Result Review

7/29/2019 Result Review

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FFFFFebruary 2013ebruary 2013ebruary 2013ebruary 2013ebruary 2013

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

Modest earnings as slow revenue growth continues

The earnings performance for 3QFY2013 came in below our expectations owing

to the slower-than-expected pace of revenue growth. Margin pressure, though, has

largely stabilized as margin compression during the quarter was lower than expected.

Sensex companies, during 3QFY2013, reported an earnings growth of 9.4% yoy

(5.5% yoy excluding ONGC) as compared to our growth estimate of 11.0% yoy.

Our coverage companies reported a subdued 5.5% yoy earnings growth (2.8% yoy

excluding ONGC) as compared to our growth estimate of 10.0% yoy. Corporate

earnings continue to feel the heat owing to slowdown in economic activity, weak

capex and high interest rates.

Sensex companies witnessed a 9.7% yoy growth in revenue during the quarter as

compared to our estimate of 10.3% yoy. Similarly, our coverage companies reported

an 8.9% yoy revenue growth as against our estimate of a growth of 10.4% yoy. On

a sequential basis, margin performance for Sensex companies improved by 40bp

qoq (as against an estimated 6bp contraction) while it contracted by 13bp qoq for

our coverage companies (as against an estimated 15bp contraction). Even on a

yoy basis, margin contraction came in lower-than-anticipated at 53bp for Sensex

companies (as against an estimated 110bp contraction) and 92bp for our coverage

companies (as against an estimated 109bp contraction).

Oil and gas, private banks and IT companies drive earnings growth

Amongst our coverage universe, earnings performance was largely driven by oil

and gas companies, new private banks and IT companies. Earnings for oil and gascompanies came in better-than-expected at 36.4% yoy, largely aided by the

performance of ONGC and RIL. New private banks reported a strong earnings

growth of 28.5% yoy (estimated growth of 22.4% yoy) as they continued to face

relatively lower asset quality pressures as compared to their PSU peers. IT companies

reported a 17.4% yoy earnings growth, mainly led by better-than-expected revenue

growth of large cap companies.

Telecom, auto and metal companies largely weighed on earnings performance of

our coverage universe. Stressed margins led telecom companies to report a 56.3%

yoy contraction in earnings. Auto companies, weighed down by the performance

of Tata Motors, posted a 26.8% yoy decline in earnings. Metal companies surprised

negatively with a 21.8% yoy decline in earnings as revenues for ferrous players

declined, and lower realizations dented margins.

Sensex outlook and valuation

We expect the Sensex EPS to report a moderate 6.3% growth to `1,195 in FY2013

and a more robust 16.1% growth to `1,387 in FY2014. We maintain our

12-month Sensex target of 22,100, with a target multiple of 16x FY2014 earnings.

Our target implies an upside of 14.4% from the present levels. We believe that with

positive policy action, the medium-term growth outlook for the economy is gradually

improving and there are possibilities for further upsides in the market arising out of

improvement in the outlook for earnings growth and rollover to FY2015 earnings.

3QFY2013 Result Review3QFY2013 Result Review3QFY2013 Result Review3QFY2013 Result Review3QFY2013 Result Review


2/15

3QFY2013 Result Review

February 2013 Please refer to important disclosures at the end of this report. 2

Exhibit 1: 3QFY2013 Sensex performance vis-a-vis estimates

Source: Company, Angel Research

SectorSectorSectorSectorSector

WWWWWeighteighteighteighteight 3QFY13A3QFY13A3QFY13A3QFY13A3QFY13A 3QFY13E3QFY13E3QFY13E3QFY13E3QFY13E 3QFY13A3QFY13A3QFY13A3QFY13A3QFY13A 3QFY13E3QFY13E3QFY13E3QFY13E3QFY13E 3QFY13A3QFY13A3QFY13A3QFY13A3QFY13A 3QFY13E3QFY13E3QFY13E3QFY13E3QFY13E

(%)(%)(%)(%)(%) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy) (bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq) (bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy) (bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq)

Auto (5) 9.9 9.8 14.2 (24.7) (2.0) (201) (5) (141) 55

Finance (4) 26.4 11.1 10.4 16.8 16.6 (110) 154 (182) 82

Capital Goods (1) 1.2 (4.9) 5.3 (17.5) (0.5) (338) (200) (43) 103

FMCG (2) 13.1 16.8 13.9 18.8 4.9 (34) 11 (232) (142)

Infrastructure (1) 5.1 10.3 12.8 25.9 21.6 (22) (110) 161 54

IT (3) 14.2 15.4 13.4 13.9 5.9 (210) 9 (268) (48)

Metals (4) 4.6 0.2 12.8 (13.7) 59.5 123 (3) 78 22

Mining (1) 1.3 12.9 5.5 9.1 (5.8) (558) 739 (569) 728

Oil & Gas (3) 14.7 11.2 5.9 35.3 21.6 (50) 98 (185) (32)

Pharma (3) 4.5 17.0 7.3 9.1 (8.5) (371) (314) (431) (375)

Power (2) 2.5 12.8 12.8 10.7 18.0 599 (50) 535 (118)

Telecom (1) 2.7 9.6 10.5 (71.9) (10.0) (172) (78) (76) 18

Sensex (30)Sensex (30)Sensex (30)Sensex (30)Sensex (30) 100.0100.0100.0100.0100.0 9.79.79.79.79.7 10.310.310.310.310.3 9.49.49.49.49.4 11.011.011.011.011.0 (53)(53)(53)(53)(53) 4040404040 (110)(110)(110)(110)(110) (6)(6)(6)(6)(6)

Operating MarginsOperating MarginsOperating MarginsOperating MarginsOperating MarginsNet SalesNet SalesNet SalesNet SalesNet Sales Net PNet PNet PNet PNet Profitrofitrofitrofitrofit

Exhibit 2: Sector-wise contribution to Sensex growth in 3QFY2013


Sector WSector WSector WSector WSector Weightseightseightseightseights Net Sales (%, yoy)Net Sales (%, yoy)Net Sales (%, yoy)Net Sales (%, yoy)Net Sales (%, yoy) Net PNet PNet PNet PNet Profit (%, yoy)rofit (%, yoy)rofit (%, yoy)rofit (%, yoy)rofit (%, yoy)

Auto (5) 9.9 18.3 (34.7)

Finance (4) 26.4 7.2 29.6

Capital Goods (1) 1.2 (1.4) (5.9)

FMCG (2) 13.1 5.3 11.0

Infrastructure (1) 5.1 3.8 5.2

IT (3) 14.2 13.1 22.2

Metals (4) 4.6 0.3 (5.0)

Mining (1) 1.3 5.1 8.7

Oil & Gas (3) 14.7 33.4 76.6

Pharma (3) 4.5 2.9 3.1

Power (2) 2.5 7.3 6.6

Telecom (1) 2.7 4.6 (17.3)

Sensex (30)Sensex (30)Sensex (30)Sensex (30)Sensex (30) 100.0100.0100.0100.0100.0 100.0100.0100.0100.0100.0 100.0100.0100.0100.0100.0


3/15



SectorSectorSectorSectorSector

3QFY13A3QFY13A3QFY13A3QFY13A3QFY13A 3QFY13E3QFY13E3QFY13E3QFY13E3QFY13E 3QFY13A3QFY13A3QFY13A3QFY13A3QFY13A 3QFY13E3QFY13E3QFY13E3QFY13E3QFY13E 3QFY13A3QFY13A3QFY13A3QFY13A3QFY13A 3QFY13E3QFY13E3QFY13E3QFY13E3QFY13E

(%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (%, yoy)(%, yoy)(%, yoy)(%, yoy)(%, yoy) (bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy) (bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq) (bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy)(bps, yoy) (bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq)(bps, qoq)

Agriculture (2) 18.5 16.1 40.3 50.9 24 (22) 306 220

Auto (7) 8.6 12.9 (26.8) (2.3) (195) (19) (123) 52

Auto Anc. (10) 22.0 26.9 25.9 5.8 (6) 24 (72) 88

Banks - New private (4) 22.2 20.1 28.5 22.4 125 221 (2) 93

Banks - Old private (2) 12.1 9.7 11.5 11.9 (363) 212 (362) 213

Banks - Large PSU (7) 5.7 5.7 0.6 1.5 (263) 92 (287) 68

Banks - Mid PSU (14) 6.9 5.8 (16.0) 4.6 (216) (8) (258) (50)

Banks - Housing finance (2) 16.8 20.2 7.0 9.8 (84) 23 (40) 68

Capital Goods (6) (2.4) 7.4 (25.9) (1.6) (351) (904) (69) 62

Cement (7) 11.2 13.8 0.6 8.2 (150) (329) (37) (226)

FMCG (11) 16.1 15.8 19.7 11.0 2 27 (106) (59)

Infrastructure (12) 7.8 11.0 (8.5) 14.1 7 (160) 149 (24)

IT (13) 15.8 14.0 17.4 7.9 (71) 3 (148) (74)

Media (5) 11.9 10.2 21.5 12.2 70 294 21 283

Metals (16) (2.6) 11.2 (21.8) 14.4 (177) (57) (21) 24

Midcap (17) 4.5 10.9 13.9 34.3 76 6 29 (31)

Mining (1) 12.9 5.5 9.1 (5.8) (558) 739 (569) 728

Oil & Gas (7) 13.1 7.0 36.4 27.0 (47) 59 (129) (23)

Pharmaceuticals (13) 7.9 2.0 4.0 (1.6) (237) (162) (314) (208)

Power (2) 2.7 8.6 24.2 22.7 685 (82) 401 (365)

Telecom (3) 9.0 8.9 (56.3) (7.3) (131) (65) (43) 23

Coverage Universe (161)Coverage Universe (161)Coverage Universe (161)Coverage Universe (161)Coverage Universe (161) 8.98.98.98.98.9 10.410.410.410.410.4 5.55.55.55.55.5 10.010.010.010.010.0 (92)(92)(92)(92)(92) (13)(13)(13)(13)(13) (109)(109)(109)(109)(109) (15)(15)(15)(15)(15)

Exhibit 3: 3QFY2013 Angel coverage performance vis-a-vis estimates


Operating MarginsOperating MarginsOperating MarginsOperating MarginsOperating MarginsNet SalesNet SalesNet SalesNet SalesNet Sales Net PNet PNet PNet PNet Profitrofitrofitrofitrofit


4/15



WWWWWeighteighteighteighteight

SectorSectorSectorSectorSector (%)(%)(%)(%)(%) 3QFY20133QFY20133QFY20133QFY20133QFY2013 3QFY20123QFY20123QFY20123QFY20123QFY2012 % chg% chg% chg% chg% chg 3QFY20133QFY20133QFY20133QFY20133QFY2013 3QFY20123QFY20123QFY20123QFY20123QFY2012 % chg% chg% chg% chg% chg

Bajaj Auto 1.7 5,307 4,840 9.7 819 854 (4.1)

Bharti Airtel 2.7 20,254 18,477 9.6 284 1,011 (71.9)

BHEL 1.2 10,220 10,743 (4.9) 1,182 1,432 (17.5)

Cipla 1.3 2,031 1,711 18.7 339 270 25.6

Coal India 1.3 17,325 15,349 12.9 4,410 4,043 9.1

Dr. Reddy 1.4 2,865 2,769 3.5 363 513 (29.2)

HDFC 7.2 1,729 1,460 18.4 1,140 981 16.2

HDFC Bank 7.2 5,598 4,536 23.4 1,859 1,430 30.0

Hero Moto Corp 1.1 6,151 5,984 2.8 488 613 (20.4)

Hindalco 0.9 6,790 6,590 3.0 289 451 (35.8)

HUL 3.0 6,434 5,844 10.1 879 766 14.7

ICICI Bank 8.1 5,714 4,604 24.1 2,250 1,728 30.2

Infosys 8.1 10,424 9,298 12.1 2,369 2,372 (0.1)

ITC 10.0 7,627 6,195 23.1 2,052 1,701 20.6

Jindal Steel 1.1 3,780 3,295 14.7 520 461 12.8

Gail India 1.0 12,474 11,260 10.8 1,285 1,091 17.7

L&T 5.1 15,429 13,984 10.3 1,055 838 25.9

M&M 2.4 10,643 8,278 28.6 836 662 26.3

Maruti Suzuki 1.4 10,957 7,527 45.6 501 206 143.8

NTPC 1.5 15,775 15,332 2.9 2,597 2,130 21.9

ONGC 4.3 20,987 18,124 15.8 5,563 3,599 54.6

RIL 9.3 93,886 85,135 10.3 5,502 4,440 23.9

SBI 3.9 14,803 14,462 2.4 3,396 3,263 4.1

Sterlite 1.0 10,692 10,249 4.3 1,254 1,220 2.7

Sun Pharma 1.8 2,852 2,145 33.0 881 668 31.9

Tata Motors 3.3 45,821 45,199 1.4 1,801 3,570 (49.6)

Tata Power 1.0 9,039 6,660 35.7 271 460 (41.1)

Tata Steel 1.6 32,107 33,103 (3.0) (743) (603) (23.3)

TCS 4.7 16,070 13,204 21.7 3,552 2,887 23.0

Wipro 1.5 11,025 9,997 10.3 1,725 1,456 18.5

TTTTTotalotalotalotalotal 100.0100.0100.0100.0100.0 434,809434,809434,809434,809434,809 396,354396,354396,354396,354396,354 9.79.79.79.79.7 48,71948,71948,71948,71948,719 44,51544,51544,51544,51544,515 9.49.49.49.49.4

SensexSensexSensexSensexSensex##### 9.69.69.69.69.6 6.76.76.76.76.7

Exhibit 4: Sensex companies' 3QFY2013 performance

Source: Company, Angel Research, Note: # on free-float adjusted basis

Net PNet PNet PNet PNet Profit (rofit (rofit (rofit (rofit (````` cr)cr)cr)cr)cr) Net PNet PNet PNet PNet Profit (rofit (rofit (rofit (rofit (````` cr)cr)cr)cr)cr)


5/15



Automobile - Tata Motors weighs on earnings

performance.

Sensex as well as our coverage auto companies reported a weak

earnings performance, largely owing to a decline in earnings

for Tata Motors. Excluding Tata Motors however, the Sensex auto

companies posted a 13.2% yoy growth in earnings and our

coverage auto companies reported a 6.4% yoy growth in

earnings. The bottom-line for Tata Motors was significantly lower

than expected (contraction of 49.6% yoy) due to higher

depreciation expense, forex loss, and a higher tax rate.

Banking - Asset quality pain persists primarily for

PSUs; new private banks perform impressively

PSU banks reported a weak operating performance, withmoderate operating income growth of 5.9% yoy and earnings

decline of 4.9% yoy, primarily marred by elevated slippage levels,

which resulted in higher interest reversals/lower income

recognition and higher provisioning. New private banks reported

a strong 25.0% yoy growth in operating profit and 28.5% yoy

growth in earnings, while old private banks witnessed moderate

performance, with 5.4% growth in pre-provisioning profits and

11.5% yoy in earnings.

Asset quality pain persisted for PSU banks, however, the extent

of asset quality deterioration showed signs of moderation, asthe increase in gross NPA levels at 7.9% qoq, was lower than

sequential increase of 13.9% in 2QFY2013 and 13.7% in

1QFY2013. Hence, provisioning expenses for PSU banks were

higher by 12.0% yoy. On the other hand, private banks continued

to face relatively much lower asset quality pressures than their

PSU peers, with sequential increase in gross NPAs limited to only

0.6% for new private banks and 5.6% for older ones. Provisioning

expenses for the new private banks remained flat on a yoy basis

and hence, largely maintained their PCR. Older private banks

provisioning expenses declined by 12.4% yoy, which resulted in

14.7% qoq increase in their net NPA levels as compared to 5.6%

in gross NPA levels.

Capital goods - Disappointing performance

continues

The only capital goods company in the Sensex, BHEL,

disappointed with a 17.5% yoy decline in earnings as a declining

order book and execution delays led to revenue contraction.

Margins also contracted owing to increase in both, employee

cost and other expenses. Our coverage capital goods companies

too disappointed with a 25.9% yoy decline in earnings due to

much lower-than-anticipated revenue performance (2.4% yoy

contraction) and higher-than-expected contraction in margins

(by 351bp yoy).

Infrastructure - Challenging economic environment

weighs on earnings

Slower pace of execution during the quarter resulted in a

moderate top-line performance for our coverage infrastructure

companies. In addition, margins also remained stressed owing

to higher inflationary pressures and high interest cost.

Larsen & Toubro (L&T), the only infrastructure company in the

Sensex reported a better-than-expected earnings growth of 25.9%

yoy owing to huge surge in other income such as gains from

sale of property and higher treasury gains. Our coverage

infrastructure companies, on the other hand, reported an 8.5%

yoy decline in earnings owing to the challenges being faced by

the sector. Moreover, excluding the performance of L&T, earnings

for our coverage infrastructure companies declined steeply by

49.8% yoy.

Cement - Subdued earnings owing to flat volumes

and lower-than-expected realizations

Cement companies under our coverage reported a moderate

top-line growth of 11.2% and flat performance on the bottom-

line front, as overall volumes came in flat on a yoy basis (healthy

volume growth for south based players was offset by volume de-

growth in Ambuja) and realization growth on a yoy basis came

in lower-than-expected (margins compressed by 150bp as

against our expectation of 37bp).

FMCG - Volume growth continues to reflect signs

of deceleration

FMCG companies reported a better-than-expected performance,

both on the top-line as well as the bottom-line front, largely

aided by healthy realizations and outperformance by ITC, even

as the sector's volume growth continued to reflect signs of

deceleration.

Sensex FMCG companies reported a revenue and earnings

growth of 16.8% yoy and 18.8% yoy, respectively, better than

our estimates of growth of 13.9% yoy on the top-line and 4.9%

yoy on the bottom-line. Like-wise our coverage FMCG companies

reported a revenue and earnings growth of 16.1% and 19.7%

yoy, respectively compared to our estimates of growth of 15.8%

and 11.0% yoy, respectively on the top-line and bottom-line

fronts. ITC outperformed in the segment, as it reported a better-

than-estimated earnings growth of 20.6% yoy, which was aided

by strong revenue growth of 23.1% yoy and lower-than-expected

margin compression of 80bp.

Sectoral Analysis


6/15



IT - Large-caps lead growth momentum

Sensex as well as our coverage IT companies reported a

better-than-expected set of results. The Sensex IT companies

reported a 13.9% yoy growth in earnings (as against an estimated

5.9% yoy growth) and our coverage IT companies reported a17.4% yoy growth in earnings (as against an estimated 7.9%

yoy growth).

During the quarter, the overall results of large cap IT companies

were better than their mid-cap peers as factors such as demand

pressure, limited pricing power, high client concentration and

limited bench sizes restricted profits of mid-tier IT companies.

Moderate realization improvement coupled with subdued volume

growth led to better-than-expected revenue growth with tier-I

firms' USD revenue posting a 3.9% qoq growth.

Metal and mining - Metal companies disappoint;

Coal India's earnings aided by better volumes

Metal companies under our coverage reported a disappointing

performance during the quarter. While Sensex ferrous companies

posted a revenue de-growth of 1.4% yoy, our coverage ferrous

players reported a higher decline of 5.6% yoy, largely dragged

down by the sharp revenue de-growth for Sesa Goa (no

production due to the mining ban in Goa and Karnataka) and

NMDC (lower volumes as well as realizations). On the

bottom-line front, earnings for our coverage ferrous playersdeclined by 44.0% yoy, as higher input costs and lower

realizations dented margins for most of them.

Our coverage non-ferrous players reported a top-line growth of

6.0% yoy (Sensex companies reported a 3.8% yoy growth), aided

by higher volumes. While operating margins for Hindustan Zinc,

Hindalco and Sterlite came in lower on the back of lower

realizations and rising costs, Nalco and MOIL reported an

increase in margins (on a lower base). On the bottom-line front,

our coverage non-ferrous players reported a growth of 9.2%

yoy, while Sensex players reported a decline of 7.6%, weigheddown by margin compression in Hindalco and Sterlite.

Coal India, the only mining company in the Sensex, performed

better than our expectations and reported a sales growth of 12.9%

yoy and earnings growth of 9.1% yoy, on back of better-than-

estimated sale volumes, which were aided by higher availability

of railway rakes.

Oil and gas - Earnings aided by ONCG and RIL's

performance

The Sensex oil and gas companies reported a

better-than-expected performance, with revenue growth of 11.2%

yoy and earnings growth of 35.3% yoy, largely aided by better

realizations and lower-than-expected subsidy burden for ONCG

and better-than-expected performance on the refining front for

RIL. Likewise, the top-line and bottom-line growth for our

coverage oil and gas companies too outperformed expectations,

posting a growth 13.1% yoy and 36.4% yoy, respectively, aided

by better-than-expected performance of ONGC and RIL. Earningsfor our coverage oil and gas companies were also supported by

Cairn India's strong performance on account of higher volumes,

better rupee realizations and exceptional forex gains.

Pharmaceuticals - Mixed earnings performance

The Sensex as well as our coverage pharmaceutical companies

posted a better-than-expected overall performance. The Sensex

pharmaceutical companies reported an earnings growth of 9.1%

yoy as compared to an 8.5% yoy expected decline in growth.

Our coverage pharmaceutical companies reported a mixed setof results with overall earnings growth of 4.0% yoy as against an

expected 1.6% yoy decline in earnings.

Excluding the decline in earnings for major players - Dr Reddy's

and Ranbaxy, our coverage pharmaceutical companies reported

an earnings growth of 23.7% yoy.

Telecom - Stressed margins led to bottom-line

contraction

Higher-than-anticipated margin compression for telecom

companies largely resulted in significantly lower-than-expected

performance on the earnings front. Our coverage telecom

companies reported margin contraction of 132bp yoy and

65bp qoq. The overall bottom-line performance disappointed

with a 56.3% yoy decline despite in-line performance on

the revenue front.

Sensex outlook and valuation

We expect the Sensex EPS to report a moderate 6.3% growth to

`1,195 in FY2013 and a more robust 16.1% growth to `1,387

in FY2014. We maintain our 12-month Sensex target of 22,100,with a target multiple of 16x FY2014E earnings. Our target

implies an upside of 14.4% from the present levels. We believe

that with positive policy action, the medium-term growth outlook

for the economy is gradually improving and there are possibilities

for further upsides in the market arising out of improvement in

the outlook for earnings growth and rollover to FY2015 earnings.


7/15



Exhibit 5: Sensex EPS growth over FY2012-14E

Source: Angel Research

1,1241,195

1,387

300

500

700

900

1,100

1,300

1,500

FY2012 FY2013E FY2014E

(`)

6.3% growth 16

.1%grow

th

Exhibit 6: Sensex one year forward P/E

Source: Angel Research

5.0

10.0

15.0

20.0

25.0

30.0

Feb -01 Feb -03 Feb -05 Feb -07 Feb -09 Feb -11 Feb -13

Sensex 1 year forward P/E 15 year A vg 5 year Avg


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Stock Watch


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3QFY2013 Review

September 2012 Please refer to important disclosures at the end of this report. 14

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Note: Please refer to the importantNote: Please refer to the importantNote: Please refer to the importantNote: Please refer to the importantNote: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latestStock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latestStock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latestStock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latestStock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latestupdate on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investmentupdate on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investmentupdate on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investmentupdate on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investmentupdate 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.positions in the stocks recommended in this report.positions in the stocks recommended in this report.positions in the stocks recommended in this report.positions in the stocks recommended in this report.

Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Ratings (Returns) :


15/15

3QFY2013 Review

CSO & Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.Tel.: (022) 3083 7700. Angel Broking Ltd: BSE Sebi Regn No: INB010996539 / PMS Regd Code: PM/INP000001546 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / NSE Sebi Regn Nos: Cash: INB231279838 / NSE F&O: INF231279838/Currency: INE231279838 / MCX Currency Sebi Regn No: INE261279838 / Member ID: 10500 / Angel Commodities Broking Pvt. Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 39357800

Research Team

Fundamental:

Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]

Vaibhav Agrawal VP-Research, Banking [email protected]

Bhavesh Chauhan Sr. Analyst (Metals & Mining) [email protected]

Viral Shah Sr. Analyst (Infrastructure) [email protected]

Sharan Lillaney Analyst (Mid-cap) [email protected]

V Srinivasan Analyst (Cement, FMCG) [email protected]

Yaresh Kothari Analyst (Automobile) [email protected]

Ankita Somani Analyst (IT, Telecom) [email protected]

Sourabh Taparia Analyst (Banking) [email protected]

Bhupali Gursale Economist [email protected]

Vinay Rachh Research Associate [email protected]

Amit Patil Research Associate [email protected]

Shareen Batatawala Research Associate [email protected]

Twinkle Gosar Research Associate [email protected]

Tejashwini Kumari Research Associate [email protected]

Technicals:

Shardul Kulkarni Sr. Technical Analyst [email protected]

Sameet Chavan Technical Analyst [email protected]

Sacchitanand Uttekar Technical Analyst [email protected]

Derivatives:

Siddarth Bhamre Head - Derivatives [email protected]

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales [email protected]

Hiten Sampat Sr. A.V.P- Institution sales [email protected]

Meenakshi Chavan Dealer [email protected]

Gaurang Tisani Dealer [email protected]

Akshay Shah Sr. Executive [email protected]

Production Team:

Tejas Vahalia Research Editor [email protected]

Dilip Patel Production Incharge [email protected]

Result Review

Documents

Transcript of Result Review