3QFY2013 Result Update | Infrastructure

June 5, 2013

IVRCL Infrastructure
Performance Highlights
Y/E March (` cr) Revenue EBITDA PAT 3QFY13 1,494 134 6 4QFY12 1,598 103 5 % chg (yoy) (6.5) 30.0 22.6 2QFY13 1,270 68 (68) % chg (qoq) 17.6 96.8 -

BUY
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net debt Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 578 2,748 2.0 55/17 1,523,135 2 19,568 5,924 IVRC.BO IVRC@IN

`19 `29
12 months

Source: Company, Angel Research

For 3QFY2013, IVRCL ltd (IVRCL) reported a good set of numbers on the profitability front, which were significantly above our and consensus estimates. The companys order book stands at ~`27,444cr (including L1 ordes).
During the quarter, the company has entered into a definitive sale agreement with TRIL Roads Pvt Ltd to divest stake (74%) in its three road BOT projects. As per the Management, these asset sales are intended towards meeting the equity requirement for the road BOT projects and reducing debt levels. High other income boots bottom-line: The company reported revenues of

`1,494cr in 4QFY2013, a decline of 6.5% yoy (slightly below our estimate of `1,520cr). The EBITDAM grew by 252bp/360bp on a yoy/qoq basis to 9.0% for
the quarter, and was above our estimate of 8.7%. This was mainly on account of pick up in execution and lower base of last year. The interest cost grew by 100.7%/16.9 on a yoy/qoq basis to `133cr for the quarter. On the earnings front, IVRCLs PAT grew by 22.6% yoy to `6cr (our estimate was of a loss of `22cr) in 3QFY2013. This was mainly on back of higher-than-expected other income of `44cr (a jump of 698% yoy). The other income includes a gain of `35cr on account of monetization of a land parcel in Noida. Outlook and valuation: IVRCL has a strong order book of ~`27,444cr (4.8x trailing revenue), which provides comfortable revenue visibility. However the proportion of slow moving orders remains high in the current order book. Given the slower-than-expected execution and weak performance in FY2013, we lower the EPS estimates for FY2014 to `1.4 and introduce FY2015E EPS to `1.8. The stock is trading at FY2015E P/E (including subsidiaries) and P/BV of 10.3x and 0.3x respectively. We recommend Buy rating on the stock with a target price of `29.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 13.7 2.9 24.7 58.7

Abs. (%) Sensex IVRCL

3m 2.2

1yr 22.1

3yr 14.3 (89.4)

(24.1) (51.7)

Key financials (Standalone)

Y/E March (` cr) Net Sales % chg Adj.Net Profit % chg EBITDA (%) FDEPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) Order/Sales (x) Order inflows % chg FY2012(15M) 6,178 (12.5) 18 (90.8) 8.1 0.6 32.0 0.3 0.8 8.5 0.5 6.1 5.6 11,112 (14.3) FY2013E(9M) 3,759 1.4 (102) 7.2 (3.3) 0.3 (4.6) 4.4 0.8 10.7 5.8 4,441 (33.4) FY2014E 5,673 13.2 44 8.1 1.4 13.1 0.3 2.0 7.8 0.5 6.5 4.9 5,976 0.9 FY2015E 5,892 3.8 56 27.2 8.4 1.8 10.3 0.3 2.6 8.2 0.5 6.3 4.9 6,975 16.7

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

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

IVRCL Infrastructure | 3QFY2013 Result Update

Exhibit 1: 4QFY2013 performance (Standalone)

Y/E March (` cr) Net sales Total expenditure Operating profit OPM (%) Interest Depreciation Non operating income Non recurring items Profit before tax Tax Reported PAT PAT (%) Adjusted PAT Adj. PAT (%) Adj. FDEPS
Source: Company, Angel Research,

3QFY13 1,494 1,360 134 9.0 133 22 44 23 17 6 0.4 6 0.4 0.2

4QFY12 1,598 1,495 103 6.4 66 27 5 15 10 5 0.3 5 0.3 0.16

% chg (yoy) (6.5) (9.0) 30.0 252bp 100.7 (19.2) 698.4 49.6 62.3 22.6 10bp 22.6 10bp

2QFY13 1,270 1,202 68 5.4 114 22 17 (50) 18 (68) (5.4) (68) (5.4) (2.22)

% chg (qoq) 17.6 13.2 96.8 360bp 16.9 (0.2) 149.3 (146.3) (7.3) (108.9) (107.6) (108.9) 577bp (110.2)

9MFY2013 37,591 34,868 2723 7.2 3479 640 704 (691) 325 (1017) 0.3 (1017) 0.3 (33.13)

9MFY2012 38,466 35,552 2915 7.6 2854 747 998 311 113 199 2.8 199 2.8 6.47

% chg (yoy) (2.3) (1.9) (6.6) (33)bp 21.9 (14.4) (29.5) (321.9) 188.5 (611.7) (611.7) (250)bp (611.7)

Exhibit 2: 3QFY2013 Actual vs Angel estimates

(` cr) Net Sales EBITDA Interest Tax PAT
Source: Company, Angel Research

Actual 1,494 134 133 17 6

Estimates 1,520 132 118 21 (22)

Variation (%) (1.7) 1.3 12.9 (19.7) (127.3)

Revenue execution improves

The company reported revenues of `1,494cr in 3QFY2013, a decline of 6.5% yoy (slightly below our estimate of `1,520cr). This was mainly due to pick up in execution activity, particularly in the EPC segment, during the quarter. Going forward, given the strong order book position, we expect execution to improve in FY2014. During the quarter, the company has entered into a definitive sale agreement with TRIL Roads Pvt Ltd to divest stake (74%) in its three road BOT projects-(a) Salem Tollways, (b) Kumarapalayam Tollways and (c) IVRCL Chengapally Tollways. However IVRCL will be able to sell only 49% stake in Chengapally Tollways since the project is under construction as per NHAI. Once the project is completed, the company can sell its remaining stake. The Management expects to complete the sale transaction within the next two-three months.

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Exhibit 3: Execution improves

1,800 1,600 1,400 1,200 1,000 800 600 1,046 400 200 0 2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13 3QFY13 Sales (` cr, LHS) Source: Company, Angel Research Growth (yoy %, RHS) (15.2) 1,203 1,598 (22.1) 7.4 1,207 1,270 995 1,494 (4.9) (6.5) (2.7) 5.6 16.0 11.0 6.0 1.0 (4.0) (9.0) (14.0) (19.0) (24.0) (29.0)

Asset sale leads to profitability

The EBITDAM grew by 252bp/360bp on a yoy/qoq basis to 9.0% in 3QFY2013 and was above our estimate of 8.7%. This was mainly on account of pick up in execution and lower base of last year. The interest cost grew by 100.7%/16.9% on a yoy/qoq basis to `133cr for the quarter. On the earnings front, IVRCLs PAT grew by 22.6% yoy to `6cr (our estimate was a loss of `22cr) in 3QFY2013. This was mainly on back of higher-than-expected other income of `44cr (a jump of 694.4% yoy). The other income includes a gain of `35cr towards monetization of a land parcel in Noida.

Exhibit 4: EBITDAM back on track

160 140 120 100 80 60 40 103 124 94 94 70 68 20 2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13 3QFY13 EBITDA (`cr, LHS) EBITDAM (%, RHS) 134 2.0 6.4 9.0 7.9 7.1 5.4 10.3 9.0 12.0 10.0 8.0 6.0 4.0

Exhibit 5: Higher other income boosts bottom-line

70 50 30 10 (10) (30) (50) (70) (90) PAT (` cr, LHS) (4.0) (5.4) PATM (%, RHS) 2QFY12 3QFY12 4QFY12 5QFY12 1QFY13 2QFY13 3QFY13 0.8 0.6 0.3 (0.5) 0.4 2.0 1.0 (1.0) (2.0) (3.0) (4.0) (5.0) (6.0)

Source: Company, Angel Research

Source: Company, Angel Research

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Order book analysis

The company secured orders worth `6,375cr during the last three quarters, thereby taking the order book to `27,444cr (including L1 of `3,494cr) at end3QFY2013. Adjusting for L1 orders, it has an order book to sales ratio of ~4.8x trailing revenues. Of the total order book, the proportion of slow moving orders, (which particularly comprise of BOT transportation and irrigation segment orders) remains high.

Exhibit 6: 3QFY2013 revenue break-up (` cr)

0 82 369 699

Exhibit 7: Order book break-up (` cr)

1,253 1,672 4,623 927

9,898

184

9,071

Water

Transport

Building

Power

Oil & Gas

Water

Transport

Building

Power

Mining

International

Source: Company, Angel Research

Source: Company, Angel Research

Change in estimates
Considering the poor performance in FY2013, we are revising our revenue estimates for FY2014 to `5,673cr and introduce our FY2015 revenue estimate at `5,892cr. The EBITDAM has been revised to 8.1% for FY2014. Due to lower-thanexpected revenue performance and higher interest cost, we are now estimating a PAT of `44cr (our earlier estimate was of a profit of `72cr) and `56cr 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 (%) (9.8) (78)bp (38.5) Earlier Estimates 5,892 8.4 56 Revised Estimates 5,892 8.4 56 Variation (%) 0.0 0.0 0.0 5,673 8.1 44

Revised Estimates

6,287 8.5 72

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Outlook and valuation

The company needs to invest ~`769cr in its BOT assets over the next three years. Out of this, the company would need to invest `553cr in FY2014 and `139cr in FY2015. During the quarter, the company has entered into a definitive sale agreement with TRIL Roads Pvt Ltd to divest stake (74%) in its three road BOT projects. We believe that monetisation of existing assets along with sale of land parcels would help the company to fund its equity requirement. IVRCL has a strong order book of ~`27,444cr (4.8x trailing revenues), which provides revenue visibility; however, the company would need to focus on its execution going ahead, which has not kept pace with order book growth. Given the slower-than-expected execution and weak performance in FY2013, we lower the EPS estimate for FY2014 to `1.4 and introduce FY2015 EPS to `1.8. The stock is trading at a P/E (including subsidiaries) and P/BV of 10.3x and 0.3x FY2015E earnings respectively. We recommend a Buy rating on the stock with a target price of `29.

Exhibit 9: SOTP valuation

Particulars IVRCL Standalone BOT projects Segment Construction BOT projects Value (` cr) 282 560 35 877 Value per share (`) 9 18 1 29 Basis P/E of 5x FY15earnings Discount of 20% to book value Holding company discount of 20%

Hindustan Dorr Oliver Engineering Grand Total

Source: Company, Angel Research

Exhibit 10: Angel EPS forecast vs consensus

Angel forecast FY2014E FY2015E
Source: Company, Angel Research

Bloomberg consensus 1.5 1.9

Variation (%) (4) (3)

1.4 1.8

Company background
IVRCL is one of the leading construction companies in India. Set up in 1987, the company is based in Hyderabad and is promoted by E Sudhir Reddy. IVRCL has a track record of executing infrastructure projects over the last two decades. The company is the leader in water management and irrigation systems in India. It also operates in the construction of road, buildings, industrial structures and power transmission towers.

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Exhibit 11: Recommendation summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP (`) TP (`) Rating FY13 200 11 116 175 19 67 30 45 107 99 29 255 157 230 29 90 42 139 131 41 Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy 1,853 1,931 3,687 6,645 3,759 - Neutral 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 16.0 13.6 (3.3) 8.1 16.7 10.0 26.8 8.4 (3.3) 8.2 10.1 22.8 2.2 2.4 0.9 13.2 67.5 12.2 (0.2) 9.2 10.8 7.1 12.5 EPS (`) FY13 12.5 (3.4) 6.9 6.5 30.4 21.0 12.5 9.2 2.3 18.0 0.7 15.7 29.8 1.4 2.5 77.9 2.7 0.5 5.9 11.9 11.0 22.2 2.0 16.6 32.1 1.8 2.9 88.3 3.6 0.9 6.7 18.7 11.5 17.7 (0.3) 9.4 13.8 14.4 22.0 31.9 (4.0) P/E 11.1 16.5 7.4 5.9 13.1 26.5 18.2 11.4 88.6 18.1 8.4 2.7 9.0 5.6 7.0 5.4 10.3 23.5 16.1 8.4 48.2 16.0 5.3 2.5 OB/ 2.3 2.2 2.4 2.2 4.8 2.5 3.2 1.9 5.6 2.7 1.6 FY15E CAGR (%) FY13 FY14E FY15E CAGR (%) FY14E FY15E Sales(x)

13,358 14,850 15,631 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

1,420 1,761

- Neutral 11,717 12,954 14,740

177.2 123.2

Source: Company, Angel Research

Exhibit 12: SOTP break-up

Company ` ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra 87 16 45 80 9 24 1,318 23 64 47 131 35 Core Const. % to TP 34 100 29 35 31 27 75 55 100 33 100 85 ` 23 Real Estate % to TP 25 ` 168 112 120 7 93 6 Road BOT % to TP 66 71 52 17 67 15 Invst. In Subsidiaries ` 20 443 % to TP 69 25 ` 30 43 12 Others % to TP 13 48 29 Total ` 255 16 157 230 29 90 1,761 42 64 139 131 41

Source: Company, Angel Research

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Profit and loss (Standalone)

Y/E March (` cr) Net Sales Other operating income Total operating income % chg Total Expenditure R.M. consumed Construction expenses Employee expenses SG&A EBITDA % chg (% of Net Sales) Depreciation & Amort. 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 FY10 12.2 FY11 2.9 FY12(15M) 6,178 6,178 (12.5) 5,677 2,591 2,554 323 208 501 (22.1) 8.1 119 382 (30.3) 6.2 506 170 366.7 46 (84.1) 46 28.2 60.9 18 18 18 (90.8) 0.3 0.6 0.6 (92.0) FY13E(9M) 3,734 25.1 3,759 1.4 3,487 1,053 2,153 177 103 272 (9.4) 7.2 64 208 (9.1) 5.6 348 70 (101.9) (69) (69) 32.5 (47.1) (102) (102) (102) (2.7) (3.3) (3.3) FY14E FY15E 5,656 17.0 5,673 13.2 5,212 1,573 3,275 195 170 461 27.0 8.1 97 364 31.2 6.4 383 85 128.4 66 66 21.8 33.0 44 44 44 0.8 1.4 1.4 5,874 17.6 5,892 3.8 5,396 1,598 3,401 215 182 496 7.6 8.4 102 394 8.2 6.7 398 88 104.8 84 27.2 84 27.7 33.0 56 56 56 27.2 1.0 1.8 1.8 27.2 5,492 5,651 5,492 5,651 4,961 5,137 2,388 2,406 2,240 2,322 203 130 531 21.9 9.7 54 477 22.8 8.7 212 64 19.4 329 329 117.7 35.8 211 211 211 3.8 7.9 7.9 262 147 515 (3.1) 9.1 76 439 (8.0) 7.8 263 57 24.3 233 233 74.7 32.1 158 158 158 2.8 5.9 5.9

20.1 (29.3)

(349.1) (171.7)

(6.6) (25.2)

(53.3) (25.2)

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Balance sheet (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share App Money 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 Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets

FY10 53 1,800 1,853 1,613 12 3,479 750 184 566 35 614 4,700 245 1,945 164 661 1,686 2,437 2,264 3,479

FY11 53 1,934 1,987 2,096 9 4,092 924 232 692 26 635 5,452 273 1,930 143 953 2,153 2,713 2,739 4,092

FY12(15M) 53 8 2,209 2,270 2,638 (39) 4,870 1,011 321 690 2 1,584 5,569 272 1,926 88 1,425 1,857 2,975 2,594 4,870

FY13E(9M) 61 2,108 2,169 2,505 (31) 4,643 1,043 385 657 2 1,654 6,126 269 1,867 92 1,772 2,127 3,796 2,331 4,643

FY14E 61 2,124 2,185 2,605 (31) 4,759 1,103 482 621 2 1,654 6,055 278 2,005 96 1,913 1,762 3,572 2,483 4,759

FY15E 61 2,151 2,213 2,705 (31) 4,887 1,163 584 579 2 1,654 6,344 288 2,098 66 2,024 1,866 3,691 2,653 4,887

June 5, 2013

IVRCL Infrastructure | 3QFY2013 Result Update

Cash flow (Standalone)

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 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 FY10 329 42 91 (64) (118) 280 (104) (225) 64 (264) 27 215 (25) (169) 48 63 101 164 FY11 233 49 (497) (57) (75) (347) (165) (21) 57 (129) 482 (19) (9) 455 (21) 164 143 FY12(15M) 46 89 91 (170) (28) 28 (63) (950) 170 (843) 8 542 210 760 (55) 143 88 FY13E(9M) (69) 64 267 (70) (33) 159 (31) (69) 70 (30) (133) 9 (125) 4 88 92 FY14E 66 97 (149) (85) (22) (93) (60) 85 25 100 (29) (0) 71 4 92 96 FY15E 84 102 (200) (88) (28) (129) (60) 88 28 100 (29) (0) 71 (30) 96 66

June 5, 2013

IVRCL Infrastructure | 3QFY2013 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 (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE 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

FY10 2.4 1.9 0.3 4.2 0.4 3.7 0.6 7.9 7.9 9.9 0.8 69.3 8.7 64.2 1.7 9.5 9.0 0.7 9.9 14.2 15.0 11.5 7.8 15 109 135 212 0.8 2.7 2.2

FY11 3.2 2.2 0.3 3.2 0.4 4.8 0.6 5.9 5.9 8.8 0.6 74.3 7.8 67.9 1.6 8.2 9.6 0.9 7.0 11.6 12.2 8.2 6.8 17 125 164 235 1.0 3.8 1.7

FY12(15M) 32.0 4.2 0.3 0.5 6.1 0.6 0.6 0.6 4.5 73.9 6.2 39.1 1.4 3.4 8.4 1.1 (1.8) 8.5 8.8 0.8 6.4 20 142 207 280 1.1 5.1 0.8

FY13E(9M) 0.3 0.8 10.7 0.6 (3.3) (3.3) (1.2) 70.6 5.6 147.1 0.8 6.6 19.9 1.1 (8.3) 4.4 4.5 (4.6) 3.7 20 139 246 255 1.1 8.9 0.6

FY14E 13.1 4.1 0.3 4.2 0.5 6.5 0.6 1.4 1.4 4.6 0.8 71.1 6.4 67.0 1.2 5.3 10.1 1.1 (0.1) 7.8 7.9 2.0 5.3 18 125 234 226 1.1 5.4 1.0

FY15E 10.3 3.7 0.3 4.2 0.5 6.3 0.6 1.8 1.8 5.2 0.8 72.0 6.7 67.0 1.2 5.6 10.1 1.2 0.3 8.2 8.3 2.6 5.2 18 127 221 234 1.2 5.3 1.0

June 5, 2013

10

IVRCL Infrastructure | 3QFY2013 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 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

IVRCL 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%)

June 5, 2013

11