For the complete report, get in touch with us at: info@netscribes.com Abstract : Netscribes’ latest market research report titled Lighting Industry in India 2015 analyses the Indian lighting market into four broad dimensions, based on applications, technologies, geographies and end-market structures. It tracks the domestic production of different lighting equipment, such as lamps, LEDs and luminaires. Incandescent lamps dominate the non-LED lighting market, followed by CFL lamps and other fluorescent lamps. However, the market for incandescent lamps is shrinking, as people migrate to more energy-efficient and cost-effective sources of light. This is strongly reflected in the urban lighting usage pattern, where the share of incandescent lamps has shrunk to just one-fourth. In terms of growth, the Indian LED lighting market has outpaced non-LED lighting market by over four times and holds the most potential. Today, the Indian lighting market has evolved and offers specialized products such as mood-enhancing lights, LED candles and decorative lights. Since the opening of Foreign Direct Investment (FDI) in retail, the lighting market in India has seen the entry of several international players. On the other hand, domestic players have expanded their presence throughout the country. The growth in Indian lighting market has been fuelled by the increase in disposable income, growing consumption in rural segment, rise in organized retail, boom in real estate sector, changing lifestyle of consumers, increasing availability of credit, improvement in rural electrification and the growing population. However, players are also facing challenges such as competition from unorganized segment, depreciation of Rupee and rise in energy costs, lack of consumer awareness about energy-efficient lighting and high import dependency. Table of Contents : Slide 1: Executive Summary Macroeconomic Indicators Slide 2: GDP at Factor Cost: Quarterly (2011-12 – 2014-15), Inflation Rate: Monthly (Jul 2013 – Dec 2013) Slide 3: Gross Fiscal Deficit: Monthly (Feb 2013 – Jul 2013), Exchange Rate: Half Yearly (Apr 2014 – Sep 2014) Slide 4: Lending Rate: Annual (2011-12 – 2014-15), Trade Balance: Annual (2010-11 – 2013-14), FDI: Annual (2009-10 – 2012-13) Introduction Slide 5: Classification of the global lighting market Market Overview Slide 6: Indian Lighting Market – Overview, Market Size and Growth (Value-Wise; 2013-2018e), Domestic Production (Percentage-Wise; 2010-2013), Segmentation of non-LED Lights (2013) Slide 7: Lighting Market – Types of Lights, Non-LED Lights –Market Size and Growth (Value-Wise; 2013-2018e), LED Lights –Market Size and Growth (Value-Wise; 2013-2018e) Slide 8: Rural and Urban Usage Pattern of Lighting Products Slide 9: LED Lighting – Value Chain EXIM Data Slide 10: Export of Lighting Products – Overview, Total Exports (Value-Wise; 2012 – Apr-Aug 2014), Country-Wise Exports Segmentation (Apr-Aug 2014)

1. Lighting Industry – India
February 2015

2. 2
Executive Summary
Market
Drivers &
Challenges
Government
Competitive
Landscape
 Indian lighting industry was worth INR 135.04 bn in 2013, growing at a CAGR of 19.1%
 A formidable feature of this sector is the vast distribution network of players
 LED lighting, a sub-set of the lighting industry, has been growing at a CAGR of 46.0%
 Published LED Standards
 Regulatory Stakeholders – LED Initiatives
 Government Support for LED Industry in India
Drivers
 Increase in Disposable Income
 Growth in Rural Segment
 Rise in Organized Retail
 Boom in Real Estate Sector
 Changing Lifestyle of Consumers
 Increasing Availability of Credit
 Improvement in Rural Electrification
 Growing Population
Major Players
Bajaj Electricals Ltd. Crompton Greaves Ltd. GE India Industrial Pvt. Ltd.
Orient Paper & Industries Ltd. Osram India Pvt. Ltd. Philips India Ltd.
Trends
 LED Technology Development
 Digital Signage
 Solar LED Lights
LIGHTING INDUSTRY IN INDIA 2015.PPT
Challenges
 Tough Competition from Unorganized
Players
 Depreciation of Rupee and Rise in Energy
Costs
 Lack of Consumer Awareness About
Energy-Efficient Lighting
 High Import Dependency

3. 3LIGHTING INDUSTRY IN INDIA 2015.PPT
•Macroeconomic Indicators
•Introduction
•Market Overview
•EXIM Data
•Drivers & Challenges
•Government Initiatives
•Trends
•Competitive Landscape
•Strategic Recommendations
•Appendix

4. 4
The fragmented and complex lighting market can be
categorized into four broad dimensions
End-market Structure
Technologies
Geographies
Applications
LIGHTING INDUSTRY IN INDIA 2015.PPT

5. 5
Lighting market in India is showing an upward trend with a
rise in consumer base
• The Indian lighting industry reached INR ‘m1’ in 2013,
growing at a CAGR of ‘r1’% over 2010-13
• Lighting industry in India is divided into different
types of lighting systems
• Lighting energy consumption in commercial buildings
is around ‘r2’-’r3’%
• Energy consumption from lighting in industrial plants
is around ‘r4’-’r5’%
Market Overview Lighting Market Size and Growth
Lamps Market – Segmentation (2013)Lighting Market – Domestic Production
y5
y4
y3
y2
y1
INR bn
r6%
x6
u
x5
t
x4
s
x3
r
x2
q
x1
p
LIGHTING INDUSTRY IN INDIA 2015.PPT
r7%
r9%
r8%
Segment 1
Segment 3
Segment 2
0%
20%
40%
60%
80%
100%
2013
d3%
d2%
d2%
2012
c3%
c2%
c2%
2011
a3%
a2%
b3%
b2%
b2%
2010
a1%
Category 2Category 1 Category 3
Note: Lamps includes incandescent, fluorescent, halogen and other lamps

6. 6
Rise in lighting equipment production in India…
• Export of lighting products from India witnessed a
CAGR of ‘r1’% between FY 2012 and FY 2014
• Although cheaper products from ‘c1’ have a bigger
market share in global lighting exports, declining cost
competitiveness of ‘c1’ holds strong growth
prospects for India in the near future
• Primary export destinations include ‘c2’, ‘c3’ and ‘c4’
Non-LED Lights – Exports Non-LED Lights – Total Exports (Value)
LIGHTING INDUSTRY IN INDIA 2015.PPT
r7%
r6%
r5%
r4%
r3%
r2%
y3
y2
y1
INR mn
2015 (Apr-
Aug 2014)
s
2014
r
2013
q
2012
p
Non-LED Exports – Country-Wise Segmentation
(2014)
Non-LED Exports – Country-Wise Segmentation
(2015)
Note: Figures are for the respective financial years
r12%
r11%
r10%
r9%
r8%
r13%
Others
Country 5
Country 4
Country 3
Country 2
Country 1
Others
Country 5
Country 4
Country 3
Country 2
Country 1
Note: Data pertain to HS Code 8539: Electric filament or discharge lamps (including sealed beam lamp units and ultra-violet or infra-red lamps), arc-lamps

7. 7
…has resulted in eventual rise in exports
LIGHTING INDUSTRY IN INDIA 2015.PPT
r3%
r2%
r7%r6%
r5%r4%
r9%
r8%
r13%
r12%r11%
r10%
Country 2
Country 1
Others
Country 5
Country 4
Country 3 Country 3
Country 2
Country 1
Others
Country 5
Country 4
y3
y2
y1
INR mn
2015 (Apr-
Aug 2014)
s
2014
r
2013
q
2012
p
Note: Data pertain to HS Code 85414020: Light emitting diodes (electro-luminescent)
• Export of lighting-emitting diodes (LEDs) from India
has been growing rapidly, witnessing a CAGR of ‘r1’%
between FY 2012 and FY 2014
• Although ‘c1’ has the largest market share in global
LED exports, declining cost competitiveness of ‘c1’
holds strong growth prospects for India in the near
future
• ‘c2’, ‘c3’ and ‘c4’ are traditionally the largest markets
for Indian LEDs
LED Lights – Exports LED Lights – Total Exports (Value)
LED Exports – Country-Wise Segmentation (2014)LED Exports – Country-Wise Segmentation (2015)
Note: Figures are for the respective financial years

8. 8
Drivers & Challenges – Summary
Drivers
Increase in Disposable Income
Growth in Rural Segment
Rise in Organized Retail
Boom in Real Estate Sector
Changing Lifestyle of Consumers
Increasing Availability of Credit
Improvement in Rural Electrification
Growing Population
Challenges
Tough Competition from Unorganized
Players
Depreciation of Rupee and Rise in
Energy Costs
Lack of Consumer Awareness About
Energy-efficient Lighting
High Import Dependency
LIGHTING INDUSTRY IN INDIA 2015.PPT

9. 9
Publication of LED standards is expected to transform the
lighting industry in India
Published LED Standards
Sl No IS No Title
1
2
3
4
5
6
7
8
9
• Recently announced standards on LED lighting are expected to bring about large scale lighting revolution
in India
 Standards have been brought out by ‘n1’ and ‘n2’ to help phase out inefficient lighting
• Global standards have been considered while formulating the Indian standards which are expected to
ensure that the Indian LED manufacturers meet the minimum manufacturing criterions
• Standards based on international trends are also expected to help the Indian LED products to compete
with the international counterparts
LIGHTING INDUSTRY IN INDIA 2015.PPT

10. 10
Trends – Summary
LIGHTING INDUSTRY IN INDIA 2015.PPT
Key
Trends
LED Technology
Development
Solar LED Lights Digital Signage

11. 11LIGHTING INDUSTRY IN INDIA 2015.PPT
Porter’s Five Forces Analysis
Competitive RivalryBargaining Power of Suppliers Bargaining Power of Buyers
Threat of New Entrants
Impact
i4
Impact
i2
Impact
i1
Impact
i5
Threat of Substitutes
Impact
i3

12. 12
Competitive Benchmarking (1/5)
Public Trading Comparable (FY 2014)
Company 1 Company 2 Company 3 Company 4 Company 5
Market Capitalization
(INR mn)
Share Price (INR)
EV/EBITDA (x)
EV/Revenue (x)
PE Ratio
LIGHTING INDUSTRY IN INDIA 2015.PPT
Note: Top 5 Public companies based on the Market Capitalization; Market Capitalization, Share Price and PE ratio is as of 18/11/2014

13. 13
• Company 3 recorded gross margin of a3%, higher than both Company 1 and Company 2 which recorded gross margin of
a1% and a2% respectively
• Company 3 recorded operating margin of b3%, higher than both Company 1 and Company 2 which recorded operating
margin of b1% and b2% respectively
• Company 2 recorded net margin of c2%, higher than that of Company 1 which recorded net margin of c1% but lower
than that of Company 3 which recorded net margin of c3%
Key Ratios of Top 3 Companies – Operational Basis (FY 2014) (1/3)
Competitive Benchmarking (2/5)
-10
0
10
20
30
40
%
Company 3
c3
b3
a3
Company 2
c2b2
a2
Company 1
c1
b1
a1
LIGHTING INDUSTRY IN INDIA 2015.PPT
Net MarginOperating MarginGross Margin

14. 14LIGHTING INDUSTRY IN INDIA 2015.PPT
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
Name Designation
Chairman, MD and CEO
Joint MD
President
CFO and EVP
Head Office
H1
Public: Company 1 (1/4)

15. 15LIGHTING INDUSTRY IN INDIA 2015.PPT
Financial Snapshot Key Ratios
Financial Summary
• The company earned a net loss of INR ‘d’ in FY 2014, as compared to
net profit of INR ‘c’ in FY 2013
• It reported total income of INR ‘s’ in FY 2014, registering an increase
of ‘r1’% over FY 2013
• It earned an operating margin of ‘r2’% in FY 2014, a decrease of ‘r3’
percentage points over FY 2013
• It reported debt to equity ratio of ‘n1’ in FY 2014, an increase of
‘r4’% over FY 2013
Particulars
y-o-y change
(2014-13)
2014 2013 2012 2011
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
Key Financial Performance Indicators
Indicators Value (18/11/2014)
Market Capitalization (INR mn)
Total Enterprise Value (INR mn)
EPS (INR)
PE Ratio (Absolute)
Profit / LossTotal Income
z3
z2
z1
y3
y2
y1
p
INR mnINR mn
2014
d
s
2013
c
r
2012
b
q
2011
a
Public: Company 1 (2/4)

16. 16LIGHTING INDUSTRY IN INDIA 2015.PPT
Key Business Segments Key Geographic Segments
Business Highlights
Description News
Overview
• Company 1 is part of the ‘n1’ which consists of other companies such as ‘n2’, ‘n3’ and ‘n4’
• It was incorporated in ‘y1’ as ‘n5’ and was renamed to Company 1 in ‘y2’
• The company has a portfolio of over ‘a1’ different products under the segments ‘s1’, ‘s2’, ‘s3’, ‘s4’ and ‘s5’
• It also holds exclusive distribution license for ‘n6’ appliances in India
Business Operations
• The company has a strong distribution network of over ‘a2’ distributors and ‘a3’ dealers
 Its ‘s1’ has a retail network of over ‘a4’ outlets, while the brand ‘n6’ would have a retail network of ‘a5’ outlets by the end
of ‘y3’
• It also has a franchised customer care network of ‘a6’ centers
Note: Business Segments and Geographic Segments are based on total revenues
y6
y5
y4
y3
y2
y1
p2%
2011
s1%
r1%
q1%
p1%
2014
s4%
r4%
q4%
p4%
2013
s3%r3%
q3%
p3%
2012
s2%
r2%
q2%
y6
y5
y4
y3
y2
y1
2014
u2%
t4%
2013
u1%
t3%
2012
t2%
2011
t1%
Segment 2Segment 1
Segment 4
Segment 3
Segment 2
Segment 1
Public: Company 1 (3/4)

17. 17
TO
WS
Public: Company 1 – SWOT Analysis (4/4)
LIGHTING INDUSTRY IN INDIA 2015.PPT

18. 18LIGHTING INDUSTRY IN INDIA 2015.PPT
Key People
Products and Services
Company Information Offices and Centres – India
Category Products
Name Designation
Director
Director
Director
Director
Corporate Address
Tel No.
Fax No.
Website
Year of Incorporation
Head Office
H1
Private: Company 2 (1/5)

19. 19
Shareholders of the Company Ownership Structure
Name No. of Shares held
r4%
r3%
r2%
r1%
Note: AGM as of 29th Sep 2012
LIGHTING INDUSTRY IN INDIA 2015.PPT
Private: Company 2 (2/5)
Category 1
Category 3
Category 2
Category 4

20. 20LIGHTING INDUSTRY IN INDIA 2015.PPT
Financial Snapshot Key Ratios
Financial Summary
Particulars
y-o-y
change
(2013-12)
2013 2012 2011 2010
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
z5y6
z1
y2
z3
y5 z4
y3
y1
y4
z2
INR mn
d
2013
INR mn
s
2012
c
r
2011
b
q
2010
a
p
• The company earned a net profit of INR ‘d’ in FY 2013, as
compared to net profit of INR ‘c’ in FY 2012
• It reported total income of INR ‘s’ in FY 2013, registering an
increase of ‘r1’% over FY 2012
• It earned an operating margin of ‘r2’% in FY 2013, an increase
of ‘r3’ percentage points over FY 2012
• It reported debt to equity ratio of ‘n1’ in FY 2013, a decrease
of ‘r4’% over FY 2012
Private: Company 2 (3/5)

21. 21LIGHTING INDUSTRY IN INDIA 2015.PPT
Business Highlights
Description News
Overview
• Company 2 is part of the Indian multinational ‘n1’
• The group has a workforce of over ‘a1’ employees and operates in over ‘a2’ countries in ‘r1’, ‘r2’, ‘r3’ and
‘r4’
• Company 2 is among the largest players in the Indian ‘n2’ industry
• It is among the largest manufacturers of ‘p1’ in the world, producing over ‘a3’ units annually
Business Operations
• The company operates an extensive distribution network of ‘a4’ authorized dealers and ‘a5’ retailers
across the country
• It also has ‘a6’ marketing offices and a government-approved research and development (R&D) center
that employs over ‘a7’ engineers
• The company operates ‘a8’ manufacturing facilities spread across India
 The manufacturing facilities are ‘c1’ certified for ‘s1’, ‘c2’ certified for ‘s2’, ‘c3’ certified for ‘s3’ and ‘c4’ certified for ‘s4’
 Moreover, all the products manufactured by the company are ‘c5’ certified by ‘n3’
Private: Company 2 (4/5)

22. 22
TO
WS
LIGHTING INDUSTRY IN INDIA 2015.PPT
Private: Company 2 – SWOT Analysis (5/5)

23. 23
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LIGHTING INDUSTRY IN INDIA 2015.PPT