ULTRATECH CEMENT LTD
Exhibit 1
REVENUE STATEMENT
IN INR ACTUALS (Crores) For the Year Ending 31 March
Particulars 2015-16 2016-17 2017-18
Revenue from Operations 26,947.14 27,162.42 30,683.93
Cost of Materials Consumed (3,550.88) (3,467.82) (3,978.36)
Purchase of Stock in Trade (439.68) (483.56) (814.37)
Change in Inventory 17.81 -73.13 113.08
Power and Fuel (4,240.8) (3,926.55) (5,959.50)
Gross Profit 18,733.58 19,211.36 20,044.78
Operating Expences (8,172.08) (8,410.88) (7,106.15)
Freight and Forwarding Expense (5,934.90) (5,845.22) (7,281.63)
Other Income 480.66 659.95 594.7
EBITDA 5,107.26 5,615.21 6,251.70
Depriciation and Ammortisation (1,297.04) (1,267.87) -1,763.56
EBIT 3,810.22 4,347.34 4,488.14
Finance Cost (511.66) (571.39) (1,186.30)
PBT 3,298.56 3,775.95 3,301.84
Tax (928.40) (1,148.23) (1,070.56)
PAT 2,370.16 2,627.72 2,231.28
For the Year Ending 31 March
2018-19 2019-20
35,703.50 40,649.17
(4,737.22) (4,960.81)
(1,582.35) (2,262.78)
103.86 362.74
(7,830.96) (7,703.19)
21,656.83 26,085.13
(6,354.28) (7,800.98)
(8,782.28) (9,631.85)
471.45 726.58
6,991.72 9,378.88
(2,010.27) (2,454.90)
4,981.45 6,923.98
(1,419.15) (1,704.22)
3,562.30 5,219.76
(1,106.58) 235.78
2,455.72 5,455.54
ULTRATECH CEMENT LTD
Exhibit 2
BALANCE SHEET STATEMENT
IN INR ACTUALS (Crores)
As at 31 March 2015-16 2016-17 2017-18 2018-19
Assets
Non-Current Assets
Tangible Assets 22,434.71 22,898.23 34,218.98 34,365.67
Right to use Asset 0 0 0
Intangible Assets 98 333.53 2,991.86 2,929.72
Other Intangible Assets 0 0 0
Capital work in progress 1,414.48 877.76 1,472.97 1,075.85
Intangible Assets Under Development 1.08 0.63 0.91 3.8
Non-Current Investments 3,080.51 2,237.29 2,406.61 5824.55
Other Non-Current Assets 1,632.30 458.6 2,696.06 2,758.14
Total Non-Current Assets 28,661.08 26,806.04 43,787.39 46,957.73
Current Assets
Inventories 2,426.09 2,224.99 3,101.50 3,273.62
Trade Receivables 1,414.89 1,276.17 1,714.20 2,097.59
Cash and Cash Equivalents 2,235.20 2,217.74 199.32 623.96
Short-term Loans and Advances 1,058.14 123.95 111.02 1,919.49
Current Investments 2,027.61 5,405.95 3,948.71 1,514.85
Other Current Assets 29.07 1219.55 1468.51 1,994.03
Total Current Assets 9,191.00 12,468.35 10,543.26 11,423.54
Assets Held for Disposal Sale 6.7 42.35 55.18
Total Assets 37,852.08 39,281.09 54,373.00 58,436.45
Liabilities
Equity & Liabilities
Equity Share Capital 274.43 274.51 274.61 274.64
Other Equity 20,461.66 23,666.50 25,648.41 27,673.08
Total Equity & Liabilities 20,736.09 23,941.01 25,923.02 27,947.72
Non-Current Liabilities
Long-term Borrowings 2,490.84 4,231.28 13,906.63 14,939.28
Long-term Provisions 180.77 270.73 320.46 135.58
Deferred Tax Liabilities (Net) 3,227.37 2,773.56 3,174.05 3,544.35
Other Non-Current Liabilities 7.98 6.11 6.57 6.27
Total Non-Current Liabilities 5,906.96 7,281.68 17,407.71 18,625.48
Current Liabilities
Short-term Borrowings 2,339.07 1,015.84 2,687.83 5,086.40
Trade Payables 1,613.57 1,713.80 2,343.53 2,653.74
Other Current Liabilities 6,310.49 4,610.39 5,267.52 3,228.50
Short-term Provisions 945.9 159.43 301.64 439.17
Current Tax Liabilities 0.00 558.94 441.75 455.44
Total Current Liabilities 11,209.03 8,058.40 11,042.27 11,863.25
Total Equity and Liabilities 37,852.08 39,281.09 54,373.00 58,436.45
2019-20
39,662.39
1,007.94
2,208.82
3,896.14
860.01
10.07
6,377.92
3042.11
57,065.40
3,833.88
1,848.28
310.52
1,903.53
4,243.69
2,574.25
14,714.15
37.37
71,816.92
288.63
38,007.69
38,296.32
14,961.41
213.13
4,076.88
5.88
19,257.30
6,426.93
3250.85
3,449.92
534.51
601.09
14,263.30
71,816.92
ULTRATECH CEMENT LTD
Exhibit 3
Ratio Analysis
For the Year Ending 31 March 2015-16 2016-17 2017-18
Profitability Ratios
EBITDA Margin 18.95% 20.67% 20.37%
EBIT Margin / Operating Profit Margin 14.14% 16.00% 14.63%
PBT Margin 12.24% 13.90% 10.76%
Net profit margin 8.80% 9.67% 7.27%
Gross Profit Margin 69.52% 70.73% 65.33%
Revenue Growth % - 0.80% 12.96%
Return on Total Assets (ROA) 6.26% 6.69% 4.10%
Return on Capital Employed (ROCE) 8.90% 8.42% 5.15%
Return on Total Equity (ROE) 11.43% 10.98% 8.61%
Dupont Equation
A. Profit margin 8.80% 9.67% 7.27%
B. Total Asset Turnover 71.19% 69.15% 56.43%
C. Financial Leverage 182.54% 164.07% 209.75%
ROE (A*B*C) 11.43% 10.98% 8.61%
Liquidity Ratios
Current Ratio 0.82x 1.55x 0.95x
Quick Ratio 0.60x 1.27x 0.67x
Cash Ratio 0.20x 0.28x 0.02x
Solvency Ratios
Debt to Equity Ratio 0.23 0.22 0.64
Interest Coverage Ratio (EBITDA/Interest) 9.98 9.83 5.27
Debt Ratio 0.45 0.39 0.52
Efficiency Ratios
Inventory /Sales (Days) 33 days 30 days 37 days
Debtors/Sales ( Days) 19 days 17 days 20 days
Payable/Sales ( Days) 22 days 23 days 28 days
Cash Conversion Cycle (Days) 30 days 24 days 29 days
2018-19 2019-20
19.58% 23.07%
13.95% 17.03%
9.98% 12.84%
6.88% 13.42%
60.66% 64.17%
16.36% 13.85%
4.20% 7.60%
5.27% 9.48%
8.79% 14.25%
6.88% 13.42%
61.10% 56.60%
209.09% 187.53%
8.79% 14.25%
0.96x 1.03x
0.69x 0.76x
0.05x 0.02x
0.72 0.56
4.93 5.50
0.52 0.47
33 days 34 days
21 days 17 days
27 days 29 days
28 days 22 days
REVENUE | EBITDA Margins %
45,000.00 23.07% 25.00%
40,000.00 20.67% 20.37%
19.58%
18.95% 20.00%
35,000.00
30,000.00
15.00%
25,000.00
20,000.00
10.00%
15,000.00
10,000.00 5.00%
5,000.00
0.00 0.00%
2015-16 2016-17 2017-18 2018-19 2019-20
Revenue from Operations EBITDA Margin
Return on Equity (ROE)
16.00%
14.25%
14.00%
11.43%
12.00% 10.98%
10.00% 8.61% 8.79%
8.00%
6.00%
4.00%
2.00%
0.00%
2 0 1 5 -1 6 2 0 1 6 -1 7 2 0 1 7 -1 8 2 0 1 8 -1 9 2 0 1 9 -2 0
REVENUE | NET PROFIT MARGINS %
23.07% 25.00% 45,000.00
40,000.00 13.42%
20.00%
35,000.00
IN INR ACTUALS (Crores)
30,000.00 9.67%
15.00% 8.80%
25,000.00
7.27%
6.88%
20,000.00
10.00%
15,000.00
5.00% 10,000.00
5,000.00
0.00% 0.00
2019-20 2015-16 2016-17 2017-18 2018-19 2019-20
Revenue from Operations Net profit margin
Return on Assets (ROA)
8.00%
14.25%
7.00% 6.69%
6.26%
6.00%
5.00%
4.10% 4.20%
4.00%
3.00%
2.00%
1.00%
2 0 1 9 -2 0
0.00%
2 0 1 5 -1 6 2 0 1 6 -1 7 2 0 1 7 -1 8 2 0 1 8 -1 9
MARGINS %
16.00%
13.42% 14.00%
12.00%
10.00%
6.88% 8.00%
6.00%
4.00%
2.00%
0.00%
2018-19 2019-20
fit margin
A)
7.60%
4.20%
2 0 1 8 -1 9 2 0 1 9 -2 0
