2QCY2012 Result Update | Capital Goods

August 9, 2012

ABB India
Performance Highlights
(` cr) Revenue EBITDA EBITDA margin (%) Reported PAT 2QCY12 1,884 106.0 5.6 51.6 2QCY11 1,713 85.5 5.0 38.7 % chg (yoy) 10.0 24.0 63 33.3 1QCY12 1,790 97.5 5.4 47.6 % chg (qoq) 5.2 8.7 18 8.4

SELL
CMP Target Price
Investment Period
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

`789 `498
12 Months

Capital Goods 16,732 (315) 1.0 1037/541 74,233 2 17,561 5,323 ABB.BO ABB@IN

Source: Company, Angel Research

ABB India (ABB) reported better than expected numbers for 2QCY2012. It reported in-line top-line growth of 10.0% and better than expected bottom-line growth of 33.3%. The order intake during the quarter was up 14%, taking the total order book to `9,175 up 9.0% yoy, implying a sales coverage 1.2x. We expect order flow to improve over the coming quarters which will lend to improved growth trajectory. In addition, margin recovery in the long term seems likely, given that the pricing in the transmission and distribution (T&D) segment has bottomed out. However, on the back of expensive valuations we maintain our Sell recommendation on the stock. Across the board revenue growth: For 2QCY2012, the companys revenue came in at `1,884cr, up 10% yoy and 5.2% qoq. The revenue growth was robust through all the segments with low voltage products leading at 18.1%. Power systems, power products and process automation grew at ~12%. EBITDA margins for the quarter came in at 5.6%, up from 5.0% yoy and slightly above our estimate of 5.3%. Power systems saw a sharp revival in profitability with EBIT margins at 5.0%, up from -0.7% yoy. However, process automation saw declining margins for the quarter at -2.5%. Automation products also saw a steep increase in EBIT margins at 12.8%, up from 7.6% yoy. Outlook and valuation: With decent order flows expected in power products and power system segments, along with recovery in profitability due to supply chain initiatives and exit from rural electrification projects coupled with a debt free balance sheet, we expect ABBs fundamentals to steadily improve going forward. However, with the share trading at 38x PE on our CY2013E EPS estimates, we believe the share remains overvalued. Hence, we maintain our Sell recommendation on the stock with a target price of `498.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 75.0 12.9 3.3 8.8

Abs. (%) Sensex DLF

3m 7.8 9.7

1yr 4.2 (2.0)

3yr 15.8 18.3

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

CY2010
6,287 0.8 63 (82.2) 1.3 3.0 264.3 6.9 2.6 1.3 2.6 192.3

CY2011
7,370 17.2 185 191.8 3.8 8.7 90.5 6.6 7.5 8.3 2.2 57.9

CY2012E
8,760 18.9 263 42.7 5.5 12.4 63.5 6.1 10.1 14.6 1.9 34.3

CY2013E
10,023 14.4 440 67.0 7.5 20.7 38.0 5.4 15.2 22.0 1.6 22.0

Rahul Kaul
+91 22 3937 7600 Ext: 6817 rahul.kaul@angelbroking.com

Please refer to important disclosures at the end of this report

ABB India | 2QCY2012 Result Update

Exhibit 1: Quarterly performance

2QCY2012 Net Sales Other operating income Total income Stock adjustments Raw Material (% of total income) Employee Cost (% of total income) Other Expenses (% of total income) Total Expenditure EBITDA (EBITDA %) Interest Depreciation Other Income PBT PBT (%) Total Tax (% of PBT) Reported PAT PAT Margins(%) EPS (`)
Source: Company, Angel Research

2QCY2011 1,693 19 1,713 (79) 1239 71.9 147 8.6 248 14.5 1,627 85 5.0 7 26 7 59 3.4 20 34.3 39 2.3 1.8

% chg (yoy) 9.8 10.0 3.7 19.5 5.6 9.3 24.0 15.0 (12.5) 30.1 23.8 33.3 33.3

1QCY2012 1,773 17 1,790 (8) 1216 71.2 149 8.3 267 14.9 1,693 98 5.4 5 22 2 72 5.5 24 33.5 48 2.7 2.2

% chg (qoq) 4.8 5.2 5.7 17.7 (1.6) 5.0 8.7 41.7 3.5 7.0 4.2 8.4 8.4

CY2011 7,370 79 7,449 (85) 5,563 73.5 587 7.9 1022 18.4 7,087 362 4.9 31 80 16 268 3.6 83 31.1 185 2.5 8.7

CY2010 6,287 72 6,359 (10) 4,812 75.5 490 7.7 911 18.9 6,203 156 2.5 17 52 13 100 1.6 37 36.9 63 1.0 3.0

% chg (qoq) 17.2 17.1 15.6 19.7 12.1 14.2 131.9 76.4 54.0 167.1 124.9 191.8 192.3

1,858 25 1,884 (7) 1285 71.1 175 9.3 262 13.9 1,778 106 5.6 8 23 1 77 4.1 25 32.6 52 2.7 2.4

Exhibit 2: Actual vs. estimates

(` cr) Revenue EBITDA Interest Tax PAT
Source: Company, Angel Research

Actual 1,883.8 106.0 7.7 25.0 51.6

Estimates 1,883.8 99.8 5.4 22.8 47.3

Var (%) 0.0 6.2 41.7 9.7 9.1

August 9, 2012

ABB India | 2QCY2012 Result Update

Across the board revenues growth: For 2QCY2012, the companys revenue was at `1,884cr (+10% yoy, +5.2% qoq). The revenue growth was robust through all the segments with low voltage products leading at 18.1%. Power systems, power products and process automation grew at ~12%.

Exhibit 3: Revenues for the quarter remains flat

2,500 2,000 1,500 1,000 500 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY11 4QCY11 1QCY12 2QCY12

35 30 25 20 15 10 5 0 (5) (10) (15) (20)

Sales (` cr, LHS)

Source: Company, Angel Research

Growth (yoy %, RHS)

Exhibit 4: Segment-wise performance

Y/E Dec. (` cr) Revenue Power Systems Power Products Process Automation Discrete Automation Low Voltage Products Total EBIT Power Systems Power Products Process Automation Discrete Automation Low Voltage Products Total EBIT Margin (%) Power Systems Power Products Process Automation Discrete Automation Low Voltage Products
Source: Company, Angel Research

2QCY12 569 528 329 451 151 2,027 29 29 (8) 58 7 114 28.1 26.0 16.2 22.2 7.4

2QCY11 508 469 294 421 127 1,819 (3) 22 15 32 13 78 27.9 25.8 16.2 23.2 7.0

%chg (yoy) 12.0 12.6 12.1 7.0 18.1 11.5 (914.9) 32.9 (156.1) 79.7 (41.6) 46.4

1QCY12 569 458 304 414 145 1,889 28 11 8 43 8 99 30.1 24.2 16.1 21.9 7.7

%chg (qoq) (0.0) 15.2 8.4 8.8 4.1 7.3 1.1 173.1 (200.7) 33.1 (10.5) 15.8

CY11 2,362 2,001 1,322 1,799 539.9 8,024 (1) 100 38 207 34 377 29.4 24.9 16.5 22.4 6.7

CY10 1,827 1,816 1,189 1,593 448.6 6,872 (111) 82 82 132 2 187 26.6 26.4 17.3 23.2 6.5

%chg (yoy) 29.3 10.2 11.2 13.0 20.4 16.8 (99.2) 21.9 (53.8) 56.4 1,786 102.0

August 9, 2012

ABB India | 2QCY2012 Result Update

Exhibit 5: Power systems: Revenue and growth

800 640 480 320 160 0 2.8 (12.7) (12.8) (25.4) (43.2) (10.1) (14.5) 48.9 49.6 21.7 39.4 15.2 (0.6) 12.0 60 40 20 0 (20) (40) (60)

Exhibit 6: Power product: Revenue and growth

800 640 480 320 160 0
4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY11 4QCY11 1QCY12 2QCY12
40 30 8.1 (0.8) 7.0 20 10 0 (10) (20) (30)
1QCY12

26.8

24.6 12.6 4.1

30 20 10 0 (10) (20)

10.1 (0.1) (2.2) (3.8) 1.4 (4.1) (8.8) (11.5) (15.7) 1.9 5.6

(43.2)

4QCY08

1QCY09

2QCY09

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

Power Systems

Growth (yoy %, RHS)

2QCY12

Power Products

Growth (yoy %, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Exhibit 7: Process automation: Revenue and growth

640 480 320 160 0 10.0 (14.9) 14.0 (2.9) (12.7) 3.6 (9.2) (27.8) (7.1) (7.9) 15.1 62.0 30.1 27.5 12.1 80 60 40 20 0 (20)

Exhibit 8: Discrete Automation: Revenue and growth

640 480 7.4 6.7 320 160 0 (19.5) (21.9) (13.8) (23.1) 27.0 27.5 28.4 14.7 5.4 15.4 26.1

3QCY08

4QCY08

1QCY09

2QCY09

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

4QCY08

1QCY09

2QCY09

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

Process Automation

Growth (yoy %, RHS)

Automation products

Growth (yoy %, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Slight margin expansion: The EBITDA margins for the quarter came in at 5.6%, up from 5.0% yoy and slightly above our estimate of 5.3%. Power systems saw a sharp revival in profitability with EBIT margins at 5.0%, up from -0.7% yoy. However, process automation saw declining margins for the quarter at -2.5%. Automation products also saw a steep increase in EBIT margins at 12.8% up from 7.6% yoy.

Exhibit 9: EBIT margins on a recovery path

20 15 10 5
4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY11 4QCY11 2QCY12

0 (5) (10) (15)

Power Systems

Power Products

Process Automation

Automation products

Low Voltage Products

Source: Company, Angel Research

August 9, 2012

2QCY12

(40)

ABB India | 2QCY2012 Result Update

Order flow stable: Order intake during the quarter increased by 13.3% yoy, which was mainly led by the power segment. Order backlog stands at `9,175cr for 2QCY2012, up 9% yoy, implying order book coverage of 1.2x.

Exhibit 10: Order inflow trend

3,000 2,500 2,000 1,500 1,000 500 0
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Exhibit 11: Order backlog trend

100 80 60 40 20 0 (20) (40)
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

10,000 8,000 6,000 4,000 2,000 0

50 40 30 20 10 0 (10)

(60)

Order inflow (` cr, LHS)

Growth (yoy %, RHS)

Order backlog (` cr, LHS)

Growth (yoy %, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

August 9, 2012

ABB India | 2QCY2012 Result Update

Outlook and valuation: With decent order flows expected in power products and power system segments along with recovery in profitability due to supply chain initiatives and exit from rural electrification projects coupled with a debt free balance sheet, we expect ABBs fundamentals to steadily improve going forward. However, with the share trading at 38x PE on our CY2013E EPS estimates, we believe the share remains overvalued. Hence, we maintain our Sell recommendation on the stock with a target price of `498. Change in estimates: We largely maintain our estimates for CY2012E and CY2013E but reduce our EBITDA margin estimate to 5.5% for CY2013E leading to a decline of 27.5% and 31.8% in EBITDA and PAT respectively for the same year.

Exhibit 12: Change in estimates

CY2012E CY2013E

Earlier estimates
Revenues EBITDA PAT
Source: Company

Revised estimates
8,760 479 263

Var.
0.0 (27.5) (31.8)

Earlier estimates
10,023 748 440

Revised estimates
10,023 748 440

Var.
0.0 0.0 0.0

8,760 662 386

Exhibit 13: Angel EPS forecast

EPS CY2012E CY2013E
Source: Company

Angel 12.4 20.7

Bloomberg 15.4 21.3

Var. (19.3) (2.7)

Exhibit 14: One Year Forward P/E Band

1,800 1,500 1,200 900 600 300 0

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Feb-07

Feb-08

Feb-09

Feb-10

Feb-11

Share price (`)

Source: Company, Angel Research

25x

35x

45x

55x

August 9, 2012

Feb-12

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Jun-12

ABB India | 2QCY2012 Result Update

Exhibit 15: Peer Comparison

Company ABB* BHEL BGR Energy Crompton Greaves Jyoti Structures KEC International Thermax Reco.
Sell

CMP Tgt. price (`)

789 498

Upside/
(36.9)

P/BV(x)
6.1 5.4

P/E(x)
63.5 38.0

FY2011-13E
54.3

RoCE (%)
14.6 22.0

RoE (%)
10.1 15.2

(`) (Downside) (%) FY13E FY14E FY13E FY14E 128 59 74 9.6 53.2 32.0 1.9 1.6 1.9 0.4 1.1 3.3 1.7 1.4 1.7 0.4 0.9 2.9 9.0 9.1 17.9 4.4 5.2 19.1 9.7 8.5 12.8 2.9 4.5 18.0

EPS CAGR FY13E FY14E FY13E FY14E (9.1) (3.4) 17.6 4.6 36.8 (8.5) 28.8 11.8 13.7 15.4 20.9 20.6 23.1 10.6 17.5 17.9 22.4 20.1 22.7 18.3 11.1 10.3 26.9 18.4 18.3 17.6 14.2 14.0 27.2 17.1

Neutral Neutral Accum. Buy Buy Neutral

232 274 117 38 56 512

Source: Company, Angel Research. Note*: December year end

August 9, 2012

ABB India | 2QCY2012 Result Update

Profit and loss statement

Y/E December (` cr) Operating income % chg Total Expenditure Raw Materials Mfg costs Personnel Costs Other Costs EBITDA % chg (% of Net Sales) Depreciation & Amortization EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) 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 CY2009 6,237 (8.8) 5,710 1,823 2,695 389 803 527 (31.5) 8.5 49 479 (34.7) 7.7 24 73 13.8 527 (36.7) 0 527 173 32.8 355 355 355 (35.2) 5.7 16.7 16.7 (35.2) CY2010 6,287 0.8 6,203 2,577 2,225 490 911 84 (84.1) 1.3 52 32 (93.3) 0.5 17 86 85.3 100 (81.0) 0 100 37 36.9 63 63 63 (82.2) 1.0 3.0 3.0 (82.2) CY2011 7,370 17.2 7,087 2,717 2,761 587 1,022 283 238.0 3.8 80 204 534.1 2.8 31 95 35.4 268 167.1 0 268 83 31.1 185 185 185 191.8 2.5 8.7 8.7 191.8 CY2012E 8,760 18.9 8,280 3,138 3,504 753 885 479 69.3 5.5 98 381 87.3 4.4 26 35 9.0 390 45.7 0 390 127 32.5 263 263 263 42.7 3.0 12.4 12.4 42.7 CY2013E 10,023 14.4 9,275 3,442 4,009 802 1,022 748 55.9 7.5 111 636 66.8 6.3 20 35 5.4 651 67.0 0 651 212 32.5 440 440 440 67.0 4.4 20.7 20.7 67.0

August 9, 2012

ABB India | 2QCY2012 Result Update

Balance sheet
Y/E December (` 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 Deferred Tax Asset Current Assets Cash Loans & Advances Inventories Debtors Others Current liabilities Net Current Assets Total Assets 879 206 673 116 17 0 4,749 524 318 729 2,858 320 3,132 1,617 2,424 998 232 766 58 17 5 4,926 587 354 698 2,926 361 3,348 1,579 2,424 1,462 294 1,168 84 51 22 4,960 264 367 926 3,083 321 3,751 1,209 2,535 1,662 392 1,270 50 51 22 6,010 201 358 1,011 3,960 480 4,655 1,355 2,748 1,887 503 1,384 50 51 22 6,536 194 460 1,077 4,256 549 4,954 1,581 3,088 42 0 2,381 2,424 0 0 0 2,424 42 0 2,381 2,424 0 0 0 2,424 42 0 2,492 2,535 0 0 0 2,535 42 0 2,705 2,748 0 0 0 2,748 42 0 3,046 3,088 0 0 0 3,088 CY2009 CY2010 CY2011 CY2012E CY2013E

August 9, 2012

ABB India | 2QCY2012 Result Update

Cash flow statement

Y/E December (` cr) Profit before tax Depreciation (Inc)/Dec 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 CY2009 527 49 (63) (73) (173) 268 (163) 44 73 (46) (0) (50) 4 (50) 176 348 524 CY2010 100 52 102 (86) (37) 131 (104) 0.1 86 (19) 0 (50) 0.3 (50) 63 524 587 (74) (311) 587 276 (50) (63) 276 213 (99) (7) 213 206 CY2011 268 80 47 (95) (83) 216 (513) (33.9) 95 (452) 0 (74) CY2012E 390 98 (209) (35) (127) 117 (166) 0.0 35 (131) 0 (50) CY2013E 651 111 (234) (35) (212) 282 (225) 0.0 35 (190) 0 (99)

August 9, 2012

10

ABB India | 2QCY2012 Result Update

Key ratios
Y/E December Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets OB/Sales Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis (%) EBIT margin Tax retention ratio (%) Asset turnover (x) RoIC (Pre-tax) RoIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) RoCE (Pre-tax) Angel RoIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) (X) 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 (0.2) (1.0) 19.9 (0.2) (7.2) 1.8 (0.1) (1.1) 6.6 (0.1) (0.5) 14.5 (0.1) (0.3) 31.7 7.6 40 171 197 62 6.7 41 168 181 61 6.0 40 149 172 48 5.6 40 147 174 44 5.6 38 150 162 46 21.2 28.7 15.7 1.3 1.8 2.6 8.3 10.5 7.5 14.6 16.6 10.1 22.0 24.3 15.2 7.7 67.2 3.5 26.6 17.9 (0.2) 14.1 0.5 63.1 3.4 1.7 1.1 (0.2) 0.8 2.8 68.9 3.7 10.1 7.0 21.1 (0.2) 9.6 4.4 67.5 3.7 16.2 10.9 0.0 (0.1) 9.7 6.3 67.5 3.8 23.8 16.1 0.0 (0.1) 14.7 16.7 16.7 19.0 2.0 113.7 3.0 3.0 5.4 2.0 114.4 8.7 8.7 12.5 3.0 119.6 12.4 12.4 17.1 2.0 129.7 20.7 20.7 26.0 4.0 145.7 47.1 41.4 6.9 0.3 2.6 30.7 6.7 1.4 264.3 145.4 6.9 0.3 2.6 192.3 6.7 1.3 90.5 63.3 6.6 0.4 2.2 57.9 6.5 1.4 63.5 46.2 6.1 0.3 1.9 34.3 6.0 1.3 38.0 30.3 5.4 0.5 1.6 22.0 5.4 1.2 CY2009 CY2010 CY2011 CY2012E CY2013E

August 9, 2012

11

ABB India | 2QCY2012 Result Update

Research Team Tel: 022 3935 7600

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

ABB India 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%)

August 9, 2012

12