Marico | 1QFY2012 Result Update

July 27, 2011

Marico
Performance Highlights
(` cr) Revenue EBITDA OPM (%) PAT
Source: Company, Angel Research

NEUTRAL
CMP Target Price
1QFY11 787.4 105.6 13.4 73.7 % yoy 33.2 18.5 (148bp) 15.3 Angel Est 909.2 120.0 13.2 78.4 % Diff 15.3 4.3 (127bp) 8.4

`167 -

1QFY12 1,048.6 125.1 11.9 85.0

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

FMCG 10,230 0.5 173/110 175,629 1 18,432 5,547 MRCO.BO MRCO@IN

Marico posted a strong performance for the quarter. Overall volume growth for the quarter stood at ~33.2%, of which organic growth stood at ~20% yoy and inorganic growth due to the recently acquired entity International Consumer Products (ICP) in Vietnam came in at ~19%. Earnings for the quarter grew strongly by 15.3% yoy, despite significant margin contraction. We recommend Neutral on the stock. Key highlights during the quarter: Volume growth in the consumer products business in India stood at ~15% yoy, with Parachute reporting ~10% yoy volume growth and Saffola growing by ~15% yoy. The hair oil category with the launch of new variants, such as Parachute Advanced Ayurvedic hot oil, Parachute Advanced Ayurvedic cooling oil and Parachute Advanced Ayurvedic hair oil, performed well and gained market share. International business grew by 26% yoy, led by the recent acquisition of 85% equity in ICP in Vietnam in February 2011. The company has also started to show increased focus on rural sales. Outlook and valuation: Maricos volume growth in its key product categories has been impressive despite the price hikes taken. We have factored in ~18% CAGR over FY201113E in its focus brands and expect the international business to grow strongly at a ~30% CAGR over FY201113E, with the recent acquisition in Vietnam contributing ~5% to the top line in FY2012E and FY2013E. At the CMP of `167, the stock is trading at 25.x FY2013E. We believe the stock is fairly priced and, hence, we recommend Neutral on the stock.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 62.9 6.7 26.3 4.1

Abs. (%) Sensex Marico

3m (5.2)

1yr 2.0

3yr 29.1

20.9 32.51 196.8

Key Financials
Y/E March (` cr) Net Sales % chg Net Profit (Adj) % chg EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

FY2010 2,661 11.4 241.5 18.5 14.1 3.9 42.4 15.5 43.6 32.5 4.1 28.2

FY2011 3,128 17.6 237.5 (1.6) 13.1 3.9 43.1 11.2 36.5 24.0 3.4 26.3

FY2012E 3,643 16.5 325.6 37.1 14.2 5.3 31.4 8.4 31.5 25.4 3.0 20.4

FY2013E 4,185 14.9 406.2 24.7 14.6 6.6 25.2 6.6 29.5 28.1 2.6 16.9

Sreekanth P.V.S
022 3935 7800 Ext: 6841

sreekanth.s@angelbroking.com

Please refer to important disclosures at the end of this report

Marico | 1QFY2012 Result Update

Exhibit 1: Quarterly Performance

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Advertising (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM Interest Depreciation & Amortisation Other Income PBT (excl. Extr Items) Extr Income/(Expense) PBT (incl. Extr Items) (% of Sales) Provision for Taxation (% of PBT) Minority Interest Reported PAT PATM Equity shares (cr) Reported EPS (`) Adjusted PAT
Source: Company, Angel Research

1QFY12 1,049 595 57 71 7 102 10 156 15 923 125 12 10 17 9 108 108 10 21 20 2 85 8 61 1 85

1QFY11 787 403 51 54 7 94 12 131 17 682 106 13 7 12 4 91 91 12 16 18 1 74 9 61 1 74

% chg 33 47 31 9 19 35 18 38 40 108 18 18 30

FY2011 3,128 1,618 52 230 7 346 11 524 17 2,719 410 13 39 71 28 328 49 376 12 85 23 5

FY2010 2,661 1,262 47 190 7 351 13 483 18 2,286 375 14 26 60 18 308 (10) 298 11 64 22 2 232 9 61 4 241

% chg 17.6 28.2 21.2 (1.5) 8.6 18.9 9.2 53.1 17.9 52.6 6.5 26.4 32.1

15

286 9 61

23.6

15 15

5 238

22.6 (1.6)

Double-digit volume growth in Parachute and Saffola

Marico reported top-line growth of 33% yoy to `1,049cr (`787cr), higher than our estimates, driven by a mix of value growth and volume growth with core brands Parachute (Rigids) and Saffola posting volume growth of 10% and ~15%, respectively, for the quarter. Irrespective of a ~32% price hike in Parachute and ~12% in Saffola, the company managed to report impressive volume growth due to rise in its marketing initiatives and launch of budget packs in Parachute. The companys market share in the branded coconut oil segment in India stood at 52.3% until June 2011. In the hair oil category, the company launched Parachute Advanced Ayurvedic hot oil, Parachute Advanced Ayurvedic cooling oil and Parachute Advanced Ayurvedic hair oil, all of which performed well and gained market share during the quarter. During the quarter, Saffola grew by ~15% yoy in volume. The brand, which was earlier in the healthy and premium edible oil category, has been extended to premium variety of rice under the brand Saffola Arise. It has also ventured into the breakfast cereal category with oats under the brand name Saffola Oats. Both the products have generated good response in the market. The company plans to enter the healthy food segment in the near future.

July 27, 2011

Marico | 1QFY2012 Result Update

Exhibit 2: Robust top line backed by organic and inorganic growth

1,200 1,000 800

(`cr)

600 400 200 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

35.0 30.0 25.0 20.0 15.0 10.0 5.0 -

Top-line (LHS)

yoy growth (RHS)

Source: Company, Angel research

Exhibit 3: Parachute sales volume steady....

16 14 12 10 9 10 8 5 5 10 14 10 10

Exhibit 4: Saffolas growth remains strong

25 20 15 (%) 10 5 13 22 18 13 18 18 13 15 15

(%)

8 6 4 2 -

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

Source: Company, Angel Research

Source: Company, Angel Research

Earnings steady despite margins pressure

In terms of earnings, Marico posted growth of 15% yoy to `85cr (`74cr), primarily due to robust top line. Earnings for 1QFY2012 are not comparable, as the company had made a provision of excise duty during 1QFY2011 on coconut oil sold in packs up to 200ml. The company has discounted this provision and disclosed it as a contingent liability.

July 27, 2011

1Q12

(yoy %)

Marico | 1QFY2012 Result Update

OPM down 148bp yoy as GM contracts by 549bp yoy

Marico again witnessed a sharp contraction in its gross margin by 549bp yoy as copra, rice bran oil, safflower oil and HDPE prices trended high. Hence, the companys OPM declined by 148bp yoy. The company managed to curtail the slippage in OPM by reducing ad spends and other expenditure.

Exhibit 5: Earnings growth moderates

80 70 60 50 40 30 20 10 (10) 40.0 20.0 -

Exhibit 6: OPM contracts 100bp as ad spends rise

60.0 50.0 40.0 49.7 52.9 52.5 56.1 48.8 50.2 47.3 47.0 43.3

( %)

(20.0) (40.0) (60.0) (80.0)

(` cr)

(%)

30.0 20.0 10.0 13.8 13.7 14.8 14.1 13.4 12.7 12.2 10.5 11.9

(100.0)

1Q10

3Q10

1Q11

3Q11

1Q12

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

PAT (LHS)

yoy growth (RHS)

OPM

Gross margin

Source: Company, Angel Research

Source: Company, Angel Research

International business registers strong 26% yoy growth

International FMCG business grew strongly by 26% yoy. The business now comprises around 23% of the groups turnover. Revenue of the business stood at `224cr for the quarter. In Bangladesh, Parachute commanded a volume share of ~80%. Hair Code hair dye established a market share of ~29%. MENA region experienced a better quarter compared to the last quarter, though uncertainties still prevail. In Egypt, Fiancee and Hair Code maintained its market share at ~57%. South Africa registered double-digit growth. Caicil continues to be the market leader in the kids hair care market. South East Asia, including Vietnam, witnessed high inflation of 15%. Code 10 and X-Men have been performing well in these markets.

July 27, 2011

1Q12

(120.0)

Marico | 1QFY2012 Result Update

Investment arguments
Impressive volume growth across categories /strong pricing power: We expect Marico to post healthy volume in its core brands in FY2012E. The company has not witnessed significant slowdown in volume growth despite steep price hikes. Over the past few months, rawmaterial prices have been softening; so, we do not expect any steep price hikes further. Although margins will not improve significantly due to the softening of raw-material prices, but we believe they are likely to stabilise going forward. International business gaining momentum: International business now comprises ~23% to the companys top line. Marico maintains its leadership position in different categories in different regions. The recently acquired ICP in Vietnam is expected to contribute ~ 5% to the companys top line. We believe the international business will grow at a ~31% CAGR over FY201113E.

Outlook and valuation

Maricos volume growth in its key product categories has been impressive despite the price hikes taken. We have factored in an ~18% CAGR over FY201113E in its focus brands and expect the companys international business to grow at a strong ~30% CAGR over FY201113E, with the recent acquisition in Vietnam contributing ~5% to the top line in FY2012E and FY2013E. At the CMP of `167, the stock is trading at 25.x FY2013E. We believe the stock is fairly priced and, hence, we recommend Neutral on the stock. Key risks to our argument: 1) A sharp rise in key raw-material prices will drag down the margins 2) Lower demand in coconut hair oil due to price hikes 3) Increased competitive intensity in the core categories, 4) International business not gaining momentum as expected

Exhibit 7: Change in estimates

Old estimates (` cr) Revenue OPM (%) EPS (`) FY12E 3,431 14.2 4.9 FY13E 3,926 14.5 6.1 New estimates FY12E 3,643 14.2 5.3 FY13E 4,185 14.6 6.6 % chg FY12E 6.2 (0) 8.0 FY13E 6.6 10 8.9

Source: Company, Angel Research

July 27, 2011

Marico | 1QFY2012 Result Update

Exhibit 8: Key assumptions

Sales (` cr) Focus Brands Parachute (Rigids) Nihar (CNO) Hair Oils (Incl Nihar) Saffola International FMCG Kaya (Incl Derma Rx from FY11) Non Focus Brands Total Revenue YoY % Growth Focus Brands Parachute (Rigids) Nihar (CNO) Hair Oils (Incl Nihar) Saffola International FMCG Kaya (Incl Derma Rx from FY11) Non Focus Brands Total Revenue
Source: Company, Angel research

FY2009 1,926 572 86 336 334 427 157 462 2,388

FY2010 2,128 564 91 363 351 578 182 533 2,661

FY2011 2,490 589 100 422 415 718 245 638 3,128

FY2012E 3,043 602 110 506 478 1,060 287 601 3,643

FY2013E 3,502 656 120 607 549 1,244 326 683 4,185

FY11-13E 18.6 5.5 9.5 20.0 15.0 31.6 15.3 3.4 15.7

24.1 7.3 16.0 33.0 23.0 38.2 57.6 30.4 25.3

10.5 (1.6) 6.0 8.0 5.0 35.5 15.7 15.2 11.4

17.0 4.5 10.0 16.2 18.5 24.2 34.8 19.8 17.6

22.2 2.1 10.0 20.0 15.0 47.6 17.1 (5.9) 16.5

15.1 9.0 9.0 20.0 15.0 17.3 13.5 13.6 14.9

July 27, 2011

Marico | 1QFY2012 Result Update

Exhibit 9: Peer Valuation

Company Asian Paints Britannia Colgate Dabur GSKCHL GCPL HUL ITC Marico Nestle Reco Neutral Accumulate Reduce Accumulate Reduce Accumulate Neutral Neutral Neutral Reduce Mcap (` cr) 30,100 5,611 13,258 19,235 10,061 13,981 71,102 155,381 10,230 42,294 CMP (`) 3,138 470 975 111 2,392 432 326 201 167 4,386 TP (`) 495 869 119 2,163 478 3,483 Upside (%) 5 (11) 8 (10) 11 (21) P/E (x) FY12E FY13E 30.6 30.5 30.2 26.1 28.9 23.9 27.9 26.8 31.4 43.4 24.9 20.9 25.8 22.2 24.3 20.8 24.4 22.6 25.2 36.5 EV/Sales (x) FY12E FY13E 3.2 1.1 5.0 3.7 3.3 3.6 3.1 6.0 3.0 5.8 2.7 0.9 4.3 3.2 2.8 3.2 2.7 5.0 2.6 5.0 RoE (%) FY12E FY13E 39.6 37.8 111.7 46.7 32.6 38.7 74.8 32.7 31.5 91.1 38.3 46.1 108.0 43.3 31.8 28.0 74.6 31.5 29.5 72.9 CAGR # Sales PAT 17.3 17.3 14.9 21.6 17.3 13.4 12.5 17.6 15.7 16.1 19.8 36.0 12.9 21.3 17.5 18.2 17.1 17.4 30.8 18.9

Source: Company, Angel Research

Exhibit 10: Angel v/s Consensus estimates

Top-line (` cr) Angel estimates Consensus Diff (%)
Source: Company, Angel Research

FY2012E 3,643 3,741 (2.6)

FY2013E 4,185 4,341 (3.6)

EPS (`) Angel estimates Consensus Diff (%)

FY2012E 5.3 5.4 (1.9)

FY2013E 6.6 6.6 -

Exhibit 11: Absolute returns of Marico vs. Sensex

280% 230%
Sensex Marico

Exhibit 12: One-year forward P/E band

250 200
15x 18x 21x 24x

Share Price (`)

Oct-10 Nov-10 Sep-10 Feb-11 May-11 Dec-10 Jan-11 Jun-11

180% 130% 80%

Aug-10 Apr-11 Jul-10 Mar-11

150 100 50 -

Dec-05

Dec-07

Aug-06

Aug-08

Dec-09

Aug-10

Apr-05

Apr-07

Apr-09

Source: Company, Angel Research

Source: Company, Angel Research

Exhibit 13: One-yr forward P/E chart

35.0 30.0 25.0 20.0 15.0 10.0 5.0 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Jul-05

Exhibit 14: One-yr forward Premium v/s Sensex chart

120% 100% 80% 60% 40% 20% 0% -20% -40% -60%
Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11
Source: Company, Angel Research

Source: Company, Angel Research

July 27, 2011

Apr-11

Marico | 1QFY2012 Result Update

Profit & Loss Statement (Consolidated)

Y/E March (` cr) Gross sales Less: Excise duty Net Sales Total operating income % chg Total Expenditure Cost of Materials Advertising Exp Personnel Others EBITDA % chg (% of Net Sales) Dep.& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn of asso. Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2008 FY2009 FY2010 1,907 2 1,905 1,905 22.4 1,659 981 244 127 307 246 24.0 12.9 31 215 47.1 11.3 31 5 2.7 0 190 39.7 (11) 201 36 18.9 165 0 0 165 154 55.7 8.1 2.5 2.5 55.7 2,390 2 2,388 2,388 25.4 2,084 1,278 243 166 398 304 23.4 12.7 36 268 24.5 11.2 36 12 5.0 0 245 28.8 15 230 41 16.7 189 0 (0) 189 204 32.3 8.5 3.3 3.3 32.3 2,662 1 2,661 2,661 11.4 2,286 1,262 351 193 480 375 23.4 14.1 60 315 17.5 11.8 26 18 5.9 0 308 25.7 10 298 64 20.9 234 0 2 232 241 18.5 9.1 4.0 3.9 18.5 FY2011 FY2012E FY2013E 3,129 1 3,128 3,128 17.6 2,719 1,618 346 230 524 410 9.2 13.1 71 339 7.6 10.8 39 28 8.5 0 328 6.5 (49) 376 85 25.9 291 0 5 286 238 (1.6) 7.6 3.9 3.9 (1.6) 3,645 2 3,643 3,643 16.5 3,126 1,853 404 270 599 517 26.3 14.2 79 438 29.2 12.0 45 33 7.7 0 426 30.0 (10) 436 94 22.0 342 0 7 336 326 37.1 8.9 5.3 5.3 37.1 4,187 2 4,185 4,185 14.9 3,574 2,097 481 314 682 611 18.1 14.6 83 528 20.5 12.6 41 43 8.2 0 530 24.6 0 530 117 22.0 414 0 8 406 406 24.7 9.7 6.6 6.6 24.7

July 27, 2011

Marico | 1QFY2012 Result Update

Balance Sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Deferred Tax Asset Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 315 163 151 65 126 98 528 75 106 347 295 233 673 414 203 210 58 128 12 64 670 90 130 450 314 355 828 468 242 226 113 146 83 62 897 111 190 596 414 483 1,112 640 337 304 65 519 89 30 1,220 213 218 789 518 703 1,709 696 408 288 104 524 89 30 1,284 150 255 878 585 699 1,734 735 496 239 147 529 89 30 1,682 358 293 1,031 699 983 2,017 61 254 315 358 673 61 393 454 374 828 61 593 654 13 446 1,112 61 854 915 22 772 1,709 61 1,151 1,213 22 500 1,734 61 1,479 1,541 22 455 2,017 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

Cash Flow Statement (Consolidated) Y/E March (` cr) Profit before tax Depreciation Change in Working Capital Interest / Dividend (Net) Direct taxes paid Others Cash Flow from Oper. (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Cash Flow from Invest. Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Interest / Dividend (Net) Cash Flow from Fin. Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E 201 31 (89) 28 36 19 153 (155) 0 (155) 0 107 45 28 35 32 43 75 230 36 (75) 30 41 2 182 (95) (12) (107) 0 16 47 30 (60) 15 75 90 298 60 (135) 15 64 39 212 (149) (71) (219) 18 72 47 15 28 21 90 111 376 71 (111) 23 85 49 323 (497) (9) (506) 29 326 47 23 284 102 111 213 436 79 (92) 25 94 47 401 (101) (19) (120) 0 (272) 47 25 (344) (63) 213 150 530 83 (92) 11 117 17 432 (86) (21) (108) 0 (45) 60 11 (117) 208 150 358

July 27, 2011

Marico | 1QFY2012 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 Returns (%) RoCE Angel RoIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Net working capital (days) 5.0 50 17 49 30 4.9 52 17 42 41 4.6 61 21 46 51 3.5 70 22 48 57 3.6 65 23 52 55 4.6 66 24 53 55 38.6 54.2 60.7 35.7 49.6 53.0 32.5 43.0 43.6 24.0 37.0 36.5 25.4 43.0 31.5 28.1 48.2 29.5 2.5 2.5 3.0 0.7 5.2 3.3 3.3 3.9 0.7 7.4 4.0 3.9 4.9 0.7 10.7 3.9 3.9 5.8 0.7 14.9 5.3 5.3 6.8 0.8 19.7 6.6 6.6 8.0 1.1 25.1 66.4 54.9 32.2 0.4 5.7 42.7 15.6 50.2 42.3 22.4 0.4 4.5 34.6 12.7 42.4 33.6 15.5 0.4 4.1 28.2 9.5 43.1 28.6 11.2 0.4 3.4 26.3 6.3 31.4 24.7 8.4 0.5 3.0 20.4 6.1 25.2 20.9 6.6 0.7 2.6 16.9 5.1 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

July 27, 2011

10

Marico | 1QFY2012 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

Marico 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%)

July 27, 2011

11