Quick take

BUY
CMP Target Price
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 Brew/Distilleries 8,327 1.1 1123/450 239,266 10 17,478 5,318 UNSP.BO UNSP@IN

United Spirits
Rising Spirits....
KFAs bankruptcy can lead to better price discovery for USL: United Spirits (USL) is promoted by United Breweries Holding (UBH, 28%), which is also the promoter of Kingfisher Airlines (KFA). According to UBHs FY2011 Annual Report, the company has given guarantees worth `9,135cr on behalf of Kingfisher Airlines (KFA). If KFA goes bankrupt, UBH will have to repay KFAs debt and other liabilities (which are guaranteed by UBH), which can only happen if UBH offloads its stake in United Breweries Ltd. (UBL), USL or sell its other fixed assets or subsidiaries. If UBH plans to offload its stake in USL, we believe it would lead to better price discovery for USL, as it is presently trading at its historically low valuations and the stake sale would be at a premium. In the past also, companies have been known to pay huge premium to buy majority stakes in such companies, thereby leading to a significant increase in stock prices in a short period of time. Problems with KFA not to affect USLs fundamentals: Although USL and KFA have the same promoter, they are involved in different businesses that are not interconnected in any way. We believe USLs stocks have overreacted to all the negative news of KFA, although its business has continued to show strong growth overall. USL achieved the tag of the worlds largest spirit company in volumes at the end of FY2011, and it is expected to maintain this position in FY2012 also. However, the company has recently been facing concerns regarding its mounting debt and is trying to raise US$225 through FCCB issue, which will help it to reduce its interest cost over the coming quarters. The money raised will be partially utilized to repay debts, which will bring down USLs interest cost and lead to lower cash outflow. Valuations too attractive to be ignored: The negative news of KFA led to a significant decline in USLs stock price. However, we believe the impact of KFAs performance has already been reflected in USLs stock price, and USL is now expected to get re-rated going ahead, based solely on its fundamental performance. We estimate USLs revenue to witness a 11.5% CAGR and net profit to post a 22.1% CAGR over FY2012-14E. At the CMP, the stock is trading at only 15.0x FY2013E and 12.3x FY2014E earnings. We believe the valuations are quite attractive and, thus, recommend a Buy rating on the stock with a target price of `884, valuing the stock at 17x FY14 EPS of `52. Key financials
Y/E Dec. (` cr) Net Sales % chg Adj.Net Profit % chg Adj. EPS (`) EBITDA Margin (%) P/E (x) RoE (%) RoCE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

`637 `884
12 Months

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 28.0 2.5 54.7 14.8

Abs.(%) Sensex United Spirits

3m 13.1 29.6

1yr

3yr

(10.0) 68.9 (39.3) (8.2)

FY2011
7,376 15.9 431 94.4 34.3 15.6 14.1 10.8 10.2 1.9 1.9 11.9

FY2012E
8,483 15.0 438 1.7 34.8 15.5 16.4 11.1 10.2 1.7 1.7 11.2

FY2013E
9,501 12.0 536 22.2 42.5 15.7 15.0 11.0 10.5 1.6 1.6 9.9

FY2014E
10,546 11.0 653 22.0 51.9 16.0 12.3 12.0 11.4 1.4 1.4 8.8

Sharan Lillaney
022-39357800 Ext: 6811 sharanb.lillaney@angelbroking.com

Please refer to important disclosures at the end of this report

United Spirits

Quick take

Investment arguments
KFAs bankruptcy can lead to better price discovery for USL
United Spirits (USL) is promoted by United Breweries Holding (UBH, 28%), which is also the promoter of Kingfisher Airlines (KFA). According to UBHs FY2011 Annual Report, the company has given guarantees worth `9,135cr on behalf of Kingfisher Airlines (KFA). If KFA goes bankrupt, UBH will have to repay KFAs debt and other liabilities (which are guaranteed by UBH), which can only happen if UBH offloads its stake in United Breweries Ltd. (UBL), USL or sell its other fixed assets or subsidiaries. If UBH plans to offload its stake in USL, we believe it would lead to better price discovery for USL, as we believe USL is presently trading at its historically low valuations and the stake sale would be at a premium. In the past also, companies have been known to pay huge premium to buy majority stakes in such companies, thereby leading to a significant increase in stock prices in a short period of time. Problems with KFA not to affect USLs fundamentals: Although USL and KFA have the same promoter, they are involved in different businesses that are not interconnected in any way. We believe USLs stocks have overreacted to all the negative news of KFA, although its business has continued to show strong growth overall. USL achieved the tag of the worlds largest spirit company in volumes at the end of FY2011, and it is expected to maintain this position in FY2012 also.

Exhibit 1: USL does not hold any stake in KFA directly or indirectly U B Holding Ltd.
100% 18.3% 11.5% 40.1% 32.8% 24.5%

Kingfisher Finvest Ltd.

United Spirits Ltd.

United Breweries

Kingfisher Airlines Ltd.

McDowell Holding Ltd.

Mangalore Chemicals

9.7%

12.8%

9.3%

3.2%

0.4%

0.01%

4.1%
Source: Company, Angel Research

7.9%

5.9%

April 2, 2012

United Spirits

Quick take

USL holds stake in UBL, McDowell Holding and Mangalore Chemicals which are all promoted by UBH. None of these companies hold any stake in KFA. Thus, any problems relating to KFA should not affect USLs balance sheet or fundamentals directly or indirectly.

USL to raise US$225mn through FCCBs

USL is facing concerns regarding its growing debt and high interest cost. The companys interest cost accounted for 43.3% of its EBITDA and 47.5% of its EBIT in FY2011. To address these concerns, USL is planning to raise around US$225mn through FCCBs. If the company manages to raise US$225mn, US$150mn will be utilized to bring down its debt and lower its interest cost and cash outflow. Assuming an annual 10% interest cost, the company could easily save around US$15mn or `75cr annually in interest cost. Interest cost at the end of FY2011 stood at `498cr, which we believe will increase to `650cr by the end of FY2012E. If the company reduces its debt by US$150mn, it could annually reduce its interest cost by 11-12%. Dominant player with strong brands under its kitty: The Indian branded spirit industry sold nearly 270mn cases in FY2011, of which USL sold around 112mn cases. The company enjoys an overall market share of around 42% in India. For its first-line brands in India, the company has a market share of around 59%. This makes USL, by far, the leading player in the industry. Further, USL is the largest spirit company in the world by volumes and is present across all segments, including scotch, whiskey, brandy, rum, vodka, gin and wine. The company has strong brands under its kitty, such as McDowells, Bagpiper, Royal Challenge, Antiquity, Signature, Black Dog, White Mischief, Vladivar and Whyte & Mackay. All brands of the company have high recall value. Four of the companys brands are in the top 25 worldwide spirits brands. McDowells No. 1 is the largest spirits brand in the world, with annual sales of 40mn cases. Bagpiper Whiskey continues to remain the worlds largest selling whiskey, with 16mn cases sold in FY2011; while McDowells No. 1 was the worlds third largest selling whiskey in FY2011. McDowells No.1 brandy is also the worlds largest selling brandy.

April 2, 2012

United Spirits

Quick take

Exhibit 2: Diversified portfolio with leading brands

Scotch

Whiskey

Brandy

Vodka & Gin

Wine

Whyte & Mackay

McDowell's No 1 McDowell's No 1 Platinum Bagpiper

Mcdowell's VSOP

White Mischief

Bouvet Ladubay Four Seasons

Black Dog

Vladivar

Dalmore

Romanov

Jura

Antiquity

Pinky

Royal Challenge

Signature
Source: Company, Angel Research

Despite its leading position in most categories and high brand recall, USL continued to spend 9-12% of its net sales on an average on advertisements over FY2006-11. Going ahead as well, we expect USL to continue to spend around 9-10% of its net sales on advertisements, which will aid the company in maintaining high brand recall.

Exhibit 3: Strong focus on advertising

(` cr) 1000 900 800 700 600 500 400 300 200 100 0 11.8 (%) 12

10.5 9.9

10.7 10.3 9.8

11

10

9 226 FY06 294 FY07 478 FY08 Advertisment (LHS) 538 FY09 680 FY10 870 FY11

% of Net Sales

Source: Company, Angel Research

April 2, 2012

United Spirits

Quick take

Strong demographics and change in preference to drive growth:

India is particularly a young country with 50% of its population below the age of 25 years. We believe India consumption story has a long way to go and USL is expected to benefit greatly from the growing middle-class population in the country, especially in small towns, and the shift in preference and change in lifestyle. Apart from its dominant position in existing brands, USL is expanding its presence in the wine segment. Today wines are accepted as health drinks and are considered good if taken in measured quantities. Further, wines are associated with affluence and better lifestyle, resulting in higher growth in their offtake. Wines and low-alcohol content drinks such as Breezer and mock drinks are gaining popularity among youngsters and women alike. All this presents, a high-growth opportunity to USL.

Backward integration to bear fruit

The primary raw material required to manufacture USLs products is Extra Neutral Alcohol (ENA), which has recently witnessed a significant increase in its price, thus denting the companys margins. USL procures ENA from external sources and, thus, has no control over its prices and supply. In order to reduce its dependence on such suppliers, USL acquired two entities in FY2011, namely Pioneer Distilleries Ltd. and Sovereign Distilleries Ltd., having primary distillation units with plants in Maharashtra and Karnataka, respectively. These two units together have a distillation capacity of 340 kilo liters per day (klpd), representing 25% of the companys requirement. Getting in-house raw materials will help USL to capture its distillation margin, which was not possible earlier. Going ahead, these efforts can help the company improve its margins and, at the same time, assure timely supply of raw materials.

April 2, 2012

United Spirits

Quick take

Outlook and valuation

The negative news of KFA led to a significant decline in USLs stock price. However, we believe the impact of KFAs performance has already been reflected in USLs stock price, and USL is now expected to get re-rated going ahead, based solely on its fundamental performance. We estimate USLs revenue to witness an 11.5% CAGR and net profit to post a 22.1% CAGR over FY2012-14E. At the CMP, the stock is trading at only 15.0x FY2013E and 12.3x FY2014E earnings. We believe the valuations are quite attractive and, thus, recommend a Buy rating on the stock with a target price of `884, valuing the stock at 17x FY14 EPS of `52.

Exhibit 4: One-year forward P/E band

2,500 2,000 1,500 1,000 500 0

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

(500)

Price (`)

10x

16x

22x

28x

34x

Source: Company, Angel Research

April 2, 2012

Mar-12

Sep-07

Sep-08

Sep-09

Sep-10

Sep-11

United Spirits

Quick take

Concerns
USL lending money to KFA
Although the scenario of USL lending to KFA is highly unlikely and will face significant opposition from other shareholders, but if it finds a way to lend money to KFA, it will be a major risk as it could lead to significant erosion in USLs net worth if it fails to recover the loans given to KFA.

State pricing and regulatory risk

USL is exposed to changes in pricing by state governments. Nearly 70% of its sales volumes are generated from regions where state governments control prices. Increased taxes, changes in distribution structure or prohibition of liquor in any state could hit USLs performance.

Entry of foreign liquor majors could lead to higher competition

Baring Seagram, there has not been any significant presence of global liquor majors due to the existing regulatory environment. However, this could change with many global liquor makers evincing interest in the high-growth Indian liquor market, leading to higher competition for incumbents.

Sharp increase in raw-material prices can dent margins

Prices of molasses and ENA have spiraled. Glass prices have also increased. Any further increase in prices of molasses, ENA and further increase in glass prices could negatively affect USLs profit margin. To keep its costs under control, the company has plans to set up a glass manufacturing facility and has recently acquired companies that manufacture ENA.

April 2, 2012

United Spirits

Quick take

Profit & loss statement (Consolidated)

Y/E Dec. (` cr) Total operating income % chg Total Expenditure Materials Manufacturing and Other Exp. Other EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Adj.Other Income (% of PBT) Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of asso. Less: Minority interest (MI) % chg PAT after MI (reported) Extraordinary Income/Exp. ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Adjusted EPS (`) % chg FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E 5,468 18.2 4,698 2,691 2,007 770 (28.0) 14.1 93 678 (31.9) 12.4 718 104 162.1 64 (88.5) (381) (317) 92 (28.9) (408) (0) (0) (235.6) (408) (381) (27) (110.5) (0.5) 6,362 16.4 5,331 3,178 2,153 1,032 33.9 16.2 95 937 38.2 14.7 607 85 20.5 414 547.2 (245) 170 193 113.6 (23) (0) (1) (23) (245) 222 907.2 3.5 7,376 15.9 6,224 3,853 2,371 1,152 11.7 15.6 102 1,050 12.1 14.2 498 144 20.7 695 67.7 138 834 265 31.8 568 (1) (3) 570 138 431 94.4 5.8 8,483 15.0 7,169 4,442 2,727 1,314 14.0 15.5 131 1,183 12.6 13.9 650 146 21.6 679 (2.3) 51 730 241 33.0 489 (13.9) 489 51 438 1.7 5.2 9,501 12.0 8,007 4,953 3,054 1,494 13.7 15.7 164 1,330 12.4 14.0 680 149 18.7 799 17.7 799 264 33.0 536 9.5 536 536 22.2 5.6 10,546 11.0 8,863 5,473 3,390 1,683 12.7 16.0 180 1,503 13.0 14.2 680 152 15.6 975 22.0 975 322 33.0 653 22.0 653 653 22.0 6.2

94.3 2,550.4

(40.8) (2.7)
(109.3)

(1.9) 18.4
770.0

45.2 34.3
86.4

38.9 34.8
1.7

42.5 42.5
22.2

51.9 51.9
22.0

April 2, 2012

United Spirits

Quick take

Balance sheet (Consolidated)

Y/E Dec. (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Term Liab. towards Franchisee rights Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current Assets Debtors Inventory Current liabilities Net Current Assets Deferred Tax Assets (Net) Foreign Currency Monetory Item Translation Difference Miscellaneous Expenditure Total Assets 2,292 665 1,627 29 4,474 950 4,037 449 740 215 888 1,746 1,646 2,391 92 560 73 10,196 2,374 649 1,725 94 4,244 127 4,949 769 772 322 1,340 1,746 1,764 3,185 71 141 45 2,697 757 1,940 129 4,432 154 6,184 637 1,627 321 1,483 2,117 2,010 4,174 33 45 3,843 888 2,955 50 4,432 154 6,927 693 1,627 369 1,705 2,533 2,285 4,642 33 45 12,311 4,324 1,052 3,272 30 4,432 154 7,484 697 1,627 413 1,909 2,837 2,538 4,946 33 45 12,912 4,756 1,232 3,524 20 4,432 154 8,070 715 1,627 459 2,120 3,149 2,798 5,272 33 45 13,480 100 3 2,283 2,386 6 7,360 443 10,196 121 3,653 3,774 8 5,506 344 126 4,053 4,179 18 6,381 330 126 4,504 4,630 18 7,381 283 12,311 126 5,002 5,127 18 7,531 236 12,912 126 5,617 5,743 18 7,531 189 13,480 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

9,632 10,907

9,632 10,907

April 2, 2012

United Spirits

Quick take

Cash flow statement (Consolidated)

Y/E Dec. (` cr) Profit before tax Depreciation Change in Working Capital Direct taxes paid Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Cash Flow from Investing Issue/(Buy Back) 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 FY2009 (317) 93 (354) 92 (670) (569) (738) (1,307) 756 25 1,882 (95) 544 449 FY2010 FY2011 FY2012E FY2013E FY2014E 170 95 193 (402) (148) 824 676 14,487 (1,854) 37 46 320 449 769 834 102 265 (450) (358) (28) (385) (794) 875 38 585 704 (132) 769 637 730 131 (412) 241 208 (1,067) (1,067) 1,000 38 (123) 915 56 637 693 799 164 (300) 264 399 (460) (460) 150 38 (123) 65 4 693 697 975 180 (308) 322 525 (422) (422) 38 (123) (85) 18 697 715

(474) (1,121)

1,101 (12,623)

April 2, 2012

10

United Spirits

Quick take

Key ratios (Consolidated)

Y/E Dec. Valuation Ratio (x) P/E (on FDEPS) P/E (on basic, reported EPS) P/CEPS P/BV Dividend yield (%) Market cap. / Sales 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) Asset Turnover (Net Block) Asset Turnover (Total Assets) Opt. Inc. / Invested Capital Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Gross debt to equity Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Int.) 3.1 2.5 7.7 0.9 1.5 1.2 4.5 1.5 1.5 1.3 4.9 2.1 1.6 1.4 5.0 1.8 1.5 1.3 4.5 2.0 1.3 1.2 4.0 2.2 2.7 4.1 0.6 0.6 108 58 99 118 2.7 3.8 0.6 0.7 100 64 98 125 2.9 4.0 0.7 0.8 96 70 93 147 2.6 3.5 0.7 0.8 100 69 92 161 2.3 3.1 0.8 0.8 103 69 93 157 2.3 3.1 0.8 0.9 104 70 92 152 7.1 19.3 (1.2) 9.4 21.5 7.2 10.2 21.1 10.8 10.2 18.9 11.1 10.5 18.2 11.0 11.4 19.1 12.0 12.4 128.9 0.6 10.3 13.2 2.5 3.1 14.7 (13.6) 0.7 (1.5) (1.3) 1.4 (1.7) 14.2 68.2 0.8 7.6 5.7 1.2 9.9 13.9 67.0 0.8 7.3 6.3 1.3 8.7 14.0 67.0 0.8 7.6 6.1 1.3 9.5 14.2 67.0 0.9 8.2 6.0 1.2 10.6 (40.8) (40.8) 6.5 2.1 238 (1.9) (1.9) 26.3 2.6 313 45.2 45.2 42.4 2.6 332 38.9 38.9 45.2 2.6 368 42.5 42.5 55.6 2.6 407 51.9 51.9 66.2 2.6 456 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

(15.6) (338.3) (15.6) (338.3) 98.0 2.7 0.3 1.2 2.4 17.2 1.3 24.2 2.0 0.4 1.2 2.0 12.0 1.3

14.1 14.1 15.0 1.9 0.4 1.1 1.9 11.9 1.3

16.4 16.4 14.1 1.7 0.4 0.9 1.7 11.2 1.2

15.0 15.0 11.5 1.6 0.4 0.8 1.6 9.9 1.1

12.3 12.3 9.6 1.4 0.4 0.8 1.4 8.8 1.1

April 2, 2012

11

United Spirits

Quick take

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

United Spirits No Yes Yes 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%)

April 2, 2012

12

United Spirits
6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093. Tel: (022) 39357800
Research Team Fundamental: Sarabjit Kour Nangra Vaibhav Agrawal Bhavesh Chauhan Sharan Lillaney V Srinivasan Yaresh Kothari Nitin Arora Ankita Somani Varun Varma Saurabh Taparia Shareen Batatawala Twinkle Gosar Tejashwini Kumari Technicals: Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Derivatives: Siddarth Bhamre Institutional Sales Team: Mayuresh Joshi Hiten Sampat Meenakshi Chavan Gaurang Tisani Akshay Shah VP - Institutional Sales Sr. A.V.P- Institution sales Dealer Dealer Sr. Executive mayuresh.joshi@angelbroking.com hiten.sampat@angelbroking.com meenakshis.chavan@angelbroking.com gaurangp.tisani@angelbroking.com akshayr.shah@angelbroking.com Head - Derivatives siddarth.bhamre@angelbroking.com Sr. Technical Analyst Technical Analyst Technical Analyst shardul.kulkarni@angelbroking.com sameet.chavan@angelbroking.com sacchitanand.uttekar@angelbroking.com VP-Research, Pharmaceutical VP-Research, Banking Sr. Analyst (Metals & Mining) Analyst (Mid-cap) Analyst (Cement, Power, FMCG) Analyst (Automobile) Analyst (Infra, Cap Goods) Analyst (IT, Telecom) Analyst (Banking) Analyst (Cement, Power, Media) Research Associate Research Associate Research Associate sarabjit@angelbroking.com vaibhav.agrawal@angelbroking.com bhaveshu.chauhan@angelbroking.com sharanb.lillaney@angelbroking.com v.srinivasan@angelbroking.com yareshb.kothari@angelbroking.com nitin.arora@angelbroking.com ankita.somani@angelbroking.com varun.varma@angelbroking.com Sourabh.taparia@angelbroking.com shareen.batatawala@angelbroking.com gosar.twinkle@angelbroking.com tejashwini.kumari@angelbroking.com

Quick take

Production Team: Simran Kaur Bharat Patil Research Editor Production simran.kaur@angelbroking.com bharat.patil@angelbroking.com

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
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April 2, 2012

13