>BHEL (FIRST CALL)

SYNOPSIS

• BHEL is one of the largest engineering and manufacturing enterprises in India ranked among the leading Power Plant Manufacturers in the world.

• Its current order book stands at Rs1, 240 billion, which represents 4.6x of FY09 revenue and provides strong revenue visibility for the near-to-medium term.

• Its initiative in nuclear power and super critical segment as key positives for future growth.

• The company has already increased its capacity to 10GW and is looking to increase it further to 15GW by the end of this calendar year.

• Increased order inflows from private sector are a key positive for the company.

• Net sales and PAT of the company are expected to grow at a CAGR of 27.30% and 17.34% over FY08 to FY11E.

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