JSW Steel 4Q FY 2013

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

Quarterly performance (Standalone)

(` cr) 4QFY13(S) 4QFY12(S) yoy% 4QFY13(C) 4QFY12(C) yoy%Net Sales 9,249 9,511 (2.8) 9,852 10,153 (3.0)EBITDA 1,697 1,652 2.8 1,733 1,887 (8.2)

% margin 18.4 17.4 98bp 17.6 18.6 (100)bp

Adj. PAT 443 553 (19.8) 211 48 342.0Source: Company, Angel Research

JSW Steels 4QFY2013 standalone results were better than our expectation both

on top-line and bottom-line front. Wemaintain our Neutral recommendation onthe stock.Realization dips on lower steel prices:JSW Steels standalone net sales declinedby 2.8% yoy to `9,249cr, above our estimate of `8,779cr due to higher-than-

expected realizations. Net sales growth was driven by an increase in steel

volumes (+5.2% yoy to 2.43mn tonne), although the same was partially offset by

a decline in realizations (-10.1% yoy to`38,638/tonne).

Lower costs boost EBITDA growth but higher interest dents PAT: JSW SteelsEBITDA increased by 2.8% yoy to`1,697cr mainly due to lower raw material and

fuel costs. However, interest expenses grew by 20.3% yoy to`443cr and the

depreciation expenses grew by 11.7% yoy to`527cr. and hence the adjusted net

profit declined by 19.8% yoy to`443cr (above our estimate was of`271cr).

Updates on new projects: The company new 2.3mn tonne capacity which is intechnological collaboration with JFE Steel will be commissioned in October

2013. This facility has the capability to produce very high quality steel like Auto

grade steel and Electrical steel which will have higher realizations.

Outlook and valuation: JSW Steel aims to raise utilization levels at its Vijaynagarplant during FY2014. However, we believe increasing steel production

meaningfully during FY2014 would remain a challenge until there is significant

rise in iron ore supplies from Karnataka mines (we expect iron ore supplies in

Karnataka to improve during 2HFY2014 as category B mines commence

production). Moreover, we opine that JSW Ispats merger with JSW Steel is likely

to be value-destructive for JSW Steels shareholders. The stock is currently trading

at 3.8x FY2015E EV/EBITDA. We maintain our Neutral view on the stock.Key financials (Consolidated)Y/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet sales 34,124 38,095 39,973 40,926% chg 43.0 11.6 4.9 2.4

Adj. net profit 2,073 1,393 1,604 1,848% chg 6.1 3.7 4.0 4.5

Adj. EPS (`) 92.9 62.5 71.9 82.8OPM (%) 17.9 17.1 17.2 17.0

P/E (x) 7.4 11.0 9.6 8.3

P/BV (x) 0.9 0.9 0.8 0.8RoE (%) 12.9 8.3 9.0 9.6

RoCE (%) 10.8 10.0 10.1 10.4

EV/Sales (x) 0.9 0.8 0.7 0.6

EV/EBITDA 5.2 4.9 4.3 3.8

Source: Company, Angel Research

NEUTRALCMP `688

Target Price -

Investment Period -

Stock Info

Sector

Net Debt (` cr) 25,500

Bloomberg Code JSTL@IN

Shareholding Pattern (%)

Promoters 38.1

MF / Banks / Indian Fls 4.5

FII / NRIs / OCBs 21.0Indian Public / Others 36.5

Abs. (%) 3m 1yr 3yr

Sensex 1.8 23.4 19.6

JSW Steel (11.0) 19.3 (36.6)

10

19,674

5,967

JSTL.BO

15,353

1.5

894/566

177,996

Steel

Avg. Daily Volume

Market Cap (` cr)

Beta

52 Week High / Low

Face Value (`)

BSE Sensex

Nifty

Reuters Code

Bhavesh ChauhanTel: 022- 39357800 Ext: 6821

[email protected]

Vinay RachhTel: 022- 39357600 Ext: 6841

[email protected]

JSW SteelPerformance Highlights

4QFY2013 Result Update | Steel

May 23, 2013

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JSW Steel | 4QFY2013 Result Update

May 23, 2013 2

Exhibit 1:4QFY2013 performance (Standalone)(` cr.) 4QFY13 4QFY12 yoy% 3QFY13 qoq% FY2013 FY2012 yoy%Net sales 9,249 9,511 (2.8) 8,275 11.8 35,388 32,060 10.4Raw material 5,814 6,240 (6.8) 5,354 8.6 22,428 20,740 8.1% of net sales 62.9 65.6 64.7 63.4 64.7

Power & fuel 464 483 (4.0) 493 (5.9) 1,964 1,684 16.6

% of net sales 5.0 5.1 6.0 5.6 5.3

Staff cost 161 153 5.1 160 0.1 671 626 7.2

% of net sales 1.7 1.6 1.9 1.9 2.0

Other expenditure 1,156 1,018 13.6 972 18.9 4,120 3,442 19.7

% of net sales 12.5 10.7 11.7 11.6 10.7

Total expenditure 7,594 7,893 (3.8) 6,979 8.8 29,183 26,492 10.2

% of net sales 82.1 83.0 84.3 82.5 82.6

Operating profit 1,655 1,618 2.3 1,296 27.7 6,205 5,569 11.4Other operating income 42 33 25.7 18 139.7 104 62 67.5

EBIDTA 1,697 1,652 2.8 1,314 29.2 6,309 5,631 12.0EBITDA margins (%) 18.4 17.4 (0.98) 15.9 17.8 17.6 (0.26)

Interest 443 368 20.3 455 (2.7) 1,724 1,186 45.4

Depreciation 527 472 11.7 498 6.0 1,974 1,708 15.6

Other income 54 48 11.2 57 (5.1) 261 179 45.5

Exceptional items (130) 199 327 (367) (821) (55.3)

Profit before tax 911 1,060 (14.0) 91 903.8 2,504 2,095 19.6% of net sales 9.8 11.1 1.1 7.1 6.5

Tax 338 307 9.9 (46) (834.2) 703 469 50.0

% of PBT 37.1 29.0 (50.7) 28.1 22.4

Adj. PAT 443 553 (19.8) 464 (4.5) 2,168 2,447 (11.4)Source: Company, Angel Research

Exhibit 2:4QFY2013 Actual vs. Angel estimates (Standalone)(` cr) Actual Estimates Variation (%)Net sales 9,249 8,779 5.4EBITDA 1,697 1,317 28.9

EBITDA margin (%) 18.4 15.0 335bps

Adj. PAT 443 271 63.6Source: Company, Angel Research

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Exhibit 3:4QFY2013 performance (Consolidated)(` cr.) 4QFY13 4QFY12 yoy% 3QFY13 qoq% FY2013 FY2012 yoy%Net sales 9,852 10,153 (3.0) 8,866 11.1 38,095 34,124 11.6Raw material 6,183 6,622 (6.6) 5,777 7.0 24,168 21,928 10.2

% of net sales 62.8 65.2 65.2 63.4 64.3

Power & fuel 484 514 (5.9) 513 (5.6) 2,041 1,752 16.5

% of net sales 4.9 5.1 5.8 5.4 5.1

Staff cost 221 226 (2.1) 232 (4.6) 980 846 15.8

% of net sales 2.2 2.2 2.6 2.6 2.5

Other expenditure 1,277 1,112 14.9 1,036 23.3 4,516 3,740 20.8

% of net sales 13.0 11.0 11.7 11.9 11.0

Total expenditure 8,165 8,474 (3.6) 7,557 8.0 31,706 28,266 12.2

% of net sales 82.9 83.5 85.2 83.2 82.8

Operating profit 1,687 1,679 0.4 1,309 28.8 6,389 5,858 9.1Other operating income 47 208 (77.6) 22 114.8 115 244

EBIDTA 1,733 1,887 (8.2) 1,331 30.2 6,504 6,102 6.6EBITDA margins (%) 17.6 18.6 15.0 17.1 17.9

Interest 507 455 11.5 517 (1.8) 1,967 1,427 37.8

Depreciation 595 528 12.7 563 5.7 2,237 1,933 15.7

Other income 3 24 (88.4) 8 (65.6) 70 77 (9.3)

Exceptional items 70 200 (268) (369) (825)

Profit before tax 704 1,129 (37.6) (9) - 1,999 1,993 0.3% of net sales 7.1 11.1 (0.1) 5.2 5.8

Tax 376 310 21.4 (17) - 845 500 69.0

% of PBT 53.4 27.4 200.9 42.3 25.1

Adj. PAT 211 48 342.0 220 (4.2) 1,393 2,073 (32.8)Source: Company, Angel Research

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May 23, 2013 4

Result highlights

Realization dips on lower steel prices:JSW Steels standalone net sales declined by2.8% yoy to `9,249cr, above our estimate of `8,779cr due to higher-than-

expected realisations. Net sales growth was driven by an increase in steel volumes

(+5.2% yoy to 2.43mn tonne), although the same was partially offset by a decline

in realizations (-10.1% yoy to`38,638/tonne).

Exhibit 4:Higher sales volumes...


Exhibit 5:...Partially offset by lower realizations...


Lower costs boost EBITDA growth: JSW Steels EBITDA increased by 2.8% yoy to`1,697cr mainly due to lower raw material and fuel costs. The raw material costs

declined by 6.8% yoy to`5,814cr. The power costs were lower due to better coal

linkages in this quarter.Higher interest and depreciation costs dents PAT performance: Interest expensesgrew by 20.3% yoy to`443cr and the depreciation expenses grew by 11.7% yoy to

`527cr. The company reported an exceptional item related to forex loss of `130cr.

Hence, the adjusted net profit (excluding exceptional items) declined by 19.8% yoy

to`443cr (above our estimate was of`271cr). The reported net profit was however

down 23.8% yoy to`573cr.

1.71.9 1.9

2.32.1 2.2 2.2

2.4

(30.0)

0.0

30.0

60.0

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(mntonnes)

Sales Volume (LHS) yoy change (RHS)

43,13042,831

42,901 43,003 42,900

41,884

38,80438,638

(25)

0

25

36,000

37,000

38,000

39,000

40,000

41,000

42,000

43,000

44,000

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(`/tonne)

Revenue/tonne (LHS) yoy change ( RHS)

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May 23, 2013 5

Exhibit 6:Adjusted net profit stood at `443cr


Update on iron ore mines in Karnataka:On the iron ore situation in Karnataka,the company stated the Supreme Court has capped the mining limit in Karnataka

to 30mn tonnes and has elongated the mine life criteria for the existing mines to

20 years. However the company expects the total availability of iron ore in

Karnataka at around 24mn tonnes by end of FY2014.

Updates on new projects: The company new 2.3mn tonne capacity which is intechnological collaboration with JFE Steel will be commissioned in October 2013.

This facility has the capability to produce very high quality steel like Auto grade

steel and Electrical steel which will have higher realizations.

578640

668

553

861

400464 443

0

3

6

9

12

-

200

400

600

800

1,000

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(`cr)

Adjusted net profit (LHS) margin (RHS)

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May 23, 2013 6

Investment rationale

Utilization levels remain at risk: Although JSW Steel has expanded its capacity, itsVijaynagar plant (capacity 10mn tonne) continues to operate at lower utilization

levels on account of shortage of iron ore due to mining ban in Karnataka.

Although we expect iron ore supplies to improve gradually during FY2014 as

categoryB mines commence operations, there is lack of clarity on the timelines

and anticipated production from these mines. Procedural delays in the

commencement of operations from Karnataka mines could result in higher iron

ore costs/lower utilization for JSW Steel.

Merger with JSW Ispat to be margin-dilutive: JSW Steel is expected to merge withJSW Ispat over the coming one year. However, JSW Ispats margins are much

lower compared to JSW Steels standalone margins. Given the commodity nature

of the business, JSW Steels Management is not expected to turnaround JSW Ispats

loss making plants in the near-term, in our opinion. Further, JSW Ispats debt will

raise debt-equity ratio of the merged entity. Hence, JSW Ispats merger with JSW

Steel is likely to be value-destructive for JSW Steels shareholders (at least during

our investment horizon).

Outlook and valuation

JSW Steel aims to raise utilization levels at its Vijaynagar plant during FY2014.

However, we believe increasing steel production meaningfully during FY2014

would remain a challenge until there is significant rise in iron ore supplies from

Karnataka mines (we expect iron ore supplies in Karnataka to improve during2HFY2014 as category B mines commence production). Moreover, we opine that

JSW Ispats merger with JSW Steel is likely to be value-destructive for JSW Steels

shareholders. The stock is currently trading at 3.8x FY2015E EV/EBITDA. Wemaintain our Neutral view on the stock.

Exhibit 7:EPS Angel forecast vs. consensusYear (`) Angel forecast Bloomberg consensus Variation (%)FY2014E 71.9 78.6 (8.6)

FY2015E 82.8 90.7 (8.7)

Source: Bloomberg, Angel Research

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May 23, 2013 7

Exhibit 8:P/E band


Exhibit 9:EV/EBITDA band


Exhibit 10:P/BV band


0

200

400

600

800

1,000

1,200

1,400

1,600

May-07 Feb-08 Nov-08 Aug-09 May-10 Feb-11 Nov-11 Aug-12 May-1

(`)

6x 9x 12x 15x

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


(`

cr)

2x 4x 6x 8x 10x

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800


(`)

0.5x 1.0x 1.5x 2.0x

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May 23, 2013 8

Exhibit 11:Recommendation summaryCompany 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 FY15EJSW 688 - Neutral 15,353 - 9.6 8.3 0.8 0.8 4.3 3.8 9.0 9.6 10.1 10.4Tata Steel 300 430 Buy 30,263 43 10.1 5.8 0.7 0.7 5.9 4.7 7.6 12.1 9.7 12.0

SAIL 59 - Neutral 24,679 - 9.2 8.0 0.6 0.5 7.2 6.9 6.2 6.9 5.4 6.9


Company backgroundIncorporated in 1994, JSW Steel is India's second largest private sector steel maker

with a steel making capacity of 11mn tonne. The company has the most modern

steel plants with the latest technologies for both upstream and downstream

processes. The company has an iron ore mine in Karnataka which fulfills 15% of its

requirement. During FY2011, the company acquired 49% stake in JSW Ispat foran enterprise value of US$3bn and is now expected to be merged with JSW Steel

during CY2013. The combined capacity of both companies would be 14mn tonne.
http://en.wikipedia.org/wiki/Enterprise_valuehttp://en.wikipedia.org/wiki/Enterprise_value

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May 23, 2013 9

Profit & loss statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ENet Sales 18,897 23,862 34,124 38,095 39,973 40,926Other operating income 60 244 244 115 107 109Total operating income 18,957 24,106 34,368 38,210 40,080 41,035% chg 19.0 27.2 42.6 11.2 4.9 2.4

Total Expenditure 14,887 19,238 28,266 31,706 33,081 33,919

Net Raw Materials 11,231 14,774 21,928 24,168 25,046 25,692

Other Mfg costs 3,176 3,824 5,492 6,557 6,995 7,162

Personnel 480 641 846 980 1,039 1,064

EBITDA 4,071 4,868 6,102 6,504 6,866 6,967% chg 36.5 19.6 25.4 6.6 5.6 1.5

(% of Net Sales) 21.5 20.4 17.9 17.1 17.2 17.0

Depreciation& Amortizat ion 1,299 1,560 1,933 2,237 2,478 2,537

EBIT 2,772 3,308 4,169 4,266 4,388 4,429% chg 39.0 19.3 26.0 2.3 2.8 1.0

(% of Net Sales) 14.7 13.9 12.2 11.2 11.0 10.8

Interest & other Charges 1,108 1,060 1,427 1,967 1,897 1,859

Other Income 128 190 77 70 249 274

(% of PBT) 7.2 7.8 2.7 2.9 9.1 9.6

Share in profit of Associates - - - - - -

Recurring PBT 1,792 2,438 2,818 2,369 2,740 2,844% chg 61.4 36.0 15.6 (16.0) 15.7 3.8

Extraordinary Inc/(Expense) 408 - (825) (369.4) - -

PBT (reported) 2,200 2,438 1,993 1,999 2,740 2,844Tax 647 779 500 845 822 853

(% of PBT) 29.4 31.9 25.1 42.3 30.0 30.0

PAT (reported) 1,553 1,659 1,493 1,154 1,918 1,991Add: Share of earnings of asso. 11 71 (226) (165) (357) (197)

Less: Minority interest (MI) 33 24 (19) 34 43 54

Extraordinary Expense/(Inc.) - - 710 60.8 - -

PAT after MI (reported) 1,598 1,754 1,959 1,085 1,604 1,848ADJ. PAT 1,190 1,754 2,073 1,393 1,604 1,848% chg 11.2 47.4 18.2 (32.8) 15.1 15.3

(% of Net Sales) 6.3 7.4 6.1 3.7 4.0 4.5Basic EPS (`) 68.8 78.6 92.9 62.5 71.9 82.8Adj. fully Diluted EPS ( ) 63.8 78.6 92.9 62.5 71.9 82.8% chg 67.1 23.3 18.2 (32.8) 15.1 15.3

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

previous year numbers

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May 23, 2013 10

Balance sheet (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 187 284 284 284 284 284Reserves & Surplus 9,070 15,716 16,465 17,205 18,544 20,102

Shareholders Funds 9,257 16,000 16,750 17,489 18,828 20,387Share Warrants - 529 - - - -

Minority Interest 219 222 218 183 140 87

Total Loans 16,173 18,373 21,786 24,286 21,786 19,286

Deferred Tax Liability 1,685 2,049 2,725 2,725 2,725 2,725

Other Long term liabilities 773 472 472 472 472

Long term provisions 23 35 35 35 35

Total Liabilities 27,334 38,246 42,302 45,507 44,303 43,308APPLICATION OF FUNDS - - - - - -Gross Block 26,792 32,684 41,446 47,246 48,746 50,246

Less: Acc. Depreciation 5,339 6,873 8,877 11,115 13,593 16,131

Net Block 21,453 25,811 32,568 36,131 35,152 34,115Capital Work-in-Progress 6,956 5,983 2,832 2,332 1,832 1,332

Goodwill 899 1,093 1,244 1,244 1,244 1,244

Investments 628 2,914 2,090 2,090 2,090 2,090

Current Assets 5,470 8,582 12,563 13,022 13,405 14,013Cash 303 2,036 3,047 5,631 5,781 6,253

Loans & Advances 1,604 1,203 2,187 2,187 2,187 2,187

Other 3,563 5,343 7,329 5,204 5,437 5,573

Current liabilities 8,073 7,878 11,928 12,245 12,353 12,419Net Current Assets (2,603) 704 635 778 1,052 1,594Mis. Exp. not written off - - - - - -

Total Assets 27,334 38,246 42,302 45,507 44,303 43,308Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with


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May 23, 2013 11

Cash flow statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 2,200 2,438 1,933 1,999 2,740 2,844

Depreciation 1,299 1,560 1,933 2,237 2,478 2,537Change in Working Capital (471) (1,314) (1,062) 2,441 (124) (70)

Others 793 570 1,054 - - -

Direct taxes paid 459 426 407 845 822 853

Cash Flow from Operations 3,361 2,830 3,512 5,833 4,272 4,459(Inc.)/ Dec. in Fixed Assets (2,736) (7,674) (4,079) (5,300) (1,000) (1,000)

(Inc.)/ Dec. in Investments (209) (11.6) 13.2 - - -

Share of profit/ (loss) from asso. 13 53 144 (165) (357) (197)

Cash Flow from Investing (2,932) (7,633) (4,101) (5,465) (1,357) (1,197)Issue of Equity - 5,936 - - - -

Inc./(Dec.) in loans 629 401 2,191 2,500 (2,500) (2,500)

Dividend Paid (Incl. Tax) 57 240 350 284 265 290

Others 1,149 1,001 1,143 - - -

Cash Flow from Financing (576) 5,096 698 2,216 (2,765) (2,790)Inc./(Dec.) in Cash (147) 293 110 2,584 150 472

Opening Cash balances 450 1,755 573 683 5,631 5,781Closing Cash balances 303 573 683 5,631 5,781 6,253

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


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May 23, 2013 12

Key ratios

Y/E March FY2010 FY2011 FY2012E FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 10.8 8.8 7.4 11.0 9.6 8.3P/CEPS 4.4 4.6 6.2 4.8 3.8 3.5

P/BV 1.4 1.0 0.9 0.9 0.8 0.8

Dividend yield (%) 1.4 1.5 1.5 1.5 1.6 1.7

EV/Sales 1.5 1.2 0.9 0.8 0.7 0.6

EV/EBITDA 6.9 5.9 5.2 4.9 4.3 3.8

EV/Total Assets 1.0 0.8 0.8 0.7 0.7 0.6

Per Share Data (`)EPS (Basic) 68.8 78.6 92.9 62.5 71.9 82.8

EPS (fully diluted) 63.8 78.6 92.9 62.5 71.9 82.8

Cash EPS 154.8 148.5 110.8 143.5 183.0 196.6

DPS 9.5 10.0 10.0 10.0 11.0 12.0

Book Value 480.0 704.7 738.3 771.4 831.4 901.3

Dupont AnalysisEBIT margin 14.7 13.9 12.2 11.2 11.0 10.8

Tax retention ratio (%) 70.6 68.1 74.9 57.7 70.0 70.0

Asset turnover (x) 0.7 0.8 1.0 1.0 1.1 1.2

ROIC (Post-tax) 7.6 7.3 8.8 6.8 8.8 9.2

Cost of Debt (Post Tax) 4.8 4.2 5.3 4.9 5.8 6.3

Leverage (x) 1.7 0.9 1.0 1.0 0.8 0.5

Operating RoE 12.4 10.0 12.3 8.5 11.0 10.8

Returns (%)RoCE (Pre-tax) 10.7 10.5 10.8 10.0 10.1 10.4

Angel RoIC (Pre-tax) 17.3 15.7 14.9 13.2 13.5 14.0

RoE 16.1 14.2 12.9 8.3 9.0 9.6

Turnover ratios (x)Asset Turnover (Gross Block) 0.8 0.8 0.9 0.9 0.8 0.8

Inventory (days) 49 46 47 47 47 47

Receivables (days) 10 10 11 11 11 11

Payables (days) 42 37 29 29 29 29

WC cycle (days) (64) (32) (20) 1 25 26

Solvency ratios (x)Net debt to equity 1.7 0.9 1.0 1.0 0.8 0.5

Net debt to EBITDA 3.7 2.8 2.7 2.5 2.0 1.6

Interest Coverage 2.5 3.1 2.9 2.2 2.3 2.4

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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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 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 Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement JSW Steel

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

Documents

JSW Steel 4Q FY 2013