By 2022, installed power · 2 4.4 8.2 FY11 FY17E FY22E 18.9 17.8 18.1 23.1 FY08 FY09 FY10 FY11 Production of switch & control gears (million units) Source: Department of Heavy Industry

18.5

75

2011 2022E

T & D equipment (USD billion)

5.7

27.5

2011 2022E

Generation equipment (USD billion)

Source: Government of India, Ministry of Heavy Industries, Aranca Research

Note: T&D - Transmission & Distribution

By 2022, installed power

capacity in India is expected to

reach 350 GW from 180 GW in

2011 due to increasing

industrialisation and economic

development

Installed capacity is set to

increase

By 2022, the generation

equipment industry in India is

expected to increase to

USD27.5 billion from USD5.7

billion in 2011

Demand for generation

equipment on the rise

By 2022, the T&D equipment

market in India is expected to

increase to USD75 billion from

USD18.5 billion in 2011

Increasing power demand to

drive T&D equipment market

CAGR: 15.4%

CAGR: 13.6%

180

350

2011 2022E

Installed capacity (GW)

CAGR: 6.2%

460

1180

2011 2022E

Coal requirement (million tonnes)

0.6

6.7

FY11 FY22E

Generator demand (USD billion)

3.8

11.7

FY11 FY22E

Boiler market (USD billion)


The boiler market in India is


USD11.7 billion by FY22 from

USD3.8 billion in FY11

Boiler market to almost triple by

2022

Demand for generators is


USD6.7 billion by 2022 from


Power backup equipment to

witness a eleven-fold rise by

2022

Demand for coal is expected to

increase to 1180 million tonnes

by 2022 from 460 million

tonnes in 2011

Coal demand to remain high

CAGR: 24.5%

CAGR: 8.9%

CAGR: 10.8%

• The engineering sector is delicensed; 100 per cent FDI is allowed in the sector

• Due to policy support, there was cumulative FDI of USD14.0 billion into the sector over April 2000 – February 2012, making up 8.6 per cent of total FDI into the country in that period

Growing demand


Notes: FDI - Foreign Direct Investment, FY - Indian Financial Year (April - March), USD - US dollar, EPCG - Export Promotion Capital Goods Scheme,

EHTP - Electronic Hardware Technology Park, SEZ - Special Economic Zone, CAGR - Compound Annual Growth Rate

Growing demand

• Power demand is estimated to reach 350,000 MW by 2022

• Government programmes aimed at providing electricity to over 100,000 rural areas and 22.6 million households below poverty line will also boost demand for power

Attractive opportunities

• Planned power capacity addition of around 188,500 MW by 2022 will provide significant opportunities

• Replacement or brownfield expansion could provide significant opportunities as well

Policy support

• Electrical machinery sector is de-licensed; 100 per cent FDI is permitted

• Significant number of SEZs have been approved for the sector

• Due to policy support, cumulative FDI of USD3.2 billion (1.7 per cent of total FDI inflows) has flown into the country between April 2000 to February 2013

Higher investments

• The sector has witnessed increasing entry of global players through the JV route

• Existing players are planning huge capacity expansion over the next few years

2012

Market

Size:

USD25

billion

2022E

Market

Size:

USD100

billion

Advantage

India

Electrical machinery

Generation

machinery

Transmission

machinery

Distribution

machinery

Boilers

Turbines

Generators

Transformers Switch gears

Control gears

India’s major electrical equipment industry

(USD billion)

Source: Government of India, Aranca Research

Note: CAGR - Compound Annual Growth Rate

The electrical equipment industry was worth USD13.2 billion in FY11

The market expanded at a CAGR of 11.5 per cent over FY07–11

Cables (26 per cent) and transmission lines and conductors (23 per cent) account for a large chunk of the revenue

Share of major electrical equipment in the

industry (FY11)

23%

21%

15%

10%

4% 1%

26%

Transmission lines andconductors

Transformers

Switchgear

Rotating machines

Energy meters

Capacitors

Cables

8.6

11.4

10.2 11.0

13.2

FY07 FY08 FY09 FY10 FY11

Market size of generation machinery (USD billion)

Source: Government of India, Ministry of Heavy Industries,

Aranca Research

Note: CAGR - Compound Annual Growth Rate

The generation equipment segment garnered revenues of


The market is expected to expand at a CAGR of 12.7 per

cent over FY12–22

7.6

12.4

25.1

FY12 FY17E FY22E

CAGR: 12.7%

Generation machinery market break-up (FY12)

Source: Department of Heavy Industry Annual report 2011-12,

Aranca Research

Notes: DHI - Department of Heavy Industries;

BTG - Boiler, Turbine & Generator

Boilers is the major segment, accounting for 67.9 per cent of

total revenues in FY12

Turbines accounted for 21.3 per cent, while generators

constituted the remaining 10.8 per cent

67.9%

21.3%

10.8%

Boilers

Turbines

Generators

Production of transformers (million KVA)

Source: Department of Heavy Industry Annual report 2011-12, SIA, Aranca Research

Note - * Data for FY12 is up to Feb 2012, HVDC is High Voltage Direct Current,

KVA - Kilo Volt Ampere

Production of transformers grew at a CAGR of 9.6 per cent during FY08-11

During FY11–22, the market size of the transformers industry is expected to expand at a CAGR of 13.7 per cent to

USD11.1 billion

Domestic transformer industry has the capability to manufacture the whole range of power and distribution transformers

including transformers used for HVDC transmission upto 500 KV

Transformers market size (USD billion)

2.7

5.9

11.1

FY11 FY17E FY22E

73.3

71.9

85.2

96.6 105.4

FY08 FY09 FY10 FY11 FY12*

CAGR: 9.6%

CAGR: 13.7%

2

4.4

8.2

FY11 FY17E FY22E

18.9 17.8 18.1

23.1

FY08 FY09 FY10 FY11

Production of switch & control gears (million units)

Source: Department of Heavy Industry Annual report 2011-12, Aranca Research

The production of switch and control gears has expanded at a CAGR of 6.9 per cent during FY08-11

During FY11–22, market size of the switch & control gears industry is expected to expand at a CAGR of 13.7 per cent to

USD8.2 billion

The switch gear industry in India manufactures entire voltage range from 240 KV to 800 KV

Significant advances have been made in control gears due to major developments in the field of technology

Market size of switch & control gears (USD billion)

CAGR: 6.9%

CAGR: 13.7%

Exports of electrical machinery (USD million)

Source: Ministry of Commerce, Aranca Research.

Note: Export data Includes - Boiler & Parts, Electric Power Equipments

& Parts, Electric Wires & cables and Transmission Line Towers & Parts

Exports of electrical machinery increased to USD5.09 billion

in FY12 from USD5.06 billion in FY11

Transformers and generators were the primary drivers of

the increase in exports

Indian manufacturers with capacity and advanced

technology in industry, export a wide array of equipment,

including transformers and cables 5.05

5.09

FY11 FY12

Break-up of exports of electrical machinery and

related items by segment (FY12)

Source: Engineering Exports Promotion Council ( EEPC), India,

Aranca Research

Exports of electrical power equipment & parts worth USD3.9

billion in FY12 constituted the largest share

Exports of electric wires & cables worth USD524.7 million

accounted for 10.0% of total exports

Exports of boilers & parts and transmission line towers &

parts were worth USD391.9 million and USD222.5 million,

respectively

78%

8%

4%

10% Electric powerequipment & parts

Boilers & Parts

Transmission linetowers & parts

Electric Wires &cables

Upgrading technology • Industry players are upgrading their transmission capacities to the next higher voltage

system of 765 kilovolts (KV), and are gearing up to supply transformers and related

equipment of this class

Increasing R&D

expenditure

• Indian manufacturers are becoming more competitive with respect to their product

designs, manufacturing and testing facilities

• Investments in research & development (R&D) in the electrical machinery industry are

amongst the largest in India’s corporate sector

Diversifying product

portfolio

• Increasing competitiveness in the industry and changing consumer demands have led to

new versions of products being launched in the market

• Players are entering into strategic alliances and tie-ups with technology suppliers to

upgrade capabilities

Source: Department of Heavy Industries Annual Report 2008–09, Aranca Research

Adoption of super

critical technology

• Government of India is encouraging the adoption of super critical technology for thermal

power plants due to its efficiency and reduced emissions

• During the 12th Five Year Plan, 60 per cent of the total additional power is expected to be

generated by supercritical technology

Source: Company Annual Reports, Aranca Research

Note: * Revenue for FY12

Company Revenues (FY13) Products

Larsen & Toubro USD11.3 billion

Engineering & Construction, Cement, Electrical &

Electronics

Bharat Heavy Electricals Ltd USD9.1 billion

Power Generation, Transmission, Transportation

Siemens India Ltd USD2.5 billion*

Power Generation and Distribution equipment,

Transportation Systems, Communication and

Healthcare Products

ABB Ltd USD1.6 billion*

Transformers, Switch gears, Control gears

Crompton Greaves Ltd USD2.2 billion Power Generation and Transmission Equipment

Source: Aranca Research

WEST: Maharashtra and

Gujarat host

manufacturing units for

major players

Central: Madhya Pradesh

hosts manufacturing units

for Crompton Greaves and

BHEL

SOUTH: Tamil Nadu and

Karnataka are hubs for

electrical manufacturing in

South India

NORTH: Delhi, Uttarakhand and

Haryana are the main hubs for

electrical manufacturing in North

India

Major Electrical Manufacturing

Plant

Growth drivers

Demand-side drivers

Investment Policy

• De-licensing of power

• Reduction in Tariff and

Customs

• Hike in duty on foreign

products

• Easy fuel linkages and

faster regulatory

clearance for power

projects

• Entry of global majors

through Joint Venture

• Increasing FDI inflow

• Easy credit and

subsidised loans to

power companies

• Capacity addition for

power generation

• Rise in demand for

backup equipment

• Industrialisation leading

to demand for boilers

and turbines


Energy requirement (billion units)

Source: CEA, Aranca Research

Note: CEA - Central Electrical Authority

India’s energy requirement expanded at a CAGR of 6.8 per

cent over FY06–13 to 998.1 billion units

The rising demand for energy has led to increasing capacity

addition for power generation

632 691

739 777 831 862

937 998

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

CAGR: 6.8%

Capacity addition for power generation in the

recent Five Year Plans (‘000 MW)

Source: Ministry of Power Annual report 2011-12,

Aranca Research, Central Electricity Authority

Note: E - Estimates

Increasing investments in capacity has resulted in rising

demand for power generation and transmission equipment

The government plans to add 885,000 MW and 100,000

MW of capacity by the end of the 12th and 13th Five-Year

plans, respectively

The increase in capacity during the 11th Five Year Plan

(FY07-12) stood at 45.3 thousand MW by the end of 11th

Five Year Plan

The figure is more than five times the corresponding one in

1990 (8.1 MW) 8.1 12.1

17.1 22.3

45.3

88.5

100

FY90 FY97 FY02 FY07 FY12 FY17E FY22E

De-licensing • The electrical machinery industry has been de-licensed; 100 per cent FDI is allowed in the

sector

• This facilitated the entry of global majors into the electrical machinery industry in India

Tariffs & custom duties • Government has removed tariff protection on capital goods

• Government has lowered custom duties on a range of equipments

Initiatives to increase

power generation

• Planned capacity addition of 88.5 GW in the 12th Five-Year Plan

• Through the Accelerated Power Development Reform Programme, the government plans

to provide reliable, affordable and quality power to all

Source: Ministry of Power, Aranca Research

National Electricity

Policy (NEP)

• The government aims to achieve a per capita electricity consumption of 1,000 kWh

through its “Power for all by 2012” mission under NEP

SEZ

• The government has cleared significant number of SEZs for the engineering sector across

the country; electrical machinery is a part of the sector

• Delhi Mumbai Industrial Corridor being developed across seven states could boost

engineering sector

Vision statement • To make India the country of choice for the production of electrical equipment and reach

an output of USD100 billion by balancing exports and imports

Focus on industry

competitiveness

• To focus on technology and R&D and bring it on a par with global benchmark

• The government has lowered customs duties on a range of equipment

Identify skills to support

industry’s requirement

• The government plans to set up the Electrical Equipment Skill Development Council

(EESDC), which would focus on identifying critical manufacturing skills that are required

for the electrical machinery industry

Source: Ministry of Power, Aranca Research

Develop and strengthen

support infrastructure

• The government plans to establish electrical equipment industry clusters

• Steps to enhance product-testing infrastructure in the country

Increase share in export

market

• The government plans to provide credit support to economically less-developed export

markets

• To create a dedicated fund for EXIM bank to support exporters in the electrical machinery

industry

Source: SEZ India, Aranca Research

Developer Location Products

M/s Essar Hazira SEZ Hazira, Gujarat Engineering

Gujarat Industrial Development Corporation Ltd (GIDC) Gandhinagar, Gujarat Electronic products

N.G. Realty Pvt Ltd Ahmedabad, Gujarat Engineering

E. Complex Pvt Ltd Amreli, Gujarat Engineering

Dishman Infrastructure Ltd Ahmedabad, Gujarat Engineering

Ansal Properties and Infrastructure Ltd Sonepat, Haryana Engineering

Raheja Haryana SEZ Developers Pvt Ltd Gurgaon, Haryana Engineering

Ansal Kamdhenu Engineering SEZ Ltd Sonepat, Haryana Engineering

Karnataka Industrial Areas Development Board Shimoga, Karnataka Engineering

Suzlon Infrastructure Ltd Mangalore, Karnataka Port-based for high-tech engineering products

Maharashtra Industrial Development Corporation (MIDC) Satara, Maharashtra Engineering

Township Developers India Pvt Ltd Pune, Maharashtra Engineering

Vividha Infrastructure Pvt Ltd Patiala, Punjab Engineering

Source: SEZ India, Aranca Research

Company Revenues (FY13) Products

New Chennai Township Pvt Ltd Kanchipuram, Tamil Nadu Engineering

Perundurai Engineering SEZ by SIPCOT Erode, Tamil Nadu Engineering

Uttar Pradesh State Industrial Development Corporation

(UPSIDC)

Kanpur, Uttar Pradesh Engineering

Cumulative FDI inflows from Apr 2000

(USD billion)

Source: Department of Industrial Policy & Promotion, Aranca Research

Note: FY08 - Cumulative from April 2000 to March 2008 and so on,

* - Data mentioned for FY13 is up to April 2013

Cumulative FDI inflows over FY00–13* stood at USD3.2

billion

FDI inflows more than doubled over FY08-12 and expanded

at a CAGR of almost 28.5 per cent

1.1

1.5

2.2

2.4

3.0 3.2

FY08 FY09 FY10 FY11 FY12 FY13*

CAGR: 28.5%

Major M&A deals

Source: Edelweiss Research, Assorted news articles,

Aranca Research

Companies seek inorganic growth through targeting foreign

and domestic players

Crompton Greaves acquired the smart grid automation

company ZIV Group for EUR150 million

In 2011, Schneider Electric bought a 74 per cent stake in

Luminous Power Technologies Pvt Ltd for USD290 million

In 2010, Legrand acquired the switch gear business of Indo

Asian Fusegear for USD127.6 million

Target Acquirer Type Year

Henikwon

Corporation

Larsen &

Toubro Acquisition 2012

ZIV Group Crompton

Greaves Acquisition 2012

Schneider Electric

Infra Ltd

Energy Grid

Automation

Ltd

Acquisition 2012

Alstom T&D India

Ltd

Grid

Equipments

Ltd

Acquisition 2012

Indian Hume Pipe

Co Ltd

ECE Industries

Ltd Acquisition 2012

Esab India Ltd Colfax

Corporation Acquisition 2012

Boiler capacities planned through JV

Companies in JV Capacity (MW)

L&T – MHI 4000

BGR – Hitachi 4000

Thermax- Babcock 3000

Bharat Forge - Alstom 2000

Global majors entering through JV

Joint Venture Indian Partner Foreign Partner

L&T - MHI 51% 49%

BGR-Hitachi 70/74% 30/26%

Thermax -Babcock 51% 49%

Bharat Forge -

Alstom 51% 49%

Toshiba - JSW 25% 75%

GB Engineering -

Ansaldo 15% 85%

Turbine capacities planned through JV

Companies in JV Capacity (MW)

Toshiba – JSW 5000

GB Engineering Ansaldo 3000

L&T – MHI 4000

BGR – Hitachi 4000

Source: Edelweiss Research, Aranca Research

Notes: JV – Joint Venture, MHI – Mitsubishi Heavy Industries

4.1 5.3

6.1 7.2

9.5 10.3

9.1

FY07 FY08 FY09 FY10 FY11 FY12 FY13

Salient features

• One of the largest engineering and manufacturing

companies with ‘Maharatna’ status

• One of the major integrated power plant equipment

(IPPE) manufacturers in the world and references in

over 75 countries

• Profit-making company since 1971–72

• Installed base of more than 120,000 MW

• 15 manufacturing units, two subsidiaries, seven joint

ventures, and over 150 project sites

• Accounted for over 59 per cent of India's total installed

generating capacity in FY12

• Net sales increased by more than 2.2x over FY07–13;

this amounted to a CAGR of 17.6 per cent

Net sales (USD billion)

Source: Company Reports, Aranca Research

Note: Maharatna is the title given to nine Public Sector Enterprises

by the Government of India having comparative advantages

CAGR: 17.6%

Recent Awards and Recognitions

• Awarded “Maharatna” status by the Indian government

(2013)

• Golden Peacock Award 2011 for Occupational Health

and Safety (2011)

• SCOPE Meritorious Award 2010-11 for Best Practices

in Human Resource Management

• Intellectual Property Award from the Government of

India (2011)

• Essar Steel Infrastructure Excellence Award (2011)

• DSIJ Gentle Giant Award from the Government of

India (2011)

• CII-Thompson Reuters Innovation Award (2010)

Notes: PLF - Plant Load Factor,

‘Navratna’ is one of the designations given to public sector enterprises

based on their profitability and there by granted certain autonomy

Boiler efficiency

Lower auxiliary

power

consumption

Lower life cycle

cost

Lower design heat

rate

Better PLF

Key success

factors

7.4

7.8

9.6 11.1 11.2


Salient features

• India’s largest E&C company, with interests in projects,

infrastructure development, manufacturing, IT &

financial services

• Enjoys AAA rating with stable outlook from CRISIL and

LAAA from ICRA

• Turnover increased at a CAGR of 15.8 per cent to

USD11.2 billion over FY09–13

• In FY13, net sales increased to USD11.2 billion from




CAGR: 15.8%

Notes: E&C – Engineering & Construction

Recent Awards and Recognitions

• CNBC TV18 ‘Infrastructure Leader of the Year’ Award

(2013)

• CNBC TV18 ‘Infrastructure Excellence Award’ (2012)

• National Award for Export Excellence (2012)

• ICC ‘Corporate Governance and Sustainability Vision

Award 2012’ (2012)

• Green Business Leadership Award (2011)

• Thought Leader Brands in India (2011)

• Golden Peacock Award for CSR (2011)

• ’India’s Most Respected Company’ in Infrastructure

(2011)

• ’India Shining Star CSR Award’ (Wockhardt

Foundation, 2011)

Operational Performance (FY13 )

Notes: CRISIL - Credit Rating and Information Services of India Ltd,

ICRA - Investment information and credit rating agency of India

CSR - Corporate Social Responsibility

Order inflow

Sales

Order book

EBITDA (E&C)

Recurring PAT

Up

25%

Up

5%

Up

14%

Up

200bps

Up

10%

Focused on motors and consumer products

Entered into electrical engineering with manufacturing of

transformers and power system products

Focused on gaining technological edge, global

market reach, and wide product portfolio

Source: Crompton Greaves Website; Aranca Research

Strong presence in the

Indian electrical

equipment market

Europe and the US

contributed 33 per cent

to FY12 revenue

Consolidated revenue

expanded at a CAGR of

28% during FY06–11

Revenue base of over

USD2.4 billion

Focus on R&D

Strong brand presence

in the consumer electric

products market

Among the world’s

top 10 transformer

companies

Emerged as one of the

leading companies in the

Indian electrical

engineering market

1937–60

Global leader in offshore

wind transformer

applications, with 42 per

cent market share

Made nine

acquisitions after

2005, including

Pauwels Group

1960-2005 2005-12



Crompton Greaves established its international

manufacturing footprint in 2005 by acquiring Belgium-based

Pauwels Group

The company’s successful acquisitions include Ganz,

Hungary, in 2006; Microsol, Ireland, in 2007; Sonomatra,

France; MSE, USA, in 2008; and PTS, UK, in 2011

Overseas market accounts for about 40 per cent of

revenues

2.0 2.0 2.3

2.4 2.4


Segmental revenue (FY13) Geographical revenue (FY13)

60.2%

17.9%

15.1% 2.2% Asia

Europe

North America

Others

64.9%

16.2%

18.9%

Power Systems

Industrial Systems

Consumer Products

Nuclear power

generation

• India currently operates 19 atomic reactors which produce 4,780 MW of electricity and has

set an ambitious target of generating 63,000 MW nuclear power by 2032

• With many bilateral nuclear agreements in place, India is expected to become a major hub

for manufacturing nuclear reactors and associated components

• The Indian Government proposes to add 3,380 MW of nuclear power capacity by 2012 as

part of its capacity addition programme in the 11th Five-Year Plan

Power capacity addition

• Market-oriented reforms, such as the target of ‘Power for all’ by 2012 and plans to add

88.5GW of capacity by 2017 and 100 GW by 2022, provide high incentives for capacity

addition in power generation, which would increase the demand for electrical machinery

• Foreign participation in the development and financing of generation and transmission

assets, engineering services, equipment supply and technology collaboration in nuclear

and clean coal technologies is expected to increase


Notes: KV - Kilo Volts

High-voltage technology

• Power transmission in India, which is currently carried out largely in the 220 KV and 400

KV range, is expected to move up to a higher range of 765 KV and high-voltage direct

current

• This presents a significant opportunity to manufacturers with capabilities in high-voltage

(HV) to develop technology that can handle the need of such high voltages in the country

Indian Electrical & Electronics Manufacturer’s Association ( IEEMA)

501, Kakad Chambers, 132,

Dr Annie Besant. Road,

Worli, Mumbai 400018.

Tel: +91-22-2493 0532, +91-22-2493 0532 / 6528 / 6529

Fax: +91-22-2493 2705

[email protected]

Engineering Export Promotion Council (EEPC)

‘Vanijya Bhawan’, 1st Floor

International Trade Facilitation Centre,

1/1, Wood Street,

Kolkata, West Bengal–700016.

Phone: 91-33-22890651, 22890652

Fax: 91-33-22890654

E-mail: [email protected]

BTG: Boilers, Turbines, Generators

BHEL: Bharat Heavy Electricals Limited

CAGR: Compounded Annual Growth Rate

CEA: Central Electrical Authority

DHI: Department of Heavy Industries

E&C: Engineering & Construction

EEPC: Engineering Export Promotion Council

FDI: Foreign Direct Investment

FY: Indian financial year (April to March)

GW: Giga Watt

HVDC: High Voltage Direct Current

KV: Kilo Volts

KVA: Kilo Volt Ampere

L&T: Larsen and Toubro

MHI: Mitsubishi Heavy Industries

PLF: Plant Load Factor

SEZ: Special Economic Zone

USD: US Dollar

Wherever applicable, numbers have been rounded off to one decimal

Year INR equivalent of one USD

2004-05 44.95

2005-06 44.28

2006-07 45.28

2007-08 40.24

2008-09 45.91

2009-10 47.41

2010-11 45.57

2011-12 47.94

2012-13 54.31

Exchange Rates (Fiscal Year)

Year INR equivalent of one USD

2005 45.55

2006 44.34

2007 39.45

2008 49.21

2009 46.76

2010 45.32

2011 45.64

2012 54.69

2013 54.45

Exchange Rates (Calendar Year)

Average for the year

India Brand Equity Foundation (“IBEF”) engaged Aranca to prepare this presentation and the same has been prepared

by Aranca in consultation with IBEF.

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This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the

content is not to be construed in any manner whatsoever as a substitute for professional advice.

Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in

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By 2022, installed power · 2 4.4 8.2 FY11 FY17E FY22E 18.9 17.8 18.1 23.1 FY08 FY09 FY10 FY11 Production of switch & control gears (million units) Source: Department of Heavy Industry

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