4QFY2010 Result Update I Automobile

April 30, 2010

Ashok Leyland NEUTRAL

CMP Rs60
Performance Highlights Target Price -

For 4QFY2010, Ashok Leyland (ALL) reported 317.6% yoy growth in Net Profit Investment Period -
to Rs222.7cr (Rs53.3cr), which was higher than our expectation of Rs179cr.
ALL witnessed a substantial 345bp yoy increase in EBITDA Margins mainly on Stock Info
the back of the increased pricing actions taken by the company, normalisation Sector Automobile
of raw material prices and cost reduction measures. Thus, better Operating
performance combined with better financial leverage and change in Market Cap (Rs cr) 7,975
Depreciation supported higher growth in Net Profit. Owing to the recent run Beta 1.0
up in the stock price, we remain Neutral on the stock.
52 WK High / Low 60 / 20
In-line Top-line, Bottom-line above expectations For 4QFY2010, ALL reported
Avg. Daily Volume 1018393
141.3% yoy growth in Net Sales to Rs2,939cr (Rs1,218cr), which was broadly
in line with our expectation. This was aided by the 138.9% yoy increase in Face Value (Rs) 1
Volumes and marginal hike in Realisation. ALL reported a 229.5% yoy growth
BSE Sensex 17,559
in Operating Profit to Rs378.4cr (Rs114.8cr) for 4QFY2010. The company’s
Bottom-line, which posted 317.6% yoy growth to Rs222.7cr (Rs53.3cr) also Nifty 5,278
came in better than our expectation of Rs179cr for the quarter, primarily due
to better EBITDA Margin expansion and change in Depreciation policy. Reuters Code ASOK.BO

Bloomberg Code AL@IN

Outlook and Valuation: Management have a positive outlook for the Domestic
Commercial Vehicle (CV) industry and expects the industry to clock 15-18% Shareholding Pattern (%)
yoy growth in volumes in FY2011. A majority of the factors that drive freight Promoters 38.6
demand and consequently M&HCV demand have turned positive and
management expects the CV manufacturers to benefit from the economic MF/Banks/Indian FIs 23.6
recovery going forward. We have revised upwards our EPS estimates for ALL to
FII/NRIs/OCBs 27.7
Rs3.8 (Rs3.5) for FY2011E and Rs4.5 (Rs4.2) for FY2012E. At the CMP of
Rs60, the stock is trading at 15.8x FY2011E and 13.4x FY2012E EPS. Owing Indian Public 10.1
to the recent run up in the stock price we remain Neutral on the stock. Our
Abs. (%) 3m 1yr 3yr
Fair Value for the stock works out to Rs62 (Rs59), at which level the stock
would trade at a P/E of 14x FY2012E Earnings. Sensex 7.3 54.0 26.6

ALL 19.8 180.1 53.9

Key Financials
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 6,126 7,554 9,063 10,309
% chg (22.8) 23.3 20.0 13.7
Net Profits 178.8 735.0 504.3 595.9
% chg (60.3) 311.1 (31.4) 18.2
OPM (%) 7.4 10.5 10.8 10.7
EPS (Rs) 1.3 3.2 3.8 4.5
P/E (x) 44.6 18.7 15.8 13.4
P/BV (x) 3.8 3.6 3.2 2.9
RoE (%) 6.8 20.8 13.6 15.1
RoCE (%) 6.2 15.1 11.7 12.5
EV/Sales (x) 1.5 1.2 1.0 0.9 Vaishali Jajoo
Tel: 022 – 4040 3800 Ext: 344
EV/EBITDA (x) 21.6 12.9 10.3 9.0
E-mail: vaishali.jajoo@angeltrade.com
Source: Company, Angel Research

1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539
 Ashok Leyland I 4QFY2010 Result Update

Exhibit 1: 4QFY2010 Performance

Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY10 FY09 % chg
Net Sales (include Other
2,939 1,218 141.3 7,245 5,981 21.1
Op. Inc.)
Consumption of RM 2,097 838.1 150.1 4,973 4,250 17.0
(% of Sales) 71.3 68.8 68.6 71.1
Staff Costs 180.7 124.0 45.8 665.9 566.2 17.6
(% of Sales) 6.1 10.2 9.2 9.5
Purchases of TG 54.4 45.7 19.2 244.9 202.2 21.1
(% of Sales) 1.9 3.8 3.4 3.4
Other Expenses 229.0 95.5 139.8 599.5 493.2 21.5
(% of Sales) 7.8 7.8 8.3 8.2
Total Expenditure 2,561 1,103 132.1 6,483 5,512 17.6
Operating Profit 378.4 114.8 229.5 761.8 469.4 62.3
OPM (%) 12.9 9.4 344.7   10.5 7.8
Interest 22.1 44.0 (49.8) 81.1 118.7 (31.7)
Depreciation 58.8 48.0 22.4 204.1 178.4 14.4
Other Income 2.3 13.1 (82.4) 70.4 49.6 42.0
PBT (excl. Extr. Items) 299.8 35.9 734.7 547.0 221.9 146.5
Extr. Income/(Expense) 0.4 3.6 - 2.2 13.5 -
PBT (incl. Extr. Items) 299.4 32.4 825.1 544.8 208.4 161.4
(% of Sales) 10.2 2.7 7.5 3.5
Provision for Taxation 76.8 (21.0) (466.5) 121.1 18.5 556.4
(% of PBT) 25.6 (64.7) 22.2 8.9
Reported PAT 222.7 53.3 317.6 423.7 190.0 123.0
PATM (%) 7.6 4.4 5.8 3.2
Equity capital (cr) 133.0 133.0 133.0 133.0
EPS (Rs) 1.7 0.4 317.6 3.2 1.4 123.0
Source: Company, Angel Research

Healthy 141.3% growth on Top-line front in line with expectation: For 4QFY2010,
Ashok Leyland (ALL) reported a 141.3% yoy growth in Net Sales to Rs2,939cr
(Rs1,218cr), which was in line with our expectation. The jump in Sales came on the
back of a 138.9% yoy growth in Volumes and marginal increase in net realisation.
The company’s Bottom-line, which posted a 317.6% yoy growth to Rs222.7cr
(Rs169.7cr) also came in higher than our expectation of Rs179cr for the quarter.

OPMs up on higher Operating leverage: During 4QFY2010, ALL witnessed a 345bp

yoy increase in EBITDA Margin mainly on the back of the increased pricing action
taken by the company in January to the extent of 1.5% of Sales revenue (in addition
to about 3.5% price hike taken during 9MFY2010), combined with the normalisation
of raw material prices of steel and aluminum, as well as cost reduction measures
that ALL has implemented in the past few quarters. The Raw Material cost increased
marginally by 63.1bp yoy despite the substantial spurt in the prices of Steel and
Rubber, while Staff costs fell by 403bp due to improved Operating leverage in
4QFY2009. Overall, ALL reported a 229.5% yoy growth in Operating Profit to
Rs378.4cr (Rs114.8cr) for 4QFY2010.

Net Profit spikes 317.6%: Net Profit grew by a substantial 317.6% yoy to Rs222.7cr
(Rs53.3cr) on a low base, better Operating performance and better financial
leverage. Interest cost declined substantially by 49.8% yoy on account of a fall in
working capital requirements. This contributed to the Bottom-line growth in
4QFY2010 to a certain extent. However, going forward, the company’s ongoing
Capex plans and addition of capital to the extent of Rs2,000cr over the next couple
of years could restrict a substantial expansion in NPM.

April 30, 2010 2

 Ashok Leyland I 4QFY2010 Result Update

Quarterly Volumes

Exhibit 2: Sales Volume

Product 4QFY10 4QFY09 % chg FY10 FY09 % chg
DV Passenger 6,180 4,799 28.8 18,480 19,745 (6.4)
MDV Goods 19,304 5,252 267.6 44,353 33,349 33.0
LCV 323 750 (56.9) 1,097 1,350 (18.7)
Export (Inc. Above) 1,956 1,665 17.5 5,934 6,812 (12.9)
Total 25,807 10,801 138.9 63,930 54,444 17.4
Source: Company, Angel Research

Exhibit 3: Bus Segment Volume

Units %
10,000
130

8,000 100

6,000 70

40
4,000
10
2,000
(20)

0 (50)
1QFY07

2QFY07

3QFY07

4QFY07

1QFY08

2QFY08

3QFY08

4QFY08

1QFY09

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10
Market Share (RHS) Buses-Volume (LHS) % yoy growth (RHS)

Source: SIAM, Angel Research

Exhibit 4: Truck Segment Volume

Units %
24,000
140
21,000
110
18,000 80
15,000 50
12,000 20
9,000 (10)
6,000 (40)
3,000 (70)
0 (100)
1QFY07

2QFY07

3QFY07

4QFY07

1QFY08

2QFY08

3QFY08

4QFY08

1QFY09

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

Market Share (RHS) Trucks-Volume (LHS) % yoy growth (RHS)

Source: SIAM, Angel Research

April 30, 2010 3

 Ashok Leyland I 4QFY2010 Result Update

Conference Call: Key Highlights

• After almost 18 months of slowdown in commercial vehicle (CV) Sales,

2HFY2010 has seen a stupendous improvement for the CV players, and ALL
registered a substantial 123% yoy growth in volumes during the period. ALL’s
market share registered 25.7% (27.5%) fall in FY2009. After a further dip in the
company’s market share to 17.2% at the end of 1QFY2010, the company
garnered it back to 22.7% at the end of 2QFY2010 following recovery in the
M&HCV Segment. At the end of FY2010, ALL’s domestic M&HCV Segment
market share stood at 26.7%, with the management expecting to maintan it at
26-28% levels in FY2011.

• Freight rates are showing improvement in the southern and western regions,
and expected to show an uptrend in the eastern and northern regions going
forward. The southern market where the company has a strong hold (around
50% market share in the south, which accounts for 30% of total industry) picked
up strongly in 4QFY2010. The JNNURM programme for urban fleet
modernisation calls for mobilisation of 14,000 vehicles. Out of this, ALL has
bagged orders for around 5,100 buses, of which majority was supplied in
FY2010. Management expects overall recovery in the M&HCV Segment to spell
growth for the company as well, and management is sanguine of 18-15% yoy
growth in overall volumes in FY2011E.

• Going ahead, with the increasing trend in Steel and Rubber prices, the company
expects pressure on its Margins. Management has guided for a sustainable
OPM of 10%, primarily from commensurate Top-line growth combined with
effective inventory management (Just-In-Time process at the Uttaranchal plant)
and better operating leverage to net off any increase in raw material costs in the
coming quarters. During FY2010, due to overall spurt in Raw Material prices,
the company hiked prices to the extent of Rs50,000 per vehicle.

• The company expects that there exists a possibility of further rise in product
prices, due to higher input costs and emission norm changes from October
2010. It may have to raise the price per vehicle by almost Rs40,000 to absorb
the cost fully.

• ALL plans to more than double its capacity of 100,000 vehicles per annum over
the next three years, and has earmarked capex of Rs2,000cr for FY2010-11E
including Rs800cr investments in the various joint ventures. ALL plans to invest
Rs1,200cr towards capacity addition at its Uttranchal plant, product
development of the Neptune engines and developments pertaining to the Euro
III norms for vehicles.

• The total expenditure at its Uttaranchal plant is expected to be close to

Rs1,100cr, out of which Rs1,000cr has already been spent. The capacity
addition from this capex would be close to 50,000 vehicles. The total capacity,
post the Uttaranchal capacity addition, is estimated to be around 150,000
vehicles per annum. This will strengthen ALL’s presence in the North, which
contributes one-fourth of its Sales. The investments will enjoy Excise and Income
Tax exemption/concession for five to ten years, and a saving of Rs60,000 per
vehicle for ALL. The company expects to produce more than 20,000 vehicles
from the Uttaranchal plant in FY2011 and further ramp it to about 40,000
vehicles in FY2012.

• ALL along with group companies will also invest about Rs100cr in its financial
arm, and has already received approval from RBI in March 2010 for the same.
This would further help the customers to provide fiscal support.

April 30, 2010 4

 Ashok Leyland I 4QFY2010 Result Update

• ALL has entered into an initial agreement to form a joint venture (JV) with Nissan
Motor Company for the development, manufacture and distribution of light
commercial vehicle (LCV) products. As ALL has a negligible presence in the LCV
space, this partnership would be positive for it in the long run. The two
companies may also share each others dealer networks in India and overseas,
as an extension of this partnership. ALL expects vehicle roll outs to start from the
JV from 2011. Its JV with John Deere is expected to start production from
October 2010.

Outlook and Valuation

Management has a positive outlook on future prospects of the domestic CV industry

and expects industry to clock 15-18% yoy growth in volume in FY2011. A majority of
the factors that drive freight demand and consequently M&HCV demand have
turned positive and expect the CV manufacturers to benefit from the economic
recovery going forward.

We have revised upwards our EPS estimates for ALL to Rs3.8 (Rs3.5) for FY2011E
and Rs4.5 (Rs4.2) in FY2012E. At the CMP of Rs60, the stock is trading at 15.8x
FY2011E and 13.4x FY2012E EPS. We recommend a Neutral on the stock owing to
the recent run up in the stock price. Our Fair Value for the stock works out to Rs62
(Rs59), at which level the stock would trade at 14x FY2012E Earnings.

Exhibit 5: One year forward P/E chart

30.0

25.0

20.0

15.0

10.0

5.0

-
Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10
Apr-02

Apr-03

Apr-04

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10
Oct-02

Oct-03

Oct-04

Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

P/E 3 year average P/E

Source: C-Line, Angel Research

April 30, 2010 5

 Ashok Leyland I 4QFY2010 Result Update

Profit & Loss Statement (Rs cr)

Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Net Sales 7,320 7,935 6,126 7,554 9,063 10,309
Total operating income 7,320 7,935 6,126 7,554 9,063 10,309
% chg 37.3 8.4 (22.8) 23.3 20.0 13.7
Total Expenditure 6,648 7,128 5,670 6,483 8,084 9,206
Net Raw Materials 5,445 5,764 4,480 5,218 6,525 7,448
Other Mfg costs 138.2 160.6 131.9 - 203.9 231.9
Personnel 478.7 614.0 563.1 665.9 679.7 731.9
Other 586.4 589.7 495.0 599.5 675.2 793.8
EBITDA 672.4 807.6 456.0 1,070.8 978.8 1,103
% chg 26.5 20.1 (43.5) 134.9 (8.6) 12.7
(% of Net Sales) 9.2 10.2 7.4 14.2 10.8 10.7
Depreciation& Amortisation 150.6 177.4 178.4 04.1 275.5 312.4
EBIT 521.8 630.3 277.5 866.7 703.3 791
% chg 28.6 20.8 (56.0) 212.3 (18.9) 12.4
(% of Net Sales) 7.1 7.9 4.5 11.5 7.8 7.7
Interest & other Charges 28.8 76.3 160.3 81.1 134.9 123.5
Other Income 111.6 84.2 91.2 70.4 74.0 77.7
(% of PBT) 18.9 13.6 46.3 8.2 11.5 10.4
Recurring PBT 604.5 638.1 208.5 856.1 642.4 745
% chg 33.7 5.6 (67.3) 310.7 (25.0) 15.9
Extraordinary Expense/(Inc.) 15.5 18.6 11.2 - - -
PBT (reported) 589.0 619.6 197.2 856.1 642.4 745
Tax 163.2 168.8 18.5 121.1 138.1 149.0
(% of PBT) 27.7 27.2 9.4 14.1 21.5 20.0
PAT (reported) 425.8 450.8 178.8 735.0 504.3 595.9
ADJ. PAT 441.3 469.3 190.0 735.0 504.3 595.9
% chg 34.8 6.3 (59.5) 286.8 (31.4) 18.2
(% of Net Sales) 6.0 5.9 3.1 9.7 5.6 5.8
Basic EPS (Rs) 3.2 3.4 1.3 3.2 3.8 4.5
Fully Diluted EPS (Rs) 3.2 3.4 1.3 3.2 3.8 4.5
% chg 29.9 5.4 (60.3) 138.2 18.4 18.2

April 30, 2010 6

 Ashok Leyland I 4QFY2010 Result Update

Balance Sheet (Rs cr)

Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 132.4 133.0 133.0 133.0 133.0 133.0
Preference Capital - - - - - -
Reserves& Surplus 1,762 2,016 3,341 3,452 3,688 3,949
Shareholders Funds 1,895 2,149 3,474 3,585 3,821 4,082
Minority Interest - - - - - -
Total Loans 640.4 887.5 1,958 1,958 2,158 2,058
Deferred Tax Liability 196.9 253.8 263.4 263.4 269.9 269.9
Total Liabilities 2,732 3,290 5,695 5,807 6,249 6,410
APPLICATION OF FUNDS
Gross Block 2,620 2,942 4,953 6,300 7,250 7,810
Less: Acc. Depreciation 1,313 1,417 1,554 1,758 2,034 2,346
Net Block 1,307 1,526 3,399 4,541 5,217 5,464
Capital Work-in-Progress 237.5 529.2 998.3 630.0 362.5 234.3
Goodwill - - - - - -
Investments 221.1 609.9 263.6 290.3 312.4 320.5
Current Assets 2,698 2,875 3,166 2,622 2,965 3,428
Cash 434.9 451.4 88.1 91.2 2.3 117.0
Loans & Advances 669.6 824.1 789.5 724.5 906.3 1,030.9
Other 1,593 1,600 2,288 1,806 2,037 2,280
Current liabilities 1,756 2,272 2,141 2,277 2,608 3,036
Net Current Assets 941.9 603.3 1,025 344.8 357.0 392.0
Mis. Exp. not written off 24.4 22.3 9.7 - - -
Total Assets 2,732 3,290 5,695 5,807 6,249 6,410

Cash Flow Statement (Rs cr)

Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Profit before tax 589.0 619.6 197.2 856.1 642.4 744.8
Depreciation 150.6 177.4 178.4 204.1 275.5 312.4
Change in Working Capital (150.1) (669.9) 151.6 (454.6) (552.1) (735.0)
Less: Other income (73.7) (1,107) 1,034 (760) (577.1) (833.1)
Direct taxes paid 163.2 168.8 18.5 121.1 138.1 149.0
Cash Flow from Operations 500.0 1,066 (525.6) 1,245 804.8 1,006.3
(Inc.)/Dec. in Fixed Assets (577.8) (614.0) (2,480) (978.2) (683.3) (431.0)
(Inc.)/Dec. in Investments 147.1 (388.8) 346.3 (26.8) (22.1) (8.1)
(Inc.)/Dec. in loans and
(253.6) 189.3 0.7 (239.9) 156.8 124.6
advances
Other income 111.6 84.2 91.2 70.4 74.0 77.7
Cash Flow from Investing (572.7) (729.3) (2,042) (1,174) (474.6) (236.8)
Issue of Equity 317.1 0.6 - - - -
Inc./(Dec.) in loans (51.5) 247.1 1,070.6 - 200.0 (100.0)
Dividend Paid (Incl. Tax) 182.2 226.4 233.7 155.6 233.5 249.0
Others (542.9) (794.1) 899.5 (223.0) (832.6) (823.8)
Cash Flow from Financing (95.1) (319.9) 2,204 (67.3) (399.2) (674.8)
Inc./(Dec.) in Cash (167.9) 16.4 (363.3) 3.2 (68.9) 94.7
Opening Cash balances 602.9 434.9 451.4 88.1 91.2 22.3
Closing Cash balances 434.9 451.4 88.1 91.2 22.3 117.0

April 30, 2010 7

 Ashok Leyland I 4QFY2010 Result Update

Ratios
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 18.6 17.7 44.6 18.7 15.8 13.4
P/CEPS 13.4 12.3 21.6 12.7 10.2 8.8
P/BV 4.2 3.8 3.8 3.6 3.2 2.9
Dividend yield (%) 2.5 2.5 1.7 2.5 2.7 3.3
EV/Sales 1.0 0.9 1.5 1.2 1.0 0.9
EV/EBITDA 12.2 10.4 21.6 12.9 10.3 9.0
EV / Total Assets 3.0 2.6 1.7 1.7 1.6 1.5
Per Share Data (Rs)
EPS (Basic) 3.2 3.4 1.3 3.2 3.8 4.5
EPS (fully diluted) 3.2 3.4 1.3 3.2 3.8 4.5
Cash EPS 4.5 4.9 2.8 4.7 5.9 6.8
DPS 1.5 1.5 1.0 1.5 1.6 2.0
Book Value 14.1 16.0 15.9 16.7 18.5 20.4
Dupont Analysis
EBIT margin 7.1 7.9 4.5 11.5 7.8 7.7
Tax retention ratio 0.7 0.7 0.9 0.9 0.8 0.8
Asset turnover (x) 3.7 3.1 1.7 1.8 2.0 2.1
ROIC (Post-tax) 19.2 18.0 7.1 17.3 12.0 12.9
Cost of Debt (Post Tax) 3.1 7.3 10.2 3.6 5.1 4.7
Leverage (x) - - 0.3 0.5 0.5 0.4
Operating ROE 19.2 18.0 6.3 23.5 15.1 16.5
Returns (%)
ROCE (Pre-tax) 20.8 20.9 6.2 15.1 11.7 12.5
Angel ROIC (Pre-tax) 22.9 22.4 6.5 12.8 14.5 16.0
ROE 26.7 23.2 6.8 20.8 13.6 15.1
Turnover ratios (x)
Asset Turnover (Gross Block) 3.1 2.9 1.6 1.3 1.3 1.4
Inventory / Sales (days) 49.2 52.8 76.1 63.8 52.2 52.8
Receivables (days) 23.6 20.7 39.7 30.4 26.1 24.3
Payables (days) 69.8 82.3 113.2 94.5 81.8 83.5
Working capital cycle (ex-
18.1 15.2 32.4 28.8 11.8 10.8
cash) (days)
Solvency ratios (x)
Net debt to equity (0.0) (0.1) 0.5 0.4 0.5 0.4
Net debt to EBITDA (0.0) (0.2) 3.5 1.5 1.9 1.5
Interest Coverage (EBIT /
18.1 8.3 1.7 10.7 5.2 6.4
Interest)

April 30, 2010 8

 Ashok Leyland I 4QFY2010 Result Update

Research Team Tel: 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.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.

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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.

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).

Disclosure of Interest Statement Ashok Leyland

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 Rs 1 lakh for Angel and its Group companies.

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800

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
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM /
CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

April 30, 2010 9