2QFY2016 Result Update | Infrastructure
November 17, 2015
MBL Infrastructures
BUY
CMP
`206
Performance Highlights
Target Price
`285
Quarterly highlights - Standalone
Investment Period
12 Months
Y/E March (` cr)
2QFY16 1QFY16 2QFY15
% chg (yoy)
% chg (qoq)
Net sales
406
610
348
16.8
(33.4)
Stock Info
EBITDA
47
65
53
(10.0)
(26.9)
Sector
Infrastructure
Reported PAT
18
29
21
(17.6)
(39.8)
Market Cap (` cr)
856
Source: Company, Angel Research
Net debt (` cr)
987
For 2QFY2016, MBL Infrastructures (MBL) reported a 16.8% yoy top-line growth
Beta
1.0
to `406cr. The company reported a yoy decline in EBITDA margin to 11.7% for
52 Week High / Low
329/170
the quarter. During 2QFY2015, MBL had received `5cr as escalation amount
Avg. Daily Volume
7,511
from the Guwahati project. On adjusting for the same, the EBITDA margin
Face Value (`)
10
declined 202bp yoy. Fall in yoy EBITDA margin reflects (1) 85.8% increase in
BSE Sensex
25,760
other expenses (to `29cr) and 82.8% increase in labor and sub-contracting costs
Nifty
7,807
(to `28cr). The 41.5% yoy increase in employee expenses is mainly on account of
Reuters Code
MBLI.BO
induction of new employees into the company in earlier quarters. Despite strong
Bloomberg Code
[email protected]
execution, EBITDA decline on a yoy basis percolated to the PAT level; PAT
declined by 17.6% yoy to `18cr. The Reported PAT margin of the company
declined from 6.2% a year ago to 4.4% in 2QFY2016.
Shareholding Pattern (%)
MBL’s unexecuted order book as of 2QFY2016 stands at ~`2,150cr (order book
Promoters
46.7
to LTM revenues is at 1.0x).
MF / Banks / Indian Fls
28.0
With 3 BOT projects expected to commence tolling in FY2016-2017E and
FII / NRIs / OCBs
11.8
Management clarifying that it does not intend to add any new BOT projects to the
Indian Public / Others
13.5
company’s portfolio till FY2017, we are confident that MBL’s D/E ratio would
peak out in FY2017E at 2.3x.
Abs. (%)
3m 1yr 3yr
Outlook and valuation: We continue to maintain our positive view on MBL
Sensex
(7.6)
(8.6)
40.5
considering its historical execution experience, huge emerging market opportunity
MBL
(21.1)
9.9
144.1
in the Roads & Highways vertical and 3 BOTs expected to commence operations
in the next 12-15 months. Likelihood of 3 BOT projects commencing operations
in FY2017E comforts us to estimate that the consolidated Balance Sheet should
3-Year Daily Price Chart
peak in FY2017E, which is comparatively better than some of its peers. Using
350
300
SoTP based valuation methodology we arrive at FY2017E based price target of
250
`285. Given the upside potential, we maintain our Buy on the stock.
200
Key financials (Consolidated)
150
100
Y/E March (` cr)
FY13
FY14
FY15P
FY16E
FY17E
50
Net Sales
1,355
1,766
1,962
2,313
2,797
0
% chg
30.3
11.1
17.9
21.0
Net Profit
57
77
82
80
84
% chg
35.9
6.0
(2.1)
5.0
Source: Company, Angel Research
EBITDA (%)
10.6
10.7
12.1
12.2
14.6
EPS (`)
32
44
39
19
20
P/E (x)
6.4
4.7
5.2
10.7
10.2
P/BV (x)
0.9
0.8
0.7
1.1
1.0
RoE (%)
15.2
17.8
14.5
11.3
10.6
RoCE (%)
14.6
15.6
14.9
12.1
13.9
Yellapu Santosh
EV/Sales (x)
0.7
0.6
0.7
1.1
1.0
022 - 3935 7800 Ext: 6811
EV/EBITDA (x)
6.5
5.7
6.0
8.8
6.5
[email protected]
Source: Company, Angel Research; CMP as of November 16, 2015
Please refer to important disclosures at the end of this report
1
MBL Infrastructures | 2QFY2016 Result Update
Exhibit 1: Quarterly Performance (Standalone)
Particulars (` cr)
2QFY16
1QFY16
% chg (qoq)
2QFY15
% chg (yoy)
1HFY16
1HFY15
% chg
Net Sales
406
610
(33.4)
348
16.8
1,016
857
18.5
Total Expenditure
359
545
(34.2)
295
21.5
904
751
20.3
Cost of materials consumed
290
467
(37.9)
256
13.3
757
676
11.9
Direct Labour, Sub-Contracts, etc.
28
34
(17.9)
15
82.8
62
25
147.8
Employee benefits Expense
12
11
6.1
9
41.5
23
17
41.7
Other Expenses
29
33
(12.8)
16
85.8
62
34
83.9
EBITDA
47
65
(26.9)
53
(10.0)
112
106
5.8
EBIDTA %
11.7
10.6
15.1
11.0
12.4
Depreciation
4
4
2.2
4
12.8
8
8
11.0
EBIT
43
61
(28.9)
49
(11.7)
104
98
5.5
Interest and Financial Charges
24
24
(1.9)
23
3.8
48
42
15.7
Other Income
2
1
388.2
0
632.4
3
1
368.8
PBT before Exceptional Items
22
37
(41.1)
26
(17.1)
58
57
2.0
Exceptional Items
0
0
0
0
0
PBT after Exceptional Items
22
37
(41.1)
26
(17.1)
58
57
2.0
Tax
4
7
(46.1)
5
(14.7)
11
12
(10.2)
% of PBT
18.1
19.8
17.6
19.1
21.8
PAT after Minority Int.
18
29
(39.8)
21
(17.6)
47
45
5.4
Adj. PAT %
4.4
4.8
6.2
4.6
5.2
Dil. EPS
8.53
14.18
(39.8)
12.21
(30.1)
22.71
25.49
(10.9)
Source: Company, Angel Research
Standalone Business Review
16.8% yoy revenue growth
MBL reported 16.8% yoy top-line growth to `406cr. On a sequential basis, the top-
line de-grew by 33.4%.
Exhibit 2: Quarterly Revenues
700
25
19.7
600
20
15.6
16.8
500
15
13.1
400
8.6
10
9.2
300
5
200
0
100
(5.6)
(5)
0
(10)
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Revenues (` cr)
y/y change (%)
Source: Company, Angel Research
November 17, 2015
2
MBL Infrastructures | 2QFY2016 Result Update
EBITDA margin at 11.7%
On the EBITDA margin front, MBL reported a yoy decline in margin to 11.7% for
2QFY2016. During 2QFY2015, MBL received `5cr as escalation amount from the
Guwahati project. On adjusting for the same, the EBITDA margin declined by
202bps on a yoy basis. Fall in yoy EBITDA margin reflects (1) 85.8% increase in
other expenses (to `29cr) and 82.8% increase in labor and sub-contracting costs
(to `28cr). The 41.5% yoy increase in employee expenses is mainly on account of
induction of new employees into the company in earlier quarters.
Exhibit 3: EBITDA margin at 11.7% for the quarter
Exhibit 4: PAT Margin at 4.4% for the quarter
70
16
35
7.0
15.1
6.1
60
14
30
6.0
11.7
12
4.6
4.8
50
11.3
25
4.3
4.4
5.0
10.5
4.0
10.6
10
10.5
40
20
4.0
8.7
8
30
15
2.5
3.0
6
20
10
2.0
4
10
2
5
1.0
0
0
0
0.0
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16
EBITDA (` cr)
EBITDA Margins (%)
PAT (` cr)
PAT Margins (%)
Source: Company, Angel Research
Source: Company, Angel Research
PAT margins declines yoy to 4.4%
Despite strong execution, EBITDA decline on a yoy basis percolated to the PAT
level. MBL reported a 17.6% yoy decline in its PAT to `18cr. Reported PAT margins
of the company declined from 6.2% a year ago to 4.4% in 2QFY2016.
Comfortable D/E ratio
In 4QFY2015, post correction of Steel & Stone Aggregate prices, MBL spent on
building inventories. With ramp-up in execution, we expect some release of
inventory, which should further lead to ease in the working capital cycle of the
company. Accordingly, interest expenses on a qoq basis have seen some
moderation with a 1.9% decline to `24cr. The Standalone entity’s D/E ratio as of
1HFY2016-end stood at 1.2x, which is a comfortable level.
November 17, 2015
3
MBL Infrastructures | 2QFY2016 Result Update
Exhibit 5: Standalone D/E
1,200
1.3x
1.3x
1.4x
1.1x
1.1x
1.2x
1,000
1.0x
1.0x
800
0.8x
600
0.6x
400
0.4x
200
0.2x
0
0.0x
FY13
FY14
FY15
FY16E
FY17E
Standalone Debt (` cr)
D/E ratio (x)
Source: Company, Angel Research
Order Inflow yet to gain momentum
In FY2015 MBL reported order inflows to the tune of ~`1,600cr.
In 1QFY2016 MBL won ~`200cr of smaller orders. In 2QFY2016, MBL benefitted
from ~`337cr of escalation in the value of the order book. At the backdrop of the
company claiming strong bid pipeline and the Management maintaining its order
inflow guidance of ~`3,500cr for FY2016, we are hopeful that MBL should report
new order wins during 3Q-4QFY2016E.
Exhibit 6: Order Inflows
Exhibit 7: Order Book
3,000
200
3,500
1.8x
1.6x
1.6x
3,000
2,500
152
150
1.4x
2,500
2,000
1.2x
1.2x
100
2,000
1.0x
1.0x
84
1,500
0.8x
0.8x
56
1,500
0.9x
50
0.6x
1,000
0.6x
0.6x
1,000
0.5x
7
12
0.4x
0
500
500
(19)
0.2x
(32)
0
(50)
0
0.0x
FY10
FY11
FY12
FY13
FY14
FY15
FY16E FY17E
FY10
FY11
FY12
FY13
FY14
FY15
FY16E FY17E
OI (` cr)
y/y change (%)
OB (` cr)
Execution Rate (x)
Source: Company, Angel Research
Source: Company, Angel Research
MBL’s unexecuted order book as of 2QFY2016 stands at ~`2,150cr (OB to LTM
sales ratio of 1.0x).
November 17, 2015
4
MBL Infrastructures | 2QFY2016 Result Update
Update on BOT projects
In addition to the already operational Seoni-Balaghat-Rajegaon Road BOT project,
Waraseoni-Lalbarra BOT project commenced operations during the quarter.
Exhibit 8: BOT Projects Status (at 2QFY2016-end)
Name of SPV
AAPIL
MPTRCL
MPRNCL
MHDCL
SBTRCPL
Seoni-Balaghat-
Project
Waraseoni-Lalbarra
Garra-Waraseoni
Seoni-Katangi
Suratgarh-Bikaner
Rajegaon
BOT Type
Toll
Toll + Annuity
Toll + Annuity
Toll
Toll
Length (kms)
114
18
47
76
172
Total Project Cost
108
57
137
212
620
EPC component
82
40
108
154
496
EPC works o/s
0
0
76
11
288
Equity
12
15
40
82
170
Debt
50
42
97
130
450
Debt Pending/ (o/s)
(28)
(49)
(97)
49
237
Equity pending
0
0
0
0
50
Source: Company, Angel Research
The Management highlighted that the Seoni-Katangi and Garra-Waraseoni BOT
projects could get provisional Date of Completion (CoD) in FY2016 and full CoD
in FY2017E. Similarly, Suratgarh-Bikaner BOT project is expected to report CoD in
FY2017E.
Even though substantial portion of the total EPC works at Seoni-Katangi BOT
project is completed, MBL’s Management expects CoD for this project to come
around June-2016E. Such delay is on account of change in the scope of project for
a 5km stretch near Katangi Township, where Madhya Pradesh Road Dev.
Corporation (MPRDC) would reimburse ~`35cr to MBL.
With the entire equity infusion having been done across Seoni-Katangi and Garra-
Waraseoni BOT projects, MBL is left with `50cr of equity infusion (of the total
`278cr of equity investments for all the 4 BOT projects, excluding Seoni-Balaghat-
Rajegaon BOT projects) in the next 12 months, towards the Bikaner-Suratgarh
project. MBL is expected to fund the required equity for the BOT through internal
accruals.
November 17, 2015
5
MBL Infrastructures | 2QFY2016 Result Update
Valuation
We recommend Buy with target price of `285
We have valued MBL using Sum-Of-The-Parts method. MBL’s EPC business (under
standalone entity) has been valued using FY2017E P/E multiple, whereas BOT
projects are valued using the “Free Cash flow to Equity holders” method.
Value of Core EPC business
On considering growth prospects (for the EPC business), we have valued MBL’s
core EPC business on P/E multiple of 9.0x for its FY2017E EPS of `26, resulting in
a value of `232 per share.
Exhibit 9: Sum-of-the-Parts based Valuation Table
FY17E Std. PAT
Target
Target Value
Value/ share
% of
Particulars
Segment
Basis
(` cr)
Multiple
(` cr)
(`)
SoTP
MBL's EPC business
Construction
106
9.0
962
232
82
P/E
Total
962
232
82
Discounted FCFE
Project
Adj. FCFE Value
Value/ share
% of
Particulars
Proj. Type
Basis
(` cr)
Stake
(` cr)
(`)
SoTP
Road BOT projects
Seoni-Balaghat-Rajegaon
Toll
31
100%
31
7
3
Ke of 17%
Waraseoni-Lalbarra
Toll + Annuity
22
100%
22
5
2
Ke of 17%
Garra-Waraseoni
Toll + Annuity
17
100%
17
4
1
Ke of 17%
Seoni-Katangi
Toll
74
100%
74
18
6
Ke of 17%
Suratgarh-Bikaner
Toll
114
65%
74
18
6
Ke of 17%
Total
258
218
53
18
Grand Total
1,180
285
100
Upside
38%
CMP
206
Source: Company, Angel Research
Value of BOT projects
BOT projects have been valued using “Free Cash flow to Equity holders” method.
Our value for all the 5 BOT projects comes to `53/share, which is 18% of the
overall SOTP value of the company.
On combining the value of EPC business BOT projects, we arrive at a combined
business value of `285/share, reflecting 38% upside in the stock price from the
current levels. Given the upside, we maintain our BUY rating on the stock.
November 17, 2015
6
MBL Infrastructures | 2QFY2016 Result Update
Investment arguments
Strong order inflows to lead to better execution: On the back of revival in
NHAI and MoRTH award activity, MBL a specialist EPC player, is expected to
report strong order inflow growth during 3Q-4QFY2016. We expect MBL to
report order inflows of
`2,500cr/`2,800cr during FY2016/FY2017E,
respectively, which gives increased comfort towards strong uptick in execution.
Accordingly, we expect MBL (on a standalone basis) to report a strong 17%
top-line CAGR during FY2015-17.
15% PAT CAGR during FY2015-17: Stronger execution, which should result in
better absorption of fixed costs, should help the standalone entity report 15%
EBITDA CAGR during FY2015-17. We expect the effect of strong operating
performance to flow-down to the PAT level too. We expect MBL (standalone
entity) to report 15% CAGR during the same period.
BOT projects nearing completion: MBL has a portfolio of 5 BOT Road projects,
of which 4 are won on “Toll+Grant” or “Toll+Annuity” model. This, when
coupled with the fact that 4 of these projects are in the mineral belt region and
are inter-connected with no alternate roads, indicates that these projects could
generate impressive equity IRRs. With recent commencement of 1 BOT project
and another 3 BOT projects in FY2017, we can expect a possible easing in the
balance sheet stress.
Comfortable Balance Sheet: MBL is one of the few Road developers with lower
consolidated D/E ratio of 1.6x (as of FY2015-end). With 2 BOT projects
already operating and 3 of them expected to commence tolling in FY2016-
2017E, when coupled with Management’s clarification that it does not intend
to add any new BOT projects to the company’s portfolio till FY2017, we are
confident that MBL’s D/E ratio would peak out in FY2017.
Risks & Concerns
Delays in order wins could pose as a risk to our estimates.
Roads & Highways account for over 70% of the order book. Any slowdown in
orders from NHAI or State governments could affect its order inflow adversely.
MBL's order book comes majorly from the East and the North regions. Any
slowdown in orders from these two areas may impact our order inflow
assumption of the company.
Any further delays in the commencement of BOT projects, than our estimated
time-line.
Company background
MBL Infrastructures Ltd is engaged in the construction and maintenance of roads
and highways, industrial infrastructure projects and other civil engineering projects
for various government bodies and other clients. They have executed and
undertaken a number of projects in states such as West Bengal, Madhya Pradesh,
Uttarakhand, Orissa, Rajasthan, Assam, Uttar Pradesh, Bihar, Delhi, Andhra
Pradesh, Chattisgarh, Jharkhand, Haryana and Karnataka. MBL’s clients include
NHAI, MPRDC, MMRDA, CPWD and State PWDs.
November 17, 2015
7
MBL Infrastructures | 2QFY2016 Result Update
Profit and Loss Statement (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY16E
FY17E
Net Sales
1,355
1,766
1,962
2,313
2,797
% Chg
30.3
11.1
17.9
21.0
Total Expenditure
1,212
1,578
1,725
2,031
2,389
Cost of Materials Consumed
954
1,376
1,517
1,777
2,089
Direct Labour, Sub-Contracts
180
118
84
138
161
Employee benefits Expense
23
27
37
36
41
Other Expenses
55
57
87
79
98
EBITDA
143
188
237
282
408
% Chg
31.2
25.9
19.0
44.8
EBIDTA %
10.6
10.7
12.1
12.2
14.6
Depreciation
11
14
20
33
57
EBIT
132
174
217
249
351
% Chg
31.6
24.5
14.8
41.1
Interest and Financial Charges
58
75
101
140
246
Other Income
2
4
3
3
3
PBT
76
103
119
111
108
Tax
20
26
37
31
39
% of PBT
25.7
25.2
31.3
28.1
35.6
PAT before Exceptional item
57
77
82
80
70
Exceptional item
0
0
0
0
0
PAT before Minority Interest
57
77
82
80
70
Minority Interest
0
0
0
0
(14)
PAT after Minority Interest
57
77
82
80
84
% Chg
35.9
6.0
(2.1)
5.0
PAT %
4.2
4.4
4.2
3.5
3.0
Diluted EPS
32
44
39
19
20
% Chg
36.0
(10.5)
(51.1)
5.0
November 17, 2015
8
MBL Infrastructures | 2QFY2016 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY16E
FY17E
Sources of Funds
Equity Capital
18
18
21
41
41
Reserves Total
380
451
635
715
779
Networth
398
469
656
756
820
Total Debt
644
772
1,063
1,680
1,848
Other Long-term Liabilities
44
40
80
73
73
Minority Interest
0
32
0
0
(14)
Deferred Tax Liability
30
34
41
35
35
Total Liabilities
1,116
1,347
1,839
2,544
2,762
Application of Funds
Gross Block
248
287
351
921
1,663
Accumulated Depreciation
59
73
91
120
181
Net Block
189
214
260
801
1,482
Capital WIP
209
376
497
620
0
Investments
20
20
24
24
24
Current Assets
Inventories
`491
559
811
807
919
Sundry Debtors
253
318
395
450
544
Cash and Bank Balance
77
68
76
49
39
Loans, Advances & Deposits
72
98
88
101
104
Other Current Asset
6
8
7
6
7
Current Liabilities
208
330
379
375
417
Net Current Assets
692
721
998
1,038
1,195
Other Assets
6
16
61
61
61
Total Assets
1,116
1,347
1,839
2,544
2,762
November 17, 2015
9
MBL Infrastructures | 2QFY2016 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY16E
FY17E
Profit before tax
76
103
119
111
108
Depreciation
11
14
20
33
57
Change in Working Capital
(35)
(56)
(261)
(217)
(488)
Interest & Financial Charges
58
75
101
140
246
Direct taxes paid
(48)
(14)
(37)
(31)
(39)
Cash Flow from Operations
62
122
(58)
37
(115)
(Inc)/ Dec in Fixed Assets
(172)
(206)
(186)
(552)
197
(Inc)/ Dec in Investments
(20)
0
(4)
0
0
Cash Flow from Investing
(191)
(206)
(190)
(552)
197
Issue/ (Buy Back) of Equity
0
0
117
21
0
Inc./ (Dec.) in Loans
202
128
290
617
176
Dividend Paid (Incl. Tax)
(3)
(6)
(7)
(8)
(9)
Interest Expenses
(58)
(75)
(101)
(140)
(246)
Minority Interest
0
32
(32)
0
(14)
Cash Flow from Financing
142
78
267
490
(92)
Inc./(Dec.) in Cash
13
(6)
18
(26)
(11)
Opening Cash balances
50
63
57
75
49
Closing Cash balances
63
57
75
49
39
November 17, 2015
10
MBL Infrastructures | 2QFY2016 Result Update
Key Ratios (Consolidated)
Y/E March
FY13
FY14
FY15
FY16E
FY17E
Valuation Ratio (x)
P/E (on FDEPS)
6.4
4.7
5.2
10.7
10.2
P/CEPS
5.3
4.0
4.2
7.6
6.1
Dividend yield (%)
1.5
1.5
1.5
0.8
0.9
EV/Sales
0.7
0.6
0.7
1.1
1.0
EV/EBITDA
6.5
5.7
6.0
8.8
6.5
EV / Total Assets
0.8
0.8
0.8
1.0
1.0
Per Share Data (`)
EPS (fully diluted)
32.3
44.0
39.4
19.3
20.2
Cash EPS
38.7
52.0
49.1
27.3
34.0
DPS
3.0
3.0
3.1
1.6
1.9
Book Value
227.1
267.6
316.5
182.5
197.9
Returns (%)
RoCE (Pre-tax)
14.6
15.6
14.9
12.1
13.9
Angel RoIC (Pre-tax)
12.9
14.4
12.8
10.3
13.3
RoE
15.2
17.8
14.5
11.3
10.6
Turnover ratios (x)
Asset Turnover (Gross Block) (X)
0.6
0.7
0.7
0.5
0.4
Inventory / Sales (days)
127
108
127
128
113
Receivables (days)
57
59
66
67
65
Payables (days)
18
25
37
32
19
Leverage Ratios (x)
D/E ratio (x)
1.6
1.6
1.6
2.2
2.3
Interest Coverage Ratio (x)
2.3
2.4
2.2
1.8
1.4
November 17, 2015
11
MBL Infrastructures | 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
MBL Infrastructures
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
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 ` 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 17, 2015
12