Consolidated Construction Consortium Result Updated

3QFY2012 Result Update | Infrastructure
February 11, 2012
Consolidated Construction Consortium

Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit 3QFY12 446.5 20.5 (3.2) 3QFY11 496.2 48.3 16.7 2QFY12 535.8 7.5 % chg (yoy) (10.0) (57.7) % chg (qoq) (16.7) 171.5 -
REDUCE
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 Infrastructure 344 0.3 57/14 23,935 2 17,749 5,382 CCON.BO CCCL@IN
`19 `17
12 Months
Source: Company, Angel Research
Consolidated Construction Consortium (CCCL) posted a disappointing set of numbers for 3QFY2012, as expected. The company reported a decline in revenue, with continued dismal performance at EBITDAM level, which along with interest cost burden led to loss at the earnings front. We are revising our estimates further downwards for FY2012 to factor in the poor performance on the revenue front during the quarter; however, we are keeping our FY2013 estimates unchanged. We recommend Reduce on the stock. Decline in revenue, continued abysmal EBITDAM performance -> Loss at earnings level (as expected): On the top-line front, the company posted a 10.0% yoy decline to `446.5cr, lower than our estimate of `535.9cr. On the EBITDAM front, CCCL continued its dismal performance and registered a dip of 510bp yoy to 4.6%, which was higher than our estimate of 3.2%. Interest cost came in at `18.3cr a yoy/qoq jump of 45.1%/6.4%, respectively, and in-line with our estimate of `18.6cr. Owing to poor show at the revenue and margin level, along with interest burden, the bottom line posted a loss of `3.2cr in 3QFY2012 vs. profit of `16.7cr in 3QFY2011 and against our estimate of loss of `5.2cr. Outlook and valuation: CCCL has been posting erratic numbers on the EBITDAM front and consequently has been performing poorly on the earnings front as well since the past few quarters. However, in 3QFY2012, the company performed badly on the revenue front as well. Further, slow-moving orders (`1,315cr, 22% of order book) and poor EBITDAM performance expected for another 3-4 quarters would result in subdued performance from CCCL going forward as well. Our target price for CCCL is `17/share based on 7.0x on its FY2013E EPS of `2.4, implying a downside of ~11% from current levels; hence, we recommend Reduce on the stock.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 50.7 21.3 13.9 14.2
Abs. (%) Sensex CCCL
3m 2.2
1yr 1.6
3yr 84.0 (31.1)
(9.5) (64.8)
Key financials (Consolidated)

Y/E March (` cr) Net sales (incl op. income) % chg Adj. net profit % chg FDEPS (`) EBITDA margin (%) P/E (x) RoAE (%) RoACE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x)
FY2010 1,976 7.3 91.6 26.6 5.0 9.1 3.8 16.6 19.3 0.6 0.3 2.9
FY2011 2,199 11.3 46.9 (48.8) 2.5 7.0 7.3 7.7 13.2 0.5 0.3 4.5
FY2012E 2,258 2.7 (28.0) (1.5) 3.3 (4.6) 4.9 0.6 0.4 11.3
FY2013E 2,646 17.2 43.6 2.4 5.9 7.9 7.2 10.7 0.6 0.4 6.0
Shailesh Kanani
022-39357800 Ext: 6829 shailesh.kanani@angelbroking.com
Nitin Arora
022-39357800 Ext: 6842 nitin.arora@angelbroking.com
Please refer to important disclosures at the end of this report
CCCL | 3QFY2012 Result Update
Exhibit 1: Quarterly performance (Standalone)

Y/E March (` cr) Net sales Total expenditure Operating profit OPM (%) Interest Depreciation Non operating income Nonrecurring items Profit before tax Tax Net profit before JV share Share of pfts to JV partner Net profit after JV share PAT (%) Reported EPS
3QFY12 446 426 20 4.6 18 4 3 1 3 (2) 1 (3) (0.7) (0.2)
3QFY11 496 448 48 9.7 13 3 1 34 12 22 6 17 3.4 0.9
2QFY12 536 528 8 1.4 17 4 1 (12) 4 (16) 3 (19) (3.5) (1.0)
% Chg (yoy) (10.0) (4.9) (57.7) (510)bp 45.1 10.6 74.3 (97.2) (76.3) (74) -
% Chg (qoq) (16.7) (19.4) 171.5 320bp 6.4 3.0 71.6 (33.7) 100 -
9MFY12 1,489 1437 53 3.5 51 11 5 (4) 11 (15) 7 (21) (1.4) (1.2)
9MFY11 1,494 1365 129 8.6 35 9 4 2 90 30 59 9 50 3.4 2.7
% Chg (0.3) 5.2 (59.1) (510)bp 44.5 12.9 23.6 (63.8) (29) -
Exhibit 2: 3QFY2012 Actual vs. estimates

(` cr) Net sales EBITDA Interest Tax PAT
Actual 446.5 20.5 18.3 2.8 (3.2)
Estimates 535.9 17.1 18.6 (1.3) (5.2)
Variation (%) (16.7) 19.3 (1.4) (37.6)
Revenue declines on account of marred execution pace

For 3QFY2012, the company posted a 10.0% yoy decline in its top line to `446.5cr, lower than our estimate of `535.9cr. As per management, the main reasons for this decline were 1) vigorous monsoon season affecting sites in southern India and cyclone affecting the sites in coastal areas; 2) couple of jobs were on hold during the quarter; 3) design and build jobs have stage-wise billing, which impacted turnover. Slow-moving orders in the infrastructure segment (`2,577cr) as of 3QFY2012 stand at `1,315cr, thus resulting in 22% of order book (`5,906cr) being slow moving.
February 11, 2012
Projects update
On the Chennai Airport project, CCCL booked revenue of `105cr during the quarter. The company is hopeful of completing the balance project (~`50cr) by April 2012 and is expecting billing for the same by June 2012. On the 5MW solar power plant front, CCCL expects to achieve completion by February 2012 end. However, the Delhi car park project has not begun yet due to approval pending from Delhi Municipal Corporation, which is expected soon.
Exhibit 3: Revenue growth takes a hit

700 600 500 400 300 200 100 0 2.7 30.2 40 33.2 35 30 23.4 25 20 10.0 9.5 15 8.5 8.5 4.5 10 1.1 (0.2) 5 (3.4) 0 (10.0) (5) (10) (15)
Exhibit 4: Decent order inflow for the quarter

2,500 2,000 1,500 1,000 1,541 500 496 321 678 693 443 352 1,706 553 250 1939 1160 319 452 250 200 150 100 50 0 (50) (100)
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
1QFY12
2QFY12
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
Sales (` cr, LHS)
Growth (yoy %, RHS)
Order Booking (` cr, LHS)
Growth (yoy %, RHS)
EBITDAM disappoints again, high interest cost
Earnings in red
On the EBITDAM front, CCCL continued its dismal performance and registered a dip of 510bp yoy to 4.6%, which was higher than our estimate of 3.2%. However, on a sequential basis, the company reported an improvement of 320bp. This improvement was on account of drop in material cost in absolute value during the current quarter as 1) substantial portion of steel and cement was procured on advance payments, which enabled to reduce price of procurement; 2) favorable conditions prevailed for procurement of cement at slightly better prices in view of the fact that cement companies were not operating at full capacity; 3) bulk material prices reduced from their peak due to better availability of materials. However, employee cost increased during the quarter by 2.3% on a yoy basis due to salary revisions, which took effect from July 2011, despite the fact that average employee strength stands reduced by 8.33%. Sales and administration cost during 3QFY2012 increased by 16.9%, owing to revision of sales tax rates in TNVAT coupled with implementation of the point of taxation rules requiring provisioning based on certification as opposed to payments and design fees incurred for some specified jobs. Interest cost came in at `18.3cr, a yoy/qoq jump of 45.1%/6.4%, respectively, and in-line with our estimate of `18.6cr. This was because 1) advance payments to procure steel and cement coupled with delayed payments from debtors resulted in higher borrowing; 2) overall borrowings increased from `518.2cr as of 2QFY2012 to `528.8cr during the current quarter; 3) higher utilization of CC limit and short-term loan facility during the current quarter; and 4) increased interest rate of borrowings. Owing to poor show at the revenue and margin level, along with interest burden, the bottom line posted loss of `3.2cr in 3QFY2012 vs. profit of `16.7cr in 3QFY2011 and against our estimate of loss of `5.2cr.
February 11, 2012
4QFY11
3QFY12
Exhibit 5: Poor show at the EBITDAM level continues

80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 6.8 5.4 3.5 1.4 7.1 7.3 8.9 9.0 11.4 8.3 7.8 4.8 9.7 12.0 10.0 8.0 4.6 6.0 4.0 2.0 -
Exhibit 6: Earnings remain in red

40.0 30.0 20.0 10.0 4.1 3.0 4.3 4.3 5.3 4.7 4.7 3.5 2.8 3.4 6.0 5.0 4.0 3.0 2.0 0.2 0.1 1.0 (0.7) (1.0) (2.0) (3.0) (4.0) PAT (` cr, LHS) PATM (%, RHS)
1QFY12
2QFY12
(3.5)
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
(10.0) (20.0) (30.0)
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
EBITDA (` cr, LHS)
EBITDAM (%, RHS)
3QFY12
Order book analysis

As of 3QFY2012, CCCLs order book stood at `5,906cr (2.7x FY2011 revenue), up 14% yoy, dominated by the infrastructure (43.6%) and commercial (42.9%) segments. The industrial and residential segments accounted for the balance. During the quarter, the company bagged orders worth `453.2cr (majority of which came from the commercial (38%) and infrastructure (40%) segments). The companys order book is spread across price protected (62.4%), fixed price (21.6%) and without material (16.0%) contracts.
Exhibit 7: Segmental order inflow for the quarter (` cr)
Exhibit 8: Order book at 2.7x FY2011 revenue (` cr)
February 11, 2012
4QFY11
3QFY12
Outlook and valuation

We are revising our estimates further downwards for FY2012 to factor in the poor performance on the revenue front during the quarter. We are factoring in `2,258cr (earlier `2,350cr) on the revenue front due to subdued performance in 3QFY2012. EBITDAM has been tweaked to 3.5% for FY2012 from 3.5% earlier. Hence, we are estimating loss of `28cr for the year against our earlier loss estimate of `20cr.
Exhibit 9: Change in estimates

FY2012E Earlier Estimates Revenues EBITDA EBITDAM (%) Interest APAT EPS (`)
FY2013E Variation (%) (3.9) (9.7) (20)bp 40.0 40.0 Earlier Estimates 2,646 156 5.9 80 44 2.4 Revised Estimates 2,646 156 5.9 80 44 2.4 Variation (%) 2,258 74 3.3 73 (28) (1.5)
Revised Estimates
2,350 82 3.5 73 (20) (1.1)
CCCL has been posting erratic numbers on the EBITDAM front and consequently has been performing poorly on the earnings front as well since the past few quarters. However, in 3QFY2012, the company performed badly on the revenue front as well. Further, slow-moving orders (`1,315cr, 22% of order book) and poor EBITDAM performance expected for another 3-4 quarters would result in subdued performance from CCCL going forward as well. Our target price for CCCL is `17/share based on 7.0x on its FY2013E EPS of `2.4, implying a downside of ~11% from current levels; hence, we recommend Reduce on the stock.
Exhibit 10: Key assumptions

FY2008 Order inflow (` cr) Revenue (` cr) Order backlog (Y/E) Order book-to-sales ratio (x)
FY2009 2,512 1,841 3,323 1.8
FY2010 2,166 1,976 3,392 1.7
FY2011 3,537 2,199 4,968 2.3
FY2012E 3,408 2,258 6,117 2.7
FY2013E 3,965 2,646 7,436 2.8
2,138 1,477 2,652 1.8
Exhibit 11: Angel EPS forecast vs. consensus

Angel forecast FY2012E FY2013E
Bloomberg consensus (0.4) 1.8
Variation (%) (76.9) (22.7)
(1.5) 2.4
February 11, 2012
Recommendation rationale
Slow-moving orders: As of 3QFY2012, of its total order book of `5,906cr, CCCL had ~`1,315cr (22% of order book) worth of slow-moving orders in the infrastructure segment, which would keep its revenue growth under check for the next few quarters. EBITDAM to remain under pressure: Since the past few quarters, CCCL has been reporting EBITDAM of 1.4-4.8%, owing to: 1) managements error in estimating commodity prices for fixed price contracts; 2) high labor and procurement costs; 3) low-margin legacy orders; and 4) higher employee and sales and administration cost. Further, as per management, pressure on EBITDAM is expected to remain for the next few quarters, which continues to be an overhang on the stock. Return ratios take a hit: In the past, CCCL has enjoyed superior return ratios, because of which the stock traded at a premium to its peers. Currently, the companys return ratios have taken a hit due its poor performance. Going ahead, we see pressure on return ratios to continue and expect some improvement only in FY2013.
Exhibit 12: Return ratios take a hit

40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 (5.0) (10.0)
RoAE (%) RoACE (%)
35.3
27.8
17.5
19.3 13.2 10.7 4.9 7.7 7.2 FY2012E (4.6) FY2013E
14.9
16.6
FY2008
FY2009
FY2010
FY2011
February 11, 2012
Exhibit 13: Recommendation summary

Company ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. CMP 196 19 27 171 205 57 77 61 53 115 59 142 202 TP Rating FY11 245 Buy 17 Reduce - Neutral 182 Accu. 235 Accu. - Neutral 88 Accu. 77 Buy 58 Accu. - Neutral - Neutral 157 Accu. 233 Buy 1,302 2,199 4,093 2,438 4,049 5,651 Top-line (` cr) FY12E 1,648 2,258 3,915 3,176 5,178 5,598 FY13E CAGR (%) 1,853 2,646 4,633 3,781 6,619 6,458 19.3 9.7 6.4 24.5 27.9 6.9 7.6 17.2 17.4 6.4 1.9 16.2 8.2 15.2 19.2 2.5 1.2 13.6 22.3 5.9 5.5 54.3 5.6 6.4 17.6 (5.4) 8.0 21.5 EPS (`) FY11 FY12E FY13E CAGR (%) 21.7 (1.5) (3.1) 14.2 22.9 3.8 2.7 63.7 4.4 1.4 14.9 1.9 9.3 18.9 25.4 2.4 0.6 13.1 26.0 4.6 4.2 70.9 4.7 3.7 14.8 2.9 9.2 25.9 15.2 (3.6) (25.8) (2.0) 7.8 (11.5) (12.6) 14.2 (8.1) (24.0) (8.3) 7.3 9.8 10.2 7.3 23.1 12.6 9.2 9.6 14.0 24.9 11.0 8.3 6.5 17.8 9.4 Adj. P/E 9.1 12.1 8.9 15.0 28.0 21.2 13.9 38.5 7.7 31.0 15.3 10.7 7.7 7.9 42.0 13.1 7.9 12.2 18.3 19.1 13.1 14.4 7.8 20.2 15.5 7.8 OB/ 4.2 2.7 4.0 5.2 4.5 3.3 3.8 4.3 2.7 3.3 2.7 3.1 FY11 FY12E FY13E Sales(x)
13,832 13,763 16,017 43,905 53,779 60,258 1,816 5,074 3,476 7,850 2,209 4,889 1,952 4,946 3,573 2,602 5,562 2,503 5,749 3,609 2,585 6,485
1,350 1,608 Buy
9,585 10,592
Source: Company, Angel Research;
Exhibit 14: SOTP breakup Across players

Company ` ABL CCCL HCC IRB Infra ITNL IVRCL JP Assoc. L&T Madhucon NCC Patel Engg Punj Lloyd Sadbhav Simplex In. 104 17 4 116 59 37 31 1,276 23 29 55 47 83 233 Core Const. % to TP 42 100 12 64 25 66 35 79 30 51 51 100 53 100 ` 12 24 2 2 17 Real Estate % to TP 37 27 3 3 16 Road BOT ` 141 16 61 152 52 8 16 75 % to TP 58 51 34 65 68 14 15 47 Invst. In Subsidiaries ` 4 19 332 % to TP 2 34 21 18 19 25 33 ` Others % to TP 10 37 32 18 Total ` 245 17 32 182 235 56 88 1,608 77 58 106 47 157 233
February 11, 2012
Profit & loss statement (Consolidated)

Y/E March (` cr) Net sales Other operating income Total operating income % 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 Inc (incl pft frm As/JV) (% of PBT) Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Less: Share of JV Partn profit Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) (Reported) Fully Diluted EPS (`) % chg 115 89 87.2 6.0 6.2 4.8 87.2 72 72 (18.9) 3.9 3.9 3.9 (18.9) 92 92 26.6 4.6 5.0 5.0 26.6 FY2008 1,477 1,477 70.1 1,308 959 217 71 61 169 126.8 11.5 6 164 130.6 11.1 12 8 4.9 160 149.5 160 45 28.3 115 FY2009 FY2010 FY2011 FY2012E FY2013E 1,841 1,841 24.6 1,712 1,439 47 106 120 128 (24.1) 7.0 9 120 (27.0) 6.5 18 9 8.5 111 (31.0) 111 38 34.5 72 1,976 1,976 7.3 1,797 1,545 114 138 179 39.5 9.1 11 168 40.7 8.5 33 6 4.5 142 28.5 142 50 35.5 92 2,199 2,199 11.3 2,046 1,744 143 158 153 (14.6) 7.0 14 139 (17.3) 6.3 49 5 5.5 95 (33.2) 95 36 37.7 59 12.2 47 47 (48.8) 2.1 2.5 2.5 (48.8) 2,258 2,258 2.7 2,183 1,763 122 135 163 74 (51.4) 3.3 16 58 (58.3) 2.6 73 6 (76.3) (8) (108.9) (8) 10 (118.0) (18) 9.5 (28) (28) (1.2) (1.5) (1.5) 2,646 2,646 17.2 2,490 2,011 124 164 191 156 109.7 5.9 18 138 137.3 5.2 80 7 10.5 65 (861.9) 65 21 32.4 44 44 44 1.6 2.4 2.4 -
February 11, 2012
Balance sheet (Consolidated)

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 Investments Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 94 13 81 2 99 865 633 13 88 132 452 413 14 609 161 22 138 6 57 1,089 807 9 130 144 546 544 12 758 190 33 157 15 9 1,358 1,020 12 170 156 554 805 1 988 220 47 173 36 3 1,514 1,204 8 85 217 605 909 1,121 250 63 186 36 33 1,597 1,237 8 86 267 621 976 1,232 280 81 198 36 43 1,801 1,449 9 77 266 728 1,074 1,351 37 417 454 125 30 609 37 479 516 198 44 758 37 552 589 339 60 988 37 591 628 431 61 1,121 37 552 588 582 61 1,232 37 583 620 670 61 1,351 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E
February 11, 2012
Cash flow statement (Consolidated)

Y/E March (` cr) Profit before tax (excluding MI) 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 FY2008 FY2009 FY2010 160 6 159 8 32 (34) (37) (99) 8 (128) 189 10 11 (28) 160 (1) 89 88 111 9 89 9 24 (2) (71) 42 9 (19) 72 9 0 63 42 88 130 142 11 221 6 38 (112) (38) 47 6 16 141 11 6 136 40 130 170 FY2011 FY2012E FY2013E 83 14 189 5 36 (133) (51) 6 5 (39) 93 11 6 88 (85) 170 85 (18) 16 67 6 10 (85) (30) (30) 6 (54) 151 12 139 1 85 86 65 18 106 7 21 (51) (30) (10) 7 (33) 87 12 75 (9) 86 77
February 11, 2012
10
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 (%) ROACE (Pre-tax) Angel ROIC (Pre-tax) ROAE 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 0.1 0.2 14.2 0.1 0.5 6.5 0.3 0.9 5.2 0.6 2.3 2.8 0.8 6.7 0.8 1.0 3.8 1.7 19.2 120 2 77 62 14.4 143 2 93 73 11.3 169 2 100 97 10.7 185 2 94 121 9.6 197 1 97 139 10.0 185 1 91 130 35.3 43.6 27.8 17.5 20.8 14.9 19.3 23.3 16.6 13.2 15.0 7.7 4.9 5.3 (4.6) 10.7 11.4 7.2 11.1 0.7 3.9 31.3 6.9 0.1 33.7 6.5 0.7 3.2 13.6 7.5 0.1 14.3 8.5 0.6 2.7 15.0 7.8 0.2 16.5 6.3 0.6 2.4 9.4 8.0 0.4 9.9 2.6 2.2 2.1 11.6 31.4 0.7 (2.1) 5.2 0.7 2.2 7.7 8.6 0.9 6.8 6.2 4.8 5.1 0.5 24.6 3.9 3.9 4.4 0.5 27.9 5.0 5.0 5.6 0.5 31.9 2.5 2.5 3.3 0.5 34.0 (1.5) (1.5) (0.6) 0.6 31.8 2.4 2.4 3.4 0.6 33.6 3.9 3.6 0.8 2.7 0.3 2.3 0.6 4.8 4.2 0.7 2.7 0.2 3.2 0.5 3.8 3.3 0.6 2.7 0.3 2.9 0.5 7.3 5.6 0.5 2.7 0.3 4.5 0.6 0.6 3.0 0.4 11.3 0.7 7.9 5.5 0.6 3.0 0.4 6.0 0.7 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E
February 11, 2012
11
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
CCCL 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%)
February 11, 2012
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Consolidated Construction Consortium Result Updated

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3QFY2012 Result Update | Infrastructure

February 11, 2012