1QFY2014 Result Update | IT

July 18, 2013

Infotech Enterprises
Performance Highlights
Y/E March (` cr) Net sales EBITDA EBITDA margin (%) Net profit 1QFY14 484 80 16.6 54 4QFY13 464 79 17.0 54 % chg (qoq) 4.2 1.4 (46)bp 0.2 1QFY13 456 85 18.7 67 % chg (yoy) 6.0 (5.9) (209)bp (18.4)

NEUTRAL
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 IT 2,062 (609) 0.1 211/157 53,631 5 20,128 6,038 INFE.BO INFTC@IN

`184 12 Months

Source: Company, Angel Research

For 1QFY2014, Infotech Enterprises (Infotech) reported a weak set of results on the revenue as well as the bottom-line front. The company witnessed challenges in some of its top-10 client accounts. However, the Management indicates that the challenges seen in few of its large client accounts are behind and is confident of the company growing better in the next few quarters. We maintain our Neutral rating on the stock. Quarterly highlights: For 1QFY2014, Infotech reported a revenue of US$86mn, up merely 0.1% qoq. In INR terms, the revenue came in at `484cr, up 4.2% qoq. The EBITDA margin of the company declined by 46bp qoq to 16.6%, while its EBIT margin was almost flat sequentially at 12.8%. The companys operating margin faced headwinds in the form of a muted volume growth, wage hikes given during the quarter and healthy gross employee addition. The PAT came in at `54cr, almost flat qoq; other income stood at `18cr as against `10cr in 4QFY2013. Outlook and valuation: The Management pointed that it expect FY2014 to be a better year than FY2013 and is trying to move out of client specific issues in aero, hi-tech and rail business areas. The company plans to hire ~2,500 gross employees while it estimates attrition to be at ~15%. For FY2014, in the ENGG vertical, the Management indicated at a good deal pipeline in the aerospace business segment and sees signs of growth in the transportation business segment owing to recovery in the logistics and transportation industry. In the network and utilities business area, Infotech is working on new service offerings to capture the opex of client budgets along with the capex portion, that the company is targeting currently. Over FY2013-15, we expect the company to post a USD and INR revenue CAGR of 6.4% and 9.9%, respectively. We expect EBITDA margin of the company to move to 17.2% in FY2014 and 17.6% in FY2015 from 18.2% in FY2013. At the current market price of `184, the stock is trading at 8.2x FY2015E EPS. We value the company at 8.5x FY2015E EPS of `22.5, which gives us a target price of `190; we maintain our Neutral view on the stock. Key financials (Consolidated)
Y/E March (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) FY2011 1,188 24.6 140 (18.3) 15.2 12.6 14.6 2.0 13.4 12.6 1.3 8.9 FY2012 1,553 30.7 163 16.7 17.4 14.5 12.7 1.7 13.6 18.5 1.0 5.6 FY2013E 1,873 20.6 233 42.9 18.2 20.7 8.9 1.5 17.6 20.9 0.8 4.4 FY2014E 2,052 9.6 229 (1.5) 17.2 20.7 8.9 1.3 14.9 18.2 0.6 3.7 FY2015E 2,263 10.2 250 8.8 17.6 22.5 8.2 1.1 14.0 17.9 0.5 2.8

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 22.4 5.9 29.9 41.8

Abs. (%) Sensex Infotech

3m 5.8 12.9

1yr 17.1 2.1

3yr 12.1 7.6

Ankita Somani
+91 22 3935 7800 Ext: 6819 ankita.somani@angelbroking.com

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

Infotech Enterprises | 1QFY2014 Result Update

Exhibit 1: 1QFY2014 Financial performance

Y/E March (` cr) Total revenue Salary cost Gross profit Gross margin (%) Travel expenditure Purchase of products Other operating costs EBITDA EBITDA margin (%) Dep. and amortization EBIT EBIT margin (%) Financial expenses Other income Profit before tax Exceptional item 1QFY14 484 309 175 36.2 22 5 68 80 16.6 18 62 12.8 1 18 80 29 50 4 54 10.8 4.9 4QFY13 464 285 179 38.6 25 14 61 79 17.0 20 60 12.8 0 10 69 17 52 2 54 11.4 4.9 0.2 (61)bp 0.2 72.6 (3.8) 101.5 15.1 % chg (qoq) 4.2 8.1 (2.1) (232)bp (11.4) (64.6) 12.2 1.4 (46)bp (7.5) 4.3 1bp 1QFY13 456 276 180 39.5 25 15 55 85 18.7 13 72 15.7 0 18 90 2 29 59 6 67 14.0 5.8 (18.4) (321)bp (15.5) 0.8 (14.3) (33.0) % chg (yoy) 6.0 11.7 (2.7) (324)bp (10.2) (66.5) 23.4 (5.9) (209)bp 34.7 (13.4) (289)bp 1,280.0 1.8 (11.1) FY2013 1,873 1,126 747 39.9 98 74 233 342 18.2 64 278 14.8 1 40 317 2 97 218 13 233 12.2 20.7 FY2012 1,553 946 607 39.1 95 41 200 270 17.4 49 221 14.2 1 17 237 2 84 151 10 163 10.4 14.5 42.9 179bp 42.8 15.7 44.1 % chg (yoy) 20.6 19.0 23.1 80bp 3.3 79.1 16.5 26.3 82bp 28.7 25.8 61bp (11.7) 136.6 33.9

Tax
PAT

Share of profits of associates

Minority interest

Adj. PAT
PAT margin (%)

EPS(`)
Source: Company, Angel Research

Exhibit 2: 1QFY2014 Actual vs Angel estimates

(` cr) Net revenue EBITDA margin (%) PAT
Source: Company, Angel Research

Actual 484 16.6 54

Estimate 498 17.6 54

% Var (2.9) (103)bp 1.3

Weak revenue performance continues

For 1QFY2014, Infotech reported a revenue of US$86mn, up merely 0.1% qoq. In constant currency terms, the revenue grew by 0.7% qoq. The revenue, this quarter, has been impacted by ramp-downs seen in a few of companys top accounts. In INR terms, the revenue came in at `484cr, up 4.2% qoq.

July 18, 2013

Infotech Enterprises | 1QFY2014 Result Update

Exhibit 3: Revenue growth trend (qoq)

88 87 86 85 84 83 82 1QFY13 2QFY13 3QFY13 Revenue (USD terms) 4QFY13 1QFY14 qoq growth (%) 84.2 (1.9) 1.4 3.5 87.6 87.2 85.9 86.0 0.1 4 3 2

(US $mn)

0 (1) (2) (3)

Source: Company, Angel Research

UT and D&A: During the quarter, the utilities, telecom, and data transformation & analytics (UT and D&A) verticals USD revenue grew by 1.9% qoq to US$30.0mn. In INR terms, the revenue came in at `169cr, up 6.0% qoq. Growth in this vertical was driven by ramp-ups in projects from Australia. The utilities and telecom business segment witnessed a USD and INR revenue growth of 0.8% and 4.8% qoq, respectively. Infotech exceeded its 1QFY2014 revenue targets for utilities and telecom business segment, helped by a particularly strong performance from two of its clients in the APAC region. The Management indicated that in this business segment, broadband and backhaul plan and design services remain in high demand across all geographies. The company renamed its Content business segment as Data Transformation & Analytics during the quarter. The D&A business segment reported a revenue growth of 4.1% and 8.3% qoq in USD and INR terms, respectively. Overall, the company added five new clients in the UT and D&A business vertical during the quarter.

Exhibit 4: UT and D&A vertical Revenue growth trend

32 30 28 5.1 28.3 26.7 1.9 6.1 29.7 4.8 29.5 30.0 7 6 5 4

(US $mn)

26 24 22 20 18 16

2 1 0

(0.8) 1QFY13 2QFY13 3QFY13 Revenue (USD terms) 4QFY13 1QFY14 qoq growth (%)

(1) (2)

Source: Company, Angel Research

ENGG: The ENGG verticals revenue declined by 0.8% qoq to US$55mn. In INR terms, the revenue came in at `310cr, up 3.2% qoq. In this vertical, the aerospace business segment witnessed a USD revenue decline of 0.4% qoq while in INR terms, the revenue grew by 3.6% qoq, aided by INR depreciation against the USD.
July 18, 2013

(%)

(%)

0.5

Infotech Enterprises | 1QFY2014 Result Update

Over the last couple of quarters, some of the companys top-10 accounts in this vertical have been facing challenges; the impact of such sluggishness percolated in 1QFY2014 results as well. The hi-tech, transportation and heavy engineering (HTH) business segment witnessed a revenue decline of 1.2% qoq in USD terms. Overall the company added five new clients in the ENGG vertical.

Exhibit 5: ENGG vertical Revenue growth trend

60 58 56 54 57.7 0.1 58.8 2.0 56.9 55.5 55.0 (0.8) 3 2 1

(US $mn)

50 48 46 44 42 40 1QFY13 2QFY13 3QFY13 4QFY13 qoq growth (%) (3.2) (2.5)

(1) (2) (3) (4)

1QFY14

Revenue (USD terms)

Source: Company, Angel Research

Hiring and utilization

During 1QFY2014, Infotech added 298 net employees, taking its total employee base to 10,815. The UT and D&A vertical witnessed an addition of 192 net employees, taking the verticals employee base to 5,268. Further, 53 net employees were added in the ENGG vertical, taking the verticals total employee base to 4,774. The companys attrition rate (annualized basis) inched up to 12.3% in 1QFY2014 from 11.8 in 4QFY2013.

Exhibit 6: Trend in hiring

1QFY13 Net additions UT and D&A ENGG Support Total employees UT and D&A ENGG Support
Source: Company, Angel Research

2QFY13 88 191 16 4,595 4,810 688

3QFY13 66 (52) 27 4,661 4,758 715

4QFY13 415 (37) 5 5,076 4,721 720

1QFY14 192 53 53 5,268 4,774 773

322 111 31 4,507 4,619 672

The utilization level for the UT and D&A vertical increased by ~300bp qoq to 83%, while utilization level for the ENGG vertical declined by ~200bp qoq to 66% due to lower volumes.

July 18, 2013

(%)

52

Infotech Enterprises | 1QFY2014 Result Update

Exhibit 7: Trend in utilization (Segment wise)

90 85 80 84 85 83 80 83

(%)
75 70 65 1QFY13 2QFY13 3QFY13 UT and D&A
Source: Company, Angel Research

73 71 71 68 4QFY13 ENGG 1QFY14 66

Margins decline
For 1QFY2014, the EBITDA margin of the company declined by 46bp qoq to 16.6%, while EBIT margin was almost flat sequentially at 12.8%. The companys operating margin faced headwinds in the form of a muted volume growth, wage hikes given during the quarter and healthy gross addition of 763 employees into the system. The Management indicated that the company is focused to improve its operating margin going ahead as the major headwind of wage hike is now behind.

Exhibit 8: Trend in margins

20 18.7 18 18.7 18.5 17.0

16.6

(%)

16 15.7 14 15.7 15.1 12.8 12 1QFY13 2QFY13 EBITDA margin 3QFY13 4QFY13 EBIT margin 1QFY14 12.8

Source: Company, Angel Research

Outlook and valuation

The company has been making investments, to strengthen its product portfolio, and taking initiatives to improve its financial metrics. The Management expects FY2014 turning out to be a better year than FY2013 and is trying to move out of client specific issues in aero, hi-tech and rail business areas. The company plans to hire ~2,500 gross employees while it estimates attrition to be at ~15%. For FY2014, in the ENGG vertical, the Management indicated at a good deal pipeline in the aerospace business segment and sees signs of growth in the transportation
July 18, 2013

Infotech Enterprises | 1QFY2014 Result Update

business segment owing to recovery in the logistics and transportation industry. The Management cited that it is seeing initial signs of recovery in the hi-tech business segment with stability coming in the top three customers of this business area but continues to see market volatility impacting client spends. The heavy engineering business area is still looking soft, especially the mining segment. In the UT and D&A business verticals, for FY2014, Infotech is working on new service offerings to capture the opex of client budgets along with the capex portion, that the company is targeting currently. The Management indicated at a strong pipeline for the utilities business segment and expects business to remain stable in the telecom business segment with growth lower than the companys average growth rate. Over FY2013-15, we expect the company to post a USD and INR revenue CAGR of 6.4% and 9.9%, respectively. Infotech has been consistently underperforming on the operating margin front. The company is now focusing on addressing the same by levers such as improving the utilization level and shifting more work offshore. During 1QFY2014, the operating margins of the company faced headwinds of wage hikes, but going ahead it has margin levers of increasing utilization, pyramid rationalization and offshoring more of the work. We expect EBITDA margin of the company to remain in a narrow range and move to 17.2% in FY2014 and 17.6% in FY2015 from 18.2% in FY2013. At the current market price of `184, the stock is trading at 8.9x FY2014E and 8.2x FY2015E EPS. We value the company at 8.5x FY2015E EPS of `22.5, which gives us a target price of `190; we maintain our Neutral view on the stock.

Exhibit 9: Key assumptions

FY2014 Revenue growth (USD) Revenue growth (INR) EBITDA margin (%) EBIT margin (%) Tax rate (%) PAT growth (%)
Source: Company, Angel Research

FY2015 10.2 10.2 17.6 14.1 31.0 8.8

2.7 9.6 17.2 13.7 31.0 (1.5)

July 18, 2013

Infotech Enterprises | 1QFY2014 Result Update

Exhibit 10: One-year forward PE (x) chart

400 350 300 250 200 150 100 50 0

(` )

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12
2x

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Price
Source: Company, Angel Research

18x

14x

10x

6x

Exhibit 11: Recommendation summary

Company HCL Tech Hexaware Infosys Infotech Entp. KPIT Cummins MindTree Mphasis NIIT^ Persistent TCS Tech Mahindra Wipro Reco. Neutral Neutral Neutral Neutral Buy Neutral Neutral Buy Accumulate Accumulate Accumulate Neutral CMP (`) 858 105 2,800 184 125 914 421 19 529 1,660 1,091 385 Tgt. price (`) 144 30 595 1,760 1,250 Upside (%) 15.0 59.6 12.5 6.0 14.5 FY2015E EBITDA (%) 22.0 19.8 26.4 17.6 16.7 20.2 18.2 9.1 26.2 29.1 19.1 21.4 FY2015E P/E (x) 13.5 9.0 14.8 8.2 8.7 9.4 9.7 3.5 8.9 17.5 9.3 12.9 FY2012-15E 20.7 9.6 9.2 15.7 21.6 21.8 4.9 (7.1) 19.0 20.5 11.4 9.7 FY2015E 1.6 1.1 2.4 0.5 0.6 0.9 0.7 (0.0) 0.8 3.4 1.5 1.5 FY2015E RoE (%) 21.7 22.3 19.3 14.0 16.7 19.5 14.2 11.9 16.7 27.8 18.9 19.0 EPS CAGR (%) EV/Sales (%)

Source: Company, Angel Research; Note: ^Valued on SOTP basis

July 18, 2013

Apr-13

Infotech Enterprises | 1QFY2014 Result Update

Company background
Infotech Enterprises, a mid-cap Indian IT company, specializes in geographical spatial solutions and engineering design services with a focus on the aerospace, rail and hi-tech segments. Infotech has entered into long-term strategic relationships with global clients, such as Bombardier, Boeing, Hamilton Sunstrand and Alstom Transport, and has signed multi-million dollar contracts with them. The company's offerings are spread across two verticals - UT and D&A (contributing ~31% to revenue) and ENGG (contributing ~69% to revenue).

July 18, 2013

Infotech Enterprises | 1QFY2014 Result Update

Profit and Loss statement

Y/E March (` cr) Net sales Cost of revenues Gross profit % of net sales Selling and mktg. expense % of net sales General and admin exp. % of net sales EBITDA % of net sales Dep. and amortization % of net sales EBIT % of net sales Other income Interest expenses Profit before tax Exceptional item Provision for tax % of PBT PAT Minority interest Adj. PAT Fully diluted EPS (`) 27 16.9 133 (7) 140 12.6 FY2011 1,188 735 453 38.1 119 10.0 154 12.9 180 15.2 49 4.1 132 11.1 30 2 160 FY2012 1,553 946 607 39.1 136 8.8 200 12.9 270 17.4 49 3.2 221 14.2 17 1 236 2 84 35.3 151 (10) 163 14.5 FY2013 1,873 1,126 747 39.9 172 9.2 233 12.5 342 18.2 64 3.4 278 14.8 40 1 317 2 97 30.5 218 (13) 233 20.7 97 31.0 217 (13) 229 20.7 106 31.0 237 (13) 250 22.5 FY2014E 2,052 1,252 800 39.0 191 9.3 257 12.5 353 17.2 72 3.5 281 13.7 34 1 314 FY2015E 2,263 1,371 891 39.4 210 9.3 283 12.5 398 17.6 79 3.5 319 14.1 25 1 343

July 18, 2013

Infotech Enterprises | 1QFY2014 Result Update

Balance sheet
Y/E March (` cr) Equity capital Share premium account Reserves and surplus Shareholders funds Minority interest Borrowings Total capital employed Gross block Accumulated depreciation Net block CWIP Deferred tax asset Investments Sundry debtors Cash and cash equivalents Loans and advances Prepaid and other current assets Total current assets Sundry creditors and others Other current liabilities Provisions Total current liab. and provisions Net current assets Total capital deployed FY2011 56 334 655 1,046 0.6 1,046 560 288 273 65 1.5 91 268 350 185 34 929 79 25 118 222 707 1,046 FY2012 56 334 805 1,196 0.6 1,196 620 337 283 65 2.0 98 300 426 220 28 1,071 92 77 57 225 846 1,196 FY2013 56 4 1,266 1,326 3.2 1,329 759 401 358 92 3.8 61 401 498 59 100 1,119 121 75 48 245 875 1,329 FY2014E 56 4 1,483 1,542 1,542 819 473 346 92 3.8 91 475 645 94 100 1,405 140 117 48 305 1,100 1,542 FY2015E 56 4 1,719 1,779 1,779 879 552 327 92 3.8 121 543 794 129 100 1,687 155 129 48 332 1,356 1,779

July 18, 2013

10

Infotech Enterprises | 1QFY2014 Result Update

Cash flow statement

Y/E March (` cr) Pre-tax profit from oper. Depreciation Exp. (deferred)/written off Pre tax cash from oper. Other inc./prior period ad Net cash from operations Tax Cash profits (Inc)/dec in Sundry debtors Loans and advances Other current assets Sundry creditors Others Net trade working capital Cash flow from oper. actv. (Inc)/dec in fixed assets (Inc)/dec in investments (Inc)/dec in dfrd. tax asst. Cash flow from invest. actv. Inc/(dec) in debt Inc/(dec) in equity/premium Dividends Cash flow from fin. actv. Cash generated/(utilized) Cash at start of the year Cash at end of the year (61) (51) (2) 13 (8) (109) 79 (71) 111 1 42 (4) 16 (16) (4) 117 234 350 (33) (35) 7 13 (10) (57) 155 (60) (7) (1) (67) 0 (13) (13) 75 350 426 (100) 161 (73) 29 (10) 7 303 (166) 37 (2) (131) 3 (89) (13) (100) 73 426 498 (74) (35) 19 42 (49) 253 (60) (30) (90) (3) 0 (13) (16) 146 498 645 (68) (35) 14 12 (77) 252 (60) (30) (90) 0 (13) (13) 149 645 794 FY2011 130 49 (7) 186 30 215 27 188 FY2012 220 49 (10) 279 17 296 84 212 FY2013 277 64 (13) 353 40 393 97 296 FY2014E 280 72 (13) 365 34 399 97 301 FY2015E 318 79 (13) 410 25 435 106 329

July 18, 2013

11

Infotech Enterprises | 1QFY2014 Result Update

Key ratios
Y/E March Valuation ratio (x) P/E P/CEPS P/BVPS Dividend yield (%) EV/Sales EV/EBITDA EV/Total assets Per share data (`) EPS (Basic) EPS (Fully diluted) Cash EPS Dividend Book value DuPont analysis Tax retention ratio (PAT/PBT) Cost of debt (PBT/EBIT) EBIT margin (EBIT/Sales) Asset turnover ratio (Sales/Assets) Leverage ratio (Assets/Equity) Operating ROE Return ratios (%) RoCE (pre-tax) Angel RoIC RoE Turnover ratios (x) Asset turnover (gross block) Receivables days Payable days 2.1 73 36 2.5 67 33 2.5 68 35 2.5 78 38 2.6 82 39 12.6 24.4 13.4 18.5 36.4 13.6 20.9 41.0 17.6 18.2 39.4 14.9 17.9 41.3 14.0 0.8 1.2 0.1 1.1 1.0 12.7 0.6 1.1 0.1 1.3 1.0 12.7 0.7 1.1 0.1 1.4 1.0 16.4 0.7 1.1 0.1 1.3 1.0 14.0 0.7 1.1 0.1 1.3 1.0 13.3 12.6 12.6 17.0 1.3 94.2 14.5 14.5 19.1 1.0 107.7 20.7 20.7 26.7 1.0 119.5 20.7 20.7 27.1 1.0 139.0 22.5 22.5 29.6 1.0 160.3 14.6 10.9 2.0 0.7 1.3 8.9 1.5 12.7 9.6 1.7 0.5 1.0 5.6 1.3 8.9 6.9 1.5 0.5 0.8 4.4 1.1 8.9 6.8 1.3 0.5 0.6 3.7 0.8 8.2 6.2 1.1 0.5 0.5 2.8 0.6 FY2011 FY2012 FY2013E FY2014E FY2015E

July 18, 2013

12

Infotech Enterprises | 1QFY2014 Result Update

Research Team Tel: 022 - 3935 7800

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 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

Infotech Enterprises 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 18, 2013

13