Developed
countri es ,
65%
Alstom, France
100%
75%
Other
emergi ng
countri es ,
35%
BRICs , 25%
Devel oped
countri es ,
40%
FY11
APIL (67%)
NTPC Alstom JV for
retrofitting
generators (50:50)
Alstom-Bharat Forge JV
for components (49:51)
50%
25%
0%
Alstom-Bharat Forge
JV for turbines (51:49)
FY10
Source: Company/MOSL
13 January 2012
4

Alstom Projects India
Alstom Projects India: Hydro, gas and transportation sectors to drive growth
post merger of boiler manufacturing assets of Alstom-SEC
Alstom Projects India (APIL) is the listed Indian subsidiary of Alstom France with
FY11 revenues of INR18b. In India, it has presence across the power and
transportation segments (mainly, railways), with four manufacturing sites
employing 4,000 people. Power is the dominant business accounting for 95% of
FY11 sales while transport accounts for remaining 5%.
However, there is strong growth expected in railways orders in next 4-5 months,
particularly for Dedicated Freight Corridor, which will increase share of transport
sector in revenues in FY12-13.
APIL has benefited from parent's partnership with BHEL. It has spent over ~INR2b
over the last 2-3 years to ramp up and upgrade its supercritical capabilities in
Durgapur and Shahabad. The company is key supplier of components (pressure
parts for supercritical boilers) to BHEL, which is executing 11GW of supercritical
power projects and is expected to get 6.5GW from NTPC bulk tenders. In turn,
Alstom could execute a good portion of the work outsourced by BHEL (roughly
INR2-4b / 800MW set). Post transfer of Durgapur facility to Alstom-SEC JV, the
orders will get executed by JV. However, over a period of time, BHEL will indigenize
technology, thereby lowering the quantum of boiler components outsourced from
APIL.
Hydro - Global sourcing hub for Alstom Group
APIL has established is one of the largest hydro-power equipment manufacturing
hubs of the group at Vadodara facility, along with its locations in France, China,
Brazil, Switzerland, Spain and Canada. The factory has a capacity of 4,000MW and
meets demand from India and other regional emerging markets. Alstom has 38%
market share in Hydro power ordering in the XIIth plan.
CEA has identified ~25,000MW of feasible hydro-power projects for the 12th Plan.
Hydro-power occupies 25% share of the power generation mix and currently the
installed base stands at 37,000MW. Of this, APIL (through Alstom) has contributed
towards installation of ~6,000MW. The company stands to benefit from the
opportunity, though the sector is mired in environmental and rehabilitation issues.
The company is executing NHPC's 2000MW (8 x 250MW) hydro power project,
largest in India. The project has been significantly delayed and is now expected to
be completed by December 2012. Alstom has completed over 70% of work.
Hydro-Projects under execution
Plant Name
Teesta VI
Iiarionas
Lower Jurala
Bujagali HEP
Uri Stage II
Chamera Stage III
Chuzachen
Subansiri
Omkareshwar-
Hydromechanical
Configuration (MW)
1,000 MW (4X125)
154MW (2X77)
240MW (40X6)
255MW (5X51)
240MW (60X4)
231MW ( 3X77)
110MW (2X55)
2,000MW (250X8)
390MW (3X130)
Utility
Lanco
Greece
APGENCO
Uganda
NHPC
NHPC
Gati Infra
NHPC
NHDC
Estimated requirement for Hydro Power equipment in the 12th
and 13th Plan
Equipment
12th Plan
Hydro-mechanical
Gates and Hoist
-Radial spillway gates
415
-Vertical lift gates
630
Electromechanical
Turbine (MW)
20,130
Turbine (no)
238
Butterfly Valve (set)
48
Main inlet Valve (set)
198
13th plan
Total
505
767
920
1,397
Source: Company/MOSL
13 January 2012
24,495
44,625
286
524
58
106
241
439
Source: Company/MOSL
5

Alstom Projects India
APIL's presence in gas based power projects - equally noteworthy
India's current (Sep-2011) gas-based power generation capacity stands at 16.6GW
forming less than 10% of the total installed capacity of 183GW. APIL has been a
part of ~3.6GW of gas-based projects in India mainly through Alstom, France.
Although gas-based power capacity for the 12th Plan has not been ascertained
due to issues related to gas availability and pricing, APIL has a good traction
maintained with all state, central and private utilities.
Gas: currently 2.3GW of projects under execution in India
Project
Pragati-III (Bawana)
GSEG Hazira Ext
Pipavav JV CCGT
Lakwa
Rithla CCPP
MW
PPCL
1,250
GSECL
350
GSECL
700
ASGENCO
37
NDPL
37
Source: Company/MOSL
Orders from BHEL for supercritical boilers components
Year
FY09
FY10
FY11
FY11
Project
Krishnapattanam
Barh II
Yeramarus
Bellary
Utility
Company
APPDCL
NTPC
KPCL
KPCL
Size
Value
(MW)
(INR m)
2 x 800
3,730
2 x 600
2,384
2 x 800
4,670
1 x 700
1,420
Source: Company/MOSL
Transportation business: Charting a new leg of growth
During FY04 to FY11, APIL's transport segment revenues clocked a modest CAGR of
7%. Considering the concrete future plans of Indian Railways to expand its network
and introduce metro rail services in cities, we expect this segment to gain
significant traction going forward. The Indian Railways' ambitious investment plans
(~INR14t over the next 10 years) including metro projects coming up in six major
cities (~INR880b) will create a lot of opportunities for APIL. The Indian Railways is
expected to award around USD3b contracts in phase - 1 of Dedicated Freight
Corridor (DFCC) in the next 9 months and another USD7b by March 2013.
APIL received orders worth INR9b for supplying rolling stock and tracks for the
metro in Chennai in Sep-2010. The first deliveries are planned in 2012. Indian
cities with population of one million or more are planning a metro rail project,
and hence, this segment holds great promise for Alstom and APIL in the future.
The order from Chennai Metro reinforces Alstom's leadership position in the
transportation segment. As a multi-specialist rail transport solutions supplier,
Alstom has previously provided train control and signaling systems for the metro
of Delhi and is installing them in the Bangalore Metro.
Alstom: Projects executed in the past for the Metro and the Indian Railways
Project
Year
Rolling stock and tracks to Chennai metro
2010
Delhi Metro Phase II- Signaling and Telecom systems and electrical
equipment & services for rolling stock
2007
Delhi Metro Phase I-Signaling and telecom systems including servies for rolling stock 2005
Traction drives for Delhi Metro
2005
Source: Company/MOSL
13 January 2012
6

Alstom Projects India
Order History: Order win demonstrates strong hold in Hydro Power EPC and Railways
Order details
Date
Client
Isolux Corsán
Tehri Hydro Development
Esti Energia
NALCO
EDAC, SEC
GVK
Dans Energy Pvt Ltd
Hindalco Industries
Lanco
Dagachhu Hydro Corp
APGENCO
UAE Govt
Uganda Govt
NHPC, Gati
Chennai Metro
Place
Bangladesh
Uttarakhand
Estonia
Orissa
India & Vietnam
AP
Sikkim
MP
Sikkim
Bhutan
AP
UAE
Uganda
Value
(INR m)
11,880
57,000
1,200
2,400
8,545
1,240
4,700
2,650
1,800
4,600
2,420
3,500
Gas turbine equipment and associated services
Nov-11
Variable speed pumped storage hydro power plant *
Jun-11
CFBC Boilers for a 600MW Power plant **
Jan-11
Orders for Electro-Static Precipitators
Jan-11
Orders from India & Vietnam for ECS
Nov-10
Order for EPC/BoP of Gas Turbine, Steam Turbine
for 800MW CCPP of GVK *
Jul-10
Main plant package for the 96MW HEP at Sikkim
May-10
Order for four gas treatment plants at Mahan and
Aditya aluminum smelters
Nov-09
Complete EPC of 4X125MW HEP for Lanco Infratech
Jul-09
Order for electromechanical, generator as well as
automation of a 124MW HEP in Bhutan
Sep-09
Turnkey order for a 6X40MW HEP in Andhra Pradesh
Nov-08
Complete design EPC of five HRSG's at Fujairah water
diesel plant, UAE
Feb-08
Turbine, Generator and EPC order for 5 X 51MW for a
HEP in Uganda
Feb-08
Order for EPC for 4X60MW Uri stage-II,3 X 77MW
Chamera stage-III and 2X55MW Chuzachen HEP's
Feb-07
Orders for 168 cars from Chennai Metro *
Sep-10
* Share of APIL only, ** consortium of Alstom global and APIL
J&K, HP & Sikkim
7,500
Chennai
8,775
Source: Company/MOSL
APIL Financials - Consistent revenue growth, volatile margins
During 1HFY12, its revenue increased 31% YoY. However PAT declined 49% YoY,
mainly due to disappointing performance of the boiler business. Order intake
surged 42% YoY in FY11, driven by some large orders during the year. The order
book currently stands at INR58b, implying BTB of 3.2x FY11 revenue (including an
order worth INR9b from GVK, which is stalled).
APIL has consistently grown its revenues over FY04-11 at 17% CAGR and PAT with
24% CAGR. The company's order intake jumped 41% YoY in FY11 driven by some
large orders received during the year, including a CCP (combined cycle power)
plant and a corresponding maintenance and order from Chennai Metro.
APIL's margins tend to be volatile with changing product mix. Growing presence
in railways segment and increasing localization should help APIL sustain EBITDA
margin at around 11-12% over the long term.
The company has remained a net debt free company and with average asset turn
of 8x over FY04-11, resulting in superior RoE and RoCE. We expect APIL to chart a
similar trajectory of returns going forward, given its superior project/client basket
coupled with years of expertise in handling large projects in India.
1HFY12 results snapshot
1HFY11
1HFY12*
YoY %
Revenues
6,598
8,625
30.7
EBITDA
1,030
241
-76.6
EBITDA Margin (%)
15.6
2.8
-1,281bp
PAT
686
349
-49.1
*Includes sales and net profit from boiler business of INR 2,385m and INR 11.6 m respectively
classified as discontinuing operations
Source: Company/MOSL
13 January 2012
7

Alstom Projects India
Significant growth in order backlog
Order ba ckl og (INR b)
BTB (X)
3.2
Order intake grew 42% YoY in FY11
Order Inta ke (INR b)
112.8
27.5
1.7
1.2
8.8
-1.6
18.7
18.5
19.7
6.8
21.0
30.9
6.4
51.8
Inta ke Growth (% YoY)
41.7
1.7
1.1
2.0
2.0
1.9
10.0
9.2
18.4
24.7
28.9
27.0
34.1
57.7
6.2
Sales: FY04-11 CAGR of 17%
Net Sa l es (INR b)
39.9
29.0
14.5
0.8
-10.8
5.9
8.3
9.5
12.2
15.5
22.9
20.4
-11.7
18.0
26.8
Growth (%)
48.0
EBITDA Margin sustainable at around 11-12%
EBITDA Ma rgi n (%)
13.8
12.2
9.7
6.4
3.7
4.3
4.6
8.6
Future PAT growth could be steadier than past
PAT (INR m)
136.2
76.3
20.5
-3.4
-37.9
772
479
463
1,094
765
1,349
1,673
1,689
-30.0
24.0
1.0
Growth (%)
High RoE and ROCE over the years
RoE (%)
RoCE (%)
34.1
35.5
37.0
31.2
31.9
13.4
12.9
13.2
12.9
15.8
16.1
20.5
20.0
33.0
34.2
28.7
Source: Company/MOSL
13 January 2012
8

Alstom Projects India
Financials and Valuation
Income Statement
Y/E March
Total Income
Change (%)
Material Costs
Erection/Sub-contracting costs
Staff Costs
Other Expenditure
EBITDA
Change (%)
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Adjusted.PAT
Extra-ord. Items (net)
Reported PAT
Change (%)
2006
9,456
14.5
1,500
5,252
890
1,378
437
23.0
4.6
141
2
240
534
71
13.3
463
0
463
26.8
2007
12,197
29.0
1,740
6,779
1,226
1,264
1,188
172.0
9.7
164
2
348
1,370
277
20.2
1,094
0
1,094
136.2
2008
15,471
26.8
3,299
7,716
1,807
1,665
984
-17.2
6.4
237
1
430
1,176
465
39.5
765
54
711
-35.0
2009
22,903
48.0
5,368
10,640
2,382
2,541
1,972
100.5
8.6
331
1
428
2,068
719
34.8
1,349
0
1,349
89.8
2010
20,427
-10.8
7,184
5,689
2,693
2,361
2,500
26.8
12.2
417
1
401
2,483
811
32.6
1,673
0
1,673
24.0
(INR Million)
2011
18,036
-11.7
5,754
3,870
3,304
2,628
2,480
-0.8
13.8
483
0
543
2,541
852
33.5
1,689
0
1,689
1.0
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Differed Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Curr. Liab. & Prov.
Creditors
Other Liabilities
Provisions
Net Current Assets
Appli. of Funds
E: MOSL Estimates
2006
670
2,336
3,100
41
-246
2,894
2,695
1,772
923
305
0
9,378
704
4,122
2,845
1,206
501
7,712
4,432
2,759
521
1,667
2,894
2007
670
2,735
3,405
23
4
3,432
3,343
1,919
1,425
168
1
13,175
669
4,775
2,843
2,412
2,477
11,325
6,539
3,913
873
1,850
3,443
2008
670
2,851
3,521
17
25
3,562
3,695
2,005
1,690
505
1
17,895
613
5,662
3,947
2,925
4,749
16,529
8,926
6,852
751
1,366
3,562
2009
670
3,411
4,081
11
0
4,092
4,886
2,292
2,594
1,193
0
23,600
643
6,268
3,659
4,888
8,142
23,295
13,705
8,531
1,059
305
4,092
2010
670
4,295
4,965
0
-66
4,899
6,083
2,669
3,415
541
0
24,189
2,034
6,233
5,981
3,204
6,737
23,245
12,032
10,119
1,094
943
4,899
(INR Million)
2011
670
5,203
5,873
0
8
5,880
6,603
3,069
3,534
868
0
26,368
2,300
6,811
7,361
3,455
6,441
24,888
11,545
12,069
1,274
1,480
5,880
13 January 2012
9

Alstom Projects India
Financials and Valuation
Ratios
Y/E March
Basic (INR)
EPS
Change (%)
Cash EPS
Book Value
DPS
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Return Ratio
RoE
RoCE
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
2006
6.9
26.8
9.0
44.9
4.0
2007
16.3
136.2
18.8
50.8
10.0
2008
10.6
-35.0
14.1
52.5
8.0
2009
20.1
89.8
25.1
60.9
10.0
2010
25.0
24.0
31.2
74.1
10.0
2011
25.2
1.0
32.4
87.7
7.0
14.9
11.9
7.6
0.9
5.0
2.7
14.7
11.4
7.1
1.0
4.2
1.9
15.8
16.1
34.1
31.9
20.5
20.0
35.5
33.0
37.0
34.2
31.2
28.7
159
27
171
10.2
143
20
196
8.6
134
14
211
9.2
100
10
218
8.8
111
36
215
6.0
170
20
215
5.1
Cash Flow Statement
Y/E March
PBT bef. EO Items
Add: Depreciation
Interest
Less: Direct taxes paid
(Inc)/Dec in WC
CF from Operations
EO Income
CF from Op. Incl. EO Items
(Inc)/dec in FA
CF from Investments
(Inc)/Dec in Net Worth
(Inc)/Dec in Debt
Less: Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
13 January 2012
2006
534
141
2
71
1,446
2,051
0
2,051
-355
-355
(26)
-10
2
306
(485)
1,212
1,634
2,845
2007
1,370
164
2
277
(186)
1,073
0
1,073
-366
-365
227
-18
2
764
(711)
(3)
2,845
2,842
2008
1,176
237
1
465
1,588
2,536
54
2,591
-603
-603
(18)
-6
1
611
(884)
1,104
2,843
3,946
2009
2,068
331
1
719
774
2,455
0
2,455
-1,591
-1,592
(30)
-6
1
784
(1,151)
(288)
3,947
3,659
2010
2,483
417
1
811
1,683
3,774
0
3,774
-169
-169
(70)
-11
1
784
(1,283)
2,322
3,659
5,981
(INR Million)
2011
2,541
483
0
852
844
3,016
0
3,016
-446
-446
(171)
0
0
537
(1,171)
1,399
5,981
7,361
10

Alstom Projects India
N O T E S
13 January 2012
11

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