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Please refer to important disclosures at the end of this report 1

Y/E March (` cr) 3QFY13 4QFY12 % chg (yoy) 2QFY13 % chg (qoq)Revenue 1,494 1,598 (6.5) 1,270 17.6EBITDA 134 103 30.0 68 96.8

PAT 6 5 22.6 (68) -Source: Company, Angel Research

For 3QFY2013, IVRCL ltd (IVRCL) reported a good set of numbers on the

profitability front, which were significantly above our and consensus

estimates. The companys order book stands at ~`27,444cr (including L1 ordes).

During the quarter, the company has entered into a definitive sale agreement with

TRIL Roads Pvt Ltd to divest stake (74%) in its three road BOT projects. As per the

Management, these asset sales are intended towards meeting the equity

requirement for the road BOT projects and reducing debt levels.

High other income boots bottom-line: The company reported revenues of`1,494cr in 4QFY2013, a decline of 6.5% yoy (slightly below our estimate of

`1,520cr). The EBITDAM grew by 252bp/360bp on a yoy/qoq basis to 9.0% for

the quarter, and was above our estimate of 8.7%. This was mainly on account of

pick up in execution and lower base of last year. The interest cost grew by

100.7%/16.9 on a yoy/qoq basis to `133cr for the quarter. On the earnings

front, IVRCLs PAT grew by 22.6% yoy to`6cr (our estimate was of a loss of`22cr)

in 3QFY2013. This was mainly on back of higher-than-expected other income of`44cr (a jump of 698% yoy). The other income includes a gain of `35cr on

account of monetization of a land parcel in Noida.

Outlook and valuation: IVRCL has a strong order book of ~`27,444cr (4.8xtrailing revenue), which provides comfortable revenue visibility. However the

proportion of slow moving orders remains high in the current order book. Given

the slower-than-expected execution and weak performance in FY2013, we lower

the EPS estimates for FY2014 to `1.4 and introduce FY2015E EPS to `1.8. Thestock is trading at FY2015E P/E (including subsidiaries) and P/BV of 10.3x and 0.3xrespectively. We recommend Buy rating on the stock with a target price of `29.Key financials (Standalone)Y/E March (` cr) FY2012(15M) FY2013E(9M) FY2014E FY2015ENet Sales 6,178 3,759 5,673 5,892% chg (12.5) 1.4 13.2 3.8

Adj.Net Profit 18 (102) 44 56% chg (90.8) - - 27.2

EBITDA (%) 8.1 7.2 8.1 8.4

FDEPS (`) 0.6 (3.3) 1.4 1.8P/E (x) 32.0 - 13.1 10.3

P/BV (x) 0.3 0.3 0.3 0.3

RoE (%) 0.8 (4.6) 2.0 2.6

RoCE (%) 8.5 4.4 7.8 8.2

EV/Sales (x) 0.5 0.8 0.5 0.5

EV/EBITDA (x) 6.1 10.7 6.5 6.3

Order/Sales (x) 5.6 5.8 4.9 4.9

Order inflows 11,112 4,441 5,976 6,975

% chg (14.3) (33.4) 0.9 16.7

Source: Company, Angel Research

BUYCMP `19

Target Price `29

Investment Period 12 months

Stock Info

Sector

Net debt 2,748

Bloomberg Code

Shareholding Pattern (%)

Promoters 13.7

MF / Banks / Indian Fls 2.9

FII / NRIs / OCBs 24.7Indian Public / Others 58.7

Abs. (%) 3m 1yr 3yr

Sensex 2.2 22.1 14.3

IVRCL (24.1) (51.7) (89.4)

2

19,568

5,924

IVRC.BO

IVRC@IN

578

55/17

1,523,135

Infrastructure

Avg. Daily Volume

Market Cap (` cr)

52 Week High / Low

2.0Beta

Face Value (`)

BSE Sensex

Nifty

Reuters Code

Viral Shah022-39357800 Ext: 6842

[email protected]

IVRCL InfrastructurePerformance Highlights

3QFY2013 Result Update | Infrastructure

June 5, 2013

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IVRCL Infrastructure | 3QFY2013 Result Update

June 5, 2013 2

Exhibit 1:4QFY2013 performance (Standalone)

Y/E March (` cr) 3QFY13 4QFY12 % chg (yoy) 2QFY13 % chg (qoq) 9MFY2013 9MFY2012 % chg (yoy)Net sales 1,494 1,598 (6.5) 1,270 17.6 37,591 38,466 (2.3)Total expenditure 1,360 1,495 (9.0) 1,202 13.2 34,868 35,552 (1.9)Operating profit 134 103 30.0 68 96.8 2723 2915 (6.6)OPM (%) 9.0 6.4 252bp 5.4 360bp 7.2 7.6 (33)bp

Interest 133 66 100.7 114 16.9 3479 2854 21.9

Depreciation 22 27 (19.2) 22 (0.2) 640 747 (14.4)

Non operating income 44 5 698.4 17 149.3 704 998 (29.5)

Non recurring items - - - - -

Profit before tax 23 15 49.6 (50) (146.3) (691) 311 (321.9)

Tax 17 10 62.3 18 (7.3) 325 113 188.5

Reported PAT 6 5 22.6 (68) (108.9) (1017) 199 (611.7)

PAT (%) 0.4 0.3 10bp (5.4) (107.6) 0.3 2.8 -

Adjusted PAT 6 5 22.6 (68) (108.9) (1017) 199 (611.7)

Adj. PAT (%) 0.4 0.3 10bp (5.4) 577bp 0.3 2.8 (250)bp

Adj. FDEPS 0.2 0.16 (2.22) (110.2) (33.13) 6.47 (611.7)Source: Company, Angel Research,

Exhibit 2:3QFY2013 Actual vs Angel estimates

(` cr) Actual Estimates Variation (%)Net Sales 1,494 1,520 (1.7)

EBITDA 134 132 1.3

Interest 133 118 12.9

Tax 17 21 (19.7)

PAT 6 (22) (127.3)


Revenue execution improves

The company reported revenues of`1,494cr in 3QFY2013, a decline of 6.5% yoy

(slightly below our estimate of `1,520cr). This was mainly due to pick up in

execution activity, particularly in the EPC segment, during the quarter. Going

forward, given the strong order book position, we expect execution to improve in

FY2014.

During the quarter, the company has entered into a definitive sale agreement with

TRIL Roads Pvt Ltd to divest stake (74%) in its three road BOT projects-(a) Salem

Tollways, (b) Kumarapalayam Tollways and (c) IVRCL Chengapally Tollways.

However IVRCL will be able to sell only 49% stake in Chengapally Tollways since

the project is under construction as per NHAI. Once the project is completed, the

company can sell its remaining stake. The Management expects to complete the

sale transaction within the next two-three months.

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June 5, 2013 3

Exhibit 3:Execution improves


Asset sale leads to profitability

The EBITDAM grew by 252bp/360bp on a yoy/qoq basis to 9.0% in 3QFY2013

and was above our estimate of 8.7%. This was mainly on account of pick up in

execution and lower base of last year. The interest cost grew by 100.7%/16.9% on

a yoy/qoq basis to `133cr for the quarter. On the earnings front, IVRCLs PAT

grew by 22.6% yoy to`6cr (our estimate was a loss of `22cr) in 3QFY2013. This

was mainly on back of higher-than-expected other income of `44cr (a jump of

694.4% yoy). The other income includes a gain of`35cr towards monetization of a

land parcel in Noida.

Exhibit 4:EBITDAM back on track


Exhibit 5:Higher other income boosts bottom-line


1,

046

1,

203

1,

598

1,

207

995

1,

270

1,

494

(2.7)

(15.2)

(22.1)

7.4

(4.9)

5.6

(6.5)

(29.0)

(24.0)

(19.0)

(14.0)

(9.0)

(4.0)

1.0

6.0

11.0

16.0

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13 3QFY13

Sales (` cr, LHS) Growth (yoy %, RHS)

9

4

9

4

1

03

1

24

7

0

6

8

1

34

9.0

7.9

6.4

10.3

7.1

5.4

9.0

-

2.0

4.0

6.0

8.0

10.0

12.0

-

20

40

60

80

100

120

140

160


EBITDA (`cr, LHS) EBITDAM (%, RHS)

0.80.6

0.3

(0.5)

(4.0)

(5.4)

0.4

(6.0)

(5.0)

(4.0)

(3.0)

(2.0)

(1.0)

-

1.0

2.0

(90)

(70)

(50)

(30)

(10)

10

30

50

70


PAT (` cr, LHS) PATM (%, RHS)

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June 5, 2013 4

Order book analysis

The company secured orders worth `6,375cr during the last three quarters,

thereby taking the order book to `27,444cr (including L1 of `3,494cr) at end-

3QFY2013. Adjusting for L1 orders, it has an order book to sales ratio of ~4.8x

trailing revenues. Of the total order book, the proportion of slow moving orders,

(which particularly comprise of BOT transportation and irrigation segment orders)

remains high.

Exhibit 6:3QFY2013 revenue break-up (`cr)


Exhibit 7:Order book break-up (` cr)


Change in estimates

Considering the poor performance in FY2013, we are revising our revenue

estimates for FY2014 to`5,673cr and introduce our FY2015 revenue estimate at`5,892cr. The EBITDAM has been revised to 8.1% for FY2014. Due to lower-than-

expected revenue performance and higher interest cost, we are now estimating a

PAT of`44cr (our earlier estimate was of a profit of`72cr) and`56cr for FY2014

and FY2015, respectively.

Exhibit 8:Change in estimates

FY2014E FY2015EEarlier Estimates Revised Estimates Variation (%) Earlier Estimates Revised Estimates Variation (%)

Revenues (`cr) 6,287 5,673 (9.8) 5,892 5,892 0.0

EBITDA Margin (%) 8.5 8.1 (78)bp 8.4 8.4 0.0

PAT (`cr) 72 44 (38.5) 56 56 0.0


699

184

369

82

0

Water Transport Building Power Oil & Gas

9,898

9,071

4,623

1,672

1,253 927

Water Transport Building Power Mining International

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June 5, 2013 5

Outlook and valuation

The company needs to invest ~`769cr in its BOT assets over the next three years.

Out of this, the company would need to invest `553cr in FY2014 and `139cr in

FY2015. During the quarter, the company has entered into a definitive sale

agreement with TRIL Roads Pvt Ltd to divest stake (74%) in its three road BOT

projects. We believe that monetisation of existing assets along with sale of land

parcels would help the company to fund its equity requirement. IVRCL has a strong

order book of ~`27,444cr (4.8x trailing revenues), which provides revenue

visibility; however, the company would need to focus on its execution going ahead,

which has not kept pace with order book growth.

Given the slower-than-expected execution and weak performance in FY2013, we

lower the EPS estimate for FY2014 to`1.4 and introduce FY2015 EPS to`1.8. The

stock is trading at a P/E (including subsidiaries) and P/BV of 10.3x and 0.3x

FY2015E earnings respectively. We recommend a Buy rating on the stock with a

target price of`29.

Exhibit 9:SOTP valuation

Particulars Segment Value(` cr) Value pershare (`) BasisIVRCL Standalone Construction 282 9 P/E of 5x FY15earnings

BOT projects BOT projects 560 18 Discount of 20% to book value

Hindustan Dorr Oliver Engineering 35 1Holding company discount of20%

Grand Total 877 29Source: Company, Angel Research

Exhibit 10:Angel EPS forecast vs consensus

Angel forecast Bloomberg consensus Variation (%)FY2014E 1.4 1.5 (4)

FY2015E 1.8 1.9 (3)


Company background

IVRCL is one of the leading construction companies in India. Set up in 1987, the

company is based in Hyderabad and is promoted by E Sudhir Reddy. IVRCL has a

track record of executing infrastructure projects over the last two decades. The

company is the leader in water management and irrigation systems in India. It also

operates in the construction of road, buildings, industrial structures and power

transmission towers.

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June 5, 2013 6

Exhibit 11:Recommendation summary

Company CMP (`) TP (`) Rating Top-line (`cr) EPS (`) P/E OB/FY13 FY14E FY15E CAGR (%) FY13 FY14E FY15E CAGR (%) FY13 FY14E FY15E Sales(x)

ABL 200 255 Buy 1,853 1,928 2,234 9.8 16.0 18.0 22.2 17.7 12.5 11.1 9.0 2.3CCCL 11 - Neutral 1,931 2,281 2,492 13.6 (3.3) 0.7 2.0 - (3.4) 16.5 5.6 2.2

IRB Infra 116 157 Buy 3,687 3,997 4,312 8.1 16.7 15.7 16.6 (0.3) 6.9 7.4 7.0 2.4

ITNL 175 230 Buy 6,645 7,444 8,041 10.0 26.8 29.8 32.1 9.4 6.5 5.9 5.4 2.2

IVRCL 19 29 Buy 3,759 5,673 5,892 8.4 (3.3) 1.4 1.8 - - 13.1 10.3 4.8JP Assoc. 67 90 Buy 13,358 14,850 15,631 8.2 2.2 2.5 2.9 13.8 30.4 26.5 23.5 -

L&T 1,420 1,761 Buy 60,873 68,946 78,040 13.2 67.5 77.9 88.3 14.4 21.0 18.2 16.1 2.5

NCC 30 42 Buy 5,725 6,167 6,945 10.1 2.4 2.7 3.6 22.0 12.5 11.4 8.4 3.2

Punj Lloyd 45 - Neutral 11,717 12,954 14,740 12.2 (0.2) 0.5 0.9 - - 88.6 48.2 1.9

Sadbhav 107 139 Buy 1,811 2,462 2,731 22.8 0.9 5.9 6.7 177.2 123.2 18.1 16.0 5.6

Simplex In. 99 131 Buy 5,897 6,308 7,033 9.2 10.8 11.9 18.7 31.9 9.2 8.4 5.3 2.7

Unity Infra 29 41 Buy 2,040 2,146 2,339 7.1 12.5 11.0 11.5 (4.0) 2.3 2.7 2.5 1.6


Exhibit 12:SOTP break-up

Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total` % to TP ` % to TP ` % to TP ` % to TP ` % to TP `

ABL 87 34 - - 168 66 - - - - 255

CCCL 16 100 - - - - - - - - 16

IRB Infra 45 29 - - 112 71 - - - - 157

ITNL 80 35 - - 120 52 - - 30 13 230IVRCL 9 31 - - - - 20 69 - - 29JP Assoc. 24 27 23 25 - - - - 43 48 90

L&T 1,318 75 - - - - 443 25 - - 1,761

NCC 23 55 - - 7 17 - - 12 29 42

Punj Lloyd 64 100 - - - - - - - - 64

Sadbhav 47 33 - - 93 67 - - - - 139

Simplex In. 131 100 - - - - - - - - 131

Unity Infra 35 85 - - 6 15 - - - - 41


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June 5, 2013 7

Profit and loss (Standalone)Y/E March (` cr) FY10 FY11 FY12(15M) FY13E(9M) FY14E FY15ENet Sales 5,492 5,651 6,178 3,734 5,656 5,874Other operating income - - - 25.1 17.0 17.6Total operating income 5,492 5,651 6,178 3,759 5,673 5,892% chg 12.2 2.9 (12.5) 1.4 13.2 3.8

Total Expenditure 4,961 5,137 5,677 3,487 5,212 5,396R.M. consumed 2,388 2,406 2,591 1,053 1,573 1,598

Construction expenses 2,240 2,322 2,554 2,153 3,275 3,401

Employee expenses 203 262 323 177 195 215

SG&A 130 147 208 103 170 182

EBITDA 531 515 501 272 461 496% chg 21.9 (3.1) (22.1) (9.4) 27.0 7.6

(% of Net Sales) 9.7 9.1 8.1 7.2 8.1 8.4

Depreciation & Amort. 54 76 119 64 97 102

EBIT 477 439 382 208 364 394% chg 22.8 (8.0) (30.3) (9.1) 31.2 8.2

(% of Net Sales) 8.7 7.8 6.2 5.6 6.4 6.7

Interest & other Charges 212 263 506 348 383 398

Other Income 64 57 170 70 85 88

(% of PBT) 19.4 24.3 366.7 (101.9) 128.4 104.8

Share in profit of Associates - - - - - -

Recurring PBT 329 233 46 (69) 66 84% chg 20.1 (29.3) (84.1) (349.1) (171.7) 27.2

Extraordinary Expense/(Inc.) - - - - - -

PBT (reported) 329 233 46 (69) 66 84Tax 117.7 74.7 28.2 32.5 21.8 27.7

(% of PBT) 35.8 32.1 60.9 (47.1) 33.0 33.0

PAT (reported) 211 158 18 (102) 44 56Add: Share of earnings of asso. - - - - - -

Less: Minority interest (MI) - - - - - -

Prior period items - - - - - -

PAT after MI (reported) 211 158 18 (102) 44 56ADJ. PAT 211 158 18 (102) 44 56% chg (6.6) (25.2) (90.8) - - 27.2(% of Net Sales) 3.8 2.8 0.3 (2.7) 0.8 1.0

Basic EPS (`) 7.9 5.9 0.6 (3.3) 1.4 1.8Fully Diluted EPS (`) 7.9 5.9 0.6 (3.3) 1.4 1.8% chg (53.3) (25.2) (92.0) - - 27.2

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June 5, 2013 8

Balance sheet (Standalone)

Y/E March (` cr) FY10 FY11 FY12(15M) FY13E(9M) FY14E FY15ESOURCES OF FUNDSEquity Share Capital 53 53 53 61 61 61Share App Money - - 8 - - -

Reserves & Surplus 1,800 1,934 2,209 2,108 2,124 2,151

Shareholders Funds 1,853 1,987 2,270 2,169 2,185 2,213Minority Interest - - - - - -Total Loans 1,613 2,096 2,638 2,505 2,605 2,705

Deferred Tax Liability 12 9 (39) (31) (31) (31)

Total Liabilities 3,479 4,092 4,870 4,643 4,759 4,887APPLICATION OF FUNDSGross Block 750 924 1,011 1,043 1,103 1,163

Less: Acc. Depreciation 184 232 321 385 482 584

Net Block 566 692 690 657 621 579Capital Work-in-Progress 35 26 2 2 2 2

Goodwill - - - - - -

Investments 614 635 1,584 1,654 1,654 1,654Current Assets 4,700 5,452 5,569 6,126 6,055 6,344Inventories 245 273 272 269 278 288

Sundry Debtors 1,945 1,930 1,926 1,867 2,005 2,098

Cash 164 143 88 92 96 66

Loans & Advances 661 953 1,425 1,772 1,913 2,024

Other 1,686 2,153 1,857 2,127 1,762 1,866

Current liabilities 2,437 2,713 2,975 3,796 3,572 3,691

Net Current Assets 2,264 2,739 2,594 2,331 2,483 2,653Mis. Exp. not written off - - - - - -

Total Assets 3,479 4,092 4,870 4,643 4,759 4,887

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June 5, 2013 9

Cash flow (Standalone)

Y/E March (` cr) FY10 FY11 FY12(15M) FY13E(9M) FY14E FY15EProfit before tax 329 233 46 (69) 66 84

Depreciation 42 49 89 64 97 102Change in Working Capital 91 (497) 91 267 (149) (200)

Less: Other income (64) (57) (170) (70) (85) (88)

Direct taxes paid (118) (75) (28) (33) (22) (28)

Cash Flow from Operations 280 (347) 28 159 (93) (129)(Inc.)/ Dec. in Fixed Assets (104) (165) (63) (31) (60) (60)

(Inc.)/ Dec. in Investments (225) (21) (950) (69) - -

Other income 64 57 170 70 85 88

Cash Flow from Investing (264) (129) (843) (30) 25 28Issue of Equity 27 - 8 - - -

Inc./(Dec.) in loans 215 482 542 (133) 100 100

Dividend Paid (Incl. Tax) (25) (19) - - (29) (29)

Others (169) (9) 210 9 (0) (0)

Cash Flow from Financing 48 455 760 (125) 71 71Inc./(Dec.) in Cash 63 (21) (55) 4 4 (30)

Opening Cash balances 101 164 143 88 92 96Closing Cash balances 164 143 88 92 96 66

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June 5, 2013 10

Key ratios

Y/E March FY10 FY11 FY12(15M) FY13E(9M) FY14E FY15EValuation Ratio (x)P/E (on FDEPS) 2.4 3.2 32.0 - 13.1 10.3P/CEPS 1.9 2.2 4.2 - 4.1 3.7

P/BV 0.3 0.3 0.3 0.3 0.3 0.3

Dividend yield (%) 4.2 3.2 - - 4.2 4.2

EV/Sales 0.4 0.4 0.5 0.8 0.5 0.5

EV/EBITDA 3.7 4.8 6.1 10.7 6.5 6.3

EV / Total Assets 0.6 0.6 0.6 0.6 0.6 0.6

Per Share Data (`)EPS (Basic) 7.9 5.9 0.6 (3.3) 1.4 1.8

EPS (fully diluted) 7.9 5.9 0.6 (3.3) 1.4 1.8

Cash EPS 9.9 8.8 4.5 (1.2) 4.6 5.2

DPS 0.8 0.6 - - 0.8 0.8

Book Value 69.3 74.3 73.9 70.6 71.1 72.0

Dupont AnalysisEBIT margin 8.7 7.8 6.2 5.6 6.4 6.7

Tax retention ratio 64.2 67.9 39.1 147.1 67.0 67.0

Asset turnover (x) 1.7 1.6 1.4 0.8 1.2 1.2

ROIC (Post-tax) 9.5 8.2 3.4 6.6 5.3 5.6

Cost of Debt (Post Tax) 9.0 9.6 8.4 19.9 10.1 10.1

Leverage (x) 0.7 0.9 1.1 1.1 1.1 1.2

Operating ROE 9.9 7.0 (1.8) (8.3) (0.1) 0.3

Returns (%)ROCE (Pre-tax) 14.2 11.6 8.5 4.4 7.8 8.2

Angel ROIC (Pre-tax) 15.0 12.2 8.8 4.5 7.9 8.3

ROE 11.5 8.2 0.8 (4.6) 2.0 2.6

Turnover ratios (x)Asset Turnover (Gross Block) 7.8 6.8 6.4 3.7 5.3 5.2

Inventory / Sales (days) 15 17 20 20 18 18

Receivables (days) 109 125 142 139 125 127

Payables (days) 135 164 207 246 234 221

WC cycle (ex-cash) (days) 212 235 280 255 226 234

Solvency ratios (x)Net debt to equity 0.8 1.0 1.1 1.1 1.1 1.2

Net debt to EBITDA 2.7 3.8 5.1 8.9 5.4 5.3

Interest Coverage 2.2 1.7 0.8 0.6 1.0 1.0

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June 5 2013 11

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. 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 reliablesources 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 thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible 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 cannottestify, 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 beregulatory, compliance, or other reasons that prevent us from doing so.

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.

Disclosure of Interest Statement IVRCL

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

ivrcl 3q fy 2013

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