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

Particulars (` cr) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq)Net sales 378 1,733 (78.2) 291 29.9EBITDA (43) 676 - (97) -

EBITDA margin (%) - 39.0 - - -

Adj. PAT 514 1,216 (57.8) 297 73.0Source: Company, Angel Research

Sesa Goa (Sesa) reported weak results for 1QFY2014 due to ban on

iron ore mining in Goa. We recommend a Buy rating on the stock.Ban on iron ore mining dents performance: Sesas 1QFY2014 net profit wasslightly ahead of street expectations, mainly due to higher-than-expected income

from its share in associate - Cairn India. Sesas net sales declined by 78.2% yoy

to `378cr, as there was no iron ore sale from Goa due to the mining ban in the

region. Sesa reported an EBITDA loss of `43cr during 1QFY2014, compared to a

positive EBITDA of `676cr during 1QFY2013. Sesa reported a share of income

from associate (Cairn India) of `625cr during 1QFY2014, compared to `765cr

during 1QFY2013. Consequently, its reported PAT decreased 57.0% yoy to

`414cr.

Update on Sesa-Sterlite merger: The proposed Sesa-Sterlite merger announcedon February 25, 2012 has received approval from the High Court of Bombay at

Goa on April 3, 2013 and High Court of Madras on July 25, 2013.

Outlook and valuation: Sesa did not produce iron ore during 1QFY2014. There islack of clarity on commencement of production from Goa, while its Karnataka

mine is likely to commence production from 2HFY2014. Considering the ongoing

process of group restructuring by the promoter, Vedanta Resources, valuation of

Sterlite will mirror the valuation of the consolidated company, Sesa Sterlite. Werecommend a Buy rating on the stock with a target price of `162.Key financials (Consolidated)Y/E March (` cr) FY2012 FY2013 FY2014E FY2015ENet sales 8,310 2,554 3,817 5,781% chg (9.6) (69.3) 49.4 51.4

Net profit 2,696 2,280 2,406 2,634% chg (36.2) (15.4) 5.5 9.5

FDEPS (`) 30.3 25.6 27.0 29.6OPM (%) 44.3 20.2 12.1 17.7

P/E (x) 4.2 4.9 4.7 4.3

P/BV (x) 0.7 0.6 0.6 0.5

RoE (%) 19.3 14.0 12.9 12.5

RoCE (%) 21.8 1.6 1.8 3.6

EV/Sales (x) 1.7 6.1 3.8 2.5

EV/EBITDA (x) 3.9 30.0 31.0 13.9

Source: Company, Angel Research: Note: CMP as of 29th July 2013

BUYCMP `126

Target Price `162

Investment Period 12 months

Stock Info

Sector

Net Debt (`cr)

Bloomberg Code

Shareholding Pattern (%)

Promoters 55.1

MF / Banks / Indian Fls 4.2

FII / NRIs / OCBs 27.5

Indian Public / Others 13.2

Abs. (%) 3m 1yr 3yr

Sensex 0.5 16.4 8.9

SESA (21.1) (31.2) (66.1)

Mining

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

SESA@IN

10,907

1.3

205/121

221,363

Face Value (`)

BSE Sensex

Nifty

Reuters Code

1

19,593

5,832

SESA.BO

4,600

Bhavesh ChauhanTel: 022- 39357600 Ext: 6821

[email protected]

Vinay RachhTel: 022- 39357600 Ext: 6841

[email protected]

Sesa GoaPerformance Highlights

1QFY2014 Result Update | Mining

July 30, 2013

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Sesa Goa | 1QFY2014 Result Update

July 30, 2013 2

Exhibit 1:1QFY2014 financial performance (Consolidated)

Y/E March (` cr) 1QFY14 1QFY13 yoy% 4QFY13 qoq% FY2013 FY2012 YoY%Total sales 378 1,733 (78.2) 291 29.9 2,554 8,310 (69.3)Raw Material 284 192 47.8 244 16.6 567 973 (41.7)% of Net sales 75.2 11.1 83.9 22.2 11.7

Consumption of Stores 22 101 (78.3) 20 10.9 208 350 (40.6)

% of Net sales 5.8 5.8 6.8 8.1 4.2

Staff Cost 53 69 (24.1) 60 (12.2) 250 268 (7.0)

% of Net sales 13.9 4.0 20.6 9.8 3.2

Export Duty 0 434 - 0 - 443 1,623 (72.7)

% of Net sales 0.0 25.0 0.1 17.3 19.5

Other Expenses 24 94 (74.5) 43 (44.6) 578 1,439 (59.8)

% of Net sales 6.4 5.4 14.9 22.6 17.3

Total Expenditure 421 1,056 (60.2) 387 8.6 2,038 4,629 (56.0)

% of Net sales 111.3 61.0 133.2 79.8 55.7

EBITDA (43) 676 - (97) (55.6) 516 3,681 (86.0)% of Net sales (11.3) 39.0 (33.2) 20.2 44.3

Interest 148 118 25.7 138 7.4 475 433 9.6

Depreciation 39 30 29.1 98 (60.3) 197 106 86.0

Other Income 6 15 - 9 (36.7) 54 235 (77.0)

Exceptional Items 99 252 (18) (72) (248) -

Profit before Tax (323) 291.0 - (305) 5.9 (174) 3,129 -% of Net sales (85.6) 16.8 (105.0) (6.8) 37.7

Tax (112) 92 - (90) 25.4 (43) (1,021) -

% of PBT 34.7 31.7 29.3 24.7 (32.6)

PAT (211) 199 - (216) (2.2) (131) 2,108 -% of Net sales (55.9) 11.5 (74.2) (5.1) 25.4

Share of profit from asso. 625 765 (18.3) 513 22.0 2,411 588 310.3

Adjusted PAT 514 1,216 (57.8) 297 73.0 2,280 2,696 (15.4)Source: Company, Angel Research

Ban on iron ore mining in Goa dents performance

Sesas 1QFY2014 net profit was slightly ahead of street expectations mainly due to

higher-than-expected income from share of its associate, Cairn India. Sesas net

sales declined by 78.2% yoy to `378cr as there was no iron ore sale from Goa due

to the mining ban in the region. Its Pig iron and Met coke gross sales, however,

grew 135.3% and 16.1% to `322cr and `134cr, respectively. Sesa reported an

EBITDA loss of `43cr during 1QFY2014, compared to a positive EBITDA of `676cr

during 1QFY2013. Excluding income from its associate (Cairn India), its PAT loss

stood at `211cr, compared to a PAT of `199cr in 1QFY2013. Sesa reported a

share of income from associate (Cairn India) of `625cr during 1QFY2014,

compared to `765cr during 1QFY2013. Consequently, its reported PAT decreased

57.0% yoy to `414cr. Sesa reported an exceptional item relating to forex loss of

`99cr in this quarter and hence the adjusted PAT after exceptional items declined

by 57.8% yoy to `514cr.

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July 30, 2013 3

Exhibit 2:Net Sales growth trend

Source: Company, Angel Research

Exhibit 3:Company reported EBITDA loss of`43cr

Source: Company, Angel Research

Update on Sesa-Sterlite merger

The proposed Sesa-Sterlite merger announced on February 25, 2012 has received

the approval of the High Court of Madras on July 25, 2013 and the High Court of

Bombay at Goa on April 3, 2013.

2,109

790

2,6172,794

1,733

294 237 291378

(100)

(80)

(60)

(40)

(20)

0

20

40

0

500

1,000

1,500

2,000

2,500

3,000

1QFY12 3QFY12 1QFY13 3QFY13 1QFY14

(%)

(`cr)

Net Sales (LHS) yoy growth (LHS)

1,179

260

1,0851,168

676

6 (105)(97)

(43)

(60.0)

(40.0)

(20.0)

0.0

20.0

40.0

60.0

80.0

(200)

-

200

400

600

800

1,000

1,200

1,400

1QFY12 3QFY12 1QFY13 3QFY13 1QFY14

(%)

(`cr)

EBITDA (LHS) EBITDA margin (RHS)

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July 30, 2013 4

Investment arguments

Commencement of operations in Karnataka to drive volumes

Currently, Sesa is not producing iron ore from its Karnataka or Goa mines due toban in the region. However, in April 2013, the Supreme Court permitted Sesa to

commence production from Karnataka mines (annual production capacity of

2.3mn tonne) after it meets R&R plans laid down by the Central Empowered

Committee and gets it verified. We continue to model 2.0mn tonne of iron ore

production and sales from Karnataka for 2HFY2014.

Ban on mining in Goa remains a key overhang

During 2QFY2013, the Goa government had imposed a ban on iron ore mining

in Goa until further review. Later, the MOEF also suspended environment

clearances to all functional mining leases in Goa. Sesa operates several mines in

the region with an annual production of 12mn tonne. It generates a significant

proportion of its revenues and profit from its Goa mines. Given the regulatory

issues, there is lack of clarity on timelines to commence production from the Goa

mines. While we believe the ban could be temporary, there are chances of iron ore

production cap by the government/MOEF which could affect Sesas production

going forward.

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July 30, 2013 5

Outlook and valuation

Sesa did not produce iron ore during 1QFY2014. There is lack of clarity on

commencement of production from Goa, while its Karnataka mine is likely to

commence production from 2HFY2014. Although its core business profitability is

expected to decline, share of income from its associate, Cairn India is expected to

result in growth in bottom-line during FY2014.

Considering the ongoing process of group restructuring by the promoter, Vedanta

Resources, valuation of Sesa will mirror the valuation of the consolidated company,

Sesa Sterlite. We value the Sesa Sterlite business at `162, based on the SOTPmethodology and recommend a Neutral rating on the stock.

Exhibit 4:SOTP valuation of Sesa Sterlite (FY2015) (` cr)

Subsidiary Valuation technique Target multiple (x) Equity value % Stake ValueSterlite Industries EV/EBIDTA 6.0 9,691 100% 9,691

Balco EV/EBIDTA 6.0 2,708 51% 1,381

Vedanta Aluminium EV/EBIDTA 6.0 (4,794) 100% (4,794)

Hindustan Zinc (20% holding company discount) EV/EBIDTA 4.0 58,968 65% 30,616

Sterlite Energy FCFE 1.0 472 100% 472

Tasmania Copper mines P/BV 2.0 2,018 100% 2,018

International Zinc EV/EBIDTA 5.0 7,333 100% 7,333

MALCO BV - - 100% 1,712

Sesa Goa EV/EBIDTA 4.0 595 100% 595

Cairn India (20% holding company discount) DCF 72,847 59% 34,267

Less: Cairn debt (28,797)

Net equity value 54,495Fair value for Sesa Sterlite (`) 162

Source: Angel Research

Exhibit 5:EPS Angel forecast vs consensus

Year Angel forecast(%) Bloomberg consensus(%) Variation(%)FY14E 27.0 27.1 (0.2)

FY15E 29.6 32.1 (7.8)

Source: Bloomberg, Angel Research

Exhibit 6:Recommendation summaryCompanies CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)

(`) (`) (` cr) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ECoal India 273 320 Buy 171,963 17 9.8 9.9 2.6 2.3 4.2 3.8 36.1 32.6 21.8 19.8

MOIL 195 236 Buy 3,222 21 7.9 7.0 1.1 1.0 2.3 1.5 14.3 14.5 12.0 12.7

Sesa Goa 126 162 Buy 10,907 29 4.7 4.3 0.6 0.5 31.0 13.9 12.9 12.5 1.8 3.6NMDC 103 140 Buy 40,122 36 6.6 6.4 1.3 1.2 2.6 2.5 21.3 19.9 23.7 22.3

Source: Angel Research

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July 30, 2013 6

Company background

Incorporated in 1965, Sesa Goas primary business includes mining and exporting

of iron ore. The company has mining operations in Goa and Karnataka with total

reserves of 374mn tonne. Sesa Goa also operates a metallurgical coke division

(capacity 0.6mn tonne). During CY2011, Sesa Goa acquired a 20% stake in oil-

producer Cairn India for ~`13,000cr. During January 2012, Vedanta Resources

(Sesa Goa and Sterlite Industries promoters) announced a plan to merge Sesa

Goa with Sterlite Industries. The merger has been approved by the shareholders of

both the companies while various court approvals are being awaited.

Exhibit 7:EV/EBITDA band


Exhibit 8:P/E band


(5,000)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

(`

cr)

1.0x 2.5x 4.0x 5.5x 7.0x

0

100

200

300

400

500

600

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

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Apr-11

Jul-11

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Jan-12

Apr-12

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Jan-13

Apr-13

Jul-13

(`)

3.0x 6.0x 9.0x 12.0x

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July 30, 2013 7

Exhibit 9:P/BV band


0

100

200

300

400

500

600

700800

900

1,000

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

(`)

1.0x 2.0x 3.0x 4.0x

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July 30, 2013 8

Profit and loss statement (Consolidated)Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EGross sales 5,842 9,208 8,353 2,626 3,894 5,897

Less: Excise duty 44 64 79 101 76 116Net sales 5,798 9,144 8,275 2,526 3,817 5,781Other operating income 60 49 36 29 0 0

Total operating income 5,858 9,193 8,310 2,554 3,817 5,781% chg 18.1 56.9 (9.6) (69.3) 49.4 51.4

Total expenditure 2,710 4,002 4,629 2,038 3,355 4,756Net raw materials 534 858 973 567 1,391 1,599

Other mfg costs 391 958 1,973 651 823 1,506

Personnel 130 208 268 250 187 206

Other 1,654 1,978 1,414 571 954 1,445

EBITDA 3,149 5,192 3,681 516 462 1,025% chg 23.9 64.9 (29.1) (86.0) (10.5) 121.8

(% of Net sales) 53.7 56.5 44.3 20.2 12.1 17.7

Depreciation 75 96 106 197 46 69

EBIT 3,074 5,095 3,575 319 416 955% chg 23.4 65.7 (29.8) (91.1) 30.7 129.5

(% of Net sales) 52.5 55.4 43.0 12.5 10.9 16.5

Interest charges 56 87 433 475 427 384

Other income 426 552 235 54 57 59

(% of PBT) 12.4 9.9 6.9 (52.7) 124.0 9.4

Recurring PBT 3,445 5,560 3,377 (102) 46 630% chg 27.1 61.4 (39.3) (103.0) (144.6) 1,281.6

Extra. Inc/(Expense) - - 2,475 717 - -

PBT (reported) 3,445 5,560 3,129 (174) 46 630Tax 806 1,337 1,021 43 14 189

(% of PBT) 23.4 24.1 32.6 (24.7) 30.0 30.0

PAT (reported) 2,639 4,222 2,108 (131) 32 441Add: Earnings of asso. - - 588 2,411 2,374 2,193

Less: Minority interest (10) - - - - -

Extra. Expense/(Inc.) - - - - - -

PAT after MI (reported) 2,629 4,222 2,696 2,280 2,406 2,634ADJ. PAT 2,629 4,222 2,696 2,280 2,406 2,634% chg 32.2 60.6 (36.2) (15.4) 5.5 9.5

(% of Net sales) 44.9 45.9 32.4 89.3 63.0 45.6

Basic EPS (`) 31.6 49.1 30.3 25.6 27.0 29.6Fully Diluted EPS ( ) 29.6 47.5 30.3 25.6 27.0 29.6% chg 17.0 60.6 (36.2) (15.4) 5.5 9.5

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

previous year numbers

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July 30, 2013 9

Balance sheet (Consolidated)Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 83 87 87 87 87 87Reserves& Surplus 7,835 12,724 15,031 17,388 19,743 22,326

Shareholders Funds 7,918 12,810 15,118 17,475 19,830 22,413Minority Interest 43 - - - - -

Total Loans 1,961 984 3,734 4,502 5,002 5,052

Deferred Tax Liability 75 68 105 25 25 25

Other Long Term Liabilities - 78 3 2 2 2

Long Term Provisions - 10 4 4 4 4

Total Liabilities 9,997 13,950 18,963 22,008 24,863 27,496APPLICATION OF FUNDSGross Block 2,751 3,065 2,164 2,899 3,649 4,399

Less: Acc. Depreciation 574 649 (764) (930) (884) (815)

Net Block 2,177 2,416 1,400 1,969 4,533 5,213Capital Work-in-Progress 79 544 837 723 573 523

Goodwill - - - 21,676 21,676 21,676

Investments 4,565 8,800 14,167 16,059 16,573 18,766

Long Term Loans and advances - 196 199 492 492 492

Current Assets 4,416 3,642 1,892 1,479 2,619 3,045Cash 2,392 897 98 36 1,700 1,827

Loans & Advances 1,146 1,311 369 329 329 329

Other current assets 879 1,435 1,425 1,114 590 889

Current liabilities 1,240 1,647 1,438 881 2,095 2,711Net Current Assets 3,176 1,995 454 598 525 334Mis. Exp. not written off - - - - - -

Total Assets 9,997 13,950 18,963 22,008 24,863 27,496Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with


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July 30, 2013 10

Cash flow statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EProfit before tax 3,445 5,560 3,129 (174) 46 630

Depreciation 75 96 106 197 46 69Change in Working Capital 179 125 (143) (196) 1,737 318

Others (363) (453) 205 391 - -

Direct taxes paid 764 1,368 1,082 357 14 189

Cash Flow from Operations 2,571 3,541 2,215 (138) 1,815 829(Inc.)/Dec. in Fixed Assets (149) (736) (726) (622) (600) (700)

(Inc.)/Dec. in Investments (3,078) (4,131) (4,672) 339 - -

(Inc.)/Dec. in loans and adv. - - - - - -

Others (2,168) 2,068 674 (38) - -

Cash Flow from Investing (5,394) (2,303) (4,724) (321) (600) (700)Issue of Equity 537 - - - - -

Inc./(Dec.) in loans 2,358 (7) (57) 1,195 500 50

Dividend Paid (Incl. Tax) 206 328 558 201 51 51

Others 6 65 (2,341) 258 - -

Cash Flow from Financing 2,682 (400) 1,726 735 449 (1)Inc./(Dec.) in Cash (141) 837 (784) 277 1,664 128

Opening Cash balances 14 34 871 87 26 1,700Closing Cash balances 34 871 87 26 1,700 1,827

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


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July 30, 2013 11

Key ratios

Y/E March FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EValuation ratio (x)P/E (on FDEPS) 4.3 2.7 4.2 4.9 4.7 4.3P/CEPS 3.9 2.6 4.0 4.5 4.6 4.1

P/BV 1.3 0.9 0.7 0.6 0.6 0.5

Dividend yield (%) 2.6 4.0 3.2 0.8 0.4 0.4

EV/Sales 1.1 0.3 1.7 6.1 3.8 2.5

EV/EBITDA 2.0 0.4 3.9 30.0 31.0 13.9

EV/Total assets 0.6 0.2 0.8 0.7 0.6 0.5

Per share data (`)EPS (Basic) 31.6 49.1 30.3 25.6 27.0 29.6

EPS (fully diluted) 29.6 47.5 30.3 25.6 27.0 29.6

Cash EPS 32.5 48.5 31.5 27.8 27.6 30.4

DPS 3.3 5.0 4.0 1.0 0.5 0.5

Book value 95.3 144.0 169.9 196.4 222.9 251.9

DuPont analysisEBIT margin 52.5 55.4 43.0 12.5 10.9 16.5

Tax retention ratio (%) 76.6 75.9 67.4 124.7 70.0 70.0

Asset turnover (x) 0.5 0.5 0.4 0.2 0.2 0.3

RoIC (post-tax) 20.6 20.5 12.5 2.4 1.5 2.9

Cost of debt - - - - - -

Leverage (x) - - - - - -

Operating RoE 20.6 20.5 12.5 2.4 1.5 2.9

Returns (%)RoCE (pre-tax) 41.7 42.8 21.8 1.6 1.8 3.6

Angel RoIC (pre-tax) 27.0 27.5 19.2 2.0 2.2 4.2

RoE 41.6 40.7 19.3 14.0 12.9 12.5

Turnover ratios (x)Asset T/o (gross block) 3.2 3.2 3.2 1.0 1.2 1.4

Inventory (days) 21 20 31 31 31 31

Receivables (days) 22 16 25 25 24 24

Payables (days) 50 62 73 161 161 161

WC capital (days) 59 38 32 66 (29) (84)

Solvency ratios (x)Net debt to equity (0.6) (0.7) 0.2 0.2 0.2 0.1

Net debt to EBITDA (1.6) (1.7) 0.9 8.3 6.8 3.0

Interest Coverage (EBIT/Int.) 55.4 58.4 8.3 0.7 1.0 2.5

Note: Some of the figures from FY2011 onwards are reclassified; hence some ratios may not be

comparable with previous year ratios

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July 30 2013 12

Disclosure of Interest Statement Sesa Goa

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.

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

Research Team Tel: 022 3935 7800 E-mail: [email protected] 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 investmentdecision. 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 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

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 Pvt. Ltd. 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 Pvt. Ltd. has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Ltd. endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.

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Sesa Goa, 1Q FY 2014

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