SLP 3

WACC calculation of UltraTech

submitted by Group 13
Kaushik Chakraborty (111)
Jyotika Jain (127)
Shirang Lichade (133)
Neha Shugani (154)

SLP 3

f UltraTech Cement Ltd.

d by Group 13

Chakraborty (111)
ka Jain (127)
g Lichade (133)
Shugani (154)

Date

2/22/2016
2/15/2016
2/8/2016
2/1/2016
1/25/2016
1/18/2016
1/11/2016
1/4/2016
12/28/2015
12/21/2015
12/14/2015
12/7/2015
11/30/2015
11/23/2015
11/16/2015
11/9/2015
11/2/2015
10/26/2015
10/19/2015
10/12/2015
10/5/2015
9/28/2015
9/21/2015
9/14/2015
9/7/2015
8/31/2015
8/24/2015
8/17/2015
8/10/2015
8/3/2015
7/27/2015
7/20/2015
7/13/2015
7/6/2015
6/29/2015
6/22/2015
6/15/2015
6/8/2015
6/1/2015
5/25/2015
5/18/2015
5/11/2015

Adj Close UNifty 50

2770.95
2844.7
2767.75
2842.75
2840.1
2713.4
2618.2
2705.2
2824
2813.25
2815.1
2783.4
2867.1
2830.95
2776.45
2680.7
2793.35
2886.1
2901
2954.65
2818.75
2773.45
2811.1
2937.95
2942.2
2915.1
2946.75
2972.9
3103.9
3193.06
3139.92
3195.01
3214.15
3120.62
3055.67
2906.15
2794.53
2740.44
2798.02
2966.58
2966.68
2797.18

7029.75
7210.75
6980.95
7489.1
7563.55
7422.45
7437.8
7601.35
7946.35
7861.05
7761.95
7610.45
7781.9
7942.7
7856.55
7762.25
7954.3
8065.8
8295.45
8238.15
8189.7
7950.9
7868.5
7981.9
7789.3
7655.05
8001.95
8299.95
8518.55
8564.6
8532.85
8521.55
8609.85
8360.55
8484.9
8381.1
8224.95
7982.9
8114.7
8433.65
8458.95
8262.35

Return
UltraTech

Return
Nifty 50

-0.0259254
0.02780237
-0.0263829
0.00093307
0.04669418
0.03636086
-0.0321603
-0.042068
0.0038212
-0.0006572
0.01138895
-0.0291933
0.01276957
0.01962938
0.03571828
-0.0403279
-0.0321368
-0.0051362
-0.0181578
0.04821286
0.01633345
-0.0133933
-0.0431764
-0.0014445
0.00929642
-0.0107406
-0.0087961
-0.042205
-0.0279231
0.016924
-0.0172425
-0.0059549
0.02997161
0.02125557
0.05144951
0.03994232
0.01973771
-0.0205788
-0.0568196
-3.37E-05
0.06059674
0.03980908

-0.025101
0.032918
-0.067852
-0.009843
0.01901
-0.002064
-0.021516
-0.043416
0.010851
0.012767
0.019907
-0.022032
-0.020245
0.010965
0.012149
-0.024144
-0.013824
-0.027684
0.006955
0.005916
0.030034
0.010472
-0.014207
0.024726
0.017537
-0.043352
-0.035904
-0.025662
-0.005377
0.003721
0.001326
-0.010256
0.029819
-0.014656
0.012385
0.018985
0.030321
-0.016242
-0.037819
-0.002991
0.023795
0.008649

5/4/2015
4/27/2015
4/20/2015
4/13/2015
4/6/2015
3/30/2015
3/23/2015
3/16/2015
3/9/2015
3/2/2015
2/23/2015
2/16/2015
2/9/2015
2/2/2015
1/26/2015
1/19/2015
1/12/2015
1/5/2015
12/29/2014
12/22/2014
12/15/2014
12/8/2014
12/1/2014
11/24/2014
11/17/2014
11/10/2014
11/3/2014
10/27/2014
10/20/2014
10/13/2014
10/6/2014
9/29/2014
9/22/2014
9/15/2014
9/8/2014
9/1/2014
8/25/2014
8/18/2014
8/11/2014
8/4/2014
7/28/2014
7/21/2014
7/14/2014
7/7/2014
6/30/2014

2690.09
2664.27
2699.01
2800.91
2960.35
2875.25
2793.64
2846.68
2938.26
3180.2
3116.64
3005.26
3103.38
2999.53
3131.14
3138.67
3061.1
2721.35
2734.06
2595.32
2491.03
2504.14
2477.96
2476.97
2483.4
2608.33
2554.39
2540.98
2394.16
2310.96
2474.08
2640.98
2638.24
2633.81
2631.61
2662.92
2542.57
2643.58
2624.83
2467.3
2464.35
2468.24
2535.13
2472
2583.86

8191.5
8181.5
8305.25
8606
8780.35
8586.25
8341.4
8570.9
8647.75
8937.75
8844.6
8833.6
8805.5
8661.05
8808.9
8835.6
8513.8
8284.5
8395.45
8200.7
8225.2
8224.1
8538.3
8588.25
8477.35
8389.9
8337
8322.2
8014.55
7779.7
7859.95
7945.55
7968.85
8121.45
8105.5
8086.85
7954.35
7913.2
7791.7
7568.55
7602.6
7790.45
7663.9
7459.6
7751.6

0.00969121
-0.0128714
-0.036381
-0.0538585
0.02959743
0.02921278
-0.0186322
-0.0311681
-0.076077
0.02039376
0.03706169
-0.0316171
0.03462209
-0.0420326
-0.0023991
0.02534056
0.12484612
-0.0046488
0.05345776
0.04186622
-0.0052353
0.01056514
0.00039968
-0.0025892
-0.0478965
0.02111659
0.00527749
0.06132422
0.03600235
-0.0659316
-0.0631962
0.00103857
0.00168197
0.00083599
-0.0117578
0.047334
-0.0382095
0.00714332
0.06384712
0.00119707
-0.001576
-0.0263852
0.02553803
-0.0432918
0.00196604

0.001222
-0.0149
-0.034947
-0.019857
0.022606
0.029354
-0.026777
-0.008887
-0.032447
0.010532
0.001245
0.003191
0.016678
-0.016784
-0.003022
0.037797
0.027678
-0.013216
0.023748
-0.002979
0.000134
-0.036799
-0.005816
0.013082
0.010423
0.006345
0.001778
0.038386
0.030187
-0.01021
-0.010773
-0.002924
-0.01879
0.001968
0.002306
0.016658
0.0052
0.015594
0.029484
-0.004479
-0.024113
0.016513
0.027388
-0.03767
0.032335

6/23/2014
6/16/2014
6/9/2014
6/2/2014
5/26/2014
5/19/2014
5/12/2014
5/5/2014
4/28/2014
4/21/2014
4/14/2014
4/7/2014
3/31/2014
3/24/2014
3/17/2014
3/10/2014
3/3/2014
2/24/2014
2/17/2014
2/10/2014
2/3/2014
1/27/2014
1/20/2014
1/13/2014
1/6/2014
12/30/2013
12/23/2013
12/16/2013
12/9/2013
12/2/2013
11/25/2013
11/18/2013
11/11/2013
11/4/2013
10/28/2013
10/21/2013
10/14/2013
10/7/2013
9/30/2013
9/23/2013
9/16/2013
9/9/2013
9/2/2013
8/26/2013
8/19/2013

2578.79
2709.47
2749.75
2657.07
2366.5
2255.14
2318.76
2065.89
2022.53
2065.89
2202.98
2244.36
2136.03
2132.95
1942.41
1956.97
1960.74
1827.08
1788.09
1655.37
1717.65
1699.42
1688.55
1707.92
1660.78
1715.82
1758.38
1732.7
1788.83
1868.95
1895.22
1803.28
1864.83
1913.85
1949.56
1936.65
1951.65
1957.36
1897.81
1816.94
1842.18
1709.51
1590.5
1465.13
1570.28

7508.8
7511.45
7542.1
7583.4
7229.95
7367.1
7203
6858.8
6694.8
6782.75
6779.4
6776.3
6694.35
6695.9
6493.2
6504.2
6526.65
6276.95
6155.45
6048.35
6063.2
6089.5
6266.75
6261.65
6171.45
6211.15
6313.8
6274.25
6168.4
6259.9
6176.1
5995.45
6056.15
6140.75
6307.2
6144.9
6189.35
6096.2
5907.3
5833.2
6012.1
5850.6
5680.4
5471.8
5471.75

-0.0482308
-0.0146486
0.03488053
0.1227847
0.04938053
-0.0274371
0.12240245
0.0214385
-0.0209885
-0.0622293
-0.0184373
0.05071558
0.00144401
0.09809464
-0.0074401
-0.0019227
0.07315498
0.02180539
0.08017543
-0.0362588
0.01072719
0.00643748
-0.0113413
0.02838425
-0.032078
-0.0242041
0.0148208
-0.0313781
-0.042869
-0.0138612
0.05098487
-0.0330057
-0.0256133
-0.018317
0.00666615
-0.0076858
-0.0029172
0.03137827
0.0445089
-0.0137012
0.07760703
0.07482553
0.0855692
-0.0669626
-0.0613426

-0.000353
-0.004064
-0.005446
0.048887
-0.018617
0.022782
0.050184
0.024497
-0.012967
0.000494
0.000457
0.012242
-0.000231
0.031217
-0.001691
-0.00344
0.03978
0.019739
0.017707
-0.002449
-0.004319
-0.028284
0.000814
0.014616
-0.006392
-0.016258
0.006304
0.01716
-0.014617
0.013568
0.030131
-0.010023
-0.013777
-0.026391
0.026412
-0.007182
0.01528
0.031977
0.012703
-0.029757
0.027604
0.029963
0.038123
9.10E-06
-0.006554

8/12/2013
8/5/2013
7/29/2013
7/22/2013
7/15/2013
7/8/2013
7/1/2013
6/24/2013
6/17/2013
6/10/2013
6/3/2013
5/27/2013
5/20/2013
5/13/2013
5/6/2013
4/29/2013
4/22/2013
4/15/2013
4/8/2013
4/1/2013
3/25/2013
3/18/2013
3/11/2013
3/4/2013
2/25/2013
2/18/2013
2/11/2013
2/4/2013
1/28/2013
1/21/2013
1/14/2013
1/7/2013
12/31/2012
12/24/2012
12/17/2012
12/10/2012
12/3/2012
11/26/2012
11/19/2012
11/12/2012
11/5/2012
10/29/2012
10/22/2012
10/15/2012
10/8/2012

1672.9
1660.83
1767.42
1852.66
1917.53
1917.95
1904.65
1855.95
1792.81
1852.98
1839.34
1857.23
1922.39
1994.13
1955.47
1865.14
1887
1906.03
1795.09
1751.68
1847.99
1832.71
1901.58
1879.33
1865.44
1919.13
1908.35
1863.31
1817.14
1895.15
1887.89
1862.18
2019
1949.64
1966.3
1970.4
1940.19
1919.63
1874.78
1892.93
2000.21
1997.2
2020.14
1988.05
2021.77

5507.85
5565.65
5677.9
5886.2
6029.2
6009
5867.9
5842.2
5667.65
5808.4
5881
5985.95
5983.55
6187.3
6094.75
5944
5871.45
5783.1
5528.55
5553.25
5682.55
5651.35
5872.6
5719.7
5719.7
5850.3
5887.4
5903.5
5998.9
6074.65
6064.4
5951.3
6016.15
5908.35
5847.7
5879.6
5907.4
5879.85
5626.6
5574.05
5686.25
5697.7
5664.3
5684.25
5676.05

0.00726745
-0.0603082
-0.0460095
-0.03383
-0.000219
0.00698291
0.02623993
0.03521846
-0.032472
0.0074157
-0.0096326
-0.0338953
-0.0359756
0.01977018
0.04843068
-0.0115845
-0.0099841
0.06180192
0.02478192
-0.0521161
0.00833738
-0.0362173
0.01183933
0.00744596
-0.0279762
0.00564886
0.02417204
0.02540806
-0.041163
0.00384556
0.0138064
-0.0776721
0.0355758
-0.0084728
-0.0020808
0.01557064
0.0107104
0.02392281
-0.0095883
-0.0536344
0.00150711
-0.0113556
0.01614145
-0.0166785
0.03734242

-0.010385
-0.01977
-0.035388
-0.023718
0.003362
0.024046
0.004399
0.030798
-0.024232
-0.012345
-0.017533
0.000401
-0.03293
0.015185
0.025362
0.012356
0.015277
0.046043
-0.004448
-0.022754
0.005521
-0.037675
0.026732
0
-0.022324
-0.006302
-0.002727
-0.015903
-0.01247
0.00169
0.019004
-0.010779
0.018245
0.010372
-0.005426
-0.004706
0.004685
0.045009
0.009428
-0.019732
-0.00201
0.005897
-0.00351
0.001445
-0.012337

10/1/2012
9/24/2012
9/17/2012
9/10/2012
9/3/2012
8/27/2012
8/20/2012
8/13/2012
8/6/2012
7/30/2012
7/23/2012
7/16/2012
7/9/2012
7/2/2012
6/25/2012
6/18/2012
6/11/2012
6/4/2012
5/28/2012
5/21/2012
5/14/2012
5/7/2012
4/30/2012
4/23/2012
4/16/2012
4/9/2012
4/2/2012
3/26/2012
3/19/2012
3/12/2012
3/5/2012
2/27/2012
2/20/2012
2/13/2012
2/6/2012
1/30/2012
1/23/2012
1/16/2012
1/9/2012
1/2/2012
12/26/2011
12/19/2011
12/12/2011
12/5/2011
11/28/2011

1948.99
1945.78
1816.99
1734.77
1716.78
1674.9
1704.22
1712.92
1649.16
1611.76
1605.31
1541.83
1547.24
1520.47
1492.52
1433.13
1426.83
1377.08
1443.02
1362.12
1384.51
1347.06
1343.27
1396.37
1439.87
1452.02
1490.21
1490.6
1491.05
1456.89
1449.41
1402.03
1380.23
1452.96
1360.98
1255.63
1210.35
1194.56
1146.04
1132.41
1148.06
1162.28
1120.15
1189.05
1158.09

5746.95
5703.3
5691.15
5577.65
5342.1
5258.5
5386.7
5366.3
5320.4
5215.7
5099.85
5205.1
5227.25
5316.95
5278.9
5146.05
5139.05
5068.35
4841.6
4920.4
4891.45
4928.9
5086.85
5190.6
5290.85
5207.45
5322.9
5295.55
5278.2
5317.9
5333.55
5359.35
5429.3
5564.3
5381.6
5325.85
5204.7
5048.6
4866
4754.1
4624.3
4714
4651.6
4866.7
5050.15

0.00164972
0.07088096
0.04739533
0.01047892
0.02500448
-0.0172044
-0.005079
0.03866211
0.02320445
0.00401792
0.04117185
-0.0034965
0.0176064
0.01872672
0.04144076
0.00441538
0.03612717
-0.0456958
0.05939271
-0.0161718
0.02780129
0.00282147
-0.0380272
-0.0302111
-0.0083677
-0.0256273
-0.0002616
-0.0003018
0.02344721
0.00516072
0.03379386
0.01579447
-0.0500564
0.06758365
0.08390211
0.03741067
0.01321826
0.04233709
0.01203628
-0.0136317
-0.0122346
0.03761103
-0.0579454
0.02673367
0.05207264

0.007654
0.002135
0.020349
0.044093
0.015898
-0.023799
0.003802
0.008627
0.020074
0.022716
-0.020221
-0.004237
-0.016871
0.007208
0.025816
0.001362
0.013949
0.046834
-0.016015
0.005918
-0.007598
-0.031051
-0.019988
-0.018948
0.016015
-0.021689
0.005165
0.003287
-0.007465
-0.002934
-0.004814
-0.012884
-0.024262
0.033949
0.010468
0.023277
0.030919
0.037526
0.023538
0.028069
-0.019028
0.013415
-0.044198
-0.036326
0.072207

11/21/2011
11/14/2011
11/8/2011
10/31/2011
10/24/2011
10/17/2011
10/10/2011
10/3/2011
9/26/2011
9/19/2011
9/12/2011
9/5/2011
8/29/2011
8/22/2011
8/16/2011
8/8/2011
8/1/2011
7/25/2011
7/18/2011
7/11/2011
7/4/2011
6/27/2011
6/20/2011
6/13/2011
6/6/2011
5/30/2011
5/23/2011
5/16/2011
5/9/2011
5/2/2011
4/25/2011
4/18/2011
4/11/2011
4/4/2011
3/28/2011
3/21/2011
3/14/2011
3/7/2011
2/28/2011
2/21/2011
2/14/2011
2/7/2011
1/31/2011
1/24/2011
1/17/2011

1100.77
1117.64
1157.8
1131.87
1145.99
1103.03
1107.65
1078.23
1123.55
1143.63
1108.2
1071.73
1082.66
1042.8
966.86
998.18
979.1
1007.48
981.89
977.14
960.7
916.07
937.26
943.28
1001.56
1007.97
1012.47
1011.83
1028.42
1023.28
1065.9
993.19
1047.7
1068.5
1087.53
1028.03
1014.62
993.09
988.2
938.73
925.91
895.28
985.36
976.6
1002.15

4710.05
4905.8
5168.85
5284.2
5360.7
5049.95
5132.3
4888.05
4943.25
4867.75
5084.25
5059.45
5040
4747.8
4845.65
5072.95
5211.25
5482
5633.95
5581.1
5660.65
5627.2
5471.25
5366.4
5485.8
5516.75
5476.1
5486.35
5544.75
5551.45
5749.5
5884.7
5824.55
5842
5826.05
5654.25
5373.7
5445.45
5538.75
5303.55
5458.95
5310
5395.75
5512.15
5696.5

-0.0150943
-0.0346865
0.02290899
-0.0123212
0.03894726
-0.004171
0.02728546
-0.0403364
-0.0175581
0.03197076
0.03402909
-0.0100955
0.03822401
0.07854291
-0.0313771
0.01948728
-0.0281693
0.02606198
0.00486113
0.01711252
0.04871898
-0.0226085
-0.006382
-0.0581892
-0.0063593
-0.0044446
0.00063252
-0.0161315
0.00502306
-0.039985
0.07320855
-0.0520283
-0.0194665
-0.0174984
0.05787769
0.01321677
0.02167981
0.00494839
0.05269886
0.01384584
0.03421276
-0.0914184
0.0089699
-0.0254952
0.00323349

-0.039902
-0.050891
-0.021829
-0.014271
0.061535
-0.016045
0.049969
-0.011167
0.01551
-0.042582
0.004902
0.003859
0.061544
-0.020193
-0.044806
-0.026539
-0.049389
-0.02697
0.009469
-0.014053
0.005944
0.028504
0.019538
-0.021765
-0.00561
0.007423
-0.001868
-0.010532
-0.001207
-0.034446
-0.022975
0.010327
-0.002987
0.002738
0.030384
0.052208
-0.013176
-0.016845
0.044348
-0.028467
0.028051
-0.015892
-0.021117
-0.032362
0.007419

1/10/2011
1/3/2011
12/27/2010
12/20/2010
12/13/2010
12/6/2010
11/29/2010
11/22/2010
11/15/2010
11/8/2010
11/1/2010
10/25/2010
10/18/2010
10/11/2010
10/4/2010
9/27/2010
9/20/2010
9/13/2010
9/6/2010
8/30/2010
8/23/2010
8/16/2010
8/9/2010
8/2/2010
7/26/2010
7/19/2010
7/12/2010
7/5/2010
6/28/2010
6/21/2010
6/14/2010
6/7/2010
5/31/2010
5/24/2010
5/17/2010
5/10/2010
5/3/2010
4/26/2010
4/19/2010
4/12/2010
4/5/2010
4/1/2010

998.92
966.67
1061.11
1028.08
1042.27
1073.69
1086.8
1099.57
1074.17
1079.7
1089.44
1076.43
1089.05
1109.5
1066.59
1066.44
1004.89
1026.32
1003.03
900.56
899.34
928.84
873.35
852.95
845.46
811.65
827.06
839.93
851.97
911.77
933.74
947.84
926.54
912.63
923.48
913.41
919.49
946.04
1064.69
1073.73
1128.05
1111.61

5654.55
5904.6
6134.5
6011.6
5948.75
5857.35
5992.8
5751.95
5890.3
6071.65
6312.45
6017.7
6066.05
6062.65
6103.45
6143.4
6018.3
5884.95
5640.05
5479.4
5408.7
5530.65
5452.1
5439.25
5367.6
5449.1
5393.9
5352.45
5237.1
5269.05
5262.6
5119.35
5135.5
5066.55
4931.15
5093.5
5018.05
5278
5304.1
5262.6
5361.75
5290.5

0.03336195
-0.0890011
0.03212785
-0.0136145
-0.0292636
-0.0120629
-0.0116136
0.02364616
-0.0051218
-0.0089404
0.01208625
-0.0115881
-0.0184317
0.04023102
0.00014066
0.06125049
-0.0208804
0.02321964
0.11378476
0.00135655
-0.03176
0.06353696
0.02391699
0.00885908
0.04165589
-0.0186323
-0.0153227
-0.014132
-0.0655867
-0.023529
-0.0148759
0.02298875
0.01524166
-0.011749
0.01102462
-0.0066124
-0.0280644
-0.1114409
-0.0084192
-0.0481539
0.01478936

-0.042348
-0.037477
0.020444
0.010565
0.015604
-0.022602
0.041873
-0.023488
-0.029868
-0.038147
0.048981
-0.007971
0.000561
-0.006685
-0.006503
0.020787
0.022659
0.043422
0.029319
0.013071
-0.02205
0.014407
0.002362
0.013349
-0.014957
0.010234
0.007744
0.022026
-0.006064
0.001226
0.027982
-0.003145
0.013609
0.027458
-0.031874
0.015036
-0.049252
-0.004921
0.007886
-0.018492
0.013468

BETA using
slope tool

BETA using
Regression tool

0.792770187

0.792770187

0.15

0.1

f(x) = 0.7927701862x + 0.0027021977

0.05

0
-0.2

-0.05

-0.1

-0.15

0.2

0.4

0.6

0.8

-0.15

data collected from :

http://www.nseindia.com/

.6

SUMMARY OUTPUT

Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.497701
0.247707
0.245248
0.032158
308

ANOVA
df
Regression
Residual
Total

SS
MS
F
Significance F
1 0.104198 0.104198 100.7562 1.11E-20
306 0.316452 0.001034
307 0.42065

Coefficient Standard Ert Stat

P-value
Lower 95%Upper 95%
0.002702 0.001835 1.472742 0.141848 -0.000908 0.006313
0.79277 0.078979 10.03774 1.11E-20 0.63736 0.948181

Intercept
X Variable 1

-0.025925405
ut
0.8

1.2

Linear (ut)

Lower 95. Upper 95.0%

-0.000908 0.006313
0.63736 0.948181

Amount of Equity (in crores )

shares

280000000

Price per share ()

Total market value ()
in crores

299.30
83,804,000,000.00
8,380.40

Amout of long term debt (in crores )

Long term borrowings
Other long term liabilities
Long term provisions
Total debt
Total equity + long term debt
(in crores )

4,613.75
1.34
163.36
4,778.45
13,158.85

Cost of equity
Risk free rate

Data collected from

7.63% http://in.investing.com/rates-bonds/india-10-year-bond-yield

Beta

0.79277

Market return
Cost of equity

6.25% http://www.stern.nyu.edu/~adamodar/pc/datasets/ctryprem
12.58%

Cost of debt
Rf
Rp
Cost of debt
Taxes
Afetr tax cost of debt

WACC

7.63% http://www.fimmda.org
0.67%
8.30%
34.61%
### https://home.kpmg.com/xx/en/home/services/tax/tax-tools5.43%

9.99%

g.com/rates-bonds/india-10-year-bond-yield-historical-data

nyu.edu/~adamodar/pc/datasets/ctryprem.xls

mg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/corporate-tax-rates-table.html

tax-rates-table.html

ALL VALUES ARE IN CRORES UNLESS SPECIFIED OTHERWISE

BALANCE SHEET
Ultratech Cement
2014-15
Equities and liabilities
Shareholders' Funds:
Share Capital
Reserves and Surplus
Non Current Liabilities:
Long-term Borrowings
Deferred Tax Liabilities (Net)
Other Long-term Liabilities
Long-term Provisions
Current Liabilities:
Short-term Borrowings
Trade Payables
Other Current Liabilities
Short-term Provisions
Total liabilities and stockholders' equity
ASSETS
Non-Current Assets
Fixed Assets:
Tangible Assets
Intangible Assets
Capital Work-in-Progress
Intangible Assets under Development
Non-Current Investments
Long-Term Loans and Advances
Current Assets:
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short-term Loans and Advances
Other Current Assets

Total Assets

2013-14

274.40
18,583.28
18,857.68

274.24
16,823.27
17,097.51

4,613.75
2,792.01
1.34
163.36
7,570.46

4,493.58
2,295.83
2.30
137.94
6,929.65

1,898.08
2,738.97
3,010.11
1,139.65
8,786.81
35,214.95

379.20
2,424.22
2,088.41
835.02
5,726.85
29,754.01

20,878.66
68.80
2,068.85
4.85
23,021.15
2,685.77
1,595.61
27,302.53

15,780.92
90.92
2,038.44
3.19
17,913.47
1,662.33
1,180.54
20,756.34

2,522.98
2,751.41
1,203.19
213.94
1,204.91
15.99
7,912.42

3,729.34
2,368.36
1,281.02
277.50
1,326.19
15.26
8,997.67

35,214.95

29,754.01

OTHERWISE
Ultratech Cement
2012-13

2011-12

2010-11

AMBUJA
14

JK LAXMI
2014-15

ACC
14

274.18
14,960.64
15,234.82

274.07
12,585.75
12,859.82

274.04
10,392.00
10,666.04

309.95
9,793.38
10,103.33

58.85
1,271.85
1,330.70

187.95
8,047.66
8,235.61

3,893.92
1,905.92
1.81
134.02
5,935.67

3,648.19
1,737.77
3.53
120.57
5,510.06

4,026.40
1,730.05
8.20
110.00
5,874.65

19.09
589.04
9.22
32.57
649.92

1,437.08
128.44
66.16
7.87
1,639.55

535.57
115.94
651.51

568.76
2,193.43
2,540.90
935.18
6,238.27
27,408.76

159.94
2,089.70
1,623.51
700.17
4,573.32
22,943.20

1,029.23
1,250.62
600.56
573.49
3,453.90
19,994.59

618.49
1,352.89
1,176.22
3,147.60
13,900.85

233.13
218.33
626.05
39.45
1,116.96
4,087.21

750.23
2,096.71
937.27
3,784.21
12,671.33

13,074.00
48.36
3,505.31
0.06
16,627.73
1,981.77
983.17
19,592.67

11,597.24
36.94
1,895.99
0.64
13,530.81
1,147.83
1,462.42
16,141.06

10,890.96
9.29
1,105.32
12,005.57
247.53
1,053.88
13,306.98

6,226.78
0.33
690.17
105.73
7,023.01
593.32
289.31
7,905.64

2,580.92
1.58
361.46
168.81
3,112.77
203.62
3,316.39

5,597.75
0.64
1,914.63
290.90
7,803.92
855.56
360.71
9,020.19

3,126.95
2,350.47
1,017.24
142.66
1,173.11
5.66
7,816.09

2,640.94
2,035.94
765.96
188.19
1,163.58
7.53
6,802.14

2,928.91
1,956.52
602.29
144.79
1,053.88
1.22
6,687.61

2,067.00
888.39
227.98
2,458.12
308.32
45.40
5,995.21

253.99
223.47
70.49
15.29
135.37
72.21
770.82

1,282.08
1,255.59
410.71
304.30
383.92
14.54
3,651.14

27,408.76

22,943.20

19,994.59

20,923.86

7,199.98

20,475.25

ALL VALUES ARE IN CRORES UNLESS SPECIFIED OTHERWISE

ULTRATECH CEMENT

Revenue
Sale of products (gross)
Less : Excise duty
Sale of products (net)

14-15

13-14

25719.17

22803.13

3062.69

2725.25
22656.48

20077.88

279.69

201.92

22936.17

20279.80

371.78

329.04

23307.95

20608.84

3280.62

2910.95

389.52

309.37

Changes in inventories of finished

goods, work-in-progress and Stockin-Trade

-110.06

106.98

Employee benefits expense

1218.29

1014.63

Power and fuel

4742.89

4135.42

Freight and forwarding expenses

5400.38

4580.80

Other expenses

3861.26

3436.17

18782.90

16494.32

-41.76

-32.42

18741.14

16461.90

4566.81

4146.94

547.45

319.17

1133.11

1052.26

2886.25

2775.51

Other operating revenues

Revenue from operations (net)
Other income
Total revenue

Expenses
Cost of raw materials consumed
Purchase of Stock-in-Trade

Self consumption of cement (net

of excise duty )
Total Expenses

PBIDT
Finance costs
Depreciation and amortisation
expense
Profit Before Exceptional Item
and tax

Exceptional Item
Profit before tax

0.00

0.00

2886.25

2775.51

Tax expense :
Current tax
Less: MAT credit entitlements
Net Current Tax
Deferred tax
Tax adjustments for earlier years

Profit for the year

498.38

558.82

-489.29

-222.13

9.09

336.69

862.43

389.91

0.00

-95.56
871.52

631.04

2014.73

2144.47

73.44

78.21

73.39

78.18

Earnings per equity share (in )

Basic
Diluted

ERWISE

12-13

11-12

10-11

22699.96

20433.09

14854.85

2682.02

2266.71

1648.69

20017.94

18166.38

13206.16

157.00

146.75

106.42

20174.94

18313.13

13312.58

305.00

371.87

155.45

20479.94

18685.00

13468.03

2792.12

2377.70

1803.70

235.71

177.34

122.05

-118.19

21.26

-61.85

968.35

831.04

665.16

4298.94

4303.97

3125.17

4223.99

3734.99

2880.29

3143.53

2758.52

2122.47

15544.45

14204.82

10656.99

-44.99

-39.11

-10.51

15499.46

14165.71

10646.48

4980.48

4519.29

2821.55

209.71

223.86

272.52

945.37

902.56

765.73

3825.40

3392.87

1783.30

0.00

0.00

0.00

3825.40

3392.87

1783.30

1005.65

948.97

507.83

0.00

1005.65

948.97

168.15

7.72

-3.24

-3.83

-10.01

-125.52

1169.97

946.68

0.00

2655.43

2446.19

1404.23

96.87

89.26

62.74

96.85

89.22

62.72

AMBUJA CEMENT
Statement of Profit and Loss
For the year ended 31st December, 2014

Revenue

Sale of products (gross)

Less : Excise duty
Sale of products (net)
Other operating revenues
Revenue from operations (net)
Other income
Total revenue

11170.14
1259.44
9910.70
67.42
9978.12
428.98
10407.10

Expenses
Cost of raw materials consumed

794.29

Purchase of Stock-in-Trade

40.59

Changes in inventories of finished

goods, work-in-progress and Stock-inTrade

15.91

Employee benefits expense

581.58

Power and fuel

2265.22

Freight and forwarding expenses

2438.89

Finance costs
Depreciation and amortisation
expense
Other expenses

64.48
509.53
1921.24
8631.73

Self consumption of cement (net

of excise duty ` 0.99 crore;
previous year` 0.83 crore)

-8.04

Total expenses

8623.69

Profit before exceptional item

and tax

1783.41

Exceptional item - Profit on sale of

residential flat

0.00

Profit before tax

1783.41

Tax expense :
Current tax

478.00

Deferred tax

-15.27

Tax adjustments for earlier years

-175.68
287.05

Profit for the year

1496.36

Earnings per equity share (in )

Basic

9.67

Diluted

9.66

J K LAXMI CEMENT
Statement of Profit and Loss
For the year ended 31st March, 2015

Revenue

Sale of products (gross)

Less : Excise duty

2568.49
261.43

Sale of products (net)

2307.06

Other operating revenues

0.00

Revenue from operations (net)

2307.06

Other income

28.20

Total revenue

2335.26

Expenses
Cost of raw materials consumed

398.69

Purchase of Stock-in-Trade

228.87

Changes in inventories of finished

goods, work-in-progress and Stock-inTrade

-42.51

Employee benefits expense

146.11

Other expenses

1226.44

Total expenses

1957.60

PBIDT

377.66

Finance costs

90.74

Depreciation and amortisation

expense

111.90

Profit Before Exceptional Item

and tax

175.02

Exceptional Item

63.25

Profit before tax

111.77

Tax expense :
Current tax

27.24

Less: MAT credit entitlements

-27.24

Net Current Tax

0.00

Deferred tax

7.47

Tax adjustments for earlier years

8.70
16.17

Profit for the year

95.60

Earnings per equity share (in )

Cash
Basic & Diluted

18.27
8.12

ACC CEMENT
Statement of Profit and Loss
as on 31st Dec 2014

Revenue

Sale of products (gross)

Less : Excise duty
Sale of products (net)
Other operating revenues
Revenue from operations (net)
Other income
Total revenue

13108.18
1369.97
11738.21
0.00
11738.21
268.28
12006.49

Expenses
Cost of raw materials consumed

1788.31

Purchase of Stock-in-Trade

194.33

Changes in inventories of finished

goods, work-in-progress and Stockin-Trade

-11.28

Employee benefits expense

746.59

Power and fuel

2441.82

Freight and forwarding expenses

2598.33

Finance costs
Depreciation and amortisation
expense
Other expenses

82.76
557.58
2490.51
10888.95

Self consumption of cement (net

of excise duty )
Total expenses

-17.66

10871.29

Profit before exceptional item

and tax

1135.20

Exceptional item - Profit on sale of

residential flat

0.00

Profit before tax

1135.20

Tax expense :
Current tax

-262.24

Deferred tax

-13.90

Tax adjustments for earlier years

309.23
33.09

Profit for the year

1168.29

Earnings per equity share (in )

Basic

62.23

Diluted

62.06

Liquidity Ratios
14-15
Current Ratios
Quick Ratio
Cash Ratio

0.90
0.45
0.02

13-14
1.57
0.92
0.05

Efficiency Ratios
14-15

13-14

Ultratech
12-13
1.25
0.69
0.02
Ultratech
12-13

11-12
1.49
0.79
0.04

11-12

10-11
1.94
1.06
0.04

10-11

Asset Turnover Ratio

1.24

1.39

1.62

1.47

1.58

Fixed Asset Turnover

Ratio

1.11

1.16

1.33

1.42

1.53

AccountReceivable
Turnover Ratio
Inventory Turnover
Ratio

20.71

10.05

19.84

9.66

Profitability Ratios
14-15
Operating Margin Ratio
EBITDA
Return on Asset
Return On Equity

13-14

25.46

10.35
Ultratech
12-13

29.87

10.24

11-12

32.29

10.69

10-11

0.15

0.15

0.20

0.20

0.16

4566.81

4146.94

4980.48

4519.29

2821.55

0.11

0.15

0.22

0.22

0.13

1.20

1.17

Leverage Ratios
14-15

13-14

1.31
Ultratech
12-13

1.41

11-12

1.24

10-11

Debt Equity Ratio

0.87

0.74

0.80

0.78

0.87

Debt Ratio

0.46

0.43

0.44

0.44

0.47

Market Based Ratios

Ultratech

14-15

13-14

12-13

11-12

10-11

Earnings Per Share

73.44

78.21

96.87

89.26

62.74

Dividends Per Share

9.00

9.00

9.00

8.00

6.00

35.00

22.40

17.00

14.00

20.00

0.12

0.12

0.09

0.09

0.10

P/E Ratio
Payout Ratio

Ambuja
14

JK
14-15
1.90

0.69

1.51

0.96

0.30

0.78
Ambuja
14

ACC
14

0.53

0.01
JK
14-15

0.08
ACC
14

1.61

1.11

2.11

1.44

0.75

1.66

43.14

36.62

10.88
Ambuja
14

29.06

14.16
JK
14-15

9.88
ACC
14

0.19

0.12

0.10

2357.42

377.66

1775.54

0.24

0.05

0.21

0.98
Ambuja
14

Ambuja

1.73
JK
14-15

1.43
ACC
14

0.38

2.07

0.18

0.38

0.22

JK

ACC

14

14-15

14

9.67

8.12

62.23

3.20

2.00

19.00

20.60

42.40

20.50

0.33

0.25

0.31