HDIL - The Slum Redevelopment Czar

Initiating Coverage | Real Estate
March 23, 2010

HDIL BUY
CMP Rs284
The Slum Redevelopment Czar Target Price Rs356

HDIL is the largest listed Slum Rehabilitation developer in the most resilient Mumbai Investment Period 12 months
market, which contributes a substantial 71% of our GNAV. Execution of the Rs200bn
Stock Info
Mumbai International Airport (MIAL) project is progressing well, sustainable TDR
prices and successful new launches via the conventional method provides strong Sector Real Estate

visibility for HDIL. Further, HDIL seeks to de-leverage its Balance Sheet on the back Market Cap (Rs cr) 9,828
of expected high Revenue inflow from the MIAL project and the recent low-cost
Beta 1.8
Rs11.5bn fresh NCD issue, which will reduce its gearing to 0.3x in FY2012E from
52 Week High / Low 411/70
current levels of 0.5x. At Rs284, the stock is trading at 28% discount to our
1-year forward NAV, 8.1x FY2012E EPS and 1.2x FY2012E P/BV. Hence, we Initiate Avg. Daily Volume 46,75,384
Coverage on the stock, with a Buy recommendation and Target Price of Rs356,
Target Price Face Value (Rs) 10
which is at 10% discount to our 1-year forward NAV. NAV
BSE Sensex 17,451
Execution of Airport project on track: First phase of HDIL's MIAL project to
Nifty 5,225
rehabilitate 20,000 families is on track and likely to get completed by September
Reuters Code HDIL.BO
2010 and generate around 11-13mn sq. ft of TDR. The company will also get
2mn sq. ft of FSI for commercial development in the airport vicinity once the 20,000 Bloomberg Code HDIL@IN
families get rehabilitated. We expect HDIL to sell 5-6mn sq. ft of TDR annually over
the next five years on strong ongoing execution of the MIAL project, which will Shareholding Pattern (%)
generate further 37mn sq ft of TDR over the next 5-6 years. The MIAL project Promoters 48.3
contributes around 30% to our 1-year forward NAV. MF / Banks / Indian FIs 2.1

Set to gain from strong TDR prices: TDR prices in Mumbai have recovered from FII / NRIs / OCBs 44.0
Rs900/sq. ft in February 2009 to Rs2,700/sq. ft currently. HDIL, being a market Indian Public / Others 5.6
leader and controlling around 70% of the TDR supply in Mumbai, is a key beneficiary
Abs. (%) 3m 1yr 3yr
of revival in the TDR market. We have assumed Rs2,000/sq. ft (ie. 26% discount
from current levels) for its MIAL project. Also, we do not expect a steep fall in the Sensex 1.3 85.2 10.5
TDR prices as demand in Mumbai's Residential market continues to be resilient. HDIL (21.0) 272.5 (34.6)

Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 1,750 1,479 1,775 3,106
% chg (26.9) (15.5) 20.0 75.0
Profit
Net Profit 786 590 734 1,310
% chg (44.3) (12.7) 24.4 78.3
FDEPS (Rs)* 21.1 15.9 19.7 35.2
EBITDA Margin (%) 45.7 46.2 49.2 52.3
P/E (x) 13.4 17.9 14.4 8.1
RoE (%) 19.5 10.5 9.9 15.4
RoCE (%) 10.4 7.2 8.3 14.2
P/BV (x) 1.8 1.5 1.3 1.2
Param Desai
EV/Sales (x) 7.9 8.8 7.0 3.9
+91 22 4040 3800 Ext: 310
EV/EBITDA (x) 17.4 19.0 14.3 7.5 Email: paramv.desai@angeltrade.com
Source: Company, Angel Research, Note: *Assuming conversion of warrants

Please refer to important disclosures at the end of this report

HDIL | Initiating Coverage

HDIL is trading at 28% discount to our 1-year Forward NAV
Valuation
MIAL project valued at Rs178/share

Phase I of the MIAL project is on track and is expected to get completed by September
2010. Phase II is expected to start from 1QFY2011E for which the land acquisition
process is complete. For the project, we have assumed TDR prices of Rs2,000/sq. ft
ie. at 26% discount from current the TDR prices. Further, we have assumed FSI
from the airport site to start generating Revenues from FY2015E onwards, wherein we
have assumed 5% escalation in prices from current levels. As per our sensitivity
analysis to TDR prices, a decline or rise by 5% will impact our MIAL NAV by 4%.
Consequently,
Consequently, we have valued HDIL's MIAL project at Rs6,607cr, Rs6,607cr,
translating into Rs178/share.

Residential Segment valued at Rs160/share

HDIL has launched Residential projects of 3.3mn sq. ft since March 2009 and
successfully sold more than 90% of apartments in three of the four projects launched.
These projects have met with success on account of being launched at 10-20%
discount to the prevailing market prices. Further, since the company follows the project
completion method for its Revenue recognition, substantial portion of the Revenue
will flow in FY2012E as the company achieves threshold for the ongoing projects. We
have factored in 5% price escalation from FY2011E onwards in construction and
capital value for all its projects. Consequently, we have valued HDIL's Residential
Consequently,
projects at Rs5,938cr, translating into Rs160/share.
Rs5,938cr,

Commercial Segment valued at Rs113/share

HDIL recently launched 3mn sq. ft of commercial projects at Andheri and Kurla where
it has already pre-leased 10-15% of office space. We have factored in 5% correction
in rentals and capital values in FY2011E, but 5% increase from FY2012E onwards.
Rs4199cr,
Thus, we have valued HDIL's Commercial projects at Rs4199cr, translating into
Rs113/share.

Non-MIAL SRS projects valued at Rs109/share

HDIL recently won the slum rehabilitation project at Vile Parle near the Milan Subway,
Link Road in Mumbai. This project entails rehabilitation of 2,000 families and the
company would get FSI of 1.2. The prevailing rates are at Rs13-15,000/ sq. ft. The
company expects to launch the project in 2QFY2011E. It also plans to shortly launch
Phase I of the Siddharth SRS project in Goregaon of around 1mn sq. ft. We have
factored in 5% price escalation from FY2011E onwards in construction and capital
value for all its projects. Consequently, we have valued HDIL's Non-MIAL Slum
Consequently,
Rehabiliation Scheme (SRS) projects at Rs4,049cr, translating into Rs109/share.
Rs4,049cr,

Retail Segment has been valued at Rs35/share

Retail Segment comprises of 9% of HDIL's total saleable area. We have factored in 5%
correction in rentals and capital values in FY2011E, but 5% increase FY2012E
onwards. Consequently, we have valued HDIL's Retail project at Rs1,298cr,
Consequently, Rs1,298cr,
translating into Rs35/share.

March 23, 2010 2


Assumptions

We have assigned 15% Cost of Equity and 10% Capitalisation rate.

We have assumed Tax rate of 20% from FY2011E onwards owing to increase in MAT.

We have assumed conversion of Warrants issued to promoters at Rs240/share.

Exhibit 1: Valuation Summary
Forward NAV
1-yr Forward NAV (Rs/share)
MIAL (Airport FSI & TDR) 178
Residential 160
Commercial 113
Other SRS Projects 109
Retail 35
NAV
Gross NAV 594
Less
Net Debt (86)
Unpaid land cost & Customer advances (31)
Tax (87)
NAV/share
NAV/share 395
Target Price at 10% discount to NAV
Price NAV 356
Source: Angel Research

Exhibit 2: Location-wise Break-down of GNAV
0.4
4.4 3.4

20.8
Mumbai contributes
71% of GNAV

71.0

Mumbai MMR excluding Mumbai Kochi Hyderabad Pune


March 23, 2010 3


Exhibit 3: HDIL Sales & Realisation Assumptions
Particulars FY11E FY12E FY13E FY14E FY15E FY16E FY17E FY18E FY19E
Saleable area (mn sq ft)
Residential 1.1 1.8 2.4 3.2 3.3 3.6 4.1 4.6 4.9
Commercial 0.2 0.3 0.6 1.1 1.3 1.3 1.4 1.9 1.9
Retail 0.1 0.2 0.3 0.6 1.3 1.5 1.2 1.1 1.0
Project
Airport Project
TDR 5.7 5.7 6.1 6.1 6.3 6.5
FSI 1.1 0.8 1.1 1.7 2.0
FSI from other SRS projects 0.4 0.4 0.9 0.6 0.4 0.4 0.4 0.2
Leasable area (mn sq ft)
Commercial 0.5 3.0 3.7 3.7 3.7 5.2 5.4
Retail 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Realisation (Rs /sq ft)
Residential 6,690 6,141 5,648 5,706 5,201 4,589 4,677 4,458 4,163
Commercial 2,073 2,176 2,923 3,173 3,486 3,968 4,166 4,375 4,594
Retail 7,164 7,082 6,546 4,695 4,354 4,370 4,233 3,645 3,989
Airport Project
Project
TDR 2,000 2,000 2,000 2,000 2,000 2,000
FSI 12,763 13,401 14,071 14,775 15,513
FSI from other SRS projects 7,107 12,281 16,878 17,798
Lease rentals (Rs/sq ft/m)
Commercial 105 97 101 106 112 114 120
Retail 57 60 63 66 69 73 76 80 84
Exhibit 4: Pricing Assumptions
Project Location Segment Price (Rs/ sq ft)
Metropolis Andheri Residential 8,200
Kukatpally Hyderabad Residential 3,000
Dongre Virar Residential 2,000
Ektanagar Kandivali Residential 5,000
Milan Subway Vile Parle FSI 13,000
Bandra (E) SRS Scheme BKC FSI 15,000
Siddarth Nagar Goregaon Res 6,000
Kalamsarry Kochi Commercial 3,200
Kukatpally Hyderabad Retail 5,500
Bombay Oxygen Mulund Retail 6,000
MIAL TDR SRA 2,000
MIAL FSI Santacruz Commercial 10,000

Exhibit 5: Sensitivity analysis to our 1-year forward NAV
Cost of Equity (%)
13 14 15 16 17
1,300 410 383 357 337 314
Prices
TDR Prices
(Rs/sq ft)

1,650 429 402 376 352 330
2,000 449 421 395 371 348
2,350 468 440 414 389 366
2,700 488 459 433 408 384

March 23, 2010 4


Investment Argument
High-Margin Slum Re-development projects
Slum re-development (SRA) does not involve upfront investment in land compared to
SRA requirement would be of around
the conventional real estate projects. The cost per sq. ft in the slum re-development
644mn sq ft, which translates into
projects is around Rs3,000/sq. ft v/s Rs5,000-6,000/sq. ft (including land cost) on
Revenue potential of Rs2,000bn for the
freehold land due to the high property prices in Mumbai. Slum re-development also
Re-
Re - developers
has high entry barriers, as it requires expertise and experience as it entails dealing
with the government agencies and slum dwellers regularly until project completion.

In Mumbai, more than 54% of the population lives in slums clusters situated in
certain pockets of the city. A slum population of 7.5 million could translate into
1.5mn families with average household size of five. This could translate into SRA
potential of 644mn sq. ft and Revenue potential of Rs2,000bn for the re-developers.

Exhibit 6: SRA - Rs2,000bn Revenue Potential for Redevlopers
Partciluars Fig Remarks
Total slum population in Mumbai (mn) ~7.5
Total hutments (mn) 1.5 Assuming five person per hutment
Redevlopment Industry size (mn sq ft) 644 (1.5mn*269sq ft*1.2 loading*1.33 FSI)
Investment potential (Rs bn ) 772 Assuming construction cost of Rs1200/ sq
ft for rehab
Revenue potential (Rs bn ) 2,000 Assuming 50% sold through TDR and FSI

Exhibit 7: Slum population high in Mumbai
60.0 54.1

50.0

40.0
32.5
(%)

30.0
18.9 18.7 17.2
20.0
13.5
10.0
10.0

0.0
Delhi
Kolkata

Bangalore
Chennai

Ahmedabad
Mumbai

Hyderabad

Source: Census Data 2001

Strong presence in Mumbai Metropolitan Region (MMR)

Mumbai's Real Estate market has been quite resilient being the last one to decline in
the recent meltdown and the first to show signs of recovery on improving sentiment.
Property prices in Mumbai have been rising on the back of reviving financial markets
and overall improvement in the economic environment. We believe that the new
project launches, both high-end and mid-range, would register an increase in prices.
Against this backdrop, HDIL, being the largest listed developer in the attractive Mumbai
market, with expertise and experience in re-development projects, will be a key
beneficiary. Mumbai and the MMR (excluding Mumbai) contribute 39% and 49%
respectively, of HDIL's overall saleable area (194.4mn sq. ft).

March 23, 2010 5


Exhibit 8: Land reserves concentrated in MMR (mn sq. ft / % to Saleable area)
0.8 /0%

15.0 /8%
7.4 /4%

73.3 /38%

98.0 /50%

Mumbai MMR (excluding Mumbai) Hyderabad Kochi Pune

Source: Company, Angel Research

HDIL, being the market leader in slum
HDIL, HDIL, the market leader in slum rehabilitation, is well-poised to cash in on the
rehabilitation, stands a good chance immense opportunity in the SRS Segment. It stands a good chance to win large SRA
to win large SRA projects like Dharavi projects like Dharavi where rehab families could be of similar size to MIAL. It may be
noted here that the company has executed around 10mn sq. ft of SRS projects in the
last 15 years, and is more competitive than other developers in the fray.

MIAL Project provides strong visibility

The MIAL project is expected to HDIL was awarded the MIAL Slum Rehabilitation Project in October 2007 as part of
generate land and construction TDR of the Mumbai Airport expansion and modernisation plan. Under the MIAL project,
around 44mn sq. ft and further FSI HDIL is required to rehabilitate 82,500 families spread over 276 acres of land in the
rights of 10mn sq. ft for commercial vicinity of the Mumbai airport. The project has been granted FSI of 4 on account of
development at the airport site for HDIL being in the high density zone. Consequently, HDIL requires around 160 acres of
land to rehab the 82,500 families over the next 5-6 years, while it currently has
around 110 acres of land largely in the Eastern suburbs, which would suffice Phase I,
II requirements. Pertinently, Phase I is nearing completion and Phase II is expected to
start in 1QFY2011E. On completion, the MIAL project would be one of the largest
slum rehabilitation to be executed this far in India.

The MIAL project is expected to generate land and construction TDR of around 44mn
sq. ft. Post the relocation of slum inhabitants from the encroached 276 acres, MIAL
will utilise 158 acres for airport modernisation and expansion. HDIL is to have the
rights to redevelop 55% (65 acres), while the remaining 45% (53 acres) would be
available to MIAL's partner, GVK. This will generate FSI rights of 10mn sq. ft
for HDIL.

Exhibit 9: HDIL’s Saleable interest from MIAL project
Particulars Saleable Phase I Phase II Phase III Remarks
(mn sq. ft) Area
Land TDR 8.9 2.6 2.7 3.6 ((82,500 (families)*269 sq ft *1.2 (Laoding)) /4)
Construction TDR 35.4 10.3 10.7 14.4 82,500 (families)*269 sq ft *1.2 (loading)*1.33 (FSI)
FSI at Airport site* 9.9 9.9 65 acres*2.5 (FSI)*1.4 (Loading)
Total 54.2 12.9 13.4 27.9
Source: Company, Angel Research, Note: * We have assumed FSI to be sold once relocation of entire 82,500 families is completed

March 23, 2010 6


Phase I completion on track

The pace of construction work for Phase I of the MIAL project is on track and likely to get completed by September 2010
Phase I is impressive. HDIL has already and generate around 11-13mn sq. ft of TDR. HDIL will also get 2mn sq. ft of FSI for
generated 7mn sq. ft of TDR out of the commercial development in the airport vicinity once rehabilitation of
total of 11-13mn sq. ft that would 18,000-20,000 families is completed. Phase I, spread over 53 acres (located at Kurla,
accrue from Phase 1 off LBS Marg), is 1.5km away from BKC and 5-7 minutes from the closest railway
station (Vidyavihar). The property was bought from IL&FS for Rs1,900cr. Out of the 53
acres, 38 acres would be utilised to rehabilitate 18,000 families, while the balance
would go for commercial development. Construction work at the site commenced in
June 2008 and the pace of construction work is impressive. HDIL has already generated
7mn sq. ft of TDR from Phase I. Another 2,000 families will be rehabilitated in Kurla
(E) and Bhandup for which work has been started. HDIL intends to start Phase II by
April 2010 for which land has already been acquired in the Eastern suburbs. This
provides strong Revenue visibility with steady Cash flows from sale of TDR.

Exhibit 10: 28 Buildings with G+11 Structures to rehab 18,000 families by September 2010


Exhibit 11: 3,000 labourers, 100 Engineers working on site Exhibit 12: 270 sq. ft provided to each rehab family

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

March 23, 2010 7


Project valued at Rs178/share

The MIAL project cost, including land cost for rehabilitation, will be around Rs6,300cr.
In our opinion, HDIL could generate enough cash to complete the project by selling
TDR and FSI at the site. While current TDR prices are quoting at Rs2,700/sq. ft, we
have assumed Rs2,000/sq. ft for the project, which we expect HDIL will sell by FY2016E.
Further, we expect HDIL to start generating Revenues from sale of FSI at its airport site
from FY2015E onwards. We have assumed around 6mn sq. ft of TDR sale annually
from the MIAL project upto FY2016E. Our sensitivity analysis indicates that a 5%
decline in TDR prices leads to 4% fall in NAV from MIAL. Consequently, we have
valued MIAL project at Rs178/share or 30% of GNAV.

Exhibit 13: GNAV Break-up of MIAL project (GNAV/ % to MIAL GNAV)

43 /24.2%

135 /75.8%

TDR FSI


To gain from strong TDR prices

We have assumed Rs2,000/sq. ft as TDR prices in Mumbai have recovered from the bottom of Rs900/sq. ft in February
against the prevailing Rs2,700/sq. ft 2009 to Rs2,700/sq. ft currently. However, it is still lower by 40% from the peak of
for the MIAL project, which contributes Rs4,200/sq. ft. Mumbai has been a more resilient market, as prices have risen by
GNAV
around 30% to our GNAV 20-30% compared to the 10-15% increase in prices in the other metros. We expect
demand for the Residential Segment in Mumbai to remain stable owing to employment
stability and increasing disposable income levels. Hence, we believe that the new
launches will continue to gain momentum going ahead and fuel demand for TDR
and positively impact the TDR prices.

Exhibit 14: TDR prices still 40% lower than Peak
4,500
4,000
3,500
(Rs/.sq ft)

3,000
2,500
2,000
1,500
1,000
500
-
Feb-08
Mar-08
Apr-08
May-08

Jul-08
Aug-08
Sep-08
Oct-08

Dec-08

Feb-09
Mar-09
Apr-09
May-09

Jul-09
Aug-09
Sep-09
Oct-09

Dec-09

Feb-10
Mar-10
Jan-08

Jun-08

Nov-08

Jan-09

Jun-09

Nov-09

Jan-10


March 23, 2010 8


HDIL controls 70% of TDR supply in Mumbai and is a key player in the revival of the
TDR market. We have assumed Rs2,000/sq. ft as against the prevailing Rs2,700/sq.
ft for its MIAL project. With our and street's TDR assumption 20-25% below the prevailing
price, there exists further room for appreciation in NAV.

New launches have been rewarding
The company's recent new projects HDIL has strategically de-leveraged its business model by launching various projects
have been successful on account of through the conventional route since March 2009 thereby reducing its overdependence
being launched at 10-20% discount to on the TDR market. It has launched 3.3mn sq. ft of Residential and 3.0mn sq. ft of
the prevailing market prices. In Commercial, and has managed to successfully sell more than 90% of the apartments
FY2011E , HDIL plans to launch new
FY2011E, in three out of its four projects. It has even managed to pre-lease 10-15% of its
projects constituting another 6-7mn commercial launches at Rs100-120/sq. ft at its Andheri and Kurla projects. The
sq.ft company's recent projects have been successful on account of being launched at
10-20% discount to the prevailing market prices. Management has indicated that it
would be adopting the same strategy for its forthcoming launches as well. In FY2011E,
HDIL plans to launch new projects constituting another 6-7mn sq.ft.

Exhibit 15: Launching projects through conventional route
Project Location Saleable Area Sold/ Lease Launching Rate
Lease
(mn sq. ft) (Rs/ sq. ft)
Residential
Galaxy Kurla (E) 0.4 > 90% 4,251
Premier Kurla (W) 0.9 > 95% 5,251
Metropolis Andheri (W) 0.7 > 95% 7,651
Kilburn 1.3 > 20% 5,751
Commercial
Premier Kurla (W) 2.0 15% Rs 80/ sq ft
Metropolis Andheri (W) 1.0 10% Rs 120/ sq ft
Total 6.3

Exhibit 16: Premier Residential project (0.9mn sq ft) Exhibit 17: Premier Phase I Commercial project (2mn sq. ft)

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

March 23, 2010 9


Vasai- Virar belt in limelight - Monetisation of Rental housing
projects; focus on upcoming SEZs

MMRDA has offered FSI of 4 for the
MMRDA The 550 acre MMRDA rental township in Virar is likely to commence construction by
rental housing schemes in Virar 1QFY2011E as final clearances are awaited. MMRDA has offered FSI of 4 for the
comprising FSI of 3 for free sale rental housing schemes comprising FSI of 3 for free sale area to HDIL and FSI of 1 for
area to HDIL and FSI of 1 for rental rental housing. The project aims to provide affordable housing for the low-income
housing groups and economically weaker sections, within close proximity to cities, towns and
rural areas. HDIL will provide self-contained units of 160 sq. ft. carpet area with
standard features in MMRDA managed apartment buildings.

Besides the rental housing schemes, the company recently launched its first mass
housing project in Virar of 1.5mn sq. ft as well where more than 35% has been
pre-sold at Rs2,200/sq. ft.

HDIL also plans to develop a multi-product SEZ in Vasai-Virar of 2,500 acres and a
multi-service SEZ in Bhayander of 600 acres. It has already acquired 2,300 acres for
the Vasai-Virar SEZ at an average cost of Rs50/ sq. ft.

De-leveraging Balance Sheet

The successful new launches and At end of FY2009, HDIL's Gross Debt increased to Rs4,143cr from Rs376cr in FY2007
monetisation of the MIAL project will resulting in Interest outflow of around Rs595cr, ie. 77% of PBT. However, in 2QFY2010
generate enough cash flows which will HDIL raised Rs1,688cr through a QIP Issue and Rs156cr by issuing 2.6cr warrants to
reduce Net Debt from current levels promoters, which will get converted by end FY2011E. The company partially utilised
of 0.5x to 0.3x in FY2012E these funds to reduce its leverage to Rs3,393cr, translating into gearing of 0.4x in
FY2010. In FY2011E, HDIL requires to repay Rs200cr of debt and will have interest
outflow of around Rs450cr. We believe that the new launches and monetisation of the
MIAL project will generate enough cash flows, which will help further reduce debt.
HDIL has also raised Rs1,150cr from fresh NCD issue, following an improved CARE
A+ rating. This will enable HDIL to repay its short-term debt and reduce overall cost
of borrowing by 50-100bp to 12%. Consequently, we expect Net Debt to decline from
current levels of 0.5x to 0.3x in FY2012E.

Exhibit 18: Steady Cash flow from New launches and MIAL to reduce Debt
4,500 1.0
4,000 0.9 0.9

3,500 0.8
0.8
0.7
3,000
(Rs cr)

0.6
2,500
(x)

0.5 0.5
2,000 0.5
0.3 0.4
1,500
0.3 0.3
1,000 0.2
500 0.1
- 0.0
FY07 FY08 FY09 FY10E FY11E FY12E

Net Debt (LHS) Net D:E (RHS)


March 23, 2010 10


Concerns
Fall in TDR prices

Around 22% of HDIL's saleable area comes from TDR market ie. from MIAL project.
TDR prices have gone up from its low of Rs900 sq. ft in Feb 2009 to Rs2,700/ sq. ft
currently. This has boosted HDIL's cash flow and help to deleverage its balance sheet.
TDR prices are dependant on regulatory changes and new launches. We are quite
positive on continue flow of new launches in Mumbai property market given strong
demand, stability in employment outlook and higher disposable income. However
there is possibility of increasing FSI in suburbs from 1x to 1.33x which will impact TDR
volumes and thereby prices negatively. However, we have assumed Rs2,000/ sq ft
(25% lower from current level) for its MIAL project while calculating our 1 yr forward
NAV which gives enough margin of safety.

Over-dependence on MMR

Mumbai property prices have gone up by 20-30% from its low. With MMR accounting
for 87% of HDIL's saleable area, any decline in demand or prices could impact our
NAV.

Delay in execution

We have assumed construction of all its residential launches done in FY2010 to be
completed by FY2012E. As the company follows project completion method to book
revenues we expect substantial jump in Revenues in FY2012E. Any delay in execution
will impact our estimates and in turn our NAV.

Long gestation SRS projects

Around 31% of HDIL's its saleable area comes from long gestation SRS project
development, which involves getting consensus from slum dwellers, government
approvals, clearing slum encroachments, and rehabilitation. Any delay in above
processes could increase project costs and delay in sales from project FSI, creating a
cash trap.

March 23, 2010 11


Financial Outlook
Strong Revenue visibility

We expect HDIL's Revenues to increase HDIL is expected to report de-growth of 21.4% on compounded basis over
by 20.0% yoy in FY2011E to Rs1,775cr FY2008-10E on account of lower TDR prices and minimal launches in FY2009.
and 75.0% yoy in FY2012E to However, since March 2009 the company has launched 3.3mn sq. ft of Residential
Rs3,106cr driven by sale of the TDR projects and more than 90% of the apartments have been sold out from three out of
generated from the MIAL project and the four projects. As HDIL recognises Revenues on project completion method instead
ramp up in completion of its of percentage completion method, most of the Revenues from the new launches will
Residential projects flow in FY2012E. Moreover, ongoing execution of the airport project will generate
TDR of 6mn sq. ft annually which also provides strong Revenue visibility. We have
assumed TDR price of Rs2,000/sq. ft for the project ie. at 25% discount to current
prices. Hence, we expect HDIL's Revenues to increase by 20% yoy in FY2011E to
Rs1,775cr and 75.0% yoy in FY2012E to Rs3,106cr driven by sale of the TDR generated
from the MIAL project and ramp up in completion of its Residential projects.
Consequently, we expect Revenues to record CAGR of 44.9% over FY2010-12E.

Exhibit 19: Revenue Trend
3,500 200
179.2
3,000
150
2,500
(Rs cr)

2,000 97.2 75.0 100

(x)
1,500 50
1,000 20.0
0
500 (26.9)
(15.5)
- (50)
Revenue (LHS) yoy growth (RHS)

Operating Margins to increase

We expect EBIDTA Margins to increase
EBIDTA The EBIDTA Margins had declined by 1,900bp over FY2008-10E owing to lower TDR
from 46.4% in FY2010E to 52.5% in prices, which fell from Rs4,200/sq. ft to Rs900/sq. ft during the mentioned period.
FY2012E However, TDR prices are on recovery path since February 2009. Further, the company
launched new projects - 3.3mn sq. ft of Residential and 3mn sq. ft of Commercial - in
FY2010. Consequently, we expect Margins to increase from 46.4% in FY2010E to
52.5% in FY2012E mainly due to completion of the Revenue recognition threshold of
the company's ongoing projects and sustainable TDR prices.

March 23, 2010 12


Exhibit 20: Improving EBIDTA Margins
70 65.5

60
51.1 52.3
49.2
50 45.7 46.2

40

(%)
30

20

10

0


Low gearing to boost Earnings

We expect HDIL's PAT to post CAGR of
PA CAGR The land purchases for MIAL project resulted in high gearing of 94% (Rs4,143cr) in
48.9% over FY2010-12E FY2009, with Interest outflow of Rs620cr. However, in FY2010, HDIL raised Rs1,854cr
through a QIP Issue and Warrants to promoters, which helped reduce its leverage to
Rs3,393cr and translating into gearing of 0.4x for the year. The company also raised
Rs1,150cr through a NCD issue, following an improved CARE A+ rating. This will
enable HDIL to repay short-term debt and reduce overall cost of borrowing by
50-100bp to 12%. On the other hand, the company's Tax rate is likely to increase to
20% owing to hike in MAT rate. Thus, we expect HDIL's PAT to post CAGR of 48.9%
over FY2010-12E.

Exhibit 21: Earnings Trend
1,600 400
367.2 350
1,400
300
1,200
250
(Rs cr)

1,000 200

(%)
800 156.8 150

600 100
78.3
50
400 24.4
0
200 -24.9
-44.2 -50
- -100

PAT (LHS) yoy growth (RHS)

March 23, 2010 13


Industry Outlook
The Real Estate Sector in India is currently on a gradual improvement curve. According
to Cushman and Wakefield, the demand forecast for pan-India commercial office
space is 196mn sq. ft, while Retail space demand stands at 43mn sq. ft for 2009-13.
Demand for Hospitality and Residential Segments is estimated at over 690,000 room
nights and 7.5mn units respectively, over the mentioned period. We expect demand
from Commercial and Retail Segments to pick up in 2HFY2011E owing to renewed
interest from the Corporates thereby catching up with the Residential Segment.

New projects are also getting launched with the liquidity position of the developers
improving on the back of QIPs and proposed public issue offers (IPOs). Over the last
six months, listed companies have raised US $3.5bn through QIPs and issuance of
Warrants. Further US $2.4bn is expected to be raised from the proposed IPOs hitting
the markets towards end 2010. The Sector has also been supported by the government
policies that allow housing loans to individuals carrying a risk weightage of 50% to
be increased from Rs20lakh to Rs3lakh along with allowing re-scheduling of bank
debt without it being classified as NPL.

Exhibit 22: QIP Proceeds ease Liquidity crunch
Company (US $mn)
Ackruti City 65
DLF 830
HDIL 363
IBREL 570
Orbit Corp 30
Parsvnath 36
Sobha Developers 115
Unitech 950
Total 2,959

Exhibit 23: Forthcoming IPOs in 2010
Company (US $mn)
Ambience 200
Emaar MGF 750
Lodha Developers 500
Nitesh Estates 100
Oberoi Constructions 150
Sahara Prime City 700
Total 2,400

March 23, 2010 14


Mumbai Property
Residential Segment to continue to witness stability in demand

The Mumbai Residential market is The Mumbai property prices have increased 20-30% from the lows, though still
expected to witness an increase in new 10-15% lower from their highs. Resurgence in demand and positive economic growth
project launches in mid-range outlook has resulted in appreciation of capital values across most micro markets,
particularly over the next six months both high-end and mid-range. The Mid-segment projects in the suburbs have witnessed
higher increase in demand than the upscale South Mumbai market owing to increasing
affordability. Thus, the overall Mumbai market is expected to witness increase in new
project launches in the mid-range particularly over the next six months.

Economic stability coupled with rising disposable income levels are expected to
stimulate demand and result in some appreciation in the capital values in certain
pockets in Mumbai in the short to medium term. However, further hike in Interest
rates could dent the demand.
Exhibit 24: Capital values across Mumbai
Price
Achievable Price Change
Location (INR/Month) (% yoy)
High End Mid Segment High End Mid Segment
South 42,500-58,000 28,000-37,000 3 7
South Central 42,000-66,000 35,000-45,000 (4) 4
Central 34,000-55,000 15,000-26,000 6 0
North 22,000-30,000 16,000-24,000 (4) 21
Far North 10,000-16,500 8,500-11,500 20 25
North East 10,000-16,000 6,400-8,500 (15) 10
Source: Cushman & Wakefield

Commercial Segment - Rentals to stabilise
We expect Office rentals to bottom out The supply in Mumbai increased marginally from 9.5mn sq. ft in CY2008 to 10.6mn
owing to renewed interest from sq. ft in CY2009 owing to subdued demand, delays in execution and liquidity crunch
Corporates resulting from the ongoing faced by the developers. Total absorption in 2009 (5.4mn sq. ft.) was approximately
recovery in the economy 37% down compared to 2008. Consequently, vacancy rates were recorded in the
range of 11-13% and rentals declined by 20-30% in CY2009. However, going ahead,
we expect rental to bottom out owing to renewed interest from Corporates resulting
from the ongoing recovery in the economy.

Exhibit 25: Supply outpaced absorption in CY2009
(mn sq ft)
10

9

8

7

6

5

4

3

2

1

0
2003 2004 2005 2006 2007 2008 1Q09 2Q09 3Q09 4Q09

Supply Absorption

Source: Cushman & Wakefield

March 23, 2010 15


Company Background
HDIL is the largest listed player in the HDIL is part of the Wadhawan Group, which has been involved in real estate
MMR with 87% land reserves. As of development in the MMR since the last three decades. Prior to listing in July 2007, the
December 30, 2009, HDIL's total land Wadhawan Group had developed around 73.2mn sq. ft of Saleable area, which
reserves comprised approximately included 13.7mn sq. ft of Residential, 15.3mn sq. ft of Commercial, 0.7mn sq. ft of
194.4mn sq. ft. of Saleable area Retail, 35.6mn sq. ft of land development and 7.9mn sq. ft of Saleable area under
the SRS. The company has constructed approximately 5.5mn sq. ft of rehabilitation
housing units under SRS.

HDIL is the largest listed player in MMR with 87% of its land reserves. As of December
30, 2009, HDIL's total land reserves comprised approximately 194.4mn sq. ft. of
Saleable area.

Exhibit 26: Break-up of Land Reserves (mn sq. ft / % to total saleable area)

58.7 /30%

91.0 /47%

17.3 /9%

27.3 /14%

Residential Commercial Retail SRS


Major in Slum Rehabilitation

Under SRS, HDIL gains access to prime
SRS, HDIL is an established developer in slum rehabilitation, which primarily involves
Mumbai land at a reasonable cost constructing residential buildings for the slum dwellers and clearing public and private
land for development of residential, commercial, retail and infrastructure purposes.
Under SRS, rehabilitation flats are built free of cost for the slum dwellers and in return
the developer is granted by the relevant authority rights to develop certain saleable
area equal to or greater than the surface area of rehabilitation housing built for the
slum dwellers. It may be noted here that by executing projects under SRS, the company
gains access to prime Mumbai land at a reasonable cost. Pertinently, HDIL has bagged
the prestigious MIAL, which involves rehabilitation of 85,000 families.

Exhibit 27: Leader in SRS

SRS Low cost Long
High entry
of land Gestation
barriers
High cost Short Low entry
Non-SRS of land Gestation barriers


March 23, 2010 16


Annexure I
Slum Rehabilitation Scheme

The Slum Redevelopment Authority (SRA) is the nodal agency, which identifies slum
pockets for redevelopment. SRS projects with low slum density can avail FSI up to
3.0x, while high density projects can avail FSI of 4.0x (only for select large projects
like the airport SRS and proposed Dharavi redevelopment).

Developers can execute SRS schemes only on getting consent from at least 70% of the
slum owners. Moreover, only those slum dwellers are eligible to avail of the scheme
whose names appear in the voters' list as on 01.01.1995 along with being the actual
occupant of the hut. A slum dweller has to also figure in Annexure II, which lists the
slum dwellers entitled to benefit from the SRS. Annexure II also mentions the
measurement of the land. During the course of the construction work, the developers
bear the rent for the transit tenements, while other expenses incurred towards water,
electricity and telephone charges is borne by the slum dwellers themselves. During
the slum rehabilitation period, the developer can construct and sell free sale area
available to him as part of the SRS scheme with a cap of 90%. The balance can be
sold only after completion of the project.

Exhibit 28: SRA flow chart

Source: SRA

March 23, 2010 17


Profit & Loss Statement (Consolidated) Rs crore
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Gross sales 1,214 2,395 1,750 1,479 1,775 3,106
Less: Excise duty - - - - - -

Net Sales 1,214 2,395 1,750 1,479 1,775 3,106
Other operating income - - - - - -

Total operating income 1,214 2,395 1,750 1,479 1,775 3,106
% chg 179.2 97.2 (26.9) (15.5) 20.0 75.0

Total Expenditure (593) (825) (950) (795) (901) (1,481)

Cost of cosntruction (513) (633) (299) (286) (488) (1,056)

Other operating expenditure (51) (136) (537) (420) (299) (274)

Personnel (8) (12) (22) (27) (34) (45)

Administartive exps (22) (44) (92) (63) (80) (105)

EBITDA
EBITDA 621 1,570 800 684 873 1,626
% chg 362.8 152.8 (49.0) (14.5) 27.7 86.1

(% of Net Sales) 51.1 65.5 45.7 46.2 49.2 52.3

Depreciation& Amortisation (1) (1) (3) (4) (11) (24)

EBIT 620 1,568 798 680 862 1,602
% chg 364.4 152.9 (49.1) (14.8) 26.8 85.8

(% of Net Sales) 51.1 65.5 45.6 46.0 48.6 51.6

Interest & other Charges (5) (4) (58) (71) (57) (55)

Other Income 10 38 32 102 113 90

(% of PBT) 2 2 4 14 12 6

Recurring PBT 625 1,602 771 711 918 1,637
% chg 156.3 (51.8) (7.8) 29.0 78.3

Extraordinary Expense/(Inc.) - - - - - -

PBT (reported) 625 1,602 771 711 918 1,637
Tax (77) (192) (94) (121) (184) (327)

(% of PBT) 12.3 12.0 12.2 17.0 20.0 20.0

PAT (reported) 548 1,410 677 590 734 1,310
Add: Share of earnings of associate - - - - - -

Less: Minority interest (MI) 0 (0) (1) - - -

Prior period items & others - (0) 109 - - -

PAT after MI (reported) 548 1,410 786 590 734 1,310

ADJ. PAT
ADJ. PA 548 1,410 677 590 734 1,310
% chg 367.2 157.3 (52.0) (12.8) 24.4 78.3

(% of Net Sales) 45.1 58.9 38.7 39.9 41.4 42.2
Basic EPS (Rs) 25.6 65.8 28.5 17.1 19.7 35.2

Fully Diluted EPS (Rs) 14.7 37.9 21.1 15.9 19.7 35.2
% chg 367.2 157.3 (44.2) (24.9) 24.4 78.3
Source: Company, Angel Research; Note: *Assuming conversion of warrants

March 23, 2010 18


Balance Sheet (Consolidated) Rs crore
SOURCES OF FUNDS

Equity Share Capital 180 214 275 346 372 372

Preference Capital - - - - - -

Reserves& Surplus 554 3,427 4,146 6,526 7,524 8,748

Funds
Shareholders Funds 734 3,642 4,422 6,871 7,895 9,120

Minority Interest - 0 0 0 0 0

Total Loans 376 3,113 4,143 3,343 2,743 2,743

Deferred Tax Liability 1 2 2 2 2 2

Total Liabilities 1,111 6,756 8,568 10,217 10,641 11,866

APPLICATION OF FUNDS
APPLICATION

Gross Block 27 58 65 115 374 656

Less: Acc. Depreciation 2 3 6 10 21 45

Net Block 25 54 60 105 353 612

Capital Work-in-Progress 0 5 15 45 45 45

Goodwill 2 9 48 48 48 48

Investments 158 191 249 503 503 503

Current Assets 1,782 7,241 8,865 10,452 11,290 12,446

Cash 6 351 75 198 125 343

Loans & Advances 141 1,311 1,710 2,394 2,753 3,166

Other 1,636 5,580 7,080 7,860 8,413 8,937

Current liabilities 859 748 669 936 1,598 1,788

Net Current Assets 923 6,493 8,196 9,515 9,692 10,658

Mis. Exp. not written off 2 2 (0) - - -

Total Assets 1,111 6,756 8,568 10,217 10,641 11,866

March 23, 2010 19


Cash Flow Statement (Consolidated) Rs crore

Profit before tax 625 1,602 771 711 918 1,637

Depreciation & others (2) (46) 15 75 68 79

Change in Working Capital (754) (5,345) (1,823) (1,276) (256) (747)

Less: Other income 10 38 32 102 113 90

Direct taxes paid (20) (164) (63) (121) (184) (327)

Cash Flow from Operations (161) (3,991) (1,132) (713) 434 551

Inc./ (Dec.) in Fixed Assets (62) (45) (62) (80) (259) (283)

Inc./ (Dec.) in Investments - (23) (57) (254) - -

Other income 10 38 32 102 113 90

Cash Flow from Investing (51) (30) (88) (232) (146) (193)

Issue of Equity (1) 1,712 - 1,938 374 -

Inc./(Dec.) in loans 179 2,737 1,031 (800) (600) -

Dividend Paid (Incl. Tax) - (49) (75) - (79) (85)

Others (4) (35) (11) (71) (57) (55)

Financing
Cash Flow from Financing 174 4,365 944 1,067 (361) (140)

Inc./(Dec.) in Cash (39) 344 (275) 123 (74) 219

Opening Cash balances 44 6 351 75 198 125

Closing Cash balances 5 350 75 198 125 343

March 23, 2010 20


Key Ratios
Valuation Ratio (x)
P/E (on FDEPS) 19.3 7.5 13.4 17.9 14.4 8.1
P/CEPS 19.3 7.5 15.6 17.8 14.2 7.9
P/BV 8.3 1.7 1.8 1.5 1.3 1.2
Dividend yield (%) 0.2 1.7 - 0.7 0.7 0.7
EV/Sales 8.4 5.3 7.9 8.8 7.0 3.9
EV/EBITDA 16.4 8.0 17.4 19.0 14.3 7.5
EV / Total Assets 5.2 1.7 1.5 1.2 1.0 0.9
Per Share Data (Rs)
EPS (Basic) 25.6 65.8 28.5 17.1 19.7 35.2
EPS (fully diluted) 14.7 37.9 18.2 15.9 19.7 35.2
Cash EPS 14.8 38.0 18.3 16.0 20.1 35.9
DPS 0.5 5.0 - 2.0 2.0 2.0
Book Value 34.3 169.9 160.5 184.8 212.3 245.3
Du Pont Analysis
Pont
EBIT margin (%) 51.1 65.5 45.6 46.0 48.6 51.6
Tax retention ratio (x) 0.9 0.9 0.9 0.8 0.8 0.8
Asset turnover (x) 1.9 0.6 0.2 0.2 0.2 0.3
RoIC (Post-tax) (%) 85.9 36.8 9.4 6.1 6.7 11.6
Cost of Debt (Post Tax) (%) 10.5 11.0 12.3 10.8 9.6 9.6
Leverage (x) 0.3 0.8 0.9 0.7 0.4 0.3
Operating RoE (%) 109.3 57.3 6.8 3.0 5.5 12.3
Returns (%)
RoCE (Pre-tax) 83.0 39.9 10.4 7.2 8.3 14.2
Angel RoIC (Pre-tax) 98.0 41.8 10.7 7.3 8.4 14.5
RoE 59.5 64.5 16.8 10.5 9.9 15.4
Turnover ratios (x)
Asset Turnover (Gross Block) 74 57 28 16 7 6
Inventory / Sales (days) 271 522 1,297 1,796 1,616 973
Receivables (days) 59 28 23 47 58 47
Payables (days) 180 104 128 184 240 187
Wkg capital cycle (ex-cash) (days) 178 538 1,487 2,152 1,942 1,168
Solvency ratios (x)
Net debt to equity (x) 0.5 0.8 0.9 0.5 0.3 0.3
Net debt to EBITDA (x) 0.6 1.9 15.4 11.9 4.6 1.8
Interest Coverage (x) 10.1 10.2 0.4 0.5 1.6 4.0

March 23, 2010 21

HDIL

DISCLAIMER
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or
redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.

Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor 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. Prospective
investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice.
Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed
herein.

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 and are for general guidance only. While every effort is made to ensure the accuracy and completeness of information
contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No one can use the
information as the basis for any claim, demand or cause of action.

Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document
should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of 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. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide
for future performance. Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involve
substantial risks and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price
movement 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.

We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the
information herein on a reasonable basis, Angel Securities, its subsidiaries and associated companies, their directors and employees are
under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons that may
prevent Angel Securities and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements
are not predictions and may be subject to change without notice. Angel Securities Limited and affiliates, including the analyst who has
issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the
companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as
advisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation
and related information and opinions.

Angel Securities Limited and 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.

Note: Please refer important `Stock Holding Disclosure' report on Angel web-site (Research Section).

Disclosure of Interest Statement HDIL
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 Rs 5 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%)

HDIL

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3941 3940 / 4000 3600

Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG , Media anand.shah@angeltrade.com
Deepak Pareek Oil & Gas deepak.pareek@angeltrade.com
Puneet Bambha Capital Goods, Engineering puneet.bambha@angeltrade.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.com
Paresh Jain Metals & Mining pareshn.jain@angeltrade.com
Amit Rane Banking amitn.rane@angeltrade.com
Rahul Jain IT rahul.j@angeltrade.com
Jai Sharda Mid-cap jai.sharda@angeltrade.com
Sharan Lillaney Mid-cap sharanb.lillaney@angeltrade.com

Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com
Aniruddha Mate Research Associate (Infra, Real Estate) aniruddha.mate@angeltrade.com
Shreya Gaunekar Research Associate (Automobile) shreyap.gaunekar@angeltrade.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com
Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angeltrade.com

Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.com

Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Jr. Derivative Analyst jaya.agarwal@angeltrade.com

Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com

Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Dharmil Adhyaru Assistant Research Editor dharmil.adhyaru@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

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