2QFY2016 Result Update | Banking

November 10, 2015

Bank of Baroda

NEUTRAL

CMP

`171

Performance Highlights

Target Price

Particulars (`cr)

2QFY16 1QFY16

% chg (qoq) 2QFY15

% chg (yoy)

Investment Period

NII

3,244

3,460

(6.2)

3,401

(4.6)

Stock Info

Pre-prov. profit

2,337

2,202

6.1

2,403

(2.7)

Sector

Banking

PAT

124

1,052

(88.2)

1,104

(88.7)

Market Cap (` cr)

39,399

Source: Company, Angel Research

Beta

1.4

For 2QFY2016, Bank of Baroda reported a PAT decline of 88.7% yoy to `124cr,

52 Week High / Low

229/138

Avg. Daily Volume

1,01,02,938

largely due to higher-than-expected provisions.

Face Value (`)

Slippages spike, NIM dips qoq

BSE Sensex

26,121

Nifty

7,915

During the quarter, the loan book and deposits grew by 7.6% and 8.0% yoy,

Reuters Code

BOB.BO

respectively. Advances growth was slower than the last 4 years’ average growth.

Bloomberg Code

BOB@IN

Total CASA deposits growth was muted at 4.11% yoy with overseas CASA deposits

showing a decline of 30.8% yoy while domestic CASA deposits grew by 11.9%

yoy; as a result, the domestic CASA ratio improved marginally to 32.0% as against

Shareholding Pattern (%)

31.9% in 2QFY2015. The Global NIM dipped by 18bp qoq with a decline in

Promoters

59.2

domestic as well as international NIM by 20bp and 7bp qoq, respectively. The

MF / Banks / Indian Fls

21.2

NIM dip was led by a 57bp yoy fall in yield on earning assets and more than the

FII / NRIs / OCBs

12.0

26bp yoy fall in cost of funds as well as elevated slippages.

Indian Public / Others

7.6

On the asset quality front, the Gross NPA ratio rose substantially to 5.56% in

2QFY2016 from 4.13% in 1QFY2016 marking a rise of 143bp sequentially,

whereas the Net NPA ratio was at 3.08% in the quarter as compared to 2.07% in

Abs. (%)

3m 1yr

3yr

1QFY2016. There was a sharp spurt in fresh slippages for the quarter which came

Sensex

(7.0)

(5.9)

39.6

`6,816cr as compared to

`1,685cr in 1QFY2016 with slippages from

Bank of Baroda

(9.6)

(12.1)

11.1

restructured book at `1,391cr, resulting in a sudden spike in annualized slippage

ratio to 6.5% as against 1.8% in 1QFY2016. The bank restructured loans worth

`115cr in 1QFY2016, while it has not refinanced any accounts under the 5/25

3-year price chart

250

schemer nor has it sold any assets to ARCs during the quarter.

200

Outlook and valuation: Bank of Baroda is currently trading at a higher valuation

multiple as compared to peers on account of market optimism about the bank’s

150

performance, given the new Management at the helm of affairs. However, the key

100

lies in the execution of the new strategy, going forward. At the current market price,

the stock trades at a valuation of 0.9x its FY2017E ABV. In our view, the bank is

factoring all the positives. Hence, we maintain our Neutral view on the stock.

Key financials (Standalone)

Y/E March (` cr)

FY2014

FY2015

FY2016E

FY2017E

Source: Company, Angel Research

NII

11,965

13,187

13,687

15,730

% chg

5.7

10.2

3.8

14.9

Net profit

4,541

3,398

2,984

4,688

% chg

1.3

(25.2)

(12.2)

57.1

Vaibhav Agrawal

NIM (%)

2.0

1.9

2.0

022 - 3935 7800 Ext: 6808

EPS (`)

21.1

15.3

13.5

21.1

[email protected]

P/E (x)

7.1

9.8

11.2

7.1

P/ABV (x)

0.9

0.8

Chintan Shah

RoA (%)

0.8

0.5

0.4

0.6

022 - 4000 3600 Ext: 6828

RoE (%)

13.4

9.0

7.3

10.6

[email protected]

Source: Company, Angel Research; Note: CMP as of November 9, 2015

Please refer to important disclosures at the end of this report

Bank of Baroda | 2QFY2016 Result Update

Exhibit 1: 2QFY2016 performance (Standalone)

Particulars (` cr)

2QFY16

1QFY16

% chg (qoq)

2QFY15

% chg (yoy)

FY2015

FY2014

% chg

Interest earned

11,156

11,276

(1.1)

10,826

3.1

42,964

38,940

10.3

- on Advances / Bills

7,712

8,033

(4.0)

7,807

(1.2)

30,803

27,878

10.5

- on investments

2,739

2,651

3.3

2,348

16.7

9,701

8,696

11.6

- on balance with RBI & others

291

296

(1.6)

443

(34.3)

1,550

1,534

1.0

- on others

414

297

39.3

227

82.6

910

832

9.4

Interest Expended

7,912

7,817

1.2

7,425

6.6

29,776

26,974

10.4

Net Interest Income

3,244

3,460

(6.2)

3,401

(4.6)

13,187

11,965

10.2

Other income

1,144

967

18.3

992

15.4

4,402

4,463

(1.4)

Other income excl. treasury

920

810

13.5

813

13.2

3,395

3,719

(8.7)

- CEB

361

346

4.3

333

8.6

1,482

1,437

3.1

- Treasury Income

224

157

42.7

179

25.3

1,007

744

35.4

- Recoveries from written off a/cs

507.1

157.2

189

563

(66.5)

- Others

479

451

6.4

449

6.7

1,724

1,718

0.4

Operating income

4,389

4,427

(0.9)

4,393

(0.1)

17,589

16,428

7.1

Operating expenses

2,051

2,225

(7.8)

1,990

3.1

7,674

7,075

8.5

- Employee expenses

1,044

1,345

(22.4)

1,108

(5.8)

4,261

4,140

2.9

- Other Opex

1,008

880

14.5

882

14.2

3,413

2,935

16.3

Pre-provision Profit

2,337

2,202

6.1

2,403

(2.7)

9,915

9,353

6.0

Provisions & Contingencies

1,892

600

215.4

888

113.0

4,495

3,856

16.6

- Provisions for NPAs

1,844

568

224.7

584

215.6

3,997

2,968

34.7

- Provisions for Standard adv.

(79)

(757.4)

(727.3)

548

535

2.4

- Provisions for Investments

112

492.3

182

(38.4)

(149)

199

(175.2)

- Other Provisions

1,545.2

109

(86.0)

(51)

353

(114.4)

PBT

445

1,602

(72.2)

1,515

(70.6)

5,421

5,497

(1.4)

Provision for Tax

321

550

(41.7)

411

(21.9)

2,022

956

111.5

PAT

124

1,052

(88.2)

1,104

(88.7)

3,398

4,541

(25.2)

Effective Tax Rate (%)

72.0

34.3

3771bp

27.1

4494bp

37.3

17.4

1991bp

Source: Company, Angel Research

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Exhibit 2: 2QFY2016 performance analysis (Standalone)

Particulars

2QFY16 1QFY16 % chg (qoq) 2QFY15

% chg (yoy)

Balance sheet

Advances (` cr)

4,14,900

4,08,388

1.6

3,85,766

7.6

Deposits (` cr)

6,12,458

5,93,087

3.3

5,66,926

8.0

Credit-to-Deposit Ratio (%)

67.7

68.9

(111)bp

68.0

(30)bp

Current deposits (` cr)

42,532

45,663

(6.9)

47,487

(10.4)

Saving deposits (` cr)

1,11,582

1,07,881

3.4

1,00,542

11.0

CASA deposits (` cr)

1,54,114

1,53,544

0.4

1,48,029

4.1

Global CASA ratio (%)

25.2

25.9

(73)bp

26.1

(95)bp

Domestic CASA ratio (%)

32.0

31.9

6bp

31.9

6bp

CAR (%)*

12.5

12.0

53bp

12.2

32bp

Tier 1 CAR (%)*

9.4

9.7

(32)bp

9.3

15bp

Profitability Ratios (%)

Dom. Cost of deposits

6.9

(2)bp

7.2

(32)bp

Dom. Yield on advances

10.4

10.6

(20)bp

11.2

(73)bp

Dom. Yield on investments

7.8

8.0

(28)bp

8.2

(43)bp

Dom. Reported NIM

2.7

2.9

(20)bp

3.0

(33)bp

Cost-to-income ratio

46.7

50.3

(351)bp

45.3

145bp

Asset quality

Gross NPAs (` cr)

23,710

17,274

37.3

13,058

81.6

Gross NPAs (%)

5.6

4.1

143bp

3.3

224bp

Net NPAs (` cr)

12,798

8,470

51.1

6,705

90.9

Net NPAs (%)

3.1

2.1

101bp

1.7

134bp

PCR incl. tech. w/offs (%)

58.2

64.9

(671)bp

65.4

(716)bp

Annualized slippage ratio (%)

6.4

1.9

445bp

1.8

460bp

NPA prov. to avg. assets (%)

1.1

0.3

74bp

0.4

70bp

Source: Company, Angel Research * Basel III not comparable

Advances growth slows

During the quarter, the loan book and deposits grew by 7.6% and 8.0% yoy,

respectively. Advances growth was slower than the last 4 years’ average growth.

Home loans and Farm Credit segments continued their growth trajectory recording

a strong yoy growth of 12.9% and 17.0% yoy, respectively. The overseas business

contributed 31.8% to the bank’s total business, with 50.9% of total overseas loan

book coming from Buyers Credit/BP/BD portfolio where the exposure is on the

banks.

Total CASA deposits growth was muted at 4.11% yoy with overseas CASA deposits

showing a decline of 30.8% yoy while domestic CASA deposits grew by 11.9% yoy;

as a result, the domestic CASA ratio improved marginally to 32.0% as against

31.9% in 2QFY2015.

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Exhibit 3: Modest loan book growth

Exhibit 4: Domestic CASA ratio rises marginally yoy

Adv. yoy chg (%)

Dep. yoy chg (%)

CDR (%, RHS)

Domestic CASA ratio

CASA yoy growth (%, RHS)

13.6

21.0

69.7

70.0

33.0

14.0

69.3

12.9

12.7

68.9

13.0

12.5

14.0

32.0

68.0

11.9

67.7

68.0

12.0

7.0

31.0

11.0

66.0

30.0

10.0

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

Source: Company, Angel Research

NIM falls qoq

Global NIM dipped by 18bp qoq with decline in domestic as well as international

NIM by 20bp and 7bp qoq respectively. NIM dip was led by a 57bp yoy fall in

yield on earning assets and more than the 26bp yoy fall in cost of funds as well as

elevated slippages. In addition to that, Global and domestic NIM of the bank will

remain under pressure due to reduction in base rate.

Exhibit 5: Yield on advances declines qoq

Exhibit 6: NIM dips qoq

(%)

Yield on advances

Reported NIM - Domestic

3.10

12.5

3.02

3.00

11.5

11.17

2.92

11.01

2.89

10.64

2.90

10.56

10.44

10.5

2.80

2.76

2.69

9.5

2.70

8.5

2.60

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

Source: Company, Angel Research

Strong non-interest income supported earnings

During 2QFY2016, the bank’s non-interest income (excluding treasury) went up by

13.2% yoy led by fee income growth of 8.6% yoy to `361cr. Treasury income rose

by 25.3% yoy, which supported other income to grow at 15.4% yoy to `1,144cr.

Lower employee expenses supports lower opex

Operating expenses grew by 3.1% yoy; employee expenses declined by 5.8% yoy.

However, other expenses for the bank grew by 14.2% yoy. The bank opened 35

branches during 2QFY2016. The Cost to income ratio stood at 46.8% as against

45.3% in 2QFY2015.

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Exhibit 7: Other income growth led by higher treasury gains

Particulars (` cr)

2QFY16

1QFY16

% chg (qoq) 2QFY15

% chg (yoy)

CEB

361

346

4.3

333

8.6

Treasury

224

157

42.7

179

25.3

Forex

253

278

(9.0)

252

0.1

Recoveries

507.1

157.2

Others

227

173

31.0

197

15.3

Other income

1,144

967

18.3

992

15.4

Other income excl. treasury

920

810

13.5

813

13.2

Source: Company, Angel Research

Asset quality deteriorates sharply

On the asset quality front, the Gross NPA ratio rose substantially to 5.56% in

2QFY2016 from 4.13% in 1QFY2016 marking a rise of 143bp sequentially,

whereas the Net NPA ratio was at 3.08% in the quarter as compared to 2.07% in

1QFY2016. There was a sharp spurt in fresh slippages for the quarter which came

`6,816cr as compared to

`1,685cr in 1QFY2016 with slippages from

restructured book at `1,391cr, resulting in a sudden spike in annualized slippage

ratio to 6.5% as against 1.8% in 1QFY2016. The bank restructured loans worth

`115cr in 1QFY2016, while it has not refinanced any accounts under the 5/25

schemer nor has it sold any assets to ARCs during the quarter.

Exhibit 8: NPA ratios rises sharply

Exhibit 9: Slippages elevated at 6.5%

Gross NPAs (%)

Net NPAs (%)

PCR (%, RHS)

Slippages (%)

Credit cost (%, RHS)

6.00

70.0

7.00

1.05

1.20

5.60

0.87

5.20

65.4

6.00

65.0

64.9

1.00

4.80

4.40

5.00

62.4

0.70

4.00

0.80

3.60

4.00

3.20

58.2

60.0

0.60

2.80

3.00

2.40

0.35

0.32

2.00

0.40

1.60

2.00

1.20

0.20

0.80

1.00

0.40

50.0

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

Source: Company, Angel Research

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Exhibit 10: Steady Branch expansion

Exhibit 11: Cost to income ratio falls sequentially

5,400

Cost-to-income ratio (%)

Opex to average assets (%, RHS)

1.3

49.0

1.2

1.4

1.2

1.3

5,242

5,250

5,207

1.0

1.2

5,190

1.1

43.0

1.0

0.9

5,100

5,054

0.8

37.0

0.7

4,989

0.6

0.5

4,950

0.4

31.0

0.3

0.2

0.1

4,800

25.0

0.0

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

Source: Company, Angel Research

Outlook and valuation: Bank of Baroda is currently trading at a higher valuation

multiple as compared to peers on account of market optimism about the bank’s

performance, given the new Management at the helm of affairs. However, the key

lies in the execution of the new strategy, going forward. At the current market

price, the stock trades at a valuation of 0.9x its FY2017E ABV. In our view, the

bank is factoring all the positives. Hence, we maintain our Neutral view on the

stock.

Exhibit 12: Recommendation summary

CMP

Tgt. Price

Upside

FY2017E

FY2017E Tgt.

FY2017E

FY15-17E EPS

FY2017E

Company

Reco.

(`)

(%)

P/ABV (x)

P/E (x)

CAGR (%)

RoA (%)

RoE (%)

HDFCBk

Buy

1,066

1,262

18.4

3.2

3.8

17.5

22.4

1.9

19.7

ICICIBk*

Buy

263

348

32.3

1.8

2.0

10.4

15.3

1.6

15.2

YesBk

Buy

762

914

19.8

2.0

2.4

11.0

20.2

1.6

19.6

AxisBk

Buy

465

630

35.4

1.9

2.6

10.7

18.4

1.8

18.9

SBI*

Buy

246

283

15.0

1.2

10.1

17.8

0.7

12.8

FedBk

Neutral

1.0

8.7

3.1

1.0

11.9

SIB

Neutral

0.7

0.8

6.2

21.6

0.7

11.6

BOB

Neutral

171

0.9

8.1

17.5

0.6

10.6

PNB

Neutral

135

0.6

5.0

28.5

0.7

12.0

BOI

Neutral

133

0.3

0.8

4.0

14.0

0.3

7.6

IndBk

Neutral

127

0.4

4.3

19.4

0.7

9.3

Vijaya Bank

Neutral

0.4

0.5

5.0

14.1

0.4

8.8

OBC

Neutral

147

0.3

0.5

3.2

65.5

0.5

9.4

Allahabad Bank Neutral

0.3

3.1

53.5

0.6

10.9

UnionBk

Neutral

163

0.5

0.4

4.2

18.1

0.6

11.4

CanBk

Neutral

277

0.4

0.3

4.0

9.8

0.5

10.7

AllBk

Neutral

0.3

0.4

3.1

53.5

0.6

10.9

IDBI#

Neutral

0.6

6.0

61.6

0.6

9.3

Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), ^#Without adjusting for SASF

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Income statement (Standalone)

Y/E March (` cr)

FY12

FY13

FY14

FY15

FY16E

FY17E

NII

10,317

11,315

11,965

13,187

13,687

15,730

- YoY Growth (%)

17.2

9.7

5.7

10.2

3.8

14.9

Other Income

3,422

3,631

4,463

4,402

4,798

5,295

- YoY Growth (%)

21.8

6.1

22.9

(1.4)

9.0

10.4

Operating Income

13,739

14,946

16,428

17,589

18,485

21,025

- YoY Growth (%)

18.3

8.8

9.9

7.1

5.1

13.7

Operating Expenses

5,159

5,947

7,137

7,674

8,740

9,396

- YoY Growth (%)

11.4

15.3

20.0

7.5

13.9

7.5

Pre - Provision Profit

8,581

8,999

9,291

9,915

9,745

11,629

- YoY Growth (%)

22.9

4.9

3.2

6.7

(1.7)

19.3

Prov. & Cont.

2,555

4,168

3,794

4,495

5,182

4,460

- YoY Growth (%)

91.9

63.1

(9.0)

18.5

15.3

(13.9)

Profit Before Tax

6,026

4,831

5,497

5,421

4,563

7,170

- YoY Growth (%)

6.6

(19.8)

13.8

(1.4)

(15.8)

57.1

Prov. for Taxation

1,019

351

956

2,022

1,579

2,481

- as a % of PBT

16.9

7.3

17.4

37.3

34.6

PAT

5,007

4,481

4,541

3,398

2,984

4,688

- YoY Growth (%)

18.0

(10.5)

1.3

(25.2)

(12.2)

57.1

Balance sheet (Standalone)

Y/E March (` cr)

FY12

FY13

FY14

FY15

FY16E

FY17E

Share Capital

412

423

431

444

Reserves & Surplus

27,064

31,547

35,555

39,391

41,798

45,577

Deposits

3,84,871

4,73,883

5,68,894

6,17,560

6,60,789

7,40,083

- Growth (%)

26.0

23.1

20.0

8.6

7.0

12.0

Borrowings

14,171

17,178

25,411

23,709

25,361

28,306

Tier 2 Capital

9,402

11,402

11,555

11,266

10,984

Other Liab & Prov.

11,400

14,703

17,812

22,330

25,144

28,219

Total Liabilities

4,47,322

5,47,135

6,59,505

7,14,989

7,64,802

8,53,614

Cash balances

21,651

13,452

18,629

22,489

33,039

37,004

Bank balances

42,517

71,947

1,12,249

1,25,865

1,10,896

1,10,970

Investments

83,209

1,21,394

1,16,113

1,22,320

1,41,265

1,59,408

Advances

2,87,377

3,28,186

3,97,006

4,28,065

4,62,310

5,27,034

- Growth (%)

25.7

14.2

21.0

7.8

8.0

14.0

Fixed Assets

2,342

2,453

2,734

2,875

2,983

3,229

Other Assets

10,225

9,704

12,774

13,376

14,308

15,969

Total Assets

4,47,322

5,47,135

6,59,505

7,14,989

7,64,802

8,53,614

- Growth (%)

24.8

22.3

20.5

8.4

7.0

11.6

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Ratio analysis (Standalone)

Y/E March

FY12

FY13

FY14

FY15

FY16E

FY17E

Profitability ratios (%)

NIMs

2.6

2.3

2.0

1.9

2.0

Cost to Income Ratio

37.5

39.8

43.4

43.6

47.3

44.7

RoA

1.2

0.9

0.8

0.5

0.4

0.6

RoE

20.6

15.1

13.4

9.0

7.3

10.6

B/S ratios (%)

CASA Ratio

26.9

25.3

25.7

26.4

27.6

28.1

Credit/Deposit Ratio

74.7

69.3

69.8

69.3

70.0

71.2

CAR

14.7

12.1

12.3

12.4

12.1

11.6

- Tier I

10.8

9.2

9.3

9.5

9.4

9.2

Asset Quality (%)

Gross NPAs

1.5

2.4

2.9

3.7

5.3

Net NPAs

0.5

1.3

1.5

1.9

2.6

2.2

Slippages

1.5

2.4

2.1

3.0

2.0

Loan Loss Prov. /Avg. Assets

0.4

0.6

0.5

0.6

0.7

0.5

Provision Coverage

80.1

68.2

65.5

62.5

60.0

65.0

Per Share Data (`)

EPS

24.3

21.2

21.1

15.3

13.5

21.1

ABVPS (75% cover.)

133.3

147.1

159.4

167.5

170.0

192.2

DPS

17.0

21.5

25.2

18.3

13.0

20.5

Valuation Ratios

PER (x)

7.7

8.8

12.2

13.9

8.8

P/ABVPS (x)

1.4

1.3

1.2

1.1

1.0

Dividend Yield

9.1

11.5

13.5

9.8

7.0

11.0

DuPont Analysis

NII

2.6

2.3

2.0

1.9

1.8

1.9

(-) Prov. Exp.

0.6

0.8

0.6

0.7

0.6

Adj. NII

1.9

1.4

1.3

1.1

1.4

Treasury

0.2

0.1

0.2

0.1

Int. Sens. Inc.

2.1

1.6

1.5

1.4

1.3

1.5

Other Inc.

0.7

0.6

0.5

Op. Inc.

2.8

2.2

2.1

1.9

1.8

2.0

Opex

1.3

1.2

1.1

1.2

PBT

1.5

1.0

0.9

0.8

0.6

0.9

Taxes

0.3

0.1

0.2

0.3

0.2

0.3

RoA

1.2

0.9

0.8

0.5

0.4

0.6

Leverage

16.6

16.7

17.8

18.1

18.0

18.3

RoE

20.6

15.1

13.4

9.0

7.3

10.6

November 10, 2015

Bank of Baroda | 2QFY2016 Result Update

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,

Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with

CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is

a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial

ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /

managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst

has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity

of the company covered by Analyst.

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.

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 endeavors 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.

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

Bank of Baroda

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

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Based on expected returns

Buy (> 15%)

Accumulate (5% to 15%)

Neutral (-5 to 5%)

over 12 months investment period):

Reduce (-5% to -15%)

Sell (< -15)

November 10, 2015