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About Praj
Praj is a technology, engineering and plant and equipment company focused upon Ethanol Plants, Breweries and Wastewater Treatment Systems. The company provides cutting edge biotechnology solutions including wastewater treatment to the Distillery and Brewery industries. Praj introduced continuous fermentation process to the Indian Distillery industry and today.
Praj is a world leader in molasses based ethanol plant and technology with business that extends not only in India but also to South East Asia, Africa and South America. The Company has representation in India, Singapore, Thailand, Colombia and South Africa, Brazil and Europe.
The demand for ethanol plant solutions is likely to remain on an uptrend given the increasing acceptance of ethanol programmes in several countries including India.

More Information on Ethanol

1) What is fuel ethanol?
    Fuel ethanol or anhydrous alcohol is produced by dehydration of rectified spirit or extra neutral alcohol. Ethanol used
    as part of the fuel, by blending with petrol, for a motor vehicle is called fuel-ethanol.

2) How it is mixed in Petrol/Gasoline?
    Ethanol could be blended in various proportions in petrol. Ethanol is usually added 5 to 10% by volume of petrol for
    such application. In Brazil, ethanol is added 24% by volume in gasoline (petrol).

3) How does it help in reducing pollution?
    Use of ethanol in place of tetraethyl lead or MTBE which acts as anti-knocking agents will prevent dangerous and
    poisonous emissions containing lead or MTBE from petrol.

4) Will I have to change the engine of my Car?
    Many states in the US have been using 10% ethanol blend in gasoline (petrol) for use in their cars. Brazil has been
    using up to 24 % ethanol in petrol. Engines of cars do not need any change to use petrol with up to 24 % ethanol in it.

5) Will the engine of my vehicle get damaged?
    Ethanol has, apart from carbon and hydrogen, oxygen in it. This oxygen acts as oxygenating agent during combustion
    in the IC engine of petrol cars, two-wheelers and three wheelers thus preventing formation of carbon monoxide.
    Gasoline with ethanol as anti-knocking agent will not cause any damage to the engine.

6) Can it be used in Two-wheelers/Three-wheelers without any change in vehicles?
    Yes! Of course you can use gasoline in Two-Wheelers/Three-Wheelers as a normal fuel without changing the engine
    or any other things.

7) Can it be added in Diesel?
    Ethanol is also added to diesel. Usually, 3% by volume is added. Tests have been conducted satisfactorily with up to
   10% by volume addition.

8) Which are the other countries, which have promoted fuel ethanol?
    Many states in the US have been using 10% ethanol blend in gasoline (petrol) for use in their cars. Brazil has been
    using up to 24 % ethanol in petrol. Engines of cars do not need any change to use petrol with up to 24 % ethanol in it.
    Fuel ethanol programs have now been initiated in countries like Australia, Nepal, Columbia, Poland, Sweden etc.

9) What is the experience of countries who have promoted fuel ethanol?
    Reduced oil imports, improved trade balance, reduced reliance on imported oil, increased ethanol production, more
    cane price to farmers, direct and indirect job opportunities, saving fossil fuels are some of the experiences.

10) What is ethanol made from?
     While 1/3rd of world ethanol production is from corn, the rest is produced from sugar based raw material like
     sugarcane juice/molasses or beet juice/molasses. There are other grains used in the production of ethanol which is
     rice, wheat, rye, dorghum or tubers like cassava / tapioca.
                                                                                                                                                                                  Source - www.praj.net

Overseas
The progress of the Energy Bill in the USA, a guideline for 10 per cent biofuel blending in the European Union and an estimated doubling of ethanol production in Brazil over the next three years underscore the strong demand environment. In the strong demand scenario, Praj's ability to break into and establish presence in these markets would be crucial.
In this respect, Praj's acquisition of US-based CJ Schneider and its joint venture with Netherlands-based Aker Kvaerner for European markets, as also a strong export order book inspire confidence. The perceptible shift in sales-mix in favour of exports, which enjoy higher margins, also points to improved earnings growth.

India
Keeping in mind the current sugar glut, the Government's decision to blend ethanol with petrol is a welcome move. With sugar prices in a downturn, sugar companies could rely to a greater extent on by-products such as ethanol for revenues and profits; capex in this segment is, therefore, likely to continue. The introduction of ethanol blending is likely to prompt sugar mills to invest additionally in improving technology and infrastructure and in setting up appropriate processes. This would be a positive for Praj.
Additionally, any policy move allowing sugar companies to directly process sugarcane juice into ethanol, would improve the economics of ethanol production and generate additional orders for Praj.
Note - This is also the positive news for sugar sector stocks

India may adopt a mandatory blending of 10% ethanol with petrol to run motor vehicles.
In India the 10% ethanol blending is made mandatory across country from oct 2008 expect in J&K, the North East and Island Territories.

Precautions -
1. While an increasing international exposure would make Praj's earnings susceptible to currency fluctuations,
the company does have an active hedging policy to mitigate such risks.
2. In the domestic market, consolidation and enhanced investments in the breweries sector offers opportunities for the
company, amidst delays in the ramp-up of the ethanol-blending program.
3. There is no guarantee of blending of 10% ethanol though it is made mandatory will be enforced by October 2008

About Alfa Laval India Ltd-
Alfa Laval offers a range of process equipment and services that find application in a variety of industries. In the domestic market, the company's revenues flow mainly from supplies to vegetable oil processing, breweries, sugar and ethanol industries. A steady stream of revenues is likely from these sectors over the next few years.

Financial year	Operating Income (in crore)	Net profit (in crore)
March 2007	592.3	86.53
March 2006	261.7	24.41
March 2005	230.8	21.76
March 2004	106.3	8.14

Financial year	Operating Income (in crore)	Net profit (in crore)
Dec 2006	598.5	69.64
Dec 2005	579.4	64.86
Dec 2004	504.4	78.51
Dec 2003	376.4	65.04