MPL

1QFY2011 Result Update | Infrastructure
July 30, 2010

Madhucon Projects ACCUMULATE
CMP Rs155
Performance Highlights Target Price Rs174

Y/E March (Rs cr) 1QFY11 1QFY10 % chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months

Net Sales 407.4 284.8 43.0 486.4 (16.2) Stock Info
Operating Profit 43.5 35.6 22.2 30.9 40.7 Sector Infrastructure
Net Profit 13.5 13.1 2.8 6.9 95.3 Market Cap (Rs cr) 1,141
Beta 1.4
Source: Company, Angel Research

52 Week High / Low 198/75
Madhucon Projects (MPL) reported top-line growth ahead of our estimates, led
primarily by pick up in the execution in the road and irrigation segments. Avg. Daily Volume
61,030
Operating margins and earnings also exceeded our expectations. MPL’s order Face Value (Rs) 1
book at 3.5x FY2010 revenues, gives revenue visibility for the next couple of BSE Sensex 17,868
years. However, MPL’s money raising plans have hit a road block due to the
Nifty 5,368
regulatory norms and the company has raised debt in lieu of equity, which makes
Reuters Code MAPR.BO
PE money coming in also a remote possibility. In line with this, we are changing
our valuation methodology and not factoring in dilution. Hence, we downgrade Bloomberg Code MDHPJ@IN
the stock to Accumulate.
Top-line and margins surprise: MPL reported robust top-line yoy growth of 43.0% Shareholding Pattern (%)
to Rs407.4cr, above our expectation of 23.6%. OPM stood at 10.7% (12.5%). We
Promoters 57.7
expected margins to be weak due the problems in Andhra Pradesh and higher
MF / Banks / Indian Fls 20.8
share of power segment where MPL subcontracts majority of the work in turn
FII / NRIs / OCBs 14.8
diluting margins. MPL posted marginal yoy jump of 2.8% in net profit to Rs13.5cr.
Indian Public / Others 6.8
Outlook and Valuation: We believe that the key triggers to watch out for MPL
should be the pickup in execution on the development business and building an
attractive asset portfolio before it plans to raise money via IPOs. However, these
Abs. (%) 3m 1yr 3yr
plans would fructify somewhere in FY2012 only and based on the market
Sensex 1.8 16.1 17.1
conditions then. Hence, we believe that stock would be a sector performer till then
and real value would be created only on unlocking at the subsidiary level. We MPL (7.4) 68.8 15.9
downgrade the stock to Accumulate. We have assigned P/E of 10x to its FY2012E
earnings, valued Madhucon Infra at 1.25x of equity invested, the real estate
venture at cost and have arrived at an SOTP Target Price of Rs174.

Key Financials (Standalone)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales (incl op. income) 1,025.4 1,307.6 1,701.2 2,120.0
% chg 38.9 27.5 30.1 24.6
Adj. Net Profit 46.9 43.2 56.8 72.8
% chg (0.7) (7.8) 31.5 28.2
FDEPS (Rs) 6.3 5.8 7.7 9.8
EBITDA Margin (%) 12.1 10.3 9.7 9.8
P/E (x) 24.4 26.5 20.1 15.7 Shailesh Kanani
RoAE (%) 9.1 7.8 9.5 11.0 022-40403800 Ext: 321
RoACE (%) 10.3 9.7 10.4 10.9 shailesh.kanani@angeltrade.com

P/BV (x) 2.1 2.0 1.8 1.6
Aniruddha Mate
EV/Sales (x) 1.3 1.1 1.0 0.8
022-40403800 Ext: 335
EV/EBITDA (x) 11.1 10.7 10.2 8.3 aniruddha.mate@angeltrade.com

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

MPL|1QFY2011 Result Update

Exhibit 1: 1QFY2011 Performance (Standalone)
Y/E March (Rs cr) 1QFY11 1QFY10 4QFY10 % chg (yoy) % chg (qoq) FY2010 FY2009 % chg
Net Sales 407.4 284.8 486.4 43.0 (16.2) 1307.6 1025.4 27.5
Total Expenditure 363.9 249.2 455.5 46.0 (20.1) 1173.4 901.5 30.2
Operating Profit 43.5 35.6 30.9 22.2 40.7 134.2 124.0 8.3
OPM (%) 10.7 12.5 6.4 - - 10.3 12.1 -
Interest 10.3 6.7 7.8 53.4 31.0 25.8 26.6 (2.8)
Depreciation 11.9 10.2 11.8 16.6 1.2 44.9 43.3 3.5
Non Operating Income 0.3 1.8 0.2 (85.4) 14.5 4.6 19.1 (75.9)
Nonrecurring items 0.0 0.0 0.0 - - 0.0 0.0 -
Profit Before tax 21.5 20.5 11.5 5.3 87.5 68.1 73.1 (6.8)
Tax 8.1 7.4 4.6 9.6 76.0 24.9 26.0 (4.3)
Reported Net Profit 13.5 13.1 6.9 2.8 95.3 43.2 47.1 (8.3)
PAT (%) 3.3 4.6 1.4 - - 3.3 4.6 -
Reported EPS 1.8 1.8 0.9 2.8 95.3 5.8 6.4 (8.3)
Source: Company, Angel Research;

Exhibit 2: 1QFY2011Actual v/s Estimates
Estimates Actual Variation
Net Sales 352.0 407.4 15.7
OPM (%) 7.3 10.7 337.6bp
PAT 5.5 13.5 144.6

Top-line beats estimates… MPL reported robust top-line growth of 43.0% to
Rs407.4cr, above our expectation of 23.6%. This was mainly on account of pick up
in the road and irrigation space. Management has indicated pick up in irrigation
projects in Andhra Pradesh and has seen a drop in receivables from Rs42cr in the
last quarter to Rs18cr in 1QFY2011. Thus, going ahead, we believe that the good
show on the top-line front will continue.

Exhibit 3: Quarterly trend in revenues (Rs cr)

49.2
600 53.1
500 43.0
38.8
400 23.3
18.8
300 13.0 4.9
200
100
0
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

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


July 30, 2010 2


…ditto operating margins and bottom-line: For 1QFY2011, OPM came in at
10.7% (12.5%) as against our estimate of 7.3%. We had expected margins to be
under pressure given the problems in Andhra Pradesh and higher share of power
segment where MPL subcontracts majority of the work thereby diluting margins.
On the bottom-line front, the company posted a marginal 2.8% yoy jump to
Rs13.5cr, which was subdued mainly on account of higher interest cost.

Exhibit 4: Quarterly EBITDA trend Exhibit 5: Quarterly bottom-line trend

50 20.0 16 6.1 7.0
16.6 14 5.3 4.6 3.3 6.0
40 12.5 12.4 12 4.7
11.2 15.0 5.0
30 10 2.4 4.0
10.3 7.4 10.0 8 1.4
6 3.9 3.0
20 2.0
4
10 6.4 10.7 5.0 2 1.0
0 -
0 -

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

EBITDA (Rs cr, LHS) EBITDAM (%, RHS) PAT (Rs cr, LHS) PATM (%, RHS)

Source: Company, Angel Research Source: Company, Angel Research

Order book analysis

MPL’s order book, as on 1QFY2011, stood at Rs4,615cr (3.5x FY2010 revenues),
which is dominated by the power (37.9%) and irrigation (26.0) segments. The
balance is contributed by the roads, real estate and mining segments. We believe
that ~20% of MPL’s orders are either slow moving/pending financial closure,
which would take time to start contributing to revenues. We believe that funding
and overall liquidity plays a big role in MPL’s growth, given that ~71% of the
orders are in house.

Exhibit 6: 1QFY2011 order backlog - Sector wise (Rs cr) Exhibit 7: 1QFY2011 order backlog - Client wise (Rs cr)

375 140
Irrigation
1,200 1,200
1,150 Power Government
Roads 3,275 Private
1,750 140
Real Estate Captive
Mining

Source: Company, Angel Research Source: Company, Angel Research

July 30, 2010 3


Change in valuation methodology

MPL had decided to bundle all its development projects and list that entity
(Madhucon Infra) by 1HFY2011 and raise Rs300-500cr. But, the issue had to be
postponed by a year as stipulated by the Securities and Exchange Board of India
(Sebi) norms, wherein a company has to wait for a year after re-pledging of shares
before it can file the draft red herring prospectus. Thus, owing to the delay in
going public, management was looking at pre-IPO fund raising. Private equity was
one of the options being considered. But, with the issue of NCDs, there will be no
pre-IPO placement.

Madhucon Infra has two operational highways, two will begin tolling shortly and
funds for the other are yet to be tied up. The company is also developing a
1,920mw thermal power project in Krishnapatnam and a coal mine in Indonesia.
Against this backdrop, we are not factoring in dilution and changing our valuation
methodology to price-to-book basis (1.25x equity invested). In line with this, our
target price stands revised to Rs174 (Rs190).

Outlook and Valuation
We believe the key triggers to watch out for MPL should be the pick up in execution
in the development business and building of an attractive asset portfolio before it
plans to raise money via IPOs. However, these plans would fructify somewhere in
FY2012 only and based on the market conditions prevailing then. Hence, we
believe that till then the stock would be a sector performer and real value would be
created only on unlocking at the subsidiary level. We downgrade the stock to
Accumulate.

We have valued MPL at ~30% discount to larger peers like NCC, IVRCL, HCC,
etc., given its scale of operations, high leverage on the balance sheet, consistent
delays in expansion plans and high dependence on captive orders for its core
construction growth. Hence, we have assigned a P/E of 10x to its FY2012E core
construction earnings of Rs9.8, valued its asset owning arm, Madhucon Infra, at
1.25x of equity invested, real estate venture on land cost and arrived at an SOTP
Target Price of Rs174.

Exhibit 8: SOTP target price
Business Segment Methodology Remarks Rs cr Rs/share % to TP
MPL- Parent P/E 10x FY2012E earnings 728 98.4 56.5
Madhucon Infra. P/BV 1.25x equity invested 533 72.1 41.4
Real Estate BV 9 acres at Kukatpally 27 3.6 2.1
Total 1,268 174.1 100

Exhibit 9: Change in Estimates
FY2011E FY2012E
Earlier Estimates Revised Estimates Variation Earlier Estimates Revised Estimates Variation
Revenues 1,701.2 1,701.2 - 2,120.0 2,120.0 -
EBITDA Margins 8.9 9.7 9.0 9.8 9.8 -
PAT 47.7 56.8 19.1 72.8 72.8 -

July 30, 2010 4


Investment Argument

Robust order book: MPL has an order book Rs4,615cr, which is spread across
segments of power, highway and irrigation. The order book has witnessed traction
from the power segment, in recent times, particularly from the in-house division
(captive orders constitute ~70% of the total order book). Therefore, we believe that
the funds raised from the recent NCD issue would ensure that the in-house projects
are on time and the resultant order inflow for the construction arm.

July 30, 2010 5


Exhibit 10: Recommendation Summary
Company CMP TP Rating Top-line EPS Adj. P/E OB/
CAGR CAGR
(Rs) (Rs) FY10 FY11E FY12E FY10 FY11E FY12E FY10 FY11E FY12E Sale
(%) (%)
CCCL 86 - Neutral 1,976 2,444 2,871 20.5 5.0 6.0 7.5 22.5 17.2 14.4 11.5 2.3
Gammon 214 - Neutral 4,489 5,575 6,607 21.3 8.4 10.0 12.1 20.0 13.0 11.0 9.0 2.5
HCC 133 - Neutral 3,629 4,146 4,900 16.2 2.7 3.2 3.8 18.8 21.6 18.4 15.3 4.7
IRB Infra 263 - Neutral 1,705 2,778 3,580 44.9 11.6 12.3 14.5 11.8 22.2 20.8 17.7 -
IVRCL 176 216 Buy 5,492 6,663 8,294 22.9 7.8 9.6 12.0 23.9 16.3 13.3 10.6 4.3
JP Assoc. 121 174 Buy 10,316 13,281 17,843 31.5 4.7 5.2 7.7 28.5 26.0 23.2 15.8 -
Punj Lloyd 130 170 Buy 10,539 11,088 13,407 12.8 (11.1) 8.3 12.2 - - 15.8 10.7 2.8
NCC 178 - Neutral 4,778 5,913 6,758 18.9 7.8 10.0 10.7 17.4 22.8 17.8 16.6 3.6
Sadbhav 1,290 - Neutral 1,257 1,560 1,911 23.3 43.0 57.5 69.5 27.1 20.3 15.2 12.5 5.4
Simplex In. 476 570 Buy 4,555 5,535 6,428 18.8 25.7 31.9 40.7 25.9 18.5 14.9 11.7 2.5
Patel Engg. 409 563 Buy 3,081 3,685 4,297 18.1 23.4 31.2 32.9 18.6 13.1 9.8 9.3 3.5
MPL 155 174 Accu. 1,308 1,701 2,120 27.3 5.8 7.7 9.8 29.8 13.2 10.1 7.9 7.8
L&T 1,863 - Neutral 37,035 44,047 55,519 22.4 47.5 55.1 68.9 20.4 30.9 26.7 21.3 3.0


Exhibit 11: Recommendation Summary - SOTP break up
Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total
Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs
CCCL 89 100 - - - - - - - - 89
Gammon India 121 54 - - - - - - 104 46 225
HCC 51 40 59 47 16 13 - - - - 126
IRB Infra 113 41 3 1 154 56 5 2 - - 275
IVRCL 168 78 - - - - 48 22 - - 216
JP Assoc. 65 38 41 23 - - - - 68 39 174
Punj Lloyd 170 100 - - - - - - - - 170
NCC 152 82 18 10 16 8 - - - - 186
Sadbhav 834 67 - - 418 33 - - - - 1,252
Simplex In. 570 100 - - - - - - - - 570
Patel Engg 460 82 103 18 - - - - - - 563
Madhucon 98 56 4 2 - - 72 41 - - 174
L&T 1,447 79 - - - -- 394 21 - - 1,841


July 30, 2010 6


Profit & Loss Statement (Standalone)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 510 738 1,025 1,308 1,701 2,120
Other operating income - - - - - -
Total operating income 510 738 1,025 1,308 1,701 2,120
% chg 49.1 44.7 38.9 27.5 30.1 24.6
Total Expenditure 433 631 901 1,173 1,536 1,913
Net Raw Materials 347 504 706 1,034 1,208 1,495
Other Mfg costs 33 73 118 - 201 255
Personnel 18 27 43 45 70 91
Other 34 27 35 94 58 72
EBITDA 77 107 124 134 165 207
% chg 60.9 39.6 15.5 8.3 23.1 25.5
(% of Net Sales) 15.1 14.5 12.1 10.3 9.7 9.8
Depreciation& Amortisation 24 34 43 45 49 59
EBIT 53 73 81 89 116 148
% chg 72.3 38.4 9.9 10.9 29.6 27.9
(% of Net Sales) 10.4 9.9 7.9 6.8 6.8 7.0
Interest & other Charges 11 16 27 26 41 51
Other Income 15.6 12.6 19.1 4.6 10.0 12.0
(% of PBT) 27.1 18.2 26.1 6.8 11.8 11.0
Recurring PBT 57 70 73 68 85 109
% chg 56.8 21.2 5.2 (6.8) 24.5 28.2
Extraordinary Expense/(Inc.) - - - - - -
PBT (reported) 57 70 73 68 85 109
Tax 16 18 26 25 28 36
(% of PBT) 27.6 25.4 35.6 36.6 33.0 33.0
PAT (reported) 42 52 47 43 57 73
Add: Share of ass. - - - - - -
Less: Minority interest (MI) - - - - - -
Prior period items - - - - - -
PAT after MI (reported) 42 52 47 43 57 73
ADJ. PAT 42 47 47 43 57 73
% chg 42.0 13.2 (0.7) (7.8) 31.5 28.2
(% of Net Sales) 8.2 6.4 4.6 3.3 3.3 3.4
Basic EPS (Rs) (Reported) 5.6 7.0 6.4 5.8 7.7 9.8
Fully Diluted EPS (Rs) (Diluted) 5.6 6.4 6.3 5.8 7.7 9.8
% chg 42.0 13.2 (0.7) (7.8) 31.5 28.2

July 30, 2010 7


Balance Sheet (Standalone)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 7.4 7.4 7.4 7.4 7.4 7.4
Preference Capital - - - - - -
Reserves& Surplus 440.5 485.2 528.6 567.5 620.0 688.7
Shareholders Funds 447.9 492.6 536.0 574.9 627.4 696.1
Minority Interest - - - - - -
Total Loans 201.2 196.2 319.9 380.0 628.4 739.0
Deferred Tax Liability 7.6 12.2 12.4 12.4 12.4 12.4
Total Liabilities 656.7 701.0 868.3 967.4 1,268.2 1,447.5
APPLICATION OF FUNDS
Gross Block 293.6 378.8 461.5 546.5 641.5 761.5
Less: Acc. Depreciation 98.0 130.8 173.1 218.0 267.3 326.5
Net Block 195.6 248.0 288.4 328.6 374.2 435.0
Capital Work-in-Progress - - - - - -
Investments 231.1 299.7 372.8 372.8 372.8 372.8
Current Assets 581.6 708.6 715.0 869.3 1,299.8 1,732.0
Inventories 71.9 113.5 51.7 130.8 166.8 212.0
Sundry Debtors 147.6 92.2 87.8 125.4 233.0 348.5
Cash 138.1 101.6 84.8 90.1 83.4 153.9
Loans & Advances 222.7 401.2 490.8 523.0 816.6 1,017.6
Other 1.4 - - - - -
Current liabilities 351.6 555.3 507.8 603.3 778.5 1,092.3
Net Current Assets 230.0 153.3 207.2 266.0 521.2 639.8
Misc. Exp. not written off - - - - - -
Total Assets 656.7 701.0 868.3 967.4 1,268.2 1,447.5

July 30, 2010 8


Cash Flow Statement (Consolidated)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Profit before tax (excluding MI) 57.4 69.5 73.1 68.1 84.8 108.7
Depreciation 23.9 33.9 43.3 44.9 49.3 59.2
Change in Working Capital (21.0) (40.2) 70.7 53.5 261.9 48.0
Less: Other income 15.6 12.6 19.1 4.6 10.0 12.0
Direct taxes paid 15.8 22.3 26.0 24.9 28.0 35.9
Cash Flow from Operations 70.9 108.8 0.7 29.9 (165.7) 72.0
(Inc.)/ Dec. in Fixed Assets (104.6) (85.3) (82.7) (85.0) (95.0) (120.0)
(Inc.)/ Dec. in Investments (229.8) (68.6) (73.1) - - -
Other income 15.6 12.6 19.1 4.6 10.0 12.0
Cash Flow from Investing (318.8) (141.2) (136.7) (80.4) (85.0) (108.0)
Issue of Equity - - - - - -
Inc./(Dec.) in loans 97.7 (5.0) 123.7 60.1 248.4 110.7
Dividend Paid (Incl. Tax) 4.2 2.6 3.5 4.3 4.3 4.2
Others 4.0 3.0 (1.0) - - -
Cash Flow from Financing 97.6 (4.6) 119.2 55.8 244.0 106.5
Inc./(Dec.) in Cash (150.4) (37.0) (16.8) 5.3 (6.7) 70.5
Opening Cash balances 288.9 138.5 101.5 84.7 90.1 83.3
Closing Cash balances 138.5 101.5 84.7 90.1 83.3 153.9

July 30, 2010 9


Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 27.4 24.2 24.4 26.5 20.1 15.7
P/CEPS 17.4 14.1 12.7 13.0 10.8 8.7
P/BV 2.6 2.3 2.1 2.0 1.8 1.6
Dividend yield (%) 0.6 0.4 0.5 0.3 0.3 0.3
EV/Sales 2.4 1.7 1.3 1.1 1.0 0.8
EV/EBITDA 15.7 11.5 11.1 10.7 10.2 8.3
EV / Total Assets 1.8 1.8 1.6 1.5 1.3 1.2
Per Share Data (Rs)
EPS (Basic) 5.6 7.0 6.4 5.8 7.7 9.8
EPS (fully diluted) 5.6 6.4 6.3 5.8 7.7 9.8
Cash EPS 8.9 11.0 12.2 11.9 14.3 17.8
DPS 1.0 0.6 0.8 0.5 0.5 0.5
Book Value 60.5 66.5 72.4 77.7 84.7 94.0
Dupont Analysis
EBIT margin 10.4 9.9 7.9 6.8 6.8 7.0
Tax retention ratio 0.7 0.7 0.6 0.6 0.7 0.7
Asset turnover (x) 1.0 1.3 1.5 1.6 1.6 1.7
ROIC (Post-tax) 7.4 9.8 7.5 6.8 7.5 8.0
Cost of Debt (Post Tax) 4.0 6.2 6.6 4.7 5.5 5.0
Leverage (x) 0.1 0.2 0.3 0.5 0.7 0.9
Operating ROE 7.9 10.4 7.8 7.8 9.0 10.5
Returns (%)
ROACE (Pre-tax) 8.1 10.8 10.3 9.7 10.4 10.9
Angel ROIC (Pre-tax) 10.2 13.1 11.7 10.8 11.2 12.0
ROAE 9.3 10.0 9.1 7.8 9.5 11.0
Turnover ratios (x)
Asset Turnover (G.B) 1.7 2.2 2.4 2.6 2.9 3.0
Inventory / Sales (days) 51 46 29 25 32 33
Receivables (days) 106 59 32 30 38 50
Payables (days) 312 251 187 184 193 133
WC cycle (ex-cash) (days) 66 36 31 42 66 80
Solvency ratios (x)
Net debt to equity 0.1 0.2 0.4 0.5 0.9 0.8
Net debt to EBITDA 0.8 0.9 1.9 2.2 3.3 2.8
Interest Cov. (EBIT/Interest) 4.7 4.5 3.0 3.5 2.8 2.9

July 30, 2010 10


Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.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 MPL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
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 Rs 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%)

July 30, 2010 11

MPL

More Related Content

What's hot (19)

Viewers also liked (19)

Similar to MPL (19)

More from Angel Broking (20)

Recently uploaded (20)

MPL