CESC Ltd

BSE: 500084 | NSE: CESC | ISIN: INE486A01013 
Market Cap: [Rs.Cr.] 8,198.56 | Face Value: [Rs.] 10
Industry: Power Generation And Supply

Management Discussions
Management Discussion and Analysis

(Annexure 'A' to Directors' Report)

CESC Limited ('CESC' or 'the Company'), is the flagship company of the RP-Sanjiv GoenkaGroup (the 'Group'). Registered in 1899, it is a fully integrated power utility engaged inthe generation and distribution of electricity across 567 square kilometres of licensedarea in Kolkata and Howrah, West Bengal. It supplies safe, cost-effective and reliableelectricity to over 2.8 million customers - both consumers household and commercialestablishments.

CESC spearheads the Group's interest in the power sector. Its subsidiaries are activein the organised retail, business process management and infrastructure sectors as a partof the strategy for diversification and long-term growth.

This chapter presents an overview of the energy sector as well as details ofoperational and financial performance of the Company. It also discusses importantinitiatives taken by CESC and its subsidiaries during the year to achieve its growth andperformance objectives.

ECONOMIC OVERVIEW

Global Energy Outlook

The global energy scenario is undergoing structural changes as new energy supplyoptions reshape the idea of distribution of resources. Major importers of energy such asthe United States of America are becoming exporters, whereas major exporters aretransforming into important centres of demand growth. As far as demand for energy isconcerned, emerging economies continue to drive the global markets. According to the InternationalEnergy Outlook 2013, world primary energy consumption under the 'Reference Case'1will grow by around 296 quadrillion Btu between 2010 and 2040 - at a CAGR of 1.5% (ChartA). As expected, the demand in Non-OECD countries will grow much faster, and will accountfor 86% of this increase in energy demand.

More importantly, over 50% of this increase will come from China and India, which alongwith the US, are the top three consumers of energy in the world. Energy demand from Chinaand India is expected to surge during this period to 275 quadrillion Btu (Chart B). As aresult, by 2040, these two countries will account for 34% of global energy demand, up from24% in 2010.

1The 'Reference Case' projection is a business-as-usual trend estimates, givenknown technology and technological and demographic trends.

Fossil fuels - coal, oil and gas - are the dominant source of energy, meeting around84% of the energy needs. While this dominance is expected to continue, their share isestimated to come down to around 78.5% by 2040. However, recent developments in the US oiland gas exploration, and indeed similar trends in some other countries, pose freshquestions on the pace of this decline.

The situation ofthe power sector, which accounts for over 50% of the increase in globalprimary energy demand, is not much different. Coal remains the leading fuel for generatingelectricity, accounting for 40% of total power generation, followed by gas, hydro andnuclear. More importantly, China and India account for 89% ofthe projected growth incoal-based generation during the period. As shown in Chart C, this dominance of coal isexpected to continue, although its share will come down in the long term with policiesfavouring the use of other renewable sources such as solar, geothermal and wind.

Overall, it is quite clear that even as coal continues to be the primary fuel for thegeneration of power, renewable sources will be the biggest beneficiary in the medium tolonger term. Hydro and other renewable sources will account for around 25% ofthe totalgeneration as compared to 35% from coal. To that extent, securing supplies of coal andbuilding technology capabilities in the use of renewable sources of energy - especiallywind and solar - will continue to dominate the global energy agenda in the future.

India's Power Scenario

During 2013-14, Indian power sector added 19.7 GW, which was in line with the targetsset for the year. The addition of transmission and distribution infrastructure was alsosatisfactory. With these capacity additions, generation capacity in India stood at 243 GWat the end of the year. Table 1 gives the details.

Table 1: Power Generation Capacity in India: 2013-14, By Fuel Source

Fuel MW % Share Growth (%)
Coal 145,273 59.7% 11.6%
Gas 21,782 9.0% 8.3%
Diesel 1,200 0.5% 0.0%
Thermal 168,255 69.2% 11.0%
Nuclear 4,780 2.0% 0.0%
Hydro 40,531 16.7% 2.6%
Others 29,463 12.1% 7.0%
Total 243,029 100.0% 8.8%

Source : Central Electricity Authority

Given that coal accounts for 59.7% of the total generation capacity in India, thebigger worry for the power sector in recent times has been availability of coal, not justfor the new projects, but also for existing plants. At the end of the year, 21 thermalpower plants out of 100 plants for which such data are available had a critical coal stockof less than seven days.2 Out of these, 13 plants had coal stock of less thanfour days. The average coal stock for these plants was 14 days compared to the normativestock of 22 days.

Even with recent addition of capacities, the shortfall in generation and transmissioncapacities is far from over. During 2013-14, the all-India peak demand for power was 136GW of power, whereas the actual power met was 130 GW - an all-India shortfall of 4.5% (seeTable 2). The southern region was the worst affected in terms of power availability,closely followed by the northern and north-eastern region. The shortfall in total supplyas compared to total demand of power was not much better at 4.2% during the year.

Table 2 : Power Demand and Deficit: 2013-14

Northern 45,934 42,774 -3,160 -6.9
Western 41,335 40,331 -1,004 -2.4
Southern 39,015 36,048 -2,967 -7.6
Eastern 15,888 15,598 -290 -1.8
North-Eastern 2,164 2,048 -116 -5.4

Sources: Central ElectricityAuthority

By 2016-17, demand for power is expected to increase to 1,403 billion units3- up from 998 billion units in 2012-13. This assumes energy conservation and demand-supplymeasures, without which demand is expected to be even higher. Accordingly, the TwelfthFive Year Plan (2012-2017) estimates an additional capacity requirement of 88.5 GW, 53% ofwhich is expected to come from the private sector - up from 19% in the Eleventh Five YearPlan. This will need to be complemented with adequate transmission and distributioncapacities.

Overall, the power sector in India is facing a difficult environment. Although privatesector investments in generation has brought about fresh capacities, the industry isfacing considerable risks in terms of availability of fuel. Equally, several majordistribution utilities have been making losses, which has resulted in scaling down oftheir purchases.

There is an urgent need to address the policy challenges - be it availability of coaland gas, or mounting losses of distribution utilities - which have cascading effects onthe health and outlook of the entire sector. Also, greater focus needs to be accorded toalternative and renewable sources of fuel such as hydro, solar and wind to have a balancedportfolio of generation capacities in the longer term.

POWER BUSINESS

CESC's existing operations in the power sector comprise generation and distribution ofelectricity to its 2.8 million customers across its licensed areas in Kolkata and Howrah,West Bengal. For its existing operations in Kolkata, the demand for power is quitevariable, with the Company registering a peak period demand higher than 1,900 MW and alean period demand as low as 500 MW. During peak demand period, in addition to its owngeneration, CESC also purchases power from the state and national power grid. Conversely,during the lean period, it exports surplus power, when possible.

One of the key achievements of CESC asan integrated power utility has been its abilityto provide its customers with reliable and uninterrupted power supply. This has been madepossible due to relentless efforts encompassing all aspects ofthe business - be itgeneration, demand-supply management or distribution. These are discussed in greaterdetail in the subsequent sections on 'Generation' and 'Distribution'.

2 Source : Monthly Review, March 2014, CEA

3 Source : Twelfth Plan (2012-2017) Document, Planning Commission

During the year, through its subsidiary, the Company commissioned 600 MW project inChandrapur, Maharashtra. Another 600 MW project in Haldia, West Bengal, is in advancedstages ofconstruction and is expected to be commissioned during 2014-15. These have beendiscussed in the section on 'New Projects and Initiatives'.

During the last few years, CESC has placed special emphasis on building a customercentric organisation through introduction of customer friendly processes and deployment oftechnology. Significant efforts have also been made in the area of Human Resources tobuild an organisation that can deliver on the growth aspirations ofthe Company. These havebeen covered in greater detail in subsequent sections on 'Customer Service' and 'HumanResources'.

Generation

CESC operates four generating stations: Budge Budge, Southern, Titagarh and NewCossipore, which cumulatively produce 1,225 MW. Three of these stations (Budge Budge,Southern and Titagarh) use pulverised fuel (PF) as the primary energy source. In spite ofthe different age, capacity and technologies of the four generating stations, CESC hasachieved the best possible results, some of which are nationally and internationallybenchmarked.

Output from a power plant is measured by plant load factor (PLF) which is the ratio ofactual power produced to the maximum power producing capacity. PLF for CESC's powergenerating stations has been consistently better than the all-India average for thermalplants. CESC's composite PLF ofthe three PF plantswas 89.34% in 2013-14, versus 86.41% inthe previous year. These are distinctly superior to the national average PLF of 65.6%during 2013-14.

To achieve this higher PLF, the Company has taken various steps such as fullutilisation of designed limit, benchmarking with best-in-class power plants, integratedoperation and maintenance planning.

Budge Budge

Budge Budge comprises three units of 250 MW each. During 201314, Budge Budge generated5,989 MU (million units) of power, with a PLF of 91.16%. The plant availability factor(PAF) was 96.17%.

Southern

Southern comprises two units of 67.5 MW each. During the year, it generated 1,040 MU ofpower, with a PLF of 87.90% and a PAF of 95.56%. Titagarh

Titagarh comprises four units of 60 MW each. During the year, it generated 1,776 MU ofpower, with a PLF of 84.48% and a PAF of 96.59%.

New Cossipore

The Company's generating station at New Cossipore was established way back in 1949 andhas a capacity of 100 MW. Yet, the 64-year old station generated 125 MU of power with aPAF of 83.79% during the year, thus extending reliable support to the system during peakhours.

Availability

During the year, the combined generation for the PF stations was 8,805 MU. The overallcombined availability of these stations was 96.19%. The entire maintenance planning hasbeen structured to reduce: (a) forced outages; and (b) capital overhauling time.

To reduce forced outages, CESC adopts a number of measures. These include (i) detailedanalysis of each failure, (ii) taking appropriate corrective actions or processmodification to eliminate these in the future, (iii) mean time between failure (MTBF)analysis and benchmarking, (iv) time bound action plans, (v) periodic inspection schedulesfor all units, and (vi) adopting integrated condition monitoring of dynamic equipment withsophisticated hardware and software.

To reduce the capital overhauling time, CESC has a 'round the clock maintenance' regimeand modular replacement of components. The time saving technique of using a forced aircooling system to cool down the turbine in a very short time has also yielded satisfactoryresults.

Energy Conservation and Quality

CESC's generating stations have also excelled in energy conservation. To achieve this,the Company regularly undertakes technical enhancements, following best practices andimplementing recommendations of external energy auditors.

During the year, installation of variable-voltage, variable-frequency (VVVF) controlsfor ID fans was completed in all four units at Titagarh and PA fansin one of the units ofBudge Budge Generating Station. Apart from this, several on-going energy conservationmeasures were undertaken across locations. These included :

• Reduction of losses in compressed air systems and use of energy efficientlighting and equipment such as heaters, motors and measuring instruments.

• Refurbishment of boiler feed pump, condensate extraction pumps and coolingtowers.

• Thermo-graphic studies of drains/pipelines of boilers and turbines; and checkingof boiler feed pump re-circulation.

At CESC, energy conservation initiatives go beyond the core business activities. TheCompany had taken up the task of converting CESC House - its corporate office - into aLEED certified Green Building under the existing building category. During the year, CESCHouse has bagged the first runner-up position under the commercial building category, inthe CII-NDTV-Grundfos Mission Energy Challenge. This award recognizes the commitment ofCESC towards energy conservation.

All PF generating stations of CESC are ISO 9001:2008 certified in respect of QualityManagement Systems. Various quality projects are undertaken and successfully implementedon a regular basis. During the year, the Company extended the coverage of Kaizen. In2013-14, 216 improvement projects were implemented under this initiative, of which sevenwere adjudged as having high impact. Overall, the programme has been a success and hasachieved participation of all levels of employees. Winners are awarded on a monthly basisfor encouraging the participants and promoting the Kaizen culture.

Environment Management

At CESC, protection ofenvironment is an integral part ofthe power generation process.The Company has laid out an 'Environment Policy' which governs its activities. Apart fromensuring compliance with all applicable legal and regulatory requirements, it has set morestringent in-house standards, and devised new and improved processes to achieve these. Ithas also adopted state-of-the-art technologies and the performance is closely monitoredfor assessment and rectification.

All PF generating stations of CESC are ISO 14001:2004 certified in respect ofEnvironmental Management Systems. The Company continuously explores ways and means bywhich pollutants like suspended particulate matter (SPM) emitted from these PF stationscan be reduced and maintained below the prescribed limits. The boilers of the 64-year oldNew Cossipore generating station have been retrofitted with wet electrostaticprecipitators (ESPs) in order to reduce the SPM level - the first of its kind in any powerplant in the world. All three PF stations have attained 'zero effluent discharge' statuswith 100% recycling of effluents. In Titagarh, a 'root zone treatment system' has beeninstalled for treatment of sewage; and the treated water is reused for gardening. AContinuous Ambient Air Quality Monitoring Station has been installed at the Budge BudgeGenerating Station.

Ash is another area of environmental concern, the more so because of high ash contentin Indian coal. Since 2000, CESC has achieved 100% utilisation of ash in an environmentfriendly manner. At the generating stations, energy conservation projects are regularlyimplemented to reduce the coal usage and thus minimise carbon dioxide emissions. Few suchprojects have been registered and approved as CDM projects by CDM Executive Board underthe UNFCCC. Budge Budge was the first thermal power plant in the world to achieve suchdistinction.

CESC's environment friendly status has been acknowledged over the years by thegovernment and leading agencies working in this area. During the year, CESC's generationdivision received the Zero Waste Award for Environment Leadership (2013) byindiagreatest.com. All three PF generating stations ofthe Company were recognised at theAnnual Greentech Environment Award (2013). Budge Budge and Southern units were recognisedunder the Gold Category whereas Titagarh unit was recognised under the Silver Category.Budge Budge unit was also the first runner-up at the ICC Environment Excellence Awards(2013).

Safety and Health

CESC maintains high standards of industrial safety practices across its generatingstations. The Company has a safety cell with 15 dedicated officers from differentfunctional areas to ensure safe work practices across the organisation. It has a 'SafetyPolicy' in place and carries out regular safety and occupational health audits throughinternal safety committees, safety cell and external audit agencies. Recently, the Companyhas taken an initiative to undergo strategic training programmes for leadership people onsafety with international consultants, so as to help bringing a culture for safety withinthe organisation and to incorporate necessary changes in process.

All PF stations are OHSAS 18001: 2007 certified for occupational health and safetymanagement systems. In addition to following prescribed safety practices, use of personalprotective equipment as well as proper tools and tackles have been made mandatory. Safetydays are observed in all major establishments ofthe Company and many other programmes areregularly carried out to promote safety awareness among employees. These include classroomtraining, mock drill and demonstration as well as publishing safety manuals, magazines andaudio-visual aids. An internal magazine named 'Safety Net' is published for distributionamong all employees of the generation division.

The Company ensures that all incidents are fully reported. All such cases arethoroughly analysed to find the root causes and corrective and preventive actions areinitiated for implementation to avoid recurrences. Systems are also in place to encouragereporting of 'near misses' for proactive identification of potential hazards and enablingpreventive actions. At the same time, penalties are imposed if instances of nonconformitywith safety standards are reported. As a result of these initiatives, accident rates havereduced substantially over the last few years. During the year, Titagarh unit received theGreentech Safety Award (2013) in recognition of its safety record and practices.

As part of the occupational health initiatives, CESC conducts health check-up for itsemployees including employees of contractors engaged in generating stations. The Companyoperates 30 dispensaries across the organisation with doctors and pharmacists manningthese dispensaries. Best-in-class medical facilities including diagnostic clinic forpathological tests are also available to the employees alongwith tie-up with majorhospitals.

Distribution

CESC's customer profile reflects growing system demand, and the need for consistentlyhigh quality supply with the increase of customers in the High Tension (HT) and MediumVoltage Alternating Current (MVAC) segments. Over the years, CESC has been successful inachieving a load shedding free environment for its customers. During 2013-14, the Companymade further progress in this regard, with Low Tension (LT) faults and restoration timescoming down further. Since 2007-08, when the Company embarked on its journey to strive fora load shedding free environment, LT faults and restoration times have come down by 39%and 45% respectively.

These improvements have been due to concerted efforts aimed at upgrading thedistribution infrastructure and processes for enhancing the quality and security ofsupply, reducing downtime and overloads. These include commissioning of new distributionstations, augmentation of transformation capacities, establishing ring-main connectivity,and substantial addition / replacement of the underground and overhead cable network alongwith the use of modern equipment. CESC is also in the process of carrying out specialprojects to upgrade its distribution network, enhance the network capacity and supplyreliability for efficient handling of the demand growth. These have been detailed inAnnexure 'D' to the Directors' Report.

New initiatives taken during the year include :

• Installation of modified LT pillar boxes which have made supply restorationsmore efficient

• Thorough renovation of meter boards and installation of circuit breakers incongested areas such as markets and slums to ensure public safety.

• Installation of spaced aerial cable in selected 33kV network

During 2013-14, CESC put together a comprehensive master plan for development of itsdistribution network and infrastructure taking into account the long-term demand forecast.This includes a three-year short term plan up to 2016-17 as well as a 10-year master planup to 2023-24. This strategic plan also takes into account the philosophy andrecommendations of Singapore Power for achieving the following targets:

• N-1 contingency provision in lines and substation / distribution stationtransformation capacity.

• Development of 220 kV primary distribution network and bulk power handlingcorridors.

• Installation of Indoor GIS Substations and conversion of outdoor 132/33kVsubstations to indoor GIS substations under T&D asset space consolidation programme.

• Operational simplicity and load management at lower level with minimumswitching.

During the year, a study on multi-point synchronization has been carried out by PRDCand recommendations ofthe study have been jointly reviewed with WBSETCL for development ofthe interface import network. A study on the long-term system improvement plan is beingcarried out separately by PRDC which will also cover perspective power import plans fromWBSETCL / PGCIL. Similarly, studies on assessment of distribution loss are being carriedout by TERI for 6/11 kV and downstream system, and PRDC for the entire distributionnetwork based on which further detailed improvement plans will be formulated.

In recognition of its efforts in the area of distribution, CESC received severalrecognitions and awards during the year:

• 'Top lnfrastructure Company - Power Distribution' Award by Dun & Bradstreet.

• 'Innovation in Distribution' Award by lndian Chamber of Commerce

• 'Best Performing Power Utility - 'Urban' Award by Enertia'

Energy Conservation

Energy conservation and reduction of losses in the distribution network is a key areaof focus for all power utilities. During 2013-14, a number of measures were adopted thatcontributed to the ongoing efforts to reduce ATC losses and increase energy conservation.Apart from the benefits from continuous upgrading ofthe distribution infrastructurediscussed in the previous section, other initiatives include: reactive power compensation,standardisation to higher rated underground cables, regular energy audits, progressivevoltage upgradation of distribution lines, energy efficient distribution transformers andinclusion ofthe energy efficiency metric in bid evaluation criteria for awardingcontracts. These have been detailed in Annexure 'D' to the Directors' Report.

The impact of these measures is apparent. CESC's ATC losses compare favourably with thebest in the industry and are significantly lower than the national average. With theCompany's continued focus on these measures, it is expected that the distribution networkwill consistently deliver high quality and reliable supply of power, while simultaneouslyenhancing operational efficiencies.

Technology

Use of advanced technology-based systems and solutions has become an on-going processat CESC and has helped it to mitigate damage, significantly reduce downtime and improvereliability of the system network. However, a more important development in recent timeshas been increase in the use of technology in automation of processes, monitoring ofdistribution infrastructure and applications in customer service. Major initiatives inthis regard during the year were :

Introduction of Smart Meters : These enable availability of metering datato the customers where supply is provided at remote locations. 150 such meters wereinstalled during the year for telecom towers. Another application of such meters isproactive supply restoration in the event of a power failure even before customer lodges acomplaint. These will soon be deployed at 150 important installations.

Development of SMS alert units : Low cost modular microprocessor basedunits with GSM/GPRS communication cards and necessary software have been developed tocater to a range of applications. These include alerts for supply phase outages atimportant LT consumer premises, alerts during operation of circuit breakers in RMUs and atwo-way system for indicating operation of fault passage indicators and remote resettingofsame.

• Automated Meter Reading (AMR): Coverage of AMR increased significantlyduring the year: 100% of HT (1,700) and LTCT (6,000) consumers and 60% of distributiontransformers (4,300). The coverage is being expanded in a phased manner to other bulkcustomers such as housing projects with over 20 metering points. The meter data isavailable in a browser based 'Meter Data Management System' (MDMS) for viewing loadingstatus and breakdowns to help take prompt corrective actions.

• Modern Supervisory Control & Data Acquisition (SCADA) Systems : TheCompany embarked on a major drive to install and commission SCADA systems at unmanneddistribution stations. 33 such systems were successfully commissioned during the year.These provide a reliable method to remotely monitor and control such stations and help inrapidly restoring power supply in affected areas.

• Award of USTDA Grant for Feasibility Study on 'Smart Grids':

The US Trade and Development Agency (USTDA) had awarded a grant to CESC Limited tofinance a feasibility study for recommending appropriate Smart Grid technologies and pilotprojects across the electricity distribution network. This study was carried out duringthe year.

Customer Service

As a utility company that services over 2.8 million customers, establishing andmaintaining high levels of customer service is the overarching objective of CESC. In ourlast year's report, we had shared information on wide ranging measures initiated by theCompany to redefining the customer relationship management (CRM) function at CESC.

Built on the principle of customer centricity, these measures have enabled significantimprovement in customer satisfaction and paved the way for more significant interventionsthrough deployment of technology and process-based improvements in the area of customerservice during the year. The key developments during 2013-14 are discussed below:

• New Connections : CESC added around 1.4 lakh customers during 2013-14. Theaverage time taken to provide a new connection came down from 15 days to 12 days. This wasmade possible by a remarkable reduction in inspection-related delays throughmulti-skilling and computerisation of the entire inspection procedure. The Company alsointroduced a SMS-based system to inform the inspection andjob execution dates toprospective customers beforehand which increased the efficiency ofthe process. In anothercustomer-centric initiative, the Company has introduced the concept of a 'Welcome Kit' fornew customers which contains information on meter reading, billing and payment channels,safe use of electricity as well as other value added services such as AC applications andextension of load.

• Billing and Payment : The deployment of Automated Meter Reading (AMR) forall HT and bulk LT consumers, which was discussed earlier, has significantly improved theefficiency and accuracy ofthe meter reading and billing processes. The Company was alreadyproviding web-based access to billing details and online payment facility throughcredit/debit cards and prepaid vouchers to its customers. During the year, it introducedthe online payment facility through net banking and ECS for LT consumers.

• Customer Contact: The Company operates a centralised and fully computerised24x7 call centre as a primary consumer touch point for complaints and queries. During theyear, it introduced a state-of-the-art IVR at the front end which is supported by customercare executives at the back-end. This has enabled mapping of consumer's telephone numberswith connection details to avoid the hassle of quoting the 'Consumer Number' as well asauto docketing of calls through SMS and communicate power restoration status to theconsumer. This is also followed up by a personalised phone call. For consumers who preferface to face interaction, the company has introduced help desk kiosk and single windowconsumer service at the Regional Office to reduce wait time.

• Supply Interruptions : As the call-centre is integrated with the Company'sdistribution system, it allows immediate routing of complaint to the nearest service team- enabling prompt and effective attention. CESC has recently launched the EmergencyRestoration Service (ERS) which is a 24x7 LT control room manned by experts to handle LTfaults who ensure that supply restoration delay is contained within 3 hours. The Companyalso operates 162 radio linked and mobile connected service vans at strategic locations toensure faster restoration. In yet another customer centric measure, generator facility isbeing extended to consumers in the event that restoration is not possible within thespecified time frame owing to the nature of the problem.

• Customer E-services : CESC is continuously expanding the coverage of itsonline and phone based services. During the year, web-services wer

Futures & Options Quote
Expiry Date :
607.60    [33.90] ([5.28]%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 642.85
Average Price: 617.13
No. of Contracts Traded: 2,803
Open Interest: 9,82,000
Underlying: CESC
Market Lot: 500
Previous Close: 607.60
Day's High | Low: 643.50 | 601.20
Turnover (Cr.): 86.49
Open Int. Change: -1,11,000 ([10.16]% )
Key Information

Key Executives:

Sanjiv Goenka , Chairman

PRADIP KUMAR KHAITAN , Director

Brij Mohan Khaitan , Director

Subhasis Mitra , Company Secretary


Company Head Office / Quarters:

CESC House,
Chowringhee Square,
Kolkata,
West Bengal-700001
Phone : West Bengal-91-33-22256040 / West Bengal-
Fax : West Bengal-91-33-22255155 / West Bengal-
E-mail : secretarial@rp-sg.in
Web : http://www.cesc.co.in

Registrars:

Link Intime India Pvt Ltd
59C Chowinghee Road,3rd Flr, ,Kolkata-700020

 
Fund Holding
 
 
Better Investment Avenue

Check whether Taxed / Tax free investment avenue is better for you

  Taxed Avenue Tax-Free Avenue
Investment amount (Rs.)  
Tenure of Investment (years)  
Interest earned (% p.a)
Compounded every
Your tax bracket (%)