construction & infrastructure21jan15 -...

TRACKCONSTRUCTION & INFRASTRUCTURE

InfraTrack April 27, 2015

Nitin Arora Research [email protected] +91 22 66242491

Kushan ParikhResearch [email protected] +91 22 66121431

Emkay Research is also available on www.emkayglobal.com, Bloomberg EMKAY<GO>, Reuters and DOWJONES. Emkay Global Financial Services Ltd.

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Callout

Adani Ports BUY

CMP Target Price

316 370

Ahluwalia Contracts BUY

CMP Target Price

246 284

Ashoka Buildcon ACCUMULATE

CMP Target Price

169 150

Gujarat Pipavav HOLD

CMP Target Price

206 202

IL&FS Transportation HOLD

CMP Target Price

174 215

IRB Infrastructure BUY

CMP Target Price

231 321

J Kumar BUY

CMP Target Price

656 706

Larsen & Toubro BUY

CMP Target Price

1,679 1,724

NCC ACCUMULATE

CMP Target Price

98 84

Sadbhav Engineering BUY

CMP Target Price

309 340

Simplex ACCUMULATE

CMP Target Price

434 434

Nitin Arora [email protected] +91 22 66242491

Kushan Parikh [email protected] +91 22 66121431

India Equity Research | Construction & Infrastructure

April 27, 2015

Sector Update

Construction & Infrastructure

InfraTrack

Key trends observed during the month with respect to project tenders, awards,

port traffic, NHAI and PGCIL awards.

Total value of tenders issued in FY15 stood at Rs3953 bn (-23% YoY). We witnessed weak

tendering in roadways, real estate, water supply, irrigation and railways segments. We also

witnessed total number of tenders decreased

Total value of contracts awarded in FY15 stood at Rs2533 bn (-13.1% YoY). We witnessed

de-growth in awarding in power equipments (-41.6% YoY), railways (-39.3% YoY), real

estate (-38.9% YoY), pipeline (-65.3% YoY), water (-60.3% YoY) & irrigation (-72.3% YoY);

road segment grew 22.6% YoY & power distribution grew by 36.7% YoY.

Larsen & Toubro announced orders worth Rs229 bn in Q4FY15. Given the trend observed

in past quarters of final ex-services order inflow being meaningfully higher than the order

inflow announced, we believe that the company can comfortably meet our full year ex-

services order inflow guidance of Rs1197 bn.

We witness that NHAI has awarded projects amounting to Rs268bn/3383 km in FY15. The

NHAI awarded EPC contracts worth Rs153bn/2262 km and awarded BOT contracts worth

Rs115 bn/1121 km.

As far as the competitive intensity is concerned in the EPC projects barring 19 projects we

saw aggressive bidding in 10 projects where the bidding cost remained 14-26% lower than

the benchmark cost.

Major Indian Ports handled 54 MMT in Mar2015, showing a modest growth of 4.7% YoY.

Growth was driven by Coal & Fertilizer which gets offset by decline in Iron Ore segment. In

FY15 Major Indian Ports handled 581 MMT of cargo, a growth of 4.7% YoY, led by higher

traffic seen across thermal coal, fertilizer and other cargo, while iron ore and coking coal

have declined.

March 2015 monthly container traffic grew 0.8% YoY to 0.71 mn TEUs, growth aided by

Chennai (+4.7% YoY), Kolkata (+25% YoY) whereas JNPT de-grew by 2.5% YoY. Given

the weakness witnessed in exports we believe that container volume growth in west coast

has slowed (container volumes on west coast at major ports de-grew by 1.6% YoY).

Container traffic at Major Indian Ports grew to 7.96 mn TEUs (+6.6% YoY) in FY15. JNPT

(+7.3% YoY, 56.1% share of total) was the major growth driver while Chennai (+5.7% YoY,

19.5% share of total) exhibited stable performance.

The month of March saw PGCIL award contracts worth Rs54.4 bn largely in Towers

(Rs24.95 bn), Substations (Rs13.58 bn), Conductors (Rs7.46 bn) & Reactors (Rs3.01 bn).

In FY15 PGCIL has awarded contracts worth Rs202.3 bn (+86.4% YoY), but this was

largely skewed by a single large order won by Alstom Grid UK Ltd. (Rs32.75 bn in July 2014

– Others category) for upgradation of 3000MW/- 800kV HVDC Terminals to 6000MW as

part of strengthening in WR-NR Transmission Corridor.

TRACK

Financial Snapshot

EPS EV/EBITDA P/E

(Rs mn) FY16E FY17E FY16E FY17E FY16E FY17E

Adani Ports 12.0 14.9 17.2 13.8 26.4 21.2

Ahluwalia Contracts 14.0 17.4 10.5 8.2 18.2 14.6

Ashoka Buildcon 5.3 8.0 10.8 8.9 79.5 33.5

Gujarat Pipavav 9.5 12.4 18.6 14.7 21.6 16.5

IL&FS Transportation 20.1 19.8 9.4 8.8 8.6 8.8

IRB Infrastructure 18.3 17.1 8.6 7.8 12.7 13.5

J Kumar 36.1 47.1 9.0 7.5 18.2 13.9

Larsen & Toubro 113.4 144.0 37.7 29.7 59.1 46.5

NCC 3.7 5.1 10.2 8.8 25.5 18.2

Sadbhav Engineering 7.8 9.4 18.5 15.8 13.0 14.9

Simplex Infrastructure 18.1 29.6 7.8 7.0 24.0 14.7

Source: Emkay Research Note: Sadbhav Engg. P/E ratio is FY16E/17E implied P/E as we have valued the company on

SoTP basis and estimate only standalone EPS.

Construction & Infrastructure India Equity Research | Sector Update

Emkay Research | April 27, 2015 3

Tenders Issued

Total value of tenders issued in Mar2015 stood at Rs263 bn (-60.5% YoY) driven by weak

tenders from roadways (-67.7% YoY), water supply (-73.4% YoY), railways (-56.2% YoY),

power distribution (-93.6% YoY) and real estate (-73.4% YoY).Tendering increased from

the community services (+93.6% YoY) and hospital projects (+21.7% YoY). We also

witnessed total number of tenders decreased on a YoY basis.

Total value of tenders issued in FY15 stood at Rs3953 bn (-23% YoY). We witnessed weak

tendering in roadways, real estate, water supply, irrigation and railways segments.

In Mar2015 state govt tenders dropped to Rs174 bn (-65% YoY), while Central govt tenders

were up at Rs87 bn (+416% YoY) and private tenders stood at Rs1.9 bn in this month.

State govt tenders in FY15 decreased to Rs2186 bn (-43% YoY), Central govt tenders

increased to Rs1670 bn (+59% YoY) and private domestic tenders declined to Rs6.9 bn (-

48% YoY) while private foreign tenders grew to Rs570 mn (+103.5% YoY).

Tenders Published -35.6% MoM in Mar 2015

Source: Projects Today, Emkay Research

Number of tenders decreased by 2.3% MoM to 2120


Tenders Published -60.5% YoY in Mar 2015


Number of tenders decreased by 23.7% YoY to 2120


FY15, Value of tenders declined by 23%


FY15, Number of tenders declined 25.7% to 27937


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Sector wise details of tenders published in the month of Mar 2015 –In Value terms

In Rs million Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

Roadways 263,410 20,560 87,300 74,480 128,230 164,700 150,700 345,800 210,280 260,900 78,070 223,900 85,160

Community Services 18,430 7,520 19,060 23,540 25,740 40,110 32,040 19,640 27,750 23,140 21,270 35,920 35,680

Irrigation 32,830 13,190 15,920 31,550 10,290 18,250 7330 40,040 14,520 8,260 23,160 15,260

Water Supply 54,950 20,910 19,500 33,560 16,700 13,420 22,780 25,450 10,120 19,830 47,240 14,600

Railways 32,690 14,390 15,400 33,100 35,390 28,760 21,390 15,090 10,200 30,930 11,120 10,360 14,330

Power Distribution 116,130 1,180 6,820 43,650 91,100 66,240 27,020 15,520 19,580 39,640 8,560 18,680 7,460

Thermal Power 2,570 2,180 3,080 210 8,660 580 1,010 450 2,550 3,220 4,940 520

Hospitals 19,650 390 3,510 - 4,820 8,210 7,760 17,360 5,610 11,320 23,920

Real Estate 64,270 21,210 6,780 5,310 16,080 17290 12,060 2,960 17,120

Others 61,080 34,740 26,070 56,480 23,480 82,520 116,680 32,910 28,550 40,130 54,110 29,930 49,140

Total 666,010 80,960 216,550 273,660 387,840 433,610 387,840 477,370 374,360 439,290 210,050 408,410 263,190

Growth Rate YoY 123.1 -71.7 -15.4 36.9 15.6 -10.9 17.1 39.0 4.2 -29.1 -71.1 -22.0 -60.5

Growth Rate MoM 27.1 -87.8 167.5 26.4 41.7 11.8 -10.6 23.1 -21.6 17.3 -52.2 94.4 -35.6


Sector wise details of tenders published in the month of Mar 2015- In numbers

Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

Roadways 954 331 903 531 953 1,701 1,340 679 674 574 582 531 648

Community Services 389 192 287 400 427 698 518 291 309 496 484 530 356

Irrigation 85 106 77 73 64 112 66 93 184 123 98 165

Water Supply 207 124 100 145 167 132 153 147 265 112 303 123

Railways 123 187 144 157 179 147 157 106 87 110 85 105 101

Power Distribution 207 34 127 179 192 232 173 163 277 217 207 131 208

Thermal Power 58 105 84 82 88 73 83 116 63 42 58 75

Hospitals 54 20 29 55 191 106 58 39 48 47

Real Estate 159 70 39 62 88 65 69 35 40

Others 544 358 307 376 408 504 537 420 562 417 358 331 357

Total 2,780 1,227 2,181 1,941 2,582 3,792 3,148 2,026 2,334 2,384 2,032 2170 2120

Growth Rate YoY -26.5 -58.9 -21.8 -29.6 -15.2 19.1 22.0 -38.3 -28.9 -39.6 -45.4 -33.0 -23.7

Growth Rate MoM -14.1 -55.9 77.8 -11.0 33.0 46.9 -17.0 -35.6 15.2 2.1 -14.8 6.8 -2.3


Break up in value terms of tenders in Mar 2015


Break up of number of tenders in Mar 2015


Roadways32%

Community Services

14%Irrigation

6%

Water Supply

6%

Railways5%

Power Distribution

3%

Thermal Power

0%

Hospitals9%

Real Estate6% Others

19% Roadways30%

Community Services

17%

Irrigation8%Water

Supply6%

Railways5%

Power Distribution

10%

Thermal Power

3%

Hospitals2%

Real Estate2% Others

17%



FY15 improvement seen in thermal power segment (Value terms)


FY15 improvement seen in power distribution & community services segments (No. of Contracts)


Tenders in numbers terms down 32.1% YoY


Road Tenders in value terms -67.7% YoY


Tenders in Number terms +94.1% YoY


Irrigation tenders in value terms down 53.5% YoY


Tenders in number terms -40.6% YoY


Water supply tenders in value terms down 73.4% YoY


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Tenders in Numbers terms is down 17.9% YoY


Railway tenders in value terms -56.2% YoY


Tenders in number terms +0.5% YoY


Power distribution tenders in value terms -93.6% YoY


Tenders in number terms up 29.3% YoY


Thermal power tenders in value terms -79.8% YoY


Tenders in number terms down significantly


Real estate tenders in value terms deteriorated


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Key Highlights – Projects Tendered

The roadways sector saw 648 project tenders worth Rs85.16 bn being floated.

Some of the major tenders issued were:

Four-laning of Solapur-Bijapur section of NH-13 from km 0.00 to 110.00 (Approx length

110.0 km) in the state of Maharashtra & Karnataka to be executed on BOT (Toll) basis in

DBFOT Pattern under NHDP Phase-III. The contract value was Rs13.78 bn.

Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) invited bids

for development of access controlled Kundli-Manesar-Palwal Expressway Section

(Manesar Rd 83.320 to Palwal Rd 135.650 km) in the state of Haryana (Balance Work).

The contract value was Rs4.58 bn.

The most notable tender of the month was issued by Gujarat Industrial Development Corporation

(GIDC). On 7 March 2015, GIDC invited global bids to establish upto 250 MW wind power project

in Gujarat on turnkey (EPC) basis.

In the community services sector, 356 tenders worth Rs35.68 bn were notified. The most

notable tenders in this sector were issued by Uttar Pradesh Rajkiya Nirman Nigam (UPRNN).

On 26 March 2015, UPRNN invited bids for construction of police bhawan (signature building) in

Sector-7, Gomtinagar, Extension Lucknow of Uttar Pradesh on turnkey basis. The contract

value was Rs6.41 bn.

Though the thermal power sector saw 75 project tenders floated. One of the largest tender in

this sector was issued by NTPCSAIL Power Company (NSPCL). On 11 March 2015, NSPCL

invited global bids for EPC package for Durgapur Power Project-III (2x20 MW) in Bardhaman

district of West Bengal.

In the power distribution sector, 208 project tenders worth Rs7.46 bn were floated. The largest

power distribution tender the bid offer invited by Purvanchal Vidyut Vitran Nigam (PuVVNL) for

execution of rural electrification works in PuVVNL, Varanasi of Mirzapur district in the state of

Uttar Pradesh under Rajiv Gandhi Grameen Vidyutikaran Yojan (RGGVY).

The hospital sector saw 47 project tenders worth Rs23.92 bn being floated. Some of the major

tenders in this sector were issued by:

Uttar Pradesh Rajkiya Nirman Nigam for construction of high level cancer Institute at Chak,

Ganjaria City in Uttar Pradesh, worth Rs7.97 bn.

Uttar Pradesh Rajkiya Nirman Nigam for construction of Rajkiya Allopathic Medical College,

Jaunpur in Uttar Pradesh, worth Rs4.89 bn.

HSCC (India) for construction of residential complex for National Cancer Institute at Badsha

in Jhajjar district of Haryana, worth Rs2.85 bn.

In the real estate sector, 40 project tenders worth Rs17.12 bn were issued. The major tenders

in this sector was issued by Surat Municipal Corporation for development of integrated group

housing facility at T.P. Scheme No. 7 (Anjana), F.P. No. 181, Vivekanandnagar, Anjana at Surat

in Gujarat on PPP basis under Mukhya Mantri Gruh Yojana. The contract value was Rs2.4 bn.

Another Major tender in the same sector was issued by Uttar Pradesh Avas Evam Vikas Parishad

for engineering, procurement & construction (EPC) of multistoried (Stilt+8) residential finished

flats (2 BHK 688 nos.) & (3 BHK 576 nos.) based on RCC monolithic shear wall concept using

aluminum from work / conventional column beam slab i.e. framed structure having brick walls

separately in Kailash Enclave at Sector-18, Virindavan Yojna-4 in Lucknow district of Uttar

Pradesh. The contract value was Rs2.25 bn.



Projects Awarded

Total value of contracts awarded in Mar2015 stood at Rs264bn (-10.1% YoY) led by lower

awarding in railways (-83.7% YoY), irrigation (-82.1% YoY), power equipments (-47.6%

YoY), real estate (-20.8% YoY).

Total value of contracts awarded in FY15 stood at Rs2533 bn (-13.1% YoY). We witnessed

de-growth in awarding in power equipment (-41.6% YoY), railways (-39.3% YoY), real

estate (-38.9% YoY), pipeline (-65.3% YoY), water (-60.3% YoY) & irrigation (-72.3% YoY),

whereas road segment grew 22.6% YoY and power distribution by 36.7% YoY.

In Mar2015, domestic awards decreased to Rs264 bn (+7% YoY), on the other hand there

were no large international awards in the month.

Domestic awards on FY15 basis stood at Rs2141 bn (-4.9% YoY) and international awards

dropped to Rs392 bn (-41% YoY).

In Mar 2015 projects awarded in value terms +93.3% MoM


Mar 2015, projects awarded in number terms +106.8% MoM


In Mar 2015 projects awarded down -10.1% YoY


Mar 2015, projects awarded in number terms +26.4% YoY


In FY2015 projects awarded down 13.1% YoY


In FY2015 projects awarded in number terms -1.4% YoY


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Sector wise projects awarded during Mar 2015 in value terms

Sectors - Value Rs mn Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

Roadways 51,000 22,230 22,410 5,490 17,960 18,140 11,190 38,270 24,530 6,090 26,250 33,710 42,980

Power Distribution 29,710 14,560 57,720 22,260 51,460 27,600 55,230 21,280 20,220 91,470 17,560 35,670 87,010

Power Equipments 97,700 6,970 31,530 24,140 15,310 5,900 192,690 88,580 15,990 21,200 67,250 - 51,180

Railways 18,580 59,720 4,270 5,620 1,420 340 7,340 17,830 50,880 1,240 28,590 15,000 3,020

Real Estate 35,250 9,180 8,790 20,260 3,780 19,320 20,480 4,620 1,090 1,260 940 3,110 27,920

Process 3,290 13,050 41,290 11,670 70,400 13,460 67,880 11,300 3,620 18,440 7,850 4,890 15,160

Pipeline 290 1,200 320 210 80 90 10 80 90 2,860 - 130 280

Infrastructure - 2,680 - - 11,730 - 3,150 - 2,660 35,540 - 13,850 560

Water 2,620 5,050 10 580 1,930 8,190 27,500 10 4,580 6,380 12,780 30 3,410

Irrigation 40,940 - 90 210 1,530 - 810 10 10 10,630 6,750 2,340 7,310

Mining - - - - - - - 1,030 - - - - -

Others 14,070 37,570 78,460 1,500 159,480 26,280 21,250 41,010 19,930 9,020 22,610 27,640 24,840

Total 293,450 172,210 244,890 91,940 335,080 119,320 407,530 224,020 143,600 204,130 190,580 136,370 263,670

Growth Rate YoY 59.3 -42.0 27.4 -68.6 34.6 -45.1 130.7 11.6 -18.1 -11.0 32.9 -69.6 -10.1

Growth Rate MoM -34.7 -41.3 42.2 -62.5 264.5 -64.4 241.5 -45.0 -35.9 42.2 -6.6 -28.4 93.3


Projects awarded in Mar 2015 -Value terms


Projects awarded in Mar 2015 - Numbers of contracts


Awarding increased in Roads, Power Distribution, Process – Value Terms


Contracts awarded increased in Roads, Power Distribution, - Number Terms


Roadways16%

Power Distribution

33%

Power Equipments

19%

Railways1%

Real Estate11%

Process6%

Pipeline0%

Infrastructure

0%

Water1%

Irrigation3%

Mining0%

Others10%

Roadways24%

Power Distribution

26%Power Equipments

9%

Railways3%

Real Estate5%

Process12%

Pipeline1%

Infrastructure

1%

Water4%

Irrigation3% Mining

0% Others12%

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FY14 FY15

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FY14 FY15



Projects awarded Mar 2015 down 15.7% YoY


Projects awarded in Mar 2015 down 82.1% YoY


Projects awarded Mar 2015 up 30.2% YoY




Projects awarded Mar 2015 up 192.9% YoY






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80000

100000


YoY

Gro

wth

(%

)

In R

s M

n

Power Distribution

Power Distribution YoY - Growth

-500

0

500

1000

1500

2000

0

50,000

100,000

150,000

200,000

250,000


YoY

Gro

wth

(%

)

In R

s M

n

Power Equipments

Power Equipments YoY - Growth

-1000

0

1000

2000

3000

4000

5000

0

10000

20000

30000

40000


YoY

Gro

wth

(%

)

In R

s M

n

Real Estate

Real Estate YoY - Growth



Key Highlights – Projects Awarded

During March 2015, a total of 185 contracts with a total order value of Rs259.06 bn were

awarded. These orders (domestic and overseas) were bagged by 120 companies across various

sectors. Further, of the 185 finalised contracts, 13 were bagged by Indian companies to

execute projects overseas.

The Telangana State Power Generation Corpn., (TSGENCO) has awarded Bharat Heavy

Electricals Limited (BHEL) an EPC (Engineering, Procurement & Construction) contract worth

Rs50 bn for setting up a 4x270 MW thermal power plant at Manuguru in Khamman district of

Telangana. The project is targeted to be commissioned in 24 months on fast track basis with

both TSGENCO and BHEL setting up teams to expedite clearances and execution of the project.

BHEL’s scope of work includes design, engineering, manufacture, supply, construction, erection,

testing and commissioning of 4x270 MW thermal sets on EPC basis.

The roadways sector saw finalisation of 51 new contracts worth Rs42.41 bn. The largest

contract in the sector was finalized by Public Works Department, Delhi for a Rs16.64 bn job to

Larsen & Toubro for construction of Phase- III of Barapullah Elevated Corridor in Delhi. The

project connects Sarai Kale Khan and Mayur Vihar through the elevated corridor across river

Yamuna. The scope includes construction of 550 mtr 6 lane extra dosed bridge and 4.3 km, 4

lane elevated road, a flyover at Mayur Vihar, connecting loops, cycle tracks, road works,

architectural lighting and other allied works. The project was scheduled for completion in 30

months.

The third largest contract of the month was also awarded to Larsen & Toubro with a contract

valued at Rs14.32 bn, by the Ministry of Defence for the design and construction of seven

Offshore Patrol Vessels (OPVs) for the Indian Coast Guard (ICG). The contract is part of the

government's initiative to strengthen India's coastal security. OPVs under the project are long

range surface ships, capable of operation in maritime zones of India, including island territories

with helicopter operational capabilities. Their roles include coastal and offshore patrolling,

policing maritime zones of India, control and surveillance, anti-smuggling and anti-piracy with

limited wartime roles.

Sixty three contracts worth Rs86.97 bn were awarded in the power distribution sector in March

2015. Power Grid Corporation of India (PGCIL) owned 52 of the 63 contracts finalised in the

month. The largest contract in this sector worth Rs3.56 bn was awarded to New Northeast

Electric Group High Voltage Switchgear Co., for augmentation of existing 400 kV Koteshwar

Pooling Station to 765/400 kV voltage level & extension of 765/400 kV Meerut substation under

the transmission system associated with Tehri- II PSP.

Overseas Contracts

In the month of March 2015, Indian companies bagged 13 overseas contracts worth Rs39.93 bn

in Petroleum Oil & Gases, Power Distribution, Commercial Complexes, Roadways, Coal/Lignite

Based Power & Computer Software sectors from countries like UAE, Saudi Arabia, Oman,

Bangladesh, Indonesia, Kenya, Paraguay & USA.

The largest overseas contract worth Rs7.32 bn was bagged by Larsen & Toubro (Oman) L.LC.,

from Sultanate of Oman for construction of a commercial project and its site-wide infrastructure

in the Sultanate of Oman. The scope involves civil, structural, architectural, electro-mechanical,

finishes, specialty lighting, lifts, ICT systems, landscaping, water features, swimming pools and

car parking.



Other Developments

The last date for submission of bids for operation, management, development & transfer of Jaipur, Chennai, Kolkata & Ahmedabad Airport through PPP on OMT basis was extended up to 26 May 2015.

NHAI cancelled its tender issued on 03 December 2014 for four-laning of Nerchowk-Kullu stretch (from km 215.000 to km 272.000) in the state of Himachal Pradesh.

Lack of enough response forced tender issuing authorities to extend the last date of submission of 514 project tenders and cancellation of around 45 tenders during March 2015.



Larsen & Toubro – Order Intake Activity

Announced orders worth Rs229 bn in Q4FY15 reflecting a significant pickup in

inflows

Larsen & Toubro announced orders worth Rs229 bn in Q4FY15, a pickup from the Rs100

bn announced in Q3FY15 and Rs174 bn announced in Q4FY14.

The largest single order in Q4FY15 was announced in the Power Generation segment

worth Rs55.8 bn from NTPC Limited for setting up a 2x660 MW green field Ultra-

Supercritical Thermal Power Plant in Khargone district of Madhya Pradesh on EPC basis.

The Transport Infrastructure segment saw the next highest activity with orders worth Rs47

bn being announced during the quarter, including 5 road projects. The company won 4

contiguous road projects, 3 packages of Rewa – Jabalpur and 1 package from Jabalpur to

Lakhnadon, totalling a length of 288 km and project cost of Rs33.3 bn.

L&T bid aggressively for these projects and won them at a heavy discount of ~20% but we

believe that given that all 4 projects are on a single stretch the company will have some

cushion on margins due to economies of scale aiding mobilization of equipment and other

factors of construction like labour and raw materials. Also the fact that new equipment cost

factored into EPC project cost by NHAI is 15% of the total cost which can be saved by the

company by deploying its existing machinery.

As we have mentioned in earlier reports, we continue to believe that we will see such

aggressive bidding coming from L&T in case of fall in oil prices leading to lower order

inflows from the Middle East especially in the hydrocarbons segment.

The Power Transmission & Distribution segment also saw healthy inflow with orders worth

Rs32 bn being announced in Q4FY15.

The Buildings & Factories segment saw order inflow of Rs28 bn including 2 large orders

for construction of residential building complexes in Mumbai (Rs8 bn) and Bengaluru (Rs9

bn) as well as a commercial project in Oman (Rs7 bn) apart from other smaller orders.

The Heavy Civil Infra segment saw order inflow of Rs19 bn including a single large order

worth Rs17 bn from Public Works Department, Delhi, for the construction of Phase-III of

Barapullah Elevated Corridor in Delhi.

The Water & Renewable Energy segment saw orders worth Rs15 bn; the Defence segment

saw a single large order worth Rs14 bn for design & construction of seven offshore patrol

vessels for the Indian coast guard; the Metallurgical & Material Handling segment saw a

single international order worth Rs12 bn; and Miscellaneous orders worth Rs5 bn.

Given the trend we have observed in past quarters of final ex-services order inflow being

meaningfully higher (38-200%) than the order inflow announced during the course of the

quarter, we believe that the company can comfortably manage to meet our full year ex-

services order inflow guidance of Rs1197 bn (9MFY15 inflow achieved Rs938 bn, Q4FY15

required Rs259 bn).

We expect revenue growth and earnings to get a boost as large chunky orders with stable

margins begin to get executed from FY16 onwards. Q4FY15 results could carry a negative

surprise on hydrocarbon losses front, though the management has guided for Rs400-500

mn, we are not sure on how much more pain is remaining for that segment.



L&T Q4FY15 Announced Order Intake

Sector Details

Order Size

Rs mn Country

Transport Infra Reputed customer in Odisha (construction of 48km Railway line), NHAI Road Project

(development & up-gradation of Bijapur-Gulbarga-Homnabad section, NH-218, Karnataka) 16130 India

Transport Infra Additional orders (ongoing domestic and international projects) 4400

Water and Renewable Energy

Salalah Free Zone Company, Oman(construction works of Adhan Phase 1A), NMDC (water

treatment plant & a distribution system for their integrated steel plant at Nagarnar,

Chattisgarh), turnkey order from a reputed power developer (solar PV plants in Punjab)

7290 Oman/India

Power T&D

National Grid, Saudi Arabia (construction of 132 kV cabling & 132 kV double-circuit

transmission lines), UPPTCL (turnkey construction of 400 kV double circuit quad

transmission lines between Banda-Orai and Banda-Allahabad), PGCIL (EPC order,

northern regional strengthening scheme)

6680 Saudi Arabia/

India

Heavy Civil Infra

DMRC (repeat EPC order, construction of viaduct and stations for YMCA – Ballabhgarh

extension of the Delhi MRTS), Additional orders have been also received from various

ongoing jobs

2280 India

Water and Renewable Energy Multiple orders including a major one from a reputed customer for CW system and makeup

water system civil works package in the eastern part of the country 3280 India

Power T&D

Paschimanchal Vidyut Vitran Nigam Limited and Purvanchal Vidyut Vitran Nigam Limited to

improve the power distribution systems at Ghaziabad and Varanasi respectively, order from

Oman Electricity Transmission Company S.A.O.C for the turnkey construction of a 132/33

kV substation at Izki Phase III, Additional orders

11370 Oman/India

Buildings and Factories Construction of a commercial project and its site-wide infrastructure in the Sultanate of

Oman 7320 Oman

Buildings and Factories Add-ons in the domestic market 2300 India

Miscellaneous Additional orders 1160 India

Metallurgical and Material Handling

EPC orders from SENAAT General Holding Corporation, Abu Dhabi, for its 240000 TPA

Longitudinal Submerged Arc Welded (LSAW) Pipe Mill project and 20000 TPA Seamless

Copper Tube Plant project both located at Abu Dhabi, orders from HPCL – Mittal Energy

Limited and other add on packages from its existing customers

12420 UAE/India

Buildings and Factories A major order from a premium developer in Bengaluru encompassing design and

construction of a residential building complex. 8250 India

Power T&D

An order has been received from the Power Grid Corporation of India Limited for the

construction of a 765kV double circuit transmission line in Uttar Pradesh; secured an order

from a private developer for the design, supply, installation, testing and commissioning of a

132/11 kV substation in Dubai

4300 India/UAE

Buildings and Factories Construction of a residential building in Mumbai, EPC order from a private cement producer

for their Greenfield cement grinding unit in Madhya Pradesh 8800 India

Power T&D

EPC order has been received from the Bihar State Power Transmission Company Limited

for the supply, installation, testing and commissioning of 220 kV double circuit transmission

line works associated with optical ground wire and communication system in Bihar; Orders

were also received from Power Grid Corporation of India Limited for turnkey construction of

220kV multi-circuit and double-circuit transmission lines in Jammu and Kashmir and 765 kV

double-circuit transmission line associated with inter regional system strengthening scheme

in Uttar Pradesh.

6760 India

Water and Renewable Energy Additional order 1550 India

Heavy Civil Infrastructure and Water

& Renewable Energy Businesses.

From Public Works Department, Delhi, for the construction of Phase-III of Barapullah

Elevated Corridor in Delhi; 16640 India

Water and Renewable Energy Order was received from Uttar Pradesh Jal Nigam for the construction of 242km waste water

network and 3 nos. waste water pumping stations in Allahabad 2670 India

Buildings and Factories Additional orders 1700 India

Defence By Ministry of Defence for design & construction of seven offshore patrol vessels for the

Indian coast guard 14320 India

L&T Turnkey order from NTPC Limited for setting up a 2x660 MW greenfield Ultra Supercritical

Thermal Power Plant in Khargone district of Madhya Pradesh on EPC basis. 55800 India

Transport Infra Four major EPC orders from NHAI for the construction of Rewa-Katni-Jabalpur (Package 1,

2 & 4) and Jabalpur Lakhnadon Projects in Madhya Pradesh 26500 India

Power T&D Order from PGCIL for the engineering, procurement and construction of 765 kV double

circuit transmission line between Wardha and Hyderabad. 2710 India

Buildings and Factories, Power T&D,

Water & Renewable Energy Additional orders 4220 India

Total 228850

Source: Company, Emkay Research



Highway Pulse

NHAI awards contracts worth Rs268 bn/3383 Km in FY15, awarding of EPC &

BOT projects of 1957 km to get spill over in April 2015

We witness that NHAI has awarded projects amounting to Rs268bn/3383 km in FY15. The

NHAI awarded EPC contracts worth Rs153bn/2262 km and awarded BOT contracts worth

Rs115 bn/1121 km.

We witness that out of the slated awarding of Rs254.55 bn/ 2218 km in EPC and

Rs130.53 bn/ 799 km in BOT in the month of Mar2015, which was later reduced to

Rs155.67 bn/ 1344 km in EPC and Rs81.7 bn/ 504 km in BOT, only Rs85.5 bn/ 646 km

in EPC and Rs59 bn/ 414 km was actually awarded, due to extensions in last date for

submission for several projects. We believe that delay is largely on account of

ministerial decisions as large projects to get bid out.

As far as the competitive intensity is concerned in the EPC projects barring 19 projects we

saw aggressive bidding in 10 projects where the bidding cost remained 14-26% lower than

the benchmark cost.

In Chandhikole project, L1 was Corson Corivam Construction at Rs8.58 bn, L2 was

Sanjosh India Infrastructure & Construction Pvt Ltd at Rs8.76 bn, whereas in Karaikudi

project, L1 was Corson Corivam Construction at Rs2.80 whereas L-2 was Keti construction

at Rs2.82 bn.

In Ambala-Kaithal project, L1 was Sadbhav Engg at Rs4.59 bn, L2 was H.G. Infra at Rs46

bn; in Ramban-Banihal project, HCC was L1 at Rs17.83 bn, L2 was Sadbhav Engg, 3%

higher than L1 bid; and in Udhampur-Ramban project, L1 was Gammon at Rs17.1 bn, L2

was Sadbhav Engg, 4% higher than L1 bid.

In Ramban Banihal (36 km) Project cost Rs12387 mn won at 43.9% premium - L1 HCC

Rs17830 mn, L2 Sadbhav Rs18364 mn

Udhampur Ramban (43 km) Project cost Rs13317 mn won at 28.3% premium - L1

Gammon Rs17090 mn, L2 Sadbhav Rs17773.6 mn. We believe that the companies

won the project at such high premiums because of location of the project in J&K.

In both the Hisar - Dabwali projects (packages 1 & 2), together 146 km, L1 was GR Infra

Projects at 5-7% discount to project cost of Rs5798 mn and Rs6954 mn respectively while

L2 was Sadbhav Engg in both, 6-20% higher than L1 bids.

L&T won 4 contiguous projects, 3 packages of Rewa - Jabalpur and 1 package from

Jabalpur to Lakhnadon, totalling a length of 288 km and project cost of Rs33.3 bn. L&T bid

aggressively for these projects and won them at a heavy discount of ~20% but we believe

that given that all 4 projects are on a single stretch the company will have some cushion

on margins due to economies of scale aiding mobilization of equipment and other factors

of construction like labour and raw materials. Also the fact that new equipment cost factored

into EPC project cost by NHAI is 15% of the total cost which can be saved by the company

by using its existing machinery.

Out of the 8 BOT projects worth Rs115 bn/ 1121 km awarded in FY15, 3 projects worth

Rs47.6 bn/ 546 km were awarded to IRB Infra, IRCON Intl won 2 projects worth Rs16.5 bn/

258 km, 2 projects worth Rs36.8 bn/ 196 km were awarded to Essel Infra and 1 project was

won by TRIL roads worth Rs13.9 bn/ 120 km.

In the the 28 EPC projects worth Rs153bn/2262 km awarded in FY15, the leading players

were, L&T won 5 projects awarded at Rs31.7 bn/ 508 km at an average discount of 21% of

project cost, GR Infra Projects also won 6 projects awarded at Rs20 bn/ 529 km at an

average discount of 6%, 4 projects were won by Dilip Buildcon awarded at Rs13.8 bn/ 307

km at an average discount of 3%, 2 projects were won by Sadbhav Engg awarded at Rs6.7

bn/ 130 km at par to project cost.



List of projects awarded under EPC Type (in Rs Mn)

Projects Bidder

Length

(in Km) Type

Project

Cost

(including

land cost

plus R&R)

EPC

work

cost

Awarded

Cost

NH

No

LOA

Issue

Date

%

Bidding

below

benchmark

cost

2/4 lane Jaisalmer-Barmer GR Infra Projects 131.41 EPC 4822.7 3712.2 2987.7 15 11-04-14 -19.5%

Tirumayam to Manamadurai Dilip Buildcon 77.72 EPC 4011.1 2525.3 2520 226 30-04-14 -0.2%

Jodhpur to Pachpadra Sadbhav Engg 85.61 EPC 2647.2 2124 2124 112 11-04-14 0.0%

Bagundi to Barmer GR Infra Projects 74.1 EPC 2061.2 1671.7 1671.7 112 11-04-14 0.0%

Construction flyover at Bahalgarh &

2 lane bridge near Rasoi Gawar Const EPC 779.7 698.1 1 05-05-14 0.0%

2 Laning with PS Chappra –

Rewaghat – Muzaffarpur Supreme Infra 73.08 EPC 4157.1 3144.9 3370 102 04-06-14 7.2%

2 lanning Thanjavur -Pudukottai Gayatri - SPL 55.22 EPC 2832.7 1661 1589.2 226 10-09-14 -4.3%

2/4 Laning of Talchar - Dubari-

Chandikhole Corson Corivam Const 132.35 EPC 14765.6 9964 8580 23/200 30-10-14 -13.9%

Phalodi -Jaisalmer Corson Corivam Const 160.45 EPC 5675.1 5675 4278.5 15 28-10-14 -24.6%

4 laning of Patna-Gaya-Dobhi ILFS Eng 127.2 EPC 20156 11,270 12319.8 83 09-10-14 9.3%

2 laning with PS of Karaikudi -

Ramanathapuram Transstroy 80 EPC 4515.8 2897 2800 210 27-10-14 -3.4%

2 laning with PS of Sitarganj -

Tanakpur HG Infra Engg 52 EPC 3600 2264 2431.1 125 09-10-14 7.4%

4 Laning of Ludhiana – Talwandi Bhai

section of NH-95 Ceigall India Ltd 6.0 EPC 465.7 378.1 95 26-11-14

2 Laning with PS of Jodhpur -

Pokaran section GR Infraprojects Ltd 139.3 EPC 4556 3068 2650 114 31-12-14 -13.6%

2 Laning with PS of Chas - Ramgarh Dilip Buildcon Ltd 78.2 EPC 3416.1 3416 3330 23 31-12-14 -2.5%

Development & Upgradation of

Bijapur - Gulbarga – Homnabad

Larsen & Toubro Ltd 220.1 EPC

7090 7090 5230 218 1/2/2015 -26.2%

Widening & Strengthening of Barmer-

Sanchor- Gujarat Border

M/s Montecarlo Ltd 106.3 EPC

5380.8 4203.3 3438 15 1/9/2015 -18.2%

4 laning Varanasi bypass incld. 4

laning of NH-29

Apco Infratech Pvt Ltd 16.6 EPC

2673.4 2610.9 29/56 1/6/2015

Ambala - Kaithal (4 laning) (Pckg 2) Sadbhav Engg 44.5 EPC 4602 4590 65 -0.3%

Ramban-Banihal HCC 36 EPC 12387 17830 1A 43.9%

Udhampur-Ramban Gammon 43 EPC 13317 17090 1A 28.3%

Shahdol to MP/CG Border Dilip Buildcon EPC 3647 3402

Ambala - Kaithal (4 laning) (Pckg 1) Dilip Buildcon Ltd 50.86 EPC 4831 4577 65 -5.3%

Hisar-Dabwali (Pckg 1) GR Infra Projects 57 EPC 5798 5490 10 -5.3%

Hisar-Dabwali (Pckg 2) GR Infra Projects 87.66 EPC 6954 6480 10 -6.8%

Parwanoo to salon GR Infra Projects 39.14 EPC 691 748.77 5 8.4%

Rewa Jabalpur 1 L&T 69.19 EPC 7943 6220 7 -21.7%

Rewa Jabalpur II L&T 69.07 EPC 7957 6220 7 -21.8%

Rewa Jabalpur IV L&T 68.7 EPC 8102 6630.4 7 -18.2%

Jabalpur -Lakhandon L&T 80.82 EPC 9288 7426 7 -20.0%

Total 2261.6 93606.2 153295.4 149711.3

Source: NHAI, Emkay Research



List of projects awarded under BOT Type

Projects Bidder

Length

(in Km) Type

Project Cost

(Rs Mn)

Awarded Cost

(Rs Mn) NH No

LOA Issue

Date

4 laning of Solapur -Yadeshi IRB Infra 190 BOT (Toll) 14930

4 laning of Aurangabad -Yadeshi IRB Infra 190.2 BOT 18753.4 Grant 5580 211 28-04-2014

Four laning of Kaithal – Rajasthan border IRB Infra 166.25 BOT 13930 Grant 2340 65 06-05-2014

Bikaner – Phalodi Section IRCON Intl 160.3 BOT 8229 15 27-08-2014

4/6 Laning of Raipur - Bilaspur Section Essel Infra 126.5 BOT(toll) 15489 Grant 4490 30/130

Mukarba Chowk – Paninpat (8 laning) Essel Infra 69.9 BOT(toll) 21287 Grant 1890 44

Shivpuri - Guna Ircon Intl 98.0 BOT(toll) 8304 Premium 201.9 3

Hospet Chitradurga TRIL Roads 120.0 BOT(toll) 13880 Premium 180 13

(new NH-50)

Total 1121.1 114802




List of tenders issued under EPC mode

Road Stretch (EPC Route) State NH No. Length

Project Cost

Rsmn Completion

yrs Main-

tenance

UP/Haryana border-Yamunanagar-Saha-Barwala-Panckula Section km 70.830 to km 115.165

Haryana 73 44.3 5869.0 2.5 4

UP/Haryana border-Yamunanagar-Saha-Barwala-Panchkula Section km 115.165 to km 160.357

Haryana 73 45.2 5674.9 2.5 4

ALIGARH MORADABAD Uttar Pradesh 93 146.4 5033.4 2.5

Eastern Peripheral Expressway(Six lane) Pckg-1 Haryana/UP NE-11 22.0 7711.8 3 4






4-laning of Varanasi Gorakhpur section [PACKAGE-III BIRNON VILLAGE TO AMILLA VILLAGE]

Uttar Pradesh 29 60.0 8523.2 2.5 4

4-laning of Varanasi Gorakhpur section [Package-IV Amilla Village to Gorakhpur]

Uttar Pradesh 29 60.3 10381.5 2.5 4

4 laning of Ghaghra Bridge to Varanasi section (package 1,2 & 3)

Uttar Pradesh 233 58.6 6116.5 2 4


Uttar Pradesh 233 59.9 6670.0 2 4


Uttar Pradesh 233 59.0 6868.9 2 4

Four laning of Ghoshpukur – Salsalabari Section (pckg - 2) West Bengal 31D 71.1 9720.0

Four laning of Ghoshpukur – Salsalabari Section (pckg - 1) West Bengal 31D 83.8 10830.0

Two Laning with paved shoulder of Chhapra – Gopalganj Bihar 85 94.3 6406.8

Four laning of Yadgiri- Warangal Section Telangana 163 99.1 11410.0

Uncha Nagla-Khanuawa-Roppas-Dolpur Raj/UP 12 75.0 2759.0 2 4

Four laning of Bakhtiyarpur – Mokama section Bihar 31 44.6 9861.4

Four laning of Simaria- Khagaria Bihar 31 60.2 6072.5

Madurai- Ramanathapuram (NHDP - 3) Tamil Nadu 49 115.0 7345.5 2.5

Four laning of Patna to Koilwar Bihar 30 43.9 4918.9 2.5 4

Four laning of Koilwar to Bhojpur Bihar 30/84 110.0 7501.0 2.5 4

Four laning of Bhojpur to Buxar Bihar 84 47.6 5937.7 2.5 4

NH- 4B - D to E Section and D to G Section of JNPT Phase-II (Package IV)

Maharashtra 4B 10.6 4744.2 2 4

SH-54 (NH-348A) from Km 6.400 to Km 13.200 and NH-348A (Amra Marg) from Km 0.000 to Km 5.400 of JNPT Phase II (Package III)

Maharashtra 348A and

Amramarg 12.2 5476.7 2 4

Gavanphata Interchange and NH-4B of JNPT Phase-II (Package –II)

Maharashtra 4B & SH.54 24.2 6518.5 2 4

Karalphata Interchange and connectivity to proposed 4th Terminal of JNPT Phase-II, (Package-I)

Maharashtra 4B and SH-54 9.8 5700.7 2 4

TWO LANING WITH P.S. OF BIHARSHARIF-BARBIGHA-MOKAMA (2nd Call)

Bihar 82 54.6 2300.6 2 4

Two Laning with P.S. of Gulabpura to Uniara Section Rajasthan 148D 204.0 5707.3 2.5 4

Four laning of Sultanpur- Varanasi [package-ii] Uttar Pradesh 56 58.0 8152.8 2.5 4

Four laning of Aunta - Simaria (Ganga bridge with approach road)

Bihar 31 8.2 4898.9 2.5 4

Four laning of Sultanpur to Varanasi [Package-I] Uttar Pradesh 56 74.5 10275.3 2.5 4

Rehabilitation & Upgradation to Four Laning of Bahargora to Singhara

Odisha 6 111.6 9087.3 2.5 4

Four laning of Nerchowk-Kullu stretch [Takoli-Kullu Section from km 242.000 to km 272.000, Package VI]

Himachal Pradesh 21 30.0 4115.1 2.5 4

Four Laning of existing Thiruvananthapuram Bypass from Kazhakkoottam (Thiruvananthapuram) to Mukkola Junction

Kerala 47 26.8 6212.2 2 4

Rehabilitation and Augmentation of 4 LANING OF KHARAR-KURALI SECTION

Punjab 21 14.1 2392.3 2 4

Four Laning of Nerchowk-Kullu stretch [Aut-Takoli Section (Tunnel) from km 235.215 to km 242.00, Package-V]


Four laning of Nerchowk - Kullu stretch [Rehukaldhar - Aut Section (Tunnel) from km. 230.595 to Km. 235.215, Package-IV]


Nerchowk-Kullu stretch [Bata-Rehukaldhar Section (Tunnel) from km 227.950 to km 230.595, Package-III]


Four laning of Nerchowk-Kullu stretch [Pandoh-Bata Section (Tunnel) from km. 215.000 to km. 227.950, Package-II]





List of tenders issued under EPC mode (Contd…)

Road Stretch (EPC Route) State NH No. Length

Project Cost

Rsmn Completion

yrs Main-

tenance

2 laning with PS Nagapattinam – Thanjavur Section Tamil Nadu 67 78.5 4133.8 2.5

Four-Laning of Ner Chowk - Pandoh (Package-I) Himachal Pradesh 21 25.0 7248.2 2.5 4

TWO/FOUR LANING OF SOLAN-KAITHALGHAT SECTION Himachal Pradesh 22(now NH 5) 23.1 5053.6 2.5 4

Dalkhola Bypass section from Design Chainage Km 446.740 to Design Chainage Km. 452.140

West Bengal 34 5.4 809.3 2 4

4 - lane Islampur Bypass from Km. 0.0 (Existing Chainage Km. 498.500) to Km 10.31 (Existing Chainage Km. 506.950)

West Bengal 31 10.3 2384.7 2 4

4-laning of Varanasi Gorakhpur from km 12.000 to km 88.000 [package-II from Sandah to Birnon]

Uttar Pradesh 29 76.0 8566.4 2.5 4

Uncha Nagla-Khanuawa-Roppas -Dholpur Section Rajasthan/Uttar Pradesh

123 75.0 2759.0 2 4

2-lane with PS Chhapra-Rewaghat-Muzaffarpur Section Bihar 102 73.1 3370.0 2 4

Service Road and RCC Drain incld. Storage Lane at Chat Junction on Ambala-Chandigarh

Punjab 22 (new NH-152) 2.8 240.6

Upgradation of Kullu-Manali section from Km 272.00 to Km 309.345 (Designed Chainage)

Himachal Pradesh NH-21

(now NH-3) 37.3 2184.7 2 4

Total 2586.3 317905.7




List of tenders issued under BOT mode

Road Stretch (BOT Mode) State NH No.

Length

(In Km)

Project cost

(Rs Mn) Type

Roorkee-Chutmalpur-Saharanpur-Yamunanagar (4 laning) UP/Haryana Border 72A/73 105 13900 DBFOT

Six Laning of Handia Varanasi Section Uttar Pradesh 2 72 23617 BOT(TOLL)

Six Laning of Chakeri Allahabad section Uttar Pradesh 2 145 16616 BOT(TOLL)

Six- Laning of Baleshwar-Chandikhole Odisha 5 137 2177 BOT(TOLL)

Four-Laning from Telebani to Sambalpur Odisha 6 75 6589 BOT(TOLL)

Dimapur - Kohima(4 lanning) Nagaland 39 49 10899 BOT(Annuity)

Nagina-Kashipur Uttarakhand 74 99 10990 BOT(TOLL)

Four Laning of Ambala - Kaithal(NHDP - Phase 3) Haryana 65 95 8780 BOT(TOLL)

Development of Six-Lane Eastern Peripheral Expressway Haryana/UP NE-11 135 44890 DBFOT

Four laning of Meerut - Bulandshahr Uttar Pradesh 235 61 6413 DBFOT

Lucknow-Sultanpur UP 56 126 12760 DBFOT

Four laning of Guna - Biora Madhya Pradesh 3 94 10740 BOT

Four laning of Biora –Dewas Madhya Pradesh 3 141 16090 BOT

Four Laning of Haridwar - Nagina Uttarakhand 74 72 9150 BOT

Kazhakkootam To Mukkola Kerala 47 27 5780 BOT(toll)

Six Laning of Agra – Etawah Bypass Section Uttar Pradesh 2 125 16211 BOT(TOLL)

Four Laning / Two Laning with paved shoulder from Telebani to Sambalpur Odisha 6 74.81 6470 BOT

Four Laning from Singhara to Binjabahal Section Odisha 6 104 10780 BOT

4-laning of Cuttack – Angul Odisha 42 112 13771 BOT

Six Laning of Kharar to Ludhiana Punjab 95/21 76 12820 DBFOT

4/6-laning of Fagne – MAH/Guj Border (Package-III) Maharashtra 6 141 19091 DBFOT

4/6-laning of Chikli-Fagne (Package-II) Maharashtra 6 150 18881 DBFOT

4/6 laning of Amravati-Chikli (Package-I) Maharashtra 6 194 22359 DBFOT

Four Laning of Binjhabahal to Telebani Section Odisha 6 78 8588 DBFOT (Toll)

Delhi Meerut Expressway including 6/8 laning of NH-24 (Hapur Bypass) Delhi/UP 24 50 28874 DBFOT (Toll)

Four laning of Kodinar to Veraval Section (Package-VI) Gujarat 8E 41 7807 DBFOT (Toll)

Four/Six laning of Bhavnagar-Talaja Section (Package –I) Gujarat 8E 48 8412 DBFOT (Toll)

Four/Six Laning of Solapur- Bijapur Section Maharashtra /

Karnataka

13 (New

NH-52) 109 13775 DBFOT (Toll)

Total 2734 387228




Port Pulse

In FY15 Major Indian Ports handled 581 MMT of cargo, +4.7% YoY, gradual

slowdown in container volume growth

Major Indian Ports handled 54 MMT in Mar2015, showing a modest growth of 4.7% YoY

and grew by 20.2% MoM. YoY growth was driven by Coal (+20.1% YoY) and Fertilizer

(29.2% YoY) which gets offset by decline in Iron Ore segment (-43% YoY).

Mormugao (+51.1% YoY), Kolkata (+24.6% YoY), V.O. Chidambarnar (+20.4% YoY),

Cochin (12.2% YoY) and Kandla (9.2%YoY) led the growth while Visakhapatnam (-11.7%

YoY), Chennai (-7% YoY) and JNPT (-5.5% YoY) witnessed decline in volumes.

March 2015 monthly container traffic grew 0.8% YoY to 0.71 mn TEUs, growth aided by

Chennai (+4.7% YoY), Kolkata (+25% YoY) whereas JNPT de-grew by 2.5% YoY. Given

the weakness witnessed in exports we believe that container volume growth in west coast

has slowed (container volumes on west coast at major ports de-grew by 1.6% YoY).

In FY15 Major Indian Ports handled 581 MMT of cargo, a growth of 4.7% YoY, led by higher

traffic seen across thermal coal (+20% YoY), fertilizer (+19.2% YoY) and other cargo (+10%

YoY), while iron ore (-32.9% YoY) and coking coal (-0.9% YoY) have declined. Mormugao

(+25.3% YoY) on the West Coast and V.O. Chidambaranar (+13.2% YoY) on the East

Coast grew fastest.

Container traffic at Major Indian Ports grew to 7.96 mn TEUs (+6.6% YoY) in FY15. JNPT

(+7.3% YoY, 56.1% share of total) was the major growth driver while Chennai (+5.7% YoY,

19.5% share of total) exhibited stable performance.

Top 5 Ports by FY15 Growth in total volume

Port

FY15 Vol.

(mn MT)

Growth

%

%Share of

Total Volume

MORMUGAO 14.7 25.3% 2.5%

V.O. CHIDAMBARANAR 32.4 13.2% 5.6%

KOLKATA 46.3 11.9% 8.0%

ENNORE 30.3 10.7% 5.2%

KANDLA 92.5 6.3% 15.9%

Source: IPA, Emkay Research

FY15 Commodity-wise traffic handled (in MT)


FY15 Port-wise traffic handled (in MT)


POL32%

Thermal Coal15%

Coking Coal6%

Iron ore3%

Fertiliser3%

Container20%

Others21%

KOLKATA8% PARADIP

12%

VISAKHAPATNAM10%

ENNORE5%

CHENNAI9%

V.O. CHIDAMBARANAR

6%COCHIN

4%

NEW MANGALORE

6%

MORMUGAO2%

MUMBAI11%

JNPT11%

KANDLA16%



In Mar 2015 Coal traffic grew 20.1% YoY


In Mar 2015 Container traffic grew 0.8% YoY


Overall Port Traffic for Mar 2015 rose by 4.7% YoY


0.0

10.0

20.0

30.0

40.0

50.0

60.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Ma

r-14

Ap

r-14

Ma

y-1

4

Jun

-14

Jul-1

4

Au

g-1

4

Se

p-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan

-15

Fe

b-1

5

Ma

r-15

Coal (mn MT) Growth %(YoY)

-5.0

0.0

5.0

10.0

15.0

8.50

9.00

9.50

10.00

10.50

11.00

Ma

r-14

Ap

r-14

Ma

y-1

4

Jun

-14

Jul-1

4

Au

g-1

4

Se

p-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan

-15

Fe

b-1

5

Mar-

15

Container (mn MT) Growth %(YoY)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

-

10.0

20.0

30.0

40.0

50.0

60.0

Ma

r-14

Ap

r-14

Ma

y-1

4

Jun

-14

Jul-1

4

Au

g-1

4

Se

p-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan

-15

Fe

b-1

5

Ma

r-15

Total Port Traffic (mn MT) Growth %(YoY)



Total Port Traffic – Major Commodities

Particulars

(in Mn MT) Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

POL 16.9 15.9 15.4 15.5 14.9 16.9 15.7 15.6 15.4 15.1 16.8 13.8 17.9

Growth % (YoY) 1.5 6.1 -6.6 -6.3 -2.5 1.2 -0.4 1.7 11.8 -1.4 3.8 -8.6 5.8

Coal 9.8 9.2 8.3 10.2 9.3 9.4 9.2 9.8 11.4 10.3 10.1 9.7 11.8

Growth % (YoY) 40.6 41.9 22.0 57.0 3.2 13.4 27.8 12.8 28.0 8.8 23.7 31.0 20.1

Iron ore 2.4 2.3 1.5 1.4 1.4 1.5 1.0 1.0 0.9 1.6 1.4 1.3 1.3

Growth % (YoY) -12.8 -19.3 -42.7 -48.0 -33.7 -35.2 -57.6 -36.3 -60.0 -33.0 -38.5 -42.5 -43.0

Fertliser 1.0 1.13 1.2 1.4 1.7 1.2 1.4 1.7 1.7 1.0 1.3 1.4 1.3

Growth % (YoY) 8.2 61.4 74.3 51.6 33.9 -21.9 28.6 32.5 35.4 -22.6 45.4 34.7 29.2

Container 10.60 9.7 10.14 10.05 10.28 10.03 10.42 9.62 9.51 10.11 9.47 9.35 10.68

Growth % (YoY) 3.9 2.3 -1.5 0.5 3.3 0.3 12.6 9.3 9.2 2.3 -4.2 4.6 0.8

Container (in Mteus) 0.70 0.64 0.65 0.66 0.70 0.68 0.69 0.65 0.65 0.68 0.65 0.61 0.71

Growth % (YoY) 0.6 4.4 1.5

Others 10.9 9.13 11.9 8.7 10.0 10.1 11.0 9.9 9.7 11.2 9.5 9.4 11.0

Growth %(YoY) 6.6 1.5 8.0 -3.3 3.2 3.1 47.4 6.5 5.6 16.9 -2.4 3.3 1.0

Total 51.6 47.4 48.5 47.2 47.6 49.2 48.6 47.6 48.5 49.3 48.5 44.9 54.0

Growth %(YoY) 8.3 8.9 1.1 3.5 0.6 1.0 13.1 5.9 10.3 2.9 3.1 2.6 4.7


Total Port Traffic – Major Ports

Major Ports

(in ‘000 MT) Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

Kolkata Dock System 1699 1051 1012 982 1089 1062 1502 1130 1217 1443 1356 1336 2102

Haldia Dock Complex 2942 2248 2203 2386 2251 2520 2454 2415 2638 2769 2839 2605 3682

Total: Kolkata 4641 3299 3215 3368 3340 3582 3956 3545 3855 4212 4195 3941 5784

Paradip 6167 6417 5311 5590 6040 6111 6010 5925 5904 6214 5357 5645 6487

Visakhapatnam 5736 5015 5380 4941 5303 5078 4871 3675 4675 4858 4581 4560 5067

Ennore 2648 2323 2438 2414 2591 2374 2509 2521 2726 2731 2519 2403 2702

Chennai 4716 4397 4418 4022 4849 4314 4717 4451 4294 4319 4670 3706 4384

V.O. Chidambaranar 2853 2637 2395 2383 2827 2646 2828 2583 2537 2473 2435 3235 3435

Cochin 1726 1779 1937 1792 1660 2282 1905 1490 1744 1404 2029 1637 1936

New Mangalore 3604 2969 3444 3272 2724 2692 3129 3206 2947 2719 3307 2393 3764

Mormugao 1132 1119 1215 1169 824 897 1083 1353 1384 1225 1411 1321 1710

Mumbai 5281 5055 4931 4585 4705 5265 5290 5447 5369 5518 5405 4771 5319

JNPT 5894 5423 5444 5605 5269 5295 5277 5205 5221 5334 5200 4957 5572

Kandla 7187 6941 8369 8048 7498 8657 7026 8156 7889 8272 7438 6355 7848

Total 51585 47374 48497 47189 47630 49193 48601 47557 48545 49279 48547 44924 54008

YoY Growth 8.3 8.9 1.1 3.5 0.6 1.0 13.1 5.9 10.3 2.9 3.1 2.6 4.7




Power T&D Pulse

For FY15 PGCIL awarding up 86.4% YoY at Rs202.3 bn, largely due to single large

contract worth Rs32.75 bn

The month of March saw PGCIL award contracts worth Rs54.4 bn largely in Towers

(Rs24.95 bn), Substations (Rs13.58 bn), Conductors (Rs7.46 bn) & Reactors (Rs3.01 bn).

In FY15 PGCIL has awarded contracts worth Rs202.3 bn (+86.4% YoY), but this was

largely skewed by a single large order won by Alstom Grid UK Ltd. (Rs32.75 bn in July

2014 – Others category) for upgradation of 3000MW/- 800kV HVDC Terminals to 6000MW

as part of strengthening in WR-NR Transmission Corridor.

Substations category saw orders worth Rs43.78 bn (+62.3% YoY) in FY15 with Chinese

players dominating the market at 61.1% mkt share (New Northeast Electric Group – 28.1%,

Hyosung Corp. – 27.0%, Pinggao Group – 6.0%).

Towers category saw orders worth Rs77.08 bn (+77.9% YoY) in FY15 with Tata Projects

leading the pack at 20% mkt share followed by L&T (18% mkt share), Kalpataru Power

Transmission (13% mkt share), KEC Intl. (11% mkt share) and Gammon India (7% mkt

share) capping off the top 5.

FY15, PGCIL orders are up 86.4% YoY

Source: PGCIL, Emkay Research

PGCIL monthly awarding trend


Product-wise ordering activity


-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

0

50,000

100,000

150,000

200,000

250,000

FY09 FY10 FY11 FY12 FY13 FY14 FY15

in R

s m

n

PGCIL Orders Growth YoY

0

10,000

20,000

30,000

40,000

50,000

60,000

Ap

ril

Ma

y

Jun

e

July

Au

gust

Se

pte

mb

er

Octo

ber

Novem

ber

Decem

ber

Jan

uary

Fe

bru

ary

Ma

rch

in R

s m

n

FY13 FY14 FY15

0

20,000

40,000

60,000

80,000

100,000

To

wer

Tra

nsfo

rme

rs

Su

bsta

tio

n

Conducto

rs

Insula

tors

Reacto

rs

Cable

s

Pile

Fo

undatio

n

Rura

lE

lectr

ific

ation

Oth

ers

in R

s m

n

FY13 FY14 FY15



FY15, Sub-Stations orders up 62.3% YoY


FY15, Towers orders up 77.9% YoY


FY15 Towers Award Share – Company-wise


FY15 Sub-stations Award Share – Company-wise


-100%-50%0%50%100%150%200%250%300%

010,00020,00030,00040,00050,00060,00070,00080,000

FY

09

FY

10

FY

11

FY

12

FY

13

FY

14

FY

15

in R

s m

n

Sub-Stations Growth YoY

-60%-40%-20%0%20%40%60%80%100%

0

20,000

40,000

60,000

80,000

100,000

120,000

FY

09

FY

10

FY

11

FY

12

FY

13

FY

14

FY

15

in R

s m

n

Towers Growth YoY

20%

18%

13%

11%

7%

5%

5%3%

2% 1%

13%

TATA PROJECTS

LARSEN & TOUBRO (L&T)

KALPTARU POWER TRANSMISSION

KEC INTERNATIONAL

GAMMON INDIA

BAJAJ ELECTRICALS

Skipper Limited

ELECTRICAL MANUFACTURING COMPANY (EMC)

JV of Ranjit Singh & Skipper

JV of BNC Power Projects Limited and Associated PowerStructures Pvt. Ltd.

Others

28%

27%

9%

6%

6%5% 5%

5%3%

2%

3%

New Northeast Electric Group

HYOSUNG CORPORATION

Alstom T&D India

BHEL

Pinggao Group Co Ltd

EMCO

SIEMENS

Techno Electric & Engg. Company

McNally Bharat Engineering Company

Kalptaru Power Transmission

Others



Trends in awarding of Towers amongst companies


Trend in awarding of Sub-stations amongst companies


0

5,000

10,000

15,000

20,000

25,000


in R

s m

n

Axis TitleL&T KEC (Int) Ltd TATA Projects Ltd KPTL Gammon India Ltd

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


in R

s m

n

Axis TitleLARSEN & TUBRO (L&T) SIEMENS LTD. HYOSUNG CORPORATION

AREVA T&D/Alstom T&D New Northeast Electric Group



List of PGCIL Orders in Mar 2015

Order Awardee Cost

Cable Package-C For Supply, Laying And Terminating Of 220kv U/G Cables For (A) 220kv Park Street Electric Lanerajghat (Railway Track), (B) 220kv Rajghat(Railway Track) - Park Street And (C) 220kv S/C Lodhi Road Rajghat (Railway Track) Under Strengthening Of 400kv And 220kv Transmission System Of Delhi Transco Ltd (Phase-I)

Cable Corporation of India Ltd

886.0

Cables Total 886.0

Conductor Packages Cd-09, Cd-10 Cd11 For Supply Of Acsr Zebra Conductor For 765 Kv D/C Kurnool Thiruvalem Transmission Line Associated With System Strengthening-Xix In Southern Regional Grid (Srss-Xix)

Apar Industries Ltd 467.3

Conductor Package Cd-05 For Supply Of Acsr Zebra Conductor For 765 Kv D/C Kurnool Thiruvalem Transmission Line And Conductor Package Cd-06 For Supply Of Acsr Zebra Conductor For 765 Kv D/C Kurnool Thiruvalem Transmission Line Associated With System Strengthening-Xix In Southern Regional Grid (Srss-Xix)

Gupta Power Infrastructure Ltd

447.0

Conductor Package-Cd01 For 400kv D/C (Triple Snowbird) Rajarhat - Purnea Line (Part) Conductor Package-Cd02 For 400kv D/C (Triple Snowbird) Rajarhat - Purnea Line (Part) Conductor Package-Cd03 For 400kv D/C (Triple Snowbird) Rajarhat - Purnea Line (Part) Lilo Of One Circuit At Farakka Other Circuit At Gokarna And Conductor Package-Cd04 For 400kv D/C (Triple Snowbird) Rajarhat - Purnea Line (Part)Associated With Eastern Region Strengthening Scheme-V


468.8



481.3



601.0



600.8



447.0



449.0



449.0

(I) Conductor Package Cd02 For 400 Kv D/C (Quad) Mauda-Ii-Betul Line Under Transmission System Associated With Mauda Stage-Ii (2x660 Mw) Generation Project And 400 Kv D/C (Quad) Solapur-Solapur Line Under Transmission System For Solapur Stpp (2x660 Mw)(Ii) Conductor Package Cd03 For 400 Kv D/C (Quad) Betul-Khandwa Line Under Transmission System Associated With Mauda Stage-Ii (2x660 Mw) Generation Project(Iii) Conductor Package Cd04 For 400 Kv D/C (Quad) Khandawa-Indore Line Under Transmission System Associated With Mauda Stage-Ii (2x660 Mw) Generation Project

Sterlite Technologies Ltd

531.2


Hindusthan Urban Infrastructure Limited

523.6


Kataria Industries Pvt Ltd

514.6

Conductor Package Cd01 For Supply Of Acsr Moose Conductor For 400 Kv D/C (Quad) Kurukshetra - Jallandhar- One Ckt Via Nakodar Transmission Line Associated With Ipp Projects In Chhattisgarh Dpr-9

Sturdy Industries Limited

552.0


Galaxy Transmissions Pvt. Ltd

455.0


Sterlite Technologies Ltd

467.6

Conductors Total 7455.2




List of PGCIL Orders in Mar 2015 (Contd.)

Order Awardee Cost

Insulator Package Is02 For 160kn 210kn Disc/ Porcelain Longrod Insulator For (I) 400 Kv D/C (Triple Snowbird) Purnea- Rajarhat Transmission Line, Lilo Of One Ckt Of 400 Kv D/C Purnea-Rajarhat Transmission Lines At Farakka Other Ckt At Gokarna Lilo Of 400 Kv S/C Subhasgram Jeerat Transmission Line At Rajarhat Under Erss-V (Ii) 765 Kv D/C Jharsuguda-Dharamjaygarh Transmission Line Under Srikakulam (Part-B)

Aditya Birla Insulators

328.8

Replacement Of Porcelain Insulator With Long Rod Polymer Insulator In 500kv Talcher-Kolar Hvdc Transmission Line (Berhampur Section) (Specification No Er-Ii/Bbsr/Cm/I-160)

M/s Ramelex Pvt. Ltd, Pune

3.1

Replacement Of Porcelain Insulator With Long Rod Polymer Insulator In 500kv Talcher-Kolar Hvdc Transmission Line (Nayagarh Section) (Specification No Er-Ii/Bbsr/Cm/I-159)


3.1

Replacement Of Porcelain Insulator With Long Rod Polymer Insulator In 500kv Talcher-Kolar Hvdc Transmission Line (Angul Section-Pkg-A) (Specification No Er-Ii/Bbsr/Cm/I-158)


2.9

Insulator Package-P388-Cis01 120kn, 160kn 210kn Composite Longrod Insulators For Transmission Line Associated With Nrss-Xxx Tehri Psp

Goldstone Infratech Limited

43.1

Replacement Of Porcelain Insulator With Long Rod Polymer Insulator In 400kv Talcher-Meramundali D/C And 400 Kv Meramundali-Angulbolangir Transmission Line (Angul Section) (Specification No Er-Ii/Bb/Cm-839/I-193)


3.0

Insulator Pkg Is03 For Disc Insulators 210 Kn 320 Kn For 765kv D/C Jabalpur - Orai Transmission Line Bharat Heavy Electricals Limited (BHEL)

521.9

Insulators Total 905.7

Reactor Pkg-R1 For 4x80 Mvar, 765kv, 1-Ph Shunt Reactors At 765/400kv Koteshwar Gis Ps And 6x80 Mvar, 765kv, 1-Ph Shunt Reactors At 765/400kv Meerut Ss Under Transmission System Associated With Tehri-Ii Psp

ABB India Limited 488.7

Reactor Package Rt1 Including Associated 400 Kv Bays Under Bus Reactors In Nr Phase-Ii Alstom T&D India Limited

677.9

Reactor Package For (I) 2x63mvar, 420kv, 3-Phase Shunt Reactors At 765/400kv Nagapattinam (New) Gis Pooling Station, (Ii) 2x63 Mvar, 420kv, 3-Phase Shunt Reactors At 400kv Salem Pooling Station Extension And (Iii) 1x63mvar, 420kv, 3-Phase Shunt Reactor (Solidly Grounded) At 400kv Madhugiri Substation Extension Under Common Transmission System Associated With Generation Projects In Nagapattinam/Cuddalore Area Of Tamil Nadu Part-A1

Bharat Heavy Electricals Limited (BHEL)

239.6

Reactor Package Rt2 (Including Transformers Associated 400 V Bays) Under System Strengthening In Southern Region-Xxiii

Crompton Greaves Ltd (CGL)

1607.4

Reactors Total 3013.6

Package Cuttack Associated With Rural Electrification Works Of Cuttack District In Odisha State Under Rajiv Gandhi Gramin Vidyutikaran Yojna (Rggvy) Under 12th Plan

Vijai Electricals Ltd 1422.3

Rural Electrification Total 1422.3

Substation Package-P224-Ss-1 For (I) Extension Of 400kv Purnea Substation Including 2 Nos 80 Mvar 400kv Line Reactors (Ii) Extension Of 400kv Farakka Substation Including 1 No 80 Mvar 400kv Line Reactor (Iii) Extension Of 400kv Chaibasa Substation And (Iv) Supply Erection Of 1 No 80 Mvar 400kv Bus Reactor At Gokarna Substation Under Transmission System Associated With Eastern Region Strengthening Scheme-V

Sterling and Wilson Limited

615.9

Package Gis-1 For (I) 220/66kv Drass (New) Gis (Ii) 220/66kv Kargil (New) Gis (Including Power Transformers And Reactors)Package Gis-2 For (1) 220/66kv Khalsti (New) Gis (2) 220/66kv Leh (New) Gis (3) Extension Of 66/11kv Khalsti Substation(Including Power Transformers And Reactors)

Hyosung Corporation 2739.2

Package Gis-1 For (I) 220/66kv Drass (New) Gis (Ii) 220/66kv Kargil (New) Gis (Including Power Transformers And Reactors)Package Gis-2 For (1) 220/66kv Khalsti (New) Gis (2) 220/66kv Leh (New) Gis (3) Extension Of 66/11kv Khalsti Substation(Including Power Transformers And Reactors)

Hyosung Corporation 2620.9

Substation Package For (I) Augmentation Of Existing 400 Kv Gis Koteshwar Pooling Station To 765/400 Kv Voltage Level And (Ii) Extension Of 765/400 Kv Meerut Substation Under Transmission System Associated With Tehri-Ii Psp Project

New Northeast Electric Group High Voltage Switchgear Co. Ltd.

3558.8

(I) Gis Substation Package Del-Gis-1 For Establishment Of 400/220/33kv Gis S/S At Rajghat (A) 400/220kv Gis S/S (Under Ists) Associated With Establishment Of 400/220 Kv Substation In Nct Of Delh (B) 220/33 Kv Gis S/S (Under Dtl Consultancy) Associated With Strengthening Of 220 Kv Transmission System Of Dtl (Phase-I Ii) And (Ii) Gis Substation Package Del-Gis-2 For Establishment Of 400/220 Kv Gis S/S At Papankalan-I Associated With Establishment Of 400/220 Kv Substation In Nct Of Delh

Pinggao Group Co Ltd

2614.0

Substation Package Gis01 For 400/132kv Agra (South) New Sub-Station (For Element-I) Associated With Transmission System For Evacuation Of Power From Lalitpur Tpp Under Consultancy Services To Upptcl

New Northeast Electric Group High Voltage Switchgear Co. Ltd.

1427.2

Substation Total 13576.0




List of PGCIL Orders in Mar 2015 (Contd.)

Order Awardee Cost

Turnkey Tower Package - Tw01 Including Supply Of Conductors, Insulators, Earthwire, Hardware Fittings And Accessories For Conductor Earthwire For Lilo Of Agra-Bharatpur 220 Kv S/C Line At Agra Lilo Of Sarna-Hiranagar 220 Kv S/C Line At Samba Under Northern Region System Strengthening Xxxiv

Mohan Energy Corporation Pvt. Ltd.

397.3

Tower Supply Packages-P421-Ts01 To Ts04 For 765 Kv D/C Jabalpur Pooling Station Orai Substation Transmission Line And Tower Supply Package-P421-Ts05 For Lilo Of One Circuit Of 765 Kv 2xs/C Satna Gwalior Transmission Line At Orai Substation Associated With Inter-Regional System Strengthening Scheme For Wr-Nr, Part-B

Karamtara Engineering Pvt. Ltd.

1449.4

Tower Erection Packages-P421-Te01 To Te04 For 765 Kv D/C Jabalpur Pooling Station Orai Substation Transmission Line And Tower Erection Package-P421-Te05 For Lilo Of One Circuit Of 765 Kv 2xs/C Satna Gwalior Transmission Line At Orai Substation Associated With Inter-Regional System Strengthening Scheme For Wr-Nr, Part-B

Larsen & Toubro Limited

1441.8

Tower Erection Packages-P421-Te01 To Te04 For 765 Kv D/C Jabalpur Pooling Station Orai Substation Transmission Line And Tower Erection Package-P421-Te05 For Lilo Of One Circuit Of 765 Kv 2xs/C Satna Gwalior Transmission Line At Orai Substation Associated With Inter-Regional System Strengthening Scheme For Wr-Nr, Part-B

KEC International Ltd 973.0

Tower Erection Packages -Te06, Te07, Te08 Te09 For 765/400 Kv Transmission Lines In Nri Associated With Inter-Regional System Strengthening Scheme For Wr-Nr, Part-B

Tata Projects Ltd 1430.3

Tower Package-Tw04 For 765kv D/C Hyderabad Giswardha Station Transmission Line (Part-Iv) And Tower Packagetw05 For 765kv D/C Hyderabad Giswardha Station Transmission Line (Part-V) Associated With Wardha Hyderabad 765 Kv Link

KEC International Ltd 3125.7


Emco Ltd 1455.0



1360.7



Tw01 For Transmission Line Turnkey Package For 220 Kv M/C Kishenganga T Point At Amargarh And Tw02 For Transmission Line Turnkey Package For 220 Kv D/C T Point At Amargarh Wagoora 220 Kv D/C T Point At Amargarh - Amargarh Under Transmission Lines Associated With Kishenganga Hep


896.8

Tw01 For Transmission Line Turnkey Package For 220 Kv M/C Kishenganga T Point At Amargarh And Tw02 For Transmission Line Turnkey Package For 220 Kv D/C T Point At Amargarh Wagoora 220 Kv D/C T Point At Amargarh - Amargarh Under Transmission Lines Associated With Kishenganga Hep


842.6

Tower Package-Tw01 Tw02 And Tw03 Associated With Wardha Hyderabad 765 Kv Link Emco Ltd 2861.3

Tower Package-Tw01 Tw02 And Tw03 Associated With Wardha Hyderabad 765 Kv Link Larsen & Toubro Limited

2705.5

Tower Package-Tw01 Tw02 And Tw03 Associated With Wardha Hyderabad 765 Kv Link Kalptaru Power Transmission Ltd (KPTL)

2062.4

Tower Package-Tw04 For 765kv D/C Hyderabad Giswardha Station Transmission Line (Part-Iv) And Tower Packagetw05 For 765kv D/C Hyderabad Giswardha Station Transmission Line (Part-V) Associated With Wardha Hyderabad 765 Kv Link


Towers Total 24951.4

Transformer Package-Trf01 For 765/400kv Agra (Up) Sub-Station Associated With Transmission System For Evacuation Of Power From Lalitpur Tpp Under Consultancy Services To Upptcl

ALSTOM T & D India Limited

798.6

765v Transformer Package Tr1 For (A) 3x500 Mva 765/400kv Transformer At Raipur Pooling Station Under Installation Of Bus Reactor And Ict In Wr (B) 2x500 Mva 765/400kv Transformer As Spare In Er Under Erss Xii (C) 2x500 Mva 765/400kv Transformer As Spare In Sr Under Srss Xxiii (D) 1x110mvar 765kv Single Phase Spare Reactor At Sasaram Under Erss-Xii (E) 3x500mva 765/400kv 1x333mva 765/400kv Trans As Spare Ict Under Spare Transformers For 765/400kv Icts In Northern Region

ALSTOM T & D India Limited

1036.8

Transformers Total 1835.4

Electrical Works Associated With External Electrification And Landscaping Work At 765/400 Kv Korba (Dharamjaygarh) Sub Station (Cg)

R K Lala, Raipur 4.1

Package-B Construction Of Rrm Retaining Wall And Stone Pitching Work At Keonjhar Sub-Station Under Erss-Iii Spcn No Er-Ii/Bb/Cm-812/I-166

M/s Niranjan Jena, Cuttack

9.5

Package-A Dry Stone Pitching And Dressing Of Slopes At 765/400 Kv Sundergarh Sub-Station Associated With Phase-I Generation Projects In Odisha Spcn No Er-Ii/Bb/Cm-811/I-165

M/s Sarda Prasan Sahoo, Cuttack

4.0

Package-B Construction Of Rcc Pre-Cast Boundary Wall At 765/400 Kv At Angul Sub-Station Under Phase-I Generation Projects (Ipp) In Odisha Specification No - Er-Ii/Bb/Cm-821/I175

M/s Vinod Mundra, Ranipool, Sikkim

32.5

Disaster Recovery Data Centre Package (Package-V) For Supply, Installation And Commissioning Of Server, Storage, Networking And Security Equipment For Disaster Recovery Data Centre Under Implementation Of Enterprise Resource Planning (Erp) System In Powergrid

HCL Technologies Limited

128.0

Fibre Optic Communication Package Under Communication Scheme For Backup Control Centre At Tirupathi Under Aptransco Consultancy Services

JV of Jiangsu Zhongtian Technologies Co. Ltd., China and Steel Products Ltd., Kolkata

187.1

Others Total 365.1

Total 54410.7




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Emkay Rating Distribution

BUY Expected total return (%) (Stock price appreciation and dividend yield) of over 25% within the next 12-18 months.

ACCUMULATE Expected total return (%) (Stock price appreciation and dividend yield) of over 10% within the next 12-18 months.

HOLD Expected total return (%) (Stock price appreciation and dividend yield) of upto 10% within the next 12-18 months.

REDUCE Expected total return (%) (Stock price depreciation) of upto (-) 10% within the next 12-18 months.

SELL The stock is believed to underperform the broad market indices or its related universe within the next 12-18 months.

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