>TECHNO ELECTRIC (HSBC)

Key takeaways from management meeting

■ Focus on growing energy business to c50% of group sales; renewable portfolio to increase from c200MW to c1250MW

■ Remain selective in EPC business; focus on high margin projects & captive assets to maintain margin of c16%

■ Management expects c15-20% growth in EPC business; power portfolio to grow through a mix of greenfields and acquisitions (c60/40)

We recently visited Techno Electric as part of our ongoing investigation of the India Electrical Equipment market. We do not rate nor are we commenting on the investment merit of the company’s securities.

We recently met with the senior management and promoters of Techno Electric – Mr. P.K. Lohia (President, Finance) and Mr. Ankit Gupta (Management Executive). Below we highlight

some of the key takeaways from the meeting.

To read the full report: TECHNO ELECTRIC

RISH TRADER