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

Standalone (` cr) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq)Net sales 5,767 5,964 (3.3) 6,916 (16.6)EBITDA 478 463 3.3 643 (25.6)

% margin 8.3 7.8 53bp 9.3 (100)bp

Adj. PAT 271 295 (8.0) 482 (43.8)Source: Company, Angel Research

Disappointing 1QFY2014 standalone results: Hindalcos standalone 1QFY2014adjusted net profit was below our expectation. Its net sales decreased 3.3%

yoy to `5,767cr (below our estimate of `6,810cr). Other income increased by

31.2% yoy to `225cr, whereas interest costs increased by 82.5% yoy to `149cr;

hence, its adjusted net profit decreased by 8.0% yoy to `271cr (below our

estimate of `328cr).

Novelis (US $mn) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq)Net Sales 2,408 2,550 (5.6) 2,500 (3.7)EBITDA 173 234 (26.1) 235 (26.4)

% margin 7.2 9.2 (199)bp 9.4 (222)bp

Adj. PAT 14 91 (85) 59 (76)Source: Company, Angel Research

Weak performance at Novelis: Novelis top-line declined by 5.6% yoy toUS$2,408mn on account of decrease in sales volumes, lower aluminium prices

and lower conversion premiums. The aluminium shipments in 1QFY2014

declined 2.0% yoy to 708kt. The EBITDA also declined 26.1% yoy at US$173mn

and PAT declined by 84.6% yoy to US$14mn.Outlook and valuation: Although Hindalco has expanded its aluminium capacityrecently, low aluminium prices, sticky costs and delay in commencement of mining

from captive blocks are expected to mute its profitability growth. In the near-term,

there is lack of clarity over production from the Mahan coal block for its Mahan

smelter. Without captive coal block, the Mahan smelter (commissioned production

in 1QFY2014) is expected to face cost pressures, resulting in lower return ratios

over the next two years. Wemaintain our Neutral recommendation on the stock.Key financials (Consolidated)Y/E March (` cr) FY12 FY13E FY14E FY15ENet sales 80,821 79,042 95,465 99,226% chg 11.9 (2.2) 20.8 3.9

Net profit 3,397 3,033 2,657 3,029% chg 38.3 (10.7) (12.4) 14.0

EPS (`) 17.7 15.8 13.9 15.8EBITDA margin (%) 10.1 8.9 8.4 8.8

P/E (x) 5.1 5.7 6.6 5.8

P/BV (x) 0.6 0.5 0.5 0.4

RoE (%) 11.2 9.3 7.5 8.0

RoCE (%) 6.9 5.4 5.5 5.7

EV/Sales (x) 0.6 0.6 0.6 0.5

EV/EBITDA (x) 5.5 6.8 6.7 5.7

Source: Company, Angel Research: Note CMP as of 13th August 2013

NEUTRALCMP `91

Target Price -

Investment Period -

Stock Info

Sector

Net Debt (`cr) 27,012

Bloomberg Code HNDL@IN

Shareholding Pattern (%)

Promoters 32.1

MF / Banks / Indian Fls 15.5

FII / NRIs / OCBs 35.4Indian Public / Others 17.0

Abs. (%) 3m 1yr 3yr

Sensex (2.3) 9.1 5.9

Hindalco (12.5) (24.6) (45.0)

1

19,230

5,699

HALC.BO

17,509

1.4

137/83

1,038,339

Base Metals

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

Face Value (`)

BSE Sensex

Nifty

Reuters Code

Bhavesh ChauhanTel: 022- 3935 7800 Ext: [email protected]

Vinay RachhTel: 022- 39357600 Ext: 6841

[email protected]

HindalcoPerformance highlights

1QFY2014 Result Update | Base Metals

August 14, 2013

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Hindalco | 1QFY2014 Result Update

August 14, 2013 2

Exhibit 1:1QFY2014 performance (Standalone)(` cr) 1QFY14 1QFY13 yoy % 4QFY13 qoq % FY2013 FY2012 yoy %Net sales 5,767 5,964 (3.3) 6,916 (16.6) 25,784 26,353 (2.2)Raw material 3,671 3,895 (5.8) 4,714 (22.1) 17,265 17,642 (2.1)% of net sales 63.7 65.3 68.2 67.0 66.9

Power and fuel 806 757 6.5 754 6.9 3,073 2,871 7.0

% of net sales 14.0 12.7 10.9 11.9 10.9

Staff cost 302 290 4.2 289 4.5 1,201 1,113 7.9

% of net sales 5.2 4.9 4.2 4.7 4.2

Other expenses 580 622 (6.8) 592 (2.1) 2,315 1,866 24.0

% of net sales 10.1 10.4 8.6 9.0 7.1

Total expenditure 5,359 5,565 (3.7) 6,351 (15.6) 23,853 23,492 1.5% of net sales 92.9 93.3 91.8 92.5 89.1

Operating Income 71 64 11.6 78 (8.9) 273 244 11.9

EBIDTA 478 463 3.3 643 (25.6) 2,204 3,105 (29.0)% of net sales 8.3 7.8 9.3 8.5 11.8

Interest 149 81 82.5 158 (5.7) 436 294 48.5

Depreciation 183 170 7.4 173 6.1 704 690 2.1

Other income 225 171 31.2 231 (2.7) 839 616 36.3

Exceptional Items 203 130 56.2 - 144 143

Profit before tax 575 513 12.1 544 5.6 2,047 2,737 (25.2)% of net sales 10.0 8.6 7.9 7.9 10.4

Provision for tax 101 88 14.4 62 61.8 347 500 (30.5)

% of PBT 17.5 17.1 11.4 17.0 18.3

Profit after tax 474 425 11.6 482 (1.6) 1,699 2,237 (24.0)Adjusted PAT 271 295 (8.0) 482 (43.8) 1,699 2,237 (24.0)

Source: Company, Angel Research

Exhibit 2:Standalone 1QFY2014 Actual vs Angel estimates(` cr) Actual Estimate Variation (%)Net sales 5,767 6,810 (15.3)

EBITDA 478 565 (15.3)

EBITDA margin (%) 8.3 8.3 0bp

Adj. net income 271 328 (17.3)


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August 14, 2013 3

Hindalco (Standalone) Key result highlights

Hindalcos net sales decreased 3.3% yoy to `5,767cr (below our estimate of

`6,810cr) mainly on account of lower realizations.

In the aluminium segment, both alumina and aluminium production increased by

3.9% and 5.3% yoy each to 348kt and 139kt respectively. The aluminium

segments net sales increased by 7.2% yoy to `2,211cr due to higher volumes.

In the copper segment, copper cathode production decreased by 1.4% yoy to 68kt

and this coupled with lower metal prices led to the copper segments net sales

decreasing by 8.5% yoy to `3,636cr.

Exhibit 3:Aluminium Quarterly production trend(tonnes) 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14Alumina 343,086 345,000 335,000 328,000 326,000 281,000 348,000

Aluminium metal 146,374 144,000 132,000 128,000 139,000 142,000 139,000


On the operating front, aluminium segments EBIT decreased by 7.8% yoy to

`249cr due to increase in input costs. Copper segments EBIT however, increased

by 7.2% yoy to `81cr.

Exhibit 4:Segmental performance(` cr) 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14Aluminium 2,236 2,499 2,063 2,105 2,215 2,396 2,211Copper 4,418 5,154 3,972 4,066 4,661 4,607 3,636

Gross revenue 6,654 7,653 6,035 6,171 6,876 7,003 5,847

Less: Inter-seg. revenue (7) (6) (7) (7) (5) (9) (9)

Net sales 6,647 7,647 6,028 6,164 6,872 6,994 5,838Aluminium 310 484 270 170 206 284 249

Copper 216 293 76 209 225 259 81

EBIT 526 777 346 378 432 542 330EBIT margin (%)

Aluminium 13.9 19.4 13.1 8.1 9.3 11.8 11.3

Copper 4.9 5.7 1.9 5.1 4.8 5.6 2.2


Overall, Hindalcos raw material costs and other expenses decreased by 5.8% and

6.8% yoy, respectively. Hence, its EBITDA increased 3.3% yoy to `478cr. Other

income increased by 31.2% yoy to `225cr whereas interest costs increased by

82.5% yoy to `149cr. There was an exceptional item in the other income and

adjusting for that the companys net profit declined by 8.0% yoy to `271cr (below

our estimate of `328cr).

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August 14, 2013 4

Mahan smelter trial runs completed; Utkal goes onstreamDuring the quarter, the company started trial-run production from its Mahan

smelter while the Utkal refinery commenced production. The Aditya smelter is in an

advanced stage of completion (the company has already spent over `10,000cr).

Aditya refinery and Jharkhand project could be delayed indefinitelyThe company stated that it is re-evaluating its strategy for Aditya refinery and

Jharkhand aluminium projects considering the delays in obtaining regulatory

approvals and uncertain economic environment. We believe the projects are likely

to be delayed indefinitely.

Exhibit 5:1QFY2014 performance (Novelis)(US $mn) 1QFY14 1QFY13 % yoy 4QFY13 % qoq FY2013 FY2012 % yoyNet revenue 2,408 2,550 (5.6) 2,500 (3.7) 9,812 11,063 (11.3)Cost of goods sold 2,105 2,202 (4.4) 2,162 (2.6) 8,477 9,743 (13.0)

(% of Net Sales) 87.4 86.4 86.5

Gross profit 303 348 (12.9) 338 (10.4) 1,335 1,320 1.1(% of Net Sales) 12.6 13.6 13.5

Selling, General 120 102 17.6 93 29.0 398 383 3.9

(% of Net Sales) 5.0 4.0 3.7

Research 10 12 (16.7) 10 0.0 46 44 4.5

(% of Net Sales) 0.4 0.5 0.4

EBITDA 173 234 (26.1) 235 (26.4) 891 893 (0.2)EBITDA margin (%) 7.2 9.2 9.4

Restructuring charges 9 5 80.0 19 (52.6) 45 60 (25.0)

Depreciation 77 73 5.5 74 4.1 292 329 (11.2)

EBIT 87 156 (44.2) 142 (38.7) 554 504 9.9(% of Net Sales) 3.6 6.1 5.7

Other Income/(Expense) 6 25 - 14 (57.1) 34 41 (17.1)

Net Interest expense 76 74 2.7 75 1.3 298 305 (2.3)

Unrealized Gain 0 5 (1) 0 0

Exceptional items 0 0 0 (4) (111)

Profit before tax 17 112 (84.8) 73 (76.7) 286 129 121.7(% of Net Sales) 0.7 4.4 2.9

Taxes 3 21 (85.7) 14 - 83 39 112.8

(% of PBT) 17.6 18.8 19.2

PAT 14 91 (84.6) 59 (76.3) 206 174 18.4


Novelis- Key result highlights:For 1QFY2014 Novelis posted a decline in net sales by 5.6% yoy to US$2,408mn

on account of decrease in sales volumes coupled with lower aluminium prices and

lower conversion premiums. The aluminium shipments in 1QFY2014 declined

2.0% yoy to 708kt. The EBITDA also declined 26.1% yoy at US$173mn and

therefore the company reported a PAT decline of 84.6% yoy to US$14mn.

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August 14, 2013 5

Exhibit 6:Novelis EBITDA margin stood at 7.2%


Exhibit 7:Novelis Adjusted Net Profit stood at $14mn


7.9

5.4

9.0 9.210.2

7.5

9.4

7.2

0

2

4

6

8

10

12

0

50

100

150

200

250

300

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

(%)

(US$mn)

Adj. EBITDA (LHS) Adj. EBITDA margin (RHS)

120

(12) (107)

91

49

3

59

14

(6)

(4)

(2)

0

2

4

6

(150)

(100)

(50)

0

50

100

150

2QF

Y12

3QF

Y12

4QF

Y12

1QF

Y13

2QF

Y13

3QF

Y13

4QF

Y13

1QF

Y14

(%)

(US$mn)

Net profit (LHS) Net profit margin (RHS)

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August 14, 2013 6

Investment rationale

Rising capacity without captive coal blocks to hit profitabilityHindalco has expanded its smelting capacity by 359kt via Mahan greenfieldproject. However, there is lack of clarity on production from the captive Mahan

coal block on account of regulatory delays currently. Consequently, we expect the

project to make losses which are expected to hit Hindalcos net profit over the

coming two years.

Hindalco no longer a 100% proxy for aluminium pricesHindalcos stock had a strong correlation with INR denominated LME aluminium

prices over the past 22 years. However, over the past one year, this correlation has

dropped significantly mainly on account of project delays. Further, with massive

aluminium capacity expansion ahead, we believe the stocks performance will be

determined by timely commencement of these projects, timely development of

captive mines and movement in spot aluminium prices. Hence, Hindalco will no

longer be a 100% proxy on aluminium prices over the coming two to three years in

our view.

Outlook and valuationAlthough Hindalco has expanded its aluminium capacity recently, low aluminium

prices, sticky costs and delay in commencement of mining from captive blocks are

expected to mute its profitability growth. In the near-term, there is lack of clarity over

production from the Mahan coal block for its Mahan smelter. Without captive coal

block, the Mahan smelter (commissioned production in 1QFY2014) is expected to

face cost pressures, resulting in lower return ratios over the next two years. Wemaintain our Neutral recommendation on the stock.Exhibit 8:SOTP valuation of Hindalco

(FY2015) Multiple EV (`cr)

Hindalco (Standalone) 3,040 4.0 12,159

CWIP 11,098* 0.7 7,769

Novelis 5,679 4.5 25,555

Total EV 45,483Less: Net debt (FY14E) 32,395Value of investments @25% discount 4,270

Value per share 91

Source: Angel Research, Note: * stands for Book value

Exhibit 9:EPS - Angel forecast vs consensusYear (`) Angel forecast Bloomberg consensus Variation (%)FY2014E 13.9 13.1 5.9

FY2015E 15.8 14.3 10.6

Source: Bloomberg, Angel Research

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August 14, 2013 7

Exhibit 10:Recommendation summaryCompanies CMP Target price Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)

(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15EHindalco 91 - Neutral 17,509 - 6.6 5.8 0.5 0.4 6.7 5.7 7.5 8.0 5.5 5.7Nalco 27 - Neutral 7,151 - 10.6 10.3 0.6 0.6 2.6 2.7 5.4 5.5 3.4 3.5

Sterlite 79 92 Buy 26,969 16 4.7 4.1 0.5 0.4 2.0 1.6 10.5 10.9 8.1 8.2

Hind. Zinc 104 120 Buy 43,901 15 6.8 6.1 1.2 1.0 2.8 1.8 18.5 17.9 15.2 15.0


Company descriptionIncorporated in 1958, Hindalco is one of the world's largest aluminium rolling

companies and one of the biggest producers of primary aluminium in Asia. It is

also into copper smelting and has one of the worlds largest custom copper

smelter at one location with a capacity of 0.5mn tonne (non-integrated). Itsaluminium operations in India have a capacity of 0.5mn tonne with captive bauxite

mines (reserves - 443mn tonne). During February 2007, Hindalco acquired

Novelis for US$6bn, making the combined entity the world's largest rolled-

aluminium producer. Novelis has a market share of ~17% in the global flat-rolled

aluminium product market.

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August 14, 2013 8

Profit & Loss Statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ENet Sales 60,722 72,202 80,821 79,042 95,465 99,226Other operating income 160 - - 273 278 284Total operating income 60,882 72,202 80,821 79,314 95,743 99,510% chg (7.5) 18.6 11.9 (1.9) 20.7 3.9

Total Expenditure 50,976 64,274 72,632 72,027 87,513 90,507

EBITDA 9,746 7,929 8,189 7,015 7,952 8,719% chg 227.3 (18.6) 3.3 (14.3) 13.4 9.6

(% of Net Sales) 16.1 11.0 10.1 8.9 8.4 8.8

Depreciation & Amortization 2,784 2,759 2,870 2,281 2,773 2,989

EBIT 6,962 5,169 5,320 4,734 5,179 5,730% chg - (25.8) 2.9 (11.0) 9.4 10.6

(% of Net Sales) 11.5 7.2 6.6 6.0 5.4 5.8

Interest & other Charges 1,104 1,839 1,758 2,045 2,529 2,648

Other Income 323 513 783 1,023 1,070 1,148

(% of PBT) 5.2 13.4 18.0 27.6 28.8 27.1

Share in profit of Associates - - - - - -

Recurring PBT 6,181 3,843 4,345 3,712 3,720 4,231% chg (1,121.7) (37.8) 13.1 (14.6) 0.2 13.7

Extraordinary Inc/(Expense) - - - 122 - -

PBT (reported) 6,181 3,843 4,345 3,834 3,720 4,231Tax 1,829 964 786 796 973 1,101

(% of PBT) 29.6 25.1 18.1 20.8 26.2 26.0

PAT (reported) 4,352 2,879 3,559 3,038 2,747 3,130Add: Share of earnings of asso. (3) (57) 50 - - -

Less: Minority interest (MI) (424) (366) (211) (5) (90) (100)

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

PAT after MI (reported) 3,925 2,456 3,397 3,033 2,657 3,029ADJ. PAT 3,910 2,456 3,397 3,033 2,657 3,029% chg 826.2 (37.2) 38.3 (10.7) (12.4) 14.0

(% of Net Sales) 6.4 3.4 4.2 3.8 2.8 3.0

Basic EPS (`) 22.1 12.8 17.7 15.8 13.9 15.8Fully Diluted EPS ( ) 20.4 12.8 17.7 15.8 13.9 15.8% chg 723.0 (37.2) 38.3 (10.7) (12.4) 14.0

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

previous year numbers

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August 14, 2013 9

Balance Sheet (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 191 191 191 191 191 191Reserves & Surplus 21,353 28,832 31,179 33,821 36,208 38,969

Shareholders Funds 21,545 29,023 31,370 34,012 36,400 39,161Share Warrants - - 541.3 541.3 541.3 541.3

Minority Interest 1,737 2,217 1,709 1,714 1,804 1,905

Total Loans 23,999 29,366 40,859 44,359 47,859 51,359

Deferred Tax Liability 3,938 3,760 3,605 3,605 3,605 3,605

Other Long term liabilities 603 1,460 1,460 1,460 1,460

Long Term provisions 4,241 5,289 5,289 5,289 5,289

Total Liabilities 51,219 69,210 84,833 90,980 96,958 103,319APPLICATION OF FUNDSGross Block 41,189 37,031 39,888 48,388 61,888 69,388

Less: Acc. Depreciation 16,622 13,567 15,654 17,935 20,708 23,696

Net Block 24,567 23,464 24,234 30,453 41,180 45,692Capital Work-in-Progress 5,801 9,252 22,798 22,098 16,598 11,098

Goodwill 4,433 8,941 11,066 11,066 11,066 11,066

Investments 11,246 10,855 10,551 10,551 10,551 10,551

Long Term loans and adv. 4,597 3,754 3,754 3,754 3,754

Other Non-current assets 865 841 841 841 841

Current Assets 23,188 26,896 28,158 27,990 31,031 38,824Cash 2,195 2,540 3,296 3,722 2,240 8,954

Loans & Advances 3,117 1,722 2,158 2,103 2,542 2,642

Other 17,876 22,634 22,703 22,164 26,249 27,228

Current liabilities 18,017 15,660 16,570 15,774 18,064 18,507Net Current Assets 5,172 11,236 11,588 12,216 12,967 20,317Mis. Exp. not written off - - - - - -

Total Assets 51,219 69,210 84,833 90,980 96,958 103,319



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August 14, 2013 10

Cash flow statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 6,181 3,843 4,345 3,712 3,720 4,231

Depreciation 2,784 2,759 2,870 2,281 2,773 2,989Change in working capital (598) (708) (932) (202) (2,233) (636)

Others (2,799) 1,645 2,417 - - -

Direct taxes paid 635 1,313 1,090 796 973 1,101

Cash flow from operations 4,932 6,226 7,609 4,995 3,287 5,482(Inc.)/ Dec. in fixed assets (4,171) (7,760) (14,253) (7,800) (8,000) (2,000)

(Inc.)/ Dec. in investments (1,614) 506 508 - - -

(Inc.)/ Dec. in loans & adv. - - - - - -

Others (348) (185) (524) - - -

Cash flow from investing (5,437) (7,909) (12,512) (7,800) (8,000) (2,000)Issue of equity 2,754 10 3.5 - - -

Inc./(Dec.) in loans (321) 3,738 9,091 3,500 3,500 3,500

Dividend paid 327 384 411 269 269 269

Others 1,677 2,539 2,446 - - -

Cash flow from financing 428 825 6,237 3,231 3,231 3,231Inc./(Dec.) in cash (76) (18) 626 426 (1,482) 6,714

Opening cash bal. 2,263 2,164 2,166 3,296 3,722 2,240Closing cash bal. 2,187 2,166 3,296 3,722 2,240 8,954



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August 14, 2013 11

Key ratios

Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation ratio (x)P/E (on FDEPS) 4.5 7.1 5.1 5.7 6.6 5.8P/CEPS 2.6 3.3 2.8 3.3 3.2 2.9

P/BV 0.8 0.6 0.6 0.5 0.5 0.4

Dividend yield (%) 1.5 1.5 1.5 1.5 1.5 1.5

EV/Sales 0.5 0.5 0.6 0.6 0.6 0.5

EV/EBITDA 2.9 4.2 5.5 6.8 6.7 5.7

EV/Total assets 1.1 1.4 1.9 1.6 1.3 1.1

Per share data (`)EPS (Basic) 22.1 12.8 17.7 15.8 13.9 15.8

EPS (fully diluted) 20.4 12.8 17.7 15.8 13.9 15.8

Cash EPS 35.0 27.2 32.7 27.8 28.4 31.4

DPS 1.4 1.4 1.4 1.4 1.4 1.4

Book value 112.6 151.6 163.8 177.6 190.1 204.5

DuPont analysisEBIT margin 11.5 7.2 6.6 6.0 5.4 5.8

Tax retention ratio (%) 70.4 74.9 81.9 79.2 73.8 74.0

Asset turnover (x) 1.7 1.5 1.3 1.1 1.2 1.2

RoIC (Post-tax) 13.4 8.3 6.9 5.1 4.8 5.1

Cost of debt (post tax) 3.0 5.2 4.1 3.8 4.1 3.9

Leverage (x) 0.5 0.6 0.9 0.9 1.0 0.8

Operating RoE 18.6 10.0 9.3 6.3 5.5 6.0

Returns (%)RoCE (Pre-tax) 14.0 8.6 6.9 5.4 5.5 5.7

Angel RoIC (pre-tax) 24.9 15.9 14.2 11.7 10.4 9.7

RoE 20.9 9.7 11.2 9.3 7.5 8.0

Turnover ratios (x)Asset turnover (gross block) 1.5 1.8 2.1 1.8 1.7 1.5

Inventory (days) 60 63 61 61 60 60

Receivables (days) 40 36 35 35 35 35

Payables (days) 75 62 54 54 54 54

WC cycle (days) 11 30 38 43 42 45

Solvency ratios (x)Net debt to equity 0.5 0.6 0.9 0.9 1.0 0.8

Net debt to EBITDA 1.1 2.0 3.4 4.4 4.5 3.7

Interest coverage 6.3 2.8 3.0 2.3 2.0 2.2

Note: Some of the figures from FY2011 onwards are reclassified; hence some ratios may not be

comparable with previous year ratios

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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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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 endeavours to update on a reasonable basis the information discussed in this material, there may be

regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking

or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or

in the past.

Neither Angel Broking 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 thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.

Disclosure of Interest Statement Hindalco

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

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

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

hindalco, 1q fy 2014

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