Your success is our success

Ahead of estimates, Maintain Buy

n

November 06, 2012

Rating Buy CMP Rs97

Previous Reco Buy Target Price Rs140

-0.7/-7.7 -9.7 5,704 18,763 n 3M 8 -1 6M 12M 1 -10 -2 -8 n n

2Q13 reported PAT of Rs2.4bn, better than our estimates led by 1) higher availability (78%) & 2) previous year and previous qtr sales booked Rs280mn on truing up 2Q13 highlights - 1) Sasan mines production (0.1mMT stock), 2) Sasan 1st / Butibori 2nd unit boiler light up, 3) GoI clarified on land classification for Tilaiya. However, mgmt hinted production delay in Indo mines given unfavorable coal prices Triggers ahead 1) Sasan 1st unit commissioning in Dec-12, 2) Chhatrasal stage 1 clearance shortly, 3) construction start at Chitrangi/Sasan expansion & 4) Tilaiya land acquisition Delaying Indo mine timelines to FY15E (earlier FY14E) and building $40/MT realizations (45/MT earlier)- drives ~8% cut in FY14E EPS, maintain FY13. Buy- near-term triggers to drive 10-15% upside. Revised PT Rs140 (lower value of Indo mines)

EPS Chg FY13E/FY14E (%) Target Price change (%) Nifty Sensex

Price Performance
(%) Absolute Rel. to Nifty
Source: Bloomberg

1M -6 -5

Relative price chart

150 Rs % 40 132 26 114 12

Ahead of estimates on better numbers from Rosa and sales from truing up
RPWRs 2Q13 PAT of Rs2.4bn (APAT at Rs2.2bn) came above our expectations of Rs2.1bn led by (1) better availability declared by Rosa plant and (2) truing up revenues of Rs280mn booked related to FY12 and previous quarter. Rosa PAF during the quarter and half year ended Sep12 stood at 78% and 80% respectively. Rosa has achieved lower PLF of 63% during the quarter vs. 76% in 2Q12 due to (1) backing down by state (~2% PLF impact), (2) annual maintenance at Unit-1 of Rosa-I for 60days and (2) 15days shutdown at Unit-2 of Rosa-I due to turbine related issues. Average core RoE during the quarter was 7.5% vs. 7.2% in 1Q13 and 8.0% in 2Q12.

96

-2

78

-16

60 Nov-11

Jan-12

Mar-12
Reliance Power (LHS)

May-12

Jul-12

Sep-12

-30 Nov-12

Rel to Nifty (RHS)

Source: Bloomberg

Stock Details
Sector
Bloomberg Equity Capital (Rs mn) Face Value(Rs) No of shares o/s (mn) 52 Week H/L Market Cap (Rs bn/USD mn) Daily Avg Volume (No of sh) Daily Avg Turnover (US$mn)

Power RPWR IB 28,051 10 2,805 139/ 69 273/ 4,998 6,311,630 10.6

2Q13 highlights Sasan mines commenced production from Sep12

(1) Commenced production at Sasan mines (Moher and Moher Amlohri) from Sep12 and built up 0.1MMT of coal inventory; (2) Boiler light up achieved for first unit of Sasan and second unit of Butibori, (3) GoI clarified on land classification to treat land acquisition for UMPPs at par with government land and (4) Stage-I forest clearance expected in few weeks for Chhatrasal.

Factoring delays in Indonesian mines production drives cut in FY14 est.

Management has hinted towards intentional delay (mines ready for production) in production start from Indonesian mines due to unfavorable international coal prices. We now factor in- (1) ~15 months delay in production and (2) lower realizations by $5/ton to $40/ton. This drives earnings cut of 7.7% for FY14E. Our FY13E EPS is fine tuned.

Shareholding Pattern (%)

S'12 Promoters FII/NRI Institutions Private Corp Public
Source: Bloomberg

J'12 80.4 5.4 1.6 1.7 10.8

M'12 80.4 5.3 1.6 1.9 10.8

80.4 5.3 8.5 1.8 10.9

Retain Buy; near-term triggers to drive 10-15% upside

Despite likely delay in Indonesian operations, we believe that near term growth triggers are still intact to drive 10-15% upside - 1) Sasan 1st unit commissioning in Dec12, 2) Chhatrasal stage1 clearance expected shortly, 3) start of construction at Chitrangi/Sasan expansion and 4) land acquisition for Tilaiya. We think that upside beyond 10-15% will require clarity on 1) excess coal use and 2) Indonesian mine operations. Maintain Buy with revised PT Rs140 (lower value of Indo mines) vs. Rs155/sh earlier. Financial Snapshot (Consolidated)
YEMar FY11A FY12A FY13E FY14E Net Sales 10,548 20,192 50,464 65,138 EBITDA (Core) 2,292 6,239 20,714 29,613 (%) 21.7 30.9 APAT 7,605 8,666 EPS EPS RoE (%) 4.9 5.0 5.6 5.6 P/E 35.9 31.5 26.8 25.4 EV/ EBITDA 113.6 68.3 23.2 21.5 P/BV 1.6 1.5 1.5 1.4

Amit Golchha amit.golchha@emkayglobal.com +91-22-66242408 Harshad Shukla harshad.shukla@emkayglobal.com +91-22-66121281

(Rsmn)

(Rs) % chg 2.7 3.1 3.6 3.8 -5.0 13.9 17.4 5.8

41.0 10,173 45.5 10,759

Emkay Global Financial Services Ltd.

Result Update

Emkay

Reliance Power

Reliance Power
Exhibit 1: Results snapshot Rs mn Adjusted revenue Expenditure as % of sales Power and Fuel as % of sales Employee Cost as % of sales Other expenditure as % of sales EBITDA Depreciation EBIT Other Income Interest PBT Total Tax Adjusted PAT (Profit)/loss from JV's/Ass/MI Adjusted PAT after MI Extra ordinary items post tax PAT after MI Adjusted EPS Margins (%) EBIDTA EBIT EBT PAT Effective Tax rate
Source: Company, Emkay Research

Result Update

Q2FY12 4,875 -3,676 -75.4% -2,894 -59.4% -224 -4.6% -558 -11.4% 1,199 -293 906 2631 -753 2,784 -431 2,353 0 2,353 0 2,353 0.8

Q3FY12 4,573 -3,171 -69.4% -2,564 -56.1% -148 -3.2% -459 -10.0% 1,401 -323 1,078 2169 -720 2,527 -488 2,039 0 2,039 0 2,039 0.7

Q4FY12 5,326 -3,537 -66.4% -2,757 -51.8% -52 -1.0% -728 -13.7% 1,788 -313 1,476 1202 -742 1,935 378 2,313 0 2,313 0 2,313 0.8

Q1FY13 11,237 -7,709 -68.6% -7,258 -64.6% -173 -1.5% -278 -2.5% 3,528 -686 2,842 1159 -1289 2,712 -418 2,294 0 2,294 101 2,395 0.8

Q2FY13 10,512 -6,862 -65.3% -6,370 -60.6% -203 -1.9% -289 -2.7% 3,650 -719 2,931 1022 -1374 2,579 -412 2,167 0 2,167 235 2,402 0.8

YoY (%) 115.6 86.7 120.1 -9.4 -48.2 204.4 145.4 223.5 -61.2 82.5 -7.4 -4.4 -7.9 -7.9 2.1 -7.9 (bps)

QoQ (%) -6.5 -11.0 -12.2 17.3 4.0 3.5 4.8 3.1 -11.8 6.6 -4.9 -1.5 -5.5 -5.5 0.3 -5.5 (bps) 333 259 200 20 55.4

YTD'12 10,293 -7,244 -70.4% -5,976 -58.1% -396 -3.8% -872 -8.5% 3,049 -579 2,470 4,105 -1,514 5,061 -747 4,314 0 4,314 0 4,314 1.5

YTD'13 21,749 -14,571 -67.0% -13,628 -62.7% -376 -1.7% -567 -2.6% 7,178 -1,405 5,773 2,181 -2,663 5,291 -831 4,460 0 4,460 337 4,797 1.6

YoY (%) 111.3 101.1 128.0 -5.1 -35.0 135.4 142.7 133.7 -46.9 75.9 4.5 11.2 3.4 3.4 11.2 3.4 (bps)

24.6 18.6 57.1 48.3 15.5

30.6 23.6 55.3 44.6 19.3

33.6 27.7 36.3 43.4 -19.5

31.4 25.3 25.2 20.4 15.4

34.7 27.9 27.2 20.6 16.0

1013 930 -2991 -2765 50.3

29.6 24.0 49.2 41.9 14.8

33.0 26.5 24.3 22.1 15.7

338 255 -2484 -1986 94

Exhibit 2: Rosa operations Rs mn Gross generation (MU) Plant Availability Factor % Average tariff (Rs/unit) Average fuel cost (Rs/unit)
Source: Company, Emkay Research

Q2FY12 1,030 79 5.0 3.1

Q3FY12 987 79 4.9 2.8

Q4FY12 1,031 92 5.1 2.9

Q1FY13 2,055 81 5.2 3.8

Q2FY13 1,655 78 6.1 3.6

YoY (%) 60.7 21.5 19.1

QoQ (%) -19.5 16.3 -5.2

YTD'12 2,215 88 4.9 2.9

YTD'13 3,710 80 5.6 4.0

YoY (%) 67.5 13.9 36.2

Exhibit 3: SOTP valuation Particulars (Rs mn) Rosa I Rosa II Butibori Sasan Tilaiya Sasan II Chitrangi Samalkot - II Indo Mines Cash/Others Total
Source: Emkay Research

Total Capacity 600 600 600 3960 3960 1980 1980 2400 30 MTPA 16080

Equity Stake (%) 100.0% 100.0% 74.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cost Of Equity 13.0% 13.0% 15.0% 12.0% 12.0% 13.5% 13.5% 17.0% 15.0%

Equity Equity invested required by FY12 end 9,339 9,450 8,140 50,000 55,000 26,250 29,000 30,000 3,500 220,679 9,339 9,450 8,140 39,000 3,520 7,350 6,960 30,000 3,500 117,259

NPV at FY13E end 21,117 19,705 16,115 39,947 30,197 101,085 68,065 0 51,875 45,231 393,336

NPV Per Share 8 7 6 14 11 36 24 0 18 16 140

Emkay Research

November 06, 2012

Reliance Power
Exhibit 4: Project status

Result Update

Project Power Projects

Capacity

Month Sep-10 Feb-11 Mar-11 Nov-11 Feb-12 May-12 Jun-12 Oct-12 Jan-11 Apr-11 Feb-12 May-12 Aug-10 Jul-10 Dec-10 May-11 Feb-12 May-12 Aug-12 Oct-12

Milestones achieved Boiler structure erection started TG Deck Casting, Boiler drum lift Started condenser erection Hydro test completed Pre-commissioning activities started Steam blowing completed for Unit#1, Boiler hydro test done for Unit#2 Unit#1 Synchronised Unit#2 Boiler light up achieved Started civil work Started GTG PHB erection work Gas turbines ready for synchronization Two units synchronized, two more units tested at full speed Started main plant civil work Started boiler erection Started TG structural erection Started erection of pressure parts Boiler closer to Hydro test Boiler hydro test completed for first unit LP turbine box-up complete Boiler light up done for first unit Land under possession, tied up off take for 2640 MW with UPPCL, Site leveling done and civil work ready to commence Land under possession, environmental clearance obtained, LTOA application submitted, Site leveling completed, Construction to start after forest clearance for Chhatrasal mines 97% land possession, PPA signed, debt tied up, 50% of piling done, Project put on hold on tariff issues, Exercised force majeure and is under arbitration EPC contract tied up with R-Infra, 186acre pvt land transferred and 1220acre forest land acquired, final approval for 167acre govt land expected shortly, Forest clearance awaited

COD/Exp CoD of 1st unit / Start of Production

Butibori

600 MW

Nov-12

Samalkot

2400 MW

Mar-15

Sasan

3960 MW

Dec-12

Chitarangi Sasan II Krishnapatnam Tilaiya Coal Mines

3960 MW 1980 MW 3960 MW 3960 MW

Mar-15 Mar-15 On hold May-15

May-11 Sasan 25 MTPA Feb-12 Sep-12

Got possession of OB dump land & started CHP civil work Own equipments commissioned and operational, removal of overburden in Sep-12 progress, coal seam seen, production to start from 2Q13 Moher & Moher-Amlohri commenced production Mine plan approved, Drilling in progress, Applied for Sec 4 notification for land acqn, GoI clarified in October that land acquisition to be treated at par with government land, Stage-1 forest clearance processed for state gov, R&R colony land identified and will be progressed phase wise JORC study for all 3 blocks completed, got upgraded environmental clearance for 10mn MT per block in 3Q12, Feasibility study for barge transportation completed during 3Q12, 261 hectares land acquired, no forest clearance required for first 5 years, DPR study done on Rail and port infrastructure, Production to start from 2013

Tilaiya

40 MTPA

Indonesia

30 MTPA

Feb-12

Source: Company, Emkay Research

Emkay Research

November 06, 2012

Reliance Power

Result Update

Exhibit 5: Effective capacity built-up MW Rosa I Rosa II Butibori Sasan Tilaiya Sasan II Chitrangi Samalkot - II Indo Mines Others Total (ex- Indonesia mines) FY11 525 0 0 0 0 0 0 0 FY12 600 0 0 0 0 0 0 0 FY13E 600 600 400 165 0 0 0 0 FY14E 600 600 600 1,815 0 0 0 0 FY15E 600 600 600 3,630 0 0 0 0

Exhibit 6: Volumes built-up MU / MTPA Rosa I Rosa II Butibori Sasan Tilaiya Sasan II Chitrangi Samalkot - II Indo Mines Others Total (ex- Indonesia mines) FY11 3,009 0 0 0 0 0 0 0 0 FY12 4,217 0 0 0 0 0 0 0 0 FY13E 4,625 4,468 2,978 1,344 0 0 0 0 0 FY14E 4,625 4,468 4,468 14,786 0 0 0 0 FY15E 4,625 4,468 4,468 29,573 0 0 0 0

0 4 MTPA

525

600

1,765

3,615

5,430

3,009

4,217

13,416

28,347

43,133

Source: Company, Emkay Research

Source: Company, Emkay Research

Exhibit 7: Revenues built-up Rs mn Rosa I Rosa II Butibori Sasan Tilaiya Sasan II Chitrangi Samalkot - II Indo Mines Others Total FY11 10,470 0 0 0 0 0 0 0 0 77 10,548 FY12 20,156 0 0 0 0 0 0 0 0 36 20,192 FY13E 18,563 18,270 12,722 870 0 0 0 0 0 39 50,464 FY14E 18,735 18,603 18,070 9,625 0 0 0 0 0 106 65,138 FY15E 16,464 16,546 16,141 36,154 0 0 0 0 8,820 185 94,310

Exhibit 8: PAT built-up Rs mn Rosa I Rosa II Butibori Sasan Tilaiya Sasan II Chitrangi Samalkot - II Indo Mines Others Total FY11 1,072 0 0 0 0 0 0 0 0 6,533 7,605 FY12 3,130 0 0 0 0 0 0 0 0 5,536 8,666 FY13E 2,946 2,928 1,606 -441 0 0 0 0 0 3,134 10,173 FY14E 2,904 2,895 3,635 -1,177 0 0 0 0 0 2,502 10,759 FY15E 2,325 2,449 2,015 4,762 0 0 0 0 1,430 1,992 14,973

Source: Company, Emkay Research

Source: Company, Emkay Research

Exhibit 9: Debt built-up Rs mn Rosa I Rosa II Butibori Sasan Tilaiya Sasan II Chitrangi Samalkot - II Indo Mines Others and WC loan Total
Source: Company, Emkay Research

FY11 21,791 10,710 12,543 33,500 0 0 0 0 0 -5,196 73,348

FY12 19,975 22,050 21,830 81,000 0 0 0 30,000 0 37,853 212,708

FY13E 18,159 20,213 28,860 111,000 1,320 3,150 3,480 40,000 0 41,779 267,961

FY14E 16,343 18,375 26,455 135,000 42,680 35,438 38,280 50,000 0 43,583 406,154

FY15E 14,527 16,538 24,050 150,000 75,680 66,938 73,080 70,000 0 45,933 536,745

Emkay Research

November 06, 2012

Reliance Power

Result Update

Reliance Power Investment summary

Earnings forecast - Emkay vs. Consensus
(Rs mn) FY13E FY14E
Source: Bloomberg

Company description:
Variance +5.0% - 4.4%

Emkay 10,173 10,759

Consensus 9,693 11,250

Reliance Power Ltd, part of Reliance-ADA group, was incorporated in 1995 as a power utility. Company owns and operates 1200MW of generation capacity with another 14.5GW at under-construction/ development stage. It came up with an IPO in 2007/8 at Rs450 per share. Reliance Infrastructures Ltd holds 38.4% shares in company. Recent update

Focus Chart
Trigger Butibori Commissioning Sasan coal mine - start of production Indonesian coal mine Prod start Sasan UMPP Commissioning Tilaiya coal mine land acquisition Chhatrasal mine forest clearance (Stage 1) Timeline 1st unit - Oct'12 Sep12 FY15 (15mnths delay) $40 avg realisation 1st unit Dec/Jan'13 Should see traction after GOI clarification expected very shortly

Achieved boiler light-up for first unit of Sasan UMPP and second unit of Butibori, Chhatrasal stageI forest clearance to come shortly Sasan mines commenced production from Sep2012 onwards, stock ~0.1mn tons till now, going slow to align with first unit commissioning Secured $1.1bn financing from a consortium of Chinese banks to refinance part of rupee loan of Sasan UMPP

Promoters background

Anil Dhirubhai Ambani: 52yrs; Non-executive Chairman; B.Sc, Bombay university and MBA, Wharton; Ex-member of Central Electricity Regulatory Commission (resigned in Mar2006)

Investment rationale

Captive coal with reserves of about 3bn MT and annual production potential of 95mn MT in next 5-7 years offers (1) fuel security and (2) cheapest cost power (fuel cost in the range of Rs0.40/unit; only utility with mines won by competitive bid. EGOM re-confirmed excess coal use and recommended Chhatrasal for forest clearance Project update - (1) Rosa 1200MW fully commissioned, (2) Butibori nearing commissioning, (3) Sasan coal mine production started in Sep12, (4) Boiler light up achieved for first unit of Sasan and commissioning expected in Dec/Jan this fiscal year and (6) Land acquisition for Tilaiya to expedite post clarification from Govt to treat land acquisition at par with government land Assumed delay in Indo mine timelines to FY15E (earlier FY14E) and building USD 40/MT realizations (45/MT earlier) None of the current/foreseeable problems likely to impact Reliance Power - fuel (captive - control on supplies/cost), merchant prices (no merchant capacity), discoms health (contributor to improvement) and drying up case I bids (13,500MW PPAs).

Valuations

Triggers ahead 1) Sasan 1st unit commissioning in Dec-12, 2) Chhatrasal stage 1 clearance shortly, 3) construction start at Chitrangi/Sasan expansion & 4) Tilaiya land acquisition. Upside beyond 10-15% will require clarity on 1) excess coal use and 2) Indonesian mine operations Maintain Buy - near-term triggers to drive 10-15% upside. Revised PT Rs140 (lower value of Indo mines), Yet to value (2) Tilaiyas excess coal (~Rs25/Share) and (2) Rs17/Share (discount given to adjust risks).

Investment risk

1) Unfavorable Supreme court order on Sasan surplus coal use, (2) Tilaiya coal mine land acquisition (naxalite area but now almost sorted out) and (3) mining and minerals act (profit sharing). Shares pledge
Holding % 0.52 0.39 0.24 0.17 0.09 Period Sep-11 Dec-11 Mar-12 Jun-12 Sep-12
Source: Capitaline

Top Institutional holdings

Name Vanguard group Dimensional Fund Advisors Blackrock group State Street Global Advisors Parametric Portfolio Associates
Source: Factset

Promoters holding 80.4% 80.4% 80.4% 80.4% 80.4%

Pledge % of Prom. holding 0.0% 0.0% 0.0% 0.0% 0.0%

Pledge % of total holdings 0.0% 0.0% 0.0% 0.0% 0.0%

Emkay Research

November 06, 2012

Reliance Power

Result Update

Key Financials (Consolidated) Income Statement

Y/E Mar (Rsmn) Net Sales Growth (%) Expenditure Raw Materials Employee Cost Other Exp EBITDA Growth (%) EBITDA margin (%) Depreciation EBIT EBIT margin (%) Other Income Interest expenses PBT Tax Effective tax rate (%) Adjusted PAT Growth (%) Net Margin (%) (Profit)/loss from JVs/Ass/MI Adj. PAT After JVs/Ass/MI E/O items Reported PAT PAT after MI Growth (%) FY11A 10,548 4,995.5 8,255 5,596 0 0 2,292 0.0 21.7 1,009 1,283 12.2 8,632 2,195 7,720 115 1.5 7,605 11.2 72.1 0 7,605 0 7,605 7,605 11.2 FY12A 20,192 91.4 13,953 11,285 596 0 6,239 172.2 30.9 1,215 5,024 24.9 7,476 2,976 9,524 858 9.0 8,666 13.9 42.9 0 8,666 0 8,666 8,666 13.9 FY13E 50,464 149.9 29,749 26,747 0 0 20,714 232.0 41.0 5,049 15,665 31.0 4,528 7,416 12,777 2,604 20.4 10,173 17.4 20.2 0 10,173 0 10,173 10,173 17.4 FY14E 65,138 29.1 35,525 31,114 0 0 29,613 43.0 45.5 8,164 21,448 32.9 3,128 10,964 13,612 2,853 21.0 10,759 5.8 16.5 0 10,759 0 10,759 10,759 5.8

Balance Sheet
Y/E Mar (Rsmn) Equity share capital Reserves & surplus Net worth Minority Interest Secured Loans Unsecured Loans Loan Funds Net deferred tax liability Total Liabilities Gross Block Less: Depreciation Net block Capital work in progress Investment Current Assets Inventories Sundry debtors Cash & bank balance Loans & advances Other current assets Current lia & Prov Current liabilities Provisions Net current assets Misc. exp Total Assets FY11A 28,051 FY12A 28,051 FY13E 28,051 FY14E 28,051

140,281 148,269 158,438 169,200 168,332 176,320 186,489 197,251 0 0 0 38,654 2,286 36,368 0 96,315 536 3,471 86,041 5,195 1,072 17,230 17,230 0 79,085 0 0 0 0 0 0 0 0 0 0 73,348 212,708 267,961 406,154 73,348 212,708 267,961 406,154 241,680 389,028 454,450 603,405 69,354 139,687 239,687 3,636 8,685 16,850 65,718 131,002 222,838 0 77,176 1,607 6,552 59,482 7,568 1,968 3,561 3,561 0 73,615 0 0 85,137 3,507 11,527 60,568 7,568 1,968 4,828 4,828 0 80,309 0 0 70,255 4,034 13,928 42,757 7,568 1,968 5,179 5,179 0 65,075 0

126,227 249,695 243,142 315,492

241,680 389,028 454,450 603,405

Cash Flow
Y/E Mar (Rsmn) PBT (Ex-Other income) Depreciation Interest Provided Other Non-Cash items Chg in working cap Tax paid Operating Cashflow Capital expenditure Free Cash Flow Other income Investments Investing Cashflow Equity Capital Raised Loans Taken / (Repaid) Interest Paid Dividend paid (incl tax) Income from investments Others Financing Cashflow Net chg in cash Opening cash position Closing cash position 0 52,834 5,551 80,490 86,041 -677 135,706 -26,559 86,041 59,482 47,837 1,086 59,482 60,568 127,229 -17,811 60,568 42,757 FY11A -912 1,009 2,195 0 1,680 270 4,242 FY12A 2,048 1,215 2,976 0 -21,610 -337 -15,708 FY13E 8,249 5,049 7,416 0 -4,274 -3,939 12,501 FY14E 10,484 8,164 10,964 0 -2,577 -2,853 24,183

Key Ratios
Y/E Mar Profitability (%) EBITDA Margin Net Margin ROCE ROE RoIC Per Share Data (Rs) EPS CEPS BVPS DPS Valuations (x) PER P/CEPS P/BV EV / Sales EV / EBITDA Dividend Yield (%) Gearing Ratio (x) Net Debt/ Equity Net Debt/EBIDTA Working Cap Cycle (days) -0.1 -5.5 -240.7 0.9 24.6 255.5 1.1 10.0 142.8 1.8 12.3 125.1 35.9 31.7 1.6 24.7 113.6 0.0 31.5 27.6 1.5 21.1 68.3 0.0 26.8 17.9 1.5 9.5 23.2 0.0 25.4 14.4 1.4 9.8 21.5 0.0 2.7 3.1 60.0 0.0 3.1 3.5 62.9 0.0 3.6 5.4 66.5 0.0 3.8 6.7 70.3 0.0 21.7 72.1 4.9 4.9 5.4 30.9 42.9 4.0 5.0 9.2 41.0 20.2 4.8 5.6 13.6 45.5 16.5 4.6 5.6 10.8 FY11A FY12A FY13E FY14E

-72,169 -154,033 -67,927 -169,740 20,644 0 4,087 50,942 -2,195 0 7,476 0 0 139,360 -2,977 0

-63,780 -172,350 -51,279 -148,167 4,528 0 0 55,253 -7,416 0 3,128 0 0 138,193 -10,964 0

-51,525 -146,557

-59,252 -169,222

Emkay Research

November 06, 2012

Reliance Power

Result Update

Recommendation History: Reliance Power RPWR IN

Date 21/08/2012 25/05/2012 13/02/2012 08/11/2011 Reports Reliance Power Company Update Reliance Power Q4FY12 Result Update Reliance Power Q3FY12 Result Update Reliance Power Q2FY12 Result Update Reco Buy Buy Buy Buy CMP 88 93 107 103 Target 155 155 155 155

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Emkay Research

November 06, 2012

www.emkayglobal.com