4QFY2012 Result Update | Infrastructure

May 2, 2012

Punj Lloyd
Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit
Source: Company, Angel Research

NEUTRAL
CMP Target Price
% chg (yoy) 32.2 3.9 (2.9) 3QFY12 2,826 164 70 % chg (qoq) 7.5 55.7 (87.2)

`54 -

4QFY12 3,038 255 9

4QFY11 2,299 245 9

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

Infrastructure 1,734 1.8 82/37 1,079,719 2 17,302 5,239 PUJL.BO

For 4QFY2012, Punj Lloyd (Punj) posted a mixed set of numbers with decent performance on the revenue front; however, the company reported dismal performance on the earnings front mainly on account of higher interest cost. Punj has received orders worth `13,817cr (commendable job in a gloomy environment) during FY2012 against `9,978cr in FY2011, taking its order backlog to `27,276cr (2.6x FY2012 revenue). However, we maintain our Neutral view on the stock on account of various overhangs uncertainty over receivable claims, stretched working capital, increasing leverage on the balance sheet and auditor qualifications. Mixed performance: For 4QFY2012, Punj posted 32.2% yoy top-line growth to `3,038cr. The companys EBITDA margin for the quarter stood at 8.4% in 4QFY2012 against 10.7% in 4QFY2011. Interest and depreciation cost came in at `187cr and `70cr, respectively. Interest cost witnessed a jump of 37.0%/15.2% on a yoy/qoq basis, respectively. On the earnings front, Punj reported profit of `9cr, registering a decline of 2.9% on a yoy basis. Outlook and valuation: We are revising our estimates for FY2013 and FY2014 to factor in the companys mixed performance in 4QFY2012. As compared to the previous quarters, Punj has performed better in 2HFY2012; also, a few positives (such as healthy order inflow and reduction in auditor qualification) have emerged during the past two quarters. However, owing to the erratic performance posted by the company in the past, continuance of this performance remains in doubt. We continue to remain Neutral on the stock due to headwinds faced by the company (mentioned above).

PUNJ@IN

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 37.2 19.4 11.7 31.7

Abs. (%) Sensex Punj Lloyd

3m (0.8)

1yr (8.9)

3yr 51.7 (59.0)

(4.8) (20.6)

Key financials (Consolidated)

Y/E March (` cr) Net sales % chg Adj. net profit % chg FDEPS (`) EBITDA margin (%) P/E (x) RoAE (%) RoACE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

FY2011 8,139 (22.1) (60) (1.8) 8.9 (2.0) 5.9 0.6 0.6 7.0

FY2012 10,557 29.7 92 2.8 8.5 18.9 3.0 7.2 0.6 0.6 7.4

FY2013E 11,592 9.8 60 (34.2) 1.8 8.4 28.7 2.0 7.3 0.6 0.6 6.9

FY2014E 12,993 12.1 106 74.8 3.2 8.4 16.4 3.4 8.0 0.5 0.6 6.6

Nitin Arora
022-39357800 Ext: 6842 nitin.arora@angelbroking.com

Please refer to important disclosures at the end of this report

Punj Lloyd | 4QFY2012 Result Update

Exhibit 1: 4QFY2012 performance (Consolidated)

Y/E March (` cr) Net sales Total expenditure Operating profit OPM (%) Interest Depreciation Non operating income Nonrecurring items Profit Before tax Tax PAT Share of Profits/ (Losses) of Asso. Share of Profits/ (Losses) of MI PAT after MI and Share of Asso. PAT (%) Adjusted PAT Adj. PAT (%) FDEPS (`)
Source: Company, Angel Research

4QFY12 3,038 2,783 255 8.4 187 70 17 16 (5) 21 (3) (9) 9 0.3 9 0.3 0.3

4QFY11 2,299 2,053 245 10.7 136 70 6 45 26 18 (3) 2 9 0.8 9 0.4 0.3

% yoy chg 32.2 35.5 3.9 (230)bp 37.0 (0.1) 200.9 (65.3) (119.2) 12.1 (2.9) (2.9) (2.9)

3QFY12 2,826 2,662 164 5.8 162 89 195 107 33 75 (5) 1 70 2.6 70 2.5 2.1

% qoq chg 7.5 4.5 55.7 260bp 15.2 (21.7) (91.2) (85.5) (115.6) (72.3) (87.2) (87.2) -

FY2012 10,557 9,660 897 8.5 633 299 227 193 81 112 (11) (9) 92 1.1 92 0.9 2.8

FY2011 8,139 7,411 728 8.9 463 269 21 16 66 (50) 2 (3) (60) (0.6) (60) (0.7) (1.8)

% chg 29.7 30.3 23.3 (40)bp 36.5 11.0 994.0 1,115.8 21.7 -

Decent top-line growth

For 4QFY2012, Punj posted 32.2% yoy top-line growth to `3,038cr. On a sequential basis as well, revenue increased by 7.5%. As per management, the companys 4QFY2012 performance has been strong on the back of robust growth delivered by its domestic business, mainly driven by the oil and gas and power sectors. Internationally, Punj is looking to expand its presence in Africa. As per management, high working capital and borrowing costs continue to pose challenges and, hence, Punj is exploring avenues of paring this debt and improving the quality of its balance sheet.
Going forward, the company would be focusing on the following: 1) 2) Bringing down the cost of debt by shifting debt to some other geography where cost of debt is lower. Improving profitability and working capital cycle.

Libya: On the Libyan orders (~`3,900cr) front, Punj is hopeful that the new government will honor the contracts. As per the company, resource mobilization is continuing at Libya and execution of upstream and oil and gas projects is expected to resume shortly. Accordingly, auditors have invited attention to the Libya issue as Emphasis of Matter only. However, political situation in Libya has not stabilized yet and the company is hoping that some stability will emerge in the next 3-6 months. Heera: In ONGC Heera matter, arbitration proceedings, which had been initiated, have been adjourned on mutual agreement. The dispute is being referred to Outside Expert Committee (OEC). This would likely resolve the dispute expeditiously. Further, there has been a reduction in auditor qualifications regarding non-accounting of liquidation damages on Heera project from `65cr to `7cr.

May 2, 2012

Punj Lloyd | 4QFY2012 Result Update

Exhibit 2: Revenue growth on a healthy execution pace

3,500 3,000 2,500 2,000 1,500 1,000 500 0 (27.0) (30.8) (41.7) (44.9) 12.2 (1.9) (6.9) 37.4 29.4 30.5 20.3 33.4 32.2 50.0 40.0 30.0 20.0 10.0 (10.0) (20.0) (30.0) (40.0) (50.0)

Exhibit 3: Quarterly order inflow and backlog

30,000 25,000 20,000 15,000 10,000 5,000 -

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12
-

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

Sales (` cr, LHS)

Growth (yoy %, RHS)

4QFY12

Order Inflow (` cr, LHS)

Order Book (` cr, LHS)

Source: Company, Angel Research

Source: Company, Angel Research

Higher interest cost mars earnings growth

The companys EBITDA margin for the quarter stood at 8.4% against 10.7% in 4QFY2011. Going ahead, management is confident that the company will be able to maintain its EBITDA margin at 8-11%. Hence, we are estimating EBITDAM of 8.4% for FY2013 and FY2014, respectively. Interest and depreciation cost came in at `187cr and `70cr, respectively. Interest cost witnessed a jump of 37.0%/15.2% on a yoy/qoq basis, respectively. On the earnings front, Punj reported profit of `9cr, registering a decline of 2.9% on a yoy basis.

Exhibit 4: EBITDAM trend

400 300 200 100 0 -100 -200 -300 -400 -500 -600 10.4 7.4 7.7 (2.2) 7.7 9.2 4.5 10.7 8.0 8.4 5.8 8.4 15.0 10.0 5.0 (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) (35.0)

Exhibit 5: Erratic performance at earnings level continues

150 100 50 0 -50 -100 -150 -200 -250 -300 (8.1) 4.2 1.8 0.5 (1.8) (1.8) 1.2 (2.8) 2.5 0.4 1.0 (0.6) 0.3 6.0 4.0 2.0 (2.0) (4.0) (6.0) (8.0) (10.0)

(29.0)

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

EBITDA (` cr, LHS)

EBITDAM (%, RHS)

PAT (` cr, LHS)

PATM (%, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Order book analysis

Order inflow during FY2012 stood at `13,817cr vs. `9,978cr in FY2011, taking the companys outstanding order book to `27,276cr (2.6x FY2012 revenue). Punj has done a commendable job in terms of order inflow in an otherwise gloomy environment for orders. However, order inflow for 4QFY2012 has been muted with the company bagging orders worth `1,453cr during the quarter. The companys order book is dominated by the infrastructure (44.4%) and process (19.2%) segments. Geographically, South Asia contributes 47.7% to the companys order book, followed by Middle East & CIS and Asia Pacific, which contribute 21.0% and 15.1%, respectively. Going ahead, management will continue to explore opportunities in Southeast Asia, Middle East and Africa.

May 2, 2012

4QFY12

4QFY12

Punj Lloyd | 4QFY2012 Result Update

Exhibit 6: Order backlog Sector wise (` cr)

Exhibit 7: Order backlog Geography wise (` cr)

Source: Company, Angel Research

Source: Company, Angel Research

Outlook and valuation

We are revising our estimates for FY2013 and FY2014 mainly to factor in good performance on the revenue front and higher interest expense in 4QFY2012. Our revised revenue estimates for FY2013 and FY2014 are `11,592cr (earlier `10,592cr) and `12,993cr (earlier `12,193cr), respectively. EBITDAM remains unchanged for FY2013 and FY2014. However, we are now estimating PAT of `74cr (earlier `96cr) and `106cr (earlier `151cr) for FY2013 and FY2014, respectively, considering the increase of 37.0%/15.2% on a yoy/qoq basis, respectively, in interest cost in 4QFY2012.

Exhibit 8: Change in estimates

FY2013E Earlier Estimates Revenues (` cr) EBITDA Margin (%) PAT (` cr)
Source: Company, Angel Research

FY2014E Variation (%) 9.4 (23.4) Earlier Estimates 12,193 8.4 151 Revised Estimates 12,993 8.4 106 Variation (%) 6.6 (30.2) 11,592 8.4 74

Revised Estimates

10,592 8.4 96

As compared to the previous quarters, Punj performed better in 2HFY2012; also, a few positives (such as healthy order inflow and reduction in auditor qualification) emerged during the past two quarters. However, owing to the erratic performance posted by the company in the past, continuance of this performance remains in doubt. We continue to remain Neutral on the stock due to headwinds faced by the company.

Exhibit 9: Angel EPS forecast vs. consensus

Angel Forecast FY2013E FY2014E
Source: Company, Angel Research

Bloomberg consensus 4.3 6.1

Variation (%) (57.4) (48.1)

1.8 3.2

May 2, 2012

Punj Lloyd | 4QFY2012 Result Update

Exhibit 10: Recommendation Summary

Company ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. CMP 210 15 20 168 184 61 74 54 47 106 52 138 227 TP Rating FY12E 302 Buy 1,522 2,145 3,988 3,176 5,178 5,057 - Neutral - Neutral 228 265 79 104 84 76 Buy Buy Buy Top-line (` cr) FY13E 2,014 2,526 4,239 3,821 6,619 5,758 2,294 2,792 4,522 4,582 7,263 6,860 22.7 14.1 6.5 20.1 18.4 16.5 14.7 14.0 21.9 19.1 3.6 10.9 12.8 15.4 18.0 (1.1) (3.7) 14.2 22.4 2.0 2.9 63.5 4.4 1.4 14.9 2.8 9.3 19.6 EPS (`) 28.4 1.8 (1.8) 15.0 24.7 4.7 4.2 70.7 5.8 3.5 14.0 1.8 10.2 27.2 30.8 2.8 (0.8) 16.9 26.2 6.0 5.0 76.2 6.5 5.4 14.5 3.2 11.3 35.1 30.8 9.4 8.3 72.7 30.9 9.5 21.8 97.6 (1.1) 7.2 10.5 33.9 11.7 11.9 8.2 30.1 25.2 19.1 12.1 34.3 7.1 18.9 14.9 11.6 Adj. P/E 7.4 8.2 11.2 7.4 13.0 17.6 17.2 9.2 13.6 7.5 28.7 13.6 8.3 6.8 5.3 9.9 7.0 10.1 14.7 15.9 8.2 8.8 7.3 16.4 12.2 6.5 OB/ 4.2 2.7 3.8 5.2 4.4 3.3 3.8 4.3 2.7 2.6 2.7 2.9 FY14E CAGR (%) FY12E FY13E FY14E CAGR (%) FY12E FY13E FY14E Sales(x)

Buy 13,963 16,017 18,359 Buy 53,779 60,258 69,900 Buy Buy 1,952 4,946 3,573 2,604 5,929 2,503 5,790 3,609 2,989 6,732 2,903 7,022 3,836 3,314 7,902

1,215 1,641

- Neutral 199 316 Buy Buy

- Neutral 10,557 11,592 12,993

Source: Company, Angel Research

Exhibit 11: SOTP break-up

Company ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. Core Const. ` 128 20 (5) 136 38 54 34 1,296 33 43 55 72 102 316 % to TP 42 100 (20) 60 14 69 32 79 39 57 51 100 51 100 Real Estate ` 12 27 2 2 17 % to TP 50 26 2 2 16 Road BOT ` 174 16 88 195 50 10 16 98 % to TP 58 70 38 74 59 13 15 49 Invst. In Subsidiaries ` 4 25 344 % to TP 2 31 21 22 19 ` 32 43 Others % to TP 12 42 28 18 Total ` 302 20 23 228 265 79 104 1,641 84 76 106 72 199 316

Source: Company, Angel Research

May 2, 2012

Punj Lloyd | 4QFY2012 Result Update

Profit & Loss Statement (Consolidated)

Y/E March (` cr) Net Sales Other operating income Total operating income % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Asso Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT Add: Share of earnings of asso. Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 11,912 10,448 53.6 3,751 6,429 1,292 440 (36.4) 3.7 177 263 (51.7) 2.2 352 71 (406) (17) (103.9) (19) 1 226 16,925.9 (225) (7) 6 (225) (240) (2.0) (7.9) (7.2) (12.3) 3,770 4,968 1,345 365 (17.2) 3.5 227 137 (47.8) 1.3 387 108 (77) (141) (162) 21 137 654.4 (116) 10 (2) (108) (363) 51.1 (3.5) (10.9) (10.9) 51.1 11,912 10,448 11,472 10,083 8,139 10,557 (22.1) 7,411 2,328 3,985 1,126 728 99.7 8.9 269 459 233.5 5.6 463 21 131 16 16 66 417.7 (50) 2 (3) (8) (60) (60) (0.7) (1.8) (1.8) 29.7 9,660 3,273 5,363 1,193 150 897 23.3 8.5 299 599 30.5 5.7 633 227 118 193 193 81 41.8 112 (11) (9) 92 92 0.9 2.8 2.8 8,139 10,557
11,592 11,592 12,993 12,993

9.8
10,614 3,350 5,784 1,310 170 978

12.1
11,897 3,755 6,484 1,468 190 1,096

9.0 8.4
318 660

12.1 8.4
342 754

10.2 5.7
645 95 87 -

14.2 5.8
676 114 59 -

109 (43.4)
-

191 74.8
-

708.0 (111.2) 1,116.0

109
35

191
62

32.5
74

32.5
129

(7) (6) 60 60

(13) (11) 106 106

(34.2) 0.5 1.8 1.8 (34.2)

74.8 0.8 3.2 3.2 74.8

May 2, 2012

Punj Lloyd | 4QFY2012 Result Update

Balance Sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 2,653 777 1,875 297 661 8,295 812 1,053 6,430 4,895 3,400 0 6,260 3,120 943 2,178 160 382 8,828 611 1,042 7,175 3,843 4,985 7,709 3,365 1,113 2,252 213 384 9,367 1,215 1,013 7,139 4,468 4,898 7,752 3,865 1,412 2,453 292 384 11,532 673 1,314 9,545 5,794 5,739 8,872
4,185 1,730 2,455 209 4,506 2,072 2,434 207

FY2009 61 2,424 2,485 42 3,559 174 6,260

FY2010 66 2,961 3,027 42 4,455 184 7,709

FY2011 FY2012E 66 2,912 2,979 74 4,542 156 7,752 66 2,990 3,056 74 5,586 156 8,872

FY2013E FY2014E 66 66

3,036 3,103 74 5,896 156 9,229

3,127 3,194 74 6,232 156 9,656

384 12,527 916 1,443 10,167 6,350 6,177 9,229

384 13,731 717 1,617 11,396 7,103 6,627 9,656

May 2, 2012

Punj Lloyd | 4QFY2012 Result Update

Cash Flow statement (Consolidated)

Y/E March (` cr) Profit Before Tax Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments Other income Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances FY2009 FY2010 1 177 983 71 226 (1,101) (653) (115) 71 (697) 1,952 11 (20) 1,921 122 690 812 21 227 1,786 108 137 (1,783) (338) 279 108 50 648 896 6 (6) 1,532 (201) 812 611 FY2011 FY2012E FY2013E FY2014E 16 269 (690) 21 66 888 (297) (2) 21 (278) (8) 87 6 (79) (6) 604 611 1,215 193 299 1,382 227 81 (1,198) (579) 227 (352) 1,043 14 (21) 1,008 (542) 1,215 673 109 318 194 95 35
102

191 342 650 114 62

(292)

(237) 95
(142)

(319) 114
(205)

310 14 (14)
283 243 673 916

336 14 (24)
298 (200) 916 717

May 2, 2012

Punj Lloyd | 4QFY2012 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 Order Book/Sales (x) 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 (Pre-tax) Angel ROIC (Pre-tax) ROAE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 1.1 6.2 0.7 1.3 10.5 0.4 1.1 4.6 1.0 1.6 5.5 0.9
1.6 5.1 1.0 1.7 5.0 1.1

FY2009 FY2010 0.6 0.7 0.4 10.2 0.7 1.7 (7.9) (7.2) (2.1) 0.4 81.9 2.2 2.6 0.7 4.9 5.7 (9.2) 5.0 88 73 125 64 0.6 0.3 0.5 15.3 0.7 2.7 (10.9) (10.9) (4.1) 0.2 91.2 1.3 1.7 1.1 2.0 2.2 (13.2) 3.6 145 85 151 122

FY2011 FY2012E FY2013E FY2013E 8.3 0.6 0.3 0.6 7.0 0.7 2.3 (1.8) (1.8) 6.3 0.2 89.7 5.6 1.2 1.2 5.9 6.7 (2.0) 2.5 213 98 195 181 18.9 4.4 0.6 0.8 0.6 7.4 0.7 2.5 2.8 2.8 11.8 0.4 92.0 5.7 58.2 1.4 4.7 7.3 1.3 1.3 7.2 8.1 3.0 2.9 192 92 186 151
28.7 4.6 0.6 16.4 3.9 0.5

0.8
0.6 6.9 0.7 2.5 1.8 1.8 11.4

0.8
0.6 6.6 0.8 2.4 3.2 3.2 13.5

0.4
93.4 5.7 67.6

0.4
96.2 5.8 67.6

1.4
5.4 7.6 1.6 1.9

1.5
5.9 7.5 1.6 3.2

7.3
8.0 2.0 2.9 207 99 199 163

8.0
8.7 3.4 3.0 205 94 197 157

May 2, 2012

Punj Lloyd | 4QFY2012 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbrokling.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

Punj Lloyd 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%)

May 2, 2012

10