Você está na página 1de 12

4QFY2012 Result Update | Infrastructure

May 15, 2012

Consolidated Construction Consortium


Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit 4QFY12 589 56 25 4QFY11 643 22 2 3QFY12 446 20 (3) % chg (yoy) (8.4) 148.3 1,551.2 % chg (qoq) 31.9 172.5 -

NEUTRAL
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 274 0.6 38/14 25,060 2 16,328 4,843 CCON.BO CCCL@IN

`15 -

Source: Company, Angel Research

CCCL posted a mixed set of numbers for the quarter. The companys revenue came in-line with our expectations, but the company gave a positive surprise at the EBITDA level, which led to higher-than-expected profit for the quarter. CCCL had an order inflow of `403cr during the quarter, taking the order inflow for FY2012 to `3,114cr. The order book currently stands at `5,916cr (2.8x FY2012 revenue). We recommend Neutral on the stock. Positive surprise at the EBITDAM level: The companys top line declined by 8.4% yoy to `589cr, against our estimate of `572cr. Segment wise, the commercial segment has contributed 54% to the companys revenue, followed by the infrastructure (23%), industrial (19%) and the balance by residential and building products segments. However, the positive surprise came on the margin front, as the company posted significantly higher-than-expected EBITDA margin of 9.5%, a jump of 600bp/490bp on a yoy/qoq basis, against our expectation of 4.4%. The main reason for margin improvement was lower cost of material and subcontracting charges as a percentage of sales. Interest cost came in at `29cr, a jump of 142.8%/59.4% on a yoy/qoq basis. On the bottom-line front, the company posted profit of `25cr in 4QFY2012 vs. `2cr in 4QFY2011, against our expectation of `1cr profit mainly on account of margin improvement. Outlook and valuation: CCCL has been posting erratic numbers on the EBITDAM front and consequently has been performing poorly on the earnings front as well since the past few quarters. Slow-moving orders (`1,622cr, 27% of order book) and poor EBITDAM performance expected for another 3-4 quarters would result in subdued performance from CCCL going forward as well. Further, high interest cost would result in earnings pressure in the near future. We maintain our Neutral view on the stock.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 50.8 20.6 13.7 15.0

Abs. (%) Sensex CCCL

3m

1yr

3yr 34.1 (47.9)

(10.3) (11.9) (18.0) (57.2)

Key financials (Consolidated)


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

FY2010 1,976 7.3 91.6 26.6 5.0 9.1 3.8 16.6 19.3 0.6 0.3 2.9

FY2011 2,199 11.3 46.9 (48.8) 2.5 7.0 7.3 7.7 13.2 0.5 0.3 4.5

FY2012E 2,258 2.7 (28.0) (1.5) 3.3 (4.6) 4.9 0.6 0.4 11.3

FY2013E 2,646 17.2 43.6 2.4 5.9 7.9 7.2 10.7 0.6 0.4 6.0

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

Please refer to important disclosures at the end of this report

CCCL | 4QFY2012 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 Net profit before JV share Share of pfts to JV partner Net profit after JV share PAT (%) Reported EPS (`)
Source: Company, Angel Research

4QFY12 589 533 56 9.5 29 4 3 25 (1) 26 1 25 4.3 1.4

4QFY11 643 620 22 3.5 12 3 1 0 8 3 5 3 2 0.2 0.1

3QFY12 446 426 20 4.6 18 4 3 0 1 3 (2) 1 (3) (0.7) (0.2)

% Chg (yoy) (8.4) (14.1) 148.3 600bp 142.8 11.9 205.8 223.7 (124.8) 482.2 (64) 1551.2 1551.2

% Chg (qoq) 31.9 25.1 172.5 490bp 59.4 4.5 7.7 (130.1) 110 -

FY2012 2,078 1970 108 5.2 80 14 8 0 22 10 11 8 4 0.2 0.2

FY2011 2,137 1986 151 7.1 47 13 5 1 97 34 63 12 51 2.4 2.7

% Chg (2.7) (0.8) (28.3) (190)bp 69.5 12.6 55.6 (78) (69.9) (82) (37) (93) (93)

Exhibit 2: 4QFY2012 Actual vs. estimates


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

Actual 589 56 29 (1) 25

Estimates 572 25 19 1 1

Variation (%) 2.9 121.5 51.8 (172.9) -

Revenue declines on account of marred execution pace


The companys top line declined by 8.4% yoy to `589cr, against our estimate of `572cr. Segment wise, the commercial segment has contributed 54% to the companys revenue, followed by the infrastructure (23%), industrial (19%) and the balance by residential and building products segments. As per management, the overall scenario for infrastructure companies remains murky as: 1) increased competition levels in bagging orders is still affecting the industrys margins; 2) recent increases in steel and cement prices are a cause of concern and are affecting the general sentiment for investing in building new capacities; 3) shortage in availability of skilled and unskilled labor is pushing up labor cost; 4) access to raising finances remains tight. Slow-moving orders in the infrastructure segment (`2,659cr) as of 4QFY2012 stand at `1,622cr, thus resulting in 27% of order book (`5,916cr) being slow moving. Thus, the execution pace going ahead would be muted, given the slow-moving orders in the order book.

May 15, 2012

CCCL | 4QFY2012 Result Update

Projects update
On March 29, 2012, CCCL Infrastructure commissioned a 5MW solar power plant by connecting it to the grid. On the SEZ projects front, three more parties have signed a lease deed and another three have expressed their interest in taking land on lease.

Exhibit 3: Revenue growth takes a hit


700 600 500 400 300 200 100 0 2.7 (3.4) 8.5 4.5 8.5 10.0 1.1 (0.2) (10.0) (8.4) 9.5 33.2 23.4 40 35 30 25 20 15 10 5 0 (5) (10) (15)

Exhibit 4: Decent order inflow for the quarter


2,500 2,000 1,500 1,000 500 1939 1160 678 693 443 352 553 250 319 452 404 250 200 150 100 50 0 (50) (100) 1,706

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY12

2QFY12

3QFY12

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

Sales (` cr, LHS)

Growth (yoy %, RHS)

Order Booking (` cr, LHS)

4QFY11

Growth (yoy %, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Better-than-expected EBITDAM performance leads to higher PAT


CCCL gave a positive surprise on the margin front, as the company posted significantly higher-than-expected EBITDA margin of 9.5%, registering a jump of 600bp/490bp on a yoy/qoq basis, against our expectation of 4.4%. The main reason for margin improvement was lower cost of material and subcontracting charges as a percentage of sales. Interest cost came in at `29cr, reporting a jump of 142.8%/59.4% on a yoy/qoq basis. On the bottom-line front, the company posted profit of `25cr in 4QFY2012 vs. `2cr in 4QFY2011, against our expectation of `1cr profit mainly on account of margin improvement.

Exhibit 5: Positive surprise at the EBITDAM level


80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 3.5 1.4 7.1 7.3 8.9 9.0 11.4 8.3 7.8 4.8 9.7 12.0 9.5 10.0 8.0 4.6 6.0 4.0 2.0 -

Exhibit 6: Earnings in black owing to higher EBITDAM


40.0 30.0 20.0 10.0 1QFY12 2QFY12 4QFY09 1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11

4QFY12
6.0 4.3 5.0 4.0 3.0 2.0 1.0
4QFY12

4.3

4.3

4.7

4.7

5.3 3.5 2.8 3.4

0.2

0.1
3QFY12

(0.7)

(1.0) (2.0) (3.0) (4.0)

(10.0) (20.0) (30.0)

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

(3.5)

EBITDA (` cr, LHS)

EBITDAM (%, RHS)

PAT (` cr, LHS)

PATM (%, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

May 15, 2012

CCCL | 4QFY2012 Result Update

Order book analysis


As of 4QFY2012, CCCLs order book stood at `5,916cr (2.8x FY2012 revenue), dominated by the infrastructure (45.0%) and commercial (41.5%) segments. The industrial and residential segments accounted for the balance. During the quarter, the company bagged orders worth `403cr (majority of which came from the industrial (50%), commercial (46%) and residential segment (contributing the balance). The companys order book is spread across price-protected (57.9%), fixed price (22.4%) and without material (19.7%) contracts. Slow-moving orders in the infrastructure segment (`2,659cr) as of 4QFY2012 stand at `1,622cr, thus resulting in 27% of order book (`5,916cr) being slow moving.

Exhibit 7: Segmental order inflow for the quarter (` cr)

Exhibit 8: Order book at 2.8x FY2012 revenue (` cr)

Source: Company, Angel Research

Source: Company, Angel Research

May 15, 2012

CCCL | 4QFY2012 Result Update

Outlook and valuation


CCCL has been posting erratic numbers on the EBITDAM front and consequently has been performing poorly on the earnings front as well since the past few quarters. Slow-moving orders (`1,622cr, 27% of order book) and poor EBITDAM performance expected for another 3-4 quarters would result in subdued performance from CCCL going forward as well. Further, high interest cost would result in earnings pressure in the near future. We continue to maintain our Neutral recommendation on the stock.

Exhibit 9: Key assumptions


FY2009 Order inflow (` cr) Revenue (` cr) Order backlog (Y/E) Order book-to-sales ratio (x)
Source: Company, Angel Research

FY2010 2,166 1,976 3,392 1.7

FY2011 3,537 2,199 4,968 2.3

FY2012E 3,114 2,128 5,953 2.8

FY2013E 3,891 2,526 7,319 2.9

FY2014E 4,316 2,792 8,842 3.2

2,512 1,841 3,323 1.8

Exhibit 10: Angel EPS forecast vs. consensus


Angel forecast FY2013E FY2014E
Source: Company, Angel Research

Bloomberg consensus 1.3 2.4

Variation (%) (30.5) (14.4)

1.8 2.8

May 15, 2012

CCCL | 4QFY2012 Result Update

Recommendation rationale
Slow-moving orders: As of 4QFY2012, of its total order book of `5,916cr, CCCL had ~`1,622cr (27% of order book) worth of slow-moving orders in the infrastructure segment, which would keep its revenue growth under check for the next few quarters. EBITDAM to remain under pressure: Since the past few quarters, CCCL has been reporting EBITDAM of 1.4-4.8% (except 4QFY2012), owing to: 1) managements error in estimating commodity prices for fixed price contracts; 2) high labor and procurement costs; 3) low-margin legacy orders; and 4) higher employee and sales and administration cost. Further, as per management, pressure on EBITDAM is expected to remain for the next few quarters, which continues to be an overhang on the stock. Return ratios take a hit: In the past, CCCL has enjoyed superior return ratios, because of which the stock traded at a premium to its peers. Currently, the companys return ratios have taken a hit due its poor performance. Going ahead, we see pressure on return ratios to continue and expect some significant improvement only in FY2014.

Exhibit 11: Return ratios take a hit


40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 (5.0) FY2008 FY2009 FY2010 RoAE (%)
Source: Company, Angel Research

35.3

27.8

17.5

19.3 13.2 9.6 11.3

14.9

16.6 7.7 FY2011

7.3

5.5 FY2012E (1.3) RoACE (%) FY2013E

8.1 FY2014E

May 15, 2012

CCCL | 4QFY2012 Result Update

Exhibit 12: Recommendation summary


Company ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. CMP 200 15 19 112 161 47 63 46 34 90 45 133 204 TP Rating FY11 302 Buy - Neutral - Neutral 186 Buy 265 Buy 61 Buy 104 Buy 84 Buy 76 Buy - Neutral - Neutral 199 Buy 316 Buy 1,522 2,128 3,988 3,131 5,606 4,971 Top-line (` cr) FY12E 2,014 2,526 4,239 3,821 6,619 5,510 FY13E CAGR (%) 2,294 2,792 4,522 4,582 7,925 6,722 22.7 14.5 6.5 21.0 18.9 16.3 14.7 14.0 21.9 19.1 3.6 10.9 12.8 15.4 18.0 (0.4) (3.7) 14.9 25.6 0.9 2.9 64.7 4.4 1.4 14.9 2.8 9.3 19.6 EPS (`) FY11 FY12E FY13E CAGR (%) 28.4 1.8 (1.8) 15.0 22.0 2.5 4.2 70.8 5.8 3.5 14.0 1.8 10.2 27.2 30.8 2.8 (0.8) 16.9 26.7 4.6 5.0 76.5 6.5 5.4 14.5 3.2 11.3 35.1 30.8 6.5 2.1 125.5 30.9 8.7 21.8 97.6 (1.1) 7.2 10.5 33.9 11.1 7.5 6.3 52.1 21.5 18.9 10.5 24.3 6.0 16.4 14.3 10.4 Adj. P/E 7.1 8.1 7.5 7.3 18.5 15.0 17.3 8.0 9.6 6.4 24.9 13.1 7.5 6.5 5.2 6.6 6.0 10.3 12.5 16.0 7.1 6.2 6.2 14.2 11.7 5.8 OB/ 4.2 2.8 3.8 4.3 5.6 2.7 3.8 4.3 2.7 2.6 2.7 2.9 FY11 FY12E FY13E Sales(x)

13,963 16,017 18,359 53,171 59,559 69,089 1,952 4,946 3,573 2,604 5,929 2,503 5,790 3,609 2,989 6,732 2,903 7,022 3,836 3,314 7,902

1,223 1,553 Buy

10,557 11,592 12,993

Source: Company, Angel Research;

Exhibit 13: SOTP breakup Across players


Company ` ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. 128 17 (5) 98 53 41 34 1,223 33 43 55 72 102 316 Core Const. % to TP 42 100 (20) 59 20 67 32 79 39 57 51 100 51 100 ` 12 27 2 2 17 Real Estate % to TP 50 26 2 2 16 Road BOT ` 174 16 64 180 50 10 16 98 % to TP 58 70 39 68 59 13 15 49 Invst. In Subsidiaries ` 4 20 330 % to TP 3 33 21 22 19 ` 33 43 Others % to TP 12 42 28 18 Total ` 302 17 23 166 265 61 104 1,553 84 76 106 72 199 316

Source: Company, Angel Research

May 15, 2012

CCCL | 4QFY2012 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 Inc (incl pft frm As/JV) (% of PBT) Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Less: Share of JV Partn profit Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) (Reported) Fully Diluted EPS (`) % chg 72 72 (18.9) 3.9 3.9 3.9 (18.9) 92 92 26.6 4.6 5.0 5.0 26.6 FY2009 1,841 1,841 24.6 1,712 1,439 47 106 120 128 (24.1) 7.0 9 120 (27.0) 6.5 18 9 8.5 111 (31.0) 111 38 34.5 72 FY2010 FY2011 FY2012 FY2013E FY2014E 1,976 1,976 7.3 1,797 1,545 114 138 179 39.5 9.1 11 168 40.7 8.5 33 6 4.5 142 28.5 142 50 35.5 92 2,199 2,199 11.3 2,046 1,744 143 158 153 (14.6) 7.0 14 139 (17.3) 6.3 49 5 5.5 95 (33.2) 95 36 37.7 59 12.2 47 47 (48.8) 2.1 2.5 2.5 (48.8) 2,128 2,128 (3.2) 2,026 1,705 157 164 102 (33.2) 4.8 16 87 (37.7) 4.1 85 9 82.4 12 (87.9) 12 12 104.5 (1) 7.6 (8) (8) (0.4) (0.4) (0.4) (117.3) 2,526 2,526 18.7 2,383 1,920 124 157 182 143 40.1 5.7 18 125 44.2 4.9 81 7 13.6 50 337.4 50 16 32.4 34 34 34 1.3 1.8 1.8 2,792 2,792 10.5 2,609 2,108 127 173 201 183 27.7 6.6 20 163 30.2 5.8 92 7 9.2 78 54.0 78 25 32.4 52 52 52 54.0 1.9 2.8 2.8 54.0

May 15, 2012

CCCL | 4QFY2012 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 Investments Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 161 22 138 6 57 1,089 807 9 130 144 546 544 12 758 190 33 157 15 9 1,358 1,020 12 170 156 554 805 1 988 220 47 173 36 3 1,514 1,204 8 85 217 605 909 0 1,121 250 62 187 36 33 1,581 1,166 7 156 252 585 995 0 1,252 280 81 199 36 43 1,778 1,384 9 132 254 695 1,083 0 1,361 310 101 209 36 53 1,979 1,529 10 126 314 768 1,211 0 1,509 37 479 516 198 44 758 37 552 589 339 60 988 37 591 628 431 61 1,121 37 571 608 582 61 1,252 37 594 630 670 61 1,361 37 634 671 777 61 1,509 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

May 15, 2012

CCCL | 4QFY2012 Result Update

Cash flow statement (Consolidated)


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 111 9 89 9 24 (2) (71) 42 9 (19) 72 9 0 63 42 88 130 142 11 221 6 38 (112) (38) 47 6 16 141 11 6 136 40 130 170 83 14 189 5 36 (133) (51) 6 5 (39) 93 11 6 88 (85) 170 85 4 16 15 9 12 (18) (30) (30) 9 (51) 151 12 139 71 85 156 50 18 112 7 16 (67) (30) (10) 7 (33) 87 12 75 (24) 156 132 78 20 133 7 25 (68) (30) (10) 7 (33) 107 12 95 (5) 132 126

May 15, 2012

10

CCCL | 4QFY2012 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) Payables (days) W. cap cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 0.1 0.5 6.5 0.3 0.9 5.2 0.6 2.3 2.8 0.7 4.2 1.0 0.9 3.8 1.5 1.0 3.6 1.8 14.4 143 2 93 73 11.3 169 2 100 97 10.7 185 2 94 121 9.1 203 1 100 143 9.6 184 1 91 129 9.5 190 1 94 133 17.5 20.8 14.9 19.3 23.3 16.6 13.2 15.0 7.7 7.3 8.1 (1.3) 9.6 10.7 5.5 11.3 12.5 8.1 6.5 0.7 3.2 13.6 7.5 0.1 14.3 8.5 0.6 2.7 15.0 7.8 0.2 16.5 6.3 0.6 2.4 9.4 8.0 0.4 9.9 4.1 (0.0) 2.0 (0.4) 0.6 (0.1) 4.9 0.7 2.2 7.3 8.8 0.8 6.1 5.8 0.7 2.1 8.4 8.6 0.9 8.2 3.9 3.9 4.4 0.5 27.9 5.0 5.0 5.6 0.5 31.9 2.5 2.5 3.3 0.5 34.0 (0.4) (0.4) 0.4 0.6 32.9 1.8 1.8 2.8 0.6 34.1 2.8 2.8 3.9 0.6 36.3 3.8 3.4 0.5 3.4 0.2 2.7 0.5 3.0 2.7 0.5 3.4 0.2 2.5 0.4 5.8 4.5 0.4 3.4 0.3 4.1 0.6 36.8 0.5 3.7 0.3 6.9 0.6 8.1 5.2 0.4 3.7 0.3 5.7 0.6 5.2 3.8 0.4 3.7 0.3 5.1 0.6 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

May 15, 2012

11

CCCL | 4QFY2012 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

CCCL 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%)

May 15, 2012

12