Excel India Fund

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Excel India Fund

• Presentation
• June 2006

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Contents

• Recent Events
• Robust Economy
• Demographic Dividend
• and under leveraged consumers
• to drive consumption boom
• Infrastructure Huge Investments Planned
• Long Term Outlook for India remains Positive
• Investment Case - Summary
• Sensex Valuation (as on June 16, 2006)
• India Excel Offshore Fund Strategy
  Performance
• Top Five Sectors Portfolio Valuation
• Top Ten Holdings
• Performance

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Recent events

• GDP registered robust growth of 8.4 in FY06
  (9.3 for the 4th quarter of FY06)
• BSE Sensex registered correction of 21.6 as of
  June 16, 2006 from its peak of May 10, 2006
  triggered by both local and global factors.
  However the Sensex has risen by 10.7 in last 2
  days from its month end low closing on June 14,
  2006
• The correction in the Indian market was in tandem
  with the global markets
• FIIs were net sellers of 1.63 billion USD and
  Mutual Funds were net buyers of 1.75 billion USD
  of Indian Equities in May 2006
• Inflation rose to 4.72 for the week ended June
  03, 2006

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Robust Economy
Top emerging Economy (GDP)
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Indian economy in a resilient mode in terms of
GDP growth Positioned as the fourth largest
economy in terms of purchasing power parity...
and has the benefit of low inflation
Source Citigroup
Declining Inflation levels
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4th Largest economy (in PPP terms) 2005
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Source Citigroup
Source Indiastat.com
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Demographic Dividend
age
Millions

• 31 of its current population is lt 15yrs and
  nearly 50 is lt 25yrs
• As the population will remain young for decades,
  consumption boom will continue and dependency
  ratio will remain lowest amongst large economies

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and under leveraged consumers
Source ICICI Bank

• Under leveraged consumers and benign interest
  rates are aiding the consumption boom
• Low penetration levels across consumer durables
  leave ample scope for growth

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to drive consumption boom
Indias wealth distribution Per capita annual
income
Growing Middle Class From Pyramid to Diamond
Source CLSA Asia-Pacific Markets
Source Citigroup

• Rising per capita income, improved affordability
  changing lifestyles
• Urbanization Shift from low productive farm jobs
  to manufacturing services

From Save now and Consume later to Affordable
Indulgence
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Infrastructure Huge Investments Planned
Estimated Investment in 2005-10E

• Power
• Govt vision of power for all by 2012
• Target capacity addition of 1,00,000MW by 2012
• Upgradation of transmission lines by PGCIL
• Roads
• Investment of Rs 1,870bn in next 7 yrs
• Ports / Inland Waterways
• Rs 600bn investment for port infrastructure
• Rs 400bn investment in water transportation
• Airport
• Privatization and Upgradation of airports
• Pipelines
• Investment opportunity of Rs 400bn
• SEZ
• Govt. recently cleared 148 projects involving
  investment of Rs 1,000bn

Source SSKI
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Long term outlook for Indian Economy remains
positive
USA
India
INDIA
Source Bloomberg
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Investment Case - Summary
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Sensex Valuation (as on June 16, 2006)
Source CLSA
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Excel India FundStrategy
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India Excel Offshore Fund Top Five Sectors
Portfolio Valuation
Top five Sectors as on 16th June 2006
Portfolio Valuation as on 16th June 2006
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Top Ten Holdings
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Disclaimer
The information contained in this article is not
a complete presentation of every material fact
regarding any industry/security or the fund and
is neither an offer for units nor an invitation
to invest. This communication is meant for use by
the recipient and not for circulation/reproduction
without prior approval. Risk Factors Mutual
Fund investments are subject to market risks and
the NAVs of the schemes may go up or down
depending upon the factors and forces affecting
the securities market. Past performance of the
schemes managed by Birla Mutual Fund is not
necessarily indicative of future performance of
the schemes. Please refer to the offer document
before investing.  
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Thank You