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2QFY2013 Result Update | FMCG

November 5, 2012

Tata Global Beverages


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

NEUTRAL
CMP Target Price
Investment Period

`159 -

2QFY13 1,843 143 7.8 119

2QFY12 1,612 118 7.3 77

% yoy 14.3 20.9 42bp 54.6

1QFY13 1,715 165 9.6 78

% qoq 7.4 (13.5) (188)bp 52.9

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 9,802 (100) 0.9 165/80 395,790 1 18,763 5,704 TGBL.BO TGBL@IN

For 2QFY2013, Tata Global Beverages (TGBL) posted a robust 54.6% yoy growth in its bottom-line due to a superior operating performance. We maintain our Neutral view on the stock. Key highlights: During 2QFY2013, TGBL posted a 14.3% yoy growth in its net sales to `1,843cr, aided by improved performance in markets such as Great Britain, Australia and also due to a favorable foreign exchange translation impact. Gross margin for the quarter stood at 49.2%, up 162bp yoy aided by decline in prices of coffee and selective price hikes taken by the company. However, tea prices remained volatile during the quarter. The companys advertising expenses as a percentage of sales too went up by 140bp during the quarter, thereby restricting the OPM expansion to 42bp yoy. The OPM for the quarter stood at 7.8%. For 2QFY2013, TGBL posted a 54.6% yoy growth in its consolidated net profit aided by a 20.9% growth in its operating profit. The bottom-line growth was also boosted by a substantially low tax rate of 13.5% for the quarter (vs 33.8% during 2QFY2012). Outlook and valuation: TGBL derives ~65% of its revenue from overseas operations. While the company is expected to perform well in the South Asian, Canada and Australian markets, the prolonged slowdown in Europe is a concern. Over FY2012-14E, we expect the company to post a CAGR of 9.7% and 16.6% in its top-line and bottom-line respectively. At the current market price, the stock is trading at 20.3x FY2014E earnings. We maintain our Neutral view on the stock.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 35.2 23.2 17.1 24.5

Abs. (%) Sensex TGBL

3m 9.1 21.4

1yr 6.8 74.5

3yr 16.8 84.2

Key Financials (Consolidated)


Y/E March (` 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

FY2011 5,982 3.4 245 (37.3) 9.8 4.0 40.0 2.5 6.5 7.7 1.6 15.9

FY2012 6,585 10.1 333 36.0 8.8 5.4 29.4 2.2 7.9 7.1 1.4 16.4

FY2013E 7,207 9.4 409 22.8 9.7 6.6 24.0 2.1 8.2 8.6 1.3 13.2

FY2014E 7,927 10.0 483 18.2 10.0 7.8 20.3 1.9 9.5 9.5 1.2 11.5

V Srinivasan
022-39357800 v.srinivasan@angelbroking.com

Please refer to important disclosures at the end of this report

TGBL | 2QFY2013 Result Update

Exhibit 1: Quarterly performance (Consolidated)


Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM Interest Depreciation & Amortisation Other Income Recurring PBT Extraordinary (Income)/Expense PBT after Extra-ordinary items (% of Sales) Provision for Taxation (% of PBT) Minority Interest Profit/ Loss from Associates PAT PATM Equity shares (cr) EPS (`)
Source: Company, Angel Research

2QFY13 1,843 937 50.8 177 9.6 586 31.8 1,700 142.8 7.8 11.0 25 52 159 11 148 8.0 20 13.5 20.7 11.7 119 6 62 1.9

2QFY12 1,612 846 52.5 160 9.9 489 30.3 1,494 118.1 7.3 19.0 23 53 129 11 118 7.3 40 33.8 10.4 9.1 77 5 62 1.2

% chg (yoy) 14.3 10.8 10.9 19.9 13.8 20.9 42bp (42.2) 10.0 (0.6) 23.3 25.1 (50.1)

1QFY13 1,715 866 50.5 173 10.1 510 29.8 1,550 165.2 9.6 21.2 25 29 148 148 8.6 49 33.2 14.5 (6.4)

% chg (qoq) 7.4 8.2 0.7 2.0 (5.1) 14.9 6.9 9.7 (13.5) (188)bp (48.3) 0.3 81.6 7.7 0.1 (6.9) (59.4)

1HFY2013 3,557 1,802 50.7 350 9.8 1,092 30.7 3,244 313 8.8 32 50 81 312 16.7 296 8.3 69 23.4 35.2 5.2

1HFY2012 3,068 1,615 52.6 315 10.3 912 29.7 2,842 226 7.4 33 47 82 228 (78.1) 306 10.0 54 17.5 18.1 3.7 238 8 62 3.8

% chg 16.0 11.6 11.3 19.7 14.2 38.6 144bp (2.4) 6.2 (1.0) 37.0 (3.4) 29.1

54.6

78 5 62

52.9

196 6 62

(17.4)

54.6

1.3

52.9

3.2

(17.4)

Exhibit 2: 2QFY2013 Actual vs Angel estimates


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

Actual 1,843 7.8 119

Angel Est 1,802 10.6 108

% Diff 2.3 (285)bp 10.5

November 5, 2012

TGBL | 2QFY2013 Result Update

Top-line grows by 14.3% yoy


TGBL posted a 14.3% yoy growth in its net sales to `1,843cr, aided by improved performance in some of its markets coupled with favourable foreign exchange translation impact. South Asia: TGBL posted a strong performance in this region, maintaining its volume and value market leadership of 19.9% and 21.5% respectively. In all, the company posted a 10% top-line growth in its South Asian operations for the quarter. Commodity cost increases were partly recovered through price hikes during the quarter.

USA: Sales from USA operations grew by 9.5% yoy. Partnership with Keurig for K-cups kicked off during the quarter. Australia: In the Australian market, there was an all-round improvement in both,
the top-line and the bottom-line performance. Chai Latte posted a robust performance. Fruit and herbal teas too posted a strong performance. Canada: Six new variants were launched in the Canadian market. The Tata Tea brand increased retail listing. TGBL finalized an agreement with Tassimo for single serve brewing machines.

Great Britain: TGBL posted a good top-line growth in the UK market as well.
Brands such as Tetley Decaff and Tetley Redbush maintained their market leadership position. TGBL also continued to post strong growth in the fast growing green tea segment. Tea Pigs too grew by a healthy 45%. Russia: The coffee business posted a strong performance in Russia. TGBL launched Grand Malenge range of coffees in Russia.

Exhibit 3: Top-line performance


2,000 1,600 1,200 800 400 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Top-line (LHS) Source: Company, Angel Research yoy growth (RHS) 20.0 15.0 10.0 1,843 1,793 1,724 1,612 1,715 5.0 0.0 (5.0) (%)

1,374

1,448

1,558 1,602 1,456

November 5, 2012

(` cr)

TGBL | 2QFY2013 Result Update

Exhibit 4: Region-wise sales performance


2QFY13 USA Canada, South America and Australia GB & Africa Europe and Middle East South Asia Others Branded Operations Non-Branded operations Others and eliminations Total Operating Income
Source: Company, Angel Research

2QFY12 359 106 348 176 469 6 1,464 148 17 1,629

%chg yoy 9.5 45.3 15.8 (1.1) 10.0 66.7 12.7 29.1 17.6 14.2

1QFY13 346 89 375 175 537 12 1,534 158 15 1,707

%chg qoq 13.6 73.0 7.5 (0.6) (3.9) (16.7) 7.6 20.9 33.3 9.0

1HFY13 738 243 779 349 1,053 22 3,184 364 38 3,586

1HFY12 645 201 633 336 949 11 2,775 286 35 3,096

% chg 14.4 20.9 23.1 3.9 11.0 100.0 14.7 27.3 8.6 15.8

393 154 403 174 516 10 1,650 191 20 1,861

Exhibit 5: Segmental performance


Y/E March (` cr) Sales Tea Coffee and Other Produce Others Unallocated Net Income from operations EBIT Tea Coffee and Other Produce Others Total EBIT (%) Tea Coffee and Other Produce Others
Source: Company, Angel Research

2QFY13 1,311 535 15 0 1,861 95 84 (7) 172 7.2 15.7 (43.8)

2QFY12 1,164 453 12 0 1,629 112 41 (5) 149 9.7 9.0 (38.9)

%chg yoy 12.6 18.2 25.9 (13.8) 14.2 (15.8) 106.4 0.0 15.9

1QFY13 1,230 471 24 0 1,725 125 63 (4) 183 10.2 13.3 (18.4)

%chg qoq 6.5 13.7 (38.4) 108.3 7.9 (24.2) 34.5 0.0 (5.9)

1HFY13 2,541 1006 39 0 3,586 220 147 (11) 355 8.6 14.6 (28.1)

1HFY12 2,225 844 26 0 3,096 203 86 (9) 279 9.1 10.1 (34.7)

% chg 14.2 19.1 50.8 (26.5) 15.8 8.4 71.7 0.0 27.3

OPM at 7.8%, up 42bp on a yoy basis


The gross margin for the quarter stood at 49.2%, up 162bp yoy aided by decline in prices of coffee and selective price hikes taken by the company. However, tea prices remained volatile during the quarter. The companys advertising expenses too went up by 140bp during the quarter, thereby restricting the OPM expansion to 42bp yoy. The OPM for the quarter stood at 7.8%.

November 5, 2012

TGBL | 2QFY2013 Result Update

Exhibit 6: OPM performance


12 10 8 (%) 6 4 2 0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 8.7 6.3 10.7 9.6 8 7.3 10.3 9.6 7.8 6.6

Source: Company, Angel Research

Exhibit 7: Mombasa tea auction price


6.0 5.0 (USD/kg) 4.0 3.0 2.0 1.0 0.0 Nov-02 May-06 Nov-09 Apr-02 Jul-07 Sep-01 Aug-04 Sep-08 Apr-09 Mar-05 Aug-11 Mar-12 Oct-05 Jan-04 Dec-06 Feb-08 Jan-11 Jun-03 Jun-10

Exhibit 8: India tea price


160 140 120 100 (`/kg) 80 60 40 20 0 Nov-06 Nov-11 Apr-07 Sep-07 Apr-12 Mar-05 Mar-10 Dec-08 May-09 Aug-05 Aug-10 Sep-12 Oct-04 Oct-09 Jan-06 Feb-08 Jan-11 Jun-06 Jul-08 Jun-11

Source: Bloomberg, Angel Research

Source: C-line, Angel Research

PAT grows by 54.6% on a yoy basis


For 2QFY2013, TGBL posted a 54.6% yoy growth in its consolidated net profit aided by a 20.9% growth in its operating profit. The bottom-line growth was also boosted by a substantially low tax rate of 13.5% for the quarter (vs 33.8% during 2QFY2012).

November 5, 2012

TGBL | 2QFY2013 Result Update

Investment rationale
Growth opportunity: TGBL holds a strong growth potential with increasing consumption of healthy beverages in India and globally. Acquisitions and strategic partnerships with global beverage giants like PepsiCo and Starbucks offer a huge market potential for TGBL, as it can develop and market products in local as well as global markets. The TGBL Starbucks JV recently inaugurated the first store of Starbucks Coffee Tata Alliance in Mumbai. The JV plans to scale up its operations quickly going ahead. Through its JV with Pepsico, TGBL has also entered the water business. It has launched two brands Tata Gluco Plus and Tata Water Plus in select cities in India. The initial response to the water brands has been encouraging with Tata Water Plus becoming the largest selling bottled water in Chennai. Focus on branded products to lead to healthy margins: TGBL has shifted its focus from plantation activities to branded beverages. In the long run this is expected to lead to rationalization in its operating cost structure leading to healthy operating margins. While TGBLs focus on volume growth remains intact, selective price increases and stable ad spends will further aid in margin improvement.

Outlook and valuation


TGBL derives ~70% of its revenue from overseas operations. While the company is expected to perform well in South Asian, Canada and Australian markets, the prolonged slowdown in Europe is a concern. Over FY2012-14E, we expect the company to post CAGR of 9.7% and 16.6% in its top-line and bottom-line respectively. At the current market price, the stock is trading at 20.3x FY2014E. We maintain our Neutral view on the stock.

Exhibit 9: One-year forward PE


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

Source: Bloomberg, Angel Research; Note: Blue line represents 3-yr average

November 5, 2012

TGBL | 2QFY2013 Result Update

Exhibit 10: Peer valuation


Company Asian Paints Britannia Colgate Dabur GCPL GSKCHL* HUL ITC Marico Nestle* TGBL Reco Neutral Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Mcap (` cr)
37,924 5,670 17,697 22,129 23,423 12,852 115,327 225,404 12,959 46,560 9,802

CMP (`)
3,954 475 1,301 127 688 3,056 534 288 211 4,829 159

TP (`)
584 -

Upside (%)
23 -

P/E (x) FY13E


32.0 22.9 35.8 28.4 31.5 27.4 36.2 30.9 31.1 42.1 24.0

EV/Sales (x) FY13E


3.3 0.9 5.4 3.6 4.0 3.7 4.3 7.3 2.7 5.3 1.3

RoE (%) FY13E


37.4 43.1 101.9 43.2 25.5 36.3 70.9 35.8 31.4 71.2 8.2

CAGR # Sales
17.0 17.4 15.2 15.9 22.1 16.8 15.5 17.2 18.6 16.5 9.7

FY14E
27.0 18.7 30.6 24.3 26.0 23.2 31.3 26.4 24.9 34.5 20.3

FY14E
2.7 0.7 4.8 3.1 3.3 3.1 3.8 6.2 2.2 4.5 1.1

FY14E
35.3 41.9 98.5 41.4 25.4 32.8 59.8 35.3 29.7 60.3 9.5

EPS
19.2 27.4 13.8 18.9 28.3 24.9 19.7 17.7 27.6 15.0 16.6

Source: Company, Angel research; Note: # Denotes CAGR over FY2012-14E, *December Year Ending.

Company background
TGBL is a global beverage company headquartered in London. The company has a strong portfolio of global and regional brands such as Tata Tea, Tetley, Eight OClock Coffee, Good Earth, Jemca, Grand Vitax and Himalayan. During the past decade, TGBL has made acquisitions in various countries in the tea, coffee, water and other beverages categories. Tea constitutes more than 70% of the companys total turnover; coffee constitutes a ~19% share; and the rest is accounted by other activities. About 65% of the companys sales are from outside India in countries like the US, UK, Czech Republic and Poland.

November 5, 2012

TGBL | 2QFY2013 Result Update

Profit & Loss Statement (Consolidated)


Y/E March (` cr) Net Sales Total operating income % chg Total Expenditure Cost of Materials Advertising Exp 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 & Extr. Exp./(Inc.) PBT (reported) Tax (% of PBT) PAT (Adjusted) Add: Share of earnings of asso. Less: Minority interest (MI) Adj. PAT after MI (reported) % chg Reported PAT (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 4,848 4,848 12.5 4,224 1,753 880 554 1,036 624 12.2 12.9 99 526 13.1 10.8 210 215 40.6 531 (74.6) 725 1,256 424 79.9 107 25 156 (25) 701 14.5 (0.4) (0.4) 0.0 5,783 5,783 19.3 5,269 2,310 1,317 611 1,031 514 (17.7) 8.9 103 411 (21.9) 7.1 149 379 59.2 641 20.7 8 649 248 38.6 393 33 36 390 399 6.9 6.3 6.3 0.0 5,982 5,982 3.4 5,395 2,928 1,013 615 840 587 14.4 9.8 99 488 18.8 8.2 121 118 24.3 485 (24.3) 10 494 202 41.7 283 20 58 245 (37) 254 4.3 4.0 4.0 (37.4) 6,585 6,585 10.1 6,009 3,323 1,100 675 911 576 (1.9) 8.8 96 480 (1.6) 7.3 70 140 25.5 550 13.5 23 573 142 25.7 409 (15) 61 333 36 355 5.4 5.4 5.4 35.7 7,207 7,207 9.4 6,508 3,596 1,153 764 995 699 21.3 9.7 105 594 23.6 8.2 68 156 22.9 682 23.9 (17) 665 184 27.0 498 (15) 74 409 23 392 5.4 6.6 6.6 22.8 7,927 7,927 10.0 7,135 3,940 1,268 840 1,086 792 13.3 10.0 116 676 13.9 8.5 61 153 20.0 768 12.7 768 184 24.0 584 (15) 87 482 18 482 6.1 7.8 7.8 18.2

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

November 5, 2012

TGBL | 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 liablities 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
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 62 3,591 3,653 1,022 2,431 48 62 3,662 3,723 1,057 1,797 75 62 3,895 3,957 1,108 1,041 64 88 164 7,154 1,442 707 735 63 3,027 351 4,587 1,089 2,303 1,194 1,617 2,970 8 7,154 6,652 1,470 752 718 47 2,929 519 3,998 1,904 653 1,441 1,560 2,438 6,652 6,423 1,538 842 697 44 3,062 591 91 3,280 997 717 1,565 1,342 1,938 6,423 62 4,504 4,566 1,066 916 66 174 156 6,943 1,731 956 775 49 3,469 600 86 3,300 736 820 1,744 1,336 1,964 6,943 62 4,739 4,800 1,066 816 66 174 156 7,077 1,882 1,062 820 47 3,469 690 86 3,427 747 848 1,832 1,461 1,966 7,077 62 5,065 5,127 1,066 716 66 174 156 7,304 2,070 1,178 892 52 3,469 713 86 3,638 728 873 2,037 1,546 2,092 7,304

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

November 5, 2012

TGBL | 2QFY2013 Result Update

Cash Flow Statement (Consolidated)


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
previous year numbers

FY2009 FY2010 FY2011 FY2012 531 99 381 154 424 (1,605) (864) (68) 1,155 1,087 (178) 125 154 (457) (234) 1,323 1,089 641 103 42 91 248 (326) 303 (89) 1,472 1,384 (634) 146 91 (871) 815 1,089 1,904 485 99 (284) 45 202 (125) 18 (85) 5 (81) (63) (591) 145 45 (845) (907) 1,904 997 550 96 (69) 2 142 (232) 205 (198) (10) (208) 0.1 (134) 123 2 (259) (261) 997 736

FY2013E 682 105 (80) (20) 184 (39) 464 (149) (90) (239) (100) 119 (20) (199) 26 736 747

FY2014E 769 116 (247) (24) 184 (38) 392 (193) (23) (215) (100) 119 (24) (195) (19) 747 728

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

November 5, 2012

10

TGBL | 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 Angel ROIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days)
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E (396.8) 47.6 2.7 1.1 2.2 17.3 1.5 (0.4) (0.4) 3.3 1.8 58.5 7.4 3.0 3.5 49 34 88 95 25.0 19.5 2.7 1.3 1.6 17.8 1.4 6.3 6.3 8.1 2.0 59.6 6.2 10.8 4.1 53 31 83 76 40.0 27.7 2.5 1.3 1.6 15.9 1.5 4.0 4.0 5.7 2.0 63.4 7.7 6.5 4.0 61 33 74 45 29.4 21.7 2.2 1.4 1.4 16.4 1.4 5.4 5.4 7.3 2.1 73.1 7.1 7.9 3.9 62 34 59 60 24.0 19.7 2.1 1.4 1.3 13.2 1.3 6.6 6.6 8.0 2.2 76.9 8.6 8.2 3.9 61 34 57 62 20.3 16.4 1.9 1.4 1.2 11.5 1.3 7.8 7.8 9.7 2.2 82.2 9.5 9.5 3.9 59 35 56 59

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

November 5, 2012

11

TGBL | 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

Tata Global Beverages 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 5, 2012

12

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