Result Update 2QFY2013 | FMCG

November 8, 2012

Godrej Consumer Products

Performance Highlights
Quarterly result (Consolidated)
Y/E March (` cr) Revenue EBITDA OPM (%) Recurring PAT
Source: Company, Angel Research

NEUTRAL
CMP Target Price
Investment Period

`702 -

2QFY13 1,595 236 14.8 159

2QFY12 1,186 209 17.6 144

% yoy 34.5 13.2 (279) 10.5

1QFY13 1,389 181 13.0 130

% qoq 14.9 30.5 177 22.2

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 FMCG 23,903 1,143 0.3 745/370 44,127 1 18,846 5,739 GOCP.BO GCPL@IN

Godrej Consumer Products Ltd (GCPL), in its 2QFY2013 results, reported an impressive top-line growth of 34.5% yoy to `1,595cr. The organic business net sales growth came strongly at 24%. The Indian subcontinent business registered a growth of 19% yoy on account of strong growth across categories. The international business registered an organic growth of 32%, aided by an impressive performance by Indonesia business (Megasari) which grew by 37% yoy as well as favourable foreign exchange translation impact. Key highlights of the quarter: On the domestic front both personal wash and home care segments posted healthy growth of 24% yoy (volume growth of 6%) and 20% (1.5x category) respectively. The hair colour business grew by 10% yoy. The companys focus on innovation continues and during 2QFY2013 it relaunched the Cinthol range of products (comprising soaps, deo sprays, talks and shower gels) with an objective to connect with the young population. In early October it launched the easy to use Godrej Expert Rich Creme hair colour. On the profitability front, despite a 24bp expansion in the gross margin (aided by fall in vegetable oil prices) GCPL reported a 214bp yoy decline in OPM to 15.3% impacted by higher staff costs, advertising costs and other expenses. Employee costs rose due to Cosmetica and Darling acquisitions, which have higher employee cost component. The recurring PAT for the quarter grew by 24.8% yoy to `159cr. Outlook and valuation: At the current market price, the stock is trading at 25.4x FY2014E consolidated earnings. After valuing the companys various international subsidiaries and giving effect to their varied geographic presence, we believe the current implied valuation of the domestic business is at fair levels. We maintain our Neutral rating on the stock.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 63.8 1.2 27.4 7.6

Abs. (%) Sensex GCPL

3m 7.1 13.8

1yr 7.3 69.3

3yr 16.6 152.0

Key Financials (consolidated)

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

FY2011 3,643 78.5 482 41.8 17.6 14.2 49.6 13.2 38.4 25.0 7.1 40.1

FY2012 4,851 33.2 547 13.6 17.7 16.1 43.7 8.5 33.1 18.7 5.2 29.2

FY2013E 6,355 31.0 776 41.9 18.4 22.8 30.8 7.0 26.4 21.9 3.9 21.5

FY2014E 7,548 18.8 940 21.1 18.6 27.6 25.4 5.8 26.1 24.0 3.3 17.6

V Srinivasan
022-39357800 Ext: 6831 v.srinivasan@angelbroking.com

Please refer to important disclosures at the end of this report

GCPL | 2QFY2013 Result Update

Exhibit 1: Quarterly performance (Consolidated)

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Advertising (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM Interest Depreciation Other Income Forex loss/ (gain) PBT (excl. Ext Items) Ext Income/(Expense) PBT (incl. Ext Items) (% of Sales) Provision for Taxation (% of PBT) PAT (reported) bef MI PATM Minority Interest Adjusted PAT Equity shares (cr) FDEPS (`)
Source: Company, Angel Research

2QFY13 1,595 768 48.1 133 8.4 155 9.7 295 18.5 1,351 244 15.3 20 21 19 8 215 215 13.5 48 22 168 10.5 8 159 34 4.7

2QFY12 1,186 573 48.4 81 6.9 111 9.4 213 18.0 979 207 17.4 15 16 16 17 174 174 14.7 43 25 131 11.0 3 128 32 3.9

% yoy 34.5 33.8 63.7 39.9 38.4 38.0 18.0 30.1 29.6 21.6 (56.1) 23.6 23.6

1QFY13 1,389 664 47.8 129 9.3 153 11.0 244 17.6 1,190 199 14.3 16 20 18 18 163 163 11.7 11 7

% qoq 14.9 15.6 3.4 1.4 21.1 13.6 22.7 21.8 3.8 7.0 (57.0) 32.0 32.0

1HFY2013 2,984 1,432 48.0 262 8.8 308 10.3 564 18.9 2,566 418 14.0 36 41 38 25 353 353 11.8 59 17

1HFY2012 2,184 1,057 48.4 161 7.4 228 10.4 403 18.4 1,849 334 15.3 26 32 29 15 291 (175) 466 21.3 110 24 531 24.3 3 177 32 5.5

% chg 36.6 35.4 62.6 35.1 40.0 38.8 24.9

27.3 28.6 69.7 21.4 (24.3) (46.8) (44.6)

28.0

152 10.9 21

10.5

294 9.9 30

24.8 18.7

130 34 3.8

22.2 22.2

265 34 7.8

49.5 42.2

Exhibit 2: Actual vs Angel estimates

(` cr) Revenue EBITDA OPM (%) Recurring PAT
Source: Company, Angel Research

Actual 1,595 244 15.3 159

Angel est. 1,463 230 15.8 152

% chg 9.0 5.9 (45)bp 4.6

November 8, 2012

GCPL | 2QFY2013 Result Update

Home care and Personal wash segments continue to impress

GCPL reported an impressive top-line growth of 34.5% yoy to `1,595cr. The Indian sub-continent business registered a growth of 19% yoy. The companys homecare (household insecticides) category grew by 20% yoy in 2QFY2013, 1.5x faster than the category growth. The company continued to gain market share and enjoy leadership across all formats of electrics, coils and aerosols. The highly penetrated personal wash (soaps) grew by 24% yoy, with the underlying volume growth coming at 6%. The management attributed the moderation in volume growth to high base effect and the impending Cinthol relaunch at the end of the quarter. The hair care segment grew by 10% yoy. Revenue from the international business registered an organic growth of 32%, aided by an impressive performance from Indonesia as well as favorable impact of INR depreciation. The LatAm business witnessed a strong sales growth of 93%, with sales at `127cr aided by the consolidation of Chile based Cosmetica Nacional and new product launches. The Indonesian business grew by 37% yoy (26% yoy in constant currency terms) and came in at `316cr. Sales growth in Indonesia was led by continuous marketing investments, new product launches and distribution expansion.

Exhibit 3: Robust top-line performance

1,800 1,600 1,400 1,200 (` cr) 1,000 800 600 1,011 1,186 1,344 1,323 1,389 1,595 400 953 989 200 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 998 39.6 40.0 20.0 65.5 24.5 91.0 98.6 35.9 30.9 39.2 34.5 120.0 100.0 ( %) 80.0 60.0

Top-line (LHS) Source: Company, Angel Research

yoy growth (RHS)

Bottom-line healthy led by higher EBITDA and lower tax rate

During the quarter, the company posted an impressive 24.8% yoy growth in recurring profit to `159cr aided by strong operating performance. Interest costs rose by 30.1% yoy to `20cr. However, the company benefitted due to lower tax rate of 22.1% for the quarter (vs 24.8% in 2QFY2012).

November 8, 2012

GCPL | 2QFY2013 Result Update

Exhibit 4: Recurring PAT up by 24.8% yoy

190 170 150 130 (` cr) 110 90 70 50 130 120 142 100 30 10 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 144 173 168 130 159 10.8 40.9 18.3 24.8 41.1 54.4 94.2 43.7 30.3 100.0 90.0 80.0 70.0 50.0 40.0 30.0 20.0 10.0 ( %)
(%)

60.0

PAT (LHS) Source: Company, Angel Research

yoy growth (RHS)

Despite a 24bp expansion in the gross margin (aided by fall in vegetable oil prices) GCPL reported a 214bp yoy decline in OPM to 15.3% impacted by higher staff costs, advertising costs and other expenses. Employee costs rose due to Cosmetica and Darling acquisitions, which have higher employee cost component, which impacted margins both in the respective regions of LATAM and Africa, as well as the consolidated OPM.

Exhibit 5: Gross margin and OPM

60.0 50.0 40.0 30.0 20.0 10.0 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 17.8 16.7 17.0 14.3 17.4 51.6 53.3 51.1 51.0 51.6 53.5 53.6 52.2 51.9

Exhibit 6: Ad spends/sales rise y-o-y

170 150 130 110 (` cr) 19.7 18.8 90 70 111 117 111 112 110 153 50 98 30 10 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 155 75 15.3 7.4 10.3 11.2 11.7 9.4 8.3 8.3 14.0 11.0 9.7 12.0 10.0 8.0 6.0 4.0 2.0 -

(%)

14.3

OPM Source: Company, Angel Research

Gross Margin

Absolute ASP (LHS) Source: Company, Angel Research

ASP as % of sales (RHS)

International business grows by 32% yoy organically

Revenue from the international business registered an organic growth of 32%, aided by an impressive performance from Indonesia as well as favorable impact of INR depreciation. LatAm: The LatAm business witnessed a strong sales growth of 93%, with sales at `127cr aided by the consolidation of Chile based Cosmetica Nacional and new product launches. In constant currency terms, the Latam business reported a sales growth of 84% yoy. The EBITDA margin for the Latam business stood at 4%. Villeneuve sun care range for family and Pamela Grant perfect lift facial care was launched during the quarter Asia: The Indonesian business grew by 37% yoy (26% yoy in constant currency terms) and came in at `316cr. Sales growth in Indonesia was led by
November 8, 2012

GCPL | 2QFY2013 Result Update

continuous marketing investments, new product launches and distribution expansion. The EBITDA margin fell by 40bp and came in at 19%. The company recently launched HIT one push aerosol; HIT magic paper continues to perform well. Africa: Sales from the African region recorded a robust growth of 152% yoy and stood at `163cr aided by distribution expansion and consolidation of the Darling group. The EBIDTA margin stood at 16.0%. Renew doubled its market share to become the third largest brand by volume in 18 months time. The company launched household insecticides in Nigeria Europe: The European business witnessed sales growth of 29%, with sales at `68cr and EBITDA margin at 9%. In the UK market GCPL launched Touch of Silver range of shampoo and conditioners.

Exhibit 7: International business

Region Net Sales LATAM Asia Afica Europe OPM LATAM Asia Afica
Source: Company, Angel Research

2QFY2013 127 316 163 68 674 4 19 16

2QFY2012 66 231 65 53 414 7.6 19.4 26

(yoy %) 93 37 152 29 62.9 (yoy bp) (360) (40) (1000)

Investment rationale
Acquisitions to drive a 31.0% CAGR in earnings over FY201214E: GCPLs recent acquisitions have been in line with its 3X3 strategy and are expected to enable the company to spread its footprint and grow inorganically. GCPLs Indonesian subsidiary Megasari (acquired in April 2010) has consistently posted healthy financial performance. The acquisition of Darling Group, the market leader in hair extension products in the African continent, and Chile based Cosmetica Nacional will continue to drive strong growth for the company in Africa and LatAm. The integration of Darling group is proceeding smoothly and the second phase of consolidation is expected to take place in 3QFY2013. The management has constantly reiterated that all recent international acquisitions have been EPS-accretive. Over FY201214E, we expect GCPL to post a 31.0% CAGR in earnings, aided by consolidation of the recent acquisitions. Synergistic benefits and cross-pollination opportunities: We believe there are significant synergistic benefits in terms of distribution and supply-chain networks through the integration of Godrej Household Products Ltd (GHPL), which are likely to get reflected in the companys performance going ahead. Moreover, GHPLs strong presence in Southern India complements GCPLs strong presence in Northern India extremely well, giving GCPL a balanced presence.
November 8, 2012

GCPL | 2QFY2013 Result Update

Outlook and valuation

At the current market price, the stock is trading at 25.4x FY2014E consolidated earnings. After valuing the companys various international subsidiaries and giving effect to their varied geographic presence, we believe the current implied valuation of the domestic business is at fair levels. We maintain our Neutral rating on the stock.

Exhibit 8: Peer valuation

Company Asian Paints Britannia Colgate Dabur India Godrej Con GSK Con* HUL ITC Marico Nestle* TGBL Reco. Neutral Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Mcap (` cr) 39,423 5,615 17,381 22,338 23,901 12,852 115,511 226,577 12,642 46,883 9,873
#

CMP (`) 4,110 470 1,278 128 702 3,056 534 290 206 4,862 160

TP (`) 584 -

Upside (%) 24 -) -

P/E (x) FY13E 33.2 22.7 35.1 28.7 30.8 27.4 36.3 31.1 33.3 42.4 24.2 FY14E 28.1 18.5 30.1 24.5 25.4 23.2 31.3 26.5 26.4 34.8 20.4

EV/Sales (x) FY13E 3.4 0.9 5.3 3.7 3.9 3.7 4.4 7.3 2.7 5.4 1.3 FY14E 2.8 0.7 4.7 3.1 3.3 3.1 3.8 6.3 2.2 4.5 1.1

RoE (%) FY13E 37.4 43.1 101.9 43.2 26.4 36.3 70.9 35.8 25.4 71.2 8.2 FY14E 35.3 41.9 98.5 41.4 26.1 34.0 59.8 35.3 22.6 60.3 9.5

CAGR # Sales 17.0 17.4 15.2 15.9 24.7 16.8 15.5 17.2 18.6 16.5 9.7 PAT 19.2 27.4 13.8 18.9 31.1 24.9 19.7 17.7 25.4 15.0 16.6

Source: Company, Angel Research; Note: Denotes CAGR for FY2012-14E;*December year ending

Exhibit 9: One-year forward P/E chart

40.0 35.0 30.0 25.0 (x) 20.0 15.0 10.0 5.0 Feb-09 Feb-10 Feb-11 Feb-12 Apr-09 Apr-10 Apr-11 Apr-12 Jun-09 Jun-10 Jun-11 Aug-09 Aug-10 Aug-11 Jun-12 Aug-12 Oct-08 Oct-09 Oct-10 Oct-11 Dec-08 Dec-09 Dec-10 Dec-11 Oct-12

Source: Company, Angel Research, Note: Blue line indicates 5-year average

November 8, 2012

GCPL | 2QFY2013 Result Update

Company background
GCPL is a leading FMCG company in the household and personal care products category, with brands such as Good Knight, HIT, Cinthol, Godrej No.1 and Expert. The company has built a foothold in Africa, Latin America, Indonesia and UK through several acquisitions. Currently, ~40% of the company's revenue comes from its international business.

Profit & loss statement (consolidated)

Y/E March (` cr) Net Sales Other Operating Income Total operating income % chg Total expenditure Cost of Materials Advertising Exp Personnel Others EBITDA % chg (% of Net Sales) Depreciation & amort EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of asso. Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn. of asso. Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY09 1,393 4 1,397 26.5 1,186 770 97 87 233 207 (3.4) 14.9 19 188 (4.3) 13.5 19 37 17.4 209 11.6 (1) 210 37 17.5 173 173 173 8.4 12.4 6.7 5.1 8.4 FY10 2,041 2 2,044 46.3 1,634 946 133 152 403 407 96.6 20.0 24 384 104.2 18.8 11 45 10.7 420 100.7 420 80 19.1 340 340 340 96.7 16.6 11.0 10.0 96.7 FY11 3,643 3 3,646 78.4 3,002 1,749 352 285 617 641 57.3 17.6 50 591 54.0 16.2 52 70 11.4 612 45.7 (33) 645 130 21.3 515 515 482 41.8 13.2 14.9 14.2 41.8 FY12 4,851 15 4,866 33.5 3,990 2,319 450 392 830 861 34.3 17.7 64 796 34.8 16.4 66 52 6.5 798 30.4 (180) 977 226 28.3 751 24.5 727 547 13.6 11.3 16.1 16.1 13.6 FY13E 6,355 15 6,370 30.9 5,189 3,019 591 508 1,071 1,166 35.5 18.4 70 1,096 37.6 17.2 54 79 7.0 1,136 42.5 1,136 318 28.0 818 42.0 776 776 41.9 12.2 22.8 22.8 41.9 FY14E 7,548 15 7,564 18.7 6,148 3,570 702 604 1,272 1,400 20.1 18.6 84 1,317 20.2 17.4 47 79 5.8 1,364 20.0 1,364 382 28.0 982 42.0 940 940 21.1 12.4 27.6 27.6 21.1

November 8, 2012

GCPL | 2QFY2013 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 Long term Provisions Other long term liabilities Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loans and adv. Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 733 378 127 228 330 403 853 910 305 225 380 553 357 998 285 110 175 3 265 8 359 153 206 1 368 67 660 377 282 8 2,795 167 1,237 227 187 823 736 501 3,754 728 494 234 38 3,458 246 2,041 640 145 1,256 1,208 834 4,809 978 564 413 49 3,608 246 2,337 518 158 1,661 1,425 912 5,228 1,161 648 513 58 3,758 246 2,843 713 158 1,972 1,608 1,235 5,811 853 998 26 546 572 278 4 31 924 955 37 7 32 1,693 1,725 2,001 1 18 9 3,754 34 2,781 2,815 88 1,877 (1) 22 7 4,809 34 3,358 3,392 130 1,677 (1) 22 7 5,228 34 4,099 4,133 172 1,477 (1) 22 7 5,811 FY09 FY10 FY11 FY12 FY13E FY14E

November 8, 2012

GCPL | 2QFY2013 Result Update

Cash flow Statement

Y/E March (` cr) Profit before tax Depreciation Change in Working Capital 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 FY09 209 19 (45) (17) 37 (0) 130 (161) (8) (169) 396 90 120 (8) 375 336 43 352 FY10 420 24 (13) (16) 80 (24) 310 34 (67) (33) 5 (241) 104 (16) (324) (47) 352 305 FY11 612 50 (389) 25 130 173 342 (2,736) 67 (2,669) 498 1,973 197 25 2,249 (78) 305 227 FY12 798 64 (11) (18) 226 200 806 (760) (760) 657 (126) 182 (18) 367 413 227 640 FY13 1,136 70 (202) (12) 318 2 676 (411) (411) (200) 199 (12) (387) (122) 640 518 FY14E 1,364 84 (130) (19) 382 1 918 (343) (343) (200) 199 (19) (380) 194 518 713

November 8, 2012

GCPL | 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 Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) 4.9 43.9 15.8 76.5 6 5.7 47.3 20.6 95.2 9 5.5 44.0 38.5 72.0 42 6.7 59.0 35.6 86.9 30 6.5 58.9 36.5 78.0 35 6.5 58.9 36.5 74.1 35 30.8 109.0 46.6 41.5 166.7 44.5 25.0 121.5 38.4 18.7 113.5 33.1 21.9 123.9 26.4 24.0 109.8 26.1 6.7 5.1 7.5 4.0 22.2 11.0 10.0 11.8 4.1 31.0 14.9 14.2 16.4 5.0 53.3 16.1 16.1 18.7 4.6 82.7 22.8 22.8 26.1 5.0 99.7 27.6 27.6 31.3 5.0 121.4 138.5 94.1 31.6 0.6 17.1 114.9 27.9 70.4 59.6 22.7 0.6 11.6 58.0 23.7 49.6 42.8 13.2 0.7 7.1 40.1 6.9 43.7 37.6 8.5 0.7 5.2 29.2 5.3 30.8 26.9 7.0 0.7 3.9 21.5 4.8 25.4 22.4 5.8 0.7 3.3 17.6 4.3 FY09 FY10 FY11 FY12 FY13E FY14E

November 8, 2012

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GCPL | 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

GCPL 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%)

November 8, 2012

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