December 22, 2010
Highlights
Growth In The Segment negligible At 1-2%
Inflation Could Be Playing Spoilsport
Consumer Non-Durables: Chink In The IIP Armour
December 22, 2010
Consumer Non-Durables: IIP’s Weakest Link
Used-based classification of the index of industrial production (IIP) covers basic goods, capital goods, intermediate goods and con-
sumer goods. Consumer goods can be further broken down into consumer durables and non-durables.
The consumer non-durables segment consists of 63 items spanning food & beverages, textiles, paper, leather, drugs, soaps & deter-
gents, lighting products and other miscellaneous items. Over the past few months, consumer non-durables, with a 23% weightage in the
overall IIP, has been a dampener, registering weak growth.
-20
-15
-10
-5
0
5
10
15
20
25
Mar
-09
Ap
r-0
9
May
-09
Jun
-09
Jul-
09
Au
g-0
9
Sep
-09
Oct
-09
No
v-0
9
De
c-0
9
Jan
-10
Feb
-10
Mar
-10
Ap
r-1
0
May
-10
Jun
-10
Jul-
10
Au
g-1
0
Sep
-10
Oct
-10
IIP YoY IIP MoM IIP 3 Months Moving Avg
IIP Movement
-15
-10
-5
0
5
10
15
20
Ma
r-0
9
Ap
r-0
9
Ma
y-0
9
Jun
-09
Jul-
09
Au
g-0
9
Se
p-0
9
Oct
-09
No
v-0
9
De
c-0
9
Jan
-10
Fe
b-1
0
Ma
r-1
0
Ap
r-1
0
Ma
y-1
0
Jun
-10
Jul-
10
Au
g-1
0
Se
p-1
0
Oct
-10
Consumer non-durables YoY
Consumer non-durables MoM
Consumer Non-Durables 3 Months Moving Avg
Consumer Non-Durables Index Movement
December 22, 2010
Growth in the segment has been negligible at around 1-2% YoY since May 2010. On an MoM basis, the picture is even more gloomier
as the segment has shrunk in 12 of the last 19 months registering a negative growth in contrast to IIP which registered negative growth
only seven times. Following are the top 10 items with the highest weightages in the consumer non-durables index.
Analysing the top 10 items with the highest weightages, it is clear that only three -- milk powder, tea and vitamin A -- have declined in
October. Tea production declined due to excessive rains the northeast. The rest of the seven items registered positive growth. Hence, it
is the items with lower weightages that have not done well, thus pulling down the index. Some such items are country liquor, soft drink
& soda, leather footwear & garments, hair oil/ayurvedic oil, soaps of all kinds and rubber footwear.
PRU View
The consumer non-durables category is mostly dependent on the lower income cohort of the population -- both rural and urban. High
inflation could be a reason for households allocating large portions of their disposable incomes for food items and in the process reduc-
ing the amount available for other FMCG items. Also, rural households may have substituted branded products with cheaper non-
branded ones. In addition, there is an unproven hypothesis forwarded by some economists that the windfall incomes of the past two
years — the economic stimulus programme in the aftermath of the Lehman Brothers collapse, higher cereal procurement prices, guar-
anteed minimum wage payment through NREGA, payout of Six Pay Commission arrears — might have prompted higher consumption
of durables (such as TV sets, two-wheelers) and discouraged spending on branded food and FMCG products. Consumers may have
apportioned a larger proportion of the windfall to a one-time large purchase, rather than spend it on items of daily consumption.
Top 10 Items Of The Consumer Non-Durable Index
Product (% YoY Growth) Weight
in IIP Oct-09 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10
Total IIP 100.00 13.85 13.85 16.64 12.19 7.17 15.09 6.92 4.39
Consumer Non-Durable 23.299 10.56 10.56 4.83 1.04 2.03 1.06 0.79 1.94
Cotton hosiery cloth 2.537 16.86 -0.03 1.32 2.27 1.52 5.8 11.3 10.34
Sugar 2.243 -16.31 295.79 144.15 20.3 88.26 -11.11 62.5 2.83
Wheat Flour/Maida 2.141 12.35 10.63 9.72 10.64 8.05 5.68 4.17 6.21
Paper & Paper board
(IPP) 1.380 8.10 2.42 4.41 4.36 2.85 2.66 5.75 10.94
100% non-cotton cloth 1.202 21.00 -9.41 -3.18 -5.34 -9.24 11.42 2.49 0.33
Vitamin A 1.072 70.37 -62.47 -74.77 -38.87 -50.98 -46.46 45.13 -100
Milk Powder 1.010 23.71 -8.61 8.5 3.57 41.26 4.29 5.52 -15.36
Cotton cloth
(excluding hosiery) 0.987 11.33 1.80 3.52 3.48 5.06 13.57 10.67 14.13
Cigarettes 0.833 14.66 21.01 8.64 60.45 34.08 29.39 17.63 20.07
Tea 0.763 6.22 9.03 1.76 -11.9 -2.98 -8.69 6.53 -9.68
December 22, 2010
Corporate: High Earnings Growth On The Anvil
Advance Tax Payments By India Inc’s Top 100 Swells By 18.7% To
`27,531Cr: Advance tax payments by India’s top 100 corporate taxpayers rose
18.7% in December from a year ago, indicating better corporate performance in
the third quarter. (The Economic Times, December 21, 2010)
Apr-Nov Indirect Tax Receipt Up 42.3% YoY, Says Govt: India’s indi-
rect tax receipts rose 42.3% on year to `2.08 trillion during April-November.
Revenue collection from customs increased an annual 67% to `868.4 billion,
while excise tax receipts grew 34.4% on an annualised basis to `819.84 billion.
(Reuters, December 15, 2010)
Direct Tax Kitty Up 18% In Apr-Nov: Direct tax collection in the first eight
months of this fiscal registered an 18% growth over the same period last year with
net receipts at `2,16,628 crore. The major boost came from the robust industry
performance with the corporate taxes showing an increase of more than 22%. (The
Times of India, December 8, 2010)
PRU View
Advance tax reflects the company’s projected earnings for the quarter. A
company is expected to pay advance tax by the 15th of the last month in each
quarter. This tax is calculated on the earnings that the company expects it will
earn in this quarter.
An outflow of Rs 45,000-50,000 crore towards advance tax payments is ex-
pected during the quarter. This indicates continued healthy growth in earnings
by Corporate India. However, it must be noted that growth in either earnings
or tax collections seems higher partially on account of a low base of the pre-
vious year.
Given the heavy tax outflow by corporates and the tight liquidity situation in
banking, RBI, in its mid-term policy review for December 2010, took two
major steps. One, it reduced SLR by 100 basis points to 24% and two, it has
scheduled Rs 48,000 crore of bond buy-backs through open market opera-
tions. These measures are expected to improve overall liquidity.
Hospitality: Sunshine Time
2010 — Bidding Adieu To Hard Times: India's hospitality sector checked into 2010 with hopes of revival after suffering heavily from
the 2008-09 economic downturn and the year did not disappoint. An over 10% increase in tourist arrivals and rising hotel occupancies
consigned the memories of the economic downturn and the 26/11 Mumbai terror attacks to the far corner of the industry’s mind. (The
Press Trust Of India, December 21, 2010) Knight Frank Puts Indian Hotel Rooms Market At `119,000Cr By 2013: Global property consultancy, Knight Frank India,
has announced the release of their research study on India’s hotel market. (Business Standard, December 21, 2010)
Highlights of the report:
During 2010-13, the Indian hotel room market for 10 cities is estimated to grow from ` 74,000 crore to `119,000 crore.
Up to 35,977 additional operational rooms expected across 10 cities by 2013.
Translating to 17% average annual growth rate for 10 cities.
Mumbai and Goa to be most attractive hospitality markets in next three years; the size of the Mumbai market will be greater at
`42,000 crore than the NCR market size of `28,000 crore.
Growth in supply is estimated to surpass growth in demand during 2010-13.
Advance Tax Payments (` Cr)
Dec-10 Dec-09
ONGC 2,742 NA
SBI 1,850 1,759
Reliance Industries 1,100 830
Tata Steel 1,000 650
LIC 980 1,070
Punjab National Bank 640 618
ICICI Bank 450 301
Bank of Baroda 435 330
HDFC 400 320
Bajaj Auto 370 310
Tata Consultancy 230 177
Hindustan Unilever 220 175
Tata Motors 220 100
Hindalco 200 148
Central Bank 179 138
UltraTech Cement 165 90
Bank of India 150 102
IndianOil Corp 100 NA
GSK Pharma 90 85
Dena Bank 75 65
Tata Power 58 81
Tata Chemicals 58 40
Zee Entertainment 30 37.5
Hindustan Petro 29 48
Marico 21 18
Alstom Projects 12 16
Total of the above 11,804 7,509
December 22, 2010
PRU Analysis
Tourism in India is witnessed a revival in 2010. The number of foreign tourist arrivals (FTAs) recorded an over 10% YoY growth
during the current year. This is in spite of a muted response to the Delhi CommonWealth Games 2010 in October.
The tourism ministry said the number of FTAs to New Delhi had increased by over 5% during the Games. However, this 5% figure
is lower than the national average increase in FTAs of 9.2% in October.
This reflects positivity for the tourism industry. Pick-up in business travel by domestic companies and higher external trade com-
pared to last year led to improved demand for hotels and tourism industry.
Higher demand for rooms results in higher occupancy rates – a measure of utilisation of available capacity. An improvement in
demand and occupancy leads to higher average room rates (ARRs). This results in better revenues.
While the low base effect is a reason behind growth numbers looking good, high food & beverage costs and rising employee costs
are adversely affecting profits.
However, hotel companies are expecting the scenario to improve. As a result they are announcing and completing hotel projects. In
November itself, three major projects with a capacity of 572 rooms were completed.
Indian Hotels completed its Taj Falaknuma Palace Hotel at Hyderabad at a cost of Rs 85 crore. Spread over 32 acres, it offers
60 rooms. Marriott Hotels India opened its Pune Marriott Hotel & Convention Center in November 2010. The hotel offers 416 rooms, four
meeting rooms and two restaurants. Kamat Hotels also commissioned its Sahibabad Vits Hotel in November 2010. It offers a total of 151 rooms, of which it com-
pleted 96 rooms in November.
PRU View
With the onset of the peak tourist season, occupancy rates and room rates are expected to improve in the remaining months of the
current financial year 2010-11. This will result in higher revenues. However, costs are also expected to remain high.
Auto: Exporting Its Way To Glory
Exports — The Road Ahead For Indian Auto: India’s car exports doubled in two years, riding on special incentives in Europe. (The
Economic Times, December 21, 2010)
PRU Analysis
India is the world’s seventh largest vehicle
maker. Its share in automobile exports globally
stood at a paltry 1% in 2009 or at $3 billion
while that of Japan, the largest exporter’s share
stood at 19%.
India’s export of passenger vehicles has, how-
ever, more than doubled over the past two
years.
The country looks poised to achieve its set tar-
get of $17.7 billion for all vehicles exports as
per the Automotive Mission Plan (AMP) much
before the target date of 2016.
December 22, 2010
India is the world’s small car sourcing hub and Europe
has emerged as the favorite destination for its exports.
Europe’s scrappage scheme put Indian exports in top
gear.
In the UK, a 10-year-old car could be scrapped for a
bonus of £2,000 and this increased the demand for cars
by four lakh units.
India now exports one for every four cars it sells lo-
cally. Most car makers, including MNCs, export huge
numbers every year.
Companies such as Hyundai, Maruti Suzuki, Nissan,
and Ford have established dedicated export facilities in
India.
Steel: The JSW-Steel-Ispat Deal
JSW Steel To Buy Ispat Stake For `2,157Cr: India’s third-largest steelmaker JSW Steel agreed to buy a controlling stake in smaller
rival Ispat Industries for $476 million, catapulting it to the No. 1 spot of the nation’s steel producers’ list. (Reuters, December 21, 2010)
PRU Analysis
JSW Steel, India’s third largest steel maker, is all set to acquire a controlling stake in debt-laden Ispat Industries. The new com-
bined company, to be named JSW Ispat Steel, will be catapulted to India’s largest private steel company by volume.
JSW Steel (Consolidated, ` Cr)
FY07 FY08 FY09 FY10
Net Sales 8,554 12,427 15,934 18,957
Raw material cost 3,961 6,678 9,985 11,213
Operating Profit 2,831 3,791 2,470 4,613
PBT 1,926 2,423 314 2,199
PAT 1,303 1,658 242 1,553
Ispat Industries (` Cr)
FY07 FY08 FY09 FY10
Net Sales 7,472 8,323 8,245 10,215
Raw material cost 3,770 4,546 4,650 5,895
Operating Profit 1,726 1,857 848 1,807
PBT 2.65 111.6 -1,025.5 -336.8
PAT -10.26 30.79 -689.81 -322.67
December 22, 2010
Rationale
JSW Steel
Ispat Industries currently has a capacity of 1.6 million tonnes of sponge iron, two million tonnes pig iron and 3.3 million ton-
nes hot rolled coil. This deal will make it India’s largest producer in the private sector, with a combined capacity of 14.3 mil-
lion tonnes per annum by March 2011.
Ispat Industries has 1,200 acres of land at Dolvi, Maharashtra, which will help JSW Steel operate in the western region.
The acquisition helps mitigate execution challenges faced while setting up greenfield steel plants, such as land acquisition and
permits.
Freight cost per tonne for finished steel of the combined entity will be almost 1/3 of that paid earlier by the individual compa-
nies. Ispat has steel-making units in Maharashtra (Dolvi, Kalmeshwar) which caters mainly to the western region. Hence, it
will reduce the freight cost and enable JSW Steel to supply to its customers in the western region at a lower freight cost.
Ispat Industries
Cut debt on books. It must be mentioned here that Ispat Industries has a debt of `7,185 crore on its book at the end of Q2
FY11 and another `877 crore as short-term payables (negative working capital).
The deal will allow Ispat to source its raw material from the JSW group, including coking coal and pellets, at relatively low
rates. Additionally, in the absence of captive power, the higher power costs have been adding on to its cost of production. With
JSW’s entry, Ispat will get power cheaper, leading to better profitability. Ispat will get captive power from JSW’s Ratnagiri
plant.
Ispat, until now, has been selling around 40% of its produce outside Maharashtra and was not able to get benefits on VAT.
However, the arrangement with JSW will ensure it sells its products in Maharashtra itself and enjoy VAT benefits too. (It must
be noted here that if a company has the steel plant in Maharashtra and sells its products in the same state it doesn’t need to pay
VAT)
Deal Structure
JSW Steel will subscribe to 1086 million shares of Ispat Industries at `19.85 a share. Ispat currently has 1,222 million shares
issued to shareholders. So, it’s a large equity infusion and a substantial dilution for existing shareholders .
Up to 1086 million shares subscribed at `19.85 means `21.57 billion or `2157 crore of cash infusion into Ispat Industries. This
will help in bringing down Ispat’s high debt levels (current debt/equity ratio is around 4.3).
JSW Steel will make a mandatory open offer of 20% for shares of Ispat Industries.
The deal will be funded through internal accruals of JSW Steel. There will be no additional debt taken for this purpose.
Ispat Industries shares fell 15%, the most since January 2008, to `21.2 at close on Tuesday in Mumbai. JSW rose 2.1 % to `1, 211.
December 22, 2010
Chemicals: The Tata Chem-British Salt Deal
Tata Chem To Buy British Salt For £93M: Tata Chemicals (TCL) today said its UK subsidiary, Brunner Mond, has inked an agree-
ment to acquire British Salt for £93 million (about `656.48 crore). (The Press Trust of India, December 20, 2010)
PRU Analysis
Tata Group conglomerate Tata Chemicals (TCL) has bought 100% stake in British Salt, a UK-based chemical company that pro-
duces pure white salt, for £93 million or `673 crore. The deal will be done through TCL’s UK-based wholly-owned subsidiary,
Brunner Mond Group Ltd. The deal will be entirely debt financed.
TCL is a global company focusing mainly on three segments -- essential products for daily use in households, industry and the farm
sector. It is a leading agri-business player apart from being the world’s second largest producer of soda ash. It is a market leader in
Indian branded iodised salt segment through its Tata Salt brand.
British Salt is one of UK’s largest manufacturers of pure dried vacuum salt and enjoys a market share of 50% in the country. It pro-
duces approximately 800,000 tonnes of pure white salt every year. Salt is a key raw material for production of soda ash.
Note: Brine, an unwanted byproduct of oil and gas drilling and production operations, is composed of groundwater, salt, and vola-
tile organic compounds. A brine-well or salt-well is used to mine salt through the use of water as a solution to dissolve the salt so
that they can be extracted by pipe through distillation.
This acquisition will provide TCL with an opportunity to secure long-term raw material i.e. brine (salt deposit) supplies for its UK
subsidiary Brunner Mond to manufacture soda ash. Brunner Mond contributed 9.21% to TCL’s revenue for 2009-10. This move
augurs well for TCL since it will add to the top line in future. It can be mentioned here that soda ash contributes 45% to the con-
solidated revenue of Tata Chemicals.
Agri- Inputs Phosphoric Acid
Tata Chemicals Business
Structure
BMGL GCIP Standalone Rallis India IMACID
Soda Ash Soda Ash
Soda Ash Urea
Fertiliser trading DARP/NKP
December 22, 2010
British Salt is also active in the gas storage business that has a potential to generate additional cash flows for TCL.
It must be noted here that TCL had acquired UK’s Brunner Mond in 2006 for $113 million. Brunner Mond has operations in Kenya
and the Netherlands too.
Other Major Acquisitions:
TCL acquired Brunner Mond Group, an UK-based which makes soda ash and associated alkaline products in 2006 for $113
million.
TCL acquired General Chemical Industries Products, a US-based soda ash maker for nearly Rs 40,000 million in 2008.
TCL increased its stake in pesticide maker Rallis India to 50.06% in 2009. So Rallis India is now a subsidiary of TCL.
Joint Ventures:
Indo Maroc Phosphore South Africa (IMACID) - TCL holds 1/3rd shareholding in Morocco-based IMACID, to secure the
supply of phosphoric acid.
TCL bought 35% stake in Joil, a Singapore-based jatropha seedling company, in 2008. This helped TCL gain exclusive mar-
keting rights for technology to develop the best seed varieties of jatropha, which yields bio-diesel.
Khet-Se Agriproduce, a 50/50 JV of TCL and Total Produce, was launched to create distribution facilities for fresh fruit and
vegetables across India.
Coal: The Lanco-Griffin Deal
Lanco Infratech Buys Aus Coal Mine: Lanco Infratech today said it has inked a pact with Australia’s Griffin Coal to acquire coal
mines for an undisclosed amount to secure fuel for its projects to take power generation capacity to 15,000mw by 2015 from existing
2,100mw. (The Economic Times, December 15, 2010)
PRU Analysis
Lanco Infratech is an infrastructure development company operating mainly in power generation, power trading and EPC
(engineering, procurement and construction). It got listed in 2006. Lanco has subsidiaries and divisions across all verticals like con-
struction, power, EPC, infrastructure and property development.
The company has an in-house engineering, procurement and construction division. It has an innovative business model where part
of the power generated is sold in the open market. This helps it utilise the mismatch in demand-supply during peak period, when
prices are nearly twice the firm contract price or sometimes even more than that, adding significantly to the profitability.
Lanco’s total capacity grew from 511mw in FY09 to 2,100mw currently due to on track and systematic capacity additions. Its
power generation capacity is all set to increase to 15,000mw by 2015. Power generation has become the main revenue generator for
the group, accounting for a major chunk of its turnover.
In a recent development, Lanco entered an agreement through its subsidiary Lanco Resources Australia to acquire 100% of Griffin
Coal mines. The deal is valued at A$850 million and will be funded through a mix of internal accruals and debt. Lanco Infratech
had `2,555 crore in cash on its books by the end of Q2 FY11. This could be used to fund acquisitions. The debt equity ratio stands
at a comfortable 0.3 right now.
Griffin Coal in western Australia, owns the largest operational thermal coal mines there. It owns thermal coal mines with a produc-
tion of over four million tonnes per annum (MTPA), which will be ramped up to over 15 MTPA in the near term.
Coal remains a dominant fuel for the sector given the magnitude of coal-based capacity additions being planned. The total thermal
power plant capacity addition during the 11th plan was 58,644mw, which is about 75% of the total capacity addition (the others
being hydro-electricity and nuclear power) during the 11th plan.
This deal will ensure raw material security for the current as well as future power projects. Lanco's 1,000-mw plant in Udupi, near
Mangalore, is based on imported coal.
December 22, 2010
These mines will potentially help it consider its expansion. This acquisition will be used in the company’s other power plants, such
as the 1,200-mw thermal plant at Anpara in Uttar Pradesh and the Amarkantak plant with a capacity of 600mw in Chhattisgarh.
Hence, the company’s performance in the medium term will primarily depend on the ability to commission projects. The order
book stands at `25,400 crore by the end of Q2 FY11.
Airlines: A Low Cost Affair
IndiGo Pips Air India To Become Third Biggest Carrier: Four-year-old budget-carrier IndiGo has gone ahead of Air India to be-
come the country’s third largest airline by passengers carried, according to market share data for November. IndiGo, with a fleet of 32
Airbus A320 aircraft, had its flights 91% full in November. Air India, which has 69 narrow body aircraft in its fleet, flew its domestic
flights 77% full. (Mint, December 21, 2010)
PRU Analysis
We have carried several articles in the past giving the marketshares of airlines in India. However, this time there is a slight change
in the ranking. IndiGo, which was on 4th place in terms of market share has replaced Air India in November 2010. “Air India may
have suffered in November because of a badly
managed transition to its new hub at Delhi's Ter-
minal 3. The move led to several flight cancella-
tions,” media reports said. We had also mentioned that running low-cost
airlines was the ideal solution during times of
global economic slowdown.
In fact, some of the full-service airlines also used
their aircraft to provide low-cost air travel, de-
mand for which was high. However, with the re-
vival they chose to move back to full-service
flights as revenues and profits are higher on run-
ning full-service flights.
PRU View
Even though revenues of Indian airlines are grow-
ing slowly, high expenses are taking a toll on
profitability. Jet fuel (aviation turbine fuel), which
accounts for a large part of costs, is also rising
with crude oil prices crossing $90 per barrel in the
international market.
Hence, airlines are either adopting low-cost opera-
tions or developing a more competitive cost struc-
ture.
Since November 2009, low-cost airlines have been offering freight services on passenger flights at a low cost. Consequently, busi-
nesses are open to air transport as an option for domestic freight, not merely for high-value items but even for perishable items like
flowers and shrimps. The development of dedicated cargo hubs and complexes at airports at various locations like Mumbai, Cochin
and Nagpur are also likely to aid the growth in air cargo traffic.
With DGCA planning to cap domestic airfares, we expect revenues to get hit.
December 22, 2010
Agriculture: Onions Make Us Cry
Pak Onions To India’s Rescue: Delhi and other northern states are getting help from Pakistan to bring the zing back to their curries
with about 350 tonnes of onions landing at the Attari border on Tuesday. Pakistani onions are priced at Rs 19 per kg but there is no
predicting their retail prices. (The Press Trust of India, December 21, 2010)
PRU Analysis
Onion is an unavoidable ingredient for a large section of Indian cuisine. Onions,
therefore, have the power to not only tingle taste buds but unsettle governments .
Onion prices have shot up to `70-80 per kg in most Indian retail markets from just
`35-40 some days ago, bringing pressure on the current UPA government.
Maharashtra accounts for the major chunk of onion production in India, distantly
followed by Uttar Pradesh and Gujarat. If anything goes wrong with production in
Maharashtra, it hits the whole of India. This time around, the same has happened
again after untimely November rains spoiled the standing crop. The government has
attributed soaring prices to hoarding and black-marketing by wholesalers and dealers
too.
It has taken three primary steps till now to control the situation:
On December 20, 2010, government imposed a ban on export of onions till January 15, 2011.
Doubled the minimum support price from $525/ tonne to $1,200/tonne for the already approved contracts by NAFED, the
regulating agency.
In Delhi, the National Consumer Cooperative Foundation (NCCF) and NAFED will sell onions through retail outlets at
cheaper rates
Meanwhile a concern is emerging over imports from Pakistan at the current level of $400/tonne (`18,000 per tonne), as the crop in
Pakistan is not huge. Rising demand from India has pushed up prices in Pakistan by 25-30%, which will lead to increase in cost of
new import orders by India.
Agriculture minister Sharad Pawar has said that onion prices will remain high over the next 2-3 weeks. However, the National
Horticultural Research and Development Foundation (NHRDF) has said the export ban has already started impacting prices. It said
the average prices have fallen to `2,500 per tonne in the largest onion trading hub in India -- Lasalgaon, Maharashtra.
——————————————————————————————
Onion Exports (in Lakh MT)
Year Qty Value (in `Cr)
2004-05 9.44 817.49
2005-06 7.7 620.27
2006-07 11.61 1135.42
2007-08 11.01 1285.82
2008-09 16.71 1816.14
Source: Maharashtra State Agriculture
Board
December 8, 2010
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