1QFY2011 Result Update | Infrastructure

August 10, 2010

IVRCL Infrastructure BUY

CMP Rs170
Performance Highlights Target Price Rs216
 

Y/E March (Rs cr) 1QFY11 1QFY10 % chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months
Net sales 1,106 1,110 0.3 1,890 (41.5)
Operating profit 100.8 99.6 1.2 198.4 (49.2) Stock Info
Net profit 28.1 35.3 (20.4) 85.3 (67.0) Sector Infrastructure
Source: Company, Angel Research Market Cap (Rs cr) 4,551

IVRCL Infrastructure (IVRCL) reported flat yoy top-line performance for Beta 1.4
1QFY2011, which was below our and street estimates. The company lost around 52 Week High / Low 212/144.1
Rs250cr in revenue for the quarter on account of three projects. Management has
Avg. Daily Volume 341,421
maintained its guidance of Rs6,700cr–Rs7,100cr, which implies growth run rate
for the next three quarters at ~30%, even at the lower end of the guidance, which Face Value (Rs) 2
we believe is an uphill task. Therefore, we prune our estimates. However, given BSE Sensex 18,220
the company’s past excellent track record and robust order book rendering
revenue visibility, we maintain our Buy rating on the stock. Nifty 5,461
Reuters Code IVRC.BO
Top line below estimates, OPM in line with expectations: IVRCL reported a flat
Bloomberg Code IVRC@IN
top-line performance at Rs1,106cr. On the operating front, the company posted
margin of 9.1%, a tad above our estimates of 8.6%. Below-estimate top-line
performance, cascaded at the bottom-line level, which came in at mere Rs28.1cr.
Shareholding Pattern (%)
Outlook and valuation: IVRCL has a robust order book of Rs23,275cr (4.3x Promoters 9.6
FY2010 revenue), which lends revenue visibility. Robust order booking over the MF / Banks / Indian Fls 33.4
last few quarters ensures IVRCL’s dependence on AP orders has come down FII / NRIs / OCBs 55.8
significantly (from 28% to current 17%). IVRCL’s performance is disappointing on Indian Public / Others 10.8
the execution front, but we expect execution to pick up as the issues are temporary
in nature. We have valued IVRCL on an SOTP basis. The company’s core
construction business is valued at a P/E of 14x FY2012E EPS of Rs11.6 Abs. (%) 3m 1yr 3yr
(Rs162/share), while its stake in subsidiaries IVR Prime (Rs37/share) and
Sensex 5.1 21.4 22.5
Hindustan Dorr-Oliver (Rs17/share) has been valued on an Mcap basis, post
IVRCL (1.2) 11.1 (10.5)
assigning 20% holding company discount. Therefore, on the back of IVRCL’s
excellent execution track record, robust order book to sales ratio and comfortable
valuations, we maintain Buy on the stock with a Target Price of Rs216.

Key financials (Standalone)

Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net sales 4,882 5,492 6,493 8,071
% chg 33.4 12.5 18.2 24.3
Adj. net profit 225.6 211.8 249.7 313.0
% chg 7.1 (6.1) 17.9 25.4
EBITDA (%) 8.6 9.7 9.3 9.4
FDEPS (Rs) 8.4 7.8 9.2 11.6
Shailesh Kanani
P/E (x) 20.4 21.7 18.4 14.7
022-40403800 Ext:321
P/BV (x) 2.5 2.4 2.2 1.9
shailesh.kanani@angeltrade.com
RoE (%) 13.2 11.4 12.4 13.8
RoCE (%) 12.7 13.6 13.0 13.9 Aniruddha Mate
EV/Sales (x) 022-40403800 Ext:335
1.2 1.2 1.1 0.9
aniruddha.mate@angeltrade.com
EV/EBITDA (x) 14.0 11.9 11.3 9.6
Source: Company, Angel Research

Please refer to important disclosures at the end of this report 1

 IVRCL Infrastructure |1QFY2011 Result Update

Exhibit 1: 1QFY2011 performance (Standalone)

Y/E March (Rs cr) 1QFY11 1QFY10 % chg(yoy) 4QFY10 % chg(qoq) FY2010 FY2009 % chg
Net Sales 1,106.4 1,109.6 (0.3) 1,890.4 (41.5) 5,492 4,882 12.5
Total Expenditure 1,005.7 1,010.0 (0.4) 1,692.0 (40.6) 4,961 4,460 11.2
Operating Profit 100.8 99.6 1.2 198.4 (99.4) 531 422 26.0
OPM (%) 9.1 9.0 - 10.5 - 9.7 8.6 -
Interest 45.3 38.5 17.5 52.5 (13.8) 163.9 130.6 25.5
Depreciation 15.7 13.0 20.6 14.0 12.1 54.3 47.3 14.8
Non Operating Income 0.9 3.9 (77.6) 2.0 (55.9) 15.5 29.9 (48.2)
Non recurring items - - 0.0 - 0.0 (140.9) - 0.0
Profit Before Tax 40.6 51.9 (21.7) 133.8 (69.6) 187.7 273.8 (31.4)
Tax 12.5 16.6 (24.5) 48.6 (74.2) 117.7 47.8 146.2
Reported PAT 28.1 35.3 (20.4) 85.3 (67.0) 70.0 226.0 (69.0)
PAT (%) 2.5 3.2 - 4.5 - 1.3 4.6 -
Adjusted PAT 28.1 35.3 (20.4) 85.3 (67.0) 210.9 226.0 (6.7)
Adj. PAT (%) 2.5 3.2 - 4.5 - 3.8 4.6 -
Adj. FDEPS 1.0 1.3 (20.4) 3.2 (67.0) 7.8 8.4 (6.7)
Source: Company, Angel Research

Exhibit 2: 1QFY2011 actual vs. Angel estimates

(Rs cr) Actual Estimates Variation (%)
Revenue 1,106.4 1,368.0 (19.1)
EBITDA margin (%) 9.1 8.6 50.7bp
PAT 28.1 35.6 (21.1)
Source: Company, Angel Research

Top line below estimates…

IVRCL posted a flat top-line performance at Rs1,106cr for 1QFY2011, which was
19.1% below our expectations and 21% below the street’s expectations. The company
lost around Rs250cr in revenue for the quarter on account of execution-related issues in
the MP and AP projects and the IOC tankage project.

Exhibit 3: Quarterly revenue trend Exhibit 4: Quarterly EBITDA trend

2,000 75.0
1,800 250.0 12.0
65.0
1,600 55.0 10.0
1,400 200.0
1,200 45.0 8.0
150.0
1,000 35.0 6.0
800 25.0 100.0
600 15.0 4.0
400 50.0
200 5.0 2.0
0 (5.0) - -
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

EBITDA (Rs cr, LHS) EBITDAM (%, RHS)

Sales (Rs cr, LHS) Growth (yoy %, RHS)

Source: Company, Angel Research Source: Company, Angel Research

August 10, 2010 2

 IVRCL Infrastructure |1QFY2011 Result Update

…but margins broadly in line with expectations

IVRCL reported EBITDA margin of 9.1% for 1QFY2011. However, due to

disappointing top-line performance and increased debt levels, the bottom line
reported a 20.4% decline to Rs28.1cr. We believe there would be a revival in
bottom-line growth once execution picks up. This is the consecutive fourth quarter
of a declined performance by the company. Management has guided a
bottom line of ~Rs260cr for FY2011, which would require catching up as only
Rs28.1cr of profit has been made until 1QFY2011.

Exhibit 5: Quarterly bottom-line trend

90.0 6.0
80.0
5.0
70.0
60.0 4.0
50.0
3.0
40.0
30.0 2.0
20.0
1.0
10.0
0.0 -
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11
PAT (Rs cr, LHS) PATM (%, RHS)

Source: Company, Angel Research

August 10, 2010 3

 IVRCL Infrastructure |1QFY2011 Result Update

Outlook and valuation

IVRCL’s flat performance on the top-line front in 1QFY2011 was on account of

three projects and related client-side issues, barring which the company would
have booked additional revenue of Rs250cr. While IVRCL’s past execution track
record stands testimony to its execution capabilities, its robust order book renders
revenue visibility. Hence, we expect the company to revert on its growth trajectory
and do not see any concerns on the execution front. Management has maintained
its guidance of Rs6700cr–Rs7100cr on a standalone basis for FY2011, which
implies growth run rate for the next three quarters at ~30%, even at the lower end
of the guidance, which we believe is an uphill task. Hence, we prune our estimates
marginally.

Exhibit 6: Change in estimates

FY2011E FY2012E
(Rs cr) Earlier estimates Revised estimates Variation (%) Earlier estimates Revised estimates Variation (%)
Revenue 6,663.0 6,493.2 (2.5) 8,293.7 8,071.3 (2.7)
EBITDA margin 9.3 9.3 0.0 9.4 9.4 0.0
PAT 259.7 249.7 (3.8) 325.2 313.0 (3.8)
Source: Company, Angel Research

We have valued IVRCL on an SOTP basis. The company’s core construction

business is valued at a P/E of 14x FY2012E EPS of Rs11.6 (Rs162/share), while its
stake in subsidiaries IVR Prime (Rs37/share) and Hindustan Dorr-Oliver
(Rs17/share) has been valued on an Mcap basis, post assigning 20% holding
company discount. At the CMP of Rs170, the stock is trading at 14.7x FY2012E
EPS and 1.9x FY2012E P/BV on a standalone basis, adjusting for its subsidiaries at
10.1x FY2012E EPS and 1.3x FY2012E P/BV. Hence, on the back of the
company’s excellent execution track record, robust order book to sales ratio and
comfortable valuations, we maintain Buy on IVRCL with a Target Price of Rs216.

Exhibit 7: SOTP valuation summary

Business segment Methodology Remarks Rs cr Rs/share
Construction P/E 14x FY2012E earnings 4,382 162
IVRAH Mcap 20% holding company discount 988 37
Hindustan-Dorr Mcap 20% holding company discount 466 17
Total - - 5,836 216
Source: Company, Angel Research

Exhibit 8: Key assumptions

(Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Order inflow 4,674 8,403 8,625 12,312 13,184 15,009
Revenue 2,346 3,661 4,882 5,492 6,493 8,071
Order backlog (Y/E) 8,100 12,800 16,600 23,440 30,131 37,069
Order book to sales ratio (x) 3.5 3.5 3.4 4.3 4.6 4.6
Source: Company, Angel Research

August 10, 2010 4

 IVRCL Infrastructure |1QFY2011 Result Update

Exhibit 9: Angel EPS forecast v/s consensus

Angel forecast Bloomberg consensus Variation
FY2011E 9.2 10.9 18.0
FY2012E 11.6 13.4 15.6
Source: Company, Angel Research

Investment arguments

Robust order book renders strong revenue visibility: IVRCL has a robust order book
of Rs23,275cr (4.3x FY2010 revenue), which lends revenue visibility. In-house
projects form around Rs5,500cr of the company’s overall order book. Robust order
booking over the last few quarters ensures that the company’s dependence on AP
orders has come down significantly (from 28% to current 17%). IVRCL had issues
on the execution front due to its high AP exposure, but given the fact that the issues
are resolving, we expect the company to be back on its growth trajectory.

Exhibit 10: Robust order book (%)

3 .6

3 6 .5

5 1 .5

6 .7

1 .7
Irrigation Buildings Power Transportation Oil & Gas

Source: Company, Angel Research

Value unlocking at IVRAH, the next trigger: IVRCL Assets Holding (IVRAH) started
tolling Jalandhar-Amritsar road in May 2010. The Chennai water project also
started in August 2010. In FY2011, all of the company’s old BOT projects would
start generating revenue to fund its future investments. Management has given
guidance of increased revenue of Rs1.4cr/day from these BOT projects once they
are fully operational. IVRAH would be requiring equity infusion of
Rs1,300cr–1,400cr over the next three years and is planning to raise money. We
believe value unlocking at the subsidiary level will act as a near-term catalyst for
IVRCL’s growth.

August 10, 2010 5

 IVRCL Infrastructure |1QFY2011 Result Update

Exhibit 11: Recommendation summary

Company CMP TP Rating Top line EPS Adj. P/E OB/
(Rs) (Rs) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E Sale
CCCL 90 - Neutral 1,976 2,461 2,891 21.0 5.0 5.9 7.5 22.5 16.9 14.4 11.3 2.3
Gammon 211 - Neutral 4,489 5,575 6,607 21.3 8.4 10.0 12.1 20.0 12.9 10.9 9.0
HCC 71 - Neutral 3,629 4,146 4,900 16.2 2.7 3.2 3.7 17.4 24.8 21.1 18.0 4.7
IRB Infra 292 - Neutral 1,705 2,778 3,580 44.9 11.6 12.3 14.5 11.8 24.6 23.2 19.7 -
IVRCL 170 216 Buy 5,492 6,493 8,071 21.2 7.8 9.2 11.6 21.6 14.9 12.6 10.1 4.3
JP Assoc. 122 174 Buy 10,316 13,281 17,843 31.5 4.7 5.2 7.7 28.5 25.4 22.6 15.4 -
Punj 119 156 Buy 10,448 9,756 12,402 9.0 (11.1) 5.6 11.2 - - 21.6 10.8 2.8
NCC 161 201 Buy 4,778 5,913 6,758 18.9 7.8 8.9 10.1 13.7 14.7 12.9 11.4 3.6
Sadbhav 1,450 1,313 Reduce 1,257 1,621 1,986 25.7 43.0 77.4 89.8 44.4 21.3 11.8 10.2 5.4
SI. 480 570 Buy 4,555 5,535 6,428 18.8 25.7 31.9 40.7 25.9 18.9 15.2 11.9 2.5
PEL 416 563 Buy 3,081 3,685 4,297 18.1 23.4 31.2 32.9 18.6 (2.6) (1.9) (1.8) 3.5
MPL 164 174 Buy 1,308 1,701 2,120 27.3 5.8 7.7 9.8 29.8 13.7 10.4 8.1 3.1
L&T 1,827 - Neutral 37,035 44,047 55,519 22.4 47.5 55.1 68.9 20.4 29.7 25.6 20.5 2.7

Source: Company, Angel Research

Exhibit 12: Recommendation summary - SOTP break-up

Company Core const. Real estate Road BOT Invst. in subsidiaries Others Total
Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs
CCCL 89 100 - - - - - - - - 89
Gammon India 121 54 - - - - - - 104 46 225
HCC 51 41 59 46 16 13 - - - - 126
IRB Infra 113 41 3 1 154 56 5 2 - - 275
IVRCL 162 75 - - - - 54 25 - - 216
JP Assoc. 65 38 41 23 - - - - 68 39 174
Punj Lloyd 156 100 - - - - - - - - 156
NCC 141 70 19 9 19 10 - - 21 11 201
Sadbhav 862 66 - - 451 34 - - - - 1,313
Simplex In. 570 100 - - - - - - - - 570
Patel Engg. 457 81 60 11 16 3 - - 32 5 565

Source: Company, Angel Research

August 10, 2010 6

 IVRCL Infrastructure |1QFY2011 Result Update

Profit & Loss Statement (Standalone)

Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 2,346 3,661 4,882 5,492 6,493 8,071
Other operating income 32.6 - - - - -
Total operating income 2,379 3,661 4,882 5,492 6,493 8,071
% chg 54.2 53.9 33.4 12.5 18.2 24.3
Total Expenditure 2,116 3,299 4,460 4,961 5,887 7,313
Net Raw Materials 877 1,247 1,658 2,021 2,130 2,623
Other Mfg costs 1,164 1,899 2,587 2,737 3,442 4,278
Personnel 75 153 215 203 315 412
Other - - - - - -
EBITDA 262.8 361.7 421.4 531.3 606.5 758.5
% chg 75.0 37.6 16.5 26.1 14.2 25.1
(% of Net Sales) 11.0 9.9 8.6 9.7 9.3 9.4
Depreciation&
21.6 32.8 47.3 54.3 64.9 72.7
Amortisation
EBIT 241.2 328.9 374.1 477.0 541.6 685.8
% chg 72.2 36.4 13.8 27.5 13.5 26.6
(% of Net Sales) 10.1 9.0 7.7 8.7 8.3 8.5
Interest & other
56.1 47.8 130.6 163.0 187.3 233.6
Charges
Other Income - 4.5 29.9 15.6 18.4 22.0
(% of PBT) - 1.6 10.9 4.7 4.9 4.6
Share in profit of
- - - - - -
Associates
Recurring PBT 185.1 285.6 273.4 329.6 372.7 474.2
% chg 78.4 54.3 (4.3) 20.5 13.1 27.3
Extraordinary
- - - - - -
Expense/(Inc.)
PBT (reported) 185.1 285.6 273.4 329.6 372.7 474.2
Tax 43.6 74.9 47.8 258.6 123.0 161.2
(% of PBT) 23.6 26.2 17.5 78.5 33.0 34.0
PAT (reported) 141.5 210.7 225.6 70.9 249.7 313.0
Add: Share of earnings
- - - - - -
of associate
Less: Minority interest
- - - - - -
(MI)
Prior period items - - - - - -
PAT after MI (reported) 141.5 210.7 225.6 70.9 249.7 313.0
ADJ. PAT 141.5 210.7 225.6 211.8 249.7 313.0
% chg 52.2 49.0 7.1 (6.1) 17.9 25.4
(% of Net Sales) 6.0 5.8 4.6 3.9 3.8 3.9
Basic EPS (Rs) 10.9 15.8 16.9 7.8 9.2 11.6
Fully Diluted EPS (Rs) 5.2 7.8 8.4 7.8 9.2 11.6
% chg 49.0 7.1 (6.1) 17.9 25.4

August 10, 2010 7

 IVRCL Infrastructure |1QFY2011 Result Update

Balance Sheet (Standalone)

Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 25.9 26.7 26.7 54.0 54.0 54.0
Preference Capital - - - - - -
Reserves& Surplus 1,292 1,579 1,784 1,840 2,068 2,359
Shareholders’ Funds 1,318 1,606 1,810 1,894 2,122 2,413
Minority Interest - - - - - -
Total Loans 556 1,068 1,398 1,886 2,425 2,905
Deferred Tax Liability 5.6 10.3 11.7 11.7 11.7 11.7
Total Liabilities 1,879 2,684 3,220 3,792 4,558 5,330
APPLICATION OF FUNDS
Gross Block 259 418 662 732 832 982
Less: Acc.
66.4 98.4 141.7 195.9 260.9 333.6
Depreciation
Net Block 193 319 521 536 571 649
Capital Work-in-
50.6 54.1 19.6 118.0 125.7 142.7
Progress
Goodwill - - - - -
Investments 283 341 389 389 389 389
Current Assets 2,349 2,883 3,814 4,537 5,428 6,840
Inventories 82.5 194.3 209.3 392.3 499.5 807.1
Sundry Debtors 633 658 1,143 1,399 1,708 2,145
Cash 224 177 101 149 191 211
Loans & Advances 862 922 1,199 1,318 1,623 2,018
Other 548 930 1,162 1,278 1,406 1,659
Current liabilities 996 913 1,523 1,788 1,955 2,690
Net Current Assets 1,353 1,970 2,291 2,748 3,473 4,150
Mis. Exp. not written
- - - - - -
off
Total Assets 1,879 2,684 3,220 3,792 4,558 5,330

August 10, 2010 8

 IVRCL Infrastructure |1QFY2011 Result Update

Cash Flow Statement(Standalone)

Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Profit Before Tax 185 286 273 330 373 474
Depreciation 22 33 47 54 65 73
Change in Working
628 663 398 409 682 657
Capital
Less: Other income - 5 30 16 18 22
Direct taxes paid 44 75 48 259 123 161
Cash Flow from
(464) (424) (155) (299) (386) (294)
Operations
(Inc.)/ Dec. in Fixed
(125) (162) (210) (168) (108) (167)
Assets
(Inc.)/ Dec. in
(6) (58) (48) - - -
Investments
(Inc.)/ Dec. in loans and
- - - - - -
advances
Other income - 5 30 16 18 22
Cash Flow from
(132) (215) (228) (153) (89) (145)
Investing
Issue of Equity 719 100 35 - -
Inc./(Dec.) in loans (123) 512 330 488 539 480
Dividend Paid (Incl. Tax) (15) (22) (19) (22) (22) (22)
Others (5) 3 (4) - - -
Cash Flow from
575 593 307 500 517 458
Financing
Inc./(Dec.) in Cash (21) (47) (76) 48 42 20
Opening Cash balances 244 224 177 101 149 191
Closing Cash balances 224 177 101 149 191 211

August 10, 2010 9

 IVRCL Infrastructure |1QFY2011 Result Update

Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 32.5 21.8 20.4 21.7 18.4 14.7
P/CEPS 28.2 18.9 16.9 17.3 14.6 11.9
P/BV 3.5 2.9 2.5 2.4 2.2 1.9
Dividend yield (%) 0.6 0.8 0.8 0.9 0.9 1.0
EV/Sales 2.1 1.5 1.2 1.2 1.1 0.9
EV/EBITDA 18.8 15.2 14.0 11.9 11.3 9.6
EV / Total Assets 2.6 2.0 1.8 1.7 1.5 1.4
Per Share Data (Rs)
EPS (Basic) 5.2 7.8 8.4 7.8 9.2 11.6
EPS (fully diluted) 5.2 7.8 8.4 7.8 9.2 11.6
Cash EPS 6.0 9.0 10.1 9.9 11.7 14.3
DPS 1.0 1.4 1.4 1.5 1.6 1.7
Book Value 48.8 59.5 67.1 70.2 78.6 89.4
DuPont Analysis
EBIT margin 10.1 9.0 7.7 8.7 8.3 8.5
Tax retention ratio 76.4 73.8 82.5 21.5 67.0 66.0
Asset turnover (x) 1.3 1.8 1.7 1.6 1.6 1.7
ROIC (Post-tax) 9.8 11.7 11.0 3.0 9.1 9.5
Cost of Debt (Post
7.7 4.3 8.7 2.1 5.8 5.8
Tax)
Leverage (x) 0.3 0.4 0.6 0.8 1.0 1.1
Operating ROE 10.3 14.6 12.4 3.8 12.2 13.6
Returns (%)
ROACE (Pre-tax) 12.8 14.4 12.7 13.6 13.0 13.9
Angel ROIC (Pre-tax) 12.8 15.8 13.3 14.1 13.5 14.5
ROE 10.7 14.4 13.2 11.4 12.4 13.8
Turnover ratios (x)
Asset Turnover
9.2 10.8 9.0 7.9 8.3 8.9
(Gross Block)
Inventory / Sales
13 14 15 20 25 30
(days)
Receivables (days) 97 64 67 84 87 87
Payables (days) 130 99 96 118 113 113
Working capital
173 146 149 159 165 163
cycle (ex-cash) (days)
Solvency ratios (x)
Net debt to equity 0.3 0.6 0.7 0.9 1.1 1.1
Net debt to EBITDA 1.3 2.5 3.1 3.3 3.7 3.6
Interest Coverage
4.3 6.9 2.9 2.9 2.9 2.9
(EBIT / Interest)

August 10, 2010 10

 IVRCL Infrastructure |1QFY2011 Result Update

Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

DISCLAIMER
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
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Disclosure of Interest Statement IVRCL Infra

1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No

Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)

August 10, 2010 11