Transcript
fLanco Infratech
Investor Presentation
POWEREPC INFRASTRUCTURESOLAR RESOURCES
© LANCO Group, All Rights Reserved
Agenda
1 Company Overview
2 EPC d C i B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 I f B i6 Infrastructure Business
7 Property Development Business
8 l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved2
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved3
Mission, Vision and Values
Mission: Development of Society through Leadership, Entrepreneurship, Ownershipp, p p, p
Vision: Most Admired Integrated Infrastructure Enterprise
Values:Integrity
l &C Humility & RespectContinuousLearning
A hi t D i
Teamwork Organization before Self
© LANCO Group, All Rights Reserved4
Achievement DriveAccountability
A Leading Integrated Infrastructure Player
Division of Lanco Infratech
Construction & EPC
• Executed projects worth US$1.3 bn in FY 11• Order book of US$ 6.7 bn
S i l P V hi l
Infrastructure Property Development
• Developing c. 440 km ofNational Highways in
• 4mm sq ft underdevelopment in
Special Purpose Vehicles
Power
• Installed Capacity c. 3,287 MW
Resources
• Currently developing acouple of coal blocks one
Solar
• Manufacturing Facility:National Highways inKarnataka and UP
• Developing Ennore Port
development inHyderabad, India• Capacity under construction
c. 6,024 MW • One of the largest player in
power trading business
couple of coal blocks, onein India and the other inAustralia
Poly-silicon 1250 MTWafer 80 MWModule Line 50 MW
• Farm Development:PV 41 MWThermal 100 MW
Note: 1 This presentation assumes an exchange rate of US$ / INR =45
• Installed capacity 5MW
© LANCO Group, All Rights Reserved5
1 This presentation assumes an exchange rate of US$ / INR =452 Financial year ending March 313 mm / bn indicates million/ billion
Lanco Foundation
At Lanco, we pride ourselves on being an organization that cares for the world we live in
A member of the UN Global Compact and led by Lanco Foundation,
that cares for the world we live in.
A member of the UN Global Compact and led by Lanco Foundation,we have a number of initiatives in place that help us to make a difference…
Focused work in the areas of:
Disability
Education
Safe Drinking water
Mobile Health Services
Support of traditional arts & crafts
© LANCO Group, All Rights Reserved6
Pan India Presence
Plants under construction
Coal BasedPlants under operation
Teesta
Lanco UttaranchalPlants under operation
Plants under construction
Vamshi
Vamshi Industrial
Lanco GreenHydro
GasGurgaon
Amarkantak – I & IIAmarkantak – III & IV
AnparaPlants under operation
Plants under construction
Gas
Wind
Plants under development
ChitradurgaKondapalli I & IIKondapalli III
Babandh
Lanco Hills
Plants under operation
Property developmentRoad development
Hyderabad
Coal mine
Vidarbha
g
Aban power
Udupi I
Udupi II
81 km Bangalore – Hoskote – Mudbagal82 km Neelamangla – Devihalli Tamil Nadu Wind
Registered office
Corporate Office
Coal mine
© LANCO Group, All Rights Reserved7
Aban power
Strong Push to Drive Infrastructure GrowthInfrastructure spending (2007-2012)
Government is targeting investment of >US$400 billion during 2007-2012
Total - US$437bn
Peak Demand / supply gap for power
120
160 157 13.8
16.6
11.912.7 14
16
18
100000
120000
140000
0
40
80
120
(US$
bn)
79 68 65 5551
199 6 5
10.2
2
4
6
8
10
12
20000
40000
60000
80000
100000
*upto December
Power
Roads
and B
ridge
sTele
com
Railway
sIrri
gatio
nWater
/ san
itatio
n
Ports
Airport
sStorag
e
Gas
Central Govt. State Govt. Private sector
00
FY 07 FY 08 FY 09 FY 10 FY 11*
Demand (MW) Met (MW) Deficit (%)
Commentary• Current government is putting lot of emphasis on
infrastructure spending and growth
Per capita consumption of electricity
Source: Planning commission (XIth five year plan) Source: Annual Report 2010-11 of Ministry of Power
• Positive regulatory reforms remain a key driver ofgrowth
• Power is likely to be the fastest growth sector in theforeseeable future in Infrastructure
© LANCO Group, All Rights Reserved8
Source: UNDP, Human Development Indicators, 2007/08
In the XIth five year plan (2007-2012), the Government targets to add 78,700 MW of generating capacity
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved9
EPC & Construction
ISO 9001: 2000 certified
EPC
EPC & Construction have an order book of over USD 6.7 bn as of March’11
Specialist in Conventional and Renewable power plants
Received Award for “Outstanding Contribution in Power & Energy Sector”
ISO 9001:2008 certified
Construction
The focus is on:Energy and Industrial Construction
Infrastructure Construction
Awarded as the “Largest & Most Profitable construction Company by Construction World ” Awarded as the “Largest & Most Profitable construction Company by Construction World ” consecutively for 3 years
“Ranked No.4 in India’s Top 10 Infrastructure Companies ” by Construction Week
© LANCO Group, All Rights Reserved10
In‐house EPC Reduces Execution Risk/ Enhances Margins
6,703 7,0008,000
Order Book (USD Mm)The order book stands at USD 6.7 billion as on 31st March 2011.
Major EPC order executedAmarkantak (I & II)
1,156
2,893 2,310
5,714
2,000 3,000 4,000 5,000 6,000 7,000
KondapalliAbanUdupi (I & II)Anpara (I)
Ne E ternal orders recei ed ‐
1,000
Mar'07 Mar'08 Mar'09 Mar'10 Mar'11
New External orders received EPC of Moser Baer Thermal Power Plant (600 MW x 2)BoP of Koradi Thermal Power (3 x 660 MW)EPC of 250 MW Gas based Power plant in Iraq
EBITDAMargin
Construction
Executing a wide range of projects spanning Thermal PowerPlants, Hydro Power Plants, Highways, Airports, Industrial 13.9
14.7 14.7
14.0
14.2
14.4
14.6
14.8
Mar
gin
EBITDA Margin
Structures, Transmission and Distribution, Chimneys andCooling Towers, Water Infrastructure and Heavy CivilStructures.
13.4
13.6
13.8
14.0
FY 09 FY 10 FY 11
%
© LANCO Group, All Rights Reserved11
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved12
Power Deficit Scenario
582
631
1,000
2004
2006
2012
Per Capita Consumption Growth (Units)Planned Vs. Installed Capacity – Xth Plan (MW)
5,951
30,000
18
35
84
131
238
408
1950
1960
1970
1980
1990
2001
No of Units
58% growth in XIth Plan4,481
2,691
6,676
3,553
,
7,33012,790
1,1801,3008,7424,495
1,231
700
1,170
10,000
20,000
(MW
)
No. of Units
Projected 2012 peak Energy Deficit Power Deficit (2010)
Source: CEA
0Hydro Hydro Thermal Thermal Nuclear Nuclear
Central sector State sector Private sector(Planned) (Installed) (Planned) (Installed) (Planned) (Installed)
Source: CEA
Peak Deficit States Energy Deficit
‐13
‐12
‐11
‐7
8
6
7
4
Jar
TN
AP
Har
‐24
‐24
‐21
‐18
‐14
‐13
19
14
22
19
19
8
Mah
Pun
UP
Aru
MP
Kar
© LANCO Group, All Rights Reserved
Source: Ministry of Power Source: CEA
‐34
‐33
24
25
14
19
J & K
Bihar
Mah
13
Presence Across Value Chain De‐risking the Business
Fuel (Coal mining) Construction and EPC Generation and O&M Trading Transmission and Distribution
Integrated presence across value chain capturing value addition across the businesses
• Griffin coal, basedout of Collie inWesternAustralia, owns thelargest operationalthermal coal minesin the
• Completed projectswith capacity of 3,292MW and 5,948 MWprojects underconstruction
• Strong engineering
• Installed projectswith capacity of3,287 MW and6,024 MW projectsunderimplementation
• One of largestprivate sectorplayer in Indianpower tradingmarket
• Traded 6,043mm
• Strategy includespossible expansioninto transmissionand distribution
in theregion, producingover 4 mtpa of coalwhich can beramped up to over20 mpta in the nearterm, postinfrastructure
g g gcapability andresources spanningfeasibilitystudies, front-enddesign and completedetail design with over10 years of experience
• Generationactivities includeconventional andnon-conventionalsources of energylike coal, gas, hydroand wind
,units in year endedMarch 31, 2011
• Holding 5% stake inthe Indian EnergyExchange floated byFinancialTechnologies Ltdinfrastructure
development.
• Captive coal mineallocated by Govt.of India to Lancoand five others
in design anddevelopment of PowerProjects
• Handles globalsuppliers selection andsourcing of diversematerials like high-
Technologies Ltdand Power TradingCorporation
and five others
• Coal to be used forportion of needs ofthe Orissa based1,320 MW Babandhpower plant
materials like highpressure fabricatedequipment, skids, electrical andinstrumentationsystems
© LANCO Group, All Rights Reserved14
Capacity Ramp up
Projected capacity additionFY14
On track to achieve operating capacity of 15,000 MW capacity by 2015
j p y
FY13
FY14• Babandh• Amarkantak III & IV• Vidarbha
15,000 MW
FY15
FY12
• Anpara II• Kondapalli III• Green
• Uttaranchal• Teesta
9,311 MWCurrent• Udupi I & II
Kondapalli I & II • Green
4 699 MW
5,351 MW• Kondapalli I & II• Amakrantak I & II• Anpara I• Aban• Other Renewable
4,699 MW
3,287 MW
© LANCO Group, All Rights Reserved15
Project Status UpdateProjects under operation Plant Fuel Capacity
(MW) Total cost (US$mm)
Offtake
Udupi Imported Coal 1,200 1,245 PPA Anpara Coal 6002 1,0223 Part PPA Kondapalli I Gas 368 252 PPA Kondapalli II Gas 366 264 Merchant
Coal74%
Fuel Diversification
Kondapalli II Gas 366 264 MerchantAmarkantak I Coal 300 287 Merchant Amarkantak II Coal 300 298 PPA Aban Gas 120 98 PPA Chitradurga Wind 3 3 PPA Tamil Nadu Wind Wind 10 11 PPA Vamshi Hydro Hydro 10 13 PPA Vamshi Industrial Hydro 10 13 PPA Total 3 287 3 506
Gas18%
Hydro8%
Others0%
Total 3,287 3,506
Projects under Construction
Plant FuelFinancial closure Capacity Budgeted
cost offtake Estimated Current statusPlant Fuel closure status (MW) cost
(US$mm) offtake completion Current status
Anpara Coal Y 6002 1,0223 Part PPA FY 12 Unit II Boiler chemical cleaning completed
Lanco Green Hydro Y 70 93 PPA FY 12 Tunnel Lining works completed
Kondapalli - III Gas Y 742 581 Part PPA FY 12 GT foundation work completed. HRSG erecting started.
Lanco Uttaranchal I & II Hydro Y1 152 231 Merchant FY 13 Dam / HRT / Power House under progress
Teesta Hydro Y 500 666 PPA FY13 Unit erecting started
Amarkantak III & IV Coal Y 1,320 1,531 Part PPA FY 14 Boiler structure completed
Vidarbha Coal Y 1,320 1,555 Part PPA FY 14 Mail plant concreting work in progress
Babandh Coal (Partly Owned)
Y 1,320 1,555 Part PPA FY 14 Boiler structure erecting started
TOTAL 6,024 7,234
© LANCO Group, All Rights Reserved16
Note: 1 For 76 MW Financial Closure is done 2 100 MW is available for Third party sale 3 Project cost is for full project.
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved17
Global Solar PV Market‐ Demand estimates7000
55006000
6935
5000
6000
7000
8000
2010
GLOBAL DEMAND (MW)
650
1500
700 1000600
1200 10001560
1060
20001300
2500
1500
2400
5001000
2000
3000
4000
5000 2010
2011
2012
2013
2014650 700 600105 200 280 500
0
1000
Germany Spain Italy France US China India Japan Belgium Czech Rest of the World
1380
Long Term Installed Capacity Projection (GW)
2010 2020 2030 2040 2050
Total Global demand expected togrow to 30 GW in 2014 under policydriven scenario, from ~17GW in 2011
Newer markets liked h d
17 3 5 2118 22 49 21
447
99223
103
957
243
551
267404
908
463
France, US, India, Czech and manymore opening up
According to IEA estimates, GlobalInstalled Capacity expected to reach210 GW by 2020, from just 40 GW in
© LANCO Group, All Rights Reserved18
17 3 5 2
Residential Commercial Utility Off Grid
2010
Source: EPIA & IEA 2010 Outlook
RPOs pushing the frontier further‐ 2022Electricity Consumption (Billion Units ) 2021-22E
Equivalent Solar Installation capacity (MW) RPO 3%
AP 175.6
The solar power purchase
obligation for the States
start with 0.25% in phase 1 Chhattisgarh 45.1Gujarat 156.8Haryana 73.8Jharkhand 51 7
p
(FY2011-2013) and go up to
3% by 2022
Installed solar capacity by Jharkhand 51.7Karnataka 107.5MP 99.0Maharashtra 219.9
2022 at 38 GW. This implies
cumulative poly market of
~175,000 MT, over next 10
YrsOrissa 63.1Punjab 104.3Rajasthan 96.4TN 182 8
Electricity demand expected
to double by 2020, and 400
mn people has no access to TN 182.8UP 150.2WB 84.5
20,000 MW under JNNSM
electricity – this segment is
addressable by solar power
© LANCO Group, All Rights Reserved19
India (2021-22) 1914.5 38,290 MW 18,290 MW outside NSM
RPO : Renewable Portfolio Obligation
Fully Integrated Strategy enables lowest Rs/kWh
Target in 4 Yrs Target in 3 Yrs
EPC Project Development
Integrated Manufacturing
500 MW/PA 400 MW/PA 250 MW/PA
Aim to be a Global player, as a developer and a third party EPC player
Foray into manufacturing to support internal requirements and reduce margin volatility, through the cycle
© LANCO Group, All Rights Reserved20
Manufacturing Phase I
Other Benefits20% Capital Subsidy, under SIPSExemption of CST/Service Tax
Manufacturing- Phase ICapex $ 305 MmDebt: Equity 70:30 Exemption of CST/Service Tax
Exemption of State taxes and levies No Duties on Imported Equipment and Raw MaterialsVAT exemption
Capacity- Phase IPolysilicon 1250 MTWafer 80 MWCOD H2 FY13 Module Line 50 MW
Manufacturing Plan
COD H1 FY 12
Due to very promising domestic demand andmandatory local content requirement ModulePoly Production 1250 MT
Internal Consumption 440 MTExternal Sales 810 MTWafer Production 80 MW
mandatory local content requirement, Moduleline plans have been pre poned
In successive years of NSM, policy envisagesincreasing local content requirement, which willcover complete upstream manufacturing
Given for Tolling- Cells 52 MWExternal Sales 28 MWModule Production 50 MWExternal Sales 50 MW
cover complete upstream manufacturing
Apart from increasing polysilicon demandglobally, we expect domestic polysilicon market(Indian) demand to cross 7500 MT over thecoming three to four years
© LANCO Group, All Rights Reserved21
Solar Farms
Policy Capacity (MW)
Tariff-Rs/Unit
Project Cost (USD
PPA Duration
(Yrs)Comments
mm) (Yrs)
Solar PV Farm
Gujarat Policy 35Rs 15 for 12 yrs, Rs 5 for next 13 Yrs
125 25
Accelerated depreciation allowed under state policy. Developing these projects on LITL Balance next 13 Yrs sheet- Extremely attractive IRR
JNNSM 5 11.5 18 25Over sizing of Solar Field allowed, which leads to ~20% incremental generation. IRRs are attractive.
RPSSGP 1 16 5 4 25 Very attractive IRR, in spite of RPSSGP 1 16.5 4 25 y , psmaller size.
Solar Thermal Farm
JNNSM 100 10.5 400 25Use Salt Storage to increase Capacity
Utilization Factor to ~34.5%
© LANCO Group, All Rights Reserved22
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved23
Coal OutlookGlobal export market to remain tight Coal Demand
800
1000
s1,0001,2001,400
394
455
441
477
540
520
151173 156 177
191 193
0
200
400
600
Million To
ne
Other
Power
0200400600800
1,000
Domestic supply flatters to deceive Securing coal: a need; an opportunity
02008‐09 BE 2009‐10 BE 2009‐10 RE 2010‐11
Assessed2011‐12 Original
2011‐12 Revised
Source: Ministry of Coal Annual Report 2009-10
2009 2010 2011 2012 2013 2014 2015
Imports Demand (MT) Exports Supply (MT)
Uncertainty in domestic supply
Increasing competition for overseas assets
Limited operational assets
Secular uptrend in prices
© LANCO Group, All Rights Reserved24
Resources
• Integration across the value chain
• Providing increased fuel security (both volume and price) for current power generation assets and future power portfolio expansions
Providing integration and increased fuel security
power generation assets and future power portfolio expansions.
• Presents an opportunity to participate in the burgeoning naturalresources trading market.
• Looking out for further opportunities in mineral rich countries of Australia, Indonesia, South Africa and India.
Griffin Coal
Largest operational thermal coal mines in Western Australia, currently producing over 4 mtpa of coal
Plans to ramp up production to over 20 mpta, post development of evacuation infrastructure.
Good coal quality suitable for power plants
Strategic location
Rampia and DIP side of Rampia
Allocated to Lanco along with five other IPPs
Lanco’s share in the coal blocks would cater to the development of
© LANCO Group, All Rights Reserved
Lanco s share in the coal blocks would cater to the development of approx. 1,000 MW power plant.
25
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved26
Leveraging Construction Expertise to Build Infrastructure Business
Lanco has moved into selective infrastructure projects to leverage its EPC experience
Awarded two National highway projects in Karnataka
c. 81 km stretch connecting Bangalore – Hoskote – Mudbagal
c. 82 km stretch connecting Neelamangla – Devihalli
Concession periods of 20 years and 25 years respectively during which toll will be collected
Construction under progress and expected to be completed soon
Awarded one National highway projects in Uttar Pradesh
C. 280 Km stretch connecting Aligarh to KanpurP j t i t t f d USD 213
Awarded Ennore Port
Project investment of around USD 213 mmGrant to be received USD 62 mm
Awarded Ennore Port
Along-with three other consortium partners
Holding 26% in the project
Concession period of 30 years
© LANCO Group, All Rights Reserved27
Expected capex for the project is USD $ 300 mm
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved28
Property Development – An Opportunistic PlayLanco Hills is the group’s foray into property development, located in Hyderabad,spread over 100 acres and comprises residential space, office space, IT SEZ,shopping mall and two hotels
Lanco Hills
Residential • Construction in progress on 6 residential towers• Construction in progress with possession of apartments to commence shortly
Office space• Office complex with built-up area of 0.5 mm sq ft• Constructing office space with completion target of 2011• Constructing SEZ space with completion target of 2012g p p g
Shopping mall • Plans to build a 2.5mm sq ft of a shopping mall • Construction will be in phases
Hotels • Tied up with Grand Hyatt for a 400 room, 5 star deluxe hotel
© LANCO Group, All Rights Reserved29
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved30
Steady Growth
339
420 400 450
EBITDA
2,503 2,500
3,000
Revenue*
49
155 197
339
50100 150 200 250 300 350
US$mm
357
768
1,543
2,102
500
1,000
1,500
2,000
,
US
$mm
Adj. PAT
‐50
FY 07 FY 08 FY 09 FY 10 FY 11
Cash Profit
‐
FY 07 FY 08 FY 09 FY 10 FY 11* Revenue : Before intersegment revenue elimination
139
210
150
200
250
mm
Adj. PAT
217
289
200
250
300
350
mm
42
85 91
‐
50
100
FY 07 FY 08 FY 09 FY 10 FY 11
US
$m
56
102 115
‐
50
100
150
FY 07 FY 08 FY 09 FY 10 FY 11
US$
m
© LANCO Group, All Rights Reserved31
FY 07 FY 08 FY 09 FY 10 FY 11
Cash Profit: PAT + Depreciation + Profit Eliminated(For FY 11 cash profit is before adjustment for depreciation written back)
Adj. PAT= Reported PAT + Profit Eliminated
Agenda
1 Company Overview
2 EPC d C t ti B i2 EPC and Construction Business
3 Power Business
4 S l B i4 Solar Business
5 Resource Business
6 Infrastructure Business6 Infrastructure Business
7 Property Development Business
8 Fi i l8 Financials
9 Experienced Management Team
© LANCO Group, All Rights Reserved32
Experienced Management Team
LANCO Board LANCO Board
D U K K hliL. Madhusudhan RaoExecutive Chairman
L SridharVice Chairman
P. KotaiahDirector
Dr. U.K. KohliDirector
S. C. ManochaDirector
G. Bhaskara RaoExecutive Vice Chairman
G. Venkatesh BabuManaging Director P. Abraham
DirectorB. VasanthanDirector
P. NarasimharamuluDirector
Finance Power
Lanco Group Senior Management TeamLanco Group Senior Management Team
J.Suresh KumarT. Adi Babu
A. A KhanP. Panduranga Rao
Construction & EPC
S. C. ManochaS. M. Roy
Solar
V. Saibaba
T. N. Subramaniyan K. Raja GopalK. Naga Prasad
S. M. Roy
Property Development
S. Pochendar
CSR
R S Sharat
© LANCO Group, All Rights Reserved33
Recent AwardsEPC-World Awards 2010 for “Outstanding contribution in Power & Energy sector (Generation)”.
8th Construction World- Annual Award for “Fastest Growing Construction Company”
Ab P C Ltd i d TERI C t A d f Aban Power Company Ltd received TERI Corporate Award for “ Environmental Excellence and Corporate Social Responsibility”
IKU II received IEEMA award for “Excellence in Fast Track Commissioning of Small Hydro Projects”
Lanco Infratech Ltd received PRSI Golden Jubilee Award for the “Most Impressive Public Relations Initiatives”Most Impressive Public Relations Initiatives
© LANCO Group, All Rights Reserved34
DisclaimerNo representation or warranty, express or implied, is made as to, and no reliance should be placed on, thefairness, accuracy, completeness or correctness of the information or opinions contained in thispresentation. Such information and opinions are in all events not current after the date of this presentation.Certain statements made in this presentation may not be based on historical information or facts and maybe "forward looking statements" based on the currently held beliefs and assumptions of the management ofthe Company, which are expressed in good faith and in their opinion reasonable, including those relating tothe Company's general business plans and strategy, its future financial condition and growth prospects andfuture developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks uncertainties and other factors which mayForward-looking statements involve known and unknown risks, uncertainties and other factors, which maycause the actual results, financial condition, performance or achievements of the Company or industryresults to differ materially from the results, financial condition, performance or achievements expressed orimplied by such forward-looking statements, including future changes or developments in the Company'sbusiness, its competitive environment and political, economic, legal and social conditions. Further, pastperformance is not necessarily indicative of future results. Given these risks, uncertainties and otherfactors viewers of this presentation are cautioned not to place undue reliance on these forward lookingfactors, viewers of this presentation are cautioned not to place undue reliance on these forward-lookingstatements. The Company disclaims any obligation to update these forward-looking statements to reflectfuture events or developments.
This presentation is for general information purposes only, without regard to any specificobjectives, financial situations or informational needs of any particular person. This presentation does notj , y p p pconstitute an offer or invitation to purchase or subscribe for any securities of the Company by any person inany jurisdiction, including India and the United States. No part of it should form the basis of or be reliedupon in connection with any investment decision or any contract or commitment to purchase or subscribefor any securities. The Company may alter, modify or otherwise change in any manner the content of thispresentation, without obligation to notify any person of such change or changes. This presentation may notbe copied or disseminated in any manner
© LANCO Group, All Rights Reserved
be copied or disseminated in any manner.
35
Thank YouThank You
© LANCO Group, All Rights Reserved36
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