1. Please refer to important disclosures at the end of this report 1
Y/E March (` cr) 2QFY11 2QFY10 1QFY11 % chg (yoy) % chg (qoq)
Net Sales 489.5 451.3 508.0 8.5 (3.6)
Operating Profit 38.2 40.1 42.0 (4.7) (9.0)
Net Profit 16.5 21.1 18.8 (21.9) (12.3)
Source: Company, Angel Research
Consolidated Construction Consortium (CCCL) reported poor set of numbers on
the top-line and operating margin front. Bottom-line was also impacted by higher
interest cost, which resulted in huge de-growth for the quarter. We are pruning
our estimates to factor in lower top-line growth and operating margins and higher
interest cost in 2QFY2011. CCCL has consistently disappointed on the top-line
front, posted erratic margin performance and is currently trading at a premium to
its larger peers. Hence, we are downgrading the stock from Accumulate to
Neutral.
Poor show once again: CCCL disappointed once again on the top-line front in
spite of a low base. It posted a modest growth of 8.5% for the quarter at `489.5cr
(`451.3cr). The dip in margins was mainly on account of higher staff costs (owing
to addition in manpower) and reported EBITDA margin of 7.8% (8.9%). The
company’s bottom-line, which de-grew 34.9%, was impacted by higher interest
cost.
Outlook and Valuation: We are penciling in modest top-line and bottom-line
CAGR of 21% and 16.2% over FY2010-12E, respectively. At current levels, the
stock is trading at P/E of 12.1x and P/BV of 1.9x on FY2012 estimates, which is at
a premium to its larger peers. Thus, given the rich valuations and disappointment
on the execution front, we expect the stock to underperform. Hence, we
downgrade the stock from Accumulate to Neutral with a Fair Value of `80.
Key Financials (Consolidated)
Y/E March (` cr) FY2009 FY2010 FY2011E FY2012E
Net Sales (incl op. income) 1,840.9 1,975.9 2,396.6 2,891.2
% chg 24.6 7.3 21.3 20.6
Adj. Net Profit 72.4 91.6 92.0 123.7
% chg (18.9) 26.6 0.5 34.4
FDEPS (`) 3.9 5.0 5.0 6.7
EBITDA Margin (%) 7.0 9.1 8.8 9.5
P/E (x) 20.7 16.4 16.3 12.1
RoAE (%) 14.9 16.6 14.6 17.1
RoACE (%) 17.5 19.3 18.4 20.9
P/BV (x) 2.9 2.5 2.2 1.9
EV/Sales (x) 0.9 0.8 0.7 0.6
EV/EBITDA (x) 12.2 9.3 8.0 6.4
Source: Company, Angel Research
NEUTRAL
CMP `81
Target Price -
Investment Period -
Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 50.6
MF / Banks / Indian Fls 12.8
FII / NRIs / OCBs 16.0
Indian Public / Others 20.6
Abs. (%) 3m 1yr 3yr
Sensex 11.1 22.5 22.5
CCCL (6.2) 15.7 (50.3)
2
19,941
5,988
CCON.BO
CCCL@IN
1,432
0.53
98/63.4
48,793
Infrastructure
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Consolidated Construction Consortium
Performance Highlights
2QFY2011 Result Update| Infrastructure
October 28, 2010

2. CCCL | 2QFY2011 Result Update
October 28, 2010 2
Exhibit 1: Quarterly performance (Standalone)
Y/E March (` cr) 2QFY11 2QFY10 1QFY11 % chg (yoy) % chg (qoq) 1HFY11 1HFY10 % chg
Net Sales 489.5 451.3 508.0 8.5 (3.6) 997.5 862.9 15.6
Total Expenditure 451.3 411.2 466.0 9.8 (3.1) 917.2 792.6 15.7
Operating Profit 38.2 40.1 42.0 (4.7) (9.0) 80.2 70.3 14.1
OPM (%) 7.8 8.9 8.3 (110bp) (50bp) 8.0 8.1 (10bp)
Interest 12.1 6.3 10.5 91.0 14.8 22.7 10.0 127.3
Depreciation 3.1 2.3 2.9 35.3 9.4 6.0 4.5 34.3
Non Operating Income 1.3 0.5 1.4 161.2 (2.9) 2.7 2.8 (3.7)
Nonrecurring items 0.7 0.0 0.9 - - 1.6 0.0 -
Profit Before Tax 25.0 31.9 29.1 (21.7) (13.9) 55.9 58.7 (4.7)
Tax 8.5 10.9 10.3 (21.3) (16.9) 18.8 20.0 (5.7)
Reported Net Profit 16.5 21.1 18.8 (21.9) (12.3) 37.1 38.7 (4.2)
Share of pfts to JV partner 2.7 0.0 0.9 0.0 0.0 3.7 0.0 0.0
Net Profit 13.7 21.1 17.9 (34.9) (23.1) 33.4 38.7 (13.7)
PAT (%) 3.4 4.7 3.7 - - 3.7 4.5 -
Reported EPS (`) 0.7 1.1 1.0 (34.9) (27.1) 1.8 2.1 (13.7)
Source: Company, Angel Research
Top-line disappoints in spite of low base
CCCL disappointed again on the top-line front in spite of a low base. The
company posted a modest growth of 8.5% for the quarter at `489.5cr (`451.3cr).
First quarter numbers depicted the signs of revival in top-line and management
also guided the same. However, the second quarter numbers came in below street
expectations. For 1HFY2011, company posted a top-line growth of 15.6%
primarily due to growth in 1QFY2011.
Order booking during the quarter was decent at `553.3cr albeit recording a yoy
decline of ~20%, taking the tally for the first half to `2,259cr, up ~65%. The
average execution period for the company’s order book is 18 months.
Exhibit 2: Dismal performance on top-line front
Source: Company, Angel Research
Exhibit 3: Order booking trend
Source: Company, Angel Research
2.7
8.5
(3.4)
4.5
6.3
23.4
8.5
(5.0)
-
5.0
10.0
15.0
20.0
25.0
0
100
200
300
400
500
600
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
Sales (Rs cr, LHS) Growth (yoy %, RHS)
678 693
443
352
1,706
553
(100.0)
(50.0)
-
50.0
100.0
150.0
200.0
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11
Order Booking (Rs cr, LHS) Growth (yoy %, RHS)

3. CCCL | 2QFY2011 Result Update
October 28, 2010 3
EBITDA margins dip by 110bp and bottom-line posts de-growth
CCCL posted a 7.8% (8.9%) dip in reported EBITDA margins mainly due to higher
staff costs (owing to addition in manpower). Also, management informed that
while executing the multi-level car parking at Delhi due to the soil substrata the
design parameters underwent certain changes, which resulted in the wall thickness
being increased apart from other design alterations. As a result of these changes,
EBIDTA was impacted by `8.2cr. There was a substantial jump in interest cost of
91% yoy and 15% qoq due to the higher loan raised to meet the working capital
requirements. Thus, bottom-line posted de-growth of 34.9%.
Exhibit 4: Quarterly EBITDA trend
Source: Company, Angel Research
Exhibit 5: Quarterly PAT trend
Source: Company, Angel Research
Order Book Analysis
CCCL’s order book, as on 2QFY2011, stood at `4,491cr (1.9x FY2011E
revenues), up 20.6% yoy and dominated by the infrastructure (50.6%) and
commercial (37.0) segments. The balance was contributed by the industrial and
residential segments. The order book is spread across price protected (~51%),
fixed price (~27%) and without material (22%) contracts. There has been a jump in
the fixed price contracts indicating that the margins face downside risks in view of
the increasing commodity prices.
Exhibit 6: 2QFY11 Order booking- Sector-wise (` cr)
Source: Company, Angel Research
Exhibit 7: 2QFY11 Order backlog- Sector wise (` cr)
Source: Company, Angel Research
6.8
5.4
7.1 7.3
8.9 9.0 8.3
8.3
7.8
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
EBITDA (Rs cr, LHS) EBITDAM (%, RHS)
4.1
3.0
4.3
4.3
4.7
4.7 3.7
3.7
3.4
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
-
5.0
10.0
15.0
20.0
25.0
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
PAT (Rs cr, LHS) PATM (%, RHS)
96
291
167
Industrial
Commercial
Infrastructure
430
1,661 2,270
129
Industrial
Commercial
Infrastructure
Residential

4. CCCL | 2QFY2011 Result Update
October 28, 2010 4
Outlook and Valuation
We are pruning our estimates to factor in lower top-line growth and operating
margins and higher interest cost. Pertinently, the company has consistently
disappointed on the top-line front and posted erratic margins since the last few
quarters. Nonetheless, we expect some revival in the 2HFY2011 performance due
to the low base effect (recorded dismal performance in 2HFY2010).
Exhibit 8: Change in estimates
FY2011 FY2012
Earlier Estimates Revised Estimates Variation Earlier Estimates Revised Estimates Variation
Revenues 2,461.3 2,396.6 (2.6) 2,891.0 2,891.2 0.0
EBITDA Margin 8.9 8.8 (1.5) 9.5 9.5 0.0
PAT 109.0 92.0 (15.6) 137.7 123.7 (10.1)
Source: Company, Angel Research
We are penciling in top-line and bottom-line CAGR of 21% and 16.2% over
FY2010-12E, respectively. At current levels, the stock is trading at P/E of 12.1x and
P/BV of 1.9x on FY2012 estimates, which is at a premium to its larger peers. Thus,
given the rich valuations and disappointment on the execution front, we expect the
stock to underperform. Hence, we downgrade the stock from Accumulate to
Neutral with a Fair Value of `80.
Exhibit 9: Key assumptions
FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Order Inflow 2,044 2,138 2,512 2,166 4,000 5,000
Revenues 868 1,477 1,841 1,976 2,397 2,891
Order Backlog (Y/E) 1,769 2,652 3,323 3,392 4,995 7,104
Order Book to Sales ratio (x) 2.0 1.8 1.8 1.7 2.1 2.5
Source: Company, Angel Research

5. CCCL | 2QFY2011 Result Update
October 28, 2010 5
Exhibit 10: Recommendation Summary
Company CMP TP Rating Top-line (`cr) EPS (`) *Adj. P/E OB/
FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E Sales(x)
CCCL 81 - Neutral 1,976 2,397 2,891 21.0 5.0 5.0 6.7 16.2 16.4 16.3 12.1 2.1
Gammon India 196 - Neutral 4,489 5,575 6,607 21.3 8.4 10.0 12.1 20.0 10.9 9.2 7.6 2.9
HCC 62 - Neutral 3,629 4,146 4,900 16.2 1.3 1.6 1.9 19.0 18.1 15.4 12.8 5.2
IRB Infra 266 - Neutral 1,705 2,675 3,672 46.8 11.6 13.0 15.7 16.4 9.0 8.0 6.7 -
IVRCL 151 216 Buy 5,492 6,493 8,071 21.2 7.8 8.8 10.9 18.2 11.2 10.0 8.0 3.9
JP Assoc. 122 160 Buy 10,355 13,412 17,952 31.7 4.7 4.5 7.6 27.8 26.3 27.2 16.1 -
Punj Lloyd 123 156 Buy 10,448 9,756 12,402 9.0 (10.9) 5.6 11.2 - - 22.0 11.0 2.4
NCC 150 201 Buy 4,778 5,738 6,588 17.4 7.8 8.6 9.8 12.1 14.2 12.9 11.3 3.4
Sadbhav 1,438 1,702 Buy 1,257 1,621 1,986 25.7 43.0 77.4 89.8 44.4 13.9 7.7 6.7 5.3
Simplex In. 489 573 Buy 4,564 5,460 6,543 19.7 25.6 33.0 40.9 26.4 19.1 14.8 12.0 2.5
Patel Engg 370 565 Buy 3,191 3,693 4,297 16.0 28.4 30.8 32.7 7.3 9.2 8.5 8.0 2.5
Madhucon 145 173 Buy 1,388 1,737 2,164 24.9 6.2 7.3 9.1 21.6 11.0 9.3 7.4 2.9
L&T 2,003 - Neutral 37,035 44,047 55,519 22.4 47.4 54.9 68.7 20.4 32.1 27.7 22.2 2.8
ITNL 311 358 Accu. 2,403 3,480 6,071 59.0 17.7 21.8 25.9 20.8 17.5 14.2 12.0 6.7
Source: Company, Angel Research
Exhibit 11: SOTP break up
Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total
` % to TP ` % to TP ` % to TP ` % to TP ` % to TP `
CCCL 80 100 0 0 0 0 0 0 0 0 80
Gammon India 121 54 0 0 0 0 0 0 104 46 225
HCC 26 41 29 46 8 13 0 0 0 0 63
IRB Infra 118 43 0 0 150 55 5 2 0 0 273
IVRCL 162 75 0 0 0 0 54 25 0 0 216
JP Assoc. 69 43 42 27 0 0 0 0 48 30 160
Punj Lloyd 156 100 0 0 0 0 0 0 0 0 156
NCC 138 69 7 3 32 16 0 0 24 12 201
Sadbhav 862 51 0 0 840 49 0 0 0 0 1702
Simplex In. 573 100 0 0 0 0 0 0 0 0 573
Patel Engg 458 81 56 10 16 3 0 0 36 6 565
Madhucon 91 53 4 2 52 30 0 0 25 15 173
L&T 1542 76 0 0 0 0 482 24 0 0 2024
ITNL 159 44 0 0 151 42 0 0 48 13 358
Source: Company, Angel Research

6. CCCL | 2QFY2011 Result Update
October 28, 2010 6
Profit & Loss Statement (Consolidated)
Y/E March (` cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 868 1,477 1,841 1,976 2,397 2,891
Other operating income - - - - - -
Total operating income 868 1,477 1,841 1,976 2,397 2,891
% chg 103.6 70.1 24.6 7.3 21.3 20.6
Total Expenditure 794 1,308 1,712 1,797 2,186 2,617
Net Raw Materials 713 959 1,439 1,545 1,621 2,015
Other Mfg costs - 217 47 - 261 264
Personnel 40 71 106 114 143 173
Other 40 61 120 138 160 165
EBITDA 75 169 128 179 210 274
% chg 113.4 126.8 (24.1) 39.5 17.4 30.3
(% of Net Sales) 8.6 11.5 7.0 9.1 8.8 9.5
Depreciation& Amortisation 4 6 9 11 15 19
EBIT 71 164 120 168 195 255
% chg 114.6 130.6 (27.0) 40.7 16.1 30.5
(% of Net Sales) 8.2 11.1 6.5 8.5 8.1 8.8
Interest & other Charges 7 12 18 33 47 58
Other Income (incl pft from Ass/JV) - 8 9 6 5 6
(% of PBT) - 4.9 8.5 4.5 3.5 2.8
Recurring PBT 64 160 111 142 154 203
% chg 120.9 149.5 (31.0) 28.5 8.1 32.3
Extraordinary Expense/(Inc.) - 0 - - 1 -
PBT (reported) 64 160 111 142 153 203
Tax 16 45 38 50 52 69
(% of PBT) 25.7 28.3 34.5 35.5 34.2 34.0
PAT (reported) 48 115 72 92 100 134
Add: Share of earnings of associate
Less: Minority interest (MI) - - - - 9.4 10.3
Prior period items - - - - - -
PAT after MI (reported) 48 115 72 92 91 124
ADJ. PAT 48 89 72 92 92 124
% chg 147.1 87.2 (18.9) 26.6 0.5 34.4
(% of Net Sales) 5.5 6.0 3.9 4.6 3.8 4.3
Basic EPS (`) (Reported) 7.2 6.2 3.9 5.0 4.9 6.7
Fully Diluted EPS (`) (Diluted) 2.6 4.8 3.9 5.0 5.0 6.7
% chg 87.2 (18.9) 26.6 0.5 34.4

7. CCCL | 2QFY2011 Result Update
October 28, 2010 7
Balance Sheet (Consolidated)
Y/E March (` cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 13.3 37.0 37.0 37.0 37.0 37.0
Preference Capital - - - - - -
Reserves& Surplus 174.0 416.8 479.1 552.3 632.2 744.0
Shareholder’s Funds 187.3 453.8 516.1 589.2 669.2 781.0
Minority Interest - - - - - -
Total Loans 115.4 125.5 197.6 338.8 406.3 467.3
Deferred Tax Liability 16.6 29.6 44.2 59.5 59.5 59.5
Total Liabilities 319.3 608.8 757.8 987.6 1,135.0 1,307.8
APPLICATION OF FUNDS
Gross Block 59.2 94.3 160.6 189.7 259.7 329.7
Less: Acc. Depreciation 8.0 13.4 22.1 33.1 48.2 67.4
Net Block 51.2 80.9 138.4 156.6 211.5 262.3
Capital Work-in-Progress 2.6 2.1 6.4 15.5 15.5 15.5
Investments 0.1 99.1 56.9 9.4 9.4 9.4
Current Assets 504.4 865.2 1,089.4 1,358.4 1,604.0 1,869.6
Inventories 339.2 632.7 807.0 1,020.1 1,274.3 1,537.3
Sundry Debtors 4.5 12.5 8.8 12.0 11.5 13.9
Cash 88.9 87.7 129.9 170.1 131.1 92.7
Loans & Advances 71.9 132.2 143.7 156.2 187.1 225.8
Other - - - - - -
Current liabilities 240.6 452.4 545.7 553.8 706.8 850.4
Net Current Assets 263.8 412.8 543.7 804.6 897.2 1,019.2
Misc. Exp. not written off 1.6 13.9 12.4 1.4 1.4 1.4
Total Assets 319.3 608.8 757.8 987.6 1,135.0 1,307.8

8. CCCL | 2QFY2011 Result Update
October 28, 2010 8
Cash Flow statement (Consolidated)
Y/E March (` cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Profit before tax (excluding
MI)
64.2 159.9 110.5 142.0 143.2 192.8
Depreciation 3.6 5.6 9.0 11.0 15.1 19.2
Change in Working Capital 102.0 159.0 88.8 220.6 131.7 160.3
Less: Other income - 7.9 9.4 6.4 5.4 5.7
Direct taxes paid 7.8 32.2 23.6 37.7 52.1 69.0
Cash Flow from Operations (41.9) (33.7) (2.2) (111.7) (30.8) (23.1)
(Inc.)/ Dec. in Fixed Assets (40.6) (36.7) (70.6) (38.2) (70.0) (70.0)
(Inc.)/ Dec. in Investments (0.1) (99.1) 42.2 47.5 - -
Other income - 7.9 9.4 6.4 5.4 5.7
Cash Flow from Investing (40.7) (127.9) (18.9) 15.6 (64.6) (64.3)
Issue of Equity 1.4 188.7 - - - -
Inc./(Dec.) in loans 86.2 10.0 72.1 141.2 67.5 61.0
Dividend Paid (Incl. Tax) 5.2 10.8 9.2 10.8 11.9 11.9
Others (1) (28) 0 6 1
Cash Flow from Financing 81.7 160.4 63.3 136.3 56.4 49.1
Inc./(Dec.) in Cash (0.9) (1.2) 42.2 40.3 (39.1) (38.4)
Opening Cash balances 89.8 88.9 87.7 129.9 170.1 131.1
Closing Cash balances 88.9 87.7 129.9 170.1 131.1 92.7

9. CCCL | 2QFY2011 Result Update
October 28, 2010 9
Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 31.4 16.8 20.7 16.4 16.3 12.1
P/CEPS 29.2 15.8 18.4 14.6 14.0 10.5
P/BV 8.0 3.3 2.9 2.5 2.2 1.9
Dividend yield (%) 1.3 0.7 0.7 0.8 0.8 0.8
EV/Sales 1.8 1.0 0.9 0.8 0.7 0.6
EV/EBITDA 20.4 9.1 12.2 9.3 8.4 6.8
EV / Total Assets 4.8 2.5 2.1 1.7 1.6 1.4
Per Share Data (`)
EPS (Basic) 7.2 6.2 3.9 5.0 4.9 6.7
EPS (fully diluted) 2.6 4.8 3.9 5.0 5.0 6.7
Cash EPS 2.8 5.1 4.4 5.6 5.8 7.7
DPS 1.0 0.5 0.5 0.7 0.7 0.7
Book Value 10.1 24.6 27.9 31.9 36.2 42.3
Dupont Analysis
EBIT margin 8.2 11.1 6.5 8.5 8.1 8.8
Tax retention ratio 0.7 0.7 0.7 0.6 0.7 0.7
Asset turnover (x) 3.8 3.9 3.2 2.7 2.6 2.6
ROIC (Post-tax) 22.9 31.3 13.6 15.0 14.1 15.2
Cost of Debt (Post Tax) 4.4 6.9 7.5 7.8 8.3 8.7
Leverage (x) 0.1 0.1 0.1 0.2 0.4 0.4
Operating ROE 25.5 33.7 14.3 16.5 16.2 18.1
Returns (%)
ROACE (Pre-tax) 22.2 35.3 17.5 19.3 18.4 20.9
Angel ROIC (Pre-tax) 30.8 43.6 20.8 23.3 21.4 23.0
ROAE 25.5 27.8 14.9 16.6 14.6 17.1
Turnover ratios (x)
Asset Turnover (Gross
Block)
14.7 19.2 14.4 11.3 10.7 9.8
Inventory / Sales (days) 143 120 143 169 175 177
Receivables (days) 2 2 2 2 2 2
Payables (days) 63 77 93 100 94 97
Working capital cycle (ex-
cash) (days)
73.5 61.8 73.3 96.8 106.7 106.8
Solvency ratios (x)
Net debt to equity 0.1 0.1 0.1 0.3 0.4 0.5
Net debt to EBITDA 0.4 0.2 0.5 0.9 1.3 1.4
Interest Coverage (EBIT /
Interest)
10.3 14.2 6.5 5.2 4.1 4.4

10. CCCL | 2QFY2011 Result Update
October 28, 2010 10
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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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
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Disclosure of Interest Statement CCCL
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 (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)