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India : Electrical machinery Sector Report_August 2013

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


18.5
75
2011 2022E
T & D equipment (USD billion)
5.7
27.5
2011 2022E
Generation equipment (USD billion)
Source: Government of India, Ministry of Heavy Industries, Aranca Research
Note: T&D - Transmission & Distribution
By 2022, installed power
capacity in India is expected to
reach 350 GW from 180 GW in
2011 due to increasing
industrialisation and economic
development
Installed capacity is set to
increase
By 2022, the generation
equipment industry in India is
expected to increase to
USD27.5 billion from USD5.7
billion in 2011
Demand for generation
equipment on the rise
By 2022, the T&D equipment
market in India is expected to
increase to USD75 billion from
USD18.5 billion in 2011
Increasing power demand to
drive T&D equipment market
CAGR: 15.4%
CAGR: 13.6%
180
350
2011 2022E
Installed capacity (GW)
CAGR: 6.2%
460
1180
2011 2022E
Coal requirement (million tonnes)
0.6
6.7
FY11 FY22E
Generator demand (USD billion)
3.8
11.7
FY11 FY22E
Boiler market (USD billion)
Source: Government of India, Ministry of Heavy Industries, Aranca Research
The boiler market in India is
expected to increase to
USD11.7 billion by FY22 from
USD3.8 billion in FY11
Boiler market to almost triple by
2022
Demand for generators is
expected to increase to
USD6.7 billion by 2022 from
USD0.6 billion in FY11
Power backup equipment to
witness a eleven-fold rise by
2022
Demand for coal is expected to
increase to 1180 million tonnes
by 2022 from 460 million
tonnes in 2011
Coal demand to remain high
CAGR: 24.5%
CAGR: 8.9%
CAGR: 10.8%
• The engineering sector is delicensed;
100 per cent FDI is allowed in the
sector
• Due to policy support, there was
cumulative FDI of USD14.0 billion into
the sector over April 2000 – February
2012, making up 8.6 per cent of total
FDI into the country in that period
Growing demand
Source: Government of India, Ministry of Heavy Industries, Aranca Research
Notes: FDI - Foreign Direct Investment, FY - Indian Financial Year (April - March), USD - US dollar, EPCG - Export Promotion Capital Goods Scheme,
EHTP - Electronic Hardware Technology Park, SEZ - Special Economic Zone, CAGR - Compound Annual Growth Rate
Growing demand
• Power demand is estimated to
reach 350,000 MW by 2022
• Government programmes aimed
at providing electricity to over
100,000 rural areas and 22.6
million households below poverty
line will also boost demand for
power
Attractive opportunities
• Planned power capacity addition
of around 188,500 MW by 2022
will provide significant
opportunities
• Replacement or brownfield
expansion could provide
significant opportunities as well
Policy support
• Electrical machinery sector is de-
licensed; 100 per cent FDI is
permitted
• Significant number of SEZs have
been approved for the sector
• Due to policy support, cumulative
FDI of USD3.2 billion (1.7 per cent
of total FDI inflows) has flown into
the country between April 2000 to
February 2013
Higher investments
• The sector has witnessed
increasing entry of global players
through the JV route
• Existing players are planning huge
capacity expansion over the next
few years
2012
Market
Size:
USD25
billion
2022E
Market
Size:
USD100
billion
Advantage
India
Electrical machinery
Generation
machinery
Transmission
machinery
Distribution
machinery
Boilers
Turbines
Generators
Transformers
Switch gears
Control gears
India’s major electrical equipment industry
(USD billion)
Source: Government of India, Aranca Research
Note: CAGR - Compound Annual Growth Rate
The electrical equipment industry was worth USD13.2 billion in FY11
The market expanded at a CAGR of 11.5 per cent over FY07–11
Cables (26 per cent) and transmission lines and conductors (23 per cent) account for a large chunk of the revenue
Share of major electrical equipment in the
industry (FY11)
23%
21%
15%
10%
4%
1%
26%
Transmission lines and
conductors
Transformers
Switchgear
Rotating machines
Energy meters
Capacitors
Cables
8.6
11.4
10.2 11.0
13.2
FY07 FY08 FY09 FY10 FY11
Market size of generation machinery (USD billion)
Source: Government of India, Ministry of Heavy Industries,
Aranca Research
Note: CAGR - Compound Annual Growth Rate
The generation equipment segment garnered revenues of
USD7.6 billion in FY12
The market is expected to expand at a CAGR of 12.7 per
cent over FY12–22
7.6
12.4
25.1
FY12 FY17E FY22E
CAGR: 12.7%
Generation machinery market break-up (FY12)
Source: Department of Heavy Industry Annual report 2011-12,
Aranca Research
Notes: DHI - Department of Heavy Industries;
BTG - Boiler, Turbine & Generator
Boilers is the major segment, accounting for 67.9 per cent of
total revenues in FY12
Turbines accounted for 21.3 per cent, while generators
constituted the remaining 10.8 per cent
67.9%
21.3%
10.8%
Boilers
Turbines
Generators
Production of transformers (million KVA)
Source: Department of Heavy Industry Annual report 2011-12, SIA, Aranca Research
Note - * Data for FY12 is up to Feb 2012, HVDC is High Voltage Direct Current,
KVA - Kilo Volt Ampere
Production of transformers grew at a CAGR of 9.6 per cent during FY08-11
During FY11–22, the market size of the transformers industry is expected to expand at a CAGR of 13.7 per cent to
USD11.1 billion
Domestic transformer industry has the capability to manufacture the whole range of power and distribution transformers
including transformers used for HVDC transmission upto 500 KV
Transformers market size (USD billion)
2.7
5.9
11.1
FY11 FY17E FY22E
73.3
71.9
85.2
96.6
105.4
FY08 FY09 FY10 FY11 FY12*
CAGR: 9.6%
CAGR: 13.7%
2
4.4
8.2
FY11 FY17E FY22E
18.9
17.8 18.1
23.1
FY08 FY09 FY10 FY11
Production of switch & control gears (million units)
Source: Department of Heavy Industry Annual report 2011-12, Aranca Research
The production of switch and control gears has expanded at a CAGR of 6.9 per cent during FY08-11
During FY11–22, market size of the switch & control gears industry is expected to expand at a CAGR of 13.7 per cent to
USD8.2 billion
The switch gear industry in India manufactures entire voltage range from 240 KV to 800 KV
Significant advances have been made in control gears due to major developments in the field of technology
Market size of switch & control gears (USD billion)
CAGR: 6.9%
CAGR: 13.7%
Exports of electrical machinery (USD million)
Source: Ministry of Commerce, Aranca Research.
Note: Export data Includes - Boiler & Parts, Electric Power Equipments
& Parts, Electric Wires & cables and Transmission Line Towers & Parts
Exports of electrical machinery increased to USD5.09 billion
in FY12 from USD5.06 billion in FY11
Transformers and generators were the primary drivers of
the increase in exports
Indian manufacturers with capacity and advanced
technology in industry, export a wide array of equipment,
including transformers and cables 5.05
5.09
FY11 FY12
Break-up of exports of electrical machinery and
related items by segment (FY12)
Source: Engineering Exports Promotion Council ( EEPC), India,
Aranca Research
Exports of electrical power equipment & parts worth USD3.9
billion in FY12 constituted the largest share
Exports of electric wires & cables worth USD524.7 million
accounted for 10.0% of total exports
Exports of boilers & parts and transmission line towers &
parts were worth USD391.9 million and USD222.5 million,
respectively
78%
8%
4%
10%
Electric power
equipment & parts
Boilers & Parts
Transmission line
towers & parts
Electric Wires &
cables
Upgrading technology
• Industry players are upgrading their transmission capacities to the next higher voltage
system of 765 kilovolts (KV), and are gearing up to supply transformers and related
equipment of this class
Increasing R&D
expenditure
• Indian manufacturers are becoming more competitive with respect to their product
designs, manufacturing and testing facilities
• Investments in research & development (R&D) in the electrical machinery industry are
amongst the largest in India’s corporate sector
Diversifying product
portfolio
• Increasing competitiveness in the industry and changing consumer demands have led to
new versions of products being launched in the market
• Players are entering into strategic alliances and tie-ups with technology suppliers to
upgrade capabilities
Source: Department of Heavy Industries Annual Report 2008–09, Aranca Research
Adoption of super
critical technology
• Government of India is encouraging the adoption of super critical technology for thermal
power plants due to its efficiency and reduced emissions
• During the 12th Five Year Plan, 60 per cent of the total additional power is expected to be
generated by supercritical technology
Source: Company Annual Reports, Aranca Research
Note: * Revenue for FY12
Company Revenues (FY13) Products
Larsen & Toubro USD11.3 billion Engineering & Construction, Cement, Electrical &
Electronics
Bharat Heavy Electricals Ltd USD9.1 billion Power Generation, Transmission, Transportation
Siemens India Ltd USD2.5 billion*
Power Generation and Distribution equipment,
Transportation Systems, Communication and
Healthcare Products
ABB Ltd USD1.6 billion* Transformers, Switch gears, Control gears
Crompton Greaves Ltd USD2.2 billion Power Generation and Transmission Equipment
Source: Aranca Research
WEST: Maharashtra and
Gujarat host
manufacturing units for
major players
Central: Madhya Pradesh
hosts manufacturing units
for Crompton Greaves and
BHEL
SOUTH: Tamil Nadu and
Karnataka are hubs for
electrical manufacturing in
South India
NORTH: Delhi, Uttarakhand and
Haryana are the main hubs for
electrical manufacturing in North
India
Major Electrical Manufacturing
Plant
Growth
drivers
Demand-side
drivers
InvestmentPolicy
• De-licensing of power
• Reduction in Tariff and
Customs
• Hike in duty on foreign
products
• Easy fuel linkages and
faster regulatory
clearance for power
projects
• Entry of global majors
through Joint Venture
• Increasing FDI inflow
• Easy credit and
subsidised loans to
power companies
• Capacity addition for
power generation
• Rise in demand for
backup equipment
• Industrialisation leading
to demand for boilers
and turbines
Source: Aranca Research
Energy requirement (billion units)
Source: CEA, Aranca Research
Note: CEA - Central Electrical Authority
India’s energy requirement expanded at a CAGR of 6.8 per
cent over FY06–13 to 998.1 billion units
The rising demand for energy has led to increasing capacity
addition for power generation
632 691
739 777
831 862
937 998
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
CAGR: 6.8%
Capacity addition for power generation in the
recent Five Year Plans (‘000 MW)
Source: Ministry of Power Annual report 2011-12,
Aranca Research, Central Electricity Authority
Note: E - Estimates
Increasing investments in capacity has resulted in rising
demand for power generation and transmission equipment
The government plans to add 885,000 MW and 100,000
MW of capacity by the end of the 12th and 13th Five-Year
plans, respectively
The increase in capacity during the 11th Five Year Plan
(FY07-12) stood at 45.3 thousand MW by the end of 11th
Five Year Plan
The figure is more than five times the corresponding one in
1990 (8.1 MW) 8.1 12.1
17.1
22.3
45.3
88.5
100
FY90 FY97 FY02 FY07 FY12 FY17E FY22E
De-licensing
• The electrical machinery industry has been de-licensed; 100 per cent FDI is allowed in the
sector
• This facilitated the entry of global majors into the electrical machinery industry in India
Tariffs & custom duties
• Government has removed tariff protection on capital goods
• Government has lowered custom duties on a range of equipments
Initiatives to increase
power generation
• Planned capacity addition of 88.5 GW in the 12th Five-Year Plan
• Through the Accelerated Power Development Reform Programme, the government plans
to provide reliable, affordable and quality power to all
Source: Ministry of Power, Aranca Research
National Electricity
Policy (NEP)
• The government aims to achieve a per capita electricity consumption of 1,000 kWh
through its “Power for all by 2012” mission under NEP
SEZ
• The government has cleared significant number of SEZs for the engineering sector across
the country; electrical machinery is a part of the sector
• Delhi Mumbai Industrial Corridor being developed across seven states could boost
engineering sector
Vision statement
• To make India the country of choice for the production of electrical equipment and reach
an output of USD100 billion by balancing exports and imports
Focus on industry
competitiveness
• To focus on technology and R&D and bring it on a par with global benchmark
• The government has lowered customs duties on a range of equipment
Identify skills to support
industry’s requirement
• The government plans to set up the Electrical Equipment Skill Development Council
(EESDC), which would focus on identifying critical manufacturing skills that are required
for the electrical machinery industry
Source: Ministry of Power, Aranca Research
Develop and strengthen
support infrastructure
• The government plans to establish electrical equipment industry clusters
• Steps to enhance product-testing infrastructure in the country
Increase share in export
market
• The government plans to provide credit support to economically less-developed export
markets
• To create a dedicated fund for EXIM bank to support exporters in the electrical machinery
industry
Source: SEZ India, Aranca Research
Developer Location Products
M/s Essar Hazira SEZ Hazira, Gujarat Engineering
Gujarat Industrial Development Corporation Ltd (GIDC) Gandhinagar, Gujarat Electronic products
N.G. Realty Pvt Ltd Ahmedabad, Gujarat Engineering
E. Complex Pvt Ltd Amreli, Gujarat Engineering
Dishman Infrastructure Ltd Ahmedabad, Gujarat Engineering
Ansal Properties and Infrastructure Ltd Sonepat, Haryana Engineering
Raheja Haryana SEZ Developers Pvt Ltd Gurgaon, Haryana Engineering
Ansal Kamdhenu Engineering SEZ Ltd Sonepat, Haryana Engineering
Karnataka Industrial Areas Development Board Shimoga, Karnataka Engineering
Suzlon Infrastructure Ltd Mangalore, Karnataka Port-based for high-tech engineering products
Maharashtra Industrial Development Corporation (MIDC) Satara, Maharashtra Engineering
Township Developers India Pvt Ltd Pune, Maharashtra Engineering
Vividha Infrastructure Pvt Ltd Patiala, Punjab Engineering
Source: SEZ India, Aranca Research
Company Revenues (FY13) Products
New Chennai Township Pvt Ltd Kanchipuram, Tamil Nadu Engineering
Perundurai Engineering SEZ by SIPCOT Erode, Tamil Nadu Engineering
Uttar Pradesh State Industrial Development Corporation
(UPSIDC)
Kanpur, Uttar Pradesh Engineering
Cumulative FDI inflows from Apr 2000
(USD billion)
Source: Department of Industrial Policy & Promotion, Aranca Research
Note: FY08 - Cumulative from April 2000 to March 2008 and so on,
* - Data mentioned for FY13 is up to April 2013
Cumulative FDI inflows over FY00–13* stood at USD3.2
billion
FDI inflows more than doubled over FY08-12 and expanded
at a CAGR of almost 28.5 per cent
1.1
1.5
2.2
2.4
3.0
3.2
FY08 FY09 FY10 FY11 FY12 FY13*
CAGR: 28.5%
Major M&A deals
Source: Edelweiss Research, Assorted news articles,
Aranca Research
Companies seek inorganic growth through targeting foreign
and domestic players
Crompton Greaves acquired the smart grid automation
company ZIV Group for EUR150 million
In 2011, Schneider Electric bought a 74 per cent stake in
Luminous Power Technologies Pvt Ltd for USD290 million
In 2010, Legrand acquired the switch gear business of Indo
Asian Fusegear for USD127.6 million
Target Acquirer Type Year
Henikwon
Corporation
Larsen &
Toubro
Acquisition 2012
ZIV Group
Crompton
Greaves
Acquisition 2012
Schneider Electric
Infra Ltd
Energy Grid
Automation
Ltd
Acquisition 2012
Alstom T&D India
Ltd
Grid
Equipments
Ltd
Acquisition 2012
Indian Hume Pipe
Co Ltd
ECE Industries
Ltd
Acquisition 2012
Esab India Ltd
Colfax
Corporation
Acquisition 2012
Boiler capacities planned through JV
Companies in JV Capacity (MW)
L&T – MHI 4000
BGR – Hitachi 4000
Thermax- Babcock 3000
Bharat Forge - Alstom 2000
Global majors entering through JV
Joint Venture Indian Partner Foreign Partner
L&T - MHI 51% 49%
BGR-Hitachi 70/74% 30/26%
Thermax -Babcock 51% 49%
Bharat Forge -
Alstom
51% 49%
Toshiba - JSW 25% 75%
GB Engineering -
Ansaldo
15% 85%
Turbine capacities planned through JV
Companies in JV Capacity (MW)
Toshiba – JSW 5000
GB Engineering Ansaldo 3000
L&T – MHI 4000
BGR – Hitachi 4000
Source: Edelweiss Research, Aranca Research
Notes: JV – Joint Venture, MHI – Mitsubishi Heavy Industries
4.1
5.3
6.1
7.2
9.5
10.3
9.1
FY07 FY08 FY09 FY10 FY11 FY12 FY13
Salient features
• One of the largest engineering and manufacturing
companies with ‘Maharatna’ status
• One of the major integrated power plant equipment
(IPPE) manufacturers in the world and references in
over 75 countries
• Profit-making company since 1971–72
• Installed base of more than 120,000 MW
• 15 manufacturing units, two subsidiaries, seven joint
ventures, and over 150 project sites
• Accounted for over 59 per cent of India's total installed
generating capacity in FY12
• Net sales increased by more than 2.2x over FY07–13;
this amounted to a CAGR of 17.6 per cent
Net sales (USD billion)
Source: Company Reports, Aranca Research
Note: Maharatna is the title given to nine Public Sector Enterprises
by the Government of India having comparative advantages
CAGR: 17.6%
Recent Awards and Recognitions
• Awarded “Maharatna” status by the Indian government
(2013)
• Golden Peacock Award 2011 for Occupational Health
and Safety (2011)
• SCOPE Meritorious Award 2010-11 for Best Practices
in Human Resource Management
• Intellectual Property Award from the Government of
India (2011)
• Essar Steel Infrastructure Excellence Award (2011)
• DSIJ Gentle Giant Award from the Government of
India (2011)
• CII-Thompson Reuters Innovation Award (2010)
Notes: PLF - Plant Load Factor,
‘Navratna’ is one of the designations given to public sector enterprises
based on their profitability and there by granted certain autonomy
Boiler efficiency
Lower auxiliary
power
consumption
Lower life cycle
cost
Lower design heat
rate
Better PLF
Key success
factors
7.4
7.8
9.6
11.1 11.2
FY09 FY10 FY11 FY12 FY13
Salient features
• India’s largest E&C company, with interests in projects,
infrastructure development, manufacturing, IT &
financial services
• Enjoys AAA rating with stable outlook from CRISIL and
LAAA from ICRA
• Turnover increased at a CAGR of 15.8 per cent to
USD11.2 billion over FY09–13
• In FY13, net sales increased to USD11.2 billion from
USD11.1 billion in FY12
Net sales (USD billion)
Source: Company Reports, Aranca Research
CAGR: 15.8%
Notes: E&C – Engineering & Construction
Recent Awards and Recognitions
• CNBC TV18 ‘Infrastructure Leader of the Year’ Award
(2013)
• CNBC TV18 ‘Infrastructure Excellence Award’ (2012)
• National Award for Export Excellence (2012)
• ICC ‘Corporate Governance and Sustainability Vision
Award 2012’ (2012)
• Green Business Leadership Award (2011)
• Thought Leader Brands in India (2011)
• Golden Peacock Award for CSR (2011)
• ’India’s Most Respected Company’ in Infrastructure
(2011)
• ’India Shining Star CSR Award’ (Wockhardt
Foundation, 2011)
Operational Performance (FY13 )
Notes: CRISIL - Credit Rating and Information Services of India Ltd,
ICRA - Investment information and credit rating agency of India
CSR - Corporate Social Responsibility
Order
inflow
Sales
Order book
EBITDA
(E&C)
Recurring
PAT
Up
25%
Up
5%
Up
14%
Up
200bps
Up
10%
Focused on motors and
consumer products
Entered into electrical
engineering with
manufacturing of
transformers and power
system products
Focused on gaining
technological edge, global
market reach, and wide
product portfolio
Source: Crompton Greaves Website; Aranca Research
Strong presence in the
Indian electrical
equipment market
Europe and the US
contributed 33 per cent
to FY12 revenue
Consolidated revenue
expanded at a CAGR of
28% during FY06–11
Revenue base of over
USD2.4 billion
Focus on R&D
Strong brand presence
in the consumer electric
products market
Among the world’s
top 10 transformer
companies
Emerged as one of the
leading companies in the
Indian electrical
engineering market
1937–60
Global leader in offshore
wind transformer
applications, with 42 per
cent market share
Made nine
acquisitions after
2005, including
Pauwels Group
1960-2005 2005-12
Net sales (USD billion)
Source: Company Reports, Aranca Research
Crompton Greaves established its international
manufacturing footprint in 2005 by acquiring Belgium-based
Pauwels Group
The company’s successful acquisitions include Ganz,
Hungary, in 2006; Microsol, Ireland, in 2007; Sonomatra,
France; MSE, USA, in 2008; and PTS, UK, in 2011
Overseas market accounts for about 40 per cent of
revenues
2.0 2.0
2.3
2.4 2.4
FY09 FY10 FY11 FY12 FY13
Segmental revenue (FY13) Geographical revenue (FY13)
60.2%
17.9%
15.1%
2.2% Asia
Europe
North America
Others
64.9%
16.2%
18.9%
Power Systems
Industrial Systems
Consumer Products
Nuclear power
generation
• India currently operates 19 atomic reactors which produce 4,780 MW of electricity and has
set an ambitious target of generating 63,000 MW nuclear power by 2032
• With many bilateral nuclear agreements in place, India is expected to become a major hub
for manufacturing nuclear reactors and associated components
• The Indian Government proposes to add 3,380 MW of nuclear power capacity by 2012 as
part of its capacity addition programme in the 11th Five-Year Plan
Power capacity addition
• Market-oriented reforms, such as the target of ‘Power for all’ by 2012 and plans to add
88.5GW of capacity by 2017 and 100 GW by 2022, provide high incentives for capacity
addition in power generation, which would increase the demand for electrical machinery
• Foreign participation in the development and financing of generation and transmission
assets, engineering services, equipment supply and technology collaboration in nuclear
and clean coal technologies is expected to increase
Source: Aranca Research
Notes: KV - Kilo Volts
High-voltage technology
• Power transmission in India, which is currently carried out largely in the 220 KV and 400
KV range, is expected to move up to a higher range of 765 KV and high-voltage direct
current
• This presents a significant opportunity to manufacturers with capabilities in high-voltage
(HV) to develop technology that can handle the need of such high voltages in the country
Indian Electrical & Electronics Manufacturer’s Association ( IEEMA)
501, Kakad Chambers, 132,
Dr Annie Besant. Road,
Worli, Mumbai 400018.
Tel: +91-22-2493 0532, +91-22-2493 0532 / 6528 / 6529
Fax: +91-22-2493 2705
mumbai@ieema.org
Engineering Export Promotion Council (EEPC)
‘Vanijya Bhawan’, 1st Floor
International Trade Facilitation Centre,
1/1, Wood Street,
Kolkata, West Bengal–700016.
Phone: 91-33-22890651, 22890652
Fax: 91-33-22890654
E-mail: eepc@eepcindia.org
BTG: Boilers, Turbines, Generators
BHEL: Bharat Heavy Electricals Limited
CAGR: Compounded Annual Growth Rate
CEA: Central Electrical Authority
DHI: Department of Heavy Industries
E&C: Engineering & Construction
EEPC: Engineering Export Promotion Council
FDI: Foreign Direct Investment
FY: Indian financial year (April to March)
GW: Giga Watt
HVDC: High Voltage Direct Current
KV: Kilo Volts
KVA: Kilo Volt Ampere
L&T: Larsen and Toubro
MHI: Mitsubishi Heavy Industries
PLF: Plant Load Factor
SEZ: Special Economic Zone
USD: US Dollar
Wherever applicable, numbers have been rounded off to one decimal
Year INR equivalent of one USD
2004-05 44.95
2005-06 44.28
2006-07 45.28
2007-08 40.24
2008-09 45.91
2009-10 47.41
2010-11 45.57
2011-12 47.94
2012-13 54.31
Exchange Rates (Fiscal Year)
Year INR equivalent of one USD
2005 45.55
2006 44.34
2007 39.45
2008 49.21
2009 46.76
2010 45.32
2011 45.64
2012 54.69
2013 54.45
Exchange Rates (Calendar Year)
Average for the year
India Brand Equity Foundation (“IBEF”) engaged Aranca to prepare this presentation and the same has been prepared
by Aranca in consultation with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The
same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium
by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in
any manner communicated to any third party except with the written approval of IBEF.
This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the
content is not to be construed in any manner whatsoever as a substitute for professional advice.
Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in
this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of
any reliance placed on this presentation.
Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on
the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

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India : Electrical machinery Sector Report_August 2013

  • 3. 18.5 75 2011 2022E T & D equipment (USD billion) 5.7 27.5 2011 2022E Generation equipment (USD billion) Source: Government of India, Ministry of Heavy Industries, Aranca Research Note: T&D - Transmission & Distribution By 2022, installed power capacity in India is expected to reach 350 GW from 180 GW in 2011 due to increasing industrialisation and economic development Installed capacity is set to increase By 2022, the generation equipment industry in India is expected to increase to USD27.5 billion from USD5.7 billion in 2011 Demand for generation equipment on the rise By 2022, the T&D equipment market in India is expected to increase to USD75 billion from USD18.5 billion in 2011 Increasing power demand to drive T&D equipment market CAGR: 15.4% CAGR: 13.6% 180 350 2011 2022E Installed capacity (GW) CAGR: 6.2%
  • 4. 460 1180 2011 2022E Coal requirement (million tonnes) 0.6 6.7 FY11 FY22E Generator demand (USD billion) 3.8 11.7 FY11 FY22E Boiler market (USD billion) Source: Government of India, Ministry of Heavy Industries, Aranca Research The boiler market in India is expected to increase to USD11.7 billion by FY22 from USD3.8 billion in FY11 Boiler market to almost triple by 2022 Demand for generators is expected to increase to USD6.7 billion by 2022 from USD0.6 billion in FY11 Power backup equipment to witness a eleven-fold rise by 2022 Demand for coal is expected to increase to 1180 million tonnes by 2022 from 460 million tonnes in 2011 Coal demand to remain high CAGR: 24.5% CAGR: 8.9% CAGR: 10.8%
  • 5. • The engineering sector is delicensed; 100 per cent FDI is allowed in the sector • Due to policy support, there was cumulative FDI of USD14.0 billion into the sector over April 2000 – February 2012, making up 8.6 per cent of total FDI into the country in that period Growing demand Source: Government of India, Ministry of Heavy Industries, Aranca Research Notes: FDI - Foreign Direct Investment, FY - Indian Financial Year (April - March), USD - US dollar, EPCG - Export Promotion Capital Goods Scheme, EHTP - Electronic Hardware Technology Park, SEZ - Special Economic Zone, CAGR - Compound Annual Growth Rate Growing demand • Power demand is estimated to reach 350,000 MW by 2022 • Government programmes aimed at providing electricity to over 100,000 rural areas and 22.6 million households below poverty line will also boost demand for power Attractive opportunities • Planned power capacity addition of around 188,500 MW by 2022 will provide significant opportunities • Replacement or brownfield expansion could provide significant opportunities as well Policy support • Electrical machinery sector is de- licensed; 100 per cent FDI is permitted • Significant number of SEZs have been approved for the sector • Due to policy support, cumulative FDI of USD3.2 billion (1.7 per cent of total FDI inflows) has flown into the country between April 2000 to February 2013 Higher investments • The sector has witnessed increasing entry of global players through the JV route • Existing players are planning huge capacity expansion over the next few years 2012 Market Size: USD25 billion 2022E Market Size: USD100 billion Advantage India
  • 7. India’s major electrical equipment industry (USD billion) Source: Government of India, Aranca Research Note: CAGR - Compound Annual Growth Rate The electrical equipment industry was worth USD13.2 billion in FY11 The market expanded at a CAGR of 11.5 per cent over FY07–11 Cables (26 per cent) and transmission lines and conductors (23 per cent) account for a large chunk of the revenue Share of major electrical equipment in the industry (FY11) 23% 21% 15% 10% 4% 1% 26% Transmission lines and conductors Transformers Switchgear Rotating machines Energy meters Capacitors Cables 8.6 11.4 10.2 11.0 13.2 FY07 FY08 FY09 FY10 FY11
  • 8. Market size of generation machinery (USD billion) Source: Government of India, Ministry of Heavy Industries, Aranca Research Note: CAGR - Compound Annual Growth Rate The generation equipment segment garnered revenues of USD7.6 billion in FY12 The market is expected to expand at a CAGR of 12.7 per cent over FY12–22 7.6 12.4 25.1 FY12 FY17E FY22E CAGR: 12.7%
  • 9. Generation machinery market break-up (FY12) Source: Department of Heavy Industry Annual report 2011-12, Aranca Research Notes: DHI - Department of Heavy Industries; BTG - Boiler, Turbine & Generator Boilers is the major segment, accounting for 67.9 per cent of total revenues in FY12 Turbines accounted for 21.3 per cent, while generators constituted the remaining 10.8 per cent 67.9% 21.3% 10.8% Boilers Turbines Generators
  • 10. Production of transformers (million KVA) Source: Department of Heavy Industry Annual report 2011-12, SIA, Aranca Research Note - * Data for FY12 is up to Feb 2012, HVDC is High Voltage Direct Current, KVA - Kilo Volt Ampere Production of transformers grew at a CAGR of 9.6 per cent during FY08-11 During FY11–22, the market size of the transformers industry is expected to expand at a CAGR of 13.7 per cent to USD11.1 billion Domestic transformer industry has the capability to manufacture the whole range of power and distribution transformers including transformers used for HVDC transmission upto 500 KV Transformers market size (USD billion) 2.7 5.9 11.1 FY11 FY17E FY22E 73.3 71.9 85.2 96.6 105.4 FY08 FY09 FY10 FY11 FY12* CAGR: 9.6% CAGR: 13.7%
  • 11. 2 4.4 8.2 FY11 FY17E FY22E 18.9 17.8 18.1 23.1 FY08 FY09 FY10 FY11 Production of switch & control gears (million units) Source: Department of Heavy Industry Annual report 2011-12, Aranca Research The production of switch and control gears has expanded at a CAGR of 6.9 per cent during FY08-11 During FY11–22, market size of the switch & control gears industry is expected to expand at a CAGR of 13.7 per cent to USD8.2 billion The switch gear industry in India manufactures entire voltage range from 240 KV to 800 KV Significant advances have been made in control gears due to major developments in the field of technology Market size of switch & control gears (USD billion) CAGR: 6.9% CAGR: 13.7%
  • 12. Exports of electrical machinery (USD million) Source: Ministry of Commerce, Aranca Research. Note: Export data Includes - Boiler & Parts, Electric Power Equipments & Parts, Electric Wires & cables and Transmission Line Towers & Parts Exports of electrical machinery increased to USD5.09 billion in FY12 from USD5.06 billion in FY11 Transformers and generators were the primary drivers of the increase in exports Indian manufacturers with capacity and advanced technology in industry, export a wide array of equipment, including transformers and cables 5.05 5.09 FY11 FY12
  • 13. Break-up of exports of electrical machinery and related items by segment (FY12) Source: Engineering Exports Promotion Council ( EEPC), India, Aranca Research Exports of electrical power equipment & parts worth USD3.9 billion in FY12 constituted the largest share Exports of electric wires & cables worth USD524.7 million accounted for 10.0% of total exports Exports of boilers & parts and transmission line towers & parts were worth USD391.9 million and USD222.5 million, respectively 78% 8% 4% 10% Electric power equipment & parts Boilers & Parts Transmission line towers & parts Electric Wires & cables
  • 14. Upgrading technology • Industry players are upgrading their transmission capacities to the next higher voltage system of 765 kilovolts (KV), and are gearing up to supply transformers and related equipment of this class Increasing R&D expenditure • Indian manufacturers are becoming more competitive with respect to their product designs, manufacturing and testing facilities • Investments in research & development (R&D) in the electrical machinery industry are amongst the largest in India’s corporate sector Diversifying product portfolio • Increasing competitiveness in the industry and changing consumer demands have led to new versions of products being launched in the market • Players are entering into strategic alliances and tie-ups with technology suppliers to upgrade capabilities Source: Department of Heavy Industries Annual Report 2008–09, Aranca Research Adoption of super critical technology • Government of India is encouraging the adoption of super critical technology for thermal power plants due to its efficiency and reduced emissions • During the 12th Five Year Plan, 60 per cent of the total additional power is expected to be generated by supercritical technology
  • 15. Source: Company Annual Reports, Aranca Research Note: * Revenue for FY12 Company Revenues (FY13) Products Larsen & Toubro USD11.3 billion Engineering & Construction, Cement, Electrical & Electronics Bharat Heavy Electricals Ltd USD9.1 billion Power Generation, Transmission, Transportation Siemens India Ltd USD2.5 billion* Power Generation and Distribution equipment, Transportation Systems, Communication and Healthcare Products ABB Ltd USD1.6 billion* Transformers, Switch gears, Control gears Crompton Greaves Ltd USD2.2 billion Power Generation and Transmission Equipment
  • 16. Source: Aranca Research WEST: Maharashtra and Gujarat host manufacturing units for major players Central: Madhya Pradesh hosts manufacturing units for Crompton Greaves and BHEL SOUTH: Tamil Nadu and Karnataka are hubs for electrical manufacturing in South India NORTH: Delhi, Uttarakhand and Haryana are the main hubs for electrical manufacturing in North India Major Electrical Manufacturing Plant
  • 17. Growth drivers Demand-side drivers InvestmentPolicy • De-licensing of power • Reduction in Tariff and Customs • Hike in duty on foreign products • Easy fuel linkages and faster regulatory clearance for power projects • Entry of global majors through Joint Venture • Increasing FDI inflow • Easy credit and subsidised loans to power companies • Capacity addition for power generation • Rise in demand for backup equipment • Industrialisation leading to demand for boilers and turbines Source: Aranca Research
  • 18. Energy requirement (billion units) Source: CEA, Aranca Research Note: CEA - Central Electrical Authority India’s energy requirement expanded at a CAGR of 6.8 per cent over FY06–13 to 998.1 billion units The rising demand for energy has led to increasing capacity addition for power generation 632 691 739 777 831 862 937 998 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 CAGR: 6.8%
  • 19. Capacity addition for power generation in the recent Five Year Plans (‘000 MW) Source: Ministry of Power Annual report 2011-12, Aranca Research, Central Electricity Authority Note: E - Estimates Increasing investments in capacity has resulted in rising demand for power generation and transmission equipment The government plans to add 885,000 MW and 100,000 MW of capacity by the end of the 12th and 13th Five-Year plans, respectively The increase in capacity during the 11th Five Year Plan (FY07-12) stood at 45.3 thousand MW by the end of 11th Five Year Plan The figure is more than five times the corresponding one in 1990 (8.1 MW) 8.1 12.1 17.1 22.3 45.3 88.5 100 FY90 FY97 FY02 FY07 FY12 FY17E FY22E
  • 20. De-licensing • The electrical machinery industry has been de-licensed; 100 per cent FDI is allowed in the sector • This facilitated the entry of global majors into the electrical machinery industry in India Tariffs & custom duties • Government has removed tariff protection on capital goods • Government has lowered custom duties on a range of equipments Initiatives to increase power generation • Planned capacity addition of 88.5 GW in the 12th Five-Year Plan • Through the Accelerated Power Development Reform Programme, the government plans to provide reliable, affordable and quality power to all Source: Ministry of Power, Aranca Research National Electricity Policy (NEP) • The government aims to achieve a per capita electricity consumption of 1,000 kWh through its “Power for all by 2012” mission under NEP SEZ • The government has cleared significant number of SEZs for the engineering sector across the country; electrical machinery is a part of the sector • Delhi Mumbai Industrial Corridor being developed across seven states could boost engineering sector
  • 21. Vision statement • To make India the country of choice for the production of electrical equipment and reach an output of USD100 billion by balancing exports and imports Focus on industry competitiveness • To focus on technology and R&D and bring it on a par with global benchmark • The government has lowered customs duties on a range of equipment Identify skills to support industry’s requirement • The government plans to set up the Electrical Equipment Skill Development Council (EESDC), which would focus on identifying critical manufacturing skills that are required for the electrical machinery industry Source: Ministry of Power, Aranca Research Develop and strengthen support infrastructure • The government plans to establish electrical equipment industry clusters • Steps to enhance product-testing infrastructure in the country Increase share in export market • The government plans to provide credit support to economically less-developed export markets • To create a dedicated fund for EXIM bank to support exporters in the electrical machinery industry
  • 22. Source: SEZ India, Aranca Research Developer Location Products M/s Essar Hazira SEZ Hazira, Gujarat Engineering Gujarat Industrial Development Corporation Ltd (GIDC) Gandhinagar, Gujarat Electronic products N.G. Realty Pvt Ltd Ahmedabad, Gujarat Engineering E. Complex Pvt Ltd Amreli, Gujarat Engineering Dishman Infrastructure Ltd Ahmedabad, Gujarat Engineering Ansal Properties and Infrastructure Ltd Sonepat, Haryana Engineering Raheja Haryana SEZ Developers Pvt Ltd Gurgaon, Haryana Engineering Ansal Kamdhenu Engineering SEZ Ltd Sonepat, Haryana Engineering Karnataka Industrial Areas Development Board Shimoga, Karnataka Engineering Suzlon Infrastructure Ltd Mangalore, Karnataka Port-based for high-tech engineering products Maharashtra Industrial Development Corporation (MIDC) Satara, Maharashtra Engineering Township Developers India Pvt Ltd Pune, Maharashtra Engineering Vividha Infrastructure Pvt Ltd Patiala, Punjab Engineering
  • 23. Source: SEZ India, Aranca Research Company Revenues (FY13) Products New Chennai Township Pvt Ltd Kanchipuram, Tamil Nadu Engineering Perundurai Engineering SEZ by SIPCOT Erode, Tamil Nadu Engineering Uttar Pradesh State Industrial Development Corporation (UPSIDC) Kanpur, Uttar Pradesh Engineering
  • 24. Cumulative FDI inflows from Apr 2000 (USD billion) Source: Department of Industrial Policy & Promotion, Aranca Research Note: FY08 - Cumulative from April 2000 to March 2008 and so on, * - Data mentioned for FY13 is up to April 2013 Cumulative FDI inflows over FY00–13* stood at USD3.2 billion FDI inflows more than doubled over FY08-12 and expanded at a CAGR of almost 28.5 per cent 1.1 1.5 2.2 2.4 3.0 3.2 FY08 FY09 FY10 FY11 FY12 FY13* CAGR: 28.5%
  • 25. Major M&A deals Source: Edelweiss Research, Assorted news articles, Aranca Research Companies seek inorganic growth through targeting foreign and domestic players Crompton Greaves acquired the smart grid automation company ZIV Group for EUR150 million In 2011, Schneider Electric bought a 74 per cent stake in Luminous Power Technologies Pvt Ltd for USD290 million In 2010, Legrand acquired the switch gear business of Indo Asian Fusegear for USD127.6 million Target Acquirer Type Year Henikwon Corporation Larsen & Toubro Acquisition 2012 ZIV Group Crompton Greaves Acquisition 2012 Schneider Electric Infra Ltd Energy Grid Automation Ltd Acquisition 2012 Alstom T&D India Ltd Grid Equipments Ltd Acquisition 2012 Indian Hume Pipe Co Ltd ECE Industries Ltd Acquisition 2012 Esab India Ltd Colfax Corporation Acquisition 2012
  • 26. Boiler capacities planned through JV Companies in JV Capacity (MW) L&T – MHI 4000 BGR – Hitachi 4000 Thermax- Babcock 3000 Bharat Forge - Alstom 2000 Global majors entering through JV Joint Venture Indian Partner Foreign Partner L&T - MHI 51% 49% BGR-Hitachi 70/74% 30/26% Thermax -Babcock 51% 49% Bharat Forge - Alstom 51% 49% Toshiba - JSW 25% 75% GB Engineering - Ansaldo 15% 85% Turbine capacities planned through JV Companies in JV Capacity (MW) Toshiba – JSW 5000 GB Engineering Ansaldo 3000 L&T – MHI 4000 BGR – Hitachi 4000 Source: Edelweiss Research, Aranca Research Notes: JV – Joint Venture, MHI – Mitsubishi Heavy Industries
  • 27. 4.1 5.3 6.1 7.2 9.5 10.3 9.1 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Salient features • One of the largest engineering and manufacturing companies with ‘Maharatna’ status • One of the major integrated power plant equipment (IPPE) manufacturers in the world and references in over 75 countries • Profit-making company since 1971–72 • Installed base of more than 120,000 MW • 15 manufacturing units, two subsidiaries, seven joint ventures, and over 150 project sites • Accounted for over 59 per cent of India's total installed generating capacity in FY12 • Net sales increased by more than 2.2x over FY07–13; this amounted to a CAGR of 17.6 per cent Net sales (USD billion) Source: Company Reports, Aranca Research Note: Maharatna is the title given to nine Public Sector Enterprises by the Government of India having comparative advantages CAGR: 17.6%
  • 28. Recent Awards and Recognitions • Awarded “Maharatna” status by the Indian government (2013) • Golden Peacock Award 2011 for Occupational Health and Safety (2011) • SCOPE Meritorious Award 2010-11 for Best Practices in Human Resource Management • Intellectual Property Award from the Government of India (2011) • Essar Steel Infrastructure Excellence Award (2011) • DSIJ Gentle Giant Award from the Government of India (2011) • CII-Thompson Reuters Innovation Award (2010) Notes: PLF - Plant Load Factor, ‘Navratna’ is one of the designations given to public sector enterprises based on their profitability and there by granted certain autonomy Boiler efficiency Lower auxiliary power consumption Lower life cycle cost Lower design heat rate Better PLF Key success factors
  • 29. 7.4 7.8 9.6 11.1 11.2 FY09 FY10 FY11 FY12 FY13 Salient features • India’s largest E&C company, with interests in projects, infrastructure development, manufacturing, IT & financial services • Enjoys AAA rating with stable outlook from CRISIL and LAAA from ICRA • Turnover increased at a CAGR of 15.8 per cent to USD11.2 billion over FY09–13 • In FY13, net sales increased to USD11.2 billion from USD11.1 billion in FY12 Net sales (USD billion) Source: Company Reports, Aranca Research CAGR: 15.8% Notes: E&C – Engineering & Construction
  • 30. Recent Awards and Recognitions • CNBC TV18 ‘Infrastructure Leader of the Year’ Award (2013) • CNBC TV18 ‘Infrastructure Excellence Award’ (2012) • National Award for Export Excellence (2012) • ICC ‘Corporate Governance and Sustainability Vision Award 2012’ (2012) • Green Business Leadership Award (2011) • Thought Leader Brands in India (2011) • Golden Peacock Award for CSR (2011) • ’India’s Most Respected Company’ in Infrastructure (2011) • ’India Shining Star CSR Award’ (Wockhardt Foundation, 2011) Operational Performance (FY13 ) Notes: CRISIL - Credit Rating and Information Services of India Ltd, ICRA - Investment information and credit rating agency of India CSR - Corporate Social Responsibility Order inflow Sales Order book EBITDA (E&C) Recurring PAT Up 25% Up 5% Up 14% Up 200bps Up 10%
  • 31. Focused on motors and consumer products Entered into electrical engineering with manufacturing of transformers and power system products Focused on gaining technological edge, global market reach, and wide product portfolio Source: Crompton Greaves Website; Aranca Research Strong presence in the Indian electrical equipment market Europe and the US contributed 33 per cent to FY12 revenue Consolidated revenue expanded at a CAGR of 28% during FY06–11 Revenue base of over USD2.4 billion Focus on R&D Strong brand presence in the consumer electric products market Among the world’s top 10 transformer companies Emerged as one of the leading companies in the Indian electrical engineering market 1937–60 Global leader in offshore wind transformer applications, with 42 per cent market share Made nine acquisitions after 2005, including Pauwels Group 1960-2005 2005-12
  • 32. Net sales (USD billion) Source: Company Reports, Aranca Research Crompton Greaves established its international manufacturing footprint in 2005 by acquiring Belgium-based Pauwels Group The company’s successful acquisitions include Ganz, Hungary, in 2006; Microsol, Ireland, in 2007; Sonomatra, France; MSE, USA, in 2008; and PTS, UK, in 2011 Overseas market accounts for about 40 per cent of revenues 2.0 2.0 2.3 2.4 2.4 FY09 FY10 FY11 FY12 FY13 Segmental revenue (FY13) Geographical revenue (FY13) 60.2% 17.9% 15.1% 2.2% Asia Europe North America Others 64.9% 16.2% 18.9% Power Systems Industrial Systems Consumer Products
  • 33. Nuclear power generation • India currently operates 19 atomic reactors which produce 4,780 MW of electricity and has set an ambitious target of generating 63,000 MW nuclear power by 2032 • With many bilateral nuclear agreements in place, India is expected to become a major hub for manufacturing nuclear reactors and associated components • The Indian Government proposes to add 3,380 MW of nuclear power capacity by 2012 as part of its capacity addition programme in the 11th Five-Year Plan Power capacity addition • Market-oriented reforms, such as the target of ‘Power for all’ by 2012 and plans to add 88.5GW of capacity by 2017 and 100 GW by 2022, provide high incentives for capacity addition in power generation, which would increase the demand for electrical machinery • Foreign participation in the development and financing of generation and transmission assets, engineering services, equipment supply and technology collaboration in nuclear and clean coal technologies is expected to increase Source: Aranca Research Notes: KV - Kilo Volts High-voltage technology • Power transmission in India, which is currently carried out largely in the 220 KV and 400 KV range, is expected to move up to a higher range of 765 KV and high-voltage direct current • This presents a significant opportunity to manufacturers with capabilities in high-voltage (HV) to develop technology that can handle the need of such high voltages in the country
  • 34. Indian Electrical & Electronics Manufacturer’s Association ( IEEMA) 501, Kakad Chambers, 132, Dr Annie Besant. Road, Worli, Mumbai 400018. Tel: +91-22-2493 0532, +91-22-2493 0532 / 6528 / 6529 Fax: +91-22-2493 2705 mumbai@ieema.org Engineering Export Promotion Council (EEPC) ‘Vanijya Bhawan’, 1st Floor International Trade Facilitation Centre, 1/1, Wood Street, Kolkata, West Bengal–700016. Phone: 91-33-22890651, 22890652 Fax: 91-33-22890654 E-mail: eepc@eepcindia.org
  • 35. BTG: Boilers, Turbines, Generators BHEL: Bharat Heavy Electricals Limited CAGR: Compounded Annual Growth Rate CEA: Central Electrical Authority DHI: Department of Heavy Industries E&C: Engineering & Construction EEPC: Engineering Export Promotion Council FDI: Foreign Direct Investment FY: Indian financial year (April to March) GW: Giga Watt HVDC: High Voltage Direct Current KV: Kilo Volts
  • 36. KVA: Kilo Volt Ampere L&T: Larsen and Toubro MHI: Mitsubishi Heavy Industries PLF: Plant Load Factor SEZ: Special Economic Zone USD: US Dollar Wherever applicable, numbers have been rounded off to one decimal
  • 37. Year INR equivalent of one USD 2004-05 44.95 2005-06 44.28 2006-07 45.28 2007-08 40.24 2008-09 45.91 2009-10 47.41 2010-11 45.57 2011-12 47.94 2012-13 54.31 Exchange Rates (Fiscal Year) Year INR equivalent of one USD 2005 45.55 2006 44.34 2007 39.45 2008 49.21 2009 46.76 2010 45.32 2011 45.64 2012 54.69 2013 54.45 Exchange Rates (Calendar Year) Average for the year
  • 38. India Brand Equity Foundation (“IBEF”) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.