ABB 1Q CY 2013

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

Quarterly Highlights(` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq)Revenue 1,970 1,790 10.0 2,082 (5.4)EBITDA (excl other op. inc) 90 80 12.0 37 142.5

EBITDA margin (%) 4.6 4.5 8 1.8 280

Reported PAT 43 48 (10.7) 17 153.8Source: Company, Angel Research

For 1QCY2013, ABB India (ABB)s top-line performance was better than our

expectations, growing by 10% yoy to `1,970cr, mainly on account of 32% yoy

growth in power system segment to `752cr. Order intake during the quarter

declined by 7.9% yoy to`1,531cr due to lower intake of large orders (order>75cr

is classified as large order). However, double digit growth in short cycle orders

limited downside in order intake. The companys order backlog stands at

`8,229cr at the end of 1QCY2013, down 7.9% yoy, implying order book

coverage of 1.1x (trailing 4 quarter revenues).

EBITDA improves yoy, however, higher interest drags down PAT:ABB posted 12% yoy growth in EBITDA to `90cr on back of increased focus to

improve operational efficiencies through cost control and supply chain

optimizations. However, elevated interest cost (`20cr in 1QCY2013 vs `5crin 1QCY2012) due to higher working capital borrowings, dragged ABB's

bottom-line by 10.7% yoy to `43cr. Forex loss for the quarter stood at `21cr

(vs`33cr corresponding quarter last year).

Outlook and valuation: ABB continues to witness a decline in order inflow andorder backlog due to slowdown in investment cycle. Although the company has

taken steps like improving efficiency through supply chain initiatives and exit from

rural electrification projects, its margin continues to remain under pressure.

Currently, the stock is trading at 31x CY2014 EPS estimates. We believe the stock

remains overvalued. Hence, we recommend Reduce on the stock with a targetprice of `461.Key financialsY/E December (` cr) CY2011 CY2012E CY2013E CY2014ENet sales 7,449 7,565 8,073 9,052% chg 18.5 1.6 6.7 12.1

Net profit 185 137 244 359% chg 191.8 (25.5) 77.7 47.1

EBITDA (%) 4.5 4.4 5.5 6.9

EPS (`) 8.7 6.5 11.5 16.9P/E (x) 60.4 81.1 45.7 31.0

P/BV (x) 4.4 4.3 4.2 4.0

RoE (%) 7.5 5.4 9.3 13.1RoCE (%) 10.4 9.5 12.9 18.6

EV/Sales (x) 1.5 1.5 1.3 1.2

EV/EBITDA (x) 32.2 32.8 24.5 16.9

Source: Company, Angel Research

REDUCECMP `527

Target Price `461

Investment Period 12 Months

Stock Info

Sector

Net Debt (` cr) (119)

Bloomberg Code Abb@IN

Shareholding Pattern (%)

Promoters 75.0

MF / Banks / Indian Fls 12.4

FII / NRIs / OCBs 3.8

Indian Public / Others 8.8

Abs. (%) 3m 1yr 3yr

Sensex 2.6 21.9 15.9

ABB (19.4) (29.4) (24.7)

Reuters Code Abb.BO

BSE Sensex 20,083

Nifty 6,095

Avg. Daily Volume 8,518

Face Value (`) 2

Beta 0.8

52 Week High / Low 830/469

Capital Goods

Market Cap (` cr) 11,171

Amit Patil022-39357800 Ext: 6839

[email protected]

ABB IndiaPerformance Highlights

1QCY2013 Result Update | Capital Goods

May 10, 2013

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ABB India | 1QCY2013 Result Update

May 10, 2013 2

Exhibit 1:Quarterly performance

1QCY2013 1QCY2012 % yoy 4QCY2012 % qoq CY12 CY11 % yoyNet Sales 1,953 1,773 10.2 2,053 (4.8) 7,470 7,370 1.4

Other operating income 17 17 30 95 79Total income 1,970 1,790 10.0 2,082 (5.4) 7,565 7,449 1.6Stock adjustments (27) (8) 42 (1) (85)

Raw Material 1451 1282 13.2 1507 (3.7) 5,429 5,563 (2.4)

(% of total income) 72.3 71.2 74.4 71.7 73.5

Employee Cost 169 149 13.7 146 16.1 620 587 5.6

(% of total income) 8.6 8.3 7.0 8.2 7.9

Other Expenses 270 267 1.3 321 (15.9) 1,181 1,022 15.6

(% of total income) 13.7 14.9 15.4 21.8 18.4

Total Expenditure 1,863 1,693 10.1 2,016 (7.6) 7,229 7,087 2.0EBITDA (excl. other op. income) 90 80 12.0 37 142.5 242 283 (14.7)(EBITDA %) 4.6 4.5 1.8 3.2 3.8

Interest 20 5 265.7 18 6.9 43 31 40.9

Depreciation 25 22 10.2 25 0.1 94 80 18.3

Other Income 1 2 3 7 16

PBT 64 72 (11.3) 26 141.2 206 268 (23.1)PBT (%) 3.2 5.5 1.3 2.7 3.6

Total Tax 21 24 (12.5) 10 119.2 69 83 (17.3)

(% of PBT) 33.0 33.5 36.4 33.4 31.1

Reported PAT 43 48 (10.7) 17 153.8 137 185 (25.7)PAT Margins(%) 0.0 2.7 0.8 1.8 2.5 -EPS (`) 2.0 2.2 (10.7) 0.8 153.8 6.5 8.7 (25.5)


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May 10, 2013 3

Top-line grows 10% yoy:For 1QCY2013, ABB India (ABB)s top-line performancewas better than our expectations, growing by 10% yoy to `1,970cr, mainly on

account of 32% yoy growth in power system segment to `752cr. However, among

other segments, only discrete automation segment reported a 6.8% yoy growthwith all other segments reporting decline in revenues.

Exhibit 2:Top-line trend


Exhibit 3:Segment-wise performance

Y/E Dec. (` cr) 1QCY13 1QCY12 %chg (yoy) 4QCY12 %chg (qoq) CY12 CY11 %chg (yoy)RevenuePower Systems 752 569 32.2 599 25.5 2,242 2,358 (4.9)

Power Products 442 458 (3.5) 584 (24.3) 2,085 2,001 4.2

Process Automation 280 304 (7.8) 410 (31.6) 1,357 1,327 2.2

Discrete Automation 442 414 6.8 493 (10.4) 1,775 1,800 (1.4)

Low Voltage Products 141 145 (2.3) 168 (16.0) 617 541 14.1

Total 2,058 1,889 8.9 2,255 (8.7) 8,077 8,027 0.6EBITPower Systems 30 28 6.0 (63) (147.5) (15) (1) 1,663.5

Power Products 22 11 105.2 55 (59.9) 138 100 38.7

Process Automation 18 8 114.8 (1) (2,180.2) (15) 38 (140.4)

Discrete Automation 33 43 (23.2) 65 (48.5) 196 207 (5.3)Low Voltage Products 5 8 (33.8) 11 (52.7) 40 34 16

Total 108 99 9.9 67 61.6 344 377 (8.9)EBIT Margin (%)Power Systems 36.5 30.1 26.6 27.8 29.4

Power Products 21.5 24.2 25.9 25.8 24.9

Process Automation 13.6 16.1 18.2 16.8 16.5

Discrete Automation 21.5 21.9 21.9 22.0 22.4

Low Voltage Products 6.9 7.7 7.5 7.6 6.7


1

,793

1

,713

1

,744

2

,200

1,7

90

1,8

84

1,8

09

2,0

82

1,9

70

21.517.0

29.2

6.2

(0.2)

10.0

3.7

(5.3) 10.0

(10.0)

0.0

10.0

20.0

30.0

40.0

0

500

1,000

1,500

2,000

2,500

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

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

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May 10, 2013 4

Exhibit 4:Power Systems: Revenue and growth


Exhibit 5:Power Products: Revenue and growth


Exhibit 6:Process Automation: Revenue and growth


Exhibit 7:Discrete Automation: Revenue and growth


EBITDA improves yoy, however, higher interest drags down PAT:

ABB posted 12% yoy growth in EBITDA to `90cr on back of increased focus to

improve operational efficiencies through cost control and supply chain

optimizations. However, elevated interest cost (`20cr in 1QCY2013 vs `5cr in

1QCY2012) due to higher working capital borrowings, dragged ABB's bottom-line

by 10.7% yoy to `43cr. Forex loss for the quarter stood at `21cr (vs `33cr

corresponding quarter last year).

(14.5)(10.1)

2.8

48.9 49.6

21.7

39.4

15.2

(0.6)

12.0

(7.4)(18.1)

32.2

(30)

(20)

(10)

0

10

2030

40

50

60

0

160

320

480

640

800

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

Power Systems (` cr) Growth (yoy %, RHS)

1.4

(11.5)(15.7)

(8.8)

1.95.6

24.6

10.1

4.1

12.6

3.5

(1.8)

(3.5)

(20)

(15)

(10)

(5)

0

5

1015

20

25

30

0

160

320

480

640

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

Power Products (` cr) Growth (yoy %, RHS)

14.0

(27.8)

(9.2)

3.6

15.1

30.1 27.5

(7.1) (7.9)

12.1 12.8

(3.7)(7.8)

(40)

(20)

0

20

40

0

160

320

480

640

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

Process Automation (` cr) Growth (yoy %, RHS)

28.4

14.7

(23.1)

(13.8)

5.4

15.4

26.1

8.1

(0.8)

7.0

(4.0) (6.4)

6.8

(3

(2

(1

0

1

2

3

4

0

160

320

480

640

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

Automation products (` cr) Growth (yoy %, RHS)

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Exhibit 8:Segment-wise EBIT margins


Declining order book:

Order intake during the quarter declined by 7.9% yoy to `1,531cr due to lower

intake of large orders (order>75cr is classified as large order). However, double

digit growth in short cycle orders limited downside in order intake. The companys

order backlog stands at `8,229cr at the end of 1QCY2013, down 7.9% yoy,

implying order book coverage of 1.1x (trailing 4 quarter revenues).

Exhibit 9:Order inflow trend


Exhibit 10:Order backlog trend


(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

(%)

Power Systems (` cr) Power Products (` cr)

Process Automation (` cr) Automation products (` cr)

Low Voltage Products (` cr)

(26.7)

(41.5)

7.3

(41.3)

0.4

45.2

22.7

58.5

(1.9)

14.1

(32.6)

(28.5)

(7.9)

(60.0)

(30.0)

0.0

30.0

60.0

90.0

0

500

1,000

1,500

2,000

2,500

3,000

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

Order inflow (` cr, LHS) Growth (yoy %, RHS)

24.5

11.914.4

(0.5)(4.8)

(1.4) (0.3)

7.9 8.4

9.0

(1.0)(4.7)(8.9)

(20.0)

0.0

20.0

40.0

6,000

8,000

10,000

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

Order backlog (` cr, LHS) Growth (yoy %, RHS)

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May 10, 2013 6

Outlook and valuation

ABB continues to witness a decline in order inflow and order backlog due to

slowdown in investment cycle. Although the company has taken steps like

improving efficiency through supply chain initiatives and exit from ruralelectrification projects, its margin continues to remain under pressure. Currently,

the stock is trading at 31x CY2014 EPS estimates. We believe the stock remains

overvalued. Hence, we recommend Reduce on the stock with a target price of`461.Exhibit 11:One Year Forward P/E Band


Exhibit 12:Peer Comparison

Company Reco. CMP Tgt. price Upside P/BV(x) P/E(x) FY2012-14E RoE (%)(`) (`) FY13E FY14E FY13E FY14E EPS CAGR FY13E FY14E

ABB* Reduce 527 463 (12.6) 4.2 4.0 45.7 31.1 61.6 9.3 13.1BHEL Neutral 197 - - 2.1 1.8 9.4 10.4 (11.3) 23.7 18.8

BGR Energy Neutral 200 - - 1.1 1.0 8.0 7.1 11.2 25.2 22.6

Crompton Greaves Buy 93 117 25.2 1.5 1.4 13.6 10.0 111.6 11.7 14.5

Jyoti Structures Accum. 30 33 10.0 0.3 0.3 3.4 2.9 15.2 9.9 10.5

KEC International Buy 48 63 32.4 1.0 0.9 7.8 5.6 83.5 20.2 23.0

Thermax Neutral 578 - - 3.2 2.8 18.7 16.9 12.8 18.6 17.9Source: Company, Angel Research. Note*: December year end

Company Background

ABB India (ABB) is the Indian subsidiary of Switzerland-based ABB Group, which is

one of the world's leading power and automation engineering companies. The

group provides solutions for energy-efficient power generation, power transmission

and distribution (T&D) and process automation. The power-related segment is the

company's major revenue contributor, accounting for ~52% of its total CY2012

revenue, while 40% is contributed by the automation segment.

0

300

600

900

1,200

1,500

1,800

Apr-07

Aug-0

7

Dec-0

7

Apr-08

Aug-0

8

Dec-0

8

Apr-09

Aug-0

9

Dec-0

9

Apr-10

Aug-1

0

Dec-1

0

Apr-11

Aug-1

1

Dec-1

1

Apr-12

Aug-1

2

Dec-1

2

Apr-13

Share price (`) 25x 35x 45x 55x

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Profit and loss statement

Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014EOperating income 6,287 7,449 7,565 8,073 9,052% chg 0.8 18.5 1.6 6.7 12.1Total Expenditure 6,203 7,112 7,229 7,629 8,427Raw Materials 4,802 5,395 5,428 5,845 6,445

Personnel Costs 490 587 620 646 724

Other Costs 911 1,130 1,181 1,138 1,258

EBITDA 84 336 336 444 625% chg (84.1) 301.7 0.0 31.9 40.7

(% of Net Sales) 1.3 4.5 4.4 5.5 6.9

Depreciation& Amortisation 52 80 94 104 113

EBIT 32 257 242 340 511% chg (93.3) 700.5 (5.7) 40.2 50.5

(% of Net Sales) 0.5 3.4 3.2 4.2 5.7

Interest & other Charges 17 31 43 53 58

Other Income 86 41 7 78 82

(% of PBT) 85.3 15.5 3.4 21.4 15.3

Recurring PBT 100 268 206 364 536% chg (81.0) 167.1 (23.0) 76.7 47.1

Extraordinary Expense/(Inc.) 0 0 0 0 0

PBT (reported) 100 268 206 364 536Tax 37 83 69 120 177

(% of PBT) 36.9 31.1 33.4 33.0 33.0

PAT (reported) 63 185 137 244 359Less: Minority interest (MI) - - - - -

PAT after MI (reported) 63 185 137 244 359ADJ. PAT 63 185 137 244 359% chg (82.2) 191.8 (25.5) 77.7 47.1

(% of Net Sales) 1.0 2.5 1.8 3.0 4.0

Basic EPS (`) 3.0 8.7 6.5 11.5 16.9% chg (82.2) 191.8 (25.5) 77.7 47.1

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

previous year numbers

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Balance Sheet

Y/E December CY2010 CY2011 CY2012 CY2013E CY2014ESOURCES OF FUNDSEquity Share Capital 42 42 42 42 42Preference Capital 0 0 0 0 0

Reserves & Surplus 2,381 2,492 2,556 2,640 2,755

Shareholders Funds 2,424 2,535 2,598 2,683 2,798Other long term lablities - 3 4 4 4

Long term provisions - 6 6 6 6

Deferred Tax Liability 0 0 0 0 0

Total Liabilities 2,424 2,544 2,608 2,692 2,807APPLICATION OF FUNDSGross Block 998 1,462 1,586 1,736 1,886

Less: Acc. Depreciation 232 294 378 482 596

Net Block 766 1,168 1,207 1,253 1,290

Capital Work-in-Progress 58 74 117 75 75

Goodwill - - - - -

Investments 17 51 52 52 52

Long term loans and advances - 164 230 257 305

Deferred Tax Asset 5 22 15 -

Current Assets 4,926 4,971 5,070 5,406 6,114Cash 587 256 77 236 577

Short term Loans & Advances 354 200 228 219 260

Inventories 698 926 920 969 996

Debtors 2,926 3,083 3,264 3,362 3,596

Others 361 508 580 620 685

Current liabilities 3,348 3,752 3,862 4,094 4,724

Other non CA - 8 8 0 0

Net Current Assets 1,579 1,219 1,208 1,312 1,390

Total Assets 2,424 2,543 2,608 2,692 2,807



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Cash flow statement

Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014EProfit before tax 100 268 206 364 536Depreciation 52 80 94 104 113(Inc)/Dec in Working Capital 102 28 (168) 55 108

Less: Other income (86) (41) (7) (78) (82)

Direct taxes paid (37) (83) (69) (120) (177)

Cash Flow from Operations 131 251 57 325 498(Inc.)/Dec.in Fixed Assets (104) (504) (181) (113) (150)

(Inc.)/Dec. in Investments 0.1 (34) (2) (55) (0

Other income 86 41 7 78 82

Cash Flow from Investing (19) (496) (176) (90) (68)Issue of Equity - - - - -

Inc./(Dec.) in loans 0 9 1 0 0

Dividend Paid (Incl. Tax) (50) (74) (74) (74) (74)

Others 0.3 (21) 14 1

Cash Flow from Financing (50) (65) (74) (74) (74)Inc./(Dec.) in Cash 63 (331) (179) 160 341

Opening Cash balances 524 587 256 77 236Closing Cash balances 587 256 77 236 577



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May 10, 2013 10

Key ratios

Y/E December CY2010 CY2011 CY2012 CY2013E CY2014EValuation Ratio (x)P/E (on FDEPS) 176.3 60.4 81.1 45.7 31.0

P/CEPS 97.0 42.2 48.1 32.0 23.6

P/BV 4.6 4.4 4.3 4.2 4.0

Dividend yield (%) 0.4 0.6 0.6 0.6 0.6

EV/Sales 1.7 1.5 1.5 1.3 1.2

EV/EBITDA 125.9 32.2 32.8 24.5 16.9

EV / Total Assets 4.4 4.3 4.3 4.0 3.7

OB/Sales 1.3 1.4 1.3 1.2 1.1

Per Share Data (`)EPS (Basic) 3.0 8.7 6.5 11.5 16.9

EPS (fully diluted) 3.0 8.7 6.5 11.5 16.9Cash EPS 5.4 12.5 10.9 16.4 22.3

DPS 2.0 3.0 3.0 3.0 3.0

Book Value 114.4 119.6 122.6 126.6 132.0

DuPont Analysis (%)EBIT margin 0.5 3.4 3.2 4.2 5.7

Tax retention ratio (%) 63.1 68.9 66.6 67.0 67.0

Asset turnover (x) 3.4 3.7 3.2 3.3 3.9

RoIC (Pre-tax) 1.7 12.7 10.3 13.9 22.3

RoIC (Post-tax) 1.1 8.7 6.9 9.3 14.9

Cost of Debt (Post Tax) - 21.1 0.0 0.0 0.0

Leverage (x) (0.2) (0.2) (0.1) (0.1) (0.2)

Operating ROE 0.8 11.0 6.3 8.6 12.5

Returns (%)RoCE (Pre-tax) 1.3 10.4 9.5 12.9 18.6

Angel RoIC (Pre-tax) 1.8 13.1 10.7 14.5 23.1

RoE 2.6 7.5 5.4 9.3 13.1

Turnover ratios (x)Asset Turnover (Gross Block) (X) 6.7 6.1 5.0 4.9 5.0

Inventory / Sales (days) 41 40 45 43 40

Receivables (days) 168 147 153 150 140

Payables (days) 181 172 180 168 165

WC cycle (ex-cash) (days) 61 48 51 50 38

Solvency ratios (x)Net debt to Equity (0.2) (0.1) (0.0) (0.1) (0.2)

Net debt to EBITDA (7.2) (0.9) (0.4) (0.6) (1.0)

Interest Coverage 1.8 8.4 5.6 6.4 8.9



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May 10, 2013 11

Research Team Tel: 022 3935 7600 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 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 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 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 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. WhileAngel 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.

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Note: Please refer to the important`Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement ABB India

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%)

ABB 1Q CY 2013

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