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Please refer to important disclosures at the end of this report 1

Quarterly highlights Consolidated

Op. profit 102 94 94 9.0 9.0

Source: Company, Angel Research

For 1QFY2013, Ashoka Buildcon Ltd (ABL) reported a good set of numbers with

revenue and EBITDA coming broadly in line with our estimates but earnings were

higher owing to higher other income and one off depreciation write back (`

8cr) inan associate of ABL. The order book as of 1QFY2013 stood at `4,625cr (2.7x

FY2013E E&C revenue), providing revenue visibility.

ABLs top-line witnessed a healthy growth of 19.8% to

`466cr marginally higher than our estimate of `453cr. The engineering and

construction (E&C) segment contributed revenue of `395cr (including other

income) and the build-operate-transfer (BOT) segment reported a revenue of

`80cr (including other income) for the quarter. On the EBITDAM front, ABLs

margins came at 22.0%, a dip of 210bp on a y-o-y basis and in line with our

estimate of 22.1%. The interest cost came in at `38cr, a jump of 52.1% on a y-o-y

basis. At the earnings front as well, ABL reported a decent growth of 27.4% to `41cr.

ABL has been successful in diluting stake (34%) for `700cr

to SBI-Macquarie in Ashoka Concessions Ltd (ACL) valuing ACL at `2,060cr.

Further, SBI-Macquarie will invest additional `650cr for future bids as well. This

development is positive for ABL as not only it takes care of equity requirement for

the current portfolio but also provides comfort for future bids. ABL has also

managed to achieve financial closure for the Cuttack Angul project, however owing to

pending environment clearances ABL has not received an appointed date by NHAI.

Hence, the execution on the project will start after six to nine months.

Key financials (Consolidated)

% chg 63.8 15.1 35.6 13.8

% chg 25.3 23.9 14.3 17.0

EBITDA margin (%) 19.4 21.7 22.4 22.4

P/E (x) 13.6 11.0 9.6 8.2

RoAE (%) 14.9 13.1 13.1 13.4

RoACE (%) 9.3 6.7 6.0 5.5P/BV (x) 1.5 1.3 1.2 1.0

EV/Sales (x) 1.9 2.0 2.1 2.3

EV/EBITDA (x) 9.9 9.1 9.3 10.4


CMP `260

Target Price `304

Investment Period 12 Months

Stock Info

Sector

Net Debt (`cr) 1,577

Bloomberg Code

Shareholding Pattern (%)

Promoters 67.3

MF / Banks / Indian Fls 24.8

FII / NRIs / OCBs 0.0

Indian Public / Others 7.9

Abs. (%) 3m 1yr 3yr

Sensex 10.2 5.5 19.4

ABL 30.6 (2.7) #

Note:#

listing in Oct 2010

Nifty 5,363

Reuters Code ABDL.BO

ASBL@IN

Avg. Daily Volume 2,692

Face Value (`) 10

BSE Sensex 17,657

52 Week High / Low 286/180

Infrastructure

Market Cap (`cr) 1,367

Beta 0.3

022-39357800 Ext: 6842

[email protected]

Performance Highlights

1QFY2013 Result Update | Infrastructure

August 16, 2012

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Ashoka Buildcon| 1QFY2013 Result Update

August 16, 2012 2

Exhibit 1:1QFY2013 performance (Consolidated)

OPM (%) 22.0 24.1 (210)bp 20.0 200bp 21.7 19.2 250bp

Interest 38 25 52.1 39 (2.7) 114 69 66.0

Depreciation 32 27 19.6 1 3451.0 85 69 23.2

Non operating income 9 2 303.0 3 248.9 26 25 5.9

Nonrecurring items/Dividend from SPV's - - - - - 107 -

Tax 16 14 15 45 42 6.4

Share of Profits/ (Losses) of Asso. 9 1 - 4 - 9 8 -

Share of Profits/ (Losses) of MI (8) (1) - (1) - (9) 2 -

PAT (%) 8.8 8.3 50bp 10.0 (120)bp 8.3 16.0 -


Exhibit 2:Segmental revenue break-up

% chg % chg % chg

Construction segment 395 328 20.6 401 (1.4) 1,265 1,134 11.6

BOT segment 80 64 25.4 74 7.9 270 202 33.8

Construction segment 54 45 18.8 56 (4.0) 175 163 7.4

BOT segment 58 51 13.8 45 29.4 186 121 53.7

16.2 10.8 27.1

Construction segment (%) 14 14 (20)bp 14 (40)bp 14 14 (50)bp

BOT segment (%) 72 79 (730)bp 60 (1,200)bp 69 60 890bp


BOT segment 29 17 74.7 25 19.5 74 40 84.0


BOT segment 26 21 22.6 (6) (498.6) 57 49 15.3

Construction segment 26 21 25.4 21 20.4 74 154 (52.0)

BOT segment 15 12 - 25 (39.4) 51 54 (5.7)


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August 16, 2012 3

Exhibit 3:1QFY2013 Actual vs Angel estimates

Revenue 453 466 2.9

EBITDA 100 102 2.2Interest 41 38 (7.4)

PAT 25 41 62.4


Revenue performance broadly in line with estimate

ABLs top-line witnessed a healthy growth of 19.8% to `466cr marginally

higher than our estimate of `453cr. The E&C segment contributed revenue of

`395cr (including other income) and the BOT segment reported `80cr (including

other income) for the quarter.

Exhibit 4:Decent revenue performance


236

603

388

287

353

468

466

18.8

121.4

38.9

56.849.3

(22.4)

20.1

(40.0)

(20.0)

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

-

100

200

300

400

500

600

700

3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13

Net Sales (` cr, LHS) Growth (yoy %, RHS)

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August 16, 2012 4

BOT toll revenue

On the toll collection front, for 1QFY2013, ABL witnessed an 88.8% yoy/45.2%

qoq growth. This growth was on the back of commencement of toll collection on

Dhankuni - Kharagpur and Jaora - Nayagaon (third section in 4QFY2012)

projects.

Toll collections: From April 1, 2012 onwards, ABL started toll collection on the

Dhankuni - Kharagpur project and has reported toll collection of `29.9cr for

1QFY2013.

Exhibit 5:Road BOT project-wise toll revenue growth (` cr)

Indore-Edalabad 17.8 16.8 6.3 16 10.8 64.8

Ahmednagar-Aurangabad 4.0 4.3 (5.2) 4 2.8 16.4

Wainganga Bridge 5.6 4.6 21.7 6 (6.0) 21.3

Dewas Bypass 5.8 4.9 18.0 5 18.5 19.3

Katni Bypass 4.7 4.9 (4.3) 5 0.6 18.8

Pune-Shirur$ 5.7 5.2 10.2 5 4.4 20.8

Nagar-Karmala 6.5 6.5 (0.3) 6 3.9 25.3

Jaora-Nayagaon** 27.0 10.4 159.2 22 20.2 64.7

Bhandara 11.0 10.0 10.0 12 (8.9) 44.5

Belgaum Dharwad# 14.9 8.7 - 14 8.4 48.3

Others* 9.3 12.1 (22.6) 12 (20.2) 46.6

Durg 14.4 - - 8 90.2 7.6

Dhankuni Kharagpur 39.9

Source: Company, Angel Research; Note $ Toll collection disturbed in 3QFY2011 and 4QFY2011, Toll on one toll plaza discontinued, # Toll collection

adjusted in Capital WIP, Toll collection started from May 2011, *Others include Anawali Kasegaon, Dhule Bye pass, Nashirabad & Sherinala, ** Toll on the

second section started in May 2011 and that on the third section started on February 15, 2012

Under-construction projects

72% construction complete. Further, ABL is looking to achieve

provisional completion (>75%) by September 2012.

26% construction complete.

The concession agreement has been signed on March 15,

2012. Debt tied up of `801cr with Axis Bank.

48% construction complete.

: Received the Appointed date on April 1, 2012. 10%

construction complete.

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August 16, 2012 5

EBITDAM stable, one-off write-back leads to higher-than-

expected earnings

On the EBITDAM front, ABLs margins came at 22.0%, a dip of 210bp yoy and in

line with our estimate of 22.1%. Interest cost came in at `38cr, a jump of 52.1%

on a y-o-y basis. At the earnings front as well ABL reported a decent growth of

27.4% to `41cr. Earnings were higher-than-estimates owing to higher other

income and one-off depreciation write back (`8cr) in an associate of ABL.

Exhibit 6:EBITDAM stable


Exhibit 7:PATM higher owing to lower depreciation


PE deal removes funding constraints

ABL has been successful in diluting stake (34%) for `700cr to SBI-Macquarie in

Ashoka Concessions Ltd (ACL) valuing ACL at `2,060cr. The details are as

following:

ACL, (subsidiary of ABL) will have the following BOT projects -

Belgaum-Dharwad, Sambalpur-Baragarh, Dhankuni-Kharagpur,

Bhandara Highways, Dhule Highways, Pimpalgaon-Nasik-Gonde and

Jaora-Nayagaon (six NH project and one state highway project).

ACLs portfolio size - `7,800cr, total equity requirements for the current

portfolio is `1,550cr and ABL has already invested `675cr. SBI-Macquarie will

invest `700cr towards equity requirements of the portfolio and another firmcommitment of `100cr will be available for any contingent requirements for

these seven projects.

SBI Macquarie will have an equity stake of 34% for `700cr, and this 34% can

go up to 39% depending on the performance of the Sambalpur project.

In addition to `800cr investment mentioned above, SBI-Macquarie will invest

further `650cr for future bids.

ABL would be the exclusive engineering, procurement and construction (EPC)

and operations and maintenance (O&M) contractor for all projects of ACL.

56

75

91

67

69

94

102

23.9

12.5

23.5 23.3

19.6 20.022.0

-

5.0

10.0

15.0

20.0

25.0

30.0

-

20

40

60

80

100

120

3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13

EBITDA (` cr) EBITDAM (%, RHS)

28

17

17

38

32

17

20

47

10.29.5

7.06.3

8.3

5.9

5.5

10.0

-

2.0

4.0

6.0

8.0

10.0

12.0

-

5

10

15

20

25

30

35

40

45

50

1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12

PAT (` cr, LHS) PATM (%, RHS)

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August 16, 2012 6

Outlook and valuation

The private equity (PE) deal is a positive for ABL. It not only takes care of the equity

requirement for the current portfolio but also provides comfort for future bids. ABL

has also managed to achieve financial closure for the Cuttack Angul project,

however owing to pending environment clearance ABL has not received the

appointed date by NHAI. Hence, execution on the project will start after six to nine

months.

We have valued ABL on a SOTP basis by assigning 4.0x EV/EBITDA to its

standalone business and valued its BOT projects on net present value (NPV) basis

(it should be noted we have been conservative than management on revenue

estimates [toll receipts] for under-construction projects, keeping an eye on revenue

yield given the current competitive environment) to arrive at a target price of

`304.

Exhibit 8:SOTP valuation break-up

Indore -Edalabad NPV 243.7 99.7 243.1 46 15

Ahmednagar-Aurangabad NPV 55.5 100.0 55.5 11 3

Wainganga Bridge NPV 64.4 50.0 32.2 6 2

Dewas Bypass NPV 31.9 100.0 31.9 6 2

Katni Bypass NPV 29.0 99.9 29.0 6 2

PuneShirur NPV 53.9 100.0 53.9 10 3

Nagar -Karmala NPV 55.3 100.0 55.3 11 3

Bhandara NPV 169.1 51.0 86.2 16 5

JaoraNayagaon NPV 431.6 22.9 98.6 19 6

Durg NPV 138.9 51.0 70.8 13 4

Pimpalgaon-Nashik-Gonde NPV 248.0 26.0 64.5 12 4

Belgaum Dharwad NPV 27.8 100.0 27.8 5 2

Sambalpur-Baragarh NPV 75.4 100.0 75.4 14 5

DhankuniKharagpur NPV 8.5 100.0 8.5 2 1

Cuttack Angul P/BV 20.0 100.0 20.0 4 1

Others NPV 26.5 100.0 26.5 5 2

EPC (Parent) 4.0x EV/EBITDA 867.4 165 54

Net debt at standalone level (243.8) (46) (15)

Source: Company, Angel Research, Note: Discount rate 14% and 16% for operational and under-construction projects, respectively, *Others include

Nashirabad ROB, Sherinallah bridge and FOBs

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August 16, 2012 7

Exhibit 9:ABL BOT projects details/assumptions

Indore -Edalabad MPRDC 407 87 165.0 64.7 55.6 45.0 22-Sep-01 11.9 7.0 5.0

Ahmednagar-Aurangabad PWD 168 100 103.0 36.0 67.0 - 18-Dec-06 10.0 15.0* 5.0

Wainganga Bridge MORTH 26 50 41.0 14.5 26.5 - 16-Nov-98 9.5 6.0 5.0

Dewas Bypass PWD 40 100 61.0 25.0 36.0 - 31-Aug-01 13.8 25.0* 5.0

Katni Bypass PWD 35 100 71.0 28.0 43.0 - 19-Aug-02 14.0 5.0 5.0

PuneShirur PWD 216 100 161.0 55.0 106.0 - 7-May-03 11.0 18.0* 5.0

Nagar -Karmala PWD 160 100 50.0 31.5 18.5 - 19-Feb-99 11.3 18.0* 5.0

Bhandara NHAI 377 51 535.0 150.0 375.0 10.0 18-Sep-07 11.0 6.0 5.0

Dhule Bypass PWD 12 100 6.0 0.6 5.4 - 28-Aug-97 No debt - 5.0

Nashirabad MORTH 8 100 15.0 14.5 0.5 - 16-Nov-98 No debt 21.0# 5.0

Sherinala PWD 7 100 14.0 7.0 7.1 - 23-Mar-99 No debt 16.0 5.0

Anawali Kasegaon PWD 22 5 7.4 3.3 4.1 - 1-Mar-04 No debt n.a. 5.0

JaoraNayagaon MPRDC 340 15 835 273.0 562.0 (15.3)^ 20-Aug-07 11.0 5.0 5.0

Durg NHAI 368 51 587 201.0 386.0 (1.0) 23-Jan-08 13.3 5.0 5.0

PNG NHAI 452 26 1,691 339.0 1,352.0 6.2%@ 8-Jul-09 10.3 5.0 5.0

Belgaum Dharwad NHAI 454 100 694 215.0 479.0 (31.0)^ 29-Jun-10 12.3 5.0 5.0

Sambalpur-Baragarh NHAI 408 100 1,142 332.0 810.0 (1.3)^ 29-Jun-10 11.8 5.0 5.0

DhankuniKharagpur NHAI 840 100 2,200 450.0 1,750.0 (126.1)^ 21-Jun-11 11.0 5.0 5.0

Source: Company, Angel Research, Note:* Every three years, # Every five years, ^ 5% increment per annum, @ 6.19% of revenue payable as premium and

increment of 1% per annum

Exhibit 10:Angel EPS forecast vs consensus

FY2013E 27.1 26.9 0.7

FY2014E 31.7 32.2 (1.6)


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August 16, 2012 8

Investment arguments

ABL is able to undertake all activities related to a BOT

road project in-house from tendering for the project to collection of tolls. ABLs

integrated structure enables to bid for a BOT project with confidence in its ability tocomplete and operate the project on a profitable basis. It also allows capturing the

entire value in the BOT development business, including EPC margins, developer

returns and operation and maintenance margins.

NHAI has indentified 100 projects of

~11,151km, which it intends to award during FY2012-13 and seems to be on

track based on the awarding so far. Further, with a fair amount of awarding

remaining from NHAIs end (~21,000km), state projects, expressways and mega

highways provide humungous opportunities for road-focused players such as ABL.

Concerns

: The inherent nature of BOT projects requires high leverage.

Going by the thumb rule, most road BOT projects have a debt-equity blend of

70:30. Hence, the companys business model is vulnerable to interest rate

fluctuations, and any hike in interest rates could increase its interest costs.

Revenue from BOT toll-based projects is directly affected by

traffic growth. Companies bid for projects assuming long-term traffic growth

patterns, which may be higher/aggressive than actual growth. This aberration in

traffic growth estimates could result in lower returns for companies. Moreover, any

economic slowdown could impact our estimates. The thumb rule for traffic growthis a factor of 0.8-0.9x of real GDP growth. Therefore, we have conservatively

factored in 5% traffic growth in ABLs BOT projects.

Prices of commodities like cement, steel and bitumen play an

important role in shaping EBITDAM. We have factored in flat EBITDAM for ABL for

the C&EPC and BOT segments owing to inclusion of escalation clause while

estimating costs and due to the integrated business model of ABL. However, if the

movement in the prices of these commodities is higher than estimates, it would

have a negative impact on the companys EBITDAM.

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August 16, 2012 9

Exhibit 11:Recommendation summary

CCCL 16 - Neutral 2,048 2,262 2,522 11.0 (0.5) 1.5 2.7 - - 10.4 5.8 2.2

HCC 17 - Neutral 3,988 4,239 4,522 6.5 (3.7) (2.3) (1.0) - - - - 3.5

IRB Infra 125 166 Buy 3,131 3,964 4,582 21.0 14.9 15.5 16.9 6.5 8.4 8.1 7.4 -

ITNL 164 232 Buy 5,606 6,840 7,767 17.7 25.6 24.4 28.3 5.3 6.4 6.7 5.8 2.9

IVRCL 46 61 Buy 4,971 5,510 6,722 16.3 0.9 2.5 4.6 125.5 50.8 18.1 10.0 5.6

JP Assoc. 75 91 Buy 12,853 15,259 17,502 16.7 4.8 4.2 5.0 1.9 15.6 17.8 15.0 -

L&T 1,475 1,553 Accu. 53,171 60,474 69,091 14.0 64.3 72.1 76.3 9.0 22.9 20.5 19.3 2.5

Madhucon 34 56 Buy 1,802 2,206 2,502 17.8 4.9 4.6 4.7 (2.6) 7.0 7.4 7.4 3.2

NCC 41 45 Accu. 5,250 5,804 6,513 11.4 1.4 3.0 3.5 58.0 29.6 13.6 11.8 3.5

Patel Engg 81 - Neutral 3,573 3,609 3,836 3.6 14.9 14.0 14.5 (1.1) 5.5 5.8 5.6 2.7

Punj Lloyd 52 - Neutral 10,557 11,892 13,116 11.5 2.8 1.7 3.1 5.7 18.7 30.4 16.7 2.3

Sadbhav 136 182 Buy 2,676 2,506 3,147 8.5 9.3 7.5 10.4 5.7 14.5 18.1 13.0 2.9

Simplex In. 202 265 Buy 6,019 6,732 7,837 14.1 16.8 23.5 29.4 32.2 12.0 8.6 6.9 2.5


Exhibit 12:SOTP break-up

CCCL 16 100 - - - - - - - - 16HCC (6) (26) 12 53 16 73 - - - - 22

IRB Infra 98 59 - - 64 39 4 3 - - 166

ITNL 19 8 - - 180 78 - - 33 14 232

IVRCL 41 67 - - - - 20 33 - - 61

JP Assoc. 28 31 30 33 - - - - 33 36 91

L&T 1,221 79 - - - - 332 21 - - 1,553

Madhucon 14 25 2 3 28 50 - - 12 21 56

NCC 25 54 2 4 4 8 - - 15 34 45

Patel Engg 44 46 17 18 16 16 - - 19 20 95

Punj Lloyd 69 100 - - - - - - - - 69

Sadbhav 83 46 - - 99 54 - - - - 182

Simplex In. 265 100 - - - - - - - - 265


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August 16, 2012 10

Profit & loss statement (Consolidated)

% growth 60.6 53.5 63.7 14.8 35.7 13.8Other operating income - - 1.0 4.9 4.9 4.9

% chg 60.6 53.5 63.8 15.1 35.6 13.8

Construction/Contract expenses 265 484 928 1,032 1,386 1,577

Cost of material sold 58 59 61 68 93 106

Administrative and other exp. 16 18 27 31 42 48

Personnel 16 21 33 43 59 67

Other - - - - - -

% chg 33.0 30.6 18.2 28.4 39.9 13.8

(% of Net Sales) 31.6 26.9 19.4 21.7 22.4 22.4

Depreciation & amortization 64 66 69 85 122 135

% chg 41.9 48.8 24.4 30.3 38.7 14.9

(% of Net Sales) 19.2 18.6 14.1 16.1 16.4 16.6

Interest & other charges 65 49 72 114 186 207

Other income 15 19 33 35 39 43

Share in profit of associates - - - - - -

% chg 23.8 135.9 23.6 10.7 15.9 17.0

Extraordinary expense/(inc.) - - (89) - - -

Tax 12 32 24 45 54 63

(% of PBT) 23.3 27.1 10.4 28.0 29.0 29.0

Add: Share of earnings of asso. - - - - - -

Less: Minority interest (MI) 3 6 2 (9) (10) (12)

Prior period items - - (0) - - -

% chg 5.2 130.8 25.3 23.9 14.3 17.0

(% of Net Sales) 6.7 10.1 7.7 8.3 7.0 7.2

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

previous year numbers

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August 16, 2012 11

Balance sheet (Consolidated)

Equity share capital 46 46 53 53 53 53Preference capital 13 12 10 3 3 3

Reserves & surplus 289 404 830 964 1,107 1,274

Share App pending allotment 0.3 14.9 14.9 14.9

Total loans 723 1,122 1,220 1,627 2,894 4,093

Deferred tax liability 2 3 2 1 1 1

Minority interest 24 81 111 63 63 63

Other Long Term Liabilities 41 2,094 2,094 2,094

Long Term Provisions 21 39 39 39

Gross block 749 791 1,389 2,076 2,516 4,352

% growth 20 6 76 49 21 73

Less: Acc. depreciation 259 330 368 450 572 707

Capital Work-in-Progress 373 814 604 2,678 3,738 3,375

Goodwill - - - - - -

Long Term Loans and Advances 134 124 124 124

Other Non-Current Assets 79 127 127 127

Inventories 67 196 241 277 376 428

Sundry debtors 35 182 208 147 199 227

Cash 69 85 71 50 51 59

Loans & advances 135 222 156 139 188 214

Other - - 5 2 2 2

Mis. Exp. not written off - - - - - -

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers

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August 16, 2012 12

Cash flow statement (Consolidated)

Profit before tax 50 118 235 170 197 230Depreciation 64 66 69 85 122 135

Change in Working Capital (49) 38 79 (191) 21 9

Less: Other income 4 5 33 35 39 43

Direct taxes paid 11 31 24 45 54 63

(Inc.)/ Dec. in Fixed Assets (367) (478) (388) (2,761) (1,500) (1,473)

(Inc.)/ Dec. in Investments (19) (58) 9 (66) (10) (11)

Other income 4 47 33 35 39 43

Issue of Equity - - 223 - - -

Inc./(Dec.) in loans 211 399 97 2,460 1,268 1,199

Dividend Paid (Incl. Tax) - - - - - -

Others (7) (6) (153) (55) - -

Inc./(Dec.) in Cash (30) 15 (11) (21) 1 8



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August 16, 2012 13

Key Ratios

P/E (on FDEPS) 39.3 17.0 13.6 11.0 9.6 8.2P/CEPS 13.8 9.3 8.1 6.5 5.2 4.5

P/BV 3.9 3.0 1.5 1.3 1.2 1.0

EV/Sales 3.9 3.0 1.9 2.0 2.1 2.3

EV/EBITDA 12.3 11.2 9.9 9.1 9.3 10.4

EV / Total Assets 1.8 1.4 1.1 0.6 0.7 0.7

EPS (Basic) 7.6 17.6 19.1 23.7 27.1 31.7

EPS (fully diluted) 6.6 15.3 19.1 23.7 27.1 31.7

Cash EPS 18.9 27.8 32.2 39.8 50.2 57.3

DPS - - - - - 1.0

Book Value 66.0 87.8 169.6 193.6 220.7 252.4

EBIT margin 19.2 18.6 14.1 16.0 16.4 16.5

Tax retention ratio 0.8 0.7 0.9 0.7 0.7 0.7

Asset turnover (x) 0.6 0.6 0.7 0.4 0.4 0.3

ROIC (Post-tax) 8.6 8.3 8.7 4.9 4.3 3.9

Cost of Debt (Post Tax) 8.0 3.9 5.5 5.8 5.8 4.2

Leverage (x) 1.6 2.1 1.6 1.4 2.0 2.8

Operating ROE 9.6 17.5 13.9 3.7 1.2 3.2

ROACE (Pre-tax) 10.3 10.7 9.3 6.7 6.0 5.5

Angel ROIC (Pre-tax) 11.3 11.3 9.7 6.8 6.0 5.6

ROAE 11.6 21.2 14.9 13.1 13.1 13.4

Asset Turnover (Gross Block) 0.8 1.0 1.2 0.9 0.9 0.7

Inventory / Sales (days) 55 60 61 63 59 63

Receivables (days) 24 50 55 43 31 34

Payables (days) 128 190 141 138 140 151

WC cycle (ex-cash) (days) 63 53 56 35 11 12

Net debt to equity 1.9 2.2 1.3 1.5 2.4 3.0Net debt to EBITDA 4.0 4.8 4.5 4.9 6.3 7.8

Interest Coverage 1.5 3.0 2.6 2.1 1.8 1.9



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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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 makesuch 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 reliablesources 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 thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible 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. WhileAngel 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, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement ABL

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

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

Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

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