UCO Bank: Performance Highlights

Please refer to important disclosures at the end of this report
Particulars (`cr) 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy)

NII 1,560 1,566 (0.4) 1,348 15.7
Pre-prov. profit 1,373 1,137 20.8 1,032 33.0
PAT 285 315 (9.5) 50 474.6
Source: Company, Angel Research
UCO Bank reported strong earnings at `285cr against `50cr in 4QFY2013 (on
strong CA floats made available during last several quarters due to Indo-Iran
trade payments). The operating performance was largely in line with our estimates with
NII growth of 15.7% yoy (flat sequentially) and Pre-provisioning profit growth of 33.0%
yoy. Tax expense came in at `184cr for 4QFY2014 as against `6cr in 4QFY2013.
Healthy business growth; Asset quality improves on higher recoveries and
upgrades: During 4QFY2014, the loan book for the bank grew at a healthy pace
of 16.6% yoy, while deposit growth was also healthy at 15.1% yoy. Overall CASA
ratio for the bank declined 242bp yoy to 29.5%. Sanction on Iran was the main
reason behind the Indo-Iran rupee trade arrangements resulting in CA-floats of
`18,000-20,000cr for the bank for the past few quarters. Complete lifting of
sanctions on Iran remains an overhang on the sustainability of such arrangements
and the resulting CA floats for the bank. Yield on advances for the bank declined
21bp qoq at 9.8%. Lower yields on advances resulted in a 13bp qoq decline in
the reported NIM. During 4QFY2014, the bank reported stability on the asset
quality front, aided by higher recoveries and upgrades though slippages spiked
qoq (annualized slippage rate came in higher at 5.5%, as compared to 1.9% as
of 3QFY2014 and 5.3% in 4QFY2013). Recoveries/upgrades during the quarter
came in much higher sequentially at `1,860cr (against an average of `343cr for
the last few quarters). The PCR improved by 270bp qoq to 57% (up 494bp yoy).
The Gross NPA ratio decreased 88bp qoq to 4.3%, while the net NPA ratio decreased
68bp qoq to 2.4%. Additionally, the bank restructured advances worth `709cr during
the quarter, thereby taking its outstanding restructured book to `11,650cr.
Outlook and valuation: The bank has a substantial CA float made available on
Indo-Iran trade payments. Also stable to improving asset quality and low treasury
income volatility is resulting in healthy earnings visibility (EPS CAGR of 57.6% over
FY2013-16E, on a low base of FY2013). Moreover return ratios for the bank have
improved (RoE, after declining to 9.1% in FY2013, improved to 17.9% in FY2014
and is expected to stay at current levels for FY2015. However at CMP the stock
trades at a premium valuation of 0.9x 2016E ABV compared to its peers. Hence,
we recommend a Neutral rating on the stock.
Key financials (Standalone)
Y/E March (` cr) FY2013 FY2014E FY2015E FY2016E
NII 4,582 6,059 6,677 7,448
% chg 17.4 32.3 10.2 11.6
Net profit 618 1,511 1,603 1,769
% chg (44.2) 144.4 6.1 10.4
NIM (%) 2.5 2.9 2.7 2.7
EPS (`) 5.6 14.9 15.8 17.4
P/E (x) 18.7 7.0 6.6 6.0
P/ABV (x) 1.5 1.2 1.0 0.9
RoA (%) 0.3 0.7 0.6 0.6
RoE (%) 9.1 16.8 14.2 14.0
Source: Company, Angel Research; Note: CMP as of May 29, 2014

NEUTRAL
CMP `104
Target Price -
Investment Period -

Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 77.2
MF / Banks / Indian Fls 8.9
FII / NRIs / OCBs 4.4
Indian Public / Others 9.5
Abs. (%) 3m 1yr 3yr
Sensex 18.0 22.6 34.4
UCO 61.0 32.7 8.4
Reuters Code UCBK.NS
UCO@IN
BSE Sensex 24,550
Nifty 7,318
Avg. Daily Volume 611,609
Face Value (`) 10
Beta 1.8
52 Week High / Low 115/46
Banking
Market Cap (` cr) 10,563

Vaibhav Agrawal
022 3935 7800 Ext: 6808
vaibhav.agrawal@angelbroking.com

Harshal Patkar
022 3935 7800 Ext: 6847
harshal.patkar@angelbroking.com
UCO Bank
Performance Highlights
4QFY2014 Result Update | Banking
May 30, 2014

UCO Bank | 4QFY2014 Result Update

May 30, 2014
2
Exhibit 1: 4QFY2014 performance (Standalone)
Particulars (` cr) 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy) FY2014 FY2013 % chg
Interest earned 4,850 4,729 2.6 4,210 15.2 18,230 16,752 8.8
- on Advances / Bills 3,540 3,543 (0.1) 3,127 13.2 13,631 12,858 6.0
- on investments 1,253 1,138 10.1 973 28.8 4,386 3,635 20.7
- on balance with RBI & others 40 29 39.7 34 18.1 114 120 (5.2)
- on others 17 19 (5.8) 76 (77.0) 99 139 (28.5)
Interest Expended 3,290 3,163 4.0 2,862 15.0 12,171 12,170 0.0
Net Interest Income 1,560 1,566 (0.4) 1,348 15.7 6,059 4,582 32.3
Other income 459 190 140.9 317 44.8 1,321 952 38.7
Operating income 2,019 1,756 15.0 1,665 21.3 7,380 5,534 33.4
Operating expenses 646 620 4.2 632 2.1 2,439 2,177 12.1
- Employee expenses 394 395 (0.2) 379 4.0 1,548 1,393 11.1
- Other Opex 252 225 12.0 253 (0.7) 892 783 13.8
Pre-provision Profit 1,373 1,137 20.8 1,032 33.0 4,940 3,357 47.2
Provisions & Contingencies 905 812 11.5 977 (7.4) 3,216 2,710 18.7
- Other Provisions 905 454 99.2 311 190.5 2,127 1,042 104.1
PBT 469 325 44.3 56 741.9 1,724 647 166.6
Provision for Tax 184 10 1,683.6 6 2,909.7 214 29 647.2
PAT 285 315 (9.5) 50 474.6 1,511 618 144.4
Effective Tax Rate (%) 39.2 3.2 3607bp 11.0 2827bp 12.4 4.4 797bp

Exhibit 2: 4QFY2014 Actual vs. estimates
Particulars (` cr) Actual Estimates Var. (%)
Net interest income 1,560 1,592 (2.0)
Other income 459 309 48.7
Operating income 2,019 1,900 6.2
Operating expenses 646 700 (7.8)
Pre-prov. profit 1,373 1,200 14.4
Provisions & cont. 905 747 21.1
PBT 469 453 3.4
Prov. for taxes 184 98 86.7
PAT 285 355 (19.7)


May 30, 2014
3
Exhibit 3: 4QFY2014 performance analysis (Standalone)
Particulars 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy)
Advances (` cr) 149,584 137,877 8.5 128,283 16.6
Deposits (` cr) 199,534 192,406 3.7 173,431 15.1
Credit-to-Deposit Ratio (%) 75.0 71.7 331bp 74.0 100bp
Current deposits (` cr) 25,353 26,648 (4.9) 25,694 (1.3)
Saving deposits (` cr) 33,531 31,998 4.8 29,680 13.0
CASA deposits (` cr) 58,884 58,646 0.4 55,374 6.3
CASA ratio (%) 29.5 30.5 (97)bp 31.9 (242)bp
Basel III CAR (%) 12.7 11.2 152bp 14.2 (154)bp
Profitability Ratios (%)
Cost of deposits 6.2 6.3 (11)bp 6.4 (22)bp
Yield on advances 9.8 10.0 (21)bp 9.9 (13)bp
Reported NIM 2.7 2.8 (13)bp 2.8 (5)bp
Cost-to-income ratio 32.0 35.3 (331)bp 38.0 (601)bp
Asset quality
Gross NPAs (` cr) 6,621 7,353 (10.0) 7,130 (7.1)
Gross NPAs (%) 4.3 5.2 (88)bp 5.4 (110)bp
Net NPAs (` cr) 3,556 4,217 (15.7) 4,069 (12.6)
Net NPAs (%) 2.4 3.1 (68)bp 3.2 (79)bp
Provision Coverage Ratio (%) 57.0 54.3 270bp 52.1 494bp
Slippage ratio (%) 5.5 1.9 364bp 5.3 16bp

Advances grew healthily; NIM declines on lower CASA
During 4QFY2014, the loan book for the bank grew at a healthy pace of
16.6% yoy, while deposit growth was relatively moderate at 15.1% yoy. On the
liabilities front, while savings deposits grew at a moderate 13.0% yoy, the overall
CASA deposits grew 6.3% yoy, on account of 1.3% yoy decline in current deposits.
Overall CASA ratio for the bank declined 242bp yoy to 29.5%.
UCO Banks current deposits have grown sharply over the last few quarters on
account of substantial float being made available on opening of rupee accounts
with the bank for facilitating Indo-Iran trade payments (covering 45% of oil imports
from Iran and Indian exports).
Yield on advances for the bank declined 21bp qoq at 9.8%. Lower yields on
advances resulted in a 13bp qoq decline in the reported NIM.


May 30, 2014
4
Exhibit 4: Business growth remains healthy
Exhibit 5: CASA ratio lowers on lower CA floats

Exhibit 6: YoA decreases 21bp qoq to 9.8%.....
Exhibit 7: .........NIM declines qoq

Asset quality witness improvement in 4QFY2014
The bank had been witnessing severe asset quality pain over the last two years
until 4QFY2013, as both Gross and Net NPAs, on an absolute basis, more than
doubled and Gross NPA ratio reached a high of 5.4%. In 9MFY2014, the asset
quality performance for the bank was reasonably moderate as compared to its
peers, as both Gross and Net NPAs for the bank, on an absolute basis, grew only
by 3-4%.
During 4QFY2014, the bank reported stability on the asset quality front, aided by
higher recoveries and upgraded though slippages spiked qoq (annualized
slippage rate came in higher at 5.5%, as compared to 1.9% as of 3QFY2014 and
5.3% in 4QFY2013). Recoveries/upgrades during the quarter came in much
higher sequentially at `1,860cr (against an average of `343cr for last few
quarters). Thus, healthy recoveries and upgraded offsetting higher slippages
resulted in a sequential decline in absolute Gross and Net NPA levels by
10.0% and 15.7% qoq respectively. The PCR improved by 270bp qoq at 57% (up
494bp qoq). The Gross NPA ratio decreased 88bp qoq to 4.3%, while the net NPA
ratio decreased 68bp to 2.4%. Going ahead, the Management has indicated at
stable to improving outlook on the asset quality front.
1
1
.
0

5
.
0

1
4
.
6

1
6
.
5

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6
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6

1
2
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3
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74.0
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72.0
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74.0
75.0
76.0
-
5.0
10.0
15.0
20.0
4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS)
3
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9

3
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8.50
9.00
9.50
10.00
10.50
(%)
2.75
2.73
3.00
2.83
2.70
1.50
1.70
1.90
2.10
2.30
2.50
2.70
2.90
3.10
(%)


May 30, 2014
5
Additionally, the bank restructured advances worth `709cr during the quarter,
thereby taking its outstanding restructured book to `11,650cr.
Exhibit 8: Higher Slippages ratio qoq
Exhibit 9: NPA ratios improve sequentially

Exhibit 10: Steady Network expansion continues
Exhibit 11: Cost ratios improve qoq

5
.
3

2
.
0

3
.
0

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.
9

5
.
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1.5
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Slippages (%)
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52.1
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49.0
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53.0
54.0
55.0
56.0
57.0
58.0
-
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2.00
3.00
4.00
5.00
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Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
2
,
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2
,
6
3
3

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,
6
8
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2
,
7
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2,450
2,500
2,550
2,600
2,650
2,700
2,750
2,800
2,850
2,900
2,950
3
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1.30
1.13
1.19
1.14
1.12
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1.10
1.15
1.20
1.25
1.30
1.35
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Cost-to-income ratio (%) Opex to average assets (%, RHS)


May 30, 2014
6
Investment arguments
Substantial CA floats and de-bulking of balance sheet create
upward bias for NIM
The bank had a relatively lower NIM of 1.9% in FY2010 due to a low CASA ratio
of ~25% and high exposure to relatively low-yielding corporate loans, which
constituted 69% of its total loan book then. The NIM has increased to 2.7% in
4QFY2014 and is expected to at least sustain at current levels hereon, aided by
the shift in reliance from bulk deposits to retail franchise and substantial CA floats
made available on Indo-Iran trade payments (`18,000-20,000cr), coupled with
de-bulking of the balance sheet, with increase in retail and SME loans.
Outlook and valuation
The bank has a substantial CA float made available on Indo-Iran trade payments.
Also stable to improving asset quality and low treasury income volatility is resulting
in healthy earnings visibility (EPS CAGR of 57.6% over FY2013-16E, on a low base
of FY2013). Moreover return ratios for the bank have improved (RoE, after
declining to 9.1% in FY2013, improved to 17.9% in FY2014 and is expected to
stay at current levels for FY2015. However at CMP the stock trades at a premium
valuation of 0.9x 2016E ABV compared to its peers. Hence, we recommend a
Neutral rating on the stock.
Exhibit 12: Key assumptions
Particulars (%)
Earlier estimates Revised estimates
FY2015 FY2016 FY2015 FY2016
Credit growth 15.0 15.0 15.0 15.0
Deposit growth 13.0 13.0 15.0 15.0
CASA ratio 29.4 28.7 28.3 27.1
NIMs 2.9 2.9 2.7 2.7
Other income growth (7.2) 12.7 (8.8) 13.0
Growth in staff expenses 15.0 15.0 15.0 15.0
Growth in other expenses 15.0 15.0 15.0 15.0
Slippages 2.3 2.1 2.3 2.2
Coverage ratio 62.5 67.5 62.5 67.5
Source: Angel Research


May 30, 2014
7
Exhibit 13: Change in estimates
Particulars (` cr)
FY2015 FY2016
Earlier
estimates
Revised
estimates
Var. (%)
Earlier
estimates
Revised
estimates
Var. (%)
NII 6,732 6,677 (0.8) 7,501 7,448 (0.7)
Non-interest income 1,085 1,204 10.9 1,224 1,361 11.2
Operating income 7,817 7,881 0.8 8,725 8,809 1.0
Operating expenses 2,868 2,805 (2.2) 3,298 3,226 (2.2)
Pre-prov. profit 4,949 5,076 2.6 5,426 5,583 2.9
Provisions & cont. 2,549 2,786 9.3 2,724 2,963 8.8
PBT 2,400 2,290 (4.6) 2,702 2,621 (3.0)
Prov. for taxes 720 687 (4.6) 878 852 (3.0)
PAT 1,680 1,603 (4.6) 1,824 1,769 (3.0)
Source: Angel Research

Exhibit 14: P/ABV band

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Price (`) 0.5x 0.8x 1.1x 1.4x 1.7x


May 30, 2014
8
Exhibit 15: Recommendation summary
Company Reco.
CMP
(`)
Tgt. price
(`)
Upside
(%)
FY2016E
P/ABV (x)
FY2016E
Tgt. P/ABV (x)
FY2016E
P/E (x)
FY2014-16E
EPS CAGR (%)
FY2016E
RoA (%)
FY2016E
RoE (%)
HDFCBk Neutral 805 - - 3.3 - 14.5 25.2 2.0 23.4
ICICIBk* Buy 1,448 1,797 24.2 1.9 2.4 12.1 18.6 1.6 16.0
YesBk Buy 548 666 21.6 1.9 2.3 8.9 17.8 1.5 23.4
AxisBk Buy 1,849 2,300 24.4 1.7 2.2 10.1 17.5 1.7 18.2
J&KBk Neutral 1,866 - - 1.2 - 7.8 (1.3) 1.2 16.4
SBI* Accumulate 2,632 2,788 5.9 1.5 1.3 10.6 30.5 0.8 14.0
FedBk Neutral 118 - - 1.2 - 9.7 11.6 1.1 13.0
SIB Buy 26 36 37.4 0.9 1.2 5.4 13.4 0.9 16.7
BOB Accumulate 889 993 11.8 0.9 1.0 6.5 13.8 0.7 13.9
PNB Accumulate 994 1,135 14.1 0.9 1.0 6.2 31.3 0.8 14.2
UcoBk Neutral 104 - - 0.9 - 6.0 8.2 0.6 14.0
BOI Buy 317 413 30.4 0.7 0.9 5.0 21.6 0.6 12.2
UnionBk Buy 216 264 22.6 0.7 0.9 5.1 22.4 0.6 12.9
CanBk Buy 430 528 22.8 0.7 0.8 5.7 19.0 0.6 11.0
IDBI# Accumulate 95 107 12.7 0.6 0.7 7.2 37.0 0.5 8.7
DenaBk Accumulate 84 94 11.3 0.7 0.8 5.5 22.4 0.6 11.6
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries),
#
Without adjusting for SASF
Company Background
UCO Bank is a mid-sized public sector bank with a balance sheet size of
~`2.4lakh cr. Its branches are concentrated in the eastern and north eastern states
(~36%), with relatively large numbers located in the parent state of West Bengal
(~13%). It has got significant rural and semi-urban presence, with ~60% of its
total network of 2,850+ branches and around 2,100 ATMs located in these areas.


May 30, 2014
9
Income statement (Standalone)
Y/E March (` cr) FY11 FY12 FY13 FY14 FY15E FY16E
Net Interest Income 3,845 3,902 4,582 6,059 6,677 7,448
- YoY Growth (%) 65.4 1.5 17.4 32.3 10.2 11.6
Other Income 925 966 952 1,320 1,204 1,361
- YoY Growth (%) (4.2) 4.3 (1.4) 38.7 (8.8) 13.0
Operating Income 4,770 4,868 5,534 7,380 7,881 8,809
- YoY Growth (%) 45.0 2.0 13.7 33.4 6.8 11.8
OperatingExpenses 2,075 2,056 2,177 2,439 2,805 3,226
- YoY Growth (%) 20.8 (0.9) 5.9 12.1 15.0 15.0
Pre - Provision Profit 2,695 2,811 3,357 4,940 5,076 5,583
- YoY Growth (%) 71.5 4.3 19.4 47.2 2.7 10.0
Prov. & Cont. 1,781 1,740 2,710 3,216 2,786 2,963
- YoY Growth (%) 196.8 (2.3) 55.8 18.7 (13.4) 6.3
Profit Before Tax 914 1,071 647 1,724 2,290 2,621
- YoY Growth (%) (5.9) 17.2 (39.6) 166.6 32.8 14.5
Prov. for Taxation 8 (37) 29 214 687 852
- as a % of PBT 0.8 (3.5) 4.4 12.4 30.0 32.5
PAT 907 1,109 618 1,511 1,603 1,769
- YoY Growth (%) (10.4) 22.3 (44.2) 144.4 6.1 10.4


May 30, 2014
10
Balance sheet (Standalone)
Y/E March (` cr) FY11 FY12 FY13 FY14 FY15E FY16E
Share Capital 2,451 2,488 2,576 1,015 1,015 1,015
- Equity 628 665 753 1,015 1,015 1,015
- Preference 1,823 1,823 1,823 - - -
Reserve & Surplus 4,969 6,126 7,107 10,212 11,455 12,805
Deposits 145,278 154,003 173,431 199,534 229,464 263,883
- Growth (%) 18.7 6.0 12.6 15.1 15.0 15.0
Borrowings 1,100 8,526 4,117 15,478 13,466 15,396
Tier 2 Capital 4,375 4,375 5,375 5,241 5,110 4,982
Other Liab. & Prov. 5,227 4,980 6,046 7,647 8,815 9,835
Total Liabilities 163,398 180,498 198,651 239,125 269,323 307,915
Cash Balances 10,404 7,812 5,705 8,049 11,473 13,194
Bank Balances 6,576 5,792 6,639 6,963 6,733 7,698
Investments 42,927 45,772 52,245 67,452 71,161 80,166
Advances 99,071 115,540 128,283 149,584 172,022 197,825
- Growth (%) 20.1 16.6 11.0 16.6 15.0 15.0
Fixed Assets 739 802 890 1,062 1,160 1,286
Other Assets 3,681 4,782 4,890 6,015 6,775 7,745
Total Assets 163,398 180,498 198,651 239,125 269,323 307,915
- Growth (%) 19.0 10.5 10.1 20.4 12.6 14.3


May 30, 2014
11
Ratio analysis (Standalone)
Y/E March FY11 FY12 FY13 FY14 FY15E FY16E
Profitability ratios (%)
NIMs 2.6 2.3 2.5 2.9 2.7 2.7
Cost to Income Ratio 43.5 42.2 39.3 33.1 35.6 36.6
RoA 0.6 0.6 0.3 0.7 0.6 0.6
RoE 20.7 19.4 9.1 16.8 14.2 14.0
B/S ratios (%)
CASA Ratio 22.0 22.3 32.1 29.5 28.3 27.1
Credit/Deposit Ratio 68.2 75.0 74.0 75.0 75.0 75.0
CAR 13.8 12.3 14.2 13.2 12.6 11.9
- Tier I 8.6 8.1 9.1 8.8 8.7 8.5
Asset Quality (%)
Gross NPAs 3.1 3.5 5.4 4.3 4.8 5.1
Net NPAs 1.8 2.0 3.2 2.4 2.2 1.9
Slippages 3.3 2.4 4.4 3.0 2.3 2.2
Loan Loss Prov. /Avg. Assets 0.8 0.4 0.9 0.7 0.7 0.7
Provision Coverage 51.6 54.4 52.1 57.0 62.5 67.5
Per Share Data (`)
EPS 12.6 14.2 5.6 14.9 15.8 17.4
ABVPS (75% cover.) 67.9 79.3 71.3 90.6 105.2 122.1
DPS 3.0 3.0 1.6 3.0 3.0 3.5
Valuation Ratios
PER (x) 8.3 7.4 18.7 7.0 6.6 6.0
P/ABVPS (x) 1.5 1.3 1.5 1.2 1.0 0.9
Dividend Yield 2.9 2.9 1.5 2.9 2.9 3.3
DuPont Analysis
NII 2.6 2.3 2.4 2.8 2.6 2.6
(-) Prov. Exp. 1.2 1.0 1.4 1.5 1.1 1.0
Adj. NII 1.4 1.3 1.0 1.3 1.5 1.6
Treasury 0.1 0.1 0.1 0.2 0.1 0.1
Int. Sens. Inc. 1.4 1.4 1.1 1.4 1.6 1.6
Other Inc. 0.6 0.4 0.4 0.5 0.4 0.4
Op. Inc. 2.0 1.8 1.5 1.9 2.0 2.0
Opex 1.4 1.2 1.1 1.1 1.1 1.1
PBT 0.6 0.6 0.3 0.8 0.9 0.9
Taxes 0.0 (0.0) 0.0 0.1 0.3 0.3
RoA 0.6 0.6 0.3 0.7 0.6 0.6
Leverage 34.3 30.1 27.9 24.3 22.5 22.9
RoE * 20.7 19.4 9.1 16.8 14.2 14.0
Note: * RoE calculated on PAT for equity share holders post preference dividend


May 30, 2014
12

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
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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 Pvt. Ltd., 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
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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
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investment positions in the stocks recommended in this report.

Disclosure of Interest Statement UCO Bank
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

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