0, 112, 192 146, 208, 80...192, 80, 77 investor presentation february 2016 0, 112, 192 current...
TRANSCRIPT
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77 Investor Presentation February 2016
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
2
Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
3
Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
4
Dalmia Bharat: Snapshot
Corporate Overview
• Third largest cement player in India
• 25 Million Tons of installed cement capacity
• 180.5 MW of captive power capacity
• Strong presence in South, East and North East
• More than 75 years of presence
• Listed on BSE and NSE
Dalmia Bharat Ltd. (DBL)
25 MnT (Cement), 180.5 MW (CPP)
100%
OCL India Ltd. “OCL”
KKR
100%
8.5%
75%
* Calcom Cement India Ltd.
“Calcom”
* Adhunik Cement Ltd. “Adhunik”
76%
100%
Dalmia Power Ltd.
DCBPVL (99 MW)
26%
* Dalmia Cement East Limited
“Bokaro”
100%
Dalmia Cement Bharat Ltd “DCBL”
Corporate Office
Delhi
Listed entities
* Acquired entities
Asset Overview
74%
DCBL
OCL
Calcom
Adhunik
DCEL
Head Office
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Capacity over last 10 Years
2005 2010 2015
Installed Capacity: 1.2 MnT Installed Capacity: 9 MnT Installed Capacity: 25 MnT
#1 plants in #1 states #5 plants in #3 states #11 plants in #8 states
Dalmiapuram Dalmiapuram Ariyalur
Kadapa
Kapilas
Rajgangpur
Meghalaya
Lanka
Bokaro
Medinipur
Belgaum
Dalmiapuram Ariyalur
Kadapa
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6
Our Markets
2005 2010 2015
7%
% Represents our Market share
4%
11%
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Our Growth has been with a judicious mix of
organic and inorganic expansions
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8
Organic Expansions
Organic growth from 1.2 MnT in 2006 to more than 11 MnT in 2015
Serves the entire South region including Maharashtra
1
2
3
Enjoys regional leadership position
Set up the state of art plants at replacement costs less than industry average 4
5
Grown organically in Southern Region from 1 state to 3 states
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9
Inorganic expansion
Strengthening market share in existing markets
Strategic fit to business model
Geographical diversification in growing markets 1
2
3
Replicating operational efficiencies initiatives
Reduced lead distance 4
5
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10
Board with a thrust on Corporate Governance
An Independent Board to Ensure High Standards of Corporate Governance
Pradeep Kumar Khaitan, Chairman, DBL
• Over 46 years of experience; A partner in Khaitan & Co., Solicitors and Advocates
G.N. Bajpai : Chairman, DCBL
• Former Chairman of SEBI and LIC
Sanjay Nayar: Board Member, DCBL
• CEO - KKR India
• Ex-Head Citibank India
Paul Hugentobler: Board Member, DCBL
• Ex-Member, Holcim Executive Committee
Jai Hari Dalmia: Board Member
• Masters in Electrical Engineering from University of Illinios, Urbana, Champagne
• Over 40 years of experience across industries
Yadu Hari Dalmia: Board Member
• A qualified Chartered Accountant
• Over 39 years of experience in Cement industry
Professionals / Independent Promoters
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11
…And a Strong Management Team
Judicious mix of experience and youth
Puneet Dalmia : Managing Director & Board Member
• B.tech from IIT Delhi; P.G. from IIM, Bangalore
• Over 11 years of experience in the cement industry
• Conceptualized the growth strategy and governance architecture for the Group and is spearheading the growth plans for
the Group
Gautam Dalmia: Managing Director & Board Member
• B.S. and M.S. degrees in electrical engineering from Columbia University
• 15 years of experience in the cement and sugar industries
• Responsible for leading the operations and execution of cement projects besides providing leadership to the
commercial functions of the group
Mahendra Singhi: Whole time Director & Group CEO – Cement • Chartered Accountant & Science, Law Graduate. • 38 years of experience in Cement Industry including 19 years with Shree Cement Ltd. • Passion for efficiency, people management & sustainability. • Member of Board of Governors of the National Council for Cement & Building Materials. • Served as a leader of Indian Cement Sector Task Force for Energy Conservation, Ministry of Power we well as President of the
Rajasthan Cement Manufacturers Association.
T. Venkatesan: Dy. Managing Director
• Chartered Accountant
• Over 31 yrs of experience in various sectors
• Expertise lies in accelerating growth of large businesses
• Ex-CEO Sterlite Group Copper Segment
Jayesh Doshi: Whole Time Director & Group CFO
• Chartered Accountant and a Law graduate from Bombay University
• Over 28 yrs of experience with 19 yrs experience in cement industry and other industries being pharma, shipping
offshore oil services & real estate
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Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
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13
Current Scenario
Current
Scenario
Third largest player in India with regional leadership position
Diversified locational advantages
Premium Brand Positioning
Moving to Sustainable Business Model
Efficient Deployment of Capital
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66.0 61.4
25.0 24.0 22.8 22.2
15.9 14.7 14.2 13.3
AV Birla H+L Dalmia Shree B K Birla Jaypee IndiaCement
Ramco Chettinad Birla Corp.
14
Leadership Position by Capacity
National
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Diversified Locational Advantages
We are located where it matters!
Proximity to Input Sources Logistics savings vis-a-vis competitors in key markets
Lanka
Meghalaya
Kadapa
Ariyalur
Belgaum
Dalmiapuram
Rajgangpur
Bokaro
Kapilas Road
BCW
MRPL
Tata Steel
Kalinganagar
Plant sites
Input sources
Potential Sources
Bongaigan
TPP 2.5 MW
14%
5% 7% 8% 6% 4%
15%
38%
0%
10%
20%
30%
40%
Tam
il N
ad
u
Karn
ata
ka
Kera
la
Orissa
West B
eng
al
Jhark
han
d
Assam
Me
gha
laya
North East East South
Lead Distance – 300 kms
South 47%
East 41%
NE 12%
Sales Mix – FY15
Cement Demand Growth
6%
13%
2%
5%
0%
2%
4%
6%
8%
10%
12%
14%
FY14 FY15
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16
Moving towards Sustainability…..
Best practices of sustainability introduced
Lesser use of mineral resources
Lesser use of Fossil Fuel
Conserve water
Reduce usage of energy
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…..Resultant Effect
Power Consumed/T (Kwh) Power & Fuel Cost (Rs/T)
Variable Cost (Rs//T)
Continuous
improvement in
operating efficiencies
Commissioning of new
clinker unit in North
East would result in
further improving
efficiencies in FY16
967 9411027
908
781869
740 726666
FY14 Q1'15 Q2'15 Q3'15 Q4'15 FY15 Q1'16 Q2'16 Q3'16
7475 75
72
69
71
6970
68
FY14 Q1'15 Q2'15 Q3'15 Q4'15 FY15 Q1'16 Q2'16 Q3'16
1647 1618 16581565 1520 1549
1391 1410 1333
FY14 Q1'15 Q2'15 Q3'15 Q4'15 FY15 Q1'16 Q2'16 Q3'16
0, 112, 192
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Uniform Branding
18
Premium Brand Positioning
Market Leader in core serving markets. Serving 18 states.
Launched
Dalmia Brand
across markets
Improved
Market
Share
Enjoys
premium
pricing
North East South
East
South
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Efficient Deployment of Capital
2010
2012
2015
2012
2014
Comparative Costs ($/T)
140
110
100
0
20
40
60
80
100
120
140
160
Present ReplacementCost
Acquisition Our New Greenfield
• Present Replacement Cost – For setting up 1 MnT cement plant
• Acquisition – Average Cost for acquired units
(Adhunik/Calcom/Bokaro/OCL)
• Greenfield – Belgaum Cost
Expansions
Organic Inorganic
Kadapa/Ariyalur
USD 85 / T
Calcom
USD 126 / Ton
OCL
USD 74/ T
Adhunik
USD 112/ T
Jaypee Bokaro
USD 90/ T
2015
Belgaum
USD 100 / T
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20
Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
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21
Aggregated Financials
10.12 10.78
FY14 FY15
Sales in
MnT
Sales in
MnT
Particulars (Rs. Cr.) Q3 FY15 Q3 FY16 9M FY15 9M FY16
Total Income 1,343 1,474 3,799 4,525
Operating Expenses 1,124 1,126 3,223 3,448
EBITDA 219 348 576 1,077
EBITDA Margin % 16% 24% 15% 24%
Other Income 44 20 93 67
Depreciation 96 116 279 333
EBIT 167 252 390 811
Finance Cost 122 171 331 518
Profit Before Tax 45 81 53 293
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Aggregated Balance Sheet
(Rs. Cr.)
ParticularsAs on
30-Sep-15As on
31-Mar-15
Equity Funds 3,925 3,840
Debt 8,260 8,487
Term Loan 7,535 7,805
Working Capital 725 682
Deferred Tax 493 401
TOTAL 12,678 12,728
Fixed Assets 9,838 9,702
Non Current Investments 104 108
Cash & Equivalents 2,145 2,112
Net Working Capital 591 806
TOTAL 12,678 12,728
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Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
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Debt Structure….Facilitating Cash Accumulations
Cost below 9.6% & floating….Distinct advantage for any equity holder!
Optimum leverage….Long maturity with >61% repayment in last 6 years….
Group Debt Repayment (Rs. Cr.)
365 334 448
875
1,368
1,250
997
497 448 367
1,711
4% 4%5%
10%
16%14%
12%
6% 5%4%
20%
0%
5%
10%
15%
20%
25%
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 - FY33
Repayments (Rs.In Crores) Repayment (%)
0, 112, 192
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25
Setting Benchmarks
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Summarizing…..
Asset
Sweating
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Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
Other Large & Mid-Cap Players
37%
Small Players17%
Holcim13%
Ultratech15% Jaypee
7%
B K Birla5%
Dalmia6%
Top 5 Players47%
28
Indian Cement Industry Overview
Second largest cement market in the world
Sustained growth of 7% in last five years
Low per capita consumption of ~200 kgs compared to world average of ~400 kgs
Significant consolidation lead to 49% capacity under control of top 5 players
Regional play due to high freight costs
Primarily bagged retail sales driven (65 %)
Location and branding plays a critical role
FY2015 : All India Capacity Distribution FY2009 : All India Capacity Distribution
Small Players 46%
Other Large & Mid-Cap Players
9%
Dalmia 3%
ACC 10%
Ultratech 10%
Grasim 9%
Ambuja 8%
India Cements 5%
Top 5 Players 42%
• 80% capacity under control of top 20 players
DCBL #3 Pan-India Player
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North40%
East23%
North East, 4%
South20%
West (inc. Maha & Goa),
14%
29
Housing Sector Demand Drivers
Urbanisation: India vs. other
developing nations (2011)
31% 34%
51% 51%
78% 85%
0%
20%
40%
60%
80%
100%
India
Th
aila
nd
Ch
ina
Indon
esia
Me
xic
o
Bra
zil
No. of million plus cities in India
5 9
23
35
53
87
0
20
40
60
80
100
19
51
19
71
19
91
20
01
20
11
20
30
India Population (in Crore)
68.8%
31.2%
61.8%
38.2%
2011 2026E
121.1 Crore 139.9 Crore
Sharp rise in nuclear families; Households with size less than 5 persons has increased to 74% in 2011 from 66% in 2001
– Census of India
>45% shortage in South, East & NE
All India Housing Demand in 2022
All India Housing Shortage
32%
68%
52%
46%
Urban Rural
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Infrastructure – Expected to Fuel Growth
Roads
20,000 km
20 MnT
Railways
5000 km
14 MnT
Hydel Power
10,330 MW
28 MnT
Ports
354 MnT Capacity
35 MnT
Irrigation Projects
100 MnT
Incremental Demand of 200 MnT by 2020
Proposed Capital Expenditure of USD 1 Trillion by 2020
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Infrastructure Sector Demand Drivers
Dedicated Freight Corridor
Mumbai
Chennai
Kolkata
Delhi
1483 Km
1839 Km
1000 Km
260 Km
• Connecting all
Metro cities
• Huge investment in
the periphery of the
corridor such as
Industrial Parks
and Townships and
SEZ’s
• The Largest
Infrastructure
Project in India
Metro Rail
Delhi
(Phase III)
Kolkata
(Phase II)
Chennai
(Phase II)
Mumbai
(Phase II)
Advanced stage of completion
Under construction
Work yet to start
Mono Rail Projects
Thiruvananthapuram
Bengaluru
Roads
• [Currently, 2000 km
of roads laid
annually]
• Acceleration
expected to 3000-
4000 kms annually
• Greater Government
focus seen for
Concrete roads,
going forward
2500
3500
5000
6000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
FY15E FY16E FY17E FY18E
kms
Ports
• 100% FDI: Automatic
route for port
development projects
• 87 new port projects
sanctioned in the last
4 years; Investment
of INR 430 billion
• SEZs to be
developed in close
proximity to ports
16.7
42
Current 2020E
Total Investment (US$ BN)
300 800
2,500
Current 2020E 2030E
Current Length (kms)
703 545
1,229 1,457 560
352
943 815
0
500
1,000
1,500
2,000
2,500
Capacity Traffic Capacity Traffic
Major Ports Non Major Ports
FY12 FY17E
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32
Slower Capacity Addition to Increase Utilisations
Planning to Execution
• Environmental clearances
• Forest clearances
• Mining lease
• Land acquisition
• Financial closure
• Talent procurement
• Ordering
• Construction
Conception
Inception
Execution 4 years
2.5 years
• Brand visibility
• Volatile pricing scenario
• Raw material availability
• Logistics Management
The replacement costs are up ~15% (CAGR)-currently at ~$ 140/T
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Cement Prices (Rs./Bag)
33
.... And Stabilization of Cement Prices Expected
333
322
153
317
FY05 06 07 08 09 10 11 12 13 14 FY15
East (incl North East) South All India
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80 92 90
99 108 114
123 136
149 164
177 197 224
242 257 261 268
8%
15%
-2%
10%9%
6%
8%
10% 10%10%
8%
11%
13%
8%
6%
1%3%
-4%
1%
6%
11%
16%
21%
-
50
100
150
200
250
300
FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12 FY13 FY 14 FY 15
Demand (MnT) Growth34
Demand Supply Gap Narrowing
414
429
444
459 474
489
68% 71%
74% 77%
80%
84%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
360
380
400
420
440
460
480
500
FY15 FY16 FY17 FY18 FY19 FY20
Supply (MnT) Capacity Utilization
Narrowing demand-supply gap
CAGR Consumption Capacity
FY00 - FY15 (15 Yr) 7% 9%
FY05 - FY15 (10 Yr) 8% 10%
FY10 - FY15 (05 Yr) 6% 7%
FY15 – FY20E (05 Yr) 8% 3%
15 Year demand CAGR 7% 10 Year demand CAGR 8%
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Our Regions
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First phase of Smart Cities
11 out of 20 are in our served markets
Vishakhapatnam
Pune
Kochi
Sholapur
Devangere
Coimbatore
Kakinada
Belagavi
Guwahati
Chennai
Bhubaneswar
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South – Narrowing Demand Supply Gap
• Smart Cities – 35 smart cities to be developed in
Tamilnadu (6), Karnataka (7), Kerala (7), Telangana (5), AP
(4) and Maharashtra (6).
• Amaravathi i.e. New Capital for AP – Situated near
Vijayawada-Guntur region.
• About $ 75 bn will be spent.
• First phase to be completed by June 2018.
• JNPT fourth container terminal – Port of Singapore
authority (PSA) signed Rs.8000 Cr. Agreement for
development of JNPT fourth container terminal at Navi
Mumbai.
• Transharbour Link – Distance of 35.6-km costing $1.3 bn
Capital Investment in next 5 yrs.
Particulars Capacity Cost
($ bn)
Expected
Cement Demand
(in MnT)
Ports 19 no. 5.0 21.7
Power 19160 MW 18.3 14.9
Metro Projects 6 no. 11.7 7.5
Airports 17(1) 5.0 4.2
Steel 6 Mnt 5.0 0.8
Hydel 460 MW 0.3 0.7
Total 45.3 49.8
Upcoming Projects
Tamil Nadu
Karnataka
Kerala
Goa
Bidar
Seemandhra
Bellary - 6 MnT
Telangana
6
7
7
5
4
Amaravathi
(Proposed Capital)
Maharashtra
Hyderabad Metro
Kochi Metro
Bangalore Metro
Metro Line 3 Mumbai
Pune Metro & Intl. Airport
Nagpur Metro & Intl. Airport
6
Navi Mumbai Intl. Airport
JNPT fourth container terminal
Hasan
Note
1) Airports – Low cost (13), International (3), Domestic (1).
Capacity – Steel Plant
No. of Smart Cities in a state
Elections in 2016
Ruled by NDA Govt
International Airports
Metro Projects
Domestic Airport
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
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38
East – Expected to Continue Growing
• Coal Allocations – Total funds to be realized from
auctioning of 204 coal mines will be around $ 167 bn
out of which around 85% will be in east region.
• Railway Budget – $ 419 mn for Orissa i.e. 77% higher
then last year.
• Centre to provide Rs.1 lacs crore for Bihar ahead of
polls.
• Smart Cities – 18 Smart cities to be developed in WB
(5), Bihar (5), Orissa (5) and Jharkhand (3).
• East Freight Corridor – Connectivity b/w Ludhiana
and Kolkata, spread over distance of 1839 Kms, out of
which 631 kms is in east region.
• AIIMS in Bihar
Capital Investment in next 5 yrs.
Particulars Capacity Cost
($ bn)
Expected
Cement Demand
(in MnT)
Power 32115 MW 31.7 24.9
Ports 7 no. 5.0 20.0
Steel 36 Mnt 30.0 5.1
Hydel 160 MW 0.3 0.5
Airports 9 no. 0.8 0.6
Total 67.8 51.1
Steel Plants - Capacity in million tons.
Low Cost Airports No. of Smart Cities in a state
Elections in 2016
Upcoming Projects
Orissa
Chhattisgarh
West Bengal
Bihar
Jharkhand
POSCO Paradip (8 Mnt)
Jindal -Patratu (6 Mnt)
Visa Steel – Raigarh (2.5 Mnt)
Jindal Steel - Raipur
(7 Mnt)
Jindal Steel - Angul (12.5 Mnt)
Muzzaffarpur
Hazaribag
Chapra
Bokaro Dhanbad
Brahmpur
Shahdol
Kendujhar
Kolkata
Ludhiana
5
5
5
3
Dharma Port (10,000 Cr.)
Sasaram
East Freight Corridor
Ruled by NDA Govt
The above table excludes investment on metros, railways & East
freight corridor)
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39
North East – Huge Potential
• Rs 3000 Cr and Rs 1000 Cr specifically allocated for roads
and railways respectively.
• Smart Cities - 10 Smart Cities to be developed in Assam
(5), Sikkim (3) and Manipur (2).
• Upcoming Guwahati Metro – Spread over distance of 196
Km, Estimated cost Rs.1800 Cr.
• Indian institute of Science Education and Research (IISER)
in Nagaland.
• Centre for Film Production, Animation and Gaming in
Arunachal Pradesh.
• AIIMS in Assam
Capacity, no. and cost – Hydel Projects
Capital Investment in next 5 yrs.
Particulars Capacity Cost
($ bn)
Expected
Cement Demand
(in MnT)
Hydel 5626 MW 6.7 12.7
Railways 5.0 10.8
Roads 6418 Kms 5.0 7.00
Power 951 MW 1.0 0.7
Airports 6 no. 0.5 0.4
Total 18.2 31.6
Metro Project
Low Cost Airports No. of Smart Cities in a state
Elections in 2015/16
Arunachal
Pradesh Arunachal Pradesh
2904 MW (5) ,
18844 Cr
Nagaland
Manipur
Mizoram
60 MW (1),
914 Cr
Meghalaya
40 MW (1),
461 Cr
Assam
Sikkim
2622 MW (10),
20271 Cr
Along Tezu
Bomdila
Tezpur
Silchar Guwahati Metro
Jorhat.
2
5
3
Upcoming Projects
• Due to upcoming capital investment in North East
in next 5 yrs., there will be incremental cement
demand of around 5 Mnt every year.
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
268 Kgs
142 Kgs
133 Kgs
198 kgs
40
Lowest per capita cement consumption in East..
Average All India per capita
consumption is 208 kgs
295 Kgs
70
297
525
391
234
138
283
295
183
280
283
296
208
191
234
133
153
95
133
296
High Consumption > 250
Medium Consumption (200 to 250)
Average Consumption (150 to 200)
Lower Consumption < 150
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
41
Contents
Journey over last decade
Current Scenario
Cement Industry & Our Region
Financial Performance
Improving Macro Indicators
1
2
3
5
6
What Next 4
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
42
Improving Macro Fundamentals Coupled with…
Index for Industrial Production
2.5%
5.6%
-2.7%
5.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
Jan-13 Jul-13 Jan-14 Jul-14 Feb-15
Fiscal Deficit
Current Account Deficit
India’s GDP Growth
CPI Inflation
Interest Rates (Repo Rates)
India GDP Growth Stable
Government
• Stable government with large majority
• Focused on governance, development, investments
• 3.99% of GDP in FY15 (4.5% in FY14)
• Target to reach 3.0% of GDP in FY18
• Down to 0.2% of GDP (quarter ended March 2015) from the
highs of 1.6% of GDP (quarter ended December 2014).
• Estimate for FY16: 7.9%
• India will be the world’s fastest growing economy by IMF
• Down to 5.17% for March 2015 from 8.25% in March 2014
• Down ward trend since start of CY2015
• Reduced to 7.25% (June 2015) from 8.0% (January 2014)
Source: World Bank
Source: Bloomberg
6.9%
7.3%
7.6%
7.9%8.0%
FY14 FY15 FY16E FY17E FY18E
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
43
Structural Reforms
S&P BSE Sensex
Subsidies
Taxation
FDI Limits
Impetus to Investments
Make in India / Smart Cities
Others
• Rationalised subsidy policies being worked out with direct transfer
of benefits
• Diesel prices deregulated
• Reduction in corporate tax rate from 30% to 25% in 4 years
• Deferment of GAAR
• Implementation of GST by April 2016
• Increased limits in insurance, defence, railways and liberalisation
of FDI conditions in real estate
• Merger of FDI and FII limits
• Faster clearances to projects
• Coal block auctions completed and gas price subsidy policy
announced for power sector
• Land acquisition ordinances promulgated
• Focus on employment generation through Make in India
• Encourage investments in manufacturing sector
• 100 smart cities planned to accommodate increasing urbanisation
• Ease of doing business with reduced approvals
• Visa on arrival country list increase to 150 from 43 to encourage
tourism
• Fiscal federalism with higher allocation to states
Source: BSE, NSE
CNX Nifty 100
18,865 19,380
22,386
26,630
27,957
26,155
Mar'13 Sep'13 Mar'14 Sep'14 Mar'15 Sep'15
5,683 5,622
7,181
7,906
8,520
7,949
Mar'13 Sep'13 Mar'14 Sep'14 Mar'15 Sep'15
0, 112, 192
146, 208, 80
112, 48, 160
255, 192, 0
102, 51, 0
192, 80, 77
thankyou
44