1QFY2014 Result Update | Infrastructure

August 5, 2013

Punj Lloyd
Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit 1QFY14 3,006 267 40 1QFY13 2,776 293 (13) % chg (yoy) 8.3 (9.0) 4QFY13 3,292 261 15 % chg (qoq) (8.7) 2.0 163.4

NEUTRAL
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 754 5,891 1.6 64/22 952,674 2 19,164 5,678 PUJL.BO

`23 -

Source: Company, Angel Research

For 1QFY2014, Punj Lloyd (Punj) posted a good set of numbers which were above consensus estimates, both on the revenue and profitability fronts. This was mainly due to better-than-excepted revenue performance and one-time exceptional adjustment at the minority level. The companys order book stood at `20,868cr (a decline of 20.4% yoy), thereby converting into an order book-to-sales ratio of 1.83x FY2013. However, we maintain our Neutral view on the stock on account of various overhangs uncertainty over receivable claims, stretched working capital and depleting order book which provides weak revenue visibility. One-time exceptional adjustment led to profitability: Punj reported a decent top-line growth of 8.3% yoy to `3,006cr (consensus estimate was of `2,762cr) in 1QFY2014. The EBITDA margin came in at 8.9% for the quarter, registering a growth of 93bp qoq. Interest cost for the quarter came in at `196cr, a jump of 4.0% yoy while depreciation increased by 10.2% sequentially to `87cr. On the bottom-line front, PAT came in at `40cr in 1QFY2014 vs a loss of `13cr in 1QFY2013. This was mainly due to better-than-expected execution and one-time exceptional adjustment at the minority level. Outlook and valuation: Based on 1QFY2014 operational performance and current order book mix, we are revising our EPS estimates for FY2014 and FY2015 to `0.9 and `1 respectively. Punj has been looking to reduce its debt through sale of its non-core assets and replacing Indian debt with foreign debt. However, given the difficult environment we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on the timeframe of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. We continue to remain Neutral on the stock due to headwinds faced by the company as mentioned above.

PUNJ@IN

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 37.1 8.8 15.8 38.3

Abs. (%) Sensex Punj Lloyd

3m

1yr

3yr 5.8 (82.3)

(2.9) 11.3 (58.0) (56.5)

Key financials (Consolidated)

Y/E March (` cr) Net Sales % chg Adj. Net Profit % chg FDEPS (`) EBITDA Margin (%) P/E (x) RoAE (%) RoACE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x) Order/Sales (x) Order backlog % chg FY2012 10,313 30.6 92 2.8 6.3 8.2 3.1 4.5 0.3 0.5 8.2 2.6 27,276 45.5 FY2013 11,408 10.6 (7) (0.2) 7.4 (0.3) 5.3 0.3 0.6 7.9 2.0 22,499 (17.5) FY2014E 12,726 11.6 29 0.9 8.2 26.4 1.0 6.6 0.3 0.6 7.0 1.9 23,624 5.0 FY2015E 14,226 11.8 34 19.0 1.0 8.2 22.2 1.2 7.1 0.3 0.6 6.9 1.8 25,514 8.0

Viral Shah
022-39357800 Ext: 6842 viralk.shah@angelbroking.com

Source: Company, Angel Research; Note: CMP as of August 2, 2013

Please refer to important disclosures at the end of this report

Punj Lloyd | 1QFY2014 Result Update

Exhibit 1: 4QFY2013 performance (Consolidated)

Y/E March (` cr) Net Sales Total Expenditure Operating Profit OPM (%) Interest Depreciation Non Operating Income Nonrecurring items Profit Before tax Tax PAT Share of Profits/ (Losses) of Assoc. Share of Profits/ (Losses) of MI PAT after MI and Share of Assoc. PAT (%) Adjusted PAT Adj. PAT (%) FDEPS (`)
Source: Company, Angel Research

1QFY14 3,006 2,739 267 8.9 196 87 26 10 18 (8) 0 48 40 1.3 40 1.3 1.2

1QFY13 2,776 2,483 293 10.6 188 94 4 15 30 (15) (1) 3 (13) (0.5) (13) (0.5) (0.4)

% yoy chg 8.3 10.3 (9.0) (169)bp 4.0 (7.4) 529.5 (34.9) (40.9) 1,743.5 -

4QFY13 3,292 3,031 261 7.9 196 79 15 2 (11) 12 1 2 15 0.5 15 0.5 0.5

% qoq chg (8.7) (9.6) 2.0 93 bp (0.0) 10.2 74.4 512.3 (264.7) (163.2) (61.9) 2,436.0 163.4 88bp 163.4 88bp -

FY2013 11,717 10,567 1,150 9.8 781 354 25 41 70 (29) 4 18 (7) (0.1) (7) (0.1) (0.2)

FY2012 10,557 9,660 897 8.5 633 299 227 193 81 112 (11) (9) 92 0.9 92 0.9 2.8

% chg 11.0 9.4 28.2 132bp 23.4 18.3 (88.9) (78.7) (12.9) -

Decent top-line performance

Punj reported a revenue of `3,006cr (consensus estimate was `2,762cr) in 1QFY2014, indicating a growth of 8.3% yoy. As per the Management, high working capital and borrowing costs continue to pose challenges. Hence, it is exploring avenues of paring this debt and improving the quality of its balance sheet. Going forward, the company would be focusing on the following: 1) 2) Bringing down the cost of debt by shifting it to some other geography where cost of debt is lower. Improving profitability and working capital cycle.

Libya: As per Management, there has been some traction in pace of work in Libya due to continues on-ground mobilisation of workforce. During the quarter, for four civil projects in Libya, the company has started on-ground mobilisation of workforce. The Management expects revenue recognition for these projects to start from 2QFY2014.

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

Exhibit 2: Revenue Sector wise (` cr)

Exhibit 3: Revenue Geography wise (` cr)

30 559

698

702 76

1,435

464

369
976

691

Pipelines

Tankages

Infrastructure

Process

Power & Others

Offshore

South Asia

South East Asia

MEACIS & Africa

Rest of the world

Source: Company, Angel Research

Source: Company, Angel Research

One-time exceptional adjustment leads to profitability

The company reported an EBITDA decline of 9.0% yoy to `267cr in 1QFY2014. EBITDAM came in at 8.9% for the quarter, down by 169bp yoy. Going forward, on the back of current order book mix, we expect EBITDA margins to be in the range of 8.0-9.0% for FY2014 and FY2015 respectively. Interest cost for the quarter came in at `196cr, a jump of 4.0% yoy while depreciation increased by 10.2% sequentially to `87cr. On the bottom-line front, PAT came in at `40cr in 1QFY2014 vs a loss of `13cr in 1QFY2013. This was mainly due to better-thanexpected execution and one-time exceptional adjustment at the minority level.

Exhibit 4: EBITDAM trend

350 300 250 200 150 100 164 255 293 314 291 261 267 50 0 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 EBITDA (` cr, LHS) EBITDAM (%, RHS) 5.8 6.0 4.0 2.0 8.4 10.6 11.3 10.1 7.9 8.9 12.0 10.0 8.0

Exhibit 5: Exceptional adjustment leads to profitability

80 70 60 50 40 30 20 10 0 (10) (20) (30) 2.5 3.0 2.5 1.3 0.5 2.0 1.5 1.0 0.5 (0.5) (1.0) 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 PAT (` cr, LHS) PATM (%, RHS)

0.3 (0.5)

0.3

(0.6)

Source: Company, Angel Research

Source: Company, Angel Research

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

Order book analysis

The companys order book stood at `20,868cr (a decline of 20.4% yoy) in 1QFY2014, resulting in an order book to sales ratio of 1.8x FY2013 revenues. The order book is dominated by the infrastructure (38.4%), process (27.7%) and pipeline (11.4%) segments. Geographically, Middle East, CIS and Africa contribute 47.2% to the order book, followed by South Asia (28.8%) and South East Asia (23.8%).

Exhibit 6: Order backlog Sector wise (` cr)

1,851 2,369 894

Exhibit 7: Order backlog Geography wise (` cr)

32 6,011 9,855

1,959

5,785

8,010 4,970

Pipelines

Tankages

Infrastructure

Process

Power & Others

Offshore

South Asia

South East Asia

MEACIS & Africa

Rest of the world

Source: Company, Angel Research

Source: Company, Angel Research

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

Outlook and valuation

Based on operational performance in 1QFY2014 and current order book mix, we are revising our estimates for FY2014 and FY2015. We have revised our revenue estimates for FY2014 and FY2015 to `12,726cr and `14,226cr respectively. EBITDAM has been revised to 8.2% (earlier our estimate was of 9.8%) for FY2014 and FY2015. However, we are now estimating a PAT of `29cr (earlier estimate was of `17cr) and `34cr (earlier estimate was of `31cr) for FY2014 and FY2015, respectively.

Exhibit 8: Change in estimates

FY2014E Earlier Estimates Revenues (` cr) EBITDA Margin (%) PAT (` cr)
Source: Company, Angel Research

FY2015E Variation (%) (1.8) (16.2) 67.7 Earlier Estimates 14,740 9.8 31 Revised Estimates 14,226 8.2 34 Variation (%) (3.5) (16.2) 9.5 12,726 8.2 29

Revised Estimates

12,954 9.8 17

In order to lower its interest cost, Punj is looking to reduce its debt by sale of non-core assets, and replacing Indian debt with foreign debt. However, given the difficult environment, we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on timeframe of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. We continue to remain Neutral on the stock due to headwinds faced by the company.

Exhibit 9: Angel EPS forecast vs consensus

Angel Forecast FY2014E FY2015E
Source: Company, Angel Research

Bloomberg consensus 1.5 3.0

Variation (%) (42.8) (65.9)

0.9 1.0

Company background
Punj Lloyd (Punj) is a diversified global engineering and construction company, with presence across the infrastructure (38.4% of order book), pipeline (11.4%), and process (27.7%) segments. The Punj group has two main entities Punj, headquartered in India and SEC in Singapore. Punj started as a pipeline company in 1982. Over the years, Punj, with the help of various JVs and acquisitions, has increased its expertise in basic infrastructure projects, such as roads, power, crosscountry pipelines, urban infrastructure, tankages and terminals and process plants, among others. Punj was listed in 2006, and in the same year, it acquired SEC and Simon Carves.

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

Exhibit 10: Recommendation Summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP 48 7 62 113 11 30 20 23 70 52 18 TP Rating FY13 84 Buy - Neutral 157 Buy 230 Buy 29 Buy 53 Buy 42 Buy 139 Buy - Neutral - Neutral 1,853 1,931 3,687 6,645 3,759 Top-line (` cr) FY14E 1,928 2,281 3,997 7,444 5,673 2,234 2,492 4,312 8,041 5,892 9.8 53.3 13.6 (3.3) 8.1 16.7 10.0 26.8 8.4 (3.3) 5.4 10.1 22.8 2.5 2.4 0.9 13.2 44.8 12.8 (0.2) 9.2 10.8 7.1 12.5 EPS (`) 59.9 0.7 15.7 29.8 1.4 1.2 49.0 2.7 0.9 5.9 11.9 11.0 73.9 2.0 16.6 32.1 1.8 2.7 55.2 3.6 1.1 6.7 18.7 11.5 17.7 (0.3) 9.4 4.1 11.1 22.0 177.2 31.9 (4.0) 0.9 (2.2) 3.7 4.2 12.0 18.5 8.1 80.2 4.8 1.4 P/E 0.8 10.7 3.9 3.8 7.7 24.2 17.0 7.4 25.1 11.8 4.4 1.6 0.6 3.6 3.7 3.5 6.1 11.1 15.0 5.4 19.9 10.4 2.8 1.5 OB/ 2.3 2.2 2.4 2.2 4.8 2.5 3.2 1.8 5.6 2.7 1.6 FY15E CAGR (%) FY13 FY14E FY15E CAGR (%) FY13 FY14E FY15E Sales(x)

13,415 12,946 14,897 60,873 68,946 78,040 5,725 1,811 5,897 2,040 6,167 2,462 6,308 2,146 6,945 2,731 7,033 2,339

830 1,128 Buy

- Neutral 11,408 12,840 14,519

Source: Company, Angel Research

Exhibit 11: SOTP break-up

Company ` ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra 29 16 45 80 9 21 828 23 44 47 131 35 Core Const. % to TP 35 100 29 35 31 40 73 55 100 33 100 85 ` 17 Real Estate % to TP 32 ` 55 112 120 7 93 6 Road BOT % to TP 65 71 52 17 67 15 Invst. In Subsidiaries ` 20 300 % to TP 69 27 ` 30 15 12 Others % to TP 13 28 29 Total ` 84 16 157 230 29 53 1,128 42 44 139 131 41

Source: Company, Angel Research

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

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 Income (% of PBT) Share in profit of Associates Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of asso. Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers

FY2010 FY2011 FY2012 10,448 10,448 (12.3) 10,083 3,770 4,968 1,345 365 (17.2) 3.5 227 137 (47.8) 1.3 387 108 (141) (162) 21 137 654.4 (116) 10 (2) (108) (363) 51.1 (3.5) (10.9) (10.9) 51.1 7,895 10,313 (24.4) 7,411 2,384 3,900 1,127 484 32.7 6.1 269 215 56.1 2.7 463 265 16 16 66 417.4 (50) 2 (3) (8) (60) (60) (83.6) (0.8) (1.8) (1.8) (83.6) 30.6 9,660 3,100 5,207 1,353 653 35.0 6.3 299 355 65.2 3.4 633 471 243.9 193 193 81 41.8 112 (11) (9) 92 92 0.9 2.8 2.8 7,895 10,313

FY2013 FY2014E FY2015E 11,408 11,408 12,726 12,726 14,226 14,226

10.6
10,567 3,519 5,365 1,684 841

11.6
11,681 3,818 5,985 1,878 1,045

11.8
13,058 4,268 6,690 2,100 1,169

28.7 7.4
354 487

24.3 8.2
379 667

11.8 8.2
408 761

37.5 4.3
781 335

36.8 5.2
844 351

14.1 5.3
923 369

(76.7) 1,666.0

811.8
-

201.8
-

178.0
-

41 (78.7)
-

174 322.4
-

207 19.0
-

708.0 (111.2) 1,115.4

41
70

174
59

207
70

170.6
(29)

34.0
115

34.0
137

4 18 (7) (7)

(16) (70) 29 29

(19) (84) 34 34

(0.1) (0.2) (0.2) -

0.2 0.9 0.9 -

19.0 0.2 1.0 1.0 19.0

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

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

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 Goodwill Investments Long Term Loan and Advances Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets
previous year numbers

FY2010 FY2011 FY2012 66 2,961 3,027 42 4,455 180 7,705 3,120 943 2,178 160 382 8,828 611 1,042 7,175 3,843 4,985 7,705 66 2,912 2,979 74 3,881 152 7,085 3,365 1,113 2,252 82 384 1,215 1,137 7,139 5,123 4,367 7,085 66 2,854 2,921 86 5,603 155 8,765 4,304 1,423 2,881 267 371 973 1,414 8,764 5,905 5,246 8,765

FY2013 FY2014E FY2015E

66 2,769 2,835
73

66 2,792 2,858
73

66 2,820 2,886
73

6,722 151 9,782

4,785 1,788

7,347 151 10,429

5,185 2,166

8,031 151 11,141

5,585 2,574

2,997 415 364 12,552 835 1,686 10,030 6,546 6,006

-

3,019 415 364 13,463 796 1,785 10,882 6,831 6,632

-

3,011 415 364 14,549 728 1,890 11,932 7,198 7,351

-

9,490 11,151

9,782

10,429

11,141

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

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

Cash Flow statement (Consolidated)

Y/E March (` cr) Profit Before Tax Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments (Inc.)/Dec. in loans and adv. 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
previous year numbers

FY2010 FY2011 FY2012 21 165 (1,786) (108) (137) (1,845) (331) 279 108 57 6 896 6 679 1,587 (201) 812 611 16 170 (265) (66) 193 310 (471) (81)

FY2013 FY2014E FY2015E

41 365 (897) (335) (70) (896) (629) 7 335 (288) 0 1,120 (73) 1,046
(138) 973 835

174 379 (666) (351) (59) (524) (400) 351 (49) 625 6 (98) 533
(40) 835 795

207 408 (787) (369) (70) (612) (400) 369 (31) 683 6 (114) 575
(68) 795 727

1,221 (1,121)

1,077 (1,169) (166) (1,124) (2) 265 96 0 (575) 6 0 (569) 604 611 1,215 13 471 (640) 1,722 6 (161) 1,567 (242) 1,215 973

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

August 5, 2013

Punj Lloyd | 1QFY2014 Result Update

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 Order Book/Sales (x) 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 (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROAE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage
previous year numbers

FY2010 FY2011 FY2012 0.2 0.8 0.4 12.6 0.6 2.7 (10.9) (10.9) (4.1) 0.2 91.2 1.3 1.7 1.1 2.0 2.2 (13.2) 3.6 145 85 151 122 1.3 10.5 0.4 3.6 0.3 0.8 0.4 7.1 0.5 2.4 (1.8) (1.8) 6.3 0.2 89.7 2.7 1.2 1.1 2.9 3.3 (2.0) 2.4 219 101 107 171 0.9 5.5 0.5 8.2 1.9 0.3 0.8 0.5 8.2 0.6 2.6 2.8 2.8 11.8 0.2 87.9 3.4 58.2 1.5 3.0 7.8 1.2 (2.9) 4.5 5.2 3.1 2.7 196 82 104 118 1.6 7.1 0.6

FY2013 FY2014E FY2015E 2.2 0.3 26.4 1.9 0.3 22.2 1.7 0.3

0.6 7.9 0.7 2.0 (0.2) (0.2) 10.4

0.8
0.6 7.0 0.7 1.9 0.9 0.9 12.3

0.8
0.6 6.9 0.7 1.8 1.0 1.0 13.3

85.4 4.3 (70.6)

0.2
86.1 5.2 66.0

0.2
86.9 5.3 66.0

1.4
(4.1) (8.9) 1.9 4.8

1.4
4.7 7.9 2.2 (2.2)

1.4
5.0 7.9 2.4 (2.0)

5.3
5.8 (0.3) 2.5 206 91

6.6
7.2 1.0 2.6 201 95

7.1
7.6 1.2 2.6 196 93

118
127 2.1 7.0 0.6

113
132 2.3 6.3 0.8

105
137 2.5 6.2 0.8

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

August 5, 2013

10

Punj Lloyd | 1QFY2014 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbrokling.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 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

Punj Lloyd 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%)

August 5, 2013

11