Overview Sector Public Private Partnership Outlook   Preface|Foreword|Executive Summary|Methodology|Industry Report|Infrastructure Insights|Interview Section|Company Listing|Launch Event|D&B Editorial Team|Sponsors Alphabetical Listing Total Income Total Employees Busines Income Region Wise Listing Sector Wise Listing Offerings Construction Ports Power Telecom Financial Insights Operational Insight Bharat Sanchar Nigam Limited NTPC Limited East Coast Constructions and Industries Limited Gujarat Paguthan Energy Corporation Private Limited Gujarat Energy Transmission Corporation Limited

Dun & Bradstreet India (D&B India) has conceptualised ‘India’s Leading Infrastructure Companies 2008’ to emphasise the impressive growth across various segments of this vital sector over the past few years. The publication is an attempt to highlight the role of infrastructure in the Indian economy and demonstrate how enhanced spending can help trigger significant economic growth. In recognition of this fact, government investments in infrastructure projects have risen dramatically in the last few years. The government also invited the private sector to participate in the development of basic infrastructure and that has led to a rise in project execution through the PPP model. In order to capture the real essence of the industry and for in-depth analysis, the publication is divided into four key sub-segments - construction, ports, power and telecom. It profiles 210 companies of which 117 are in construction (including development of airports & seaports, real estate, construction and commissioning of industrial units, railways, SEZ and social infrastructure), 71 in power, 12 in Ports and 10 in telecom services. The insights sections are divided in two segments i.e. financial and operational insights. Financial insights pertain to companies listed on the BSE and NSE, whereas operational insights are based on direct responses to our questionnaire. Some of the insights based on analysis of these companies include -

Financial Insights:

• Over the last 5 financial years, the total income of the construction and power sectors grew by 35.9% and 10.27% respectively on a CAGR basis.

• Construction companies recorded an average annual RoNW of 20.5% in the past 5 financial years, whereas the power sector recorded an average annual RoNW of 12.5% in the same period.

• In the power sector, companies posted EBITDA growth of 9.2% on a CAGR basis during FY04-FY08.

Operational Insights:

• Our analysis indicates that term loans and self financing are the most preferred financing options for the power and construction sectors.

• The construction sector has been adversely impacted by an increase in the cost of raw materials, delays in approval from authorities and lack of availability of skilled labour.

• Over the next 5 years, all the companies in our study are planning to increase their capacity by installing new power plants or expanding the capacity of their existing plants. Our findings indicate that companies will add over 64,000 MW over the next 5 years.

Moving ahead, we expect infrastructure to continue to be the big theme that will drive policy makers and investors to make India globally competitive. The sector will remain on a high growth trajectory on the strengths of numerous development opportunities, huge investment potential, conducive government policies and growing private participation.

D&B India is confident that ‘India’s Leading Infrastructure Companies 2008’ will provide the right international platform for profiling companies that are playing a key role in transforming the infrastructure sector. D&B India promises to track this transformation and capture the pulse of this critical industry through future editions of this publication.

Kaushal Sampat
Chief Operating Officer
Dun & Bradstreet India