1QFY2013 Result Update | Infrastructure

August 14, 2012

Madhucon Projects
Performance Highlights
Quarterly highlights - Standalone
Y/E March (` cr) Net sales Operating profit Net profit
Source: Company, Angel Research

BUY
CMP Target Price
Investment Period
4QFY12
432 51 15

`35 `56
12 Months

1QFY13
336 47 7

1QFY12
329 46 8

% chg (yoy)
2.1 1.8 (11.9)

% chg (qoq)
(22.2) (7.6) (53.0)

Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 258 0.9 94/33 11,340 1 17,728 5,380 MAPR.BO MDHPJ@IN

For 1QFY2013, Madhucon Projects Ltd (MPL) reported a mixed set of numbers with revenue coming in below our expectations. However, a higher EBITDAM resulted in a better-than-expected earnings performance. MPLs
order book stands tall at ~`7,000cr (3.2x FY2013E revenue), providing good visibility for the next couple of years. We maintain our Buy recommendation on the stock. Mixed performance: On the top-line front, MPL posted a disappointing

performance with a y-o-y increase of 2.1% to `336cr, way below our expectations of `425cr. As per the management, a ramp up in execution of
Barasat Krishnagar and Ranchi Rargon Jamshedpur projects will drive the companys revenue growth going ahead. The EBITDAM came in at 14.0%, flat

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 57.8 21.7 9.6 11.0

on a y-o-y basis but posted a jump of 220bp on a q-o-q basis against our expectation of 11.9%. Interest cost stood at `24cr a jump of 15.1% on a y-o-y basis but a decline of 11.3% on a sequential basis. On the earnings front, the company posted a decline of 11.9% yoy at `7cr, higher than our expectations of `5cr. This is despite a higher tax rate (39.5%) on the back of higher EBITDAM and lower-than-expected interest cost.
Outlook and valuation Raising capital is the key catalyst: MPL has an equity requirement of ~`570cr for its build-operate-transfer (BOT) road projects. We believe the key triggers to watch out for MPL would be a pick-up in execution in the development business and raising money for the same. Hence, we believe until then the stock would be a sector performer and real value would be created only on unlocking at the subsidiary level. We have valued MPL on a SOTP basis to arrive at a target price of `56 and maintain our Buy rating on the stock.

Abs. (%) Sensex MPL

3m 9.3

1yr 5.3

3yr 19.9 (58.0)

(23.9) (51.6)

Key financials (Standalone)

Y/E March (` cr) Net sales (incl op. income) % 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 1,816 30.8 41 (10.2) 5.6 9.5 6.3 6.9 10.1 0.4 0.5 5.5

FY2012 1,802 (0.7) 37 (11.2) 4.9 11.3 7.1 5.8 9.5 0.4 0.7 6.6

FY2013E 2,206 22.4 34 (5.9) 4.6 10.7 7.5 5.2 8.6 0.4 0.7 6.5

FY2014E 2,502 13.4 35 0.8 4.7 10.7 7.5 5.0 8.3 0.4 0.7 6.3

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

Please refer to important disclosures at the end of this report

Madhucon Projects | 1QFY2013 Result Update

Exhibit 1: Quarterly performance (Standalone)

Y/E March (` cr) Net sales Total expenditure Operating profit OPM (%) Interest Depreciation Non operating income Nonrecurring items Profit before tax Tax Reported net profit PAT (%) Reported EPS (`)
Source: Company, Angel Research

1QFY13 336 289 47 14.0 24 13 1 0 12 5 7 2.1 0.9

1QFY12 329 283 46 14.1 21 12 1 0 14 6 8 2.4 1.1

4QFY12 432 381 51 11.8 27 14 14 24 9 15 3.5 2.0

% Chg (yoy) 2.1 2.2 1.8 (10)bp 15.1 6.3 134.0 (16.7) (23.1) (11.9) (30)bp (11.9)

% Chg (qoq) (22.2) (24.2) (7.6) 220bp (11.3) (8.4) (90.8) (52.0) (50.4) (53.0) (140)bp (53.0)

FY2012 1802 1598 204 11.3 109 51 17 0 61 25 37 2.0 4.9

FY2011 1705 1520 185 10.9 62 47 5 0 81 30 51 3.0 6.9

% Chg 5.7 5.2 10.3 40bp 76.6 7.8 225.7 (24.6) (18.1) (28.4) (100)bp (28.4)

Exhibit 2: 1QFY2013 Actual vs. Estimates

(` cr) Net Sales EBITDA Interest PAT
Source: Company, Angel Research

Estimates 425 51 29 5

Actual 336 47 24 7

Variation (%) (20.8) (6.7) (17.9) 44.9

Revenue growth loses momentum

On the top-line front, MPL posted a disappointing performance with a y-o-y increase of 2.1% to `336cr, way below our expectations of `425cr.
Operational projects: On the BOT front, four operational projects witnessed toll collection of ~`46lakhs/day. Further, the management is expecting toll collections to improve for the Madurai Tuticorin project in the next few quarters. Under construction projects: MPL has achieved ~48% completion for the Chhapra Hazipur project. Further, it has achieved financial closure (FC) for Barasat Krishnagar and Ranchi Rargon Jamshedpur projects and started construction work. However, for the two recently won road projects Vijayawada Machilipatnam and Rajauli Bakhtiyarpur the company is yet to achieve FC.

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Exhibit 3: Muted revenue growth

700 600 500 400 300 200 (19.2) 25.6 22.0 18.3 2.1 (27.1) 77.5 100.0 80.0 60.0 40.0 20.0 -

352

593

329

416

625

432

3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 Sales (` cr, LHS)
Source: Company, Angel Research

336

100

(20.0) (40.0)

Growth (yoy %, RHS)

Higher EBITDAM leads to better-than-expected earnings show

The EBITDAM came in at 14.0%, flat on a y-o-y basis but posted a jump of 220bp on a q-o-q basis against our expectations of it coming in at 11.9%. The interest cost stood at `24cr a jump of 15.1% yoy but a decline of 11.3% on a sequential basis. On the earnings front, the company posted a decline of 11.9% on a y-o-y basis at `7cr, higher than our expectations of `5cr despite a higher tax rate (39.5%) on the back of higher EBITDAM and lower-thanexpected interest cost.

Exhibit 4: EBIDTAM trend

70.0 60.0 50.0 40.0 30.0 20.0
45 63 46 54 53 51 47

Exhibit 5: PATM trend

13.0 11.8 14.0 16.0 14.0 12.0 8.4 10.0 8.0 6.0 4.0 2.0 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 PAT (` cr, LHS) PATM (%, RHS) 10 5
12 19 8 6 8 15 7

14.1 12.7 10.6

25 3.3 20 2.4 15 1.5 1.2 3.3

3.5

4.0 3.5 3.0 2.1 2.5 2.0 1.5 1.0 0.5 -

10.0 0.0

3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 EBITDA (` cr, LHS) EBITDAM (%, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Order book analysis

MPLs order book, as of 1QFY2013, stood at ~`7,000cr (4.3x FY2012 revenue), which is dominated by the roads (60.9%) and irrigation (21.3%) segments. The balance was contributed by the power, real estate, mining and other segments.

Exhibit 6: Segment wise order book break-up (` cr)

545 1,490 4,260 425

280

Roads

Power

Irrigation

Real Estate

Mining & others

Source: Company, Angel Research

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Outlook and valuation

Raising of capital The key catalyst
MPL has an equity requirement of ~`570cr for its BOT road projects. We believe the key triggers to watch out for MPL are pick-up in execution in the development business and raising money for the same. Hence, we believe until then the stock would be a sector performer and real value would be created only on unlocking at the subsidiary level. We have valued MPL on a SOTP basis to arrive at a target price of `56 and maintain our Buy rating on the stock.

Exhibit 7: Derivation of SOTP-based target price for MPL (FY2014E)

Business Segment MPL - Parent Madhucon Infra. Agra Jaipur TN (DK) Exp Trichy Thanjavur Madhurai Tuticorin Simhapuri Energy Coal Venture Real Estate Total
Source: Company, Angel Research

Methodology P/E NPV NPV NPV NPV Investment Investment 9acres at Kukatpally

Remarks 3x FY2014E Earnings CoE -14%, Traffic and Toll increase 4% and 5% respectively CoE -14%, Traffic and Toll increase 3% and 3% respectively CoE -14%, Traffic and Toll increase 4% and 5% respectively CoE -14%, Traffic and Toll increase 3% and 4% respectively 0.5x of investments 0.5x of investments 0.5x of investments

` cr 103.9 362.9 127.3 38.1 (22.0) 64.7 132.3 22.5 14.5 481.3

`/share 14.0 40.1 17.2 5.1 (3.0) 8.7 8.9 3.0 2.0 56.1

% to TP 25.0 71.5 30.7 9.2 (5.3) 15.6 15.9 5.4 3.5 100.0

Investment arguments
Captive order inflows drive the companys order book growth: As of 1QFY2013, MPL has an order book of ~`7,000cr, spread across the power, highway and irrigation segments. In recent times, the companys order book witnessed traction in the road segment via winning of BOT projects and captive power projects. Value unlocking at the subsidiary level A key to enhance value: We believe MPL has a decent portfolio of road BOT assets (four operational + five under construction/development), power projects and coal mining projects, which have latent potential. However, we believe faster execution and value unlocking at the subsidiary level would act as a trigger for the companys performance. We expect MPL to access the capital markets in FY2014, when it would have reached more milestones and enhanced its asset visibility. Therefore, in the short to medium term, the stock would continue to be a sector performer.

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Key concerns
Dependability on capital markets for equity: MPL has plans to raise money from markets to fund its asset-expansion spree. In case MPL is unsuccessful in doing so, it may face delays, which will negatively impact the IRRs of the companys projects. Rising commodity prices: MPL has high proportion of captive road BOT projects, which are fixed-price contracts. In such contracts, some price escalations can be factored in; however, the company may face risk of margin erosion if commodity prices increase beyond estimates. Awarding from NHAI: Any slowdown in awarding activity by NHAI would hit order inflow for road-focused players such as MPL.

Company background
Madhucon Projects Ltd (MPL) is a Hyderabad-based construction company promoted by N. Seethaiah and N. Krishnaiah. The company operates in the road (61% of order book), irrigation (21%), power (4%), mining (6%) and real estate (8%) segments. MPL has a portfolio of nine road BOT projects (four operational and five under construction/development), three power projects (300MWx2 and a recent international foray), a coal mine in Indonesia, and land bank in Hyderabad.

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Exhibit 8: Recommendation summary

Company ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. CMP 264 16 17 121 164 46 77 35 41 81 52 133 200 TP Rating FY12 273 Neutral - Neutral - Neutral 166 232 61 91 56 45 Buy Buy Buy Buy Accu. Buy Accu. 1,514 2,048 3,988 3,131 5,606 4,971 Top line (` cr) FY13E 2,014 2,262 4,239 3,964 6,840 5,510 FY14E CAGR (%) 2,293 2,522 4,522 4,582 7,767 6,722 23.1 11.0 6.5 21.0 17.7 16.3 16.7 14.0 17.8 11.4 3.6 11.5 8.5 14.1 18.0 (0.5) (3.7) 14.9 25.6 0.9 4.8 64.3 4.9 1.4 14.9 2.8 9.3 16.8 EPS (`) FY12 FY13E FY14E CAGR (%) 22.6 1.5 (2.3) 15.5 24.4 2.5 4.2 72.1 4.6 3.0 14.0 1.7 7.5 23.5 26.7 2.7 (1.0) 16.9 28.3 4.6 5.0 76.3 4.7 3.5 14.5 3.1 10.4 29.4 21.7 6.5 5.3 125.5 1.9 9.0 (2.6) 58.0 (1.1) 5.7 5.7 32.2 14.7 8.1 6.4 50.7 16.0 22.6 7.1 29.2 5.4 18.9 14.3 11.9 P/E FY12 FY13E FY14E 11.7 10.4 7.9 6.7 18.0 18.2 20.1 7.5 13.5 5.8 30.7 17.7 8.5 9.9 5.8 7.2 5.8 10.0 15.4 19.0 7.5 11.7 5.6 16.9 12.8 6.8 OB/ Sales 3.9 2.2 3.5 2.9 5.6 2.5 3.2 3.5 2.7 2.3 2.9 2.5

12,853 15,259 17,502 53,171 60,474 69,091 1,802 5,250 3,573 2,676 6,019 2,206 5,804 3,609 2,506 6,732 2,502 6,513 3,836 3,147 7,837

1,452 1,553

- Neutral 182 265 Buy Buy

- Neutral 10,557 11,892 13,116

Source: Company, Angel Research

Exhibit 9: 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. ` 87 16 (6) 98 19 41 28 1,221 14 25 44 69 83 265 % to TP 32 100 (26) 59 8 67 31 79 25 54 46 100 46 100 ` 12 30 2 2 17 Real Estate % to TP 53 33 3 4 18 ` 186 16 64 180 28 4 16 99 Road BOT % to TP 68 73 39 78 50 8 16 54 Invst. In Subsidiaries ` 4 20 332 % to TP 3 33 21 ` 33 33 12 15 19 Others % to TP 14 36 21 34 20 Total ` 273 16 22 166 232 61 91 1,553 56 45 95 69 182 265

Source: Company, Angel Research

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Profit & loss statement (Standalone)

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 Inc. (incl pft from Ass/JV) (% 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 (`) (Reported) Fully Diluted EPS (`) % chg FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 1,025 1,025 38.9 901 706 118 46 31 124 15.5 12.1 43 81 9.9 7.9 27 19.1 26.1 73 5.2 73 26 35.6 47 47 47 (0.7) 4.6 6.4 6.3 (0.7) 1,388 1,388 35.4 1,253 1,022 135 50 47 135 9.2 9.8 46 89 10.4 6.4 25 5.6 8.1 69 (5.0) 69 24 34.1 46 46 46 (2.4) 3.3 6.2 6.2 (2.4) 1,816 1,816 30.8 1,644 1,397 120 58 69 172 27.2 9.5 48 124 39.9 6.9 63 8.9 12.5 71 1.9 71 23 33.0 47 47 41 (10.2) 2.3 6.4 5.6 (10.2) 1,802 1,802 (0.7) 1,598 1,417 57 124 204 18.4 11.3 51 153 22.8 8.5 109 17.3 28.4 61 (13.7) 61 25 40.3 37 37 37 (11.2) 2.0 4.9 4.9 (11.2) 2,206 2,206 22.4 1,971 1,533 267 90 79 236 15.5 10.7 64 172 12.3 7.8 139 19.1 36.7 52 (14.8) 52 18 34.0 34 34 34 (5.9) 1.6 4.6 4.6 (5.9) 2,502 2,502 13.4 2,235 1,739 303 103 90 267 13.4 10.7 80 187 9.1 7.5 156 21.0 40.0 52 0.7 52 18 33.9 35 35 35 0.8 1.4 4.7 4.7 0.8

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Balance sheet (Standalone)

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 Investments Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 462 173 288 373 715 52 88 85 491 508 207 868 491 218 273 639 753 75 124 55 498 563 189 1,101 505 264 241 756 1,386 178 379 64 764 1,020 366 1,363 535 315 220 870 1,813 417 400 124 872 1,051 761 1,851 595 379 216 1,043 2,188 340 513 214 1,121 1,286 903 2,162 664 459 205 1,252 2,407 275 600 197 1,335 1,531 876 2,333 7 529 536 320 12 868 7 571 578 513 10 1,101 7 601 609 751 4 1,363 7 634 641 1,206 4 1,851 7 664 671 1,487 4 2,162 7 694 702 1,628 4 2,333 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

August 14, 2012

Madhucon Projects | 1QFY2013 Result Update

Cash flow statement (Standalone)

Y/E March (` cr) Profit before tax (excluding MI) 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 FY2011 FY2012E FY2013E FY2014E 73 43 71 19 26 1 (83) (73) 19 (137) 124 3 (1) 119 (17) 102 85 69 46 11 6 26 73 (29) (266) 6 (290) 193 3 (2) 187 (29) 85 55 71 48 168 9 23 (81) (7) (117) 9 (116) 238 2 (30) 206 9 55 64 61 51 336 17 25 (265) (30) (113) 17 (126) 456 4 451 60 64 124 52 64 52 19 18 28 (60) (174) 19 (215) 281 4 277 90 124 214 52 80 (10) 21 18 104 (69) (209) 21 (257) 140 4 136 (17) 214 197

August 14, 2012

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Madhucon Projects | 1QFY2013 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 (%) ROACE (Pre-tax) Angel ROIC (Pre-tax) ROAE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Loans and Advances (days) Payables (days) W.cap cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 0.4 1.9 3.0 0.8 3.4 3.5 1.1 4.0 2.0 1.7 5.3 1.4 1.9 5.4 1.2 2.0 5.4 1.2 2.4 29 32 159 180 31 2.9 17 28 130 133 34 3.6 25 51 127 153 44 3.5 60 79 166 202 95 3.9 63 76 165 186 110 4.0 45 81 179 198 100 10.3 11.7 9.1 9.0 9.7 8.2 10.1 10.6 6.9 9.5 10.1 5.8 8.6 9.3 5.2 8.3 9.2 5.0 7.9 0.6 1.5 7.5 6.6 0.3 7.8 6.4 0.7 1.5 6.4 4.0 0.6 7.9 6.9 0.7 1.5 7.1 6.6 1.0 7.6 8.5 0.6 1.2 6.0 6.7 1.4 5.2 7.8 0.7 1.2 6.2 6.8 1.8 5.0 7.5 0.7 1.2 6.1 6.6 2.0 5.0 6.4 6.3 12.2 0.8 72.4 6.2 6.2 12.5 0.4 78.1 6.4 5.6 12.0 0.2 82.2 4.9 4.9 11.8 0.5 86.6 4.6 4.6 13.3 0.5 90.7 4.7 4.7 15.5 0.5 94.8 5.5 2.9 0.5 2.3 0.5 4.0 0.6 5.7 2.8 0.4 1.1 0.5 5.3 0.6 6.3 2.9 0.4 0.7 0.5 5.5 0.7 7.1 3.0 0.4 1.4 0.7 6.6 0.7 7.5 2.6 0.4 1.4 0.7 6.5 0.7 7.5 2.3 0.4 1.4 0.7 6.3 0.7 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

August 14, 2012

11

Madhucon Projects | 1QFY2013 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

Madhucon Projects 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 14, 2012

12