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2QFY2013 Result Update | Media October 19, 2012

DB Corp
Performance Highlights
Quarterly Results (Consolidated)
(` cr) Revenue EBITDA OPM (%) PAT
Source: Company, Angel Research

BUY
CMP Target Price
Investment Period
2QFY12 351 69 19.8 40 % yoy 7.8 17.2 174bp 9.3 1QFY13 374 81 21.6 47 % qoq 1.1 0.8 (6)bp (5.6)

`222 `259
12 Months

2QFY13 378 81 21.5 44

Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Media 4,060 (54) 0.4 235/170 18,936 10 18,682 5,684 DBCL.BO DBCL@IN

For 2QFY2013, DB Corp (DBCL) reported a moderate performance on the earnings front, registering a 9.3% yoy growth to `44cr. However, the reported profit grew by 20.8% yoy to `49cr on account of forex gain of `4.6cr.

Key highlights for the quarter:


For 2QFY2013, DBCL reported a weak top-line growth of 7.8% yoy to `378cr on account of a sluggish advertising revenue growth of 2.8% yoy to `283cr. However, circulation revenue grew by a healthy 16.0% yoy to `70cr. Among the other segments, the companys radio business reported a robust advertising revenue growth of 20.3% yoy to `15cr. At the operating level, the EBITDA grew by 23.9% yoy to `86cr on account of cost rationalization measures such as improving ad edit ratio, and pagination efficiency, among others. However, after adjusting for a forex gain of `4.6cr, the EBITDA grew by 17.2% yoy to `81cr. Consequently, the OPM expanded by 174bp yoy to 21.5%. Although, the companys mature editions have OPM of 29.8%, losses in emerging editions led to a margin erosion of the overall print business. A reduction in losses of the emerging editions from `23cr in 2QFY2012 to `10cr in 2QFY2013 indicates that the company is on track to meet its guidance of reducing its losses from `77cr in FY2012 to `44cr in FY2013.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 81.5 6.0 9.6 2.9

Abs. (%) Sensex DBCL

3m 8.1 10.5

1yr 9.3 (1.6)

3yr 7.8 -

Outlook and valuation: At the current market price, DBCL is trading at 15.4x
FY2014E consolidated EPS of `14.4. We maintain our Buy view on the stock with a revised target price of `259, based on 18x FY2014E EPS. The downside risks to our estimates include 1) sharp rise in newsprint prices in INR terms, and 2) higher-thanexpected losses/increase in the breakeven period of the new launches.

Key financials (Consolidated)


Y/E March (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

FY2011 1,260 19.1 259 41.4 31.5 14.1 15.7 5.0 35.0 33.2 3.2 10.1

FY2012E 1,451 15.2 202 (21.9) 23.2 11.0 20.1 4.4 23.0 24.7 2.7 11.8

FY2013E 1,581 8.9 212 5.1 23.3 11.6 19.2 3.7 21.0 24.4 2.4 10.5

FY2014E 1,784 12.8 265 24.6 25.0 14.4 15.4 3.2 22.3 26.9 2.1 8.4
Amit Patil 022-39357800 Ext: 6839 amit.patil@angelbroking.com

Please refer to important disclosures at the end of this report

DB Corp | 2QFY2013 Result Update

Exhibit 1: Quarterly Performance (Consolidated)


Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Operating Expense (% of Sales) Staff Costs (% of Sales) Total Expenditure Operating Profit OPM (%) Interest Depreciation Other Income PBT (% of Sales) Provision for Taxation (% of PBT) Minority Interest Recurring PAT PATM Exceptional items Reported PAT Equity shares (cr) FDEPS (`) 2QFY13 378 133 35.2 94 24.9 70 18.4 297 81 21.5 2 14 4 69 18.2 25 36.3 0 44 12 5 49 18.3 2.4 2QFY12 351 124 35.5 96 27.2 61 17.5 281 69 19.8 2 12 5 60 17.1 20 32.9 (0) 40 11 0 40 18.3 2.2 9.4 20.8 9.4 26.9 (7.4) 15.9 (23.5) 15.0 5.5 17.2 13.6 (1.5) % yoy 7.8 6.9 1QFY13 374 133 35.6 92 24.6 68 18.2 293 81 21.6 2 14 3 69 18.4 22 32.3 0 47 12 (6) 41 18.3 2.5 (5.5) 18.9 (5.5) 12.8 12.2 6.1 19.2 0.4 1.2 0.8 2.2 2.3 % qoq 1.1 (0.1) 1HFY2013 753 266 35.4 186 24.7 138 18.3 590 162 21.6 4 28 7 138 18.3 47 34.3 0 91 12 (1) 90 18.3 4.9 1HFY2012 703 243 34.5 173 24.6 119 16.9 535 169 24.0 4 24 9 149 21.1 48 32.4 (0) 100 14 1 101 18.3 5.5 (9.8) (11.7) (9.8) (1.9) 15.6 (20.0) (7.4) 10.4 (3.7) 16.0 7.5 % chg 7.0 9.6

Source: Company, Angel Research Note: Operating Expense is adjusted for forex gain/loss.

October 19, 2012

DB Corp | 2QFY2013 Result Update

Top-line growth at 7.8% yoy


DBCL reported a weak top-line growth of 7.8% yoy to `378cr on account of a sluggish advertising revenue growth of 2.8% yoy to `283cr. However, the circulation revenue grew by a healthy 16.0% yoy to `70cr. Among the other segments, the companys radio business reported a robust advertising revenue growth of 20.3% yoy to `15cr.

Exhibit 2: Sluggish top-line growth


450 400 350 300 (` cr) 250 200 150 100 301 348 353 352 351 396 353 374 50 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 378 14.8 15.0 10.0 5.0 (%) Top line (LHS) Source: Company, Angel Research yoy growth (RHS) 23.7 11.3 18.0 16.6 13.6 11.3 6.2 7.8 20.0 25.0

Advertising revenue grows by 2.8%


The advertising revenue remained subdued at 2.8% yoy at `283cr. Although the local advertising is resilient, the national advertising growth remains sluggish. However, the advertising revenue of the radio business grew by a robust 20.3% yoy to `15.3cr on account of a rate hike.

Circulation revenue continues double digit growth


The circulation revenue posted a robust growth of 16.0% yoy to `70cr on account of a 2.5% volume growth (due to new launches over the past few quarters) as well as hike in cover prices in selective markets. The average cover price per copy has increased from `2.4 in 2QFY2012 to `2.7 in 2QFY2013.

October 19, 2012

DB Corp | 2QFY2013 Result Update

Exhibit 3: Advertising revenue growth remains subdued


350 300 250 (` cr) 200 150 100 236 269 250 271 275 287 263 270 50 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 283 17.8 23.4 30.8 14.9 16.6 6.8 5.4 (0.2) 2.8 35.0 30.0 25.0 20.0 15.0 10.0 5.0 (5.0) (%)

Exhibit 4: Price hike inches up circulation revenue


80 70 60 50 (` cr) 40 30 20 53 54 53 57 60 63 62 66 70 10 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 0.9 0.6 1.3 5.8 13.0 17.0 16 15 16 18.0 16.0 14.0 12.0 8.0 6.0 4.0 2.0 (%) (%) 10.0 5.0 64 2Q11 78 3Q11 34 4Q11 60 1Q12 40 2Q12 56 3Q12 34 4Q12 47 1Q13 44 2Q13 10.0

Advertising revenue (LHS)

yoy growth (RHS)

Circulation revenue (LHS)

yoy growth (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

OPM expands 174bp yoy


At the operating level, the EBITDA grew by 23.9% yoy to `86cr on account of cost rationalization measures having been implemented such as improving ad edit ratio and pagination efficiency, among others. However, after adjusting for a forex gain of `4.6cr, the EBITDA grew by 17.2% yoy to `81cr. Consequently, the OPM expanded by 174bp yoy to 21.5% Although, the companys mature editions have an OPM of 29.8%, losses in emerging editions led to margin erosion of the overall print business. However, reduction in losses of emerging editions from `23cr in 2QFY2012 to `10cr in 2QFY2013 indicate that the company is on track to meet its guidance of reducing its losses from `77cr in FY2012 to `44cr in FY2013.

Exhibit 5: OPM expands 174bp yoy


80.0 70.0 60.0 (%) 40.0 30.0 20.0 10.0 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 31.6 33.0 19.3 50.0 28.1 19.8 25.7 21.5 21.5 70.1 69.4 63.2 66.4 64.5 65.9 63.2 68.0 64.8

Exhibit 6: Adjusted PAT grew by 9.3%


90 80 70 60 (` cr) 50 40 30 20 10 12.8 21.3 22.6 17.3 14.1 11.5 12.8 10.9 25.0 20.0 15.0

9.3

19.3

Gross margins

OPM

Adjusted PAT (LHS)

NPM (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Robust profit growth aided by forex gain


In terms of profits, DBCL reported a 20.8% yoy growth to `49cr. After adjusting for a forex gain of `4.6cr, the recurring profit stood at `44cr, a moderate 9.3% rise on a yoy basis.

October 19, 2012

DB Corp | 2QFY2013 Result Update

Investment rationale
Well-planned aggression in business edges DBCL over peers: DBCL, though a dominant No. 2 player in the overall regional print space (trailing behind Jagran Prakashan), enjoys a premium valuation to its peers - Jagran Prakashan (flagship daily Dainik Jagran) and Hindustan Media Ventures (flagship daily Hindustan). We attribute the reason for this trend to DBCLs business model (which is primarily driven by ad revenue) and well thought-out launches in new markets. We believe the companys continuous endeavor to diversify its print business coupled with aggressive expansion into new markets (urban towns beyond metros) backed by exhaustive market research and focus on achieving leadership are the key factors differentiating the company from its peers. The company has been successful in executing its expansion plans with launches in Maharashtra and Jharkhand.

Outlook and valuation


At the current market price, DBCL is trading at 15.4x FY2014E consolidated EPS of `14.4. We maintain our Buy view on the stock with a revised target price of `259, based on 18x FY2014E EPS. The downside risks to our estimates include 1) sharp rise in newsprint prices in INR terms, and 2) higher-than-expected losses/increase in the breakeven period of the new launches.

October 19, 2012

DB Corp | 2QFY20 Result U p 013 Update

Exhibit 7: Peer valuation t


Compa any HT Me edia Jagran n DB Co orp Rec co Accum Accum Buy Mcap (` cr)
2,376 3,289 4,060

CMP (`)
101 104 222

TP (`)
113 112 259

Upsi ide (%) (


12 8 17

P/E (x) FY13E


13.7 16.7

EV/Sales (x) E FY1 13E


0.7 2.3

ROE(%) FY13E
11.3 25.2

CAG # GR Sales
6.5 10.8 10.9

FY14E
12.2 14.6

FY14E
0.6 2.0

FY Y14E
11.4 26.3 2

PAT
8.3 12.5 14.4

19.2

15.4

2.4

2.1

21.0

22.3 2

Source: Company, Ange Research Note denotes CA el e:# AGR for FY2012-14

Exhibit 8: Angel v consensus estimates t vs s


Top-lin (` cr) ne Angel estimates Consensus Diff (% %)
Source: Company, Ange Research el

FY2013E 1,581 1,585 (0.23)

FY2014 4E 1,78 84 1,78 88 (0.22 2)

EPS (`) E Angel estimates A s Consensus C Diff (%) D

FY201 13E 11.6 11.8 (1.69)

FY2 2014E 14.4 14.4 -

Exhibit 9: Return o DB Corp. vs Sensex t of .


140% 120% 100% 80% 60% 40% 20% 0% Apr 10 Apr-10 Apr-11 Apr-12 Aug-10 Aug-12 Aug-11 Oct-11 Oct-10 Dec-10 Dec-11 Feb-11 Feb-12 Oct-12 Jun 11 Jun-11 Jun-10 Jun-12
Sensex DB Corp

Exhib 10: Onebit -year forward P/E band d


35 50 30 00 Share Price (`) 25 50 20 00 15 50 10 00 50 5 0 Oct-10 Oct-11 Dec-10 Dec-11 Feb-11 Feb 11 Aug-11 Aug 11 Feb-12 F b 12 Aug-12 A 12 Oct-12 Apr-11 Apr-12 Jun-11 Jun-12
13x 16x 19x 1 22x x

Source: Company, Ange Research el

Source Company, An e: ngel Research

Company Backgrou y und


DB Corp is one of the largest print media comp s t panies in Ind that publi dia ishes 8 newspapers with 65 edit s tions, and 19 sub edition in 4 multiple languages across 99 ns 13 states in India. The companys flagship new e wspaper Dai inik Bhaskar, Divya , nd a have a combi ined average daily reader e rship of Bhaskar an Saurashtra Samachar h ~19 million making the one of the most widely read newspa n em e y aper groups in India with presen nce in Madh hya Pradesh, Chhattisgarh Rajasthan, Haryana, P h, , Punjab, Chandigarh Himachal Pradesh, Ut h, ttrakhand, De elhi, Gujarat Maharashtr and t, ra Jammu. Th companys other notew he worthy newspaper brands are Dainik Divya k Marathi, Bu usiness Bhask kar, DB Gold, DB Star and DNA on a fra anchise basis.

Octobe 19, 2012 er

DB Corp | 2QFY2013 Result Update

Profit and loss Statement (Consolidated)


Y/E March (` cr) Gross sales Less: Excise duty Net Sales Total operating income % chg Total Expenditure Cost of Materials SG&A Expenses Personnel Others EBITDA % chg (% of Net Sales) Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn. of assoc. Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 958 958 958 12.6 814 407 266 133 7 144 (15.5) 15.1 29 115 (22.4) 12.1 40 3 3.7 78 (41.1) 0 78 42 54.1 36 (12) 48 48 (37.1) 5.0 2.8 2.6 (37.3) 1,058 1,058 1,058 10.4 720 328 249 132 12 338 133.8 31.9 38 300 159.7 28.4 25 5 1.9 281 258.9 0 280 106 37.6 175 (8) 183 183 283.5 17.3 10.1 10.0 283.9 1,260 1,260 1,260 19.1 862 383 279 185 16 398 17.7 31.5 43 354 18.1 28.1 15 19 5.4 359 27.9 2 357 98 27.4 259 0.3 259 260 42.2 20.6 14.1 14.1 41.4 1,451 1,451 1,451 15.2 1,115 508 350 243 15 336 (15.4) 23.2 51 286 (19.4) 19.7 9 24 8.0 300 (16.2) 300 98 32.7 202 0 202 202 (22.4) 13.9 11.0 11.0 (21.9) 1,581 1,581 1,581 8.9 1,212 513 412 272 16 369 9.8 23.3 57 312 9.1 19.7 15 21 6.5 317 5.5 317 105 33.0 212 212 212 5.1 13.4 11.6 11.6 5.1 1,784 1,784 1,784 12.8 1,337 535 479 307 16 447 21.0 25.0 63 384 23.1 21.5 14 25 6.3 395 24.6 395 130 33.0 265 265 265 24.6 14.8 14.4 14.4 24.6

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

October 19, 2012

DB Corp | 2QFY2013 Result Update

Balance Sheet (Consolidated)


Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share Capital suspense account Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Other long term liablities Long term provisions Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loans and advances Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 169 89 258 12 563 39 182 1 466 649 4 321 61 183 3 643 829 0 172 69 26 3 872 413 81 331 271 45 24 399 45 105 248 219 180 22 872 1,035 660 112 547 61 39 21 561 193 103 266 207 354 13 1,035 1,100 783 149 634 41 33 16 63 557 173 71 313 255 302 10 1,100 183 5 739 927 2 180 75 30 4 1,216 906 191 715 45 33 46 87 610 188 54 367 329 281 9 1,216 183 5 908 1,096 2 141 75 30 4 1,346 988 248 740 69 33 46 89 718 263 69 386 358 360 9 1,346 183 5 1,087 1,275 2 131 75 30 4 1,515 1,081 311 770 86 33 46 99 851 337 79 435 380 471 9 1,515

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

October 19, 2012

DB Corp | 2QFY2013 Result Update

Cash flow (Consolidated)


Y/E March (` cr) Profit before tax Depreciation Change in Working Cap. Interest / Dividend (Net) Direct taxes paid Others Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Interest / Dividend (Net) Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances
previous year numbers

FY2009 FY2010E FY2011 78 29 13 30 36 (16) 98 (295) (18) (313) (1) 219 10 29 180 (36) 81 45 281 38 (14) 25 101 2 229 (38) 3 (34) 251 (242) 42 13 (48) 147 45 193 359 43 (24) 15 98 0 295 (103) 4.22 (99) 2 (149) 69 1 (216) (20) 193 173

FY2012 FY2013E FY2014E 300 51 (20) 9 98 0 241 (127) (29.73) (157) 0.55 8 80 (2) (69) 16 173 188 317 57 63 15 105 (38) 310 (106) (106) (40) 86 4 (129) 75 188 263 395 63 (49) 14 130 (11) 282 (110) (110) (10) 86 2 (98) 74 263 337

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

October 19, 2012

DB Corp | 2QFY2013 Result Update

Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Working capital cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Interest)
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 85.5 48.9 14.5 0.2 4.8 31.8 5.3 2.8 2.6 4.5 0.5 15.3 12.1 0.5 1.4 7.8 0.1 1.5 19.6 15.5 14.0 20.0 2.3 27 68 69 51 1.9 3.4 2.9 22.3 18.3 6.2 0.9 4.0 12.4 4.1 10.1 10.0 12.2 2.0 35.7 28.4 0.6 1.3 22.4 0.0 1.0 45.7 31.4 35.6 40.3 1.6 25 67 59 56 0.2 0.3 12.2 15.7 13.5 5.0 1.4 3.2 10.1 3.7 14.1 14.1 16.5 3.2 44.7 28.1 0.7 1.4 29.1 0.0 0.1 31.2 33.2 38.3 35.0 1.6 21 70 22 55 (0.0) (0.0) 23.7 20.1 16.1 4.4 1.7 2.7 11.8 3.3 11.0 11.0 13.8 3.7 50.1 19.7 0.7 1.5 19.7 0.0 (0.0) 18.9 24.7 27.9 23.0 1.6 30 62 27 44 (0.1) (0.2) 31.0 19.2 15.1 3.7 1.8 2.4 10.5 2.9 11.6 11.6 14.7 4.0 59.3 19.7 0.7 1.5 19.9 0.1 (0.1) 17.8 24.4 28.9 21.0 1.6 26 63 49 42 (0.2) (0.5) 20.2 15.4 12.4 3.2 1.8 2.1 8.4 2.5 14.4 14.4 17.9 4.0 69.1 21.5 0.7 1.6 22.8 0.0 (0.2) 18.8 26.9 32.7 22.3 1.7 26 63 48 47 (0.2) (0.6) 27.2

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

October 19, 2012

10

DB Corp | 2QFY2013 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. 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 its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

DB Corp. No No No No

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

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

October 19, 2012

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