2QFY2015 Result Update | Agrichemical
October 22, 2014
United Phosphorus
BUY
Performance Highlights
CMP
Target Price
Y/E March (` cr)
Investment Period
12 Months
2QFY2015
1QFY2015
% chg (qoq)
2QFY2014
2,618
2720
(3.8)
2269
15.4
62
52
18.1
91
(32.2)
1323
1401
(5.5)
1106
19.6
Sector
Operating profit
436
486
(10.3)
363
20.1
Adj. net profit
Market Cap (` cr)
14,005
178
263
(32.2)
170
4.5
Net Debt (` cr)
1,113
Net sales
Other income
Gross profit
% chg (yoy)
`327
`424
Source: Company, Angel Research
Stock Info
Agrichemical
Beta
United Phosphorus Ltd (UPL) posted a good set of numbers for 2QFY2015. For the
quarter, the company posted sales of `2,618cr V/s `2,269cr in 2QFY2014,
registering a yoy growth of 15.4%. The OPM for the quarter stood at 16.7% V/s
16.0% in 2QFY2014, mainly driven by a higher GPM of 50.5% (V/s 48.7% in
2QFY2014). The expansion in the OPM was lower than the expansion in the GPM
owing to the 24.4% rise in other expenditure. This along with a lower other income,
which dipped by 32.2% yoy, led the Adj. net profit to come in at `178cr V/s `171cr
in 2QFY2014, ie a yoy growth of 4.5%. We maintain our Buy recommendation on
the stock with a target price of `424.
Robust numbers: UPL posted a good set of numbers for 2QFY2015. For the
quarter, the company posted sales of `2,618cr V/s `2,269cr in 2QFY2014,
registering a yoy growth of 15.4%. The OPM for the quarter stood at 16.7% V/s
16.0% in 2QFY2014, mainly driven by a higher GPM of 50.5% (V/s 48.7% in
2QFY2014). The expansion in the OPM was lower than the expansion in the GPM
owing to the 24.4% rise in other expenditure. This along with a lower other income,
which dipped by 32.2% yoy, led the Adj. net profit to come in at `178cr V/s `171cr
in 2QFY2014, ie a yoy growth of 4.5%. The reported net profit during the quarter
came in at `166cr V/s `155cr in 2QFY2014, a yoy growth of 7.4%.
0.9
52 Week High / Low
388/149
Avg. Daily Volume
247876
Face Value (`)
2
BSE Sensex
26,576
Nifty
7,928
Reuters Code
UNPO.BO
Bloomberg Code
UNTP@IN
Shareholding Pattern (%)
Promoters
29.8
MF / Banks / Indian Fls
14.7
FII / NRIs / OCBs
48.0
Indian Public / Others
7.5
Abs. (%)
3m
1yr
3yr
Sensex
3.3
27.2
58.3
UPL
0.6 107.6
128.2
Outlook and valuation: We expect UPL to post a CAGR of 13.5% and 23.2% in its
sales and PAT respectively, over FY2014-16. At the current valuation of 9.2x
FY2016E EPS, the stock is attractively valued. Hence, we maintain our Buy
recommendation on the stock with a target price of `424.
Key financials (Consolidated)
Y/E March (` cr)
Total revenue
% chg
Adj. profit
FY2013
FY2014
FY2015E
FY2016E
9,010
10,580
11,850
13,627
19.6
17.4
12.0
15.0
754
998
1,282
1,515
% chg
34.3
32.4
28.5
18.1
EBITDA (%)
16.0
17.3
17.3
17.3
EPS (`)
17.0
23.3
29.9
35.3
P/E (x)
19.2
14.0
10.9
9.2
3.1
2.7
2.2
1.8
P/BV (x)
RoE (%)
17.1
20.2
22.2
21.7
RoCE (%)
14.4
17.7
19.6
20.1
EV/Sales (x)
0.9
0.8
0.7
0.5
EV/EBITDA (x)
5.9
4.4
3.9
3.0
Source: Company, Angel Research; Note: CMP as of October 21, 2014
Please refer to important disclosures at the end of this report
Sarabjit Kour Nangra
+91-22-3935 7800 ext. 6806
[email protected]
1
United Phosphorus | 2QFY2015 Result Update
Exhibit 1: 2QFY2015 Performance (Consolidated)
Y/E March (` cr)
Net sales
Other income
2QFY2015
1QFY2015
% chg (qoq)
2QFY2014
% chg (yoy)
1HFY2015
1HFY2014
% chg
2,618
2,720
(3.8)
2,269
15.4
5,338
4,679
14.1
62
52
18.1
91
(32.2)
114
163
(30.1)
Total income
2,679
2,773
(3.4)
2,360
13.5
5,452
4,842
12.6
Gross profit
1323
1401
(5.5)
1106
19.6
2723
2290
18.9
Gross margin (%)
50.5
51.5
51.0
48.9
Operating profit
436
486
922
775
Operating margin (%)
16.7
17.9
Financial cost
140
116
Depreciation
109
103
PBT
248
319
Provision for taxation
48.7
(10.3)
363
20.1
16.0
19.0
17.3
16.6
121
15.9
257
257
5.6
97
12.5
213
183
16.1
(22.1)
236
5.2
567
498
13.8
20.6
46
88
(47.7)
58
(20.4)
134
126
6.7
PAT Before Exc. And MI
202
231
(12.3)
178
13.6
432
372
16.2
Minority Income/ ( Exp.)
29
(12)
12
17
7
Income from Associate/ (Exp)
10
10
9
20
9
Extra ordinary Income/( Exp.)
17
(36)
Reported PAT
166
289
(42.5)
155
20
7.4
Adjusted PAT
178
263
(32.2)
170
4.5
EPS (`)
4.2
6.1
3.9
(19)
20
455
367
23.8
439
353
24.4
10.2
8.0
Source: Company, Angel Research
Double digit top-line growth; mainly driven by ROW, Europe and
Latin America
For the quarter, the company posted sales of `2,618cr V/s `2,269cr in
2QFY2014, registering a yoy growth of 15.4%.
The growth was aided by volume growth of 15% and price appreciation of 2%. The
company suffered on back of a 2% decline in the exchange rate.
In terms of geographies, RoW posted a robust growth during the quarter, posting a
29.0% yoy growth. Europe, on the other hand grew by 27.0% yoy, while Latin
America grew by 20.0% yoy. The geographies which posted moderate growth or
de-growth were India and the US. India grew by only 8.0% yoy, while the US degrew by 11% yoy. In India, after initial low market sentiments due to drought
expectations, a few sprays were lost and the market grew marginally over last year.
The US market de-grew due to softening of commodity prices, leading to reduced
input intensification. The company expects 2HFY2015 to be good on back of new
product introductions.
October 22, 2014
2
United Phosphorus | 2QFY2015 Result Update
Exhibit 2: Sales Break-up (Marketwise)
100%
795
80%
1,019
1,250
1,287
1,369
900
60%
498
326
316
40%
638
484
387
518
502
381
20%
944
797
686
532
342
0%
2QFY2014
3QFY2014
4QFY2014
North America
India
1QFY2015
EU
2QFY2015
RoW
Source: Company
Exhibit 3: Sales performance
3,000
2,400
20
3,296
3,300
2,700
Exhibit 4: Growth break-up
2,720
2,605
2,618
2,269
10
2,100
1,800
(%)
(` cr)
15
15
1,500
5
1,200
900
2
0
600
300
(2)
(5)
2QFY2014
3QFY2014
4QFY2014
1QFY2015
Exchange impact
2QFY2015
Source: Company, Angel Research
Realisation
Volume
Source: Company, Angel Research
Exhibit 5: Volume and realisation break-up (yoy)
40
35
30
(%)
25
20
15
15
12
10
10
5
1
5
2
6
6
3
2
0
2QFY2014
3QFY2014
Realisation
4QFY2014
1QFY2015
2QFY2015
Volume
Source: Company, Angel Research
October 22, 2014
3
United Phosphorus | 2QFY2015 Result Update
EBITDA margin improves yoy
The company posted an OPM of 16.7% V/s 16.0% in 2QFY2014, mainly driven by
a GPM of 50.5% (V/s 48.7% in 2QFY2014). The expansion in the OPM was lower
than the expansion in the GPM on back of a 24.4% rise in other expenditure.
Exhibit 6: EBITDA margin trend
20.0
19.0
19.1
(%)
18.0
17.9
17.0
16.7
16.0
16.0
16.2
15.0
2QFY2014
3QFY2014
4QFY2014
1QFY2015
2QFY2015
Source: Company, Angel Research
Adj net profit grew 4.5% yoy
Other income during the period dipped by 32.2% yoy. The Adj. net profit
came in at `178cr V/s `171cr in 2QFY2014, a yoy growth of 4.5%. The
reported net profit during the quarter came in at `166cr V/s `155cr in
2QFY2014, a yoy growth of 7.4%.
Exhibit 7: Adjusted PAT trend
450
50
401
400
45
40
350
255
35
263
30
250
200
178
170
150
25
(%)
(` cr)
300
20
15
100
10
50
5
0
0
2QFY2014
3QFY2014
4QFY2014
Adj PAT
1QFY2015
2QFY2015
% YoY
Source: Company, Angel Research
October 22, 2014
4
United Phosphorus | 2QFY2015 Result Update
Invvestment arguments
Innovators dominant in the off-patent space; Generic firms in
a sweet spot
The global agrichem industry, valued at US$40bn (CY2008), is dominated by the
top six innovators, viz Bayer, Syngenta, Monsanto, BASF, DuPont and Dow, which
enjoy a large market share of the patented (28%) and off-patent (32%) market.
The top six innovators enjoy a large share of the off-patent market due to high
entry barriers for pure generic players. Thus, one-third of the total pie worth
US$13bn, which is controlled by the top six innovators through proprietary offpatent products, provides a high-growth opportunity for larger integrated generic
players such as UPL.
Generic segment’s market share to increase
Generic players have been garnering a high market share, increasing from 32%
levels in 1998 to 40% by 2006-end. The industry registered a CAGR of 3% over
1998-2006, while generic players outpaced the industry with a CAGR of 6%.
Going ahead, given the opportunities and a drop in the rate of new molecule
introduction by innovators, we expect generic players to continue to outpace the
industry’s growth and increase their market share in the overall pie. Historically,
global agrichem players have been logging in-line growth with global GDP. Going
ahead, over CY2013-14, the global economy is expected to grow by 3-4%.
Assuming this trend plays out in terms of growth for the agrichem industry and the
same rate of genericisation occurs, the agrichemical generic industry could log in
6-8% yoy growth during the period and garner a market share of 44-45%.
A global generic play
UPL figures among the top five global generic agrichemical players with presence
across major markets including the US, EU, Latin America and India. Given the
high entry barriers by way of high investments, entry of new players is restricted.
Thus, amidst this scenario and on account of having a low-cost base,
we believe UPL enjoys an edge over competition and is placed in a sweet spot to
leverage the upcoming opportunities in the global generic space.
October 22, 2014
5
United Phosphorus | 2QFY2015 Result Update
Outlook and valuation
Over the last few years, the global agriculture sector has been
rejuvenating/reviving on the back of rising food prices. Food security is also a top
priority for most governments; reducing food loss is one of the easiest ways to
boost food inventory. Hence, we believe agrichemical companies would continue
to do well in the wake of heightened food security risks, and strong demand is
likely to be witnessed across the world. Overall, we expect the global agrichemical
industry to perform well from here on. However, generics are expected to register
a healthy growth due to a) increasing penetration and wresting market share from
innovators and b) patent expiries worth US$3bn–4bn during 2009-14.
We estimate UPL to post a 13.5% and 23.2% CAGR in sales and PAT, respectively,
over FY2014-16. The stock is trading at an attractive valuation of 9.2x FY2016E
EPS. Hence, we maintain our Buy recommendation on the stock with a target price
of `424.
Exhibit 8: Key assumption
FY2015E
FY2016E
Sales growth
12.0
15.0
EBITDA margin
17.3
17.3
Tax rate
20.0
20.0
Source: Company, Angel Research
Exhibit 9: P/E band
450
400
350
(`)
300
250
200
150
100
50
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
0
Price
6x
8x
10x
12x
14x
Source: Company, Angel Research
Exhibit 10: Peer valuation
Company
Rallis
Reco
Neutral
United Phosphorus Buy
Mcap CMP
TP
(` cr)
(`)
(`)
4,376
225
-
14,004
327 424
Upside
P/E (x)
EV/Sales (x)
EV/EBITDA (x)
RoE (%)
CAGR (%)
(%) FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E Sales
PAT
-
24.9
21.4
1.8
1.5
12.8
10.7
22.6
22.3
16.4 15.9
29.7
10.9
9.2
0.7
0.5
3.9
3.0
22.2
21.7
13.5 23.2
Source: Company, Angel Research, Bloomberg
October 22, 2014
6
United Phosphorus | 2QFY2015 Result Update
Company background
United Phosphorus (UPL) is a global generic crop protection, chemicals and seeds
company. The company is fully backward and forward integrated by taking
advantage of the consolidation opportunities within the agrochemical industry. UPL
is the largest Indian agrochemical company and had revenue of about `10,580cr
for year ended March 2014.
Profit & Loss Statement (Consolidated)
Y/E March (` cr)
Net Sales
5,650
7,534
111
137
5,761
7,671
8.9
33.2
19.9
17.1
Total Expenditure
4,708
6,328
7,568
Net Raw Materials
Other operating income
Total operating income
% chg
9,010 10,580
FY2016E
11,850
13,627
191
191
191
9,195 10,771
12,040
13,818
11.8
14.8
8,751
9,796
11,265
184
2,902
4,058
4,687
5,441
6,094
7,008
Other Mfg costs
514
590
741
828
1,138
1,308
Personnel
515
686
853
946
1,060
1,219
Other
778
994
1,287
1,535
1,505
1,731
EBITDA
942
1,206
1,442
1,829
2,053
2,361
% chg
17.1
28.1
19.6
26.8
12.3
15.0
(% of Net Sales)
16.7
16.0
16.0
17.3
17.3
17.3
Depreciation& Amortisation
214
292
354
407
433
454
EBIT
839
1,051
1,273
1,613
1,811
2,098
% chg
42.3
25.3
21.1
26.7
12.3
15.8
(% of Net Sales)
14.6
13.7
13.8
15.0
15.0
15.2
Interest & other Charges
312
415
429
487
373
373
Other Income
131
97
73
131
131
131
20
13
8
10
8
7
658
734
917
1,257
1,569
1,856
7.2
11.4
25.0
37.1
24.8
18.3
6
(5)
27
85
-
-
664
729
944
1,172
1,569
1,856
73
128
203
222
314
371
(% of PBT)
11.0
17.6
21.5
18.9
20.0
20.0
PAT (reported)
591
601
741
950
1,255
1,485
Add: Share of earnings of asso.
(23)
(40)
32
30
34
38
10
5
(2)
7
7
7
-
-
-
24
-
1
PAT after MI (reported)
558
556
775
950
1,282
1,515
ADJ. PAT
552
561
754
998
1,282
1,515
1.7
1.6
34.3
32.4
28.5
18.1
(% of PBT)
Recurring PBT
% chg
Extraordinary Expense/(Inc.)
PBT (reported)
Tax
Less: Minority interest (MI)
Prior period items
% chg
(% of Net Sales)
October 22, 2014
FY2011 FY2012 FY2013 FY2014 FY2015E
9.8
7.5
8.4
9.4
10.8
11.1
Basic EPS (`)
12.0
12.2
17.0
23.3
29.9
35.3
Fully Diluted EPS (`)
12.0
12.2
17.0
23.3
29.9
35.3
% chg
(3.2)
1.6
40.1
36.7
28.5
18.1
7
United Phosphorus | 2QFY2015 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2011
FY2012 FY2013
FY2014
FY2015E
FY2016E
SOURCES OF FUNDS
Equity Share Capital
92
92
89
86
86
86
Preference Capital
-
-
-
-
-
-
Reserves& Surplus
3,634
4,081
4,557
5,162
6,243
7,557
Shareholders’ Funds
3,726
4,173
4,645
5,247
6,329
7,643
18
250
234
172
179
186
Minority Interest
Total Loans
2,679
3,389
4,203
2,873
2,873
2,873
Other Long term liabilities
42
301
395
311
311
311
Long Term Provisions
31
51
51
53
53
53
Deferred Tax Liability
(8)
(6)
(13)
57
57
57
6,488
8,158
9,516
8,714
9,802
11,123
Gross Block
3,947
4,687
5,386
6,039
6,339
6,639
Less: Acc. Depreciation
2,174
2,605
3,173
3,580
4,014
4,468
Net Block
1,773
2,082
2,213
2,459
2,325
2,171
57
306
378
378
378
378
548
1,141
1,277
1,212
1,212
1,212
Total Liabilities
APPLICATION OF FUNDS
Capital Work-in-Progress
Goodwill / Intangilbles
Investments
823
795
1,025
737
737
737
Long Term Loan & Adv.
220
321
277
389
365
419
Current Assets
4,777
5,625
7,154
7,572
8,477
10,451
Cash
700
1,566
1,548
1,023
1,105
1,973
Loans & Advances
326
602
852
771
1,120
1,288
Other
3,751
3,458
4,754
5,779
6,252
7,189
Current liabilities
1,709
2,111
2,807
4,033
3,692
4,246
Net Current Assets
3,068
3,514
4,346
3,539
4,785
6,205
-
-
-
-
-
-
6,488
8,158
9,516
8,714
9,802
11,123
Others
Total Assets
October 22, 2014
8
United Phosphorus | 2QFY2015 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
Profit before tax
Depreciation
Change in Working Capital
Less: Other income
Direct taxes paid
664
729
944
1,172
1,569
1,856
214
292
354
407
433
454
(1,251)
318
(806)
171
(1,140)
(607)
-
-
-
-
-
-
(73)
(128)
(203)
(222)
(314)
(371)
Cash Flow from Operations
(446)
1,211
288
1,528
549
1,332
(Inc.)/ Dec. in Fixed Assets
(753)
(989)
(771)
(653)
(300)
(300)
(Inc.)/ Dec. in Investments
(62)
29
(231)
-
-
-
-
-
-
-
-
-
Inc./ (Dec.) in loans and adv.
Other income
Cash Flow from Investing
Issue of Equity
-
-
-
-
-
-
(815)
(961)
(1,002)
(653)
(300)
(300)
312
-
-
(3)
-
-
Inc./(Dec.) in loans
(333)
(989)
(908)
1,413
(0)
(0)
Dividend Paid (Incl. Tax)
(108)
(134)
(129)
(201)
(201)
(201)
Others
(455)
1,738
1,733
(2,612)
34
36
Cash Flow from Financing
(583)
615
696
(1,403)
(167)
(164)
Inc./(Dec.) in Cash
Opening Cash balances
Closing Cash balances
October 22, 2014
FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
(878)
866
(18)
(525)
82
868
1,578
700
1,566
1,548
1,023
1,105
700
1,566
1,548
1,023
1,105
1,973
9
United Phosphorus | 2QFY2015 Result Update
Key Ratios
Y/E March
FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
Valuation Ratio (x)
P/E (on FDEPS)
27.1
26.7
19.0
13.9
10.8
9.2
P/CEPS
19.5
17.5
13.0
9.9
8.1
7.1
P/BV
4.0
3.6
3.1
2.6
2.2
1.8
Dividend yield (%)
0.6
0.8
0.8
0.8
0.8
0.8
EV/Sales
1.4
1.1
0.9
0.8
0.7
0.5
EV/EBITDA
8.6
6.6
5.9
4.4
3.9
3.0
EV / Total Assets
1.2
1.0
0.9
0.9
0.8
0.6
EPS (Basic)
12.0
12.2
17.0
23.3
29.9
35.3
EPS (fully diluted)
12.0
12.2
17.0
23.3
29.9
35.3
Cash EPS
16.6
18.5
25.0
32.8
40.0
45.9
2.0
2.5
2.5
2.5
2.5
2.5
80.7
90.4
105.0
122.4
147.7
178.3
EBIT margin
14.6
13.7
13.8
15.0
15.0
15.2
Tax retention ratio
89.0
82.4
78.5
81.1
80.0
80.0
Asset turnover (x)
1.4
1.4
1.4
1.5
1.6
1.7
ROIC (Post-tax)
18.2
15.8
15.4
18.5
19.1
20.2
Cost of Debt (Post Tax)
10.9
11.3
8.9
11.2
10.4
10.4
0.4
0.5
0.5
0.5
0.3
0.2
21.1
18.0
18.6
21.9
21.9
22.2
ROCE (Pre-tax)
14.1
14.4
14.4
17.7
19.6
20.1
Angel ROIC (Pre-tax)
20.8
19.5
20.0
23.2
24.3
25.6
ROE
16.4
14.2
17.1
20.2
22.2
21.7
Asset Turnover (Gross Block)
1.6
1.8
1.8
1.9
1.9
2.1
Inventory / Sales (days)
76
78
78
83
85
84
Per Share Data (`)
DPS
Book Value
DuPont Analysis
Leverage (x)
Operating ROE
Returns (%)
Turnover ratios (x)
Receivables (days)
87
93
102
83
85
84
Payables (days)
102
102
108
69
71
70
WCcycle (ex-cash) (days)
118
105
96
92
95
106
Net debt to equity
0.3
0.5
0.4
0.6
0.4
0.3
Net debt to EBITDA
1.0
2.1
1.5
1.8
1.0
0.9
Interest Coverage (EBIT / Int.)
2.7
2.5
3.0
3.3
4.8
5.6
Solvency ratios (x)
October 22, 2014
10
United Phosphorus | 2QFY2015 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
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 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 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. 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 Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
UPL
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
No
No
No
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
October 22, 2014
Buy (> 15%)
Reduce (-5% to -15%)
Accumulate (5% to 15%)
Sell (< -15%)
Neutral (-5 to 5%)
11