1QFY2012 Result Update | Infrastructure

July 29, 2011

Consolidated Construction Consortium

Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit 1QFY12 506.9 24.6 0.6 1QFY11 508.0 42.0 17.9 4QFY11 643.0 22.5 1.5 % chg (yoy) (0.2) (41.5) (96.9) % chg (qoq) (21.2) 9.4 (63.4)

NEUTRAL
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 517 0.46 93.0/27.3 54,432 2 18,197 5,482 CCON.BO CCCL@IN

`28 -

Source: Company, Angel Research

CCCL has witnessed yet another weak quarter on the numbers front. The companys top line came in flat mainly on account of slow-moving infrastructure orders. Further, the company has continued its poor performance on the EBITDA margin front, as expected. CCCLs bottom-line performance was also disappointing due to sedate top-line growth, lower margin and higher interest cost and tax provisioning. We are revising our estimates downwards for FY2012 and FY2013 to reflect the same and are downgrading our target multiple to 8x from 9x. Going ahead, we expect CCCLs margin to remain under pressure. However, given the sharp fall in the share price, we maintain our Neutral view on the stock. Poor show on all fronts: For 1QFY2012, CCCL posted flat top line to `506.9cr (`508.0cr), registering a decline of 0.2% yoy, against our estimates of `559.0cr. This disappointment was on account slow-moving infrastructure orders. On the operating front, the company continued its dismal performance, more than our estimates, by posting a 342bp yoy decline in its EBITDAM to 4.8%, against our expectation of 250bp decline. Interest cost grew to `15.5cr (`10.5cr), up 46.6% yoy, due to high interest rates and as the company has shifted to cash credit arrangements instead of mobilisation advances. Owing to these reasons, along with higher tax provisioning (58.3%), earnings declined by 96.9% yoy to `0.6cr (`17.9cr), against our estimate of 57.1% decline.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 50.7 13.8 13.4 22.1

Abs. (%) Sensex CCCL

3m (4.9)

1yr 1.1

3yr 31.9 (75.1)

Outlook and valuation: CCCL has been consistently disappointing on the top-line front and posting erratic numbers on the EBITDAM front since the last few quarters. The order inflow is showing signs of revival, but the critical execution leg is dragging the companys performance. CCCL has always been commanding a premium over peers due to its superior return ratios, which are now headed southwards. Hence, we have revised our numbers downwards to factor in the same. Our revised fair value for CCCL is at current levels of `28/share; hence, we maintain our Neutral view on the stock. 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)
Source: Company, Angel Research

(41.0) (67.1)

FY2010 1,976 7.3 91.6 26.6 5.0 9.1 5.6 16.6 19.3 0.9 0.3 3.8

FY2011 2,199 11.3 46.9 (48.8) 2.5 7.0 10.9 7.7 13.2 0.8 0.4 5.6

FY2012E 2,362 7.4 27.8 (40.8) 1.5 6.3 18.4 4.4 10.9 0.8 0.4 6.6

FY2013E 2,646 12.0 65.8 136.8 3.6 7.3 7.8 9.8 12.4 0.7 0.4 5.7

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 | 1QFY2012 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 (`)
Source: Company, Angel Research

1QFY12 506.9 482.3 24.6 4.8 15.5 3.2 1.2 0.0 7.0 4.1 2.9 2.4 0.6 0.1 0.0

1QFY11 508.0 466.0 42.0 8.3 10.5 2.9 1.4 0.9 29.1 10.3 18.8 0.9 17.9 3.5 1.0

4QFY11 643.0 620.5 22.5 3.5 12.0 3.5 0.9 0.0 7.8 3.3 4.5 3.0 1.5 0.2 0.1

% Chg (yoy) (0.2) 3.5 (41.5) (342)bp 46.6 12.9 (15.6) (75.8) (60.1) (84.4) (96.9) (340)bp (96.9)

% Chg (qoq) (21.2) (22.3) 9.4 130bp 28.6 (7.0) 31.5 (10.4) 22.7 (34.9) 0.0 (63.4) (10)bp (63.4)

FY2011 2136.7 1985.6 151.0 7.1 47.3 12.9 5.0 0.7 96.6 33.8 62.9 12.2 50.7 2.4 2.7

FY2010 1950.0 1767.0 183.0 9.4 31.3 10.0 6.3 0.0 148.0 49.1 98.9 5.4 93.5 4.8 5.1

% Chg 9.6 12.4 (17.5) (230)bp 51.3 28.8 (19.3) (34.7) (31.2) (36.4) 0.0 (45.7) (240)bp (45.7)

Exhibit 2: 1QFY2012 Actual vs. estimates

Actual Net sales (` cr) OPM (%) Net profit after JV share (` cr)
Source: Company, Angel Research

Estimates 558.8 5.9 7.7

Variation (%) (9.3) (110)bp (92.8)

506.9 4.8 0.6

Top line flat due to slow-moving orders

CCCL posted a disappointing set of numbers for 1QFY2012. On the top-line front, CCCL posted flat top line to `506.9cr (`508.0cr), a decline of 0.2% yoy, against our estimate of `559.0cr. This disappointment was on account slow-moving infrastructure orders (metro projects and power projects). As per management, the current scenario for construction companies is gloomy because of inflationary pressures, increased competition, weak industrial production, high commodity prices and shortage of labour. Further, of the total order book of `6,171cr, orders worth ~`1,500cr (24%) are slow moving. Thus, management has guided for standalone revenues of ~`2,300cr for FY2012, which implies growth of 45% yoy. We are factoring in similar revenue growth numbers on standalone basis. CCCL had an order inflow of `1,937cr during the quarter, which was the only silver lining, taking its outstanding order book to `6,171cr (2.8x FY2011 revenue) as on June 30, 2011. Further, CCCLs management has indicated that with a decent order backlog, the company would be more careful in terms of selection of projects going forward.

July 29, 2011

CCCL | 1QFY2012 Result Update

Exhibit 3: Execution slowdown leads to Rev. decline

700 600 500 400 300 200 100 0 2.7 (3.4) 21.9 8.5 30.2 33.2 23.4 8.5 10.0 1.1 (0.2) 40 35 30 25 20 15 10 5 0 (5) (10)

Exhibit 4: Healthy order booking The only positive

2,500 2,000 1,500 1,000 1,541 500 496 321 678 693 443 352 1,706 1160 553 250 1939 250 200 150 100 50 0 (50) (100)

4.5

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

Sales (` cr, LHS)

Growth (yoy %, RHS)

Order Booking (` cr, LHS)

Growth (yoy %, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Abysmal EBITDA and earnings performance to continue

On the operating front, the company continued its dismal performance, ahead of our estimates, by posting an EBITDA margin compression of 342bp yoy to 4.8%, against our expectation of 5.9%. As per management, higher labour rates, idling of labour, higher procurement cost along with elevated fuel costs, hire charges and sand costs during the quarter have led to margin pressure. Further, CCCL expects this pressure to continue for another 56 quarters; hence, we are factoring EBITDAM of 6.3% and 7.3% for FY2012 and FY2013, respectively. Interest cost has increased to `15.5cr (`10.5cr), registering a jump of 46.6% yoy, due to a high interest rates and as the company has shifted to cash credit arrangements instead of mobilisation advances. Subdued top-line growth, margin pressure and increased interest costs along with higher tax provisioning (58.3%) led to a 96.9% yoy decline in the bottom line to `0.6cr (`17.9cr), against our estimate of 57.1% decline.

Exhibit 5: EBITDA margin to remain under pressure

80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 6.8 5.4 3.5 7.1 7.3 8.9 9.0 11.4 8.3 7.8 4.8 9.7 12.0 10.0 8.0 6.0 4.0 2.0 -

Exhibit 6: Bottom line marred by margins and interest

40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.2 0.1 4.1 3.0 4.3 4.3 4.7 4.7 5.3 6.0 5.0 3.5 2.8 3.4 4.0 3.0 2.0 1.0 -

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

3QFY11

4QFY11

1QFY12

4QFY11 4QFY11

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY11

EBITDA (` cr, LHS)

EBITDAM (%, RHS)

PAT (` cr, LHS)

PATM (%, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

July 29, 2011

3QFY11

1QFY12

1QFY12

CCCL | 1QFY2012 Result Update

Order book analysis

As of 1QFY2012, CCCLs order book stood at `6,171cr (2.8x FY2011 revenue), up 36.3% yoy and dominated by the infrastructure (48.2%) and commercial (40.5%) segments. The industrial and residential segments accounted for the balance. The companys order book is spread across price protected (57.1%), fixed price (19.8%) and without material (23.1%) contracts.

Exhibit 7: Good show on the order inflow front (%)

Exhibit 8: Order book at 2.8x FY2011 revenue (` cr)

Source: Company, Angel Research

Source: Company, Angel Research

Change in estimates
We are revising our revenue estimates to `2,362cr (`2,433cr) and `2,646cr (`2,946cr) for FY2012 and FY2013, respectively, owing to slow-moving orders of ~`1,500cr (24.3% of the overall order book). On the margin front, we are factoring in a marginal dip in OPM to 6.3% (6.4%) for FY2012, as the company has acknowledged that margin pressure is likely to continue for the next 56 quarters. Further, with rising interest cost due to reasons mentioned above, our bottom-line estimates have been revised downwards to `27.8cr (`47.1cr) and `65.8cr (`77.8cr) for FY2012 and FY2013, respectively.

Exhibit 9: Change in estimates

FY2012 Earlier estimates Revenue EBITDA margin PAT
Source: Company, Angel Research

FY2013 (2.9) (1.4) (41.1) 2,946.1 7.3 77.8 2,646.1 7.3 65.8 (10.2) (15.4)

Revised estimates Variation (%) Earlier estimates Revised estimates Variation (%) 2,362.1 6.3 27.8

2,433.0 6.4 47.1

Return ratios take a hit, justifying the downgrade in PE multiple

CCCL had superior return ratios because of which the stock always traded at a premium in comparison to its peers. Currently, the return ratios have taken a hit due to the companys poor performance. Going ahead as well, we see pressure on return ratios to continue and expect some improvement only in FY2013. Thus, CCCL has lost an edge over its peers, and we expect the stock to get de-rated on the bourses, which justifies the lowering of its target multiple to 8x from 9x. July 29, 2011 4

CCCL | 1QFY2012 Result Update

Exhibit 10: Return ratios decline on low OPM and passive rev. growth
40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 FY2008 FY2009 FY2010 FY2011
RoACE (%)

35.3

27.8

17.5

19.3 13.2 10.9 12.4

14.9

16.6 7.7

9.8 4.4 FY2012E FY2013E

RoAE (%)

Source: Company, Angel Research

Outlook and valuation

CCCL has been consistently disappointing on the top-line front and posting erratic numbers on the EBITDA front since the last few quarters. The order inflow is showing signs of revival, but the critical execution leg is dragging the companys performance. CCCL has always been commanding a premium over peers due to its superior return ratios, which are now headed southwards. Hence, we have revised our numbers downwards to factor in the same. Our revised fair value for CCCL is at current levels of `28/share; hence, we maintain our Neutral view on the stock.

Exhibit 11: Key assumptions

FY2008 Order inflow (` cr) Revenue (` cr) Order backlog (Y/E) Order book-to-sales ratio (x)
Source: Company, Angel Research

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 3,913 2,362 6,519 2.8

FY2013E 4,707 2,646 8,580 3.2

2,138 1,477 2,652 1.8

Exhibit 12: Angel EPS forecast vs. consensus

Angel forecast FY2012E FY2013E
Source: Company, Angel Research

Bloomberg consensus 2.9 4.6

Variation (%) 92.9 29.2

1.5 3.6

July 29, 2011

CCCL | 1QFY2012 Result Update

Exhibit 13: Recommendation summary

Company CCCL HCC IRB Infra IVRCL JP Assoc. Punj Lloyd NCC Sadbhav Simplex In. Patel Engg Madhucon L&T ITNL CMP 28 30 174 62 67 70 73 143 300 135 87 210 TP Rating Top-line (` cr) FY11 - Neutral - Neutral 191 100 108 109 161 404 # 308 Accu. Buy Buy Buy Accu. Buy # Buy Buy 2,199 4,093 2,438 5,651 8,166 5,074 2,209 4,896 3,499 1,705 4,049 FY12E 2,362 4,723 2,999 6,275 FY13E CAGR (%) 2,646 5,485 3,995 7,494 9.7 15.8 28.0 15.2 19.0 16.0 16.9 13.9 17.2 1.2 24.3 22.3 26.4 2.5 1.2 13.6 5.9 3.1 (1.5) 6.4 8.0 25.1 18.4 6.9 58.2 22.3 EPS (`) FY11 FY12E FY13E CAGR (%) 1.5 0.7 12.7 6.2 5.1 3.7 5.9 8.4 24.1 15.5 7.5 68.3 25.0 3.6 1.3 14.5 8.2 6.8 5.9 7.3 9.7 36.7 23.0 8.7 82.5 26.1 18.4 4.1 3.3 17.5 48.8 6.9 10.3 21.0 11.8 12.6 19.0 8.1 10.9 0.5 6.8 6.0 21.7 6.2 8.7 12.0 2.9 5.8 21.7 1.7 Adj. P/E 18.4 0.7 7.3 5.7 13.0 19.1 6.7 8.2 12.5 3.5 5.3 18.5 1.5 7.8 0.4 6.4 4.3 9.8 11.9 5.5 7.1 8.2 2.3 4.6 15.3 1.4 OB/ 2.8 4.0 4.2 2.8 3.2 3.2 3.0 2.7 3.7 3.0 5.5 FY11 FY12E FY13E Sales(x)

13,217 15,860 18,708 9,585 10,992 5,856 2,602 5,373 3,272 2,069 4,908 6,939 2,865 6,721 3,587 2,632 6,467

- Neutral

- Neutral

1,726 2,030

44,265 56,137 66,161

Source: Company, Angel Research; # under review

Exhibit 14: SOTP breakup Across players

Company CCCL HCC IRB Infra IVRCL JP Assoc. Punj Lloyd NCC Sadbhav Simplex In. Patel Engg Madhucon L&T ITNL Core Const. ` 28 11 110 74 32 96 76 87 404 61 70 1,567 136 % to TP 100 26 58 73 30 100 70 54 100 43 60 77 44 ` 23 31 2 47 2 Real Estate % to TP 58 29 2 33 2 Road BOT ` 6 77 8 73 16 33 148 % to TP 16 40 8 46 11 28 48 Invst. In Subsidiaries ` 5 27 463 % to TP 2 27 23 ` 44 23 19 12 24 Others % to TP 41 21 14 10 8 Total ` 28 40 191 100 108 96 109 161 404 143 117 2,030 308

Source: Company, Angel Research

July 29, 2011

CCCL | 1QFY2012 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 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 0 160 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) 2,362 2,362 7.4 2,213 1,815 122 142 135 149 (2.9) 6.3 19 130 (6.8) 5.5 69 6 9.6 67 (29.1) 67 24 35.0 44 15.9 28 28 (40.8) 1.2 1.5 1.5 (40.8) 2,646 2,646 12.0 2,453 2,014 124 164 151 193 29.8 7.3 24 169 30.6 6.4 79 7 7.0 97 44.9 97 32 32.4 66 66 66 136.8 2.5 3.6 3.6 136.8

July 29, 2011

CCCL | 1QFY2012 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 Investments Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 94.3 13.4 80.9 2.1 99.1 865 633 12.5 87.7 132.2 452 413 14.2 609 160.6 22.1 138.4 6.4 56.9 1,089 807 8.8 129.9 143.7 546 544 12.4 758 189.7 33.1 156.6 15.5 9.4 1,358 1,020 12.0 170.1 156.2 554 805 1.4 988 219.5 46.7 172.8 36.2 3.1 1,514 1,204 7.6 85.2 216.6 605 909 0.1 1,121 289.5 65.7 223.8 36.2 33.1 1,623 1,294 8.2 88.1 232.7 650 973 0.1 1,266 359.5 89.3 270.2 36.2 43.1 1,839 1,464 9.2 104.8 260.6 728 1,111 0.1 1,460 37.0 416.8 453.8 125.5 29.6 609 37.0 479.1 516.1 197.6 44.2 758 37.0 552.3 589.2 338.8 59.5 988 37.0 591.4 628.4 431.4 61.2 1,121 37.0 607.3 644.2 560.6 61.2 1,266 37.0 661.2 698.2 700.8 61.2 1,460 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

July 29, 2011

CCCL | 1QFY2012 Result Update

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 159.9 5.6 159.0 7.9 32.2 (33.7) (36.7) (99.1) 7.9 (127.9) 188.7 10.0 10.8 (28) 160.4 (1.2) 88.9 87.7 110.5 9.0 88.8 9.4 23.6 (2.2) (70.6) 42.2 9.4 (18.9) 72.1 9.2 0 63.3 42.2 87.7 129.9 142.0 11.0 220.6 6.4 37.7 (111.7) (38.2) 47.5 6.4 15.6 141.2 10.8 6 136.3 40.3 129.9 170.1 FY2011 FY2012E FY2013E 82.6 14.0 189.2 5.2 35.7 (133.5) (50.6) 6.4 5.2 (39.1) 92.6 10.8 6 87.6 (84.9) 170.1 85.2 51.3 19.0 61.2 6.5 23.5 (20.9) (70.0) (30.0) 6.5 (93.5) 129.2 11.9 117.3 2.9 85.2 88.1 97.4 23.6 120.9 6.8 31.6 (38.3) (70.0) (10.0) 6.8 (73.2) 140.2 11.9 128.3 16.7 88.1 104.8

July 29, 2011

CCCL | 1QFY2012 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 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 0.7 3.2 1.9 0.9 3.1 2.1 19.2 120 2 77 62 14.4 143 2 93 73 11.3 169 2 100 97 10.7 185 2 94 121 9.3 193 1 95 132 8.2 190 1 93 130 35.3 43.6 27.8 17.5 20.8 14.9 19.3 23.3 16.6 13.2 15.0 7.7 10.9 11.7 4.4 12.4 13.4 9.8 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 5.5 0.7 2.1 7.6 9.0 0.6 6.7 6.4 0.7 2.1 9.0 8.4 0.8 9.5 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 2.5 0.6 34.9 3.6 3.6 4.8 0.6 37.8 5.7 5.4 1.1 1.8 0.4 3.2 0.9 7.1 6.3 1.0 1.8 0.3 4.5 0.8 5.6 5.0 0.9 1.8 0.3 3.8 0.7 10.9 8.4 0.8 1.8 0.4 5.6 0.8 18.4 10.9 0.8 2.0 0.4 6.6 0.8 7.8 5.7 0.7 2.0 0.4 5.7 0.8 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

July 29, 2011

10

CCCL | 1QFY2012 Result Update

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%)

July 29, 2011

11