2QFY2013 Result Update | Infrastructure

November 15, 2012

JP Associates
Performance Highlights
Quarterly highlights Standalone
Y/E March (` cr) Net sales Operating profit Net profit 2QFY13 3,005 814 128 2QFY12 2,903 790 249 % chg(yoy) 3.5 3.0 (48.6) 1QFY13 3,008 816 139 % chg(qoq) (0.1) (0.3) (7.8)

ACCUMULATE
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 Infrastructure 19,745 18,078 1.5 96/50 1,793,611 2 18,471 5,631 JAIA.BO JPA@IN

`92 `100
12 Months

Source: Company, Angel Research

For 2QFY2013, Jaiprakash Associates (JAL) reported a mixed set of numbers with subdued revenue performance but higher-than-expected numbers at EBITDAM and PAT level. A decline in the construction (17%) segment resulted in a muted performance on the revenue front. However, strong real estate margin resulted in higher EBITDA.
Muted execution offset by margin expansion: On the top-line front, company

registered a muted revenue growth of 3.5% yoy to `3,005cr which was lower than our estimate of `3,231cr. This muted performance was on account of lower than-expected revenues in the construction segment (decline by 17% yoy). However, the cement segment reported a healthy yoy growth of 22.9%. Blended EBITDA margin declined by 15bp/5bp on a yoy/qoq basis to 27.1% and was ahead of our expectation of 25.2%. Real estate margin at 35.5% led to a good show on the margin front. Interest cost came in at `464cr, an increase of 23.3% on a yoy basis and was flat on a sequential basis. Depreciation cost came at `178cr a jump of 23.4% on a yoy basis. Bottom-line came at `128cr a dip of 48.6% on a yoy basis but higher than our estimate due to better-than-expected performance at the operating level.
Outlook and valuation: JAL had demerged its cement operations in Andhra Pradesh (5 mtpa) and Gujarat (4.8 mtpa) into a separate entity with a plan to divest stake. This stake sale is part of companys strategy to reduce its huge debt which continues to remain an overhang on the stock. Hence closure of such a deal would be positive for the company. We recommend Accumulate rating on the stock with a SOTP target price of `100.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 46.7 14.4 20.9 18.0

Abs. (%) Sensex JAL

3m 4.2 18.9

1yr 10.1 36.6

3yr 8.4 (41.5)

Key financials (Standalone)

Y/E March (` cr) Net sales % chg Adj. net profit % chg FDEPS (`) EBITDA margin (%) P/E (x) RoAE (%) RoACE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x) Source: Company, Angel Research FY2011 13,093 26.4 655 (33.8) 3.1 23.5 29.8 7.3 8.3 2.1 2.9 12.5 FY2012 12,853 (1.8) 1,026 56.8 4.8 26.8 19.0 9.5 8.5 1.6 3.1 11.5 FY2013E 13,842 7.7 778 (24.2) 3.7 26.9 25.0 6.2 8.7 1.5 2.9 10.6 FY2014E 15,863 14.6 970 24.6 4.6 26.4 20.1 7.3 9.3 1.4 2.6 9.8

Viral Shah
022-39357800 Ext: 6842 viralk.shah@angelbroking.com

Please refer to important disclosures at the end of this report

JP Associates | 2QFY2013 Result Update

Exhibit 1: 2QFY2013 performance (Standalone)

Y/E March (` cr) Net sales Total exp. Op. profit OPM (%) Int. Dep. Non op. inc. Non recurring PBT Tax Reported PAT PAT (%) Adj. PAT Adj.PAT (%) Adj. EPS (`) 2QFY13 3,005 2,191 814 27.1 464 178 22 3 197 69 128 4.3 128 4.3 0.6 2QFY12 2,903 2,113 790 27.2 377 144 79 (0) 348 100 249 8.6 249 8.6 1.2 % chg(yoy) 3.5 3.7 3.0 (15)bp 23.3 23.4 (71.9) (43) (31) (48.5) (431)bp (48.6) (431)bp (48.6) 1QFY13 3,008 2,192 816 27.1 465 176 29 1 204 65 139 4.6 139 4.6 0.7 % chg(qoq) (0.1) (0.0) (0.3) (5)bp (0.2) 0.8 (21.8) (3.3) 6.4 (7.8) (36)bp (7.8) (36)bp (7.8) 1HFY2013 6,013 4,384 1,629 27.1 930 354 51 4 401 134 267 4.4 267 4.4 1.3 1HFY2012 5,822 4,268 1,553 26.7 760 285 100 (0) 607 174 433 7.4 433 7.4 2.0 % chg(yoy) 3.3 2.7 4.9 42bp 22.3 24.1 (49.1) (34.0) (23.2) (38.3) (300)bp (38.4) (300)bp (38.4)

Source: Company, Angel Research

Exhibit 2: 2QFY2013 Actual vs Estimates

(` cr) Net Sales EBITDA Interest Tax PAT
Source: Company, Angel Research

Actual 3,005 814 464 69 128

Estimates 3,231 814 479 59 126

Variation (%) (7.0) (0.1) (3.1) 16.6 1.6

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JP Associates | 2QFY2013 Result Update

Exhibit 3: Segmental performance

Y/E March (` cr) Segment Revenue Cement and Cement Products Construction Power Hotel/Hospitality and Golf Course Real Estate Investment Others Unallocated Less: Inter-Segmental Performance Total Sales Income Segment Results Cement & Cement Products Construction Power Hotel/Hospitality and Golf Course Real Estate Investment Others Excep : Profit on Sale of Shares Total PBIT Less: Interest Expense Less: Exceptional Item Less: Unallocable Expense PBT PBIT Margin (%) Cement & Cement Products Construction Power Hotel/Hospitality and Golf Course Real Estate Investment Others Unallocated Capital Employed in Segment Cement & Cement Products Construction Power Hotel/Hospitality and Golf Course Real Estate Investment Others Unallocated Total
Source: Company, Angel Research

2QFY2013 1,372 1,290 19 44 268 7 70 13 56 3,028 134 439 14 (6) 95 7 (2) 682 464 20 197 9.7 34.1 73.5 (14.1) 35.5 100.0 (2.3) 12,687 3,478 2,224 637 3,592 8,329 191 5,510 36,648

2QFY2012 1,117 1,555 16 38 202 56 0 25 26 2,982 26 562 11 (7) 87 56 (1) 734 377 9 348 2.3 36.1 68.9 (18.3) 43.3 100.0 (492.0) 11,088 3,291 1,816 585 2,968 6,779 120 6,088 32,735

% Chg 22.9 (17.0) 20.6 16.4 32.7 (87.6) (46.1) 111.7 1.5 415.5 (21.8) 28.8 (10.8) 9.0 (87.6) 29.3 (7.1) 23.3 134.8 (43.5) bp chg. 742 (206) 466 428 (773) 14.4 5.7 22.5 9.0 21.0 22.9 58.5 (9.5) 12.0

1HFY2013 2,935 2,506 29 94 433 27 70 36 66 6,064 360 800 19 (6) 162 27 (3) 1,360 930 29 401 12.3 31.9 64.8 (6.0) 37.4 100.0 (3.7) 12,687 3,478 2,224 637 3,592 8,329 191 5,510 36,648

1HFY2012 2,400 2,830 28 80 549 61 1 42 69 5,921 234 811 18 (9) 272 61 (2) 1,387 760 19 607 9.8 28.7 64.7 (10.8) 49.6 100.0 (325.0) 11,088 3,291 1,816 585 2,968 6,779 120 6,088 32,735

% Chg 22.3 (11.4) 4.4 16.5 (21.1) (55.4) (14.5) (4.8) 2.4 53.9 (1.5) 4.5 (34.6) (40.6) (55.4) 17.6 (1.9) 22.3 0.0 51.7 (34.0) bp chg. 252 323 8 472 (1,227) 14.4 5.7 22.5 9.0 21.0 22.9 58.5 (9.5) 12.0

November 15, 2012

JP Associates | 2QFY2013 Result Update

Segment-wise performance
Cement division
JALs cement division reported a decline of 12.2% qoq to `1,372cr mainly on account of 12.5% qoq decline in cement volumes to 3.2mn tonne (excluding the Gujarat (4.8 mtpa) and Andhra Pradesh (5 mtpa) plants). However on account of better cement realisation of `4,287/tonne, the divisions EBIT margin improved by 742bp/252bp on a yoy/qoq basis to 9.7% in 2QFY2013.

Construction division
The construction division continued its poor performance on the revenue front with a 17% yoy decline to `1,290cr and was below estimate of `1,368cr. Revenue performance was sluggish owing to completion of Yamuna Expressway and Karcham Wangtoo project. Divisional EBIT margin witnessed a decline of 206bp yoy and came in at 34.1%. However on a sequential basis there was an improvement of 443bp. Since the past few quarters, there has been huge volatility in the construction segment in terms of revenue and EBIT margins.

Real estate division

The real estate division reported an increase of 32.7% yoy and 62.2% qoq to `268cr, which was significantly above our estimate of `191cr. As per the management, real estate segment has seen an increase in revenues owing to revenue booking in projects where threshold level has been achieved. Divisional EBIT margin of the segment witnessed a dip of 773bp yoy / 483bp qoq and came in at 35.5% in 2QFY2013.

Exhibit 4: Subdued revenue growth for the quarter

4,500 4,000 3,500 3,000 2,500 2,000 1,500 3,948 1,000 500 0 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 Sales (` cr, LHS) Growth (yoy %, RHS) (9.2) 2,919 (5.5) 0.7 2.9 3.1 3.5 18.0 20.0 15.0 10.0 5.0 (5.0) 2,903 2,969 4,062 3,008 3,005 (10.0) (15.0)

Exhibit 5: EBITDAM quarterly trend

1,200 1,000 800 600 400 842 763 748 867 816 814 200 0 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 EBITDA (` cr, LHS) EBITDAM (%, RHS) 1,019 21.3 26.1 23.9 29.2 35.0 25.1 27.1 27.1 30.0 25.0 20.0 15.0 10.0 5.0 -

Source: Company, Angel Research

Source: Company, Angel Research

November 15, 2012

JP Associates | 2QFY2013 Result Update

Higher EBITDAM and lower interest cost result in higher-thanexpected earnings

Blended EBITDA margin declined by 15bp/5bp on a yoy/qoq basis to 27.1% and was ahead of our expectation of 25.2%. Construction and real estate margin of 34.1% and 35.5% led to a good show on the margins front. Interest cost came in at `464cr, an increase of 23.3% on a yoy basis and was flat on a sequential basis. Depreciation cost came at `178cr a jump of 23.4% on a yoy basis. Bottom-line came at `128cr a dip of 48.6% on a yoy basis but higher than our estimate due to better-than-expected performance at the operating level.

Exhibit 6: PAT higher-than-expected owing to higher EBITDAM and lower interest cost
350 300 250 200 150 100 304 184 129 310 284 139 128 50 0 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 PAT (` cr, LHS) Source: Company, Angel Research; PATM (%, RHS) 6.3 4.1 7.7 10.4 12.0 10.0 7.0 4.6 8.0 6.0 4.0 2.0 -

4.3

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JP Associates | 2QFY2013 Result Update

Outlook and valuation

JAL had demerged its cement operations in Andhra Pradesh (5 mtpa) and Gujarat (4.8 mtpa) into a separate entity with a plan to divest stake. This stake sale is part of the companys strategy to reduce its huge debt which continues to remain an overhang on the stock. Hence closure of such a deal would be positive for the company. We have valued JALs cement and construction business at 8x EV/EBITDA and 5x EV/EBITDA `75.4/share and `26.8/share, respectively. We have valued the companys power and real estate businesses on mcap basis (giving 20% holding company discount), which contributes `57.5/share to our target price. The hotel segment contributes `0.8/share. Treasury shares (`8.2/share) have been valued at the current market price, whereas net debt is accounted for on a per share basis in our valuation at `68.6. We recommend an Accumulate rating on the stock with a SOTP target price of `100.

Exhibit 7: SOTP valuation

Business Segment Cement Construction Power Real Estate Hotels Treasury Stock Net Debt Total
Source: Company, Angel Research

Methodology EV/EBITDA (x) EV/EBITDA (x) Mcap of JPVL NAV/Mcap At CMP Net Debt for Cement, Construction and Real Estate Business 7.5x EV/EBITDA 5x EV/EBITDA (@ 20% holding company discount) Jayppe InfraTech + Jaypee Greens 8x FY2014E Net Profit

` cr 16,038 5,691 5,836 6,384 174 1,734 (14,567) 21,290

`/share 75.4 26.8 27.5 30.0 0.8 8.2 (68.6) 100.1

% to Target Price 75.3 26.7 27.4 30.0 0.8 8.2 (68.5) 100.0

Exhibit 8: Angel EPS forecast vs consensus

Angel Forecast FY2013E FY2014E
Source: Company, Angel Research

Bloomberg Consensus 5.1 6.5

Variation (%) (28.3) (29.8)

3.7 4.6

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JP Associates | 2QFY2013 Result Update

Exhibit 9: Recommendation summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Punj Lloyd Sadbhav Simplex In. CMP 214 13 128 189 42 92 34 44 52 139 196 TP 286 164 225 100 56 Rating FY12 Buy Buy Buy 1,495 2,048 3,133 5,606 6,178 - Neutral Top-line (` cr) FY13E 2,027 2,262 3,843 6,564 4,249 2,306 2,522 4,212 7,054 6,897 24.2 23.7 11.0 (0.5) 15.9 14.9 12.2 25.6 5.7 11.1 17.8 11.9 11.5 8.5 0.6 4.8 4.9 1.4 2.8 9.3 EPS (`) 27.0 1.5 16.8 26.3 0.3 3.7 66.1 4.6 3.1 1.8 7.5 23.2 31.6 2.7 17.8 29.0 3.3 4.6 76.5 4.7 4.1 3.2 10.4 31.3 15.4 9.3 6.5 9.0 8.6 7.4 P/E (x) 7.9 8.9 7.6 7.2 25.0 24.2 7.4 14.1 28.9 18.5 8.5 6.8 5.0 7.2 6.5 12.7 20.1 21.0 7.3 10.7 16.3 13.3 6.3 OB/ 2.8 2.2 2.9 1.8 5.0 2.5 3.2 3.4 2.3 2.9 2.4 FY14E CAGR (%) FY12 FY13E FY14E CAGR (%) FY12 FY13E FY14E Sales (x)

37 Neutral Accu. Buy

136.8 71.0 135.5 (2.8) 19.0 9.1 24.9 (2.6) 6.9 71.4 31.3 7.8 18.9 5.7 14.9 31.7 10.8

Accu. 12,853 13,842 15,863 53,171 61,031 69,753 1,802 5,250 2,676 5,983 2,206 5,947 2,506 6,882 2,502 6,569 3,147 8,032

1,603 1,748

14.5 64.3

44 Neutral 182 251 Buy Buy

- Neutral 10,557 11,892 13,116

15.9 18.1

Source: Company, Angel Research

Exhibit 10: SOTP break up

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Punj Lloyd Sadbhav Simplex In. Core Const. ` 113 16 52 74 17 27 1,377 14 25 64 83 251 % to TP 39 100 32 33 46 27 79 25 57 100 46 100 Real Estate ` 30 2 % to TP 30 3 Road BOT ` 174 113 121 28 7 99 % to TP 61 69 54 50 16 54 Invst. In Subsidiaries ` 4 20 371 % to TP 3 54 21 ` 30 43 12 12 Others % to TP 13 43 21 27 Total ` 286 16 164 225 37 100 1,748 56 44 64 182 251

Source: Company, Angel Research

Company background
JAL, the flagship company of Jaypee Group, was set up in 1958 by Jai Prakash Gaur, who started as a small-time construction contractor in Kota, Rajasthan. Over the years, JAL has transformed itself into a large infrastructure conglomerate in India. The company is present across the following sectors: 1) cement (the third largest group, ~33mt capacity in FY2012); 2) power (the largest private sector hydro-electric power utility, ~1,700MW operational capacity); 3) real estate (one of the largest land banks in NCR, with over 695mn sq. ft. area; 4) engineering and construction (E&C, the largest company in the hydro-electric power sector); 5) expressways/highways (Yamuna expressway is one of the biggest toll projects); and 6) hospitality.

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JP Associates | 2QFY2013 Result Update

Profit & Loss Statement (Standalone)

Y/E March (` cr) Net Sales % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA % chg (% of Net Sales) Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of asso. Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E 6,148 10,355 13,093 12,853 43.8 4,084 2,153 843 331 757 2,064 48.9 33.6 309 1,755 48.4 28.5 504 1,251 48.3 1,251 354 28.3 897 897 897 47.1 14.6 6.4 4.2 47.1 68.4 4,290 1,497 453 1,225 2,891 40.1 27.9 456 2,435 38.7 23.5 1,056 1,379 10.2 719.5 2,098 390 18.6 1,708 1,708 989 10.2 9.5 4.7 4.7 10.2 26.4 6,330 1,500 596 1,585 3,082 6.6 23.5 609 2,473 1.6 18.9 1,458 225.9 1,241 (10.0) 514.0 1,755 587 33.4 1,169 1,169 655 (33.8) 5.0 3.1 3.1 (33.8) (1.8) 9,413 5,906 1,139 661 1,707 3,440 11.6 26.8 614 2,826 14.3 22.0 1,782 264 1,308 5.5 6.1 1,314 288 21.9 1,026 1,026 1,026 56.8 8.0 4.8 4.8 56.8 7,465 10,011 13,842 7.7 10,112 6,395 1,273 706 1,938 3,730 8.4 26.9 684 3,045 7.8 22.0 1,893 1,152 (12.0) 1,152 374 32.5 778 778 778 (24.2) 5.6 3.7 3.7 (24.2) 15,863 14.6 11,682 7,329 1,507 809 2,237 4,182 12.1 26.4 782 3,399 11.6 21.4 1,964 1,435 24.6 1,435 466 32.5 970 970 970 24.6 6.1 4.6 4.6 24.6

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JP Associates | 2QFY2013 Result Update

Balance Sheet (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Deferred Tax Asset Investments Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 2,909 3,263 2,991 5,037 4,126 2 20,524 3,879 3,995 5,225 5,853 7,246 27,366 2,463 4,938 6,120 5,458 8,063 32,097 1,022 8,929 8,484 6,158 12,278 34,587 1,099 9,136 8,932 7,088 12,079 35,472 993 10,311 10,079 8,195 13,188 37,474 8,619 1,801 6,818 5,082 30.4 4,465 12,847 2,228 10,619 3,892 32.8 5,576 14,796 2,840 11,957 5,593 6,484 14,276 3,331 10,945 4,482 6,882 16,620 4,015 12,604 3,137 7,651 18,999 4,798 14,201 2,196 7,889 280 6,418 6,698 13,106 720 20,524 425 8,076 8,501 17,909 956 27,366 425 8,972 9,397 21,505 1,194 32,096 425 11,879 12,304 21,039 1,244 34,587 425 12,527 12,953 21,275 1,244 35,472 425 13,361 13,786 22,444 1,244 37,474 FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

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JP Associates | 2QFY2013 Result Update

Cash Flow Statement (Standalone)

Y/E March (` cr) Profit before tax (excl EOI) Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Other income Cash Flow from Investing Issue 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 FY2010 FY2011 FY2012 1,251 309 1,709 316 (465) 3,324 891 4,215 426 4,379 81 (1,049) 5,772 1,093 1,815 2,909 1,065 456 2,725 271 (1,474) 3,077 (214) 2,863 87 4,803 176 (594) 5,307 971 2,909 3,879 1,755 611 (2,234) (226) (587) (680) (3,650) (908) 226 (4,332) 0 3,596 (166) 165 3,595 (1,417) 3,879 2,462 1,314 491 (5,655) (264) (288) (4,402) 1,632 (399) 264 1,498 (466) (124) 2,054 1,464 (1,440) 2,463 1,022 FY2013E 1,152 684 276 (374) 1,739 (1,000) (769) (1,768) 237 (130) (0) 107 77 1,022 1,099 FY2014E 1,435 782 (1,215) (466) 537 (1,438) (238) (1,675) 1,169 (136) 0 1,032 (106) 1,099 993

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JP Associates | 2QFY2013 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 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 / Sales (days) Receivables (days) Payables (days) W.cap cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 1.5 4.9 3.5 1.7 4.9 2.3 2.0 6.2 1.7 1.6 5.8 1.6 1.6 5.4 1.6 1.6 5.1 1.7 0.9 66 48 353 51 1.0 49 58 239 81 0.9 45 71 191 125 0.9 48 103 217 239 0.9 46 119 228 293 0.9 45 111 227 267 10.3 17.6 15.9 10.2 15.2 13.0 8.3 11.3 7.3 8.5 10.6 9.5 8.7 10.1 6.2 9.3 10.4 7.3 28.5 71.7 0.4 8.6 3.4 1.5 16.3 23.5 81.4 0.5 9.6 5.5 1.6 16.2 18.9 66.6 0.5 6.2 4.9 1.8 8.5 22.0 78.1 0.4 7.0 6.5 1.8 7.8 22.0 67.6 0.4 6.1 6.0 1.6 6.1 21.4 67.6 0.4 6.5 6.1 1.6 7.1 6.4 4.2 8.6 1.0 47.8 4.7 4.7 10.2 1.1 40.0 3.1 3.1 8.4 0.8 44.2 4.8 4.8 7.7 0.6 57.9 3.7 3.7 6.9 0.6 60.9 4.6 4.6 8.2 0.6 64.8 14.3 10.6 1.9 1.1 4.8 14.4 1.4 19.7 9.0 2.3 1.2 3.2 11.6 1.2 29.8 11.0 2.1 0.9 2.9 12.5 1.2 19.0 11.9 1.6 0.6 3.1 11.5 1.1 25.0 13.3 1.5 0.7 2.9 10.6 1.1 20.1 11.1 1.4 0.7 2.6 9.8 1.1 FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E

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JP Associates | 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

JP Associates 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%)

November 15, 2012

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