Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
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<strong>Institutional</strong> <strong>Equities</strong><br />
Exhibit 8: Upcoming Power Projects<br />
Commissioning of power projects (4x of existing) to drive next leg of growth<br />
GMR Infrastructure has three operational power generation plants in India having a total capacity of 839MW,<br />
which are expected to increase by 2,768MW over FY12-13. This is due to (a) Brownfield expansion at<br />
Rajmundry to 768MW during 1QFY13E; (b) Commissioning of first coal-fired plant at Kamalanga of 1,400MW<br />
during 2HFY13 (c) Commissioning of 600MW Emco plant in Maharashtra during 2HFY13E. All the above<br />
mentioned projects are in advanced stage of construction. Hence, we believe the projects would be completed<br />
on time. Apart from this, around 5.7GW of installed capacity, which we have not considered in our valuation, is<br />
at different stages of planning and development and would be commissioned over FY14-17. We believe the<br />
gradual completion of the projects would keep the growth momentum intact, with the contribution of power<br />
segment increasing from 35% in FY11 to 52% of revenue by FY14.<br />
Project Capacity (MW) Total Project Cost Remarks<br />
Rajamundry 768MW Rs32.5bn Incurred project cost of Rs24.5bn till June 2011<br />
85% of the project completed, expected COD in 1QFY13<br />
Kamalanga 1,050MW Rs64bn Incurred project cost of Rs25.2bn till June 2011<br />
56% of the project completed, ,expected COD in 2HFY13<br />
EPC contract awarded to SEPCO, China<br />
Emco Energy 600 MW Rs34.8bn Incurred project cost of Rs11.2bn till June 2011<br />
67% of the project completed, expected COD in 2HFY13<br />
Chhattisgarh 1,320 MW Rs82.9bn Incurred project cost of Rs13bn till June 2011<br />
94.8% of engineering activity, order placement of BOP package completed<br />
Construction work started, may be operational in 4QFY14<br />
GMR Energy Singapore 800 MW SG$1.12bn Financial closure achieved<br />
Expected COD in 3QFY14<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 9: Power project portfolio<br />
Projects under development Fuel Capacity (MW) COD<br />
Kamalanga,Orissa Coal 1,400 Mar-12<br />
Emco,Warora, Maharashtra Coal 600 Jun-12<br />
Raikhera,Chhattisgarh Coal 1,370 Feb-14<br />
SJK Power, Shahdol, Madhya Pradesh Coal 1,370 Dec-14<br />
Total Coal 4,740<br />
Rajamundry Energy, Andhra Pradesh Gas 768 Mar-12<br />
Island Power, Singapore Gas 800 Nov-13<br />
Total Gas 1,568<br />
Alaknanda ,Uttarakhand Hydro-power 300 Mar-15<br />
Upper Karnali Hydro-power 900 Dec-15<br />
Talong, Arunachal Pradesh Hydro-power 160 Jun-16<br />
Bajoli Holi, Himacahal Pradesh Hydro-power 180 Jul-16<br />
Upper Marsyangdi, Nepal Hydro-power 600 Oct-16<br />
Total - 2,140 -<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
Exhibit 10: Planned power generation capacity addition<br />
Planned power generation capacity addition (MW)<br />
Year FY10 FY11 FY12E FY13E FY14E<br />
Gradual capacity addition<br />
expected from FY12-13<br />
16<br />
16<br />
Total 823 839 839 3,607 7,147<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
-<br />
2,768<br />
3,540<br />
59 GMR Infrastructure
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