2QFY2013 Result Update | Infrastructure

February 15, 2013

IVRCL Infrastructure
Performance Highlights
Y/E March (` cr) Revenue EBITDA PAT 2QFY13 1,270 68 (68) 3QFY12 1,203 94 7 % chg (yoy) 5.6 (28.0) 1QFY13 995 70 (40) % chg (qoq) 27.7 (3.3) 72.1

BUY
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Beta Net Debt (` cr) 52 Week High / Low Avg. Daily Volume Face Value (` ) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 890 2,700 1.9 75/28 1,491,489 2 19,468 5,887 IVRC.BO IVRC@IN

`29 `35
12 months

Source: Company, Angel Research

For 2QFY2013, IVRCL reported a disappointing set of numbers on the operating front, which were significantly below our and consensus estimates.
The companys order book stands at ~`25,000cr (4.9x trailing revenues). IVRCL is in an advanced stage of negotiation for sale of three road BOT projects. As per the Management, these asset sales are intended towards meeting the equity requirement for the road BOT projects and reducing debt levels. Execution improves, offset by abysmal EBITDAM: The company reported a

revenue of `1,270cr in 2QFY2013, registering a growth of 5.6% yoy which was ahead of our estimate by 19.9%. At the operating level, the company
posted an abysmal EBITDA margin of 5.4%, a decline of 250bp/172bp on yoy/qoq basis and was significantly below our estimates of 8.5%. This was mainly on back of various one-time provisions such as (a) service tax write off, (b) claims on receivables from clients and (c) cost overruns in 4-5 projects aggregating to ~`72cr provided during the quarter. On the earnings front, IVRCL reported a loss of `68cr (our estimate was a loss of `13cr) against a profit of `7cr in 3QFY2012. Outlook and valuation: IVRCL has a strong order book of ~`25,000cr (4.93x trailing revenue), which provides comfortable revenue visibility. However the proportion of slow moving orders remains high in the current order book. Given the slower-than-expected execution and weak performance in 1HFY2013, we lower the EPS estimates for FY2013 and FY20104 to `(3.9) and `2.9 respectively. The stock is trading at FY2014E P/E (excluding subsidiaries) and P/BV of 3.1x and 0.4x respectively. We recommend Buy rating on the stock with a target price of `35.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 13.7 2.9 24.7 58.7

Abs. (%) Sensex IVRCL

3m 5.4

1yr 7.2

3yr 20.0 (81.5)

(30.6) (50.3)

Key financials (Standalone)

Y/E March (` cr) Net Sales % chg Adj.Net Profit % chg EBITDA (%) FDEPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) Order/Sales (x) Order inflows % chg FY2011 5,651 2.9 157.9 (25.2) 9.1 5.9 4.9 0.4 8.2 11.6 0.5 5.3 3.8 10,370 19.2 FY2012(15M) 6,178 (12.5) 18.1 (90.8) 8.1 0.6 49.2 0.4 0.8 8.5 0.5 6.6 5.6 11,112 (14.3) FY2013E(9M) 3,773 1.8 (119.3) 6.9 (3.9) (7.5) 0.4 (5.4) 3.9 0.9 12.6 6.1 7,395 10.9 FY2014E 6,706 33.3 88.3 8.4 2.9 10.1 0.4 4.1 9.2 0.6 6.6 4.7 8,117 (17.7)

Viral Shah
022-39357800 Ext: 6842 [email protected]

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

IVRCL Infrastructure | 2QFY2013 Result Update

Exhibit 1: 2QFY2013 performance (Standalone)

Y/E March (` cr) Net sales Total expenditure Operating profit OPM (%) Interest Depreciation Non operating income Non-recurring items Profit before tax Tax Reported PAT PAT (%) Adjusted PAT Adj. PAT (%) Adj. FDEPS
Source: Company, Angel Research, Note:
#

2QFY13 1,270 1,202 68 5.4 114 22 17 (50) 18 (68) (5.4) (68) (5.4) (2.6)

3QFY12 1,203 1,108 94 7.9 96 23 31 7 0 7 0.6 7 0.6 0.22

% chg (yoy) 5.6 8.5 (28.0) (250)bp 18.5 (4.7) (43.8) (827.0) -

1QFY13 995 924 70 7.1 102 20 9 (42) (3) (40) (4.0) (40) (4.0) (1.29)

% chg (qoq) 27.7 30.0 (3.3) (172)bp 11.7 6.6 88.3 17.5 (756.9) 72.1 34.8 72.1 (138)bp 97.8

FY2012# 6,178 5,677 501 8.1 506 119 170 46 28 18 0.3 18 0.3 0.7

FY2011 5,651 5,137 515 9.1 218 76 12 233 75 158 2.8 158 2.8 5.9

15 month period ended June 2012

Exhibit 2: 2QFY2013 Actual vs Angel estimates

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

Actual 1270 68 114 18 (68)

Estimates 1,059 90 100 10 (13)

Variation (%) 19.9 (24.4) 13.6 83.4 424.1

Revenue execution improves

The company reported a revenue of `1,270cr in 2QFY2013, registering a growth of 5.6% yoy which was ahead of our estimate by 19.9%. This was mainly due to pick up in execution activity particularly from the EPC segment during the quarter. Going forward, given the strong order book position, we expect execution to improve in FY2014.

February 15, 2013

IVRCL Infrastructure | 2QFY2013 Result Update

Exhibit 3: Execution improves

1,800 1,600 1,400 1,200 1,000 800 600 1,124 1,046 1,203 1,598 1,207 995 1,270 400 200 0 1QFY12 2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13 Sales (` cr, LHS) Source: Company, Angel Research Growth (yoy %, RHS) 1.6 (2.7) (15.2) (4.9) (22.1) 7.4 5.6 16.0 11.0 6.0 1.0 (4.0) (9.0) (14.0) (19.0) (24.0) (29.0)

Abysmal EBITDAM hurts profitability

At the operating level, the company posted an abysmal EBITDA margin of 5.4%, a decline of 250bp/172bp on yoy/qoq basis and was significantly below our estimates of 8.5%. This was mainly on back of various one-time provisions such as (a) service tax write off, (b) claims on receivables from clients and (c) cost overruns in 4-5 projects aggregating to ~`72cr provided during the quarter. Interest cost came in at `114cr in 2QFY2013, a jump of 18.5% yoy. On the earnings front, IVRCL reported a loss of `68cr (our estimate was of a loss of `13cr) against a profit of `7cr in 3QFY2012. This was mainly on back of lower-than-expected operating performance and high interest cost.

Exhibit 4: Lowest EBITDAM

140 120 100 80 60 40 103 124 86 94 94 70 68 20 1QFY12 2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13 EBITDA (`cr, LHS) EBITDAM (%, RHS) 7.6 9.0 7.9 6.4 7.1 5.4 10.3 12.0 10.0 8.0 6.0 4.0 2.0 -

Exhibit 5: Abysmal EBITDAM hurts profitability

70 50 30 10 (10) (30) (50) (70) (90) PAT (` cr, LHS) PATM (%, RHS) -68.1 -39.6 4.2 8.1 6.8 4.9 0.4 0.8 0.6 0.3 (0.5) (4.0) (5.4) 2.0 1.0 (1.0) (2.0) (3.0) (4.0) (5.0) (6.0)

-6.0 1QFY12 2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13

Source: Company, Angel Research

Source: Company, Angel Research

February 15, 2013

IVRCL Infrastructure | 2QFY2 L 2013 Result Update

Order bo analysi ook is

IVRCLs ord book inc der creased 9% y to ~`25,000cr, conve yoy erting into an order n book-to-sales ratio of 4.9x trailing revenues. D 4 During the qu uarter the co ompany secured ord ders worth `650cr.

Exhibit 6: 2QFY20 t 013 revenue break-up (` cr) e

0 50 0 300

Exhib 7: Order book break bit r k-up (` cr)

1,2 200 900 800

4,700 4 650 200

8,500

8, ,800 Water Transport T Bu uilding Powe er Oil & Gas s Water Tr ransport Build ding Power Mining Ot thers

Source: Company, Ange Research el

Source Company, An e: ngel Research

Change i estimate in es
Considering the poor performance for 1HFY201 we are re g p 13, evising our revenue estimates f FY2013(9 for 9M) and FY2014 to `3,773cr and `6 6,706cr respe ectively. EBITDAM h been revi has ised to 6.9% and 8.4% fo FY2013 and FY2014. Due to or lower-than-expected rev venue perform mance and h higher interes cost, we are now st estimating a loss of `119cr (our earlier estimate was of a profit of `9.5c and e cr) `88cr (our earlier estimate was of a profit of `10 01.3cr) for FY Y2013 and FY Y2014, respectively y.

Exhibit 8: Change in estimate t e es

FY2 2013E(9M) Earlier Estimates Revenues (` cr) EBITDA Margin (%) A PAT (` c cr)
Source: Company, Ange Research el

FY2014E Variation (%) n (11.2) (103 3)bp Earlie Estimates er 6,897 8.2 101.3 Revised Estim mates 6, ,706 8.4 88.3 8 Variat tion (%) (2.8) (78)bp (12.8)

Revised Estimate R es 3,77 73 6. .9 (119.3 3)

4,249 7.8 9.6

Februa 15, 2013 ary 3

IVRCL Infrastructure | 2QFY2013 Result Update

Outlook and valuation

The company needs to invest ~`1,700 in its BOT assets over the next three years. Out of this, the company would need to invest `170cr in FY2013 and `370cr in FY2014. The company is in an advanced stage of negotiation and plans to raise `300cr-400cr through sale of three BOT projects. We believe that monetisation of existing assets along with sale of land parcels would help the company to fund its equity requirement. IVRCL has a strong order book of ~`25,000cr (4.9x trailing revenues), which provides revenue visibility; however, the company would need to focus on its execution going ahead, which has not kept pace with order book growth. Given the slower-than-expected execution and weak performance in 1HFY2013, we lower the EPS estimates for FY2013 and FY20104 to `(3.9) and `2.9 respectively. The stock is trading at a P/E (excluding subsidiaries) and P/BV of 3.1x and 0.4x FY2014E earnings respectively. We recommend a Buy rating on the stock with a target price of `35.

Exhibit 9: SOTP valuation

Particulars IVRCL Standalone BOT projects Segment Construction BOT projects Value (` cr)
4,417 5,600 582 10,600

Value per Basis share (`)

14 P/E of 5x FY14 earnings 18

Hindustan Dorr Oliver Engineering Grand Total

Source: Company, Angel Research

Discount of 20% to book value Holding company discount 2 of 20%

35

Exhibit 10: Angel EPS forecast vs consensus

Angel forecast FY2013E FY2014E
Source: Company, Angel Research

Bloomberg consensus 0.6 2.9

Variation (%) -1

(3.9) 2.9

Company background
IVRCL is one of the leading construction companies in India. Set up in 1987, the company is based in Hyderabad and is promoted by E Sudhir Reddy. IVRCL has a track record of executing infrastructure projects over the last two decades. The company is the leader in water management and irrigation systems in India. It also operates in the construction of road, buildings, industrial structures and power transmission towers.

February 15, 2013

IVRCL Infrastructure | 2QFY2013 Result Update

Exhibit 11: Recommendation summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP (`) 209 14 111 190 29 72 41 48 113 165 36 TP (`) Rating FY12 268 164 225 35 97 44 168 251 58 Buy 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 3,773 2,131 2,522 4,212 7,054 6,706 19.2 22.6 11.0 (0.5) 15.9 14.9 12.2 25.6 4.2 12.9 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 (3.9) 3.2 63.2 3.1 (0.4) 7.2 23.2 12.9 27.0 2.7 17.8 29.0 2.9 4.3 75.1 4.1 3.0 8.7 31.3 14.8 9.3 9.3 6.5 9.2 7.4 7.4 P/E 8.6 9.1 6.6 7.2 22.4 22.9 13.2 15.7 7.1 2.8 7.7 5.1 6.2 6.6 10.1 16.6 19.2 9.9 16.1 13.0 5.3 2.4 OB/ 2.9 2.2 2.8 1.5 4.9 2.7 3.3 2.0 2.9 2.4 2.0 FY14E CAGR (%) FY12 FY13E FY14E CAGR (%) FY12 FY13E FY14E Sales(x)

121.0 49.2 (5.2) 14.9 8.1 22.5 71.0 29.1 (3.5) 12.1 31.7 3.0 9.1 2.6

12,853 14,243 16,382 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

1,444 1,788

14.3 64.3

- Neutral 10,557 11,892 13,116

3.5 17.3 (112.1)

15.8 18.1 11.5 14.0

Source: Company, Angel Research

Exhibit 12: 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 14 25 1,351 25 64 70 251 52 Core Const. % to TP 32 100 32 33 40 26 76 57 100 41 100 90 ` 26 Real Estate % to TP 27 ` 182 113 121 7 99 6 Road BOT % to TP 68 69 54 16 59 10 Invst. In Subsidiaries ` 4 21 437 % to TP 3 60 24 ` 30 46 12 Others % to TP 13 47 27 Total ` 268 16 164 225 35 97 1,788 44 64 168 251 58

Source: Company, Angel Research

February 15, 2013

IVRCL Infrastructure | 2QFY2013 Result Update

Profit and loss (Standalone)

Y/E March (` cr) Net Sales Other operating income Total operating income % chg Total Expenditure R.M. consumed Construction expenses Employee expenses SG&A EBITDA % chg (% of Net Sales) Depreciation & Amort. 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 FY09 4,882 14.0 4,896 33.7 4,460 1,834 2,343 195 88 436 20.6 8.9 47 388 18.2 8.0 191 76 27.8 274 (4.0) 274 47.8 17.5 226 226 226 7.4 4.6 16.9 16.9 7.4 FY10 5,492 5,492 12.2 4,961 2,388 2,240 203 130 531 21.9 9.7 54 477 22.8 8.7 212 64 19.4 329 20.1 329 117.7 35.8 211 211 211 (6.6) 3.8 7.9 7.9 (53.3) FY11 5,651 5,651 2.9 5,137 2,406 2,322 262 147 515 (3.1) 9.1 76 439 (8.0) 7.8 263 57 24.3 233 (29.3) 233 74.7 32.1 158 158 158 (25.2) 2.8 5.9 5.9 (25.2) FY12(15M) 6,178 6,178 (12.5) 5,677 2,591 2,554 323 208 501 (22.1) 8.1 119 382 (30.3) 6.2 506 170 366.7 46 (84.1) 46 28.2 60.9 18 18 18 (90.8) 0.3 0.6 0.6 (92.0) FY13E(9M) 3,762 11.3 3,773 1.8 3,513 1,377 1,629 394 113 260 (13.5) 6.9 69 191 (16.6) 5.1 333 38 (36.3) (104) (104) 15.6 (15.0) (119) (119) (119) (3.2) (3.9) (3.9) FY14E 6,686 20.1 6,706 33.3 6,144 2,808 2,641 481 214 562 62.0 8.4 105 457 79.2 6.8 426 100 76.1 132 132 43.5 33.0 88 88 88 1.3 2.9 2.9 -

February 15, 2013

IVRCL Infrastructure | 2QFY2013 Result Update

Balance sheet (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share App Money 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 Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets FY09 FY10 FY11 FY12(15M) FY13E(9M) FY14E

27 1,784 1,811 1,398 12 3,220 662 142 521 20 389 4,014 209 1,343 101 932 1,429 1,723 2,291 3,220

53 1,800 1,853 1,613 12 3,479 750 184 566 35 614 4,700 245 1,945 164 661 1,686 2,437 2,264 3,479

53 1,934 1,987 2,096 9 4,092 924 232 692 26 635 5,452 273 1,930 143 953 2,153 2,713 2,739 4,092

53 8 2,209 2,270 2,638 (39) 4,870 1,011 321 690 2 1,584 5,569 272 1,926 88 1,425 1,857 2,975 2,594 4,870

53 8 2,065 2,126 2,738 (39) 4,825 1,111 390 721 2 1,584 5,123 268 1,852 224 1,155 1,624 2,604 2,518 4,825

53 8 2,128 2,190 2,938 (39) 5,089 1,211 495 717 2 1,584 5,895 303 2,241 12 1,356 1,983 3,108 2,786 5,089

February 15, 2013

IVRCL Infrastructure | 2QFY2013 Result Update

Cash flow (Standalone)

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 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 FY09 274 43 (397) (76) (48) (204) (210) (48) 76 (182) (0) 330 (65) 46 310 (76) 177 101 FY10 329 42 91 (64) (118) 280 (104) (225) 64 (264) 27 215 (76) (119) 48 63 101 164 FY11 233 49 (497) (57) (75) (347) (165) (21) 57 (129) 482 (60) 32 455 (21) 164 143 FY12(15M) 46 89 91 (170) (28) 28 (63) (950) 170 (843) 8 542 (72) 281 760 (55) 143 88 FY13E(9M) (104) 69 211 (38) (16) 123 (100) 38 (62) 100 (148) 123 75 135 88 224 FY14E 132 105 (480) (100) (44) (388) (100) 100 0 200 (148) 123 175 (212) 224 12

February 15, 2013

IVRCL Infrastructure | 2QFY2013 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 (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE 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 FY09 FY10 FY11 FY12(15M) FY13E(9M) FY14E

1.7 2.8 0.4 2.4 0.4 4.8 0.6 16.9 16.9 10.2 0.7 67.7 8.0 82.5 1.7 11.4 12.8 0.6 10.5 13.2 14.0 13.2 9.1 15 75 95 230 0.7 3.0 2.0

3.7 2.9 0.4 2.8 0.4 4.2 0.6 7.9 7.9 9.9 0.8 69.3 8.7 64.2 1.7 9.5 9.0 0.7 9.9 14.2 15.0 11.5 7.8 15 109 135 212 0.8 2.7 2.2

4.9 3.3 0.4 2.1 0.5 5.3 0.7 5.9 5.9 8.8 0.6 74.3 7.8 67.9 1.6 8.2 9.6 0.9 7.0 11.6 12.2 8.2 6.8 17 125 164 235 1.0 3.8 1.7

49.2 6.5 0.4 0.5 6.6 0.7 0.6 0.6 4.5 73.9 6.2 39.1 1.4 3.4 8.4 1.1 (1.8) 8.5 8.8 0.8 6.4 20 142 207 280 1.1 5.1 0.8

0.4 2.4 0.9 12.6 0.7 (3.9) (3.9) (1.6) 0.7 69.2 5.1 115.0 0.8 4.7 14.2 1.2 (6.3) 3.9 4.1 (5.4) 3.6 20 138 200 259 1.2 9.7 0.6

10.1 4.6 0.4 2.4 0.6 6.6 0.7 2.9 2.9 6.3 0.7 71.3 6.8 67.0 1.4 6.3 10.0 1.3 1.6 9.2 9.5 4.1 5.8 16 111 152 213 1.3 5.2 1.1

February 15, 2013

10

IVRCL Infrastructure | 2QFY2013 Result Update

Research Team Tel: 022 - 39357800

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 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

IVRCL 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 15, 2013

11