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

Y/E Oct. (` cr) Cons. 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy)Net sales 1,257 1,306 (3.8) 1,367 (8.1)EBITDA 233 270 (13.8) 252 (7.7)

EBITDA margin (%) 18.5 20.7 (215)bp 18.4 7bp

Reported PAT 184 209 (11.9) 185 (0.2)Source: Company, Angel Research

For 1QFY2013, MphasiS numbers underperformed our expectation on the

revenue as well as the operating front. The companys USD revenue declined on a

qoq basis due to the prevalence of holiday season onsite and delays in the ramp up

of a few projects in the HP channel. Revenues from the HP channel declined by

9.1% qoq while revenues from the Direct channel grew by 1.1% qoq. We maintainour Accumulate view on the stock.Quarterly highlights: MphasiS reported a revenue of US$238mn, down 4% qoq. InINR terms, revenue came in at `1,257cr, down 3.8% qoq. Service vertical wise, only

infrastructure services posted a sequential growth of 3.6% qoq while all the other

services areas reported a sequential decline in revenues. The EBITDA margin declined

by 215bp qoq to 18.5%; 100bp of the 215bp decline is explained by seasonal

shutdowns during the quarter.

Outlook and valuation: The Management continues to guide towards sustainedweakness in the HP-enterprise services (ES) business channel, which constitutes the

bulk of Mphasis HP channel revenues. The Management reiterated its organic

growth target of 1.5x industry average for the Direct channel business, aided by a

robust deal pipeline, and traction in the US and Indian markets. The pipeline in

the Direct channel remains robust; compared to the corresponding period last

year, the current pipeline is up by 10-20%. The company closed Digital Risks

acquisition during the quarter. At the time of acquisition, the revenue run rate

from Digital Risk was ~US$127mn and was growing at a rate of 50%+. While

the traction is not the same now, growth rates still remain healthy for Digital Risk.

We expect a 4.6% and 6.4% USD and INR revenue CAGR for MphasiS over

FY2012-14, considering that the business from HP is sluggish and client budgets

for the next year remain flat. Among the positives, cash flow generation from

operations continues to remain healthy, and the cash kitty is sizeable even after

considering the expected outflow of ~`1,160cr in 2QFY2013. We maintain ourAccumulate rating on the stock with a target price of `403.Key financials (Consolidated)Y/E Oct. (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 5,036 5,098 5,358 5,560 6,065% chg 17.9 1.2 5.1 3.8 9.1

Net profit 1,091 822 792 756 805% chg 19.0 (24.6) (3.6) (4.6) 6.5

EBITDA margin (%) 25.1 19.3 19.6 18.2 17.9

EPS (`) 52.0 39.2 37.7 35.7 38.4P/E (x) 7.3 9.7 10.1 10.6 9.9

P/BV (x) 2.4 2.0 1.8 1.6 1.4

RoE (%) 33.1 21.1 18.0 15.4 14.1

RoCE (%) 32.9 19.5 18.7 16.1 15.0

EV/Sales (x) 1.3 1.2 1.0 1.0 0.8

EV/EBITDA (x) 5.0 6.3 5.0 5.6 4.5

Source: Company, Angel Research

ACCUMULATECMP `380

Target Price `403

Investment Period 12 Months

Stock Info

Sector

Net debt (` cr) (2,790)

Bloomberg Code

Shareholding Pattern (%)

Promoters 60.5

MF / Banks / Indian Fls 5.1

FII / NRIs / OCBs 24.6

Indian Public / Others 9.9

Abs. (%) 3m 1yr 3yr

Sensex (2.2) 7.6 15.1

Mphasis (2.3) (11.9) (42.8)

1018,919

5,720

MBFL.BO

439/317

18,149

IT

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

MPHL@IN

Face Value (`)BSE Sensex

Nifty

Reuters Code

7,954

0.4

Ankita Somani022-39357800 Ext: [email protected]

MphasiSPerformance highlights

1QFY2013 Result Update | IT

March 1, 2013

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MphasiS| 1QFY2013 Result Update

March 1, 2013 2

Exhibit 1:1QFY2013 reported performance (Consolidated)

(` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) FY2012 FY2011 % chg (yoy)Net revenue 1,257 1,306 (3.8) 1,367 (8.1) 5,358 5,098 5.1Cost of revenue 905 909 (0.4) 1,000 (9.4) 3,813 3,698 3.1Gross profit 352 397 (11.4) 368 (4.3) 1,544 1,400 10.3

SG&A expenses 114 124 (8.0) 116 (1.5) 493 416 18.6

EBITDA 233 270 (13.8) 252 (7.7) 1,051 985 6.8Dep. and amortization 38 41 (7.1) 47 (19.2) 175 155 12.6

EBIT 195 229 (15.0) 205 (5.1) 877 830 5.7

Interest income (1) (2) (2) (15) (2)

Other income 43 41 36 166 177

PBT 237 269 (11.7) 239 (0.8) 1,028 1,005 2.3

Income tax 53 59 (10.9) 54 (2.8) 236 183 29.0

PAT 184 209 (11.9) 185 (0.2) 793 822 (3.6)EPS 8.8 9.9 (11.9) 8.8 (0.2) 37.7 39.2 (3.8)

EBITDA margin (%) 18.5 20.7 (215)bp 18.4 7bp 19.6 19.3 31bp

EBIT margin (%) 15.5 17.6 (204)bp 15.0 49bp 16.4 16.3 9bp

PAT margin (%) 14.2 15.5 (136)bp 13.2 101bp 14.8 16.1 (133)bp


Exhibit 2:1QFY2013: Actual vs Angel estimates

(` cr) Actual Estimate % Var.Net sales 1,257 1,353 (7.1)

EBITDA margin (%) 18.5 19.5 (101)bp

PAT 184 195 (5.4)


Weak revenue performance

MphasiS reported a muted performance on the revenue front for 1QFY2013. USD

revenue came in at US$238mn, down 4% qoq. The companys revenue was

impacted due to continuous ramp down seen in some of the accounts of

HP channel and seasonal shutdown of 6-7 days at HP. In INR terms, the revenue

came in at `1,257cr, down 3.8%% qoq.

During the quarter, the revenue from the Direct channel grew by 1.1% qoq to`621cr. Excluding the impact of INR depreciation, the revenue from the direct

channel grew by 1.0% qoq. Emerging market business in the Direct channel grew

by 9.1% qoq while mature market business in the Direct channel remained flat due

to seasonal shutdowns with some customers. The revenue from the HP channel

declined by 9.1% qoq (9.3% qoq decline excluding impact of INR depreciation) due

to a ramp down in certain projects and annual shutdown at HP. The

HP non-ES portion of the business witnessed a qoq decline of 10.1%.

Service vertical wise, only infrastructure services posted a sequential growth of 3.6%

qoq while all the other services areas reported a sequential decline in revenues.

The revenue from the companys anchor service lines - application developmentand application maintenance declined by 12.2% and 4.0% qoq, respectively.

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Exhibit 3:Service-wise performance

Service type (` cr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyApplication maintenance 425 442 445 (4.0) (4.6)

Application development 305 348 390 (12.2) (21.6)Customer service 72 74 76 (2.8) (5.7)

Service/Technical help desk 49 51 52 (3.5) (5.9)

Transaction processing 67 74 70 (9.4) (4.3)

Infrastructure management 345 333 335 3.6 3.1

Knowledge processes 8 8 8 (1.2) (1.2)

License income 9 9 16 1.2 (46.6)

Contribution to revenue (%) chg qoq (bp) chg yoy (bp)Application maintenance 33.2 33.0 32.0 14 121

Application development 23.9 26.0 28.0 (213) (413)

Customer service 5.6 5.5 5.5 9 14

Service/Technical help desk 3.8 3.8 3.8 4 9

Transaction processing 5.3 5.6 5.1 (29) 21

Infrastructure management 26.9 24.9 24.0 209 292

Knowledge processes 0.6 0.6 0.6 2 5

License income 0.7 0.6 1.2 4 (49)


Industry vertical wise, MphasiS posted a 10.1% decline in its revenue from banking

and capital markets. Revenues from insurance and IT, communication &

entertainment industry declined by 3.0% and 9.5% qoq to `154cr and `317cr,

respectively.

Exhibit 4:Vertical-wise performance

Vertical (` cr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyBanking and capital markets 316 352 357 (10.1) (11.5)

Insurance 154 159 158 (3.0) (2.5)

IT, comm. and entertainment 317 350 378 (9.5) (16.2)

Emerging industries 493 479 500 3.0 (1.3)

Contribution to revenue (%) chg qoq (bp) chg yoy (bp)Banking and capital markets 24.7 27.5 25.6 (277) (94)

Insurance 12.0 12.4 11.4 (37) 69

IT, comm. and entertainment 24.8 27.4 27.2 (260) (240)

Emerging industries 38.5 37.4 35.9 112 266


MphasiS again reported a slight decline of ~US$2/hr in its onsite billing rate of

infrastructure technology outsourcing (ITO) business segment to US$59/hr. The

onsite and offshore billing rate of application business segment remained flat qoq

at US$66/hr and US$20/hr, respectively.

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March 1, 2013 4

Exhibit 5:Segment-wise pricing

Price movement (US$/hr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyAPOOnsite 66 66 67 0.0 (1.5)Offshore 20 20 21 0.0 (4.8)

ITOOnsite 59 61 67 (3.3) (11.9)

Offshore 21 21 21 0.0 0.0

BPOOffshore 6 6 6 0.0 0.0


Client metrics

MphasiS has been focusing on direct channel strategy to win clients. Overall, thecompany added 22 new clients in 1QFY2013 - 8 in the HP channel and 14 in the

Direct channel. Vertical wise, three clients were added in the banking and capital

market service industry; two in insurance; three in IT, communication and

entertainment; and the rest 14 in emerging industries.

MphasiS witnessed reduction of one client each in the HP as well as Direct channel

in the over US$10mn category. In addition, reduction of three clients is witnessed in

the HP channel in the >US$1mn category.

Exhibit 6:Client concentration

(` cr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyTop client revenue 115.2 120.6 139.3 (4.4) (17.3)

% contribution 9 9 10

Top-5 clients revenue 396.9 415.3 431.8 (4.4) (8.1)


Top-10 clients 563.4 576.0 612.9 (2.2) (8.1)



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Exhibit 7:HP and non-HP client breakup

No. of clients 1QFY13 4QFY12 1QFY12 Addition (qoq) Addition (yoy)>US$1mn revenue 126 130 122 (4) 4Direct channel 55 56 42 (1) 13HP channel 71 74 80 (3) (9)

>US$5mn revenue 40 39 41 1 (1)Direct channel 15 15 14 0 1

HP channel 25 24 27 1 (2)

>US$10mn revenue 23 25 25 (2) (2)Direct channel 9 10 11 (1) (2)

HP channel 14 15 14 (1) 0

>US$20mn revenue 9 9 12 0 (3)Direct channel 5 5 5 0 0

HP channel 4 4 7 0 (3)


Hiring muted

During the quarter, MphasiS again recorded a net reduction in its overall employee

base, taking its total employee base to 36,438. Headcount of the application

services business and the ITO business declined by 274 and 20 employees to

11,928 and 6,990, respectively. The Management indicated that the companywould continue to hire in line with the demand environment and there are no plans

of future hiring as yet.

Exhibit 8:Employee metrics

No. of employees 1QFY13 4QFY12 1QFY12 Net add.(qoq) Net add.(yoy)Application services 11,928 12,202 14,536 (274) (2,608)

Onsite 2,374 2,475 2,716 (101) (342)

Offshore 9,554 9,727 11,820 (173) (2,266)

ITO services 6,990 7,010 7,811 (20) (821)

Onsite 296 301 308 (5) (12)

Offshore 6,694 6,709 7,503 (15) (809)BPO services 16,173 16,023 14,951 150 1,222

Onsite 111 111 121 - (10)

Offshore 16,062 15,912 14,830 150 1,232

Sales and marketing 328 369 343 (41) (15)

General and administration 1,019 1,025 1,157 (6) (138)

Total 36,438 36,629 38,798 (191) (2,360)Source: Company, Angel Research

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March 1, 2013 6

EBITDA margin declines

MphasiS EBITDA margin declined by 215bp qoq to 18.5%; 100bp of the 215bp

decline is explained by seasonal shutdowns during the quarter. Onsite and offshore

utilization of the application services business declined to 91% and 83% in

1QFY2013 from 93% and 84% in 4QFY2012, respectively. Blended utilization of

the application services business decreased to 84% in 1QFY2013 from 85% in

4QFY2012. In the ITO business also, onsite and offshore utilization declined to

92% and 86% in 1QFY2013 from 94% and 87% in 4QFY2012, respectively.

Blended utilization of BPO inched up to 67% from 66% during 4QFY2012.

MphasiS expects EBIT margin to remain at the lower end of the targeted band of

15-18%, despite the reversal of impact from shutdowns in 2Q, due to headwinds

from the lower margin Digital Risk's integration and higher investments in S&M.

Exhibit 9:Segment-wise utilization


Outlook and valuation

MphasiS revenue has been continuously getting hurt due to sluggish performance

of HP-enterprise services business. Also, traction in the HP non-ES business is below

the Managements initial expectation of US$90mn-100mn in FY2012 and is in the

range of US$50mn-60mn. The Management continues to guide towards sustainedweakness in the HP-ES business channel which constitutes the bulk of Mphasis HP

channel revenues.

The Management reiterated its organic growth target of 1.5x industry average for

the Direct channel business, aided by robust deal pipeline and traction in US and

Indian markets. The pipeline in the Direct channel remains robust; compared to the

corresponding period of last year, the current pipeline is up by 10-20%. The

company closed Digital Risks acquisition during the quarter. At the time of

acquisition, the revenue run rate from Digital Risk was ~US$127mn and was

growing at a rate of 50%+. While the traction is not the same now, growth rates

still remain healthy for Digital Risk.

In 2QFY2013, MphasiS will witness cash outgo of US$200mn for Digital Risks

acquisition and ~`80-90cr for dividend payouts. We expect a 4.6% and 6.4% USD

and INR revenue CAGR for MphasiS over FY2012-14, considering that the business

77

8082

8584

81

84 85

87

86

71 7170

6667

64

69

74

79

84

89

1QFY12 2QFY12 3QFY12 4QFY12 1QFY13

(%)

Application services ITO services BPO servics

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March 1, 2013 7

from HP is sluggish and client budgets for the next year remain flat. Among the

positives, cash flow generation from operations continues to remain healthy, and

the cash kitty is sizeable even after considering the expected outflow of ~`1,160cr

in 2QFY2013. The company's recent policy of ~50% payout too is a potentialcushion for the stock. The stock is currently trading at 9.9x FY2014E EPS of `38.4.

We maintain our Accumulate rating on the stock with a target price of `403,valuing it at 10.5x FY2014E EPS.Exhibit 10:One-year forward P/E


Exhibit 11:Change in estimatesFY2013 FY2014

Parameter Earlier Revised Variation Earlier Revised Variation(` cr) estimates estimates (%) estimates estimates (%)Net revenue 5,531 5,560 0.5 5,874 6,065 3.2

EBITDA 974 1,011 3.8 1,029 1,087 5.6

PBT 996 997 0.1 1,067 1,081 1.3

Tax 254 242 (4.9) 277 276 (0.7)

PAT 742 756 1.8 790 805 2.0


0

200

400

600

800

1,000

Nov-07

Feb-08

May-08

Aug-08

Nov-08

Feb-09

May-09

Aug-09

Nov-09

Feb-10

May-10

Aug-10

Nov-10

Feb-11

May-11

Aug-11

Nov-11

Feb-12

May-12

Aug-12

Nov-12

Feb-13

(`)

Price 15x 12x 9x 6x 3x

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March 1, 2013 8

Exhibit 12:Recommendation summary

Company Reco CMP Tgt. price Upside FY2014E FY2014E FY2011-14E FY2014E FY201E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (%) RoE (%)

HCL Tech Accumulate 722 765 6.0 20.7 13.7 13.6 1.6 22.9Hexaware Buy 88 113 28.6 18.3 8.7 4.2 0.9 21.0

Infosys Neutral 2,908 - - 28.8 16.8 5.9 3.1 21.3

Infotech Enterprises Accumulate 170 184 8.1 17.4 8.8 10.3 0.5 13.6

KPIT Cummins Buy 107 134 25.1 15.2 8.4 16.9 0.7 20.5

Mahindra Satyam Neutral 124 - - 20.2 10.9 3.6 1.2 23.7

Mindtree Neutral 886 - - 19.3 10.2 17.4 1.1 21.7

MphasiS Accumulate 380 403 6.3 17.9 9.9 0.7 0.8 14.1NIIT Buy 23 36 54.5 10.9 3.8 (2.7) 0.1 14.1

Persistent Neutral 542 - - 24.1 10.0 15.1 1.1 18.0

TCS Neutral 1,500 - - 28.9 18.9 13.3 3.9 29.7

Tech Mahindra Accumulate 1,102 1,205 9.3 19.6 10.0 7.9 1.9 22.3

Wipro Neutral 421 - - 19.4 15.2 6.8 1.8 17.9


Company background

MphasiS is a mid-tier Indian IT company. MphasiS was acquired by BFL in 1999. In

2006, EDS acquired a majority stake in MphasiS and subsequently HP bought EDS

in May 2008, thereby making MphasiS an HP company. The company provides

application, infrastructure and BPO services to clients in the banking, capital

markets, insurance, telecommunication and manufacturing industries. MphasiS is

one of the largest BPO service providers in India, offering voice as well as

transaction-based services.

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March 1, 2013 9

Profit and Loss statement (Consolidated)

Y/E Oct (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 5,036 5,098 5,358 5,560 6,065Cost of revenue 3,352 3,698 3,813 4,018 4,432% of net sales 66.6 72.5 71.2 72.3 73.1

Gross profit 1,684 1,400 1,544 1,542 1,633

% of net sales 33.4 27.5 28.8 27.7 26.9

Selling and mktg. expenses 220 232 287 334 334

% of net sales 4.4 4.6 5.4 6.0 5.5

General and admin. exp. 199 184 202 197 212

% of net sales 4.0 3.6 3.8 3.6 3.5

Provision for doubtful debts - - 4 - -

EBITDA 1,265 985 1,051 1,011 1,087% of net sales 25.1 19.3 19.6 18.2 17.9

Dep. and amortization 164 155 175 171 182

EBIT 1,101 830 877 839 905

Interest income, net 1 (2) (15) (7) -

Other income, net 50 111 148 141 147

Forex gain 58 66 18 24 29

Profit before tax 1,210 1,005 1,028 997 1,081

Provision for tax 119 183 236 242 276

% of PBT 9.8 18.2 22.9 24.2 25.5

PAT 1,091 822 792 756 805EPS (`) 52.0 39.2 37.7 35.7 38.4

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March 1, 2013 10

Balance sheet (Consolidated)

Y/E Oct (` cr) FY2010 FY2011E FY2012 FY2013E FY2014ELiabilitiesShare capital 210 210 210 210 210Reserves and surplus 3,089 3,678 4,186 4,696 5,501

ESOP outstanding 1 12 8 8 8

Total shareholders funds 3,299 3,900 4,405 4,914 5,719Secured loans 45 49 - - -

Unsecured loans - 243 269 269 269

Total debt 45 292 269 269 269Deferred tax liability 0 2 7 7 7

Trade payables - 2 - - -

Other long-term liabilities - 41 7 7 7

Long term provisions - 22 12 12 12

Total liabilities 3,345 4,258 4,701 5,210 6,015AssetsGross block - Fixed assets 1,026 1,135 1,152 1,402 1,627

Accumulated depreciation 784 850 904 1,075 1,257

Net block 242 286 248 327 370

Capital work-in-progress 9 7 0 0 0

Goodwill 389 870 961 961 961

Long term loans and advances 1,460 470 372 412 452

Deferred tax asset 75 97 101 101 101

Other non-current assets - 2 17 17 17

Current assetsDebtors and unbilled revenues 1,198 562 636 884 964

Cash and cash equivalents 178 275 412 649 824

Loans & advances 945 304 274 855 1,092

Current investments - 1,776 2,519 1,947 2,472

Other current assets 0 764 599 824 763

Less:- current liabilities 802 775 849 1,078 1,202

Less:- provisions 350 379 590 690 800

Net current assets 1,170 2,528 3,000 3,391 4,113Total assets 3,345 4,258 4,701 5,210 6,015

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March 1, 2013 11

Cash flow statement (Consolidated)

Y/E Oct. (` cr) FY2010 FY2011 FY2012 FY2013E FY2014EPre tax profit from operations 1,160 894 880 856 934

Depreciation 164 155 175 171 182Pre tax cash from operations 1,324 1,049 1,055 1,027 1,116

Other income/prior period ad 50 111 148 141 147

Net cash from operations 1,374 1,160 1,202 1,169 1,263

Tax (119) (183) (236) (242) (276)

Cash profits 1,254 977 967 927 987(Inc)/Dec in

Current assets (512) (1,264) (621) (483) (781)

Current liabilities 237 3 285 329 234

Net trade working capital (275) (1,261) (335) (154) (547)

Cashflow from operating actv. 979 (284) 631 773 440(Inc)/Dec in fixed assets (180) (677) (222) (250) (225)

(Inc)/Dec in loans and advances (699) 990 97 (40) (40)

(Inc)/Dec in deferred tax liab. (6) (20) 1 - -

(Inc)/Dec in investments - 63 (60) - -

Cashflow from investing actv. (884) 356 (184) (290) (265)Inc/(Dec) in debt 42 247 (23) - -

Inc/(Dec) in equity/premium (39) (123) (189) (148) 98

Dividends 98 98 98 98 98

Cashflow from financing actv. (95) 25 (310) (247) 0Cash generated/(utilized) (0) 97 137 237 175Cash at start of the year 179 178 275 412 649

Cash at end of the year 178 275 412 649 824

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March 1, 2013 12

Key ratios

Y/E Oct. FY2010 FY2011 FY2012 FY2013E FY2014EValuation ratio (x)P/E (on FDEPS) 7.3 9.7 10.1 10.6 9.9

P/CEPS 6.3 8.1 8.2 8.6 8.1

P/BVPS 2.4 2.0 1.8 1.6 1.4

Dividend yield (%) 1.1 1.7 1.1 1.1 1.1

EV/Sales 1.3 1.2 1.0 1.0 0.8

EV/EBITDA 5.0 6.3 5.0 5.6 4.5

EV/Total assets 1.9 1.5 1.1 1.1 0.8

Per share data (`)EPS 52.0 39.2 37.7 35.7 38.4

Cash EPS 59.8 46.6 46.1 44.2 47.1

Dividend 4.0 6.5 4.0 4.0 4.0

Book value 157 186 210 234 273

Dupont analysisTax retention ratio (PAT/PBT) 0.9 0.8 0.8 0.8 0.7

Cost of debt (PBT/EBIT) 1.1 1.2 1.2 1.2 1.2

EBIT margin (EBIT/Sales) 0.2 0.2 0.2 0.2 0.1

Asset turnover ratio (Sales/Assets) 1.5 1.2 1.1 1.1 1.0

Leverage ratio (Assets/Equity) 1.0 1.1 1.1 1.1 1.1

Operating ROE 33.1 21.1 18.0 15.4 14.1

Return ratios (%)RoCE (pre-tax) 32.9 19.5 18.7 16.1 15.0

Angel RoIC 91.3 31.5 29.7 26.3 24.0RoE 33.1 21.1 18.0 15.4 14.1

Turnover ratios (x)Asset turnover (fixed assets) 1.8 1.3 1.2 1.1 1.1

Receivables days 70 65 58 58 58

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M h 1 2013 13

Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement MphasiS

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

mphasis 1q fy2013 01.03.13

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