For the complete report, get in touch with us at : info@netscribes.com Abstract: Netscribes’ latest market research report titled Photovoltaic Generator Market in India 2014 states that the renewable energy sector is gaining prominence in India. With the country facing a continuous shortfall in the supply of conventional sources required to meet the increasing demand for energy in recent years, the focus is gradually shifting from conventional to renewable sources of energy. In order to reduce the current demand-supply gap for electricity within the country, the renewable energy sector has to be given high importance. With several solar PV projects coming up under the Jawaharlal Nehru National Solar Mission (JNNSM), the demand for PV cells and modules is expected to increase significantly. Moreover, the capital costs involved in setting up solar PV projects in India, along with the feasible geographical location of the country that enables it to receive around 3,000 hours of sunshine each year, makes solar PV a highly viable option for electricity generation. The domestic solar PV industry has also attracted significant investments over the past few years. These factors will ensure that the market continues to exhibit steady future growth. The Government of India is actively involved in the development of the renewable energy sector. Through its various programs, it has directly and indirectly benefitted the solar PV industry. The market is characterized by high competition among players. Although the import of low cost products from China has had a negative impact on the business of organized players, the market continues to exhibit steady growth which is expected to benefit the industry as a whole. Coverage • Overview of the photovoltaic generator market in India and market size data over 2012 to 2018 • Segmentation on the basis of types of modules used and the solar PV manufacturing capacity of dIndia • Qualitative analysis of market drivers, challenges, trends and regulatory measures taken by the government • Overview of the various applications where solar PV finds use • Overview of the various industry bodies and their responsibilities, and analysis of various government programmes and incentives • Analysis of the competitive landscape and detailed profiles of major players Why Buy • Get a clear understanding of the renewable energy sector in India and the photovoltaic generator market in the country • Gain vital knowledge on how the industry operates and the various stages of the value chain • Understand the current market situation and future growth potential of the photovoltaic generator market in India till 2018 and accordingly strategize plans to gain from it

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Photovoltaic Generator Market – India
March 2014

2. 2PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Executive Summary
Market
Drivers &
Challenges
Government
Competition
 Solar PV market in India is expected to grow at a CAGR of ‘x’% between 2012 and 2018 to reach ‘v’ GW
 Although overall projects costs are rising, the market has continued to grow steadily
 State 1 and State 2 together account for ~’p’% of the total solar PV installations in India
 Major Government Bodies
 Research and Development Initiatives
 Jawaharlal Nehru National Solar Mission (JNNSM)
Drivers
– Feasible Geographic Location
– Declining Capital costs for Solar PV
– Dropping Solar Power Rates
– Depleting Coal Reserves
– India Remains Energy Deficient
– Increasing Cost of Electricity from
Conventional Sources
– Time of Commissioning
Challenges
– Capital Intensive Nature
– Competition from Chinese Firms
– Lack of Awareness
Major Players
Company A Company B Company C
Company D Company E Company F
Trends
 Production of Portable Solar PV Generators
 Investments in Domestic Solar PV Power Producing Industry
 Solar Hybrid Generators
 Rooftop Power Generation
 Subsidies and Incentives
 Rural Electrification Programme

3. 3PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
•Macroeconomic Indicators
•Introduction
•Market Overview
•Drivers & Challenges
•Trends
•Applications of Solar PV
•Government Participation
•Competitive Landscape
•Strategic Recommendations
•Appendix

4. 4PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Economic Indicators (1/3)
11
12
13
14
15
b2
a2
Q1
d1
c1
b1
a1
Q4
c4
b4
a4
Q3
c3
b3
a3
Q2
d2
c2
INR tn
2013-142012-132011-122010-11
GDP at Factor Cost: Quarterly
Inflation Rate: Monthly
-2
-1
0
1
2
q
Jul 2013 - Aug 2013
p
%
Nov 2013 - Dec 2013
t
Oct 2013 - Nov 2013
s
Sep 2013 - Oct 2013
r
Aug 2013 - Sep 2013

5. 5PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
There continues to be a major deficit between demand and
supply of power within the country
India Energy Demand – Supply Forecasts
The only way to counter this ever increasing demand supply gap is to utilize the renewable forms of energy
that are abundantly available in India
d3
c3
b3
a3
2011-12
d2c2
b2
a2
2006-07
d1c1
b1
a1
2016-17e
Peak Served (GW)Energy Availability (TWh) Peak Load (GW)Energy Requirements (TWh)

6. 6PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Solar photovoltaic market in India is still at a nascent stage
but has huge potential to grow
• Solar PV market in India is mostly an organized market with an installed capacity of ‘q’ GW as of 2013
• Under the first phase of the Jawaharlal Nehru National Solar Mission (JNNSM), ‘y’ MW of grid-connected solar power
was installed
 Under the Phase II Batch I of the project, ‘w’ MW of PV projects will be added and are expected to be commissioned by May 2015
 The mission aims to add ‘z’ GW grid-connected solar power to India’s energy mix by 2022
• In 2013, the market saw overall project costs increasing
 This was a result of the high inflation, a ‘m’% rise in module prices and a ‘n’% rupee depreciation, experienced by the market
• Despite the rising costs, the market for solar PV exhibited tremendous growth in 2013, and is expected to grow
steadily over the coming years
Market Size (2012 – 2018)
20
15
10
5
0
GW
x%
r
2013e
q
2012
p
2018e
v
2017e
u
2016e
t
2015e
s
2014e
Market Overview (1/2)

7. 7PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Drivers & Challenges – Summary
Drivers
Feasible Geographic Location
Declining Capital Costs for Solar PV
Dropping Solar Power Rates
Depleting Coal Reserves
India Remains Energy Deficient
Increasing Cost of Electricity from
Conventional Sources
Time of Commissioning
Challenges
Capital Intensive Nature
Competition from Chinese Firms
Lack of Awareness

8. 8PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Trends – Summary
Production of Portable Solar
PV Generators
Investments in Domestic Solar
PV Power Producing Industry
Rooftop Power Generation Solar Hybrid Generators
Key
Trends

9. 9PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Government Participation – Summary
`
Major Government Bodies
Rural Electrification Programme
Jawaharlal Nehru National Solar Mission (JNNSM)
Key
Initiatives
Subsidies and Incentives
Research and Development Initiatives

10. 10PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Market Competition – Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Threat of New Entrants
Competitive Rivalry Bargaining Power of Buyers
Threat of Substitutes
Impact
X
Impact
X
Impact
XImpact
X
Impact
X

11. 11PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Competitive Benchmarking (1/5)
Public Trading Comparables
Company A Company B Company C Company D Company E
Market Capitalization (INR mn)
Share Price (INR)
EV/EBITDA (x)
EV/Revenue (x)
PE Ratio

12. 12PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Key Ratios of Top 5 Companies – Operational Basis (FY 2013) (1/3)
Competitive Benchmarking (2/5)
-300
-200
-100
0
100
%
-c3-c2
c1
Company B
-b3
-b2
Company C
-b1
Company A
a3a2a1
Net MarginGross Margin Operating Margin
• Company A recorded the highest gross margin of a1%, while Company B with –b1% recorded the lowest gross margin
• Company A recorded operating margin of a2%, higher than that of both Company C and Company B which recorded
operating margin of –c2% and –b2% respectively
• Company C recorded net margin of –c3%, which was higher than that of Company B with net margin of –b3%, but
lower than that of Company A which recorded net margin of a3%

13. 13PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Public: Domestic Company – Company A
(1/4)
Key People
Products and Services
Company Information Offices and Centres – India
Corporate Address
Tel No.
Fax No.
Website
Year of Incorporation
Ticker Symbol
Stock Exchange
Category Products/Services
Solar PV
Name Designation
Person 1 Chairman and MD
Person 2 Director of Finance
Person 3 Director of Power
Person 4 Director of H.R
Head Office
New Delhi

14. 14PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Financial Snapshot Key Ratios
Financial Summary
• The company earned a net profit of INR ‘d2’ bn in FY 20--, as compared to
net profit of INR ‘c2’ bn in FY 20--
• The company reported total income of INR ‘d1’ bn in FY 20--, registering an
increase of ‘p’% over FY 20--
• It earned an operating margin of ‘x.x’ per cent in FY 20--, an increase of ‘y.y’
percentage points over FY 20--
• The company reported debt to equity ratio of ‘w.w’ in FY 20--, an increase
of ‘z.z’ per cent over FY 20--
Key Financial Performance Indicators
Indicators Value (dd/mm/yyyy)
Market Capitalization (INR mn)
Total Enterprise Value (INR mn)
EPS (INR)
PE Ratio (Absolute)
Particulars
y-o-y change
(20-- – -- )
20-- 20-- 20-- 20--
Profitability Ratios
Operating Margin
Net Margin
Profit Before Tax Margin
Return on Equity
Return on Capital Employed
Return on Working Capital
Return on Assets
Return on Fixed Assets
Cost Ratios
Operating costs (% of Sales)
Administration costs (% of
Sales)
Interest costs (% of Sales)
Liquidity Ratios
Current Ratio
Cash Ratio
Leverage Ratios
Debt to Equity Ratio
Debt to Capital Ratio
Interest Coverage Ratio
Efficiency Ratios
Fixed Asset Turnover
Asset Turnover
Current Asset Turnover
Working Capital Turnover
Capital Employed Turnover
Improved Decline
Net Profit/LossTotal Income
600
400
200
0
80
60
0
40
20
INR bn
a1
c1
2011
b2
b1
2010
a2
2013
d2
d1
2012
c2
INR bn
Public: Domestic Company – Company A
(2/4)

15. 15PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Key Business Segments Key Geographic Segments
Business Highlights
Description News
Overview
• Company A operates as an engineering and manufacturing enterprise in the energy and
infrastructure related sector in India and abroad
• It provides industrial systems and products as well as offers products for the
transportation sector
• It also provides renewable energy based products
Expansion Plans
• Company A made investments of INR ~200 mn for the expansion of its PV module
manufacturing division,
• This investments expanded the unit’s capacity from ‘m’ MW to ‘n’ MW
0%
50%
100%
2013
b2%
a2%
2010
b1%
a1%
b4%
a4%
2012
b3%
a3%
2011
Segment 2Segment 1
0%
20%
40%
60%
80%
100%
2013
d4%
c4%
2012
d3%
c3%
2011
d2%
c2%
2010
d1%
c1%
Region 1 Region 2
Public: Domestic Company – Company A
(3/4)

16. 16PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
TO
WS
Public: Domestic Company – Company A – SWOT Analysis
(4/4)

17. 17PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Key People
Products and Services
Company Information Offices and Centres – India
Category Products/Services
Solar PV
Strategic Electronics
Others
Name Designation
Person 1 Chairman
Person 2 Director
Person 3 Director
Person 4 Director
Bangalore
Corporate Address
Tel No.
Fax No.
Website
Year of Incorporation
Head Office
Private: Domestic Company – Company B
(1/5)
Regional Office
New Delhi

18. 18PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Shareholders of the Company as on dd.mm.yyyy Ownership Structure
Name No. of Shares held
Shareholder 1 x
Shareholder 2 y
Total z
a%
b%
Private: Domestic Company – Company B
(2/5)
Shareholder 1
Shareholder 2

19. 19PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Financial Snapshot Key Ratios
Particulars
y-o-y change
(20– – --)
20-- 20-- 20-- 20--
Profitability Ratios
Operating Margin
Net Margin
Profit Before Tax Margin
Return on Equity
Return on Capital Employed
Return on Working Capital
Return on Assets
Return on Fixed Assets
Cost Ratios
Operating costs (% of Sales)
Administration costs (% of
Sales)
Interest costs (% of Sales)
Liquidity Ratios
Current Ratio
Cash Ratio
Leverage Ratios
Debt to Equity Ratio
Debt to Capital Ratio
Interest Coverage Ratio
Efficiency Ratios
Fixed Asset Turnover
Asset Turnover
Current Asset Turnover
Working Capital Turnover
Capital Employed Turnover
Improved Decline
Financial Summary
• The company incurred a net loss of INR –’d2’ mn in FY 20--, as
compared to net profit of INR ‘c2’ mn in FY 20--
• The company reported total income of INR 1,529.9 mn in FY
20--, registering an increase of 0.34% over FY 20--
• The company earned an operating margin of ‘x.x’% in FY 20--, a
decrease of ‘y.y’ percentage points over FY 20--
• The company reported debt to equity ratio of ‘w.w’ in FY 20--,
a decrease of ‘z.z’% over FY 20--
Net Profit/LossTotal Income
2,000
1,500
1,000
500
0
50
0
-150
-50
-100
-200
2009
b2
b1
2008
a2
a1
INR mn
2011
-d2
d1
2010
c2
c1
INR mn
Private: Domestic Company – Company B
(3/5)

20. 20PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
Business Highlights
Description News
Overview
• Company B engages in the production of photovoltaic cells, modules, systems, solar
electric power systems ,solar outdoor lighting systems, telecom power systems, solar
powered railway signaling systems, navigational aids, and solar power plants
• It is one of the first companies in India to undertake turnkey village electrification projects
• It has supplied more than ‘z’ solar PV systems in India and abroad, covering both rural and
industrial applications
Manufacturing Capacity
• Company B has an integrated production facility to manufacture mono-crystalline silicon
solar cells and modules with screen-printing technology
• It is in process of enhancing its modules manufacturing capacity to ‘y’ MWp and the
production is expected to start by Aug 2014
Private: Domestic Company – Company B
(4/5)

21. 21PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
TO
WS
Private: Domestic Company – Company B – SWOT Analysis
(5/5)

22. 22PHOTOVOLTAIC GENERATOR MARKET IN INDIA 2014.PPT
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