3QFY2013 Result Update | Infrastructure

February 11, 2013

Punj Lloyd
Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit 3QFY13 2,881 291 9 3QFY12 2,808 164 70 % chg (yoy) 2.6 77.8 (87.5) 2QFY13 2,778 314 (18) % chg (qoq) 3.7 (7.3) (148.9)

NEUTRAL
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 Infrastructure 1,725 5,487 1.5 66/42 604,918 2 19,461 5,898 PUJL.BO

`54 -

Source: Company, Angel Research

For 3QFY2013, Punj Lloyd (Punj) posted a mixed set of numbers. The performance at the revenue fronts was subdued, however higher share of profits from associates led to profitability at the earnings level. The company has secured orders worth `1,300cr in 3QFY2013, taking its order backlog to `23,690cr (2.0x FY2013 revenue). However, we maintain our Neutral view on the stock on account of various overhangs uncertainty over receivable claims, stretched working capital and increasing leverage on the balance sheet. Profit from associates led to profitability: The company reported a subdued topline growth of 2.6% yoy to `2,881cr. The EBITDAM for the quarter stood at 10.1%, showing an improvement of 427bp on a yoy basis. Interest cost came in at `198cr, a jump of 22.2% on a yoy basis, but a fall of 4.7% on a sequential basis. Depreciation for the quarter was flat at `88cr. On the bottom-line front, the company reported a PAT of `9cr vs. `70cr in 3QFY2012; that too owing to profits from its associates (which reported a profit of `8cr vs a loss of `5cr in 3QFY2012) and healthy performance at the operating level. Outlook and valuation: Based on its 9MFY2013 performance, we are revising our EPS estimates for FY2013 and FY2014 to `(0.4) and `3 respectively. Punj has been looking to reduce its debt through sale of its non-core assets and replacing Indian debt with foreign debt. However, given the difficult environment we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on the time-frame of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. We continue to remain Neutral on the stock due to headwinds faced by the company as mentioned above.

PUNJ@IN

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 37.2 14.1 12.1 36.7

Abs. (%) Sensex Punj Lloyd

3m 4.2

1yr 9.6

3yr 20.5 (70.3)

(1.1) (11.4)

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) Order/Sales (x) Order inflows % chg
Source: Company, Angel Research

FY2011 8,139 (22.1) (59.5) (1.8) 8.9 (2.0) 6.2 0.6 0.5 6.0 2.3 20,529 17.9

FY2012 10,557 29.7 92 (254.3) 2.8 8.5 18.8 3.1 7.9 0.6 0.5 6.3 2.5 21,937 6.9

FY2013E 11,892 12.6 (14) (115.4) (0.4) 10.2 (121.9) (0.5) 9.8 0.6 0.6 5.5 2.4 22,595 3.0

FY2014E 13,116 10.3 98 (795.1) 3.0 10.2 17.5 3.4 10.1 0.6 0.5 5.2 2.4 23,273 3.0

Viral Shah
022-39357800 Ext: 6842 viralk.shah@angelbroking.com

Please refer to important disclosures at the end of this report

Punj Lloyd | 3QFY2013 Result Update

Exhibit 1: 2QFY2013 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 Assoc. Share of Profits/ (Losses) of MI PAT after MI and Share of Assoc. PAT (%) Adjusted PAT Adj. PAT (%) FDEPS (`)
Source: Company, Angel Research

3QFY13 2,881 2,590 291 10.1 198 88 3 8 8 (1) 8 2 9 0.3 9 0.3 0.3

3QFY12 2,808 2,644 164 5.8 162 89 195 107 33 75 (5) 1 70 2.5 70 2.5 2.1

% yoy chg 2.6 (2.1) 77.8 427bp 22.2 (1.2) (98.6) (93.0) (74.2) (101.2) (260.7) 180.3 (87.5) (220)bp (87.5) (220)bp (87.5)

2QFY13 2,778 2,464 314 11.3 208 93 4 17 43 (26) (4) 12 (18) (0.6) (18) (0.6) (0.5)

% qoq chg 3.7 5.1 (7.3) (120) bp (4.7) (5.1) (23.2) (55.1) (80.2) (96.6) (310.1) (85.3) (148.9) 95bp (148.9) 95bp -

9MFY2013 8,435 7,542 893 10.6 589 275 11 40 81 (42) 3 16 (23) (0.3) (23) (0.3) (0.7)

9MFY2012 7,463 6,917 546 7.3 405 229 266 178 86 92 (8) (1) 83 1.1 83 1.1 2.5

% chg 13.0 9.0 63.5 327bp 45.3 20.0 (96.0) (77.7) (5.4) (145.3) (138.2) (2,221.3) (127.2) (138)bp (127.2) (138)bp (127.2)

Subdued top-line performance

Punj reported a revenue of `2,881cr in 3QFY2013, indicating a growth of 2.6% yoy. As per the Management, high working capital and borrowing costs continue to pose challenges. Hence, it 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 it to some other geography where cost of debt is lower. Improving profitability and working capital cycle.

Libya: Out of the total Libyan orders (~`4,200cr), slow moving orders consist of `2,000cr as of 3QFY2013. The company has commenced operations at Sirte Basin.

February 11, 2013

Punj Lloyd | 3QFY2013 Result Update

Exhibit 2: Revenue Sector wise (` cr)

Exhibit 3: Revenue Geography wise (` cr)

Source: Company, Angel Research

Source: Company, Angel Research

Profit from associates leads to profitability

The companys EBITDAM for the quarter stood at 10.1%, an improvement of 427bp on a yoy basis. Going ahead, the Management is confident that the company will be able to maintain its EBITDA margin at 8-11%. Based on 9MFY2013 performance, we have revised our EBITDAM estimate to 10.2% (earlier estimate was of 9%) for FY2013 and FY2014. The interest cost came in at `198cr, a jump of 22.2% yoy but a fall of 4.7% on a sequential basis while depreciation was flat yoy at `88cr in 3QFY2013. On the bottom-line front, the company reported a PAT of `9cr in 3QFY2013 vs `70cr in 3QFY2012; that too owing to profits from its associates (which reported a profit of `8cr vs a loss of `5cr in 3QFY2012) and healthy performance at the operating level.

Exhibit 4: Better execution helps EBITDAM to improve

350 300 250 200 150 100 181 202 164 255 288 314 291 50 0 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 EBITDA (` cr, LHS) EBITDAM (%, RHS) 5.8 6.0 4.0 2.0 8.0 8.4 8.4 10.4 11.3 10.1 12.0 10.0 8.0

Exhibit 5: Profits from associates boost PAT

80 70 60 50 40 30 20 10 0 (10) (20) (30) 2.5 3.0 2.5 2.0 1.0 0.3 (0.6) (0.5) (0.6) 0.3 1.5 1.0 0.5 (0.5) (1.0) 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 PAT (` cr, LHS) PATM (%, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

February 11, 2013

Punj Lloyd | 3QFY2013 Result Update

Order book analysis

The companys order book stood at `23,690cr, a decline of 19.3% yoy, thus converting into an order book to sales ratio of 2.0x FY2013 revenues. The company has secured orders worth `1,300cr and `5,244cr in 3QFY2013 and 9MFY2013 respectively. The order book is dominated by the infrastructure (39.7%), process (25.7%) and pipeline (14.7%) segments. Geographically, Middle East, CIS and Africa contribute 44.4% to the order book, followed by South Asia (30.9%) and South East Asia (24.6%). During the quarter, the company has also secured its maiden order in Hong-Kong for construction of Diamond Hill station.

Exhibit 6: Order backlog Sector wise (` cr)

Exhibit 7: Order backlog Geography wise (` cr)

Source: Company, Angel Research

Source: Company, Angel Research

February 11, 2013

Punj Lloyd | 3QFY2013 Result Update

Outlook and valuation

Based on its 9MFY2013 performance, we are revising our estimates for FY2013 and FY2014. We have not revised our revenue estimates for FY2013 and FY2014. EBITDAM has been revised to 10.2% for both FY2013 and FY2014. However, we are now estimating a loss of `14cr (earlier a profit of `60cr) and a profit of `98cr (earlier a profit of `107cr) for FY2013 and FY2014, respectively.

Exhibit 8: Change in estimates

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

FY2014E Variation (%) 13.3 Earlier Estimates 13,116 9.0 107 Revised Estimates 13,116 10.2 98 Variation (%) 13.3 (7.8) 11,892 10.2 (14)

Revised Estimates

11,892 9.0 60

In order to lower its interest cost, Punj is looking to reduce its debt by sale of non-core assets, and replacing Indian debt with foreign debt. However, given the difficult environment, we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on timeframe of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. 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 0.4 4.1

Variation (%) (27.7)

(0.4) 3.0

Company background
Punj Lloyd (Punj) is a diversified global engineering and construction company, with presence across the infrastructure (34% of order book), pipeline (20%), and process segments (20%). Punj Group has two main entities Punj, headquartered in India and SEC in Singapore. Punj started as a pipeline company in 1982. Over the years, Punj, with the help of various JVs and acquisitions, has increased its expertise in basic infrastructure projects, such as roads, power, cross-country pipelines, urban infrastructure, tankages and terminals and process plants, among others. Punj was listed in 2006, and in the same year, it acquired SEC and Simon Carves.

February 11, 2013

Punj Lloyd | 3QFY2013 Result Update

Exhibit 10: Recommendation Summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP 229 15 117 195 33 73 40 52 121 167 37 TP Rating FY12 268 164 225 100 44 168 251 59 Buy Buy Buy Buy Buy Accu. Buy Buy Buy 1,500 2,048 3,133 5,606 6,178 - Neutral Top-line (` cr) FY13E 1,866 2,262 3,843 6,564 4,249 2,131 2,522 4,212 7,054 6,897 19.2 22.6 11.0 (0.5) 15.9 14.9 12.2 25.6 5.7 11.1 11.9 11.5 2.4 0.6 4.8 1.4 2.8 9.3 EPS (`) 24.3 1.5 16.9 26.3 0.3 3.7 63.2 3.1 (0.4) 7.2 23.2 13.3 27.0 2.7 17.8 29.0 3.3 4.6 75.1 4.1 3.0 8.7 31.3 15.0 9.3 10.1 9.3 6.5 7.9 7.6 P/E 9.4 9.9 6.9 7.4 105.4 19.9 23.6 12.9 16.9 7.2 2.8 8.5 5.6 6.6 6.7 9.8 15.9 19.9 9.7 17.5 13.9 5.3 2.5 OB/ 2.9 2.2 2.8 1.5 5.0 2.7 3.3 2.0 2.9 2.4 2.2 FY14E CAGR (%) FY12 FY13E FY14E CAGR (%) FY12 FY13E FY14E Sales(x)

33 Neutral

136.8 55.2 (2.8) 15.1 8.1 23.2 71.0 28.4 (3.5) 13.0 31.7 3.5 9.2 2.7

12,853 13,842 15,863 53,171 60,666 69,525 5,250 2,676 6,010 1,973 5,863 2,344 6,906 2,180 6,576 2,804 8,053 2,455

1,490 1,788

14.3 64.3

- Neutral 10,557 11,892 13,116

3.5 18.8 (121.9)

15.8 18.1 11.5 14.0

Source: Company, Angel Research

Exhibit 11: SOTP break-up

Company ` ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra 86 16 52 74 17 27 1,351 25 64 70 251 52 Core Const. % to TP 32 100 32 33 46 27 76 57 100 41 100 88 ` 30 Real Estate % to TP 30 ` 182 113 121 7 99 7 Road BOT % to TP 68 69 54 16 59 12 Invst. In Subsidiaries ` 4 20 437 % to TP 3 54 24 ` 30 43 12 Others % to TP 13 43 27 Total ` 268 16 164 225 37 100 1,788 44 64 168 251 59

Source: Company, Angel Research

February 11, 2013

Punj Lloyd | 3QFY2013 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 Associates 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
previous year numbers

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) (173.2) (2.0) (7.9) (7.2) (173.2) (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 2,384 3,900 1,127 728 99.7 8.9 269 459 233.5 5.6 463 21 131 16 16 66 417.4 (50) 2 (3) (8) (60) (60) (0.7) (1.8) (1.8) (83.6) 29.7 9,660 3,100 5,207 1,353 897 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
11,892 11,892 13,116 13,116

12.6
10,679 3,449 5,887 1,344 1,213

10.3
11,778 3,804 6,493 1,482 1,338

35.2 10.2
380 833

10.3 10.2
408 930

39.1 7.0
773 27 31 -

11.7 7.1
872 124 68 -

87 (55.2)
-

182 110.6
-

708.0 (111.2) 1,115.3

87
104

182
62

120.0
(17)

34.0
120

2 1 (14) (14)

(12) (10) 98 98

(83.6) (254.3)

(115.4) (0.1) (0.4) (0.4) -

(795.1) 0.8 3.0 3.0 -

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

February 11, 2013

Punj Lloyd | 3QFY2013 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 Long Term Loan and Advances 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 61 2,424 2,485 42 3,559 174 6,260 2,653 777 1,875 297 661 8,295 812 1,053 6,430 4,895 3,400 0 6,260 66 2,961 3,027 42 4,455 184 7,709 3,120 943 2,178 160 382 8,828 611 1,042 7,175 3,843 4,985 7,709 66 2,912 2,979 74 3,881 156 7,090 3,365 1,113 2,252 82 384 147 1,215 990 7,139 5,123 4,220 7,090 66 2,854 2,920 87 4,944 171 8,123 4,154 1,368 2,787 267 371 152 973 1,271 8,756 6,470 4,530 8,123
66 66

2,825 2,892 87 5,745 171 8,895 4,474 1,748 2,727 232

2,910 2,976 87 6,281 171 9,515 4,795 2,155 2,640 224

371

371

152
12,583 796 1,431 10,356 7,186 5,397 8,895

152
14,095 1,095 1,579 11,422 7,984 6,112 9,515

9,343 11,000

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

February 11, 2013

Punj Lloyd | 3QFY2013 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 (Inc.)/Dec. in loans and advances 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
previous year numbers

FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 1 177 983 71 226 (653) (115) 71 (697) 1,952 11 (20) 1,921 122 690 812 21 227 108 137 (338) 279 108 50 648 896 6 (5) 1,533 (201) 812 611 16 269 21 66 1,567 (166) (2) (147) 21 (295) (8) (575) 6 (80) (668) 604 611 1,215 193 299 552 227 81 (367) (974) 13 (5) 227 (739) 2 1,064 6 (195) 864 (242) 1,215 973 87 380 1,045 27 104
(709)

182 408 416 124 62

(11)

1,786 (1,369)

(1,101) (1,783)

(285) 27
(258)

(314) 124
(190)

800 14 3
789 (177) 973 796

536 14 (22)
500 299 796 1,095

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

February 11, 2013

Punj Lloyd | 3QFY2013 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
previous year numbers

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 1.1 6.2 0.7 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 1.3 10.5 0.4

FY2011 8.2 0.6 0.3 0.5 6.0 0.6 2.3 (1.8) (1.8) 6.3 0.2 89.7 5.6 1.3 1.1 6.2 7.1 (2.0) 2.5 213 98 107 165 0.9 3.7 1.0

FY2012 FY2013E FY2013E 18.8 4.4 0.6 0.3 0.5 6.3 0.7 2.5 2.8 2.8 11.8 0.2 87.9 5.7 58.2 1.6 5.3 8.3 1.1 1.9 7.9 9.2 3.1 2.8 191 80 102 113 1.4 4.4 0.9
4.7 0.6 17.5 3.4 0.6

0.8
0.6 5.5 0.8 2.4 (0.4) (0.4) 11.0

0.8
0.5 5.2 0.7 2.4 3.0 3.0 15.2

0.4
87.1 7.0 (20.0)

0.4
89.6 7.1 66.0

1.6
(2.2) (2.9) 1.5 (1.1)

1.6
7.4 9.6 1.7 3.8

9.8
10.9 (0.5) 2.8 203 87

10.1
11.3 3.4 2.8 205 94

117
125 1.7 4.1 1.1

119
134 1.7 3.9 1.1

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

February 11, 2013

10

Punj Lloyd | 3QFY2013 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%)

February 11, 2013

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