Excel Funds Management Inc.

Excel Funds Management Inc.

February 07, 2006 13:41 ET

Excel Funds Management Inc.-India: Robust Earnings, Attractive Valuations, Strong Fundamentals

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2006) –

Attention Business Editors:

As the world's largest and fastest growing democracy with over 8% GDP growth in 2005, India presents itself to investors looking for global exposure, with an opportunity for substantial portfolio growth. Excel India Fund is Canada's only mutual fund that invests purely in India, providing Canadian investors with unfettered access to India's blue chip companies. The fund is managed by Birla Sun Life AMC Ltd., Sun Life Financial's 50% joint venture with India's largest conglomerate, AV Birla Group, in Mumbai. Excel India's return for one year ending January, 2006 has been 32.5%, and a compound annual rate of return of 49.5% for the last 3 years. Here is a brief description of five of Excel India Fund's top holdings:

Bharti Televentures - India's largest mobile telecom service provider with 27.9% market share providing service in all of India's 23 major centres. Year-over-year net earnings grew 71%. Bharti has grown its revenues by a compounded rate of 80% per year over the 2000-2005 period.

Hero Honda Ltd. - India's largest two-wheeler manufacturer, grew its top line by 16% and bottom line by 20% Y-o-Y, and commands 49% market share in the motorcycles segment.

State Bank of India (SBI) - India's largest bank with 20% market share, represented by over 9,000 branches and 5000 ATMs. SBI is benefiting from the strong upturn in both the retail and corporate lending segments. Net earnings grew by 19% Y-o-Y in the latest year.

Tata Consultancy Services (TCS) - Asia's largest IT and Software player, TCS has grown revenues and profits from 2001 to 2005 at compounded rates of 33.6% and 25.8%, respectively.

Larsen & Toubro (L&T) - India's largest engineering company is experiencing strong growth on the back of increased infrastructure and industrial investments. From 2002 to 2005 L&T has grown its revenues and profits at compounded rates of 17% and 33% respectively. This will accelerate.

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