4QFY2013 Result Update | Infrastructure

June 4, 2013

Unity Infraprojects
Performance Highlights
Quarterly Highlights Standalone
Y/E March (` cr) Net sales Operating profit Net profit 4QFY13 692 73 30 4QFY12 717 89 39 3QFY13 551 76 28 % chg (yoy) (3.5) (18.2) (22.9) % chg (qoq) 25.6 (4.5) 6.3

BUY
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 215 888 1.6 52/26 55,287 2 19,546 5,919 UTIL.BO UIP@IN

`29 `41
12 Months

Source: Company, Angel Research

For 4QFY2013, Unity Infraprojects (UIP) posted a disappointing set of numbers which were significantly below our estimates, both on the revenue and profitability fronts. The company secured orders worth ~`1,200cr in FY2013, taking the order book to `3,353cr (1.6x trailing revenue) as on 4QFY2013. Disappointing quarterly performance: On the top-line front, the company reported a revenue of `692cr (our estimate was `833cr) in 4QFY2013, indicating a decline of 3.5% yoy. The companys EBITDA margins stood at 10.6% (down 190bp on a yoy basis), which were below our estimate of 11.7%. The interest cost came in at `40cr for the quarter, up 15.5% yoy. On the bottom-line level, UIP reported a PAT of `30cr for the quarter, a decline of 22.9% yoy and was below our estimate of `36cr owing to slower-than-expected execution and disappointing performance at the operating level. Outlook and valuation: On the back of poor execution and muted order inflows, we have revised our revenue estimate for FY2014 to `2,146cr (our earlier estimate was `2,400cr) and introduce our revenue estimate of `2,339cr for FY2015. The stock is currently trading at a P/E of 2.6x and 2.5x our FY2014 and FY2015 diluted earnings estimates. We have used the SOTP method to value the stock. We value the construction business at a P/E of 3.0x FY2015 estimated earnings (~30% discount to larger companies under coverage), and BOT projects on a DCF basis at a CoE of 16%. We continue to maintain our Buy rating on the stock with a target price of `41.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 62.7 6.4 2.5 28.4

Abs. (%) Sensex UIP

3m 3.5

1yr 22.2

3yr 14.2 (72.9)

(0.9) (27.3)

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) OB/Sales (x) Order Inflows % chg
Source: Company, Angel Research

FY2012 1,973 15.9 104 9.7 13.8 14.0 2.1 0.3 14.8 15.9 0.5 3.3 2.1 2,676 55.1

FY2013E 2,040 3.4 93 (10.6) 13.4 12.5 2.3 0.3 11.7 13.7 0.6 4.7 1.6 1,193 (55.4)

FY2014E 2,146 5.2 81 (12.0) 13.7 11.0 2.6 0.2 9.3 12.7 0.6 4.6 1.5 1,970 65.1

FY2015E 2,339 9.0 85 4.7 13.8 11.5 2.5 0.2 9.0 12.4 0.6 4.5 1.4 2,508 27.3

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

Please refer to important disclosures at the end of this report

Unity Infraprojects | 4QFY2013 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 MI PAT (%) Minority Interest (MI) Net Profit after MI Adj. PAT (%) Adj. FDEPS
Source: Company, Angel Research

4QFY13 692 619 73 10.6 40 6 8 35 5 30 4.3 30 4.3 4.0

4QFY12 717 628 89 12.5 35 6 7 56 18 39 5.4 39 5.4 5.2

3QFY13 551 475 76 13.9 43 5 8 36 8 28 5.1 28 5.1 3.8

% chg (yoy) (3.5) (1.4) (18.2) (190)bp 15.5 7.9 8.7 (38.2) (71.8) (22.9) (78)bp (22.9) (78)bp (22.9)

% chg (qoq) 25.6 30.5 (4.5) (333)bp (6.2) 9.8 0.3 (3.6) (38.1) 6.3 96bp 6.3 96bp 6.3

FY2013 2,040 1,766 274 13.4 153 22 24 123 30 93 4.5 93 4.5 12.5

FY2012 1,973 1,701 272 13.8 121 20 20 150 47 104 5.2 104 5.2 14.0

% Chg 3.4 3.8 0.7 35bp 25.9 9.3 17.5 0.8 (36.2) (10.6) (71)bp (10.6) (71)bp (10.6)

Exhibit 2: 4QFY2013 Actual vs Estimates

(` cr) Net Sales EBITDA EBITDAM (%) Interest and Financial Charges Adj. PAT
Source: Company, Angel Research

Estimates 833 98 11.7 44 36

Actual 692 73 10.6 40 30

Variation (%) (16.8) (25.1) (116)bp (9.4) (18.2)

Execution falters
On the top line front, the company reported a revenue of `692cr (our estimate was `833cr) for 4QFY2013, indicating a decline of 3.5% yoy. Considering
UIPs order book of `3,353cr, we estimate it to report a revenue of `2,146cr and `2,339cr for FY2014 and FY2015, respectively.

Exhibit 3: Execution disappoints

800 700 600 500 400 300 200 390 490 717 100 0 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 Sales (` cr, LHS) Growth (yoy %, RHS) 9.9 5.1 395 2.9 401 551 (3.5) 692 12.6 12.6 25.8 30.0 25.0 20.0 15.0 10.0 5.0 0.0 (5.0)

Exhibit 4: Composition of revenue (4QFY2013; %)

22

10
68

Civil

Transportation

Irrigation & WS

Source: Company, Angel Research

Source: Company, Angel Research

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Lower-than-expected operating performance dents PAT growth

UIPs EBITDA margin for the quarter under review stood at 10.6% (down 190bp on a yoy basis), which is below our estimate of 11.7%. The interest cost for the quarter came in at `40cr, registering a growth of 15.5% yoy. On the bottom-line front, UIP reported a PAT of `30cr, a decline of 22.9% yoy and was below our estimate of `36cr, owing to slower-than-expected execution and disappointing performance at the operating level.

Exhibit 5: EBIDTAM under pressure

100 90 80 70 60 50 40 30 20 63 71 89 54 70 76 10 0 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 EBITDA (`cr, LHS) EBITDAM (%, RHS) 73 12.5 10.6 16.1 14.5 13.6 13.9 17.6 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0

Exhibit 6: High interest cost dents PATM

45 40 35 30 25 20 15 10 21 25 39 18 17 28 0 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 PAT (` cr, LHS) PATM (%, RHS) 30 5 5.3 5.0 5.4 4.6 4.1 5.1 4.3 6.0 5.0 4.0 3.0 2.0 1.0 0.0

Source: Company, Angel Research

Source: Company, Angel Research

Order book analysis

The companys order book stood at `3,353cr as on 4QFY2013, registering a decline of 20% yoy. It secured new orders worth ~`1,200cr over the last four quarters and is the lowest bidder in projects worth `815cr. The order book-to-sales ratio stands at 1.6x trailing revenues, thus providing comfortable revenue visibility over the next two years. The order book mix comprises of civil (51%), irrigation & WS (21%) and transport (28%) segments.

Exhibit 7: Order backlog Segment wise (%)

21

Exhibit 8: Order backlog Region wise (%)

48.2
51

43.4

56.6
5.1 3.2

28

Civil

Transportation

Irrigation & Water supply

West

East

South

North

Overseas

Source: Company, Angel Research

Source: Company, Angel Research

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Outlook and valuation

On the back of poor execution and muted order inflow, we have revised our revenue estimate of FY2014 to `2,146cr (our earlier estimate was `2,400cr) and introduce our revenue estimate of `2,339cr for FY2015. The stock is currently trading at a P/E of 2.6x and 2.5x our FY2014 and FY2015 diluted earnings estimates, respectively. We have used the SOTP method to value the stock. We value the construction business at a P/E of 3.0x FY2015 estimated earnings (~30% discount to larger companies under coverage), and BOT projects on a DCF basis at a CoE of 16%. However, we have not assigned any value to the real estate investments owing to significant delay in start of construction activity and in the absence of clarity on the exact development schedule for all (four) of the projects. We continue to maintain our Buy rating on the stock with a target price of `41, indicating an upside of 41% from the current levels.

Exhibit 9: Derivation of SOTP-based target price for UIP (FY2015E)

Particulars Unity's construction business Total Road BOT projects Punjab Haryana Border Suratgarh-Sriganganagar BOT Chomu-Mahala BOT Total Grand Total
Source: Company, Angel Research

Segment Construction

Value ( ` cr) 256 256

Value per share (`) Basis 35 P/E of 3.0x one year rolling forward earnings 35 2 NPV at CoE of 16% 2 NPV at CoE of 16% 2 NPV at CoE of 16% 6 41

Toll Toll Toll

11 19 17 47 303

Exhibit 10: Key assumptions

FY2010 Order Inflow Revenues Order Backlog (Y/E) OB to Sales ratio (x)
Source: Company, Angel Research

FY2011 1,725 1,702 3,501 2.1

FY2012 2,672 1,973 4,200 2.1

FY2013E 1,193 2,040 3,353 1.6

FY2014E 1,970 2,146 3,176 1.5

FY2015E 2,508 2,339 3,345 1.4

2,260 1,477 3,477 2.4

Exhibit 11: Angel EPS forecast vs consensus

Angel forecast FY2014E FY2015E
Source: Company, Angel Research

Bloomberg consensus 15.1 16.1

Variation (%) (27.0) (28.2)

11.0 11.5

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Investment argument
Comfortable order book-to-sales provides revenue visibility: The companys order book stands at `3,353cr (excluding L1 orders worth `815cr) as on 4QFY2013, thereby translating into a book-to-bill ratio of 1.6x trailing revenues. Well diversified order book with pan - India presence: UIP initially started off with a presence in Maharashtra and historically remained skewed towards projects in and around Maharashtra. It has come a long way in the last decade, making its presence felt across India by diversifying into new verticals and bidding for new projects across the country. As on date, 66% of UIPs order book constitutes orders from the North, South and East regions of the country. Foray into asset ownership model: From being a mere EPC player, UIP has forayed into asset ownership model through its wholly owned subsidiary Unity Infrastructure Assets Ltd and has bagged 3 BOT projects under its portfolio. The company has started construction activity in one of its road BOT project the Chomu-Mahla project and is in an advanced stage of achieving financial closure for the other two projects.

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Exhibit 12: Recommendation summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP 201 12 115 174 18 66 31 44 108 100 29 TP Rating FY13 255 Buy - Neutral 157 Buy 230 Buy 35 Buy 90 Buy 42 Buy 139 Buy 131 Buy 41 Buy 1,853 1,931 3,687 6,645 3,773 Top-line (` cr) FY14E 1,928 2,281 3,997 7,444 6,287 2,234 2,492 4,312 8,041 6,836 9.8 16.0 13.6 (3.3) 8.1 16.7 10.0 26.8 34.6 (3.9) 8.2 10.1 22.8 2.2 2.4 0.9 13.2 67.5 12.2 (0.2) 9.2 10.8 7.1 12.5 EPS (`) FY13 12.5 (3.5) 6.9 6.5 30.1 20.9 12.7 9.3 2.3 18.0 0.7 15.7 29.8 2.3 2.5 77.9 2.7 0.5 5.9 11.9 11.0 22.2 2.0 16.6 32.1 3.0 2.9 88.3 3.6 0.9 6.7 18.7 11.5 17.7 (0.3) 9.4 13.8 14.4 22.0 31.9 (4.0) P/E (x) 11.2 16.9 7.3 5.8 7.5 26.2 18.1 11.6 86.1 18.4 8.4 2.6 9.0 5.7 6.9 5.4 5.7 23.2 16.0 8.6 46.9 16.2 5.3 2.5 OB/ 2.3 2.2 2.4 2.2 4.9 2.5 3.2 1.9 5.6 2.7 1.6 FY15E CAGR (%) FY13 FY14E FY15E CAGR (%) FY14E FY15E Sales (x)

13,358 14,850 15,631 60,873 68,946 78,040 5,725 1,811 5,897 2,040 6,167 2,462 6,308 2,146 6,945 2,731 7,033 2,339

1,409 1,761 Buy

- Neutral 11,717 12,954 14,740

177.2 124.8

Source: Company, Angel Research

Exhibit 13: SOTP breakup

Company Core Const. ` ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra 87 16 45 80 15 24 1,318 23 64 47 131 35 % to TP 34 100 29 35 43 27 75 55 100 33 100 85 ` 23 Real Estate % to TP 25 ` 168 112 120 7 93 6 Road BOT % to TP 66 71 52 17 67 15 Invst. In Subsidiaries ` 20 443 % to TP 57 25 ` 30 43 12 Others % to TP 13 48 29 Total ` 255 16 157 230 35 90 1,761 42 64 139 131 41

Source: Company, Angel Research

Company background
Unity Infraprojects Ltd (UIP) is a mid-sized engineering and construction company with focus on civil construction and infrastructure development in India. The company is the flagship unit of the Mumbai based KK Group of Companies. The company is focused in areas such as civil construction and infrastructure development projects. The company has three subsidiaries, namely Unity Realty and Developers Ltd, Unity Infrastructure Assets Ltd and Unity Telecom Ltd. UIP was incorporated as Unity Builders Ltd on April 9, 1997. The company changed its name to Unity Infraprojects Ltd on January 14, 2000. The company has gained credibility owing to its quick turnaround time, in-time and within-cost deliveries, organizational strength and financial stability and above all, following international standards.

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Profit & loss statement (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 & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Asso. 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 FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E 1,477 1,477 30.6 1,285 581 613 53 38 191 34.0 13.0 17 174 37.0 11.8 84 40 30.8 130 25.0 130 44.7 34.4 85 85 85 22.2 5.8 11.5 11.5 22.2 1,702 1,702 15.2 1,474 825 505 59 85 227 18.8 13.4 18 209 20.3 12.3 83 17 12.1 143 10.3 143 48.9 34.1 94 94 94 10.8 5.5 12.7 12.7 10.8 1,973 1,973 15.9 1,701 964 575 61 101 272 19.7 13.8 20 252 20.4 12.8 121 20 13.3 150 5.0 150 46.9 31.2 104 104 104 9.7 5.2 14.0 14.0 9.7 2,040 2,040 3.4 1,766 967 645 67 87 274 0.7 13.4 22 252 (0.0) 12.3 153 24 19.2 123 (18.6) 123 30.0 24.4 93 93 93 (10.6) 4.5 12.5 12.5 (10.6) 2,146 2,146 5.2 1,853 1,011 683 73 86 294 7.3 13.7 25 269 6.9 12.5 169 24 19.1 123 0.8 123 42.0 34.0 81 81 81 (12.0) 3.8 11.0 11.0 (12.0) 2,339 2,339 9.0 2,017 1,102 741 81 94 322 9.5 13.8 30 292 8.4 12.5 188 26 19.9 129 4.7 129 44.0 34.0 85 85 85 4.7 3.6 11.5 11.5 4.7

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Balance sheet (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share App Money - warrants 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 154 53 100 1 34 1,465 133 562 161 609 347 1,118 1,253 186 70 116 11 68 1,762 78 807 189 680 7 444 1,318 1,513 222 90 132 54 1,956 200 890 218 642 7 493 1,463 1,650 245 112 133 64 2,299 540 997 112 649 480 1,818 2,016 305 137 169 139 2,462 569 1,000 183 711 533 1,929 2,237 365 167 199 214 2,630 619 1,025 245 741 581 2,049 2,462 15 550 565 686 1 1,253 15 636 651 861 1 1,513 15 731 746 905 (2) 1,650 15 822 837 1,179 (0) 2,016 15 893 908 1,329 (0) 2,237 15 968 983 1,479 (0) 2,462 FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E

June 4, 2013

Unity Infraprojects | 4QFY2013 Result Update

Cash flow statement (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 FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E 130 17 (317) (40) (45) (255) (11) (0) 40 29 1 214 (9) 69 276 50 111 161 143 17 (172) (17) (49) (78) (43) (34) 17 (59) 174 (9) (0) 165 28 161 189 150 20 (117) (20) (47) (13) (25) 14 20 9 45 (9) (3) 33 29 189 218 123 22 (461) (24) (30) (370) (23) (10) 24 (10) 274 (2) 2 274 (106) 218 112 123 25 (40) (24) (42) 43 (60) (75) 24 (111) 150 (10) 140 71 112 183 129 30 (58) (26) (44) 31 (60) (75) 26 (109) 150 (10) (0) 140 61 183 245

June 4, 2013

Unity Infraprojects | 4QFY2013 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) Wcap cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 0.9 2.7 2.1 1.0 3.0 2.5 0.9 2.5 2.1 1.3 3.9 1.6 1.3 3.9 1.6 1.3 3.8 1.6 9.9 30 120 120 197 10.0 23 147 98 224 9.7 26 157 100 220 8.7 66 169 101 264 7.8 94 170 100 294 7.0 93 158 101 277 16.2 18.6 17.3 15.1 17.4 15.5 15.9 18.4 14.8 13.7 15.1 11.7 12.7 13.6 9.3 12.4 13.7 9.0 11.8 65.6 1.6 12.2 9.5 0.9 14.6 12.3 65.9 1.4 11.4 7.1 1.0 15.6 12.8 68.8 1.4 12.6 9.5 1.0 15.6 12.3 75.6 1.2 11.4 11.1 1.1 11.8 12.5 66.0 1.1 9.0 8.9 1.3 9.1 12.5 66.0 1.1 9.0 8.8 1.3 9.2 11.5 11.5 13.8 1.0 76.3 12.7 12.7 15.2 1.0 87.9 14.0 14.0 16.7 1.0 100.7 12.5 12.5 15.4 0.2 112.9 11.0 11.0 14.3 1.2 122.5 11.5 11.5 15.5 1.2 132.7 2.5 2.1 0.4 3.4 0.5 3.9 0.6 2.3 1.9 0.3 3.4 0.5 3.9 0.6 2.1 1.7 0.3 3.4 0.5 3.3 0.5 2.3 1.9 0.3 0.7 0.6 4.7 0.6 2.6 2.0 0.2 4.1 0.6 4.6 0.6 2.5 1.9 0.2 4.1 0.6 4.5 0.6 FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E

June 4, 2013

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Unity Infraprojects | 4QFY2013 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. 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

Unity Infraprojects 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%)

June 4, 2013

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