Jaiprakash Associates (JAIASS) - ICICI Direct

Segmental detailsExhibit 4: Segmental revenues break-up| crore Q3FY12 Q3FY11 Y-o-Y% M9FY12 M9FY11 Y-o-Y%Cement & cement products 1697.3 1237.4 37.2 4548.5 3887.3 17.0Construction 1242.1 1263.9 -1.7 4071.7 4272.1 -4.7Power 3.3 4.3 -23.5 31.3 27.5 13.8Hotel/Hospitality 60.4 54.9 10.0 140.8 129.3 8.9Real Estate 307.9 425.5 -27.6 856.5 1114.9 -23.2Investment 120.5 3.9 2989.0 181.9 11.2 1524.1Others 8.2 2.1 298.1 12.4 7.2 71.2Unallocated 15.6 32.8 -52.5 58.7 95.3 -38.5Total 3455.2 3024.8 14.2 9901.6 9544.9 3.7Less: Intersgmnt revenues 29.3 72.2 -59.4 104.1 299.4 -65.2Total Revenues 3425.9 2952.6 16.0 9797.5 9245.5 6.0Less: Other Income 167.9 58.8 185.4 329.8 185.0 78.3Net Revenues 3257.9 2893.7 12.6 9467.7 9060.6 4.5Source: Company, ICICIdirect.com ResearchExhibit 5: Segmental EBIT break-up| crore Q3FY12 Q3FY11 Y-o-Y% M9FY12 M9FY11 Y-o-Y%Cement & cement products 169.8 142.2 19.4 334.3 616.8 -45.8Construction 370.8 272.4 36.1 1182.4 708.2 67.0Power -1.7 0.2 -1260.0 16.4 15.2 8.0Hotel/Hospitality 9.2 9.3 -0.6 0.6 6.5 -91.1Real Estate 147.6 294.2 -49.8 420.0 583.1 -28.0Investment 120.5 2.9 4127.0 181.9 11.2 1524.1Others 0.8 -1.1 -8.3 -2.6Less: Unallocable Expenses -80.2 -25.8 -157.8 -95.5EBIT 736.6 694.2 6.1 1969.5 1842.9 6.9Source: Company, ICICIdirect.com ResearchExhibit 6: Segmental EBIT margin (%)(%) Q3FY12 Q3FY11 Y-o-Y(bps) M9FY12 M9FY11 Y-o-Y(bps)Cement & cement products 10.0 11.5 -149 7.3 15.9 -852Construction 29.8 21.6 829 29.0 16.6 1246Power -53.5 3.5 -5707 52.4 55.2 -284Hotel/Hospitality 15.3 16.9 -164 0.4 5.0Real Estate 47.9 69.1 -2119 49.0 52.3 -327EBIT Margin 22.6 24.0 -138 20.8 20.3 46Source: Company, ICICIdirect.com ResearchICICI Securities Ltd | Retail Equity Research Page 3

ValuationWe have fine tuned our earnings estimates to incorporate 9MFY12results. Consequently, we have revised our FY12E and FY13E earningestimates downward by ~12% and 18%, respectively.At the CMP , the stock is trading at 1.7x FY13 P/BV. We maintain our BUYrecommendation with an SOTP price target of | 95. We have valued thecement business at | 69/share (US$110/tonne for the operational capacityof 26.7 MTPA, construction business at | 36/share (6x FY13 EV/EBITDA),power business at | 36/share (JPVL at 20% discount to CMP and directstake in Karcham Wangtoo using DCF methodology), real estate businessat | 40/share (Jaypee Infratech at 20% discount to CMP).We maintain our BUY recommendation with an SOTP pricetarget of | 95Exhibit 7: Valuation metricsSales (| cr) Sales Gr (%) EPS (|) EPS Gr (%) P/E (x) P/BV(x) RoNW(%) RoCE(%)FY10 10088.9 74.2 4.2 0.2 20.4 2.1 11.7 8.0FY11 12966.5 28.5 3.5 -15.8 24.2 1.9 13.0 7.9FY12E 13048.9 0.6 3.1 -13.4 27.9 1.8 6.7 7.2FY13E 14999.3 14.9 3.1 -0.7 28.1 1.7 6.2 6.7Source: Company, ICICIdirect.com ResearchExhibit 8: Valuation summaryBusiness Value (| cr) Per share CommentCement Division 14685 69 Value operational capacity at US$110/tonneConstruction Division 7640 36 6x FY13E EV/EBITDAPower Division 7595 36JPVL 6140 29 At 20% discount to CMPKarcham Wantgoo 1455 7 Remaining ~43% stake held by JAL based on FCFE used in JPVL valluationReal Estate Division 8466 40Yamuna Expressway 4763 22 At 20% discount to CMPJaypee Greens - Noida & Greater Noida 3703 17 at 0.9x of its NAVHotel Division 113 1 5x FY13E EV/EBITDAGanga Expressway 271 1 1x P/BVJaypee Sports International Ltd 500 2 1x P/BVHimalayan Expressway 118 1 1x P/BVWind Power 490 2 2x P/BVCaptive coal mine 66 0 1x P/BVTreasury shares 1465 7 18.9 crore valued at 10% discount to CMPTotal Enterprise Value 41409 195Less: Net debt 21275 100 Less:Net debtTarget 20134 95Source: Company, ICICIdirect.com ResearchICICI Securities Ltd | Retail Equity Research Page 4

Financial summaryProfit and loss statement(| Crore) FY10 FY11 FY12E FY13ENet Sales 10,088.9 12,966.5 13,048.9 14,999.3Growth (%) 74.2 28.5 0.6 14.9Op.Expenditure 7,777.6 10,077.8 10,038.4 11,970.5EBITDA 2,311.4 2,888.7 3,010.5 3,028.7Growth (%) 35.6 25.0 4.2 0.6Other income 768.5 455.8 468.6 534.0Depreciation 456.1 607.9 751.4 860.5EBIT 2,623.8 2,736.6 2,727.7 2,702.3Interest 1,055.8 1,394.2 1,721.2 1,734.9PBT 1,568.0 1,342.4 1,006.5 967.4Tax 673.3 588.0 354.0 319.2Extraordinary item 814.4 410.9 0.0 1.0Rep. PAT before MI 1,709.1 1,165.2 652.5 649.1MI 0.0 0.0 0.0 0.0Rep. PAT after MI 1,709.1 1,165.2 652.5 649.1Adjustment 814.4 410.9 -1.1 0.0Adj. Net Profit 894.7 754.3 653.6 649.1Growth (%) 0.2 -15.7 -13.4 -0.7EPS (|) 4.2 3.5 3.1 3.1Source: Company, ICICIdirect.com ResearchCash flow statement(| Crore) FY10 FY11 FY12E FY13ENet Profit before tax 2,381.7 1,754.7 1,007.6 967.4Depreciation & Amortisation 456.1 607.9 751.4 860.5Others -201.5 657.5 3,017.3 3,392.9Direct tax paid -270.7 -283.7 -354.0 -319.2CF before change in WC 2,365.5 2,736.5 2,657.6 2,710.5Inc/Dec in Trade Recv. -1,263.0 -525.6 848.3 -297.7Inc/Dec in Inventories -325.0 -112.8 -470.5 -187.4Inc/Dec in Loans & Adv -506.8 -590.5 -728.5 -351.7Inc/Dec in other current assets -630.0 -119.0 18.6 -133.9Inc/Dec in cur liabilities 544.6 -180.7 2,477.2 906.0CF from operations 185.3 1,207.9 4,802.8 2,645.8Purchase of Fixed Assets -3,076.4 -4,659.8 -2,000.0 -2,000.0(Inc)/Dec in investments 127.4 -259.4 368.6 434.0CF from investing -2,949.0 -4,919.2 -1,631.4 -1,566.0Inc/(Dec) in Debt 3,646.4 2,281.5 -1,721.2 -1,734.9Inc/(Dec) in Net worth 86.6 13.4 -34.8 -33.9CF from Financing 3,733.0 2,294.9 -1,756.1 -1,768.7Net Inc/Dec in cash & eq. 969.2 -1,416.7 1,415.3 -688.9Opening cash balance 2,909.1 3,879.2 2,462.5 3,877.9Closing cash balance 3,878.3 2,462.5 3,877.9 3,188.0Source: Company, ICICIdirect.com ResearchBalance Sheet(| Crore) FY10 FY11 FY12E FY13ELiabilitiesEquity capital 424.9 425.3 425.3 425.3Reserves & Surplus 8,075.8 8,972.1 9,749.5 10,363.8Shareholder's fund 8,500.7 9,397.4 10,174.8 10,789.0Minority Interest 0.0 0.0 0.0 0.0Secured & unsecured debt 17,908.7 21,707.6 21,707.6 21,707.6Deferred Tax Liablity 923.3 1,194.0 1,194.0 1,194.0Sources of funds 27,332.7 32,299.0 33,076.4 33,690.7AssetsGross Block 12847.1 14796.4 18311.4 21711.4less: Acc. Depreciation 2228.5 2839.5 3432.5 4293.0Net Block 10618.7 11956.9 14878.9 17418.4Capital WIP 3891.6 6352.7 4837.7 3437.7Net Fixed Assets 14510.3 18309.6 19716.6 20856.1Investment 5576.3 6483.8 6583.8 6683.8Inventories 1553.6 1666.5 2136.9 2324.4Trade Receivables 2285.0 2810.6 1962.3 2260.0Cash 3879.2 2462.5 3877.9 3188.0Loans & Advances 3994.7 4569.7 5298.2 5649.9Other current assets 1386.4 1643.1 1624.4 1758.3Total current assets 13099.0 13152.3 14899.7 15180.5Current Liab. & Prov. 5852.9 5646.7 8123.8 9029.8Net Current Asset 7246.1 7505.7 6775.9 6150.6Misc Expenditure 0.0 0.0 0.0 0.0Application of funds 27,332.7 32,299.0 33,076.4 33,690.7Source: Company, ICICIdirect.com ResearchKey ratiosFY10 FY11 FY12E FY13EPer share data (|)EPS 4.2 3.5 3.1 3.1Cash EPS 4.0 3.4 3.0 2.9BV 40.0 44.2 47.8 50.7Revenue per share 47.5 61.0 61.4 70.5Cash Per Share 18.3 11.6 18.2 15.0Operating Ratios (%)EBITDA Margin 22.9 22.3 23.1 20.2PBT / Net Sales 15.5 10.4 7.7 6.4PAT Margin 8.9 5.8 5.0 4.3Working Capital (ex cash) days 121.8 142.0 81.1 72.1Debtor days 59.8 71.7 66.8 51.4Creditor days 306.5 240.0 307.9 313.0Return Ratios (%)RoE 8.0 7.9 7.2 6.7RoCE 12.8 10.3 9.2 9.3RoIC 0.0 0.0 0.0 0.0Valuation Ratios (x)P/E 20.4 24.2 27.9 28.1EV / EBITDA 14.0 13.0 12.0 12.1EV / Net Sales 0.0 0.0 0.0 0.0Div Yield (%) 2.1 1.9 1.8 1.7Price to Book Value 0.0 0.0 0.0 0.0Solvency RatiosDebt/EBITDA 0.0 0.0 0.0 0.0Debt / Equity 0.5 0.6 0.5 0.5Current Ratio 2.2 2.3 1.8 1.7Quick Ratio 1.6 1.9 1.4 1.3Source: Company, ICICIdirect.com ResearchICICI Securities Ltd | Retail Equity Research Page 5

ICICIdirect.com coverage universe (Infrastructure)JP Associates Sales (| Crore) EPS (|) PE (x) P/BV(x) RoNW (%) RoCE (%)Idirect Code JAIASS CMP 86 FY10 10,088.9 4.2 20.4 2.1 11.7 8.0Mcap (| crore) 18243 Target 95 FY11 12,966.5 3.5 24.2 1.9 13.0 7.9GMR Infra% Upside 11% FY12E 13,048.9 3.1 27.9 1.8 6.7 7.2FY13E 14,999.3 3.1 28.1 1.7 6.2 6.7Idirect Code GMRINF CMP 32 FY10 4,566.5 0.4 71.7 1.3 2.3 3.9Mcap (| crore) 12435 Target 32 FY11 5,773.8 -0.3 NA 1.0 -9.8 3.1GVK Power% Upside 0% FY12E 7,796.8 -0.5 NA 1.1 -2.9 2.9FY13E 9,689.6 0.5 67.5 1.1 1.9 4.2Idirect Code GVKPOW CMP 19 FY10 1,786.6 1.0 17.4 0.9 4.9 4.2Mcap (| crore) 2945 Target 28 FY11 1,914.7 1.0 17.5 0.8 4.6 3.3IRB Infrastructure% Upside 50% FY12E 2,053.7 1.0 16.9 0.8 4.5 2.4FY13E 2,353.0 1.2 14.2 0.7 5.1 3.9Idirect Code IRBINF CMP 189 FY10 1,704.9 11.6 15.2 2.9 18.9 12.3Mcap (| crore) 6287 Target 189 FY11 2,438.1 13.6 13.0 2.4 18.6 12.2Source: Company, ICICIdirect.com Research% Upside 0% FY12E 3,041.1 13.9 12.1 2.0 16.3 10.6FY13E 3,959.1 13.9 12.1 1.7 14.2 10.0ICICI Securities Ltd | Retail Equity Research Page 6

Exhibit 9: Recommendation History20016012080400Feb-11Apr-11May-11Jul-11Aug-11Oct-11Nov-11Jan-12Feb-12PriceTarget PriceSource: Reuters, ICICIdirect.com ResearchExhibit 10: Recent ReleasesDate Event CMP Target Price Rating1-Feb-11 Q3FY11 Result Update 80 90 Hold17-May-11 Q4FY11 Result Update 83 106 Buy17-Aug-11 Q1FY12 Result Update 58 88 Buy15-Nov-11 Q2FY12 Result Update 70 82 BuySource: Company, ICICIdirect.com ResearchICICI Securities Ltd | Retail Equity Research Page 7

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