2QFY2013 Result Update | Base Metals

October 18, 2012

Hindustan Zinc
Performance Highlights

ACCUMULATE
CMP Target Price
% chg (yoy) 8.8 (1.2) (520)bp 12.8 1QFY13 2,713 1,429 52.7 1,581 % chg (qoq) 4.0 1.3 (138)bp (2.4)

`135 `145
12 months

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Adjusted PAT

2QFY13 2,822 1,447 51.3 1,544

2QFY12 2,593 1,465 56.5 1,369

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

Base Metals 56,957 7,745 1.1 150/107 97,239 2 18,792 5,719 HZNC.BO HZ@IN

Source: Company, Angel Research

Hindustan Zinc (HZL)s 2QFY2013 bottom-line was ahead of our expectations due to higher-than-expected other income and lower-than-expected tax rate. We recommend Accumulate on the stock. Strong growth in lead and silver volumes: For 2QFY2013, HZLs net sales increased by 8.8% yoy to `2,822cr (above our estimate of `2,733cr) mainly on account of a higher lead and silver production. Lead production volumes grew by 60.0% yoy to 27kt and silver production volumes grew 86.0% yoy to 92kt due to higher production from Sindesur Khurd mine and new Dariba lead and silver capacities. Higher cost of production dents EBITDA margin: The cost of production of zinc increased by 20.4% yoy to `46,750/tonne during the quarter. Hence, HZLs EBITDA margin contracted by 520bp yoy to 51.3% and the EBITDA decreased by 1.2% yoy to `1,447cr. Other income was higher than our estimate (+39.6% yoy to `540cr) while tax rate was lower than our estimate (14.9% in 2QFY2013 compared to19.5% in 2QFY2012). Hence, the adjusted net profit was higher than our estimate of `1,347cr and grew by 12.8% yoy to `1,544cr. Expansion projects remain on track: HZLs underground mine development work at the Rampura Agucha mine and greenfield Kayar mine development are on schedule with commercial production expected from FY2014. Outlook and valuation: With a cash-rich balance sheet and strong production growth of lead and silver over FY2012-14, we maintain our positive stance on HZL. In spite of an expectation of a decline in realizations, increased volumes of lead and silver are expected to drive earnings growth to 14.3% in FY2013. HZL is currently trading at inexpensive valuations of 5.2x and 3.9x FY2013E and FY2014E EPS, respectively. Valuing the stock at 4.0x FY2014 EV/EBITDA, we recommend an Accumulate view on HZL with a target price of `145. Key financials (standalone)
Y/E March (` cr) Net sales % chg Net profit % chg EPS (`) EBITDA margin (%) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 64.9 1.9 1.4 31.8

Abs. (%) Sensex Hindustan Zinc

3m 9.4 14.1

1yr 10.0 11.2

3yr 8.5 53.7

FY2011 10,039 25.2 4,922 21.8 11.6 55.9 11.6 2.5 24.1 24.2 4.2 7.5

FY2012 11,405 13.6 5,569 13.2 13.1 53.2 10.3 2.1 22.4 21.2 3.4 6.4

FY2013E 12,446 9.1 6,315 13.4 14.9 52.3 9.0 1.8 21.4 19.4 2.7 5.2

FY2014E 13,538 8.8 6,914 9.5 16.4 52.9 8.2 1.5 19.7 18.1 2.1 3.9

Bhavesh Chauhan
Tel: 022- 39357800 Ext: 6821 Bhaveshu.chauhan@angelbroking.com

Vinay Rachh
Tel: 022- 39357800 Ext: 6841 Vinay.rachh@angelbroking.com

Please refer to important disclosures at the end of this report

Hindustan Zinc | 2QFY2013 Result Update

Exhibit 1: 2QFY1013 Performance (standalone)

(All values in ` cr) Net sales Mining and manufacturing expenses % of Net sales Mining royalty % of Net sales Staff cost % of Net sales Admin, selling and others % of Net sales Total expenditure % of Net sales Other operating income EBIDTA % of Net sales Interest Depreciation Other income Exceptional items Profit before tax % of Net sales Provision for tax % of PBT Profit after tax % of Net sales Adjusted net profit

2QFY13 2,822 953 33.8 203 7.2 155 5.5 108 3.8 1,418 50.2 43.2 1,447 51.3 (2) 175 540 1,815 64.3 271 14.9 1,544 54.7 1,544

2QFY12 2,593 747 28.8 215 8.3 129 5.0 81 3.1 1,172 45.2 43.3 1,465 56.5 12 146 387 24 1,670 64.4 325 19.5 1,345 51.8 1,369

yoy % 8.8 27.6 (5.5) 19.9 32.4 21.0 (0.4) (1.2) 20.0 39.6 8.6 (16.9) 14.8 12.8

1QFY13 2,713 863 31.8 204 7.5 149 5.5 103 3.8 1,319 48.6 35.0 1,429 52.7 13 173 574 1,817 67.0 235 13.0 1,581 58.3 1,581

qoq % 4.0 10.5 (0.8) 3.7 4.5 7.5 23.2 1.3 (116.2) 0.7 (6.0) (0.1) 15.0 (2.4) (2.4)

1HFY13 5,535 1,816 32.8 407 7.4 304 5.5 210 3.8 2,737 49.5 78 2,876 52.0 11 348 1,114 3,631 65.6 506 13.9 3,125 56.5 3,125

1HFY12 5,415 1,598 29.5 408 7.5 256 4.7 192 3.6 2,455 45.3 69.1 3,029 55.9 16 281 768 28 3,473 64.1 633 18.2 2,840 52.4 2,868

yoy % 2.2 13.6 (0.2) 18.5 9.4 11.5 13.3 (5.1) (31.7) 23.9 45.0 4.6 (20.1) 10.1 9.0

Source: Company, Angel Research

Exhibit 2: Actual vs Estimates

(` cr) Net Sales EBITDA EBITDA margins (%) Adjusted PAT

Source: Company, Angel Research

Actual 2,822 1,447 51.3 1,544

Estimates 2,733 1,385 50.7 1,348

Variation (%) 3.3 4.5 59bp 14.6

Strong growth in lead and silver volumes

For 2QFY2013, HZLs net sales increased by 8.8% yoy to `2,822cr (above our estimate of `2,733cr) mainly on account of a higher lead and silver production. Lead production volumes grew by 60.0% yoy to 27kt and silver production volumes grew 86.0% yoy to 92kt due to higher production from the Sindesur Khurd mine and from the new lead and silver capacities in Dariba. However, zinc production volumes declined by 12.0% yoy to 163kt due to lower production from Rampura Agucha mines (in line with the companys guidance).

October 18, 2012

Hindustan Zinc | 2QFY2013 Result Update

Exhibit 3: Net sales increased by 8.8% yoy

3,500 3,000 2,500 1,951 2,163 2,601 3,197 2,821 2,593 2,747 3,094 130 110 90

2,713 2,822

(` cr)

2,000 1,500 1,000 500 0

50 30 10 (10) 1QFY11 3QFY11 1QFY12 Net sales 3QFY12 1QFY13 yoy growth - RHS

Source: Company, Angel Research

Higher cost of production dents EBITDA margin

The cost of production of zinc increased by 20.4% yoy to `46,750/tonne during the quarter. Hence, HZLs EBITDA margin contracted by 520bp yoy to 51.3% and EBITDA decreased by 1.2% yoy to `1,447cr. Other income was higher than our estimate (+39.6% yoy to `540cr) while tax rate was lower than our estimate (14.9% in 2QFY2013 compared to19.5% in 2QFY2012). Hence, the adjusted net profit was higher than our estimate of `1,347cr and grew by 12.8% yoy to `1,544cr.

Exhibit 4: EBITDA and EBITDA margin trend

2,100 1,800 1,500
(` cr)

Exhibit 5: Net Profit and Net Profit Margin trend

80 2,100 1,800 1,771 1,495 1,345 1,266 891 949 1,274 1,413 70 1,581 1,544 60 50
(%)

1,969 1,507 1,022 1,125 1,592 1,659 1,465 1,402 1,429 1,447

60
(` cr)

1,500
(%)

1,200 900 600 300 0

40

1,200 900 600 300

40 30 20 10 0

20

0 1QFY11 3QFY11 1QFY12 EBITDA (LHS) 3QFY12 1QFY13 EBITDA margins (RHS)

0 1QFY11 3QFY11 1QFY12 Net profit (LHS) 3QFY12 1QFY13 Net profit margins (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Expansion projects
HZLs underground mine development work at Rampura Agucha mine and greenfield Kayar mine development are on schedule with commercial production expected from FY2014. At its Kayar mine, a milestone of development ore production was achieved during the quarter.

October 18, 2012

(%)

70

Hindustan Zinc | 2QFY2013 Result Update

Investment arguments
Mining in Kayar could be the next phase of growth
Since the expansion at Sindesur Khurd is complete, HZL has commenced work at its underground Kayar mine, which has 11mn tonne of high-grade reserves (10-12% zinc content). The company aims to mine 1mn tonne per year, once it is fully operational. Moreover, given the cash-rich balance sheet, HZL is actively exploring greenfield projects through 20 prospecting licenses and four mining lease projects across different states.

Current zinc prices near marginal cost of production

At the current levels of ~US$1,900/tonne, zinc prices stand near the marginal cost of production for several zinc producers. Hence, we believe that the probability of a further decline in zinc prices from these levels remains low. Further, over the next 3-5 years, several zinc mines are expected to be exhausted; hence, production is likely to suffer. This should support zinc prices over the medium term in our view.

October 18, 2012

Hindustan Zinc | 2QFY2013 Result Update

Outlook and Valuation

With a cash-rich balance sheet and strong production growth of lead and silver over FY2012-14, we maintain our positive stance on HZL. Although realizations are expected to decline, increased volumes of lead and silver are expected to drive earnings growth of 14.3% in FY2013. Moreover, the company is awaiting permission from the government to commence production at its Zawar mines (reserves 72mn tonne). This could be a catalyst for the stock, although it has not been factored in our estimates currently. HZL is currently trading at inexpensive valuations of 5.2x and 3.9x FY2013E and FY2014E EPS, respectively. Valuing the stock at 4.0x FY2014 EV/EBITDA, we recommend Accumulate on HZL with a target price of `145.

Exhibit 6: Key assumptions

LME prices (US$/tonne) Zinc Lead Silver (`/kg) Sales volume (tonnes) Zinc metal Lead metal Silver Source: Angel Research FY2013E FY2014E

2,015 2,076 48,929

2,100 2,176 43,647

720,780 129,500 340,000

764,730 138,750 380,000

Exhibit 7: EPS Angel forecast vs consensus

Year (%) FY2013E FY2014E
Source: Bloomberg, Angel Research

Angel forecast
14.9 16.4

Bloomberg consensus 14.3 15.4

Variation (%)
4.7 6.0

Exhibit 8: EV/EBITDA band

80,000 70,000 60,000 50,000

(` cr)

40,000 30,000 20,000 10,000 0

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

2x
Source: Bloomberg, Angel Research

4x

6x

8x

10x

October 18, 2012

Oct-12

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Hindustan Zinc | 2QFY2013 Result Update

Exhibit 9: P/E band

250 200 150

(`)
100 50 0

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

2.0x
Source: Bloomberg, Angel Research

6.0x

10.0x

14.0x

Exhibit 10: P/BV band

450 400 350 300
(`)

250 200 150 100 50 0

Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Oct-12 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12

0.5x

2.0x

3.5x

5.0x

Source: Bloomberg, Angel Research

Exhibit 11: Recommendation summary

Company Hindalco Nalco Sterlite HZL CMP Target Price (`) 118 50 101 135 145 (`) Reco. Mcap Upside (` cr)
Neutral 22,189

P/E (x) 8.9 14.6 6.2 9.0 7.3 12.2 6.0 8.2

P/BV (x) 0.7 1.1 0.7

1.8

EV/EBITDA (x) 0.6 1.0 0.6

1.5

RoE (%) 7.8 7.4 11.3

21.4

RoCE (%) 8.9 8.4 5.4 5.7 9.9

19.4

(%) 7

FY13E FY14E FY13E FY14E

FY13E FY14E FY13E FY14E FY13E FY14E 7.5 7.5 3.3

5.2

6.3 6.3 3.1

3.9

Neutral 12,847 Neutral 33,607 Accum. 54,760

10.7
19.7

18.1

Source: Company, Angel Research

October 18, 2012

Oct-12

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

5.7 7.1 9.3

Hindustan Zinc | 2QFY2013 Result Update

Company background
Incorporated in 1966, HZL, a subsidiary of Sterlite Industries, is a vertically integrated company with its mining and smelting operations located mainly in Rajasthan and Andhra Pradesh. HZLs current zinc reserves stand at 34.1mn tonne with a production capacity of 1.1mn tonne of zinc p.a., indicating a mine life of 31 years. HZL currently operates two underground mines, namely Sindesar Khurd and Rajpura Dariba, and one open cast mine, ie the Rampura Agucha Mine.

October 18, 2012

Hindustan Zinc | 2QFY2013 Result Update

Profit & loss statement( Standalone)

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 EBIT % chg (% of Net sales) Interest & other charges Other income (% of PBT) Share in profit of associates Recurring PBT % chg Extraordinary inc/(expense) PBT (reported) Tax (% of PBT) PAT (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers

FY2009 5,680 5,680 (27.9) 2,946 1,906 364 365 311 2,734 (49.2) 48.1 285 2,449 (52.5) 43.1 22 931 27.7 3,358 (43.9) 3,358 631 18.8 2,728 2,728 (38.0) 48.0 6.5 6.5 (38.0)

FY2010 8,017 122.0 8,139 43.3 3,347 1,961 613 457 316 4,792 75.3 58.3 334 4,458 82.0 55.6 44 600 12.0 5,014 49.3 5,014 973 19.4 4,041 4,041 48.2 49.7 9.6 9.6 48.2

FY2011 10,039 0 10,039 23.3 4,431 14 803 511 3,104 5,608 17.0 55.9 475 5,133 15.1 51.1 18 866 14.5 5,981 19.3 21.2 5,960 1,059 17.8 4,900 4,922 21.8 49.0 11.6 11.6 21.3

FY2012 FY2013E FY2014E 11,405 0 11,405 13.6 5,336 312 838 535 3,651 6,069 8.2 53.2 611 5,459 6.3 47.9 14 1,543 22.1 6,988 16.8 43.1 6,945 1,419 20.4 5,526 5,569 13.2 48.8 13.1 13.1 12.8 12,446 140 12,586 10.4 5,943 249 902 610 3,709 6,643 9.5 52.3 709 5,934 8.7 47.7 31 1,991 25.2 7,894 13.0 7,894 1,579 20.0 6,315 6,315 13.4 50.2 14.9 14.9 14.3 13,538 154 13,692 8.8 6,376 257 1,001 650 3,967 7,316 10.1 52.9 758 6,558 10.5 48.4 14 2,098 24.3 8,643 9.5 8,643 1,729 20.0 6,914 6,914 9.5 50.5 16.4 16.4 9.5

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

October 18, 2012

Hindustan Zinc | 2QFY2013 Result Update

Balance sheet( Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Reserves& Surplus Shareholders Funds Total Loans Deferred Tax Liability Other long term liabilities Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Investments Long term loans and adv. Other Non-current assets Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Total Assets

FY2009 FY2010 FY2011 FY2012 FY2013E 423 13,935 14,358 9 559 14,925 5,856 1,751 4,105 1,108 6,929 423 17,701 18,124 60 711 18,896 8,241 2,077 6,164 1,113 10,949 845 21,688 22,533 0.4 945 24 23,502 9,879 2,624 7,254 595 9,335 617 130 3,784 2,719 313 751 1,001 2,783 14,925 1,995 928 457 611 1,326 669 18,896 7,123 5,633 286 1,204 1,551 5,572 23,502 845 26,036 26,881 0.4 1,109 17 28,008 11,658 3,145 8,513 445 12,695 628 164 6,979 5,255 270 1,454 1,415 5,564 28,008 845 31,363 32,208 0.4 1,109 17 33,334 13,858 3,855 10,003 145 12,695 628 164 11,948 10,667 270 1,012 2,249 9,700 33,334

FY2014E 845 37,289 38,134 0.4 1,109 17 39,260 14,858 4,613 10,245 95 12,695 628 164 17,730 16,394 270 1,066 2,296 15,434 39,260

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

October 18, 2012

Hindustan Zinc | 2QFY2013 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 net fixed assets (Inc.)/ Dec. in investments (Inc.)/ Dec. in loans and adv. Other income Cash flow from investing Inc./(Dec.) in loans Dividend paid Others Cash flow from financing Inc./(Dec.) in cash Opening cash bal. Closing cash bal.
previous year numbers

FY2009 FY2010 FY2011 3,358 286 296 (777) 521 2,642 5,014 335 173 (563) 785 4,173 5,960 475 (239) (835) 1,116 4,244 1,870 28

FY2012 FY2013E FY2014E 6,945 611 (61) (1,501) 1,502 4,492 (1,668) (2,455) 38 624 (3,461) 1,228 14 (1,242) (210) 277 29 7,894 709 1,275 1,579 8,300 (1,900) (1,900) 989 (989) 5,411 29 10,667 8,643 758 (7) 1,729 7,666 (950) (950) 989 (989) 5,727 10,667 16,394

(1,374) (2,247) (1,446) (443) (3,922) 71 (1,602) 8 124 22 (137) (844) 3,563 2,719 (96)

2,288 (4,082) 43 198 33 (187) 8 2,719 928 (60) 296 8 (363) 250 28 277

(3,348) (3,977) (3,631)

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

October 18, 2012

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Hindustan Zinc | 2QFY2013 Result Update

Key ratios (Standalone)

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 (days) Receivables (days) Payables (days) WC cycle (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest coverage (0.7) (3.5) 111.9 (0.7) (2.5) 101.5 (0.7) (2.7) 280.8 (0.7) (3.0) 391.3 (0.7) (3.5) 190.7 (0.8) (4.0) 484.4 1.0 35 11 46 30 1.1 21 7 52 11 1.1 28 8 39 11 1.1 26 11 40 17 1.0 26 8 40 9 0.9 26 8 40 1 18.0 58.9 20.8 26.4 88.5 24.9 24.2 74.3 24.1 21.2 62.3 22.4 19.4 61.2 21.4 18.1 66.0 19.7 43.1 81.2 1.1 40.2 40.2 55.6 80.6 1.3 59.3 59.3 51.1 82.2 1.3 54.4 54.4 47.9 79.6 1.2 46.8 46.8 47.7 80.0 1.3 48.0 48.0 48.4 80.0 1.4 52.8 52.8 6.5 6.5 7.1 4.0 34.0 9.6 9.6 10.4 6.0 42.9 11.6 11.6 12.8 0.7 53.3 13.1 13.1 14.6 2.4 63.6 14.9 14.9 16.6 2.0 76.2 16.4 16.4 18.2 2.0 90.3 20.9 18.9 4.0 3.0 8.3 17.3 3.2 14.1 13.0 3.1 4.4 5.6 9.7 2.4 11.6 10.6 2.5 0.5 4.2 7.5 1.8 10.3 9.2 2.1 1.8 3.4 6.4 1.4 9.0 8.1 1.8 1.5 2.7 5.2 1.0 8.2 7.4 1.5 1.5 2.1 3.9 0.7 FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

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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Hindustan Zinc | 2QFY2013 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

Hindustan Zinc 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%)

October 18, 2012

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