Sanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation

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1 Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN Reuters SNGM.BO Sensex 16,63 Nifty 4,74 Shareholding pattern (%) 31-Dec-7 31-Mar-8 FIIs MFs and institutions Promoters Others Absolute returns (%) 1mth 3mth 12mth Sanghvi Movers (14.9) (16.) 34.7 Sensex (8.7) (8.6) 1.2 Sanghvi Movers Ltd Buy Current Price: Rs222 Target Price: Rs 365 Results above estimates Figure 1: Actual Vs Religare Estimates Q4FY8A Q4FY8E Difference (%) Consensus Net sales % NA EBITDA % NA EBITDA margins (%) bps NA PAT % NA PAT margins (%) bps NA Source: Religare Institutional Equity Research, Bloomberg Financial highlights Q4FY8 Result Review Net sales were up 56% YoY to Rs 8.1 bn. The robust growth in sales was due to the deployment of additional cranes in the quarter and improving yield. EBITDA was up 41% YoY. EBITDA margin reduced by 54 bps. The margins reduced mainly on account of the increase in employee costs by 237% YoY. Adjusted PAT increased 57% YoY. PAT growth was faster than EBITDA growth mainly due to the reduced tax rate YoY. Valuations and Recommendation The stock is trading at 12x its FY9E earnings. We have revised our earnings estimate downwards by 9% and 12% for FY9E and FY1E respectively to factor in lower sales due to the reduced capex guidance by the company in FY9. We maintain our Buy rating on the stock. Kunal Sheth kunal.sheth@religare.in Figure 2: Quarterly Performance FY7 FY8 FY7 FY8 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net Sales ,786 2,557 Change % (12.8) EBITDA ,32 1,875 EBITDA margin (%) Change (%) (6.) Depreciation Other Income Interest exp/(inc) PBT ,15 PBT margin (%) PBT growth (%) Extraordinary exp/(inc) 171 () Tax Effective tax rate (%) PAT reported Adjusted PAT * Adj PAT margin (%) Change (%) (3.84) Equity Capital Adj EPS * Excluding extraordinary

2 Sanghvi Movers Q4FY8 Result Review 3 June 28 Other business highlights The company added 34 cranes during FY8 and incurred a capex of Rs 2.2bn. The company plans to spend Rs 2.5bn in FY9 and FY1 respectively. The company s dependency on the windmill sector has come down substantially from 73% in FY7 to 48% in FY8. The share of the windmill sector in the total revenues is further likely to come down to 35% in FY9. The share of the power sector has increased from 9% in FY7 to 19% in FY8 and is further expected to increase to 3% in FY9. Figure 3 : Sales break Up. 8% 7% 6% 5% 4% 3% 2% 1% % FY7 FY8 73% 48% 17% 13% 9% 6% 3% 2% 3% 5% 1% 3% Windmill Refinery Pow er Chemicals Oil& Gas others Source: Religare Institutional Equity Research, Bloomberg The company s long-term contract with suzlon which was due to expire in March 29 has been extended for two more years. The company has downgraded its capex guidance for FY9 from Rs 3.9bn to Rs 2.5bn. The main reason for the downgrade was that one of the crane suppliers has called off a deal due to non-availability of cranes at his end. We have revised our earnings estimate downwards by 9% and 12% for FY9E and FY1E respectively to factor in lower sales due to the reduced capex guidance by the company in FY9. Figure 4: Table for earnings revision Earlier estimates Revised estimates Upgrade/(downgrade) (%) FY8E FY9E FY1E FY8E FY9E FY1E FY8E FY9E FY1E Net Sales 3,492 4,439 3,91 3,953 (11.47) (1.94) EBITDA 2,556 3,28 2,26 2,888 (11.57) (11.96) EBITDA margin (%) 73.2% 73.9% PBT 1,435 1,867 1,34 1,648 (9.11) (11.72) Adj PAT 947 1, ,88 (9.1) (11.71) Adj PAT margin (%) 27.1% 27.8% Adj EPS (Rs) (9.) (11.65) Source: Religare Institutional Equity Research, Bloomberg 2

3 Sanghvi Movers Q4FY8 Result Review 3 June 28 Stock performance Sanghvi Movers Absolute Perf. From Apr Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 Relative Perf. From Apr 4 2,85 1,585 1, Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 Relative Perf. From Apr 5 to Mar 6 Relative Perf. From Apr 6 to Mar Apr-5 Jun-5 Sep-5 Dec-5 Mar-6 7 Apr-6 Jun-6 Sep-6 Dec-6 Mar-7 Relative Perf. From Apr 7 to Mar Apr-7 Jun-7 Sep-7 Dec-7 Mar-8 Relative Perf. From Apr Apr 16-Apr 1-May 16-May 31-May Source: Bloomberg, Religare Institutional Equity Research 3

4 Sanghvi Movers Q4FY8 Result Review 3 June month forward rolling band charts Sanghvi Movers P/E Band 4 35 (Rs) 17x x x 8x 5x 5 Apr-3 Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 P/BV Band (Rs) 4x x x 1x 5 Apr-3 Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 EV/EBITDA Band EV/Sales Band 25, 2, 9x 3, 25, 8x 15, 1, 5, 7x 5x 3x 2, 15, 1, 5, 6x 4x 2x Apr-3 Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 Apr-3 Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 18, 16, 14, 12, 1, 8, 6, Mkt cap/sales Band 4, 2, Apr-3 Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 Source: Bloomberg, Religare Institutional Equity Research 5x 4x 3x 2x 4

5 Sanghvi Movers Q4FY8 Result Review 3 June 28 Financials Income statement Y/E, 31st March FY6 FY7 FY8E FY9E FY1E Net sales 1,49 1,786 2,568 3,91 3,953 EBITDA 986 1,32 1,887 2,26 2,888 EBITDA margin (%) Depreciation EBIT ,413 1,647 2,54 Other income Interest Exp/(Inc) PBT (Operating) ,119 1,34 1,648 PBT margin (%) Extra ord (inc)/exp Taxes Minority interest PAT( Reported) ,88 Less: Extra ordinary income / Others Adj PAT ,88 Adj PAT margin (%) Quarterly Financials Q4FY7 Q1FY8 Q2FY8 Q3FY8 Q4FY8 Net sales Changes (%) EBITDA Changes (%) Margin (%) PAT PAT adj Changes (%) Margin (%) EPS adj (Rs) EPS dil (Rs) Ratios Y/E, 31st March FY6 FY7 FY8E FY9E FY1E Growth Net sales (%) EBITDA (%) PAT adjusted (%) EPS adjusted (%) EPS diluted (%) EPS Consl & diluted (%) Valuations P/E (x) P/BV (x) EV/EBITDA (x) EV/Sales (x) Profitability EBITDA margin (%) Adj PAT margin (%) RoE (%) RoCE (%) RoIC (%) B/S ratios Inventory days Creditor days Debtor days Working Capital days Net debt/equity * ROIC is calculated on post tax basis. Balance sheet Y/E, 31st March FY6 FY7 FY8E FY9E FY1E Liabilities Equity share capital Total Res. & Surplus 735 2,21 2,92 4,854 5,823 Total Shareholders' fund 88 2,13 3,6 4,949 5,919 Convertible Debt Others Debt 2,373 2,751 3,856 5,356 5,756 Total Loans 2,373 2,751 3,856 5,356 5,756 Deferred tax liability (net) Total liabilities 3,346 5,17 7,241 1,747 12,18 Assets Net fixed assets & others 2,858 4,647 6,456 8,342 1,8 Capital WIP & others Total non-current assets 2,982 4,653 6,462 8,348 1,14 Total investments - non current..... Current assets Inventories Sundry debtors Cash & cash equivalents ,795 1,333 Cash ,795 1,333 Liquid investments Other current assets Total current assets ,146 2,919 2,773 Total current liabilities Total provisions Net current assets ,451 2,218 Misc. expenditure Total assets 3,346 5,17 7,291 1,795 12,226 Cash flow Y/E, 31st March FY6 FY7 FY8E FY9E FY1E Cash from operations PBT ,119 1,34 1,648 Tax paid (175) (163) (259) (38) (497) Dep & amortization Working capital changes (178) (197) (179) (13) (23) Others 4 (11) Net cash from operations ,156 1,525 1,755 Cash from investments Capital expenditure (1,794) (1,762) (2,3) (2,5) (2,5) Sale/purchase of inv & others 4 3 Net cash from investments (1,789) (1,759) (2,3) (2,5) (2,5) Cash from financing Issue of shares & share prem ,2 Dividend paid (41) (81) (118) (118) (118) Debt change 1, ,15 1,5 4 Others Net cash from finanacing 1,215 1,8 1,28 2, Net change in cash (69) ,67 (462) Per share data Y/E, 31st March FY6 FY7 FY8E FY9E FY1E EPS adjusted EPS diluted - wtd EPS Consl and diluted CEPS Book value Dividend O/s shs.-actual (mn) O/s shs.-diluted (mn) O/s shs wtd / diluted (mn)

6 Sanghvi Movers Q4FY8 Result Review 3 June 28 Rating definition Buy : > 15% returns relative to Sensex Accumulate : +5 to +15% returns relative to Sensex Sell : > (-)15% returns relative to Sensex Reduce : (-) 5 to (-) 15% returns relative to Sensex Hold : Upto + / (-) 5% returns relative to Sensex Religare Securities Ltd. Taj Building, 21, D.N. Road, Mumbai - 41 For inquiries contact: institutionalsales@religare.in Phone: 6655 DISCLAIMER: Religare Securities Limited (Religare) has two independent equity research groups: Institutional Equities (Institutional Equity Research) and Priority Client Group (Religare Research). Religare Institutional Equity Research is aimed to service the institutional clients of Religare Securities Limited including the Portfolio Management Services of Religare whereas Religare Research is published with a view to service all segments of clients including Retail, HNIs and Institutional clients and PMS. This document has been prepared by Religare Securities Limited Institutional Equities. Affiliates of Religare- Institutional Equities may have issued other reports that are contrary with and reach different conclusion from the information presented in this report. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating and target price of the Priority Client Group of Religare Securities Limited. We are not soliciting any action based upon this material. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Religare-Institutional Business. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients Religare- Institutional will not treat recipients as customers by virtue of their receiving this report. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable. It should be noted that the information contained herein is from publicly available data or other sources believed to be reliable. Neither Religare, nor any person connected with it, accepts any liability arising from the use of this document. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The investment discussed or views expressed may not be suitable for all investors. The user assumes the entire risk of any use made of this information. The 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 its 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 -including those involving futures, options and other derivatives as well as non investment grade securities - involve substantial risk 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. Opinions expressed are our current opinions as of the date appearing on this material only. 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, Religare, 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 Religare 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. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Religare and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Religare and its affiliates, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall Religare, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Copy right in this document vests exclusively with Religare. 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