Mr.

Aditya Vikram Birla

14-11-1943 to 01-10-1995

Group Purpose Statement

To enrich lives, by building

dynamic and responsible
businesses and institutions,
that inspire trust

We live by his values.

Integrity, Commitment, Passion,
Seamlessness and Speed.
Chairman’s message

We witnessed, in vivid form, the breadth, depth, India emerged as an outlier of

Dear shareholders, and scale of our businesses, reflected in the sheer
simultaneity of strategic moves. New platforms were stability and momentum in a
FY 2024-25 was a study in resilience and launched and rapidly scaled — in paints, in jewellery world adrift. With projected GDP
dynamism, shaped by the push and pull retail, and in B2B e-commerce. At the same time, we growth of 6.4–6.5%, it retained its
deepened leadership in our core sectors like cement,
of uncertainty and the powerful force of metals, fibre, chemicals, and financial services. crown as the fastest-growing major
adaptive leadership. For the Aditya Birla economy. The final quarter surged
Each move was consequential on its own. Together,
Group, it has been a year of unprecedented they reflect a rare dynamism. A kind of corporate to 7.4%, powered by construction,
growth and renewal. The Group has been an choreography. What enables it? A distinctive alchemy manufacturing, and sustained
engine of big bets, moving with conviction of capital strength, institutional talent, brand equity, government capital outlay.
sectoral expertise, and trust, carefully built over
across multiple frontiers. decades. It is this combination that has allowed
us to move swiftly and with clarity, even amidst
Kumar Mangalam Birla global uncertainty. Yet not all signals were dim. Inflation eased, dropping
from 6.6% in 2023 to 5.7% in 2024, reflecting tighter
Chairman Global outlook: Making sense of monetary policy and a marked softening of supply
an uncertain world chain disruptions. Central banks in advanced economies
began pivoting away from restrictive stances, making
The global economy in 2024 proved unexpectedly financial conditions more supportive, though not
steady, growing at 3.3%, only a shade below the 3.5% without caution.
posted a year earlier, despite persistent noise and
disruption. According to the International Monetary Looking ahead, global growth is expected to moderate to
Fund, this resilience held firm against an unsettled 2.8% in 2025 before edging up to 3.0% in 2026. Much of
backdrop of inflationary pressures, geopolitical the drag is expected from advanced economies, with their
fault lines, and fragmenting trade ties. The United collective growth projected to slow from 1.8% to 1.4%.
States, driven by buoyant consumer and government Monetary easing and subsiding inflation offer some
spending, led the developed world with GDP growth tailwinds. Still, vulnerabilities persist. Geopolitical
of 2.8%. Yet this strength stood in contrast to more conflict, high borrowing costs, and deteriorating trade
subdued performances across Asia and Europe. dynamics remain formidable obstacles. Inflation is
China’s recovery, once a cornerstone of global projected to fall further to 4.3% in 2025 and 3.6% in
momentum, remained hesitant. Sluggish consumer 2026, but service sector inflation remains sticky, and
demand and ongoing stress in the property sector trade disruptions could yet spark fresh cost pressures.
weighed heavily. In parallel, investment levels across Merchandise trade, long the engine of global growth,
major economies stagnated, productivity gains stalled, faces an uncertain future. New tariffs and retaliatory
and public debt remained a growing concern. measures risk pulling global trade volumes into
Geopolitical tensions, now more durable than contractionary territory. Encouragingly, recent bilateral
episodic, compounded market uncertainty. A more trade deals suggest that diplomacy is not entirely off
fragmented world economy, shaped by competing the table, even as rhetoric hardens.
spheres of influence and rising trade friction, added
further complexity.
Chairman’s message

growth remained in double digits. Yields softened Equally, we recognise that high performance must be
India enters the new fiscal year across government and corporate debt, reinforcing Our Learning Fest, a three-month underpinned by well-being. The Group took significant
investor confidence. strides in mental and physical health support this year.
with tailwinds intact. GDP growth Group-wide initiative, brought Awareness programmes, counselling services, and a
is projected at 6.5%, with risks India enters the new fiscal year with tailwinds intact. future-critical themes like digital network of trained Emotional First Aiders provided
GDP growth is projected at 6.5%, with risks well critical care to over 1,400 employees and family
well-balanced. Consumption is balanced. Consumption is expected to pick up further. transformation, data analytics,
members. In Mumbai, 99.5% of eligible employees
expected to pick up further. Public Public investment will likely remain a key growth lever, growth mindset, and inspirational completed annual health check-ups. Across the Group,
investment will likely remain a while fiscal consolidation continues. leadership, to the fore. More than businesses tailored wellness initiatives to local contexts,
key growth lever, while fiscal Manufacturing momentum is expected to build, 10,000 employees participated, ensuring impact with empathy.

consolidation continues. supported by the Production Linked Incentive (PLI) from factory floors to corporate Employee engagement levels remain among the
scheme and the new National Manufacturing Mission. highest in the industry. Our internal survey, ABG Vibes
Infrastructure will remain a priority, buoyed by offices, reflecting a culture where
2025, reported a 91% engagement score. 87% of
initiatives under Gati Shakti, higher allocations for learning is universal. employees indicated a strong intent to build
India in 2024-25: Standing strong affordable housing, and a renewed push under the Asset long-term careers within the Group. These numbers not
in a fractured world Monetisation Plan. only exceed external benchmarks but also speak to the
The external sector outlook, though exposed to global A robust pipeline of talent is the cornerstone of emotional equity we have built over time.
India emerged as an outlier of stability and momentum
in a world adrift. With projected GDP growth of turbulence, remains cautiously optimistic. Ongoing trade any sustainable business. Internal hiring rose to Our people philosophy extends beyond the workplace.
6.4–6.5%, it retained its crown as the fastest-growing negotiations and regional partnerships offer a buffer 76% at senior levels (up from 72%) and to 70% at Through the A World of Opportunities Foundation,
major economy. The final quarter surged to 7.4%, against a volatile trade landscape. mid and junior levels (from 54%), reinforcing our 203 scholarships were awarded to students from
powered by construction, manufacturing, and sustained commitment to growing from within. Among critical underprivileged backgrounds. Over 33,000 employees
While global financial market volatility, geopolitical senior leadership roles, 67% were filled by planned
government capital outlay. tensions, and trade fragmentation pose downside risks, contributed H 6.7 crore, reflecting a deep culture of
successors, 19% by other internal talent, and only 14% giving. Since inception, nearly 5,000 scholarships have
Policy credibility, macroeconomic resilience, India's sound macroeconomic fundamentals, robust externally. These figures reflect a healthy blend of
financial sector, and commitment to sustainable growth been granted, and more than 2,000 alumni are now
and diversified growth engines underpinned this self-reliance and fresh perspective. The engine behind gainfully employed across India. Meanwhile, our Deep
performance. Consumption rebounded and exports rose. position the economy to remain the fastest-growing this momentum is a mix of structured leadership
major economy in 2025-26. Volunteering programme enabled 250 employees
Agriculture benefited from favourable monsoons and programmes, mobility frameworks, and strong to contribute directly to grassroots causes, with 16
strong food grain output. Services, still India’s growth mentorship architecture. selected for immersive NGO engagements in remote
mainstay, grew by 7.2%, accounting for over half of gross Aditya Birla Group: Investing in
Learning and development remained the cornerstone areas—living, learning, and giving back.
value added. people, leading with purpose
of our people strategy. Gyanodaya, our Leadership The year culminated with meaningful external
India’s export story was particularly telling. Merchandise In an era of disruption and dynamism, the Aditya Birla and Learning Centre, inaugurated a new recognition. The Aditya Birla Group was named a Top
and services exports reached an all-time high of Group has held firm to a foundational conviction that 1,58,000 sq. ft. campus with cutting-edge Employer 2025 in India by the Top Employers Institute
US$ 824.9 billion, up 6.01% year-on-year, a feat few people are the ultimate differentiator. In FY 2024-25, infrastructure and immersive learning technologies. and featured among Forbes World’s Best Employers.
economies could match amid global headwinds. this belief took on new urgency and new scale. Over 6,300 learners attended programmes across These accolades reaffirm our belief that our people are
Our investments in talent, culture, and capability were future skills, leadership, and functional competencies. the key to our continued success. And in building
Inflation, a lingering concern globally, trended down not just deepened, but future aligned. The Gyanodaya Virtual Campus, our digital learning
decisively. The headline inflation rate eased to 4.6%, a world of opportunities for our people, we deepen our
platform, saw participation from 92% of our own purpose as a Force for Good.
from 5.4% a year earlier, helped by effective supply- Through the year, 13,233 professionals joined us in the workforce, touching nearly 60,000 employees.
side interventions, softening input costs, and timely management cadre across businesses, 76% of whom
monetary policy adjustments. The Reserve Bank of India were under the age of 35. This surge in Gen Z hiring Our Learning Fest, a three-month Group-wide
moved from tightening to a neutral stance in October marks a deliberate pivot to next-generation talent initiative, brought future-critical themes like digital
2024, then back to accommodative in April 2025. that is digital-first, agile, and ambitious. Diversity transformation, data analytics, growth mindset,
hiring accounted for 18%, reflecting our continued and inspirational leadership, to the fore. More than
The financial system stood firm. Balance sheets commitment to inclusion as a business strategy. 10,000 employees participated, from factory floors to
strengthened and asset quality improved. Loan corporate offices, reflecting a culture where learning
is universal.
Chairman’s message

Your Company’s performance Your Company stands shoulder to shoulder with the 2032 (from base year 2017). Aligned with this, in FY 2024-25,
nation, not merely as a cement manufacturer, but your Company reduced its net CO2 emission intensity
Your Company delivered robust growth in as a silent force powering progress from the ground to 549 kg/tonne of cementitious material from
FY 2024-25 despite headwinds such as moderated up. It’s expansive manufacturing footprint in India - 632 kg/tonne cementitious material from base year 2017.
demand, heightened competition, and prevailing comprising 34 integrated units, 30 grinding units, and 9
uncertainties. Your Company reported net revenue of bulk terminals - is optimally located and supported by What gives us pride is not only the scale of what we build,
~$ 8.9 billion (H 75,955 crore) and EBITDA of $ 1.6 billion a robust network of over 1.45 lakhs channel partners, but the intent behind it. Your Company sees sustainability as
(H 13,302 crore). enabling it to cover 80% of the country and serve an opportunity to lead differently - to innovate, to protect,
customers whether in bustling cities or the remotest and to give back.
Your Company’s efforts converge towards a singular goal villages. Whether it’s building bridges that connect
- of building a strong, prosperous, and developed India. Your Company believes that true progress is built, not
cities or homes that nurture families, your Company just measured. Over the years, your Company has played
As the country’s leading cement manufacturer, your takes pride in being a tangible contributor to the India
Company is a key partner in the government’s vision of a pivotal role in fortifying India’s economic growth by
growth story. leading with scale, growing in strength, and by fulfilling its
developing a Viksit Bharat by 2047. In FY 2024-25, your
Company continued to apply the strategic lever of scale As cement demand rises in line with the ~15% CAGR purpose of enriching lives and delivering enduring value to
to reinforce its contribution to nation-building, adding a increase in investments projected in the roads, real all stakeholders. Its contribution to nation-building goes
substantial 42.6 MTPA grey cement production capacity estate, and renewables sectors over FY 2025-26 and beyond material. It is rooted in your Company’s belief in the
to achieve consolidated capacity of 188.8 MTPA. FY 2026-27, your Company’s foundational emphasis on power of infrastructure to transform lives, the potential of
scale and operational efficiencies will strengthen communities to thrive, and the responsibility of industry to
The capacity expansions in FY 2024-25 were driven by its ability to capitalise on emerging growth build an inclusive, resilient, and sustainable future.
both organic and inorganic growth. Your Company opportunities and create purposeful impact through These enduring imperatives will continue to guide your
added 16.3 MTPA of new capacity through planned nation-building, advancing its proposition of Banega Company. As we shape India’s future, we remain committed
organic expansions. It’s growth-accretive and footprint- Toh Badhega India. in our role as a Force for Nation-Building.
expanding acquisitions of India Cements and the cement
business of Kesoram Industries Limited brought another Our net zero goal Conclusion
26.3 MTPA under its fold. With another 3.5 MTPA added
in FY 2025-26, your Company’s global cement capacity As a globally responsible cement producer, your I have long believed that the stronger we grow, the greater
reached 192.26 MTPA. This positions your Company as Company maintains a future-focused commitment to the impact we create. Growth, for us, is a force multiplier.
the only cement company in the world (outside of China) sustainability, the third strategic pillar of its growth It compels us to widen the aperture- to think more boldly
to have 175+ MTPA of cement manufacturing capacity and operational strategy, complementing scale about the difference we can make. It energises us to
in a single country. This sustained momentum testifies and efficiency. leverage our scale, resources, and leadership to deliver
to your Company's long-term commitment to India's disproportionately better outcomes for all our stakeholders
development agenda. In FY 2024-25, your Company demonstrated leadership - employees, consumers, partners, investors, and society
in sustainability by becoming one of the first industrial at large.
enterprises in India to commission 1 GW of renewable
energy (RE) capacity for captive use. It’s efforts to This dynamic interplay, of purpose and performance,
Your Company’s efforts converge increase the share of green energy in the energy underpinned by our proven ability to synthesise capital,
mix have been gaining momentum year after year. talent, and ideas, is what will shape a truly transformative
towards a singular goal-of future. And through this journey, we will continue to
Your Company is well-positioned to fulfil the RE100
building a strong, prosperous, and commitment of meeting 100% of it’s electricity demonstrate, with quiet conviction, the enduring power
developed India. As the country’s requirement through renewables sources by 2050. of business as a force for good.

largest cement manufacturer, your Your Company is a signatory to the GCCA 2050 Cement
Company is a key partner in the and Concrete Industry Roadmap for Net Zero Concrete,
government’s vision of developing and has pledged to produce carbon-neutral concrete
by 2050. As part of its roadmap to Net Zero, it aims to
a Viksit Bharat by 2047. reduce its net Scope 1 CO2 emission intensity by 27% by Kumar Mangalam Birla
Chairman
 What’s inside

UltraTech Cement Limited is the Introduction ESG performance

cement flagship company of the 10 About the report

12 FY 2024-25 highlights
48 Stakeholder engagement
52 Double materiality

Aditya Birla Group. A ~$9 billion 14 ESG dashboard

16 Message from the Managing Director
65 ESG strategy
66 Environment

building solutions powerhouse, 20 Year in review

22 A Force for Nation-Building
98 Social
138 Governance

we are India’s #1 cement 24 Built for more

26 Sustainable by design Statutory reports

company*, with operations Corporate overview

156 Standalone Financial Highlights
158 Directors’ Report and Management

spanning the UAE, Bahrain,

28 About UltraTech Discussion and Analysis
30 Where we operate 206 Report on Corporate Governance

Sri Lanka and India.

32 Product portfolio 232 Shareholder Information
34 How we create value 246 Social Report
36 Board of Directors 252 Business Responsibility and Sustainability Report
40 Management team
41 Awards and recognition Financial statements
295 Standalone Financial Statements
Strategic review
400 Consolidated Financial Statements
42 Megatrends and opportunities
44 Financial and operational performance Annexures
46 Strategic priorities 511 Sustainability scorecard
518 GCCA KPIs
519 GRI content index
523 Independent assurance statement

Largest 3rd Largest One of the Additional resources

Manufacturer cement largest
Products
of grey cement manufacturer white cement www.ultratechcement.com/user-journeys
and Ready-Mix in the world by manufacturers Report available online at Sustainability
Concrete (RMC) capacity in India https://www.ultratechcement.com/corporate/
investors-/financials-
https://www.ultratechcement.com/corporate/
sustainability/sustainability
in India (excluding China)
Website Investors
www.ultratechcement.com https://www.ultratechcement.com/corporate/investors-/
investor-center

*UltraTech-India’s no.1 Cement – visit https://www.ultratechcement.com for claim details

 Introduction

About the report

Scope and boundary Standards we use We are dedicated in generating value across all six Targeted readers
capitals through strong governance. To achieve this,
This report details the comprehensive operations of we have implemented several strategies, including, This Report underscores our commitment to
UltraTech Cement Limited, covering all manufacturing cost minimisation, comprehensive training for all Environmental, Social and Governance (ESG)
units, subsidiaries and bulk terminals across India, internal stakeholders, investment in research and principles whilst providing a comprehensive overview
Sri Lanka, the UAE and Bahrain. We have ensured community collaboration. of our performance in these crucial areas for the
that over 90% of our operations are included in our benefit of our broad stakeholder base. This includes
environmental and social reporting. Notably, our We assess the effectiveness of these initiatives by employees, contractors, investors, customers,
organisational structure and supply chain have remained Evaluated by analysing feedback from both internal and external suppliers, local communities, lenders, bankers, and
consistent with the previous year. stakeholders through various channels and by governmental authorities.
conducting rigorous assessments and audits.
Subsidiaries covered in the Report Our involvement in global forums helps us align Precautionary statement
our activities with global best practices and gain
• Harish Cement Limited vital insights from stakeholders. Additionally, We adopt a precautionary approach to the
• Gotan Limestone Khanij Udyog Private Limited third-party assessments and audits play a critical environmental impact of our operation. We have
• Bhagwati Lime Stone Company Private Limited role in identifying areas for improvement. incorporated state-of-the-art technology in both
• UltraTech Cement Lanka (Pvt.) Limited cement manufacturing and mining to significantly
• UltraTech Cement Middle East Investments Limited Commitment on curtail our ecological footprint, and we continue to build
• Letein Valley Cement Ltd. on these efforts. Furthermore, we have implemented
• The India Cements Limited (Q4 FY 2024-25) Capitals impacted comprehensive Environment, Health, and Safety (EHS)
management systems across all our units to proactively
Reporting period FC Financial MC Manufactured monitor and address any potential issues.
1st April, 2024 to 31st March, 2025
Assurance
IC Intellectual HC Human
This report has been audited by an independent
SRC Social and NC Natural external auditor, BDO India LLP, who conducted
Relationship a thorough assurance.

Find the assurance report on page 523

In alignment with UNSDGs

Feedback Registered Office Address

UltraTech Cement Limited, B Wing, Ahura Centre,
Your feedback, enquiries and 2nd Floor, Mahakali Caves Road, Andheri (E), Mumbai,
suggestions on any aspect of our sustainability Maharashtra – 400 093, India
performance are welcome.
Phone: +91 22 6691 7800
Email: [email protected]

10 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 11

 Introduction

FY 2024-25 highlights

Growing with Operational

purpose 13.6%
Grey cement sales (MMT)

133.14
Sales Volume growth FY 2024-25 133.14
– Grey cement
Key metrics from FY 2023-24 117.20
FY 2024-25 showcasing our FY 2022-23 104.09
financial strength, operational
scale and sustainability progress.
A clear view of our performance
13.64%
Grey cement
across the business. production
Grey cement production (MMT)

131.64
14.1% 131.64
FY 2024-25

FY 2023-24 115.84
Sales volume growth
FY 2022-23 103.13

Financial Sustainability

Net revenue (C in crores)

Scope 1 net CO2 emission (in kgCO2/t cementitious material)

75,955 1.2% 549

FY 2024-25 75,955
Reduction in
Scope 1 net CO2 emission FY 2024-25 549
FY 2023-24 70,908 from last year
FY 2023-24 556
FY 2022-23 63,240

7.1%
FY 2022-23 557

Revenue growth PAT (C in crores)

26.36%
Increase in Green energy mix (%)
6,309 green energy mix

27.8
FY 2024-25 6,309
FY 2024-25 27.8
FY 2023-24 7,005
FY 2023-24 22
FY 2022-23 5,064
FY 2022-23 19.27

12 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 13

 Introduction

ESG dashboard

Impact in
numbers Environment
FOCUS AREA TARGET STATUS

A snapshot of our environmental,

social, and governance outcomes from Climate change 27% Reduction in Scope 1 GHG intensity
by 2032 from the base year of 2017
13%
FY 2024–25, reflecting where we stand, mitigation-
and how far we have come, in our decarbonisation 69% Reduction in Scope 2 GHG intensity
by 2032 from the base year of 2017 SBTi Commitment
sustainability journey.
Net Zero emissions by 2050

Green 85% Green energy mix by 2030

27.8%
energy mix 100% RE by 2050

Water positive 5X
4.9x

Social Governance
FOCUS AREA STATUS FOCUS AREA STATUS

Training hours 23.9 Women on 30%

per employee Board
Women in 5%
workforce

LTIFR 0.21 Board 50%

independence
Lives touched 1.8
CSA Score 2024: 73 Climate Action (2024): B ESG Score (2023): 57 NSE: 62
million
CSA Rank 2024 Water Security (2024): B
DJSI Sector Construction Supplier Engagement
Materials: 9 Assessment (2024): B ESG Rating (2024): B

14 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 15

 Introduction

Message from the Managing Director

Nation-building Dear shareholders,

The India growth story remained resilient in FY 2024-25
10.1%
Increase in
42.6 MTPA
Consolidated grey

through scale
despite global volatility. The global economy grew by budgetary cement capacity
3.3% in 2024, overcoming economic disruptions caused allocations to the addition
by geopolitical instability. One of the contributing infrastructure
factors has been the soft landing of the world’s largest

and sustainability
sector
economy - the United States, which avoided a recession
and recorded GDP growth of 2.8%.

However, risks to growth remain elevated as the global This is a positive development for the cement industry
economy undergoes a reset – with the recalibration of as the infrastructure sector accounts for ~29%-31% of
globalisation and potentially disruptive technological domestic cement demand. Additionally, 12 key states
advancements. In addition, heightened tariff policy that account for 63%-65% of cement demand have
uncertainty, increasing protectionism, supply chain cumulatively increased their infrastructure budgets by
challenges, diminishing business sentiment, and 11% for FY 2025-26. Rural housing, which contributes
"UltraTech stands at persistent geopolitical instability pose significant risks 32%-34% to cement consumption, is also expected
to global growth in the year ahead. The World Bank to witness a boost, supported by a normal monsoon,
the forefront of India’s projects the global economy to slow down to 2.3% in improving agricultural incomes, and faster execution of
development journey. CY 2024-25, the lowest since 2008. In this scenario, the the PMAY scheme.
As the country’s leading India story holds tremendous potential.
While cement demand moderated to ~4%-5% in
cement and ready-mix India shining FY 2024-25 owing to a temporary slowdown in
concrete company, and government infrastructure spending and a prolonged
India, now the fourth-largest economy in the world, monsoon, it is likely to rebound to 6%-7% in FY 2025-26.
the third-largest globally continues to shine as the fastest-growing major
(ex-China), we are well economy. GDP growth is projected at 6.5% in As the third-largest cement company in the world
(ex-China) and as India’s leading cement and ready-
positioned to harness FY 2025-26, driven by domestic factors and benefits of
mix-concrete company, UltraTech is well positioned
shifts in global supply chains, although global headwinds
emerging opportunities. may still pose some risks. to leverage this opportunity. Your Company has long
Our steadfast commitment powered India’s infrastructure build-out and economic
A normal monsoon, easing food inflation, lower growth. Our long-term trajectory of expanding scale,
to scale, sustainability, and borrowing costs due to reduced interest rates, and advancing sustainability, and harnessing innovation will
innovation continues to supportive tax measures are likely to boost rural further power our nation-building drive.
drive value and support and urban consumption. Continued investment in
infrastructure, along with growth in manufacturing Scaled-up performance
the nation’s long-term and services sectors, is expected to provide further
growth ambitions." momentum to the economy. Your Company’s ability to balance resilience and agility
was the defining arc of its performance in FY 2024-25.
Infrastructure stimulus We remained focused on long-term growth, despite
muted demand and pricing pressures by significantly
In recent years, the government has focused on expanding capacities. By investing more than
infrastructure as the key driver of India’s transformation H 9,000 crores in organic capex, we supported the engine
into an advanced economy. The 10.1% increase in of private sector spending in the Indian economy—thus
budgetary allocations to the sector to participating in India’s GDP growth, which has been
H 11.21 lakhs crores in FY 2025-26 will sustain this over-reliant on the single engine of government
momentum. Notably, this includes an 18% rise in spending in recent times.
spending by the Ministry of Housing and Urban Affairs,
with healthy provisions for flagship schemes such as the
Pradhan Mantri Awas Yojana (PMAY).

Integrated and Sustainability Report 2024-25 17

 Introduction

Message from the Managing Director

investments over the next two years for improvement in

We also operationalised our first all areas of operations to bring these assets at par with K 75,955 crores 85% In a novel waste management
UltraTech standards. Net Revenue Total green energy
bulk terminal in Uttar Pradesh with in FY 2024-25 share by 2030 initiative, your Company partnered
1.8 MTPA capacity. As a building Your Company has allocated around H 9,000 to with the Prayagraj Nagar Nigam
H 10,000 crores for capex in FY 2025-26, and has
solutions provider, we further 28.8 MTPA of organic capacity additions planned by during the Maha Kumbh for a
strengthened our white cement- FY 2026-27. Mahakumbh ka Mahasankalp drive,
based wall putty business with the collecting over 400 metric tonnes
acquisition of Wonder WallCare.
Overall, your Company’s performance in
FY 2024-25 is a clear reflection of our long-term
116.8 million KL of plastic waste for use as an
future-ready strategy. We achieved net revenue of Water harvested
across our plants, alternative fuel at our Dalla
H 75,955 crores with consolidated sales volume growth
of 14%. At H 13,302 crores, our EBITDA registered a mines and Cement Works.
Your Company added 42.6 MTPA of consolidated grey marginal decline compared with FY 2023-24, as tepid communities
cement capacity through organic and inorganic growth demand conditions lowered price realisation. Although
in FY 2024-25, taking total capacity to 188.8 MTPA our net debt to EBITDA ratio rose to 1.33x in March 2025,
(including overseas capacity of 5.4 MTPA). In FY 2025-26, we anticipate higher volume growth and an improving
as of 30th June, 2025 your Company commissioned an EBITDA profile to reduce this rapidly. Water stress continues to intensify across India, affecting Looking ahead
additional 3.5 MTPA bringing the consolidated capacity lives and livelihoods, especially those of vulnerable
communities. As a responsible business with an acute Your Company’s efforts in FY 2024-25 have enhanced
to 192.26 MTPA and accelerating our journey towards the Aligning growth with sustainability its resilience in a rapidly evolving environment while
200 MTPA capacity milestone. focus on water conservation, we achieved 4.9 times
At UltraTech, our growth is deeply rooted in our water positivity in FY 2024-25, conserving over empowering it to unlock new avenues for growth. We
Our strategic acquisitions of India Cements and the commitment to sustainability, which serves as a 120.38 million cubic metres of water and achieving a remain committed to enhancing operational efficiencies,
cement business of Kesoram Industries Limited brought strategic foundation for long-term value creation. In net water footprint of 126.9 litre/tonne cementitious fortifying our brand, and strengthening our market
in 26.3 MTPA of grey cement capacity. Additionally, we FY 2024-25, we strengthened our efforts to advance material used in our cement operations. Through our leading position as a comprehensive building solutions
added 16.3 MTPA through organic expansions, which, our Net Zero goals by making significant progress in extensive community watershed initiatives, we have provider. To this end, we are making a foray into
accounted for ~55% of India’s total cement sector our key focus areas of sustainability: decarbonisation, helped create a cumulative capacity of 16.2 million cubic the wires and cables segment with a capex of
expansion in FY 2024-25, further reinforcing UltraTech’s energy transition, circular economy, biodiversity metres of rainwater harvesting structures, and harvested ~ H 1,800 crores over the next two years, and will
industry leading position. management, water conservation, safe operations and 116.8 million KL of water across our plants, mines commission a new plant in Bharuch in FY 2026-27.
community development. and communities. The cement sector continues to be central to
We also operationalised our first bulk terminal in
Uttar Pradesh with 1.8 MTPA capacity. As a building Putting this commitment into action, UltraTech achieved infrastructure development, powering the creation of
Advancing circularity new homes, highways, and key structures that shape
solutions provider, we further strengthened our white an installed renewable energy (RE) capacity of
cement-based wall putty business with the acquisition of 1.02 GW in FY 2024-25, becoming one of the first Your Company also intensified its circularity efforts in the country’s progress. Cement goes hand in hand with
Wonder WallCare. industrial companies in India to cross this milestone. FY 2024-25. We achieved a thermal substitution rate of a nation’s journey of development, and I am pleased to
With an increase of 66.66% in our RE capacity along 5.7%. We also utilised 44.15 million tonnes of recycled share that the UltraTech story remains closely aligned
On the front foot with a 26.25% increase in our WHRS capacity from and alternative raw materials in cement production. We with the goal of nation-building.
FY 2023-24, our total green energy capacity stands at used nearly 30 million tonnes of fly ash to make blended As a force for nation-building, your Company will
The acquisitions of India Cements and the cement 1,372 MW, representing 46% of our energy mix. UltraTech cement. In addition, we co-processed 8,769 tonnes of
business of Kesoram Industries Limited have significantly continue to strengthen the infrastructural backbone of
plans to increase its total green energy share to 85% industrial waste, 14.12 lakhs tonnes of municipal solid the country, drive sustainable development, and deliver
strengthened our footprint in the attractive markets by 2030. waste, and 6.75 lakhs tonnes of agro-waste as alternative
of South India. We are unlocking further value through long-term value to all our shareholders.
fuels in our kilns.
energy and efficiency initiatives. For instance, at the As a part of our decarbonisation target of reducing our
erstwhile Kesoram units, we are expanding green energy net Scope 1 carbon intensity by 27% by 2032, In a novel waste management initiative, your Company K. C. Jhanwar
capacity by 107 MW to enhance operational efficiencies. we decreased our net CO2 emission intensity to partnered with the Prayagraj Nagar Nigam during the Managing Director
549 kg/tonne of cementitious material in FY 2024-25. Maha Kumbh for a Mahakumbh ka Mahasankalp drive,
Efficiency improvements at India Cements have already Committed to achieving no net loss in biodiversity by collecting over 400 metric tonnes of plastic waste for
enabled it to achieve EBITDA break-even in the 2050, we enhanced floral diversity in proximity to our use as an alternative fuel at our Dalla Cement Works.
March 2025 quarter, the very first quarter since our operational sites by planting over 4.6 lakhs saplings.
acquisition. Furthermore, a capex plan is being made for

18 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 19

 Introduction

Year in review

Defining moments

Q1 FY 2024-25
Q4 FY 2024-25

Cemented its Expanded the

position as India’s Company’s footprint
largest cement Effective 1st March, 2025,
manufacturer UltraTech has successfully
completed the acquisition
UltraTech commissioned of the cement business of
two new units to surpass the Kesoram Industries Limited
groundbreaking 150 MTPA grey
cement production

Q2 FY 2024-25 Q3 FY 2024-25

Strengthened Reaffirmed At the forefront Championed green Leveraged innovation Expanded the
international the Company’s of sustainability logistics at scale to decarbonise the Company’s
footprint commitment to UltraTech ranked No.1 in UltraTech announced transport cement sector production
UltraTech acquired an additional sustainability and sustainability in the Cement service contract to deploy UltraTech collaborated with UCLA capabilities
stake in Ras Al Khaimah Co. for and Building Materials 100 more EV trucks in its to pilot a groundbreaking and
ESG goals sector in India by BW logistics operations UltraTech acquired India
White Cement and Construction innovative new decarbonisation Cements, making it a
Materials PSC, making the latter UltraTech raised $500 million Businessworld, topping the technology ZeroCAL
through sustainability sectoral ranking for the subsidiary of the Company
a subsidiary
linked financing fourth consecutive time

20 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 21

 Introduction

A Force for
Nation-building

At UltraTech, the story of year added strength to our long-term

growth trajectory.
nation-building begins at the
source - in limestone belts Even as we scale, we are conscious of
how we do so. Our investments in green
and logistics corridors, in the energy, circularity and alternative fuels
precision of our control rooms are ensuring that growth is balanced
and the scale of our plants that with responsibility. We commissioned
new WHRS and solar capacities,
power India’s most ambitious expanded our use of blended cement,
infrastructure goals. and improved energy efficiency
across plants.
FY 2024-25 was a year of action. We
expanded capacity across key markets, India’s momentum is unmistakable—
strengthened our pan-India footprint and UltraTech is part of that momentum.
through strategic acquisitions, and Through every expansion, innovation,
enhanced operational agility through and sustainability measure, we are
digital integration and logistics building more than capacity. We are
efficiency. The acquisition of The India building a future that India can rely on.
Cements’ assets and Kesoram Industries
Limited's cement business during the

22 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 23

 Introduction

Built
for more Scaling capacity,
shaping markets
From greenfield breakthroughs to smart
Expanding the
playing field
In addition to building smart,
acquisitions, UltraTech added 16.3 MTPA of the Company also acquired smart. In
fresh grey cement capacity in FY 2024-25, December 2024, the India Cements Limited
bringing its consolidated domestic grey cement became a subsidiary, adding 14.45 MTPA and
capacity to 183.36 MTPA. The Company’s deepening UltraTech’s footprint in the South.
total grey cement capacity, including overseas Just three months later, the cement business
operations, touched 188.88 MTPA, solidifying of Kesoram Industries Limited transitioned
UltraTech’s stature as one of the world’s leading into UltraTech, adding another 10.75 MTPA.
cement manufacturers. Together, these moves unlocked access to
high-potential regional markets and operating
synergies across the board.

Mr. Vivek Agrawal

Whole-time Director &
Chief Marketing Officer

UltraTech is building on its As a trusted partner, whether for an

superlative reach till the last mile individual home builder on their home-
building journey or a large customer
and partnering India in its growth executing a world-class infrastructure
journey. project, we are fuelling aspirations by
offering high-quality products, services and
Our extensive manufacturing footprint is solutions at scale.
complemented by a paperless and digitised
logistics ecosystem, ensuring superior With UltraTech as a force for nation-
service levels across customer segments. building, we firmly believe in Banega Toh
FY 2024–25 was a defining chapter in With contemporary digital tools at their Badhega India and in the idea that the
true value of a metro, road or bridge lies
UltraTech Cement’s growth journey, disposal, our channel partners, influencers,
not in its grandeur, but in its impact on
suppliers and field teams are able to
with strategic moves that reshaped
16.3 MTPA offer differentiated solutions to home people’s lives.
the scale and map of the business. builders and project sites, even in remote
As a force for nation-building, Grey cement capacity added rural locations.

this growth strengthens India’s in FY 2024-25

infrastructure backbone and drives
progress nationwide.

24 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 25

 Introduction

Sustainable
100%
by design Emission-free
Electric vehicles used for clinker
movement from integrated units
to grinding units

Plugging into
electric mobility
Electric vehicles are gradually becoming
part of UltraTech’s local delivery fleet,
particularly for last-mile journeys. These
silent movers reduce air and noise
pollution, while lowering the carbon
footprint of transporting cement and
construction materials across urban and
semi-urban areas. With each deployment,
the Company is learning, scaling, and Taking the
shaping a logistics system that mirrors the water way
future it wants to build.
UltraTech is also looking to India’s rivers as a viable
alternative to crowded highways. UltraTech became
the first Indian cement company to transport a
large consignment of mineral gypsum at scale via
National Waterway 1 (NW-1) or Ganga-Bhagirathi-
Small shifts, Hooghly river system, a 1,620 km river system that
runs from Prayagraj in Uttar Pradesh to Haldia in
big impact West Bengal.
Together, these initiatives reflect a broader
transition - one where sustainability is not
an afterthought but part of operational
design. As UltraTech continues to push
boundaries in green cement, circularity, and
energy efficiency, transforming logistics is a
natural progression.

26 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 27

 Corporate overview

About UltraTech

Strength
that Our Vision Our Strategy Enhancing
builds To be The Leader in building
solutions
stakeholder
value
UltraTech Cement Limited, the Capacity and
cement flagship company of the Our Mission leadership
We are driven by a passion
to provide top-quality
Aditya Birla Group, stands as a
To deliver superior value to products and solutions that
formidable building solutions
our stakeholders on the four create sustainable value and
powerhouse. We are the only
pillars of: Customer offer unparalleled customer
cement company in the world
centricity experiences.
(outside of China) to boast • Sustainability
an impressive 183.36 MTPA of • Innovation team
cement manufacturing capacity Socially Profitable
• Empowerment
within a single country. Cost responsible growth
• Customer centricity
competitiveness

Our Core Sustainability

strengths
We aspire to lead in the building
solutions industry and conduct Low capex and Premium Strong
ourselves with fairness and high ROCE brand financials
transparency
• Experienced and reputed
management
• Integrated operations
2.6 MTPA • Industry-leading brand
White Cement (one unit) and
Wall Care (three units) capacity • Extensive distribution network

28 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 29

 Corporate overview

Where we operate

Presence
with purpose 1.0
MTPA
We have firmly established a robust Bahrain
manufacturing and distribution
presence, across both domestic and
international markets. Our widespread
4.4
operational footprint enables us Nationwide reach MTPA
to stay closer to customers, ensure UAE
With an extensive network
timely delivery, and support local of facilities and operations
economies across the country. spanning the entire country,
we are strategically positioned
at the forefront of every major
construction initiative.

50,000+ 1.5
Truck fleet
MTPA
30,000+
Sri Lanka

Network Destinations served

Our expansive network
delivers reliable service,
seamlessly linking
products to projects.
25,000+
Daily truck movement

37,000+ 60+ Proportion of total capacity (Cement)

Dealers Daily rake movement

19.2% 18.1% 27.5% Integrated Unit

1,08,000+ 1,350
Grinding Unit
North India East India South India Bulk Terminals

Retailers Warehouses
18.2% 17.0%
Jetty
White Cement

4,615 300+ West India Central India

UBS outlets Railheads

Note: Map not to scale

30 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 31

 Corporate overview

Product portfolio

Engineered Greenvantage products Contemporary

for every build GreenPro certified specialist

products for strong, durable,
and green future First and largest single brand
retail chain across India
• Waterproofing systems
From core cement grades to smart building products, our • Tile and marble binders • One-stop building solutions for retail customers,
offerings cater to diverse construction needs - delivering • Plaster and mortar available at 4,615 outlets across 23 States
• Industrial and precision grouts • Over 75% of these outlets are located in rural
quality, durability, and innovation at every step. • Repair and rehabilitation and Tier 3 geographies
• Flooring screed • Partnerships with leading brands ensure
quality construction products for individual
Ready-mix concrete home builders

Enviroplus Supreme
• Reduces up to 50% of embodied CO2
• Recommended for foundations, rafts, piles,
pavements and similar structures Re-engineered products
• Achieves more than 50% strength in 7 days from the house of UltraTech
• Has very high long-term strength gain therefore
increasing the life of the structure Building products
Enviroplus Enhanced Dry mix mortars
• Reduces up to 40% of embodied CO2 • Tile and marble binders
• Achieves more than 60% strength in 7 days • Plasters and mortars
• Can be used for all types of building and • Industrial and
structural construction with enhanced durability precision grouts
of structure • Repair and rehabilitation
• Flooring screed
Conventional Enviroplus Classic Waterproofing
• Reduces up to 30% of embodied CO2 • Liquid Waterproofing
• Ideal for all building and structural construction • Cementitious Waterproofing
• Achieves more than 70% strength in 7 days

India’s largest #1 in white cement and #1 RMC player GreenPro certified Very
cement selling brand cement-based putty in India Amazing Concrete range
of concrete solutions
Grey cement products White cement RMC
products • FreeFlow+
• Ordinary Portland Cement • Tailor-made concrete solutions • LiteCon
• Portland Pozzolana Cement • White Cement with 27 specialty concretes, • Pervious
• Portland Pozzolana Super • Wall care putty based on application • Zip
• Composite Cement • Value-added product • Aquaseal
• Weather Plus • Rapid
• Portland Slag Cement • Thermocon

32 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 33

 Corporate overview

How we create value

Turning resources From core cement grades to smart building products, our
offerings cater to diverse construction needs - delivering
quality, durability, and innovation at every step.
into results
Inputs
Pe Outcomes
rf
or
m
FC Financial capital Outputs FC Financial capital

an
42

ce
PG
• Debt: L 17,669 crores • Cement sales: 135.83 MMT • Revenue growth (YoY): 7.1%
• Equity: L 73,890 crores • Contribution of blended • EBITDA margin (YoY): 18%

PG
t
• Gross Capex: L 9,129 crores • ROE: 10.1%

en
cement to total sales: 69.8%

44
nm
Our vision
MC Manufactured capital MC Manufactured capital

Str
CO2 Emissions
• Grey cement production capacity: 188.88 MTPA viro To be The Leader in • Capacity utilisation of installed capacity: 78%

ate
• Scope 1: 8,11,07,852 tCO2
l en
• Integrated units: 35 building solutions • Scope 2: 18,84,214 tCO2 • Bags of cement produced: 2.7 billion per year

gy
• Grinding units: 34 • Scope 3*: 1,27,11,287 tCO2
Externa

• Bulk Terminals: 10

and re
IC Intellectual capital
Activities
Products • Patents granted: 6
IC Intellectual capital Marketing • New products developed: 5
Conventional

source allocatio
• R&D expenditure: L 29.14 crores • Distribution
• Patents filed: 10 • Grey cement products
PG 152

• Sales • White cement products HC Human capital

• Innovations in Product Stewardship and LCA: • Building Solutions
4 products • Ready-mix concrete solutions • Lost time injury rate
Associate functions (Per million man-hours): 0.21
Contemporary • No. of fatalities: 8
t

HC Human capital • Finance

em e n

• Waterproofing • Retention rate: 86%

• Employee benefit expenses: L 3,605 crores • Human Resource • Dry mix
• Total employees: 27,930 • Technical Services

n
NC Natural capital
g

• Average training hours per employee: 23.80 • Logistics Greenvantage products

a

• Procurement • Reduction in net specific emissions

an

• Green-pro certified range of

PG
• Information Technology (Scope 1) from baseline of 2017: 13%
m

Very Amazing Concrete

46
NC Natural capital • Legal • Thermal substitution rate: 5.7%
• Green-pro certified range of
k
Ri s

• WHRS energy capacity: 351 MW

Go
Specialist building solutions
• Renewable energy capacity: 1,020 MW • EnviroPlus Social and relationship capital

v
SRC

er
• Clinker specific energy consumption: 726 Kcal/kg
• Consumer complaints resolved: 96%

n
• Clinker Factor: 67.9%

a
• Material sourced from MSME vendors: 16%

n ce
• People benefitting from community
SRC Social and relationship capital PG
development programmes: 1.83 million
13
• Spend on CSR projects: L 165 crores 8

*Excluding India Cements and Kesoram Cement Business

34 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 35

 Corporate overview

Board of Directors*

Strategic direction
Our distinguished Board
brings diverse expertise,
independence, and
strategic oversight,
steering the Company
with clarity, governance,
and foresight.

Mr. Kumar Mangalam Birla Mrs. Rajashree Birla Mr. K. K. Maheshwari Mr. K. C. Jhanwar Mr. Vivek Agrawal
Board Chairman, Non-Executive Director Vice Chairman and Managing Director Whole-time Director &
Non Executive Director Non-Executive Director Chief Marketing Officer
composition
We have a single tier Board Committees
structure with ten members
headed by our Chairman, • Nomination, Remuneration • Corporate Social • Corporate Social
Mr. Kumar Mangalam and Compensation Committee Responsibility Committee Responsibility Committee
Birla, who is Non-Executive. • Stakeholders
Other members of the Relationship Committee
Board comprise of the • Risk Management and
Managing Director, the Sustainability Committee
Whole-time Director & • Finance Committee
Areas of expertise
Chief Marketing Officer, five
Independent Directors, and
two Non-Executive Directors. • Corporate Governance, Legal • Corporate Governance, Legal • Corporate Governance, Legal • Corporate Governance, Legal • Corporate Governance, Legal
For more information on & Compliance & Compliance & Compliance & Compliance & Compliance
the Board composition, • Financial Literacy • General Management • Financial Literacy • Financial Literacy • General Management
refer to the Report on • General Management • Industry Knowledge • General Management • General Management • Human Resource Development
Corporate Governance • Human Resource Development • Sustainability • Human Resource Development • Human Resource Development • Risk Management
forming part of this Report. • Industry Knowledge • Industry Knowledge • Industry Knowledge • Strategic Expertise
• Innovation Technology & Digitisation • Innovation Technology • Innovation Technology • Industry Knowledge
• Marketing & Digitisation & Digitisation • Marketing
• Risk Management • Marketing • Marketing • Innovation, Technology
• Strategic Expertise • Risk Management • Risk Management & Digitisation
• Sustainability • Strategic Expertise • Strategic Expertise • Sustainability
• Sustainability • Sustainability
Tenure

21 Years 21 Years 9 Years 6 Years 1 Year

Meetings attended

100% 75% 75% 100% 100%

*As on 31st March, 2025

36 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 37

 Corporate overview

Board of Directors*

Mr. Anjani Agrawal Dr. Vikas Balia Mrs. Alka Bharucha Mr. Sunil Duggal Ms. Anita Ramachandran
Independent Director Independent Director Independent Director Independent Director Independent Director

Committees
• Audit Committee • Stakeholders • Audit Committee • Stakeholders • Audit Committee
• Finance Committee Relationship Committee • Finance Committee Relationship Committee • Nomination, Remuneration and
• Risk Management and • Nomination, Remuneration and Compensation Committee
Sustainability Committee Compensation Committee • Corporate Social
Responsibility Committee

Areas of expertise
• Corporate Governance, Legal • Corporate Governance, Legal • Corporate Governance, Legal • Corporate Governance, Legal • Corporate Governance, Legal
& Compliance & Compliance & Compliance & Compliance & Compliance
• Financial Literacy • Financial Literacy • Financial Literacy • Financial Literacy • General Management
• General Management • General Management • General Management • General Management • Human Resource Development
• Risk Management • Risk Management • Human Resource Development • Marketing • Industry Knowledge
• Strategic Expertise • Strategic Expertise • Risk Management • Strategic Expertise • Financial Literacy
• Industry Knowledge • Industry Knowledge
• Innovation, Technology • Innovation, Technology
& Digitisation & Digitisation
• Sustainability • Sustainability
• Human
Resource Development

Tenure

~1 Year ~1 Year 9 Years 5 Years ~1 Year

Meetings attended

100% 100% 90% 86% 92%

*As on 31st March, 2025

38 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 39

 Corporate overview

Management team Awards and recognition

Driving execution Recognised.

Our senior leadership team brings deep domain knowledge and executional
agility, navigating challenges and shaping long-term success.
Respected. Rewarded.
External validations of our
performance, innovation, and
sustainability reinforce our 60+
credibility and drive for continuous Awards in FY 2024-25
improvement.

Mr. K. C. Jhanwar UltraTech wins at the first UltraTech named Brand of

Managing Director
RECEIC global symposium the Year at ET Brand Equity
organised by FICCI DigiPlus Awards 2024
UltraTech was recognised as the winner in UltraTech bagged four gold and six trophies
the “Circular Business Model -Matured across three campaigns, including two special
category” within the Indian cement industry awards at ET brand equity digiplus awards, across
at the first-ever Global Symposium and Awards several categories including digital campaigns,
on Resource Efficiency and Circular Economy. mobile marketing, content marketing, industry
and special awards.

Mr. Vivek Agrawal Mr. E. R. Raj Narayanan Mr. Atul Daga

Whole-time Director & Chief Manufacturing Officer Chief Financial Officer I-COM Data Creativity
Chief Marketing Officer Awards 2025
UltraTech Cement won at the I-COM Data Creativity
Awards 2025 in Spain, one of the world’s top
platforms for data-led marketing. Among eight
global winners, UltraTech was celebrated for using
data to position itself as a catalyst for progress,
beyond cement manufacturing.

UltraTech felicitated at the UltraTech shines at the

Mr. Chandrashekhar Chavan Mr. Ashish Dwivedi Mr. Anand Laxshmivarahan R e4m Pitch Top 50 Brands 2024 Advertising Club EMVIES 2025
Chief Human Resource Officer CEO - Birla White Chief Digital and
Information Officer UltraTech was announced as a winner in UltraTech secured 16 trophies, including
the ‘Evergreen’ category, focusing on three gold and seven silver trophies, for
established brands that have adapted to its campaigns ‘Banega Toh Badhega India’,
changing trends and consumer preferences. ‘Yashaswi Pradhan’, ‘Baat Ghar Ki’, and ‘Ghar
Ek Mauka Ek’.
Mr. Sanjeeb Kumar Chatterjee
Company Secretary

40 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 41

 Strategic review

Megatrends and opportunities

Growth enablers

What’s driving Increased

urbanisation
Expansion in the
housing sector
Infrastructure
investments

the future With India's rapid urbanisation,

the urban population is set to rise
from 36% to 40% by 2030, acting
as a key catalyst for increased
The growing aspiration for
homeownership, especially in
the post-pandemic period, is
fuelling expansion in India’s
The Indian government is
strategically prioritising
infrastructure development to
spur economic growth, allocating
cement demand. This shift drives housing sector across both urban a substantial H 11.21 lakhs crores
India stands as the world’s third-largest cement producer, the need for expanded residential and rural regions. As the single in the Union Budget 2025-26 for
with its installed capacity expected to grow at a CAGR of and commercial infrastructure. largest consumer of cement, housing, roads and industrial
4–5% through FY 2026-27, driven by its strong correlation Further compounding this trend, housing currently contributes projects, which is set to significantly
a reduction in average household approximately 65% to the boost cement demand. Further
with GDP growth, significantly lower per capita consumption, size from 5.3 in 2011 to 4.6 in country’s overall cement demand. bolstering this, the Ministry of Road
and supportive government policies for infrastructure, 2019 translates into a higher With continued growth expected, Transport and Highways received
smart cities, and affordable housing. Despite a slowdown in number of housing units required. the sector will remain a major H 2,87,333 crores, an increase of 3%.
An estimated H 67 trillion market demand driver, playing a pivotal Initiatives like the 'PM Gati Shakti-
FY 2024-25, these structural factors position the industry for opportunity in affordable housing role in shaping the trajectory of National Master Plan' and the
sustained demand and capacity expansion. also reinforces the strong long-term the cement industry and India’s Smart Cities Mission are expected
outlook for cement consumption. broader infrastructure landscape. to stimulate future cement
consumption across India.

63 crores 65%
Urban population Of cement demand stems K 11.21 lakhs crores
of India by 2030 from housing sector Budgetary support for
infrastructure in FY 2025-26

Quantifying India’s development journey

Sustainability
Sustainability has become a critical imperative, with the industry facing pressure to decarbonise due to its
substantial 6% contribution to India's GHG emissions and the nation's 2070 net-zero target.
Economic Indian cement Demographic Digitisation
growth industry dividend in India Our response
India is projected to India's cement With a middle class of India’s digital economy At UltraTech, sustainability is fundamentally embedded within our strategic priorities. We are committed to
become a $10-trillion industry is poised for over 500 million, expected to grow twice achieve Net Zero concrete by 2050. We are in process of developing a comprehensive strategy and roadmap
economy by 2035 rapid growth, driven a labour pool of as fast as the overall to achieve our objective in line with the Paris Agreement's ambitious target of limiting global warming to
and third economic by urbanisation, 600 million and a economy, contributing 1.5°C, by 2026.
superpower by 2037. infrastructure median age of 29, to one-fifth of national
Source: CEBR
development and India has a potential income by FY 2029-30.
government initiatives, demographic Source: Ministry of Electronics & IT
Sustainable Versatile High-performing and
with demand projected dividend to last for Concrete is local, affordable, Concrete opens infinite possibilities resilient
to hit 660 MT by 2030 the next 30 years. and recyclable. We are with its design flexibility, Concrete protects our homes, cities,
and capacity reaching Source: GIS report decarbonising it with our making it the ideal material to and infrastructure like no other
800 MT. green products. make everything from high-rise material, resisting disasters — from
Source: Arthur D Little buildings and housing, from fires and floods to earthquakes.
3D printing to high-strength
prefabricated structures.

42 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 43

 Strategic review

Financial and operational performance

Balance sheet

Turning scale
Capital Employed (C in crores) ROE (Excluding Goodwill) (%)

1,06,435 10.1
into strength FY 2024-25

FY 2023-24

FY 2022-23
77,025
70,535
1,06,435 FY 2024-25

FY 2023-24

FY 2022-23
10.1

11.0
13.7

FY 2024-25 was a year of consistent performance across key parameters, FY 2021-22 66,652 FY 2021-22 13.8
driven by strategic execution, operating leverage, and market resilience. FY 2020-21 70,702 FY 2020-21 15.4

Net debt/Equity (times) Net Debt/EBITDA (times)

Profit and loss
0.24 1.33
Net revenue (C in crores) EBITDA (C in crores)

75,955 13,302
FY 2024-25 0.24 FY 2024-25 1.33
FY 2023-24 0.05 FY 2023-24 0.20
FY 2022-23 0.05 FY 2022-23 0.24
FY 2024-25 75,955 FY 2024-25 13,302 FY 2021-22 0.08 FY 2021-22 0.32
FY 2023-24 70,908 FY 2023-24 13,586 FY 2020-21 0.15 FY 2020-21 0.55
FY 2022-23 63,340 FY 2022-23 11,123
FY 2021-22 52,599 FY 2021-22 12,022 ROCE (Excluding Goodwill) (%)
FY 2020-21 44,726 FY 2020-21 12,302
11.0
EBITDA/tonne (C) PAT after Minority Interest-Normalised 11.0

6,039
FY 2024-25

979
(C in crores)
FY 2023-24 14.2
FY 2022-23 12.0
FY 2024-25 979 FY 2024-25 6,039 FY 2021-22 13.6
FY 2023-24 1,141 FY 2023-24 7,005 FY 2020-21 13.9
FY 2022-23 1,052 FY 2022-23 5,064
FY 2021-22 1,279 FY 2021-22 5,667 Operational
FY 2020-21 1,424 5,463
FY 2020-21
Production (MMT) Sales Volume – Grey Cement (MMT)

Normalised EPS (C) Book Value (C)

FY 2024-25
92.48
131.64
133.14
205.3 2,507 FY 2023-24
80.92
115.84
FY 2024-25

FY 2023-24
133.14
117.20
FY 2022-23
103.13
FY 2024-25 205.3 FY 2024-25 2,507 74.14 FY 2022-23 104.09
FY 2023-24 243.05 FY 2023-24 2,088 90.36 FY 2021-22 92.53
FY 2021-22
67.85
FY 2022-23 175.63 FY 2022-23 1,884 FY 2020-21 85.10
FY 2021-22 196.46 FY 2021-22 1,747 FY 2020-21
82.72
61.08
FY 2020-21 189.40 FY 2020-21 1,487 Clinker Cement

44 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 45

 Strategic review

Strategic priorities

The roadmap ahead

Capacity and Customer Cost
leadership centricity competitiveness
Focus Areas Focus Areas Focus Areas
• Expand production capacity to • Enhance customer reach • Achieve the lowest cost of
Our strategic agenda is anchored in scale, innovation, and sustainability, reinforce leadership and address • Establish new Bulk Terminals/ production in micro-markets
positioning us for resilient growth and relevance in a changing world. increasing demand Grinding Units
Highlights
Highlights Highlights To be lowest cost producer in
H 32,400 crores Capex Closer to market the industry
over the next three years
Progress in FY 2024-25 Progress in FY 2024-25
Progress in FY 2024-25 Lead distance reduced to 384 km Cost savings of
42.6 MTPA grey cement H 86 per tonne achieved
capacity added through various initiatives

Capitals aligned Capitals aligned Capitals aligned

ompetitiveness
Cost C MC FC SRC MC FC IC
ity Sus
ntric tai
Ce na
er bi
lit
UNSDGs aligned UNSDGs aligned UNSDGs aligned
om y
t
s
Cu

Lo
Leade y and

w C ROCE
Low gh ROC
Hig apex an
ip
rsh

ape
Hi

h
it

C
Sustainability Low Capex and
Capac

x and
Strategic high ROCE
Focus Areas
priorities
E
d
• Focus on producing low Focus Areas
carbon cement • Prioritise investments
Enhancing • Increase the use of
Socially
that improve returns on
Profita

alternative fuels
nsible

stakeholder capital employed

value Highlights Highlights
ble G

Re
espo

• Achieved 67.9 % clinker factor Leverage manufactured capital

sp

• Achieved 5.7% Thermal

row

ons
lly R

Substitution Rate (TSR) Progress in FY 2024-25

ibl
th

cia

• 21.0 lakhs tonnes of total ROCE of 11%

e
So

alternative fuels used in place of

Conventional Fuels
In an
d

no Br
s
In

va Progress in FY 2024-25 FC Financial capital

er

tio ium
te

et

n em • 2.4% reduction in clinker factor

gr

ti o Pr
m

a • 9.6 % increase in TSR MC Manufactured capital

r
a

n
of
Strong Financials pa
En G) Capitals aligned Capitals aligned IC Intellectual capital
ES
vir
onm e(
a nc
HC NC FC IC HC Human capital
enta rn
l , S o ci al , an d G ove UNSDGs aligned UNSDGs aligned NC Natural capital
Social and
SRC
relationship capital

46 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 47

 ESG performance

Stakeholder engagement

Shared Industry associations

Need for Importance of Engagement Frequency of Value created

perspectives
engagement relationship platforms engagement

Enable us to Collaboration on • Meetings • Annually Facilitating innovation

engage in cutting key policy issues • Participation in governance bodies • As and and knowledge exchange
edge research • Website when required by sharing expertise
and advocate • Integrated and Sustainability Report with industry peers and
for sustainability • GCCA Global and GCCA India stakeholders through
• Confederation of Indian Industry conferences, seminars,
• Indian Green Building Council and workshops
• Bureau of Energy Efficiency
• World Business Council for
We stay attuned to the • Sustainable
Development
expectations of those who matter • Cement Manufacturing
most - our stakeholders. Our approach Association
• Department of Science
Through ongoing dialogue, and Technology
Our approach to stakeholder engagement is • Academia
we foster mutual respect and both proactive and responsive. We actively
responsive action. seek input and feedback through diverse
channels, allowing us to gain valuable insights.
This ensures we carefully consider their
perspectives and seamlessly incorporate their
suggestions into our strategies and operations. Shareholders, lenders, and investors
Need for Importance of Engagement Frequency of Value created
engagement relationship platforms engagement

Enable us Financial • Integrated and Sustainability • Quarterly Maintaining a solid balance

to understand capital provider • Report and regulatory filings • Annually sheet to reduce potential
stakeholder's • General Meetings • As and risks and minimise setbacks
priorities • DJSI disclosure and other rating indices when required
and address like CDP, Sustainalytics, MSCI, NSE
Collaborative Descriptive queries and Sustainability, iMSC
Encourage active collaborations Communicate comprehensively concerns • One-on-one meetings, investor
conferences, investor calls
with stakeholders and set the to provide a holistic picture • Investor meetings and presentations
priorities accordingly

Inclusive Interactive
Ensure that every stakeholder Identify stakeholder concerns
consider themselves to be a part
of the Company’s progress
through regular feedback to get
multilateral viewpoints
Government and regulatory authorities
Need for Importance of Engagement Frequency of Value created
engagement relationship platforms engagement

Compliance with all Ensure • Integrated and Sustainability Report • Monthly Close collaboration
applicable laws are compliance and and regulatory filings • Quarterly with regulators
important to us, as business continuity • Meetings on government directives • Annually
responsible citizens and policy development • As and
Transparency drives • Facility inspections when required
Informative Proactive our stakeholder • Regular meetings
Disclose key information honestly Identify and address concerns engagement efforts, • Proactive initiatives in operations
generating trust in
and in a timely manner before they escalate our brand

48 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 49

 ESG performance

Stakeholder engagement

Employees Community
Need for Importance of Engagement Frequency of Value created Need for Importance of Engagement Frequency of Value created
engagement relationship platforms engagement engagement relationship platforms engagement

Employee Key to business • Employee Health Ongoing • Encouraging employees to We focus on Promote social support • Community needs assessments Periodic Positive community impact and
engagement is success Checkups and monitoring embrace technological supporting local and harmony • Disaster management social investment
ongoing and • Employee Surveys changes and upskill for communities workshops
essential for us • Townhalls career advancement around our facilities, • Community visits
for driving high • CXO connect • Promoting creating livelihood • Satisfaction surveys
performance • Performance employment opportunities and • Meetings with community
and continuous appraisal equity and gender equality collaborating on representatives
improvement to create a more inclusive CSR initiatives. • Impact assessment studies
workplace Our approach • Grievance redressal
includes assessing • Community development
needs, developing, • interventions
and handing over • Mason training
projects

Customers
Need for Importance of Engagement Frequency of Value created
engagement relationship platforms engagement

We focus on Opportunity to • Company website Periodic Creating innovative products

educating customers
to maximise
establish long
term and mutually
•
•
Product campaigns
Satisfaction surveys
and solutions tailored to our
clients' needs, while delivering
Media and NGOs
the value of our beneficial partnerships • Grievance redressal high-quality results Need for Importance of Engagement Frequency of Value created
quality products • Customer-oriented initiatives engagement relationship platforms engagement

through multiple • Feedback surveys To understand Key to engaging • One-on-one interactions Periodic Collaborating with NGOs on
engagement • Dealer meets their views on with society • Direct contact during activities community development
our business and stakeholders • Social surveys projects and working with
channels and the • Customer
and industry media to raise awareness of
Net Promoter Score engagement performance, we sustainability issues and promote
(NPS) methodology also share our responsible business practices
management’s
perspectives
on key issues to
foster constructive
discussions
Suppliers and contractors
Need for Importance of relationship Engagement Frequency of Value created
engagement platforms engagement

We prioritise • Empower cost • Contract procedures and Periodic Supporting ethical

responsible and sustainability project timelines and responsible
engagement leadership • Facility inspections sourcing
with suppliers • Review meetings
and contractors, • Vendor interaction meets
adhering to our • Feedback forms
code of conduct for • Annual performance report
long-lasting business • Annual stakeholder meets
relationships • Supplier grievance
mechanism
• Supplier assessment and
training ESG criteria
• Supplier and vendor meet

50 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 51

 ESG performance

Double materiality

Two lenses, The process and methodology

unified focus Understanding

Understand related
activities in the
business, value chain
• Understanding operations: Refreshing the
understanding of UltraTech’s operations, business
model, and data landscape
• Value chain mapping: Map out up to two value
Outcome
Identification of Impacts,
Risks and Opportunities
chains and determine value chain boundary from UltraTech’s services
We are constantly evolving our The assessment followed the principle of double • Identify relevant matters: Identify relevant topics, and value chain for
materiality, considering both internal business impacts subtopics, and/or sub sub-topics that are considered
approach to risks, challenges and external effects on society and the environment. relevant for further assessment
example. Impact: emerging
regulations on carbon tax
and opportunities, aligning with This was verified by a third-party assurance provider. • Stakeholder identification: Identify stakeholders and may also lead to escalation
Enterprise Risk Management. In The results and matrix were then presented to senior advisors and plan their role in the assessment process of electricity tariff
management to inform them of the outcome and
FY 2023-24, we adopted the Double integrate actions for the material topics identified.
Materiality process, aligning it with
We have also broadened our stakeholder engagement
international standards involving to capture their insights. This has helped us align our Identification • Research and analysis: Identify IROs for relevant
GRI, SASB, IR and ESRS and ensuring strategic initiatives more effectively, ensuring Identifying
topics through research, prior assessments, peer Outcome
screening, industry standards, news screening, Insights on what
it integrates closely with our Risk we maximise our impact on stakeholders. impacts, risks, and and more stakeholders consider
Assessment procedures. Our double opportunities (IROs) • “Outside-In” pathways: Identify potentially material for Business

materiality lens evaluates what financially material risks and opportunities Refined impact, risk, and
for UltraTech opportunity scores and
influences our performance, and • “Inside-Out” pathways: Identify potential impacts mapping to ESRS subtopics
how our business, in turn, affects on stakeholders
the environment and society. • Stakeholder engagement: Contribute to identifying
or validating IROs for assessment

Assessment • Define materiality threshold: Define threshold for

determining materiality Outcome
Identifying • Financial impact assessment: Assess size and
Our approach impacts, risks, and
List of material impacts, risks
likelihood of the risks and opportunities and opportunities (i.e. those
opportunities (IROs) • Impact assessment: Assess scale, scope, assessed above the defined
Environmental and social impacts affecting the financial performance irremediability, and likelihood of the impact thresholds) Mapping of
and business of UltraTech • Stakeholder engagement: Contribute to or confirm material impacts, risks and
the scoring for impact and financial assessments opportunities to UltraTech‘s
Financial materiality specific matters

Source of decision making for the Company on

strategic and financial issues Environment
UltraTech
and society Determination • Determine material IROs: Identify IROs that exceed
the threshold and are material Outcome
Identifying • Rank top material matters: To rank material Preparation of project plan
Environmental and social materiality impacts, risks, and company-specific topics in order to understand their basis understanding of
opportunities (IROs) impact and identify topical Disclosure Requirements business and value chain
UltraTech’s impact on the environment and society
• Identify material information for disclosure: To
identify information material to disclose for each
material matte

52 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 53

 ESG performance

Double materiality

Engagement External stakeholders Outcome

We have engaged with stakeholders across the value All stakeholders who possess either a direct or indirect Following the initial identification of various risks and opportunities, along with further analysis, feedback collection,
chain to deepen our understanding of our operations, influence on our operations have been engaged to solicit and assessment by an independent body, we have identified 20 high-priority material Issues for our organisation. These
products, and services. This engagement covers both their views and opinions. issues, on a consolidated basis, have been reviewed and approved by the Board.
upstream and downstream aspects, as well as the Users of the Integrated Report
broader sustainability context. It allows us to identify
and assess the impacts, risks, and opportunities Primary users
related to our activities. Existing and potential investors, lenders, and
1
creditors, including asset managers, credit institutions,
In line with the European Sustainability Reporting and insurers. 2
Standards (ESRS), a reporting entity must identify
‘stakeholders as those who can affect or be affected Other users
by the undertaking.’ Based on this, we identified two Business partners, trade unions, civil society 5
3
key stakeholder groups: organisations, governments, analysts, and academics. 10
4
Affected stakeholders 11
6

Impact Materiality
9 7
Individuals or groups whose interests, either positive
or negative, may be impacted by our activities and 12
8
business relationships across the value chain. 13 14
17
15
16
Board of Directors and Key 18
Head of Management Personnel
Departments
21 19
Government and
regulatory authorities 20
Industry associations,
CEO-led organisations,
international commitments
Shareholders,
lenders and investors Financial Materiality

Risk Opportunity

Participants

Employees Environmental Social Governance Operational

Suppliers
and contractors 15 Biodiversity & Land-use 18 Land Acquisition 17  usiness Ethics and
B 20 Cybersecurity
Corporate Governance
16  limate Change
C 9 Diversity and Inclusion 5 Customer Centricity
Workers Adaptability 19 Emerging Regulations
12 C
 ommunity Well-being & 6 Technology Transformation
2  ircularity/Sustainable
C Development 8 S ustainable Supply Chain
Customers Material Innovation (Local sourcing)
Community 21 Indigenous People & Local
3 Sustainable Products Communities 10 Research and Development
7 E
 nergy Management & 14 Fair Compensation 11 E
 mployee well-being &
Efficiency development
13 Labour Management
4 GHG Emissions 1 Health and Safety

54 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 55

 ESG performance

Double materiality

Addressing the material issue

Health and safety Sustainable products

Our approach KPIs linked Our approach KPIs linked
• Prioritising safety, driven by a commitment to • Number of fatalities (own, indirectly • Maximising green cement production through • No. of patents
eliminate harm and ensure the well-being of employed and third party) collaborations with institutions like IITs
everyone involved • Loss Time Injury (LTI) and NITs
• Focussing on obtaining GreenPro certifications
to reduce the environmental footprint of
new products
Business strategy
Targeting zero fatalities, we are minimising designed to prevent the recurrence of incidents,
exposure levels across operations by reducing compliance monitoring, and training focused on
hazards, managing risks, and addressing using digital technology Business strategy
environmental factors like noise, vibration, and to enhance safety protocols.
heat using modern technologies. We offer a range We are committed to investing in sustainable enhancement of energy efficiency.
of programmes focused on ‘Physical and Emotional We take pride in our safety management system, products to minimise our carbon footprint. By designing products with superior sustainability
Well-being,’ including health checks, awareness which includes various standards, procedures, and Our focus areas encompass the responsible and performance, we strive to satisfy our customers’
campaigns, and various initiatives designed guidelines. Additionally, we’re excited to share that utilisation of resources, the adoption of alternative expectations while simultaneously contributing to a
to enhance overall health. The safety training our units are certified in implementing an Integrated materials and fuels, the development of sustainable more environmentally sustainable future.
instruction emphasises preventative measures Management System. technologies, the recovery of waste heat, and the

Circularity/Sustainable material innovation Energy management and efficiency

Our approach KPIs linked Our approach KPIs linked
• Increasing waste material usage by • Waste reused/recycle/sold • Focussing on energy conservation • Energy Intensity
incorporating fly ash and red mud in • Co-processed Waste (AF Used) and efficiency through the use of • Green Energy produced
clinker production • Total Alternative Fuel Rate optimal technologies
• Co-processing various types of waste, • Recycled materials used by weight • Deploying renewable energy solutions to
replacing traditional fuel and raw materials further enhance energy performance

Business strategy Business strategy

UltraTech aims to enhance circularity in its companies, including municipal corporations, We are dedicated to achieving EP100 by the year Energy conservation remains our primary focus,
processes, reducing the need for virgin raw which constitutes a fundamental aspect of our 2035, based on the baseline established in 2010. aimed at minimising energy demand by evaluating
materials and fuels, thereby lessening its circular strategy aimed at optimising the utilisation We are proud to announce the successful fulfilment and investing in energy-efficient technologies.
environmental impact and lowering its ecological of alternative materials and promoting an of this commitment last year, ten years in advance We have taken proactive steps to upgrade our
footprint. We have made significant investments industrial ecology in which waste is regarded as a of the target year. This objective was attained equipment, including enhancing coolers, modifying
in infrastructural enhancements to facilitate the valuable input. through the adoption of advanced technologies the calciner, installing variable frequency drives
utilisation of alternative materials and fuels. We and the cultivation of an innovative culture. (VFDs), and burners throughout our manufacturing
are collaborating with a variety of waste-producing facilities. This has significantly improved our
energy productivity.

56 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 57

 ESG performance

Double materiality

GHG emissions (Carbon intensive sector; Carbon tax) Customer centricity

Our approach KPIs linked Our approach KPIs linked
• Aligning with GCCA’s net zero target by 2050 • GHG emissions – Scope 1, 2 and 3 • Maintaining customer focus in all • Net Promotor Score
and SBTI’s 2°C pathway business activities
• Complying with TCFD recommendations and • Engaging an experienced technical team for
publishing strategy on-site testing and customer support
• Handling customer complaints and grievances
to ensure ease of customer support

Business strategy
We acknowledge the paramount significance In line with this transition to a low-carbon pathway,
of carbon emissions within our operations and we have made substantial progress in developing Business strategy
businesses. Therefore, we have established our various low-carbon products. We're continuously
decarbonisation strategy, built upon five key pillars: working to further minimise our carbon footprint We remain steadfast in our commitment to the Net Promoter Score (NPS), alongside in-
improving operational efficiency, developing a by evaluating, experimenting with, and piloting continually enhance customer engagement and person meetings and interviews. Our approach
low-carbon product portfolio, transitioning to new technologies and practices in partnership with satisfaction. Our strategic priorities reinforce our focuses on reducing lead time at the best cost for
renewable energy, implementing circular economy startups and research institutions. dedication to sustainable growth and leadership, our customers, ensuring we reach them within
practices, and driving research and development centred around customer centricity. We regularly a reasonable timeframe to better meet their
innovations to achieve net-zero concrete by 2050. conduct customer satisfaction surveys using construction needs.

Sustainable supply chain (Local sourcing) Technology transformation

Our approach KPIs linked Our approach KPIs linked
• Formulating a sustainable supply chain • Scope 3 emission • Pursuing low-carbon technology for clinker • Direct energy consumption
framework and engaging suppliers to align • Number of critical suppliers assessed production and cement making to lead in • Indirect energy consumption
with the code of conduct building solutions • Energy Intensity
• Assessing critical suppliers regularly and • Introducing new technologies like
engaging in continuous training and RotoDynamic HeaterTM for better
development of suppliers performance and lower emissions

Business strategy Business strategy

We prioritise a comprehensive approach to supplier suppliers adhere to our sustainability objectives. UltraTech is committed to leveraging a diverse array advanced technologies. By investing in state-of-the-
selection and evaluation. Beyond economic Our Sustainable Supply Chain Framework directs of technologies to attain operational excellence art digital solutions, we are strategically positioned
considerations, we incorporate social, ethical, our commitment to establishing a resilient and and provide enhanced value to our clientele. From to realise even greater success in the future.
and environmental performance factors into our sustainable supply chain capable of effectively augmenting safety to bolstering reliability and
assessment process. Utilising a robust framework managing risks. All new suppliers are onboarded efficiency, we consistently investigate methods to
grounded in ESG parameters, we ensure our following a screening based on Environmental optimise our operations through the application of
Sustainability (ES) parameters.

58 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 59

 ESG performance

Double materiality

Community well-being
Research and development and development (Indigenous people and local communities)
Our approach KPIs linked Our approach KPIs linked
• Aspiring to be a top solution provider • Collaborations/memberships of academia • Committed to addressing quality-of-life • CSR spend
for the construction sector and future and technical institutes challenges in underserved communities • Impact in thematic areas covered
infrastructure projects • Number of patents filed • Conducting need assessments to focus on
• Developing a dynamic portfolio of nature- education, healthcare, livelihoods, sports, and
compatible, future-ready products infrastructure development
• Working on projects focused on climate
change, water conservation, and more

Employee well-being
and development Fair compensation
Our approach KPIs linked Our approach KPIs linked
• Focusing on creating a holistic employee • Learning & development • Committed to fair pay for all work, regardless • Benefits provided to full time employees
experience prioritising growth, engagement, • Productivity of employees of gender or orientation • Compensation provided in case of fatality
and well-being • Performance and rewards • Ensuring fair compensation in cases
• Encouraging active communication, employee of mishaps, retirement, or applicable
surveys, and feedback mechanisms to foster monetary situations
a transparent culture

Diversity and inclusion Labour management

Our approach KPIs linked Our approach KPIs linked
• Focusing on increasing female representation • Number of women employees • Committed to maintaining a dignified and • Instances of forced labour/
in traditionally male-dominated • Diversity (%) well-cared workforce involuntary labour
manufacturing roles • Running worker relation programmes to • Discrimination at workplace
• Working to involve more women in mining, enhance working conditions and well-being of • Wage compliance
production, quality, and projects the labours engaged with us

60 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 61

 ESG performance

Double materiality

Business ethics and corporate governance Biodiversity and land-use

Our approach KPIs linked Our approach KPIs linked
• Upholding ethical values through a • Board/committee governance • Conducting biodiversity assessments and • Biodiversity assessment
strong Code of Conduct and commitment • Disclosures & Reporting implementing suggested improvements across • Implementation of Biodiversity action plan
to transparency • Ethics & Compliance integrated units
• Ensuring strong governance with active, • Risk management • Balancing development with ecological
informed, and independent board members preservation for sustainable growth

Cybersecurity Climate change adaptability

Our approach KPIs linked Our approach KPIs linked
• Continuously assessing cybersecurity • Risk identification and process development • Aligning with TCFD recommendations and • Climate related Physical risk measures
posture and conducting audits to • Risk training conducting third-party physical risk studies • Climate related Transition risk measures
identify vulnerabilities • Proactively addressing transition risks across
• Developing a multipronged approach aligned production, markets, and business avenues
with business strategy to address rising
cybersecurity threats

Emerging regulations
Our approach KPIs linked
• Committed to uphold all the regulations of • Membership of associations and trade bodies
the land in its entire value chain • Meetings attended; feedback submitted to new
• Engaging with trade bodies and business upcoming regulations
associations to shape upcoming regulations
for holistic development
Executive compensation linked to top material issues (risks identified)

Category (ESG) High priority material topics KPIs

Land acquisition Environment GHG emission

Net zero by 2050

Our approach KPIs linked Social Health & Safety 0

• Ensuring fair compensation and Resettlement • Compensation Fatalities
& Rehabilitation (R&R) for those impacted by • R&R activities
our activities
• Aligning community aspirations with Governance Business ethics and corporate governance 100%
growth projections
Regulatory compliance

62 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 63

 ESG performance

Double materiality ESG strategy

Risks identified through ERM

Enterprise Risk Management (ERM) is comprehensively integrated with the assessment of Materiality. Mitigation plans
have been formulated in response to the ESG challenges relative to the risks identified within the global context.
Integrating action
with intention
Risks as per ERM Risk context and Mitigation Material topics

Environmental and • Strengthening brand through innovative marketing • Health and safety
Sustainability concerns • Expanding product portfolio and investing in R&D for • Energy Management
value-added products & Efficiency
• Engaging with Government to support • Biodiversity & Land-use
infrastructure-friendly policies • GHG Emissions Innovation,
• Climate
Our ESG approach is embedded research
Change Adaptability across the enterprise, driven by and development
• Community Well-being
& Development
measurable goals, accountable
leadership, and a deep respect for
Talent management • Employee surveys and ongoing engagement focused on • Fair compensation the future we help shape. Circular
value proposition and job purpose • Labour Management Operations and
economy energy efficiency
• Diversity and Inclusion
improvement
Regulatory compliance • Risk-based compliance programme to monitor • Health and safety ESG
and landscapes compliance and adherence to emerging regulations • Business Ethics and Our strategy focuses on significantly strategy
Corporate Governance reducing clinker content in cement,
• GHG Emissions (Carbon optimising manufacturing processes
Intensive Sector; Carbon
to lower fossil fuel use, and adopting
Tax) Products
advanced technologies such as carbon
• Emerging Regulations diversification
• Land Acquisition capture. Validated by SBTi, we have Energy
an emission reduction target of 27% and development
• Community Well-being transition
& Development reduction in Scope 1 CO2 emissions by
2032, compared to a 2017 baseline.
Technological disruption • Investing in R&D, automation solutions and partnerships • Sustainable Products In FY 2024–25, we achieved a
for developing alternative construction materials • Technology Transformation 13% reduction, reaching
• Research 549 kg CO2 per tonne of cementitious
and Development material from the base year 2017.

Information technology • Regularly updating IT systems with latest • Cybersecurity

security standards
• Ensuring business continuity with plans and protection
for critical applications

Global geopolitical • Prioritising local sourcing for raw materials and • Sustainable Supply Chain
tensions energy needs (Local sourcing)

Cost pressures and • Mitigating price volatility through long-term fuel • Circularity/Sustainable
inflation contracts and procurement policies Material Innovation
• Optimising fuel mix to lower reliance on traditional fuels • Energy Management
and support sustainable production & Efficiency
• Sustainable Supply Chain
(Local sourcing)
Economic market • Expanding product portfolio with ongoing investment in • Customer Centricity
fluctuations R&D to develop value-added products

Financial Risk • Maintaining full hedge through futures, options, and • Land acquisition
natural hedges
• Utilising financial modelling tools to monitor and report
market scenarios

64 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 65

 ESG performance

Environment What we achieved

in FY 2024-25

13% Reduction
in net CO2 70+ GreenPro
emissions certified
Per tonne of cementitious material (Scope 1)
over 632 kg CO2/t cementitious material from products
base year 2017

4.9 times Water

positive 27.8%
UN SDGs aligned
Green
5.1 times Plastic energy mix
We continue to adopt cleaner
energy, reduce emissions, and
negative
Capital linked
invest in energy efficiency,

4 Products 5.7% Thermal

minimising impact on climate to NC

achieve organisational, national and

With Complete Environmental

substitution rate
global climate goals . We continue
Product Declaration (EPD)
to redesign our process and
Relevant BRSR principles
practices to reduce CO2 emissions • Principle 6-E-1
by adopting innovative methods, • Principle 6-E-3
such as use of waterways (NW 1) to • Principle 6-E-7
• Principle 6-E-9
transport gypsum and use of new
technologies such as ZeroCAL.
Alignment with SASB standard 2.4%
Reduction in
• EM-CM-110a.1 • EM-CM-140a.1
• EM-CM-110a.2 • EM-CM-150a.1
• EM-CM-120a.1 • EM-CM-160a.1
• EM-CM-130a.1
clinker factor
66 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 67
 ESG performance

Environment

Building a sustainable future

1 2
Greening our operations Responsible resource
Operating in a hard-to-abate sector, we remain stewardship
firmly committed to reducing our carbon footprint. We recognise the interdependence of natural
By leading decarbonisation efforts within our ecosystems and industrial operations. Through
operations and across our value chain, we are responsible water management, ecologically
taking decisive steps towards our goal of achieving responsible mining, and biodiversity-focused
Net Zero emissions by 2050.
Mr. E. R. Raj Narayanan policies, we aim to preserve critical natural capital
MATERIAL ISSUES while enabling long-term resource security.
Chief Manufacturing Officer
• Climate change adaptability MATERIAL ISSUES
• GHG emissions • Water management
• Energy management and efficiency • Biodiversity and land-use
FOCUS AREAS
• Land acquisition and responsible mining
In FY 2024-25, we advanced our growth To accelerate our Net Zero journey, we
agenda while deepening our focus on have partnered with leading national • Decarbonising our operations FOCUS AREAS
improving energy efficiency, operational and international academic institutions, • Decarbonising our energy mix • Responsible water use
performance, water stewardship research organisations and the • Decarbonising our mobility • Biodiversity management
and product quality. Our efforts in Department of Science and Technology • Responsible mine management
diversification, piloting and exploring (Government of India) to pilot and scale
the latest innovations, particularly in decarbonisation technologies.
decarbonisation, delivered meaningful
results. Despite volume growth, we reduced Complementing these efforts, our digital
CO2 emissions intensity over the past year, transformation is enabling smarter, faster
highlighting our commitment to sustainable decision-making and improving operational 3 4
manufacturing while positively impacting reliability across our value chain.
product costs. Supporting us are our scientists at the Driving circularity Building better with
Across all our manufacturing sites, we Research and Development Centre, who Circularity is integral to our business ethos. sustainable choices
continue to reduce our environmental are developing low-carbon cement and Through decades of innovation, we have
concrete solutions, including water-saving We uphold responsible resource stewardship by
footprint. This includes transitioning from advanced resource efficiency by reusing, advancing raw mix optimisation, reducing clinker
fossil fuels to green energy sources such as products. These efforts are integral to our recycling, and optimising the use of raw
sustainability strategy. factor, and scaling alternative materials and fuels.
solar, wind and waste heat recovery systems materials, energy, water, waste, and packaging— Supported by scientific research and cross-functional
(WHRS). We are maximising the use of At UltraTech, every step we take is driven by reducing our environmental impact while collaboration, we enhance material efficiency and
alternative fuels and reducing clinker usage our commitment to creating value for our improving operational performance. reduce emissions.
in our cement. We are also increasing the stakeholders while preserving the planet for MATERIAL ISSUES
MATERIAL ISSUES
use of various supplementary cementitious future generations.
material to produce composite cement. • Circularity • Sustainable material innovation
Going forward, we are exploring the FOCUS AREAS
• Sustainable supply chain
production of calcined clay to meet
evolving construction needs. • Circularity through sustainable solutions FOCUS AREAS

• Collaboration for product innovation

• Strengthening supplier sustainability
• Engaging with Academia, startups and research
institutions for piloting low carbon solutions

68 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 69

 ESG performance

Environment

1 Physical risk assessment

We conducted a Climate Risk Screening (CRS) across

Greening our 60+ sites in India to assess exposure to physical climate

risks. The study identified ten key perils, with extreme
heat and floods emerging as the most significant for

operations our operations.

Of the ten critical perils identified in the study —

We recognise the urgent need including Heat Index, Heat, Flood, Drought, Energy,
for climate action and, as part Geophysical, Wind, Wildfire, Cold, and Precipitation
of our broader climate strategy, — extreme heat and floods were recognised by CRS as
posing the most significant risks to UltraTech.
have supported in developing
the GCCA 2050 Cement and As a result, Gujarat Cement Works was selected for an
MATERIAL ISSUE in-depth, site-level assessment due to its vulnerability
Concrete Industry Roadmap to extreme heat, floods, and cyclones. The assessment
Climate change adaptability to attain Net Zero Concrete. covers the entire cement plant, including limestone
Climate change adaptability is central to our strategy Through “Innovandi”, innovations, mines, thermal power plant, housing colony, and jetty.
with science-based targets and global partnerships This deep dive aims to identify effective adaptation
technological advancements, and and resilience strategies that can be implemented
guiding our transformation journey. As one of the
founding members of the Global Cement and Concrete operational excellence, we are to safeguard operations and enhance long-term
Association (GCCA), we are proud to join forty global driving sector-wide transformation climate preparedness. The findings of the study are
leaders coalition in promoting carbon-neutral concrete presented below.
while advancing towards our
by 2050. We aim to reduce our net scope 1 CO2 emissions Assessment boundaries
by 27% by 2032, from the baseline of 2017, as validated long-term ambition of Net Zero
by SBTi and support the Paris Agreement goal for limiting emissions by 2050. In addition to the Cement Plant, GCW operates four
global warming to 1.5°C. support units: limestone mines, a thermal power plant
supplying electricity to the plant and housing colony,
FOCUS AREA a jetty for material transport, and a housing colony for
employees, workers, and their families.
Decarbonising our operations
We are decarbonising our operations through a 5-pillar Risk analysis
strategy, which focuses on Operations and Energy
Efficiency Improvement, Energy Transition, Circular Policies
Climate peril/Risk Risk description
Economy, Products Diversification and Development, We have specific policy commitment for:
and Innovation, Research and Development. to support
Energy and Carbon Policy Flood • Since 2005, the area has witnessed at least five major flood events, with the
a low-carbon future.
https://www.ultratechcement.com/content/dam/ 2005 floods being the most severe
ultratechcementwebsite/pdf/policies/Energy%20 • Due to its location downstream of the Dhatarwadi River Basin and within an
Our approach
and%20Carbon%20policy.pdf intertidal zone, the site is vulnerable to fluvial (riverine), pluvial (runoff), and
We are implementing a comprehensive approach to coastal (sea level rise and storm surge) flooding
reduce our carbon footprint based on national policies Sustainability Policy
for carbon and energy and collaborating with Academia, https://www.ultratechcement.com/content/
Tropical Cyclones • Within a 100 km radius of the site, at least five tropical cyclones have been
startups, research institutions and policy makers, and dam/ultratechcementwebsite/pdf/policies/
(TCs) recorded, with Cyclone Tauktae in 2021 being the most recent and severe
adopting and piloting new technologies. Sustainability%20Policy.pdf
• In addition, the shoreline is susceptible to frequent tropical storms, often
In FY 2024-25, we achieved a 13% reduction in Corporate Environment Policy accompanied by heavy rainfall and high wind speeds
net Scope 1 CO2 emissions from the 2017 base year https://www.ultratechcement.com/content/dam/
and expanded our portfolio of low-carbon products. ultratechcementwebsite/pdf/sustainability-policies/ Extreme temperature The area is expected to face rising temperatures, higher heat index, and
Our targets, validated by the Science Based Targets ultratech_corporate_environment_policy_website. and heat stress fluctuating humidity levels, potentially straining operations and impacting the
initiative (SBTi), reinforce our commitment to measurable pdf health, safety, comfort, and productivity of personnel
and credible climate action.

70 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 71

 ESG performance

Environment

Proposed adaptation solution Decarbonisation strategy

GHG emission intensity
We are progressing towards carbon neutrality by shifting
(Kg CO2/t of cementitious material)
Climate peril/Risk Risk description from fossil fuels based energy to renewable energy such
Scope 1* Scope 2 as solar, wind, hybrid and biomass. We are focusing on
Flood and Cyclone • Annual drain cleaning and pond dredging to manage floodwaters circular economy to reduce the dependency on natural

15.93
556
549

13.83
mitigation • 30–45 days' raw material and fuel stocks maintained for business continuity resources. This transition requires significant operational

462
• Flood wall reinforced to reduce flood impact and workforce adaptation, in line with the rising demand
• 75% of critical equipment elevated above ground to prevent flood damage for clean energy.
• Check dams constructed to contain excess water

4
Decarbonisation through data-driven
Infrastructure and • Standby DG sets arranged for emergency power interventions

FY 2023-24

FY 2024-25

FY 2031-32

FY 2023-24

FY 2024-25

FY 2031-32
energy resilience • Hazardous waste securely contained to prevent contamination Internal Carbon Price

Target

Target
during waterlogging
Implementing an internal carbon price of $10/tCO2
*(Net Kg CO2/t of cementitious material)
helps to drive climate-conscious decisions, prioritise
Extreme temperature • The area is expected to face rising temperatures, higher heat index, and low-carbon products, and accelerate the adoption of
and heat stress fluctuating humidity levels, potentially straining operations and impacting the TARGET PROGRESS sustainable technologies.
health, safety, comfort, and productivity of personnel
27% 13% Life cycle assessment (LCA) and
Monitoring • Collaboration with external agencies for accurate weather forecasting Reduction in Reduction in environmental product declarations (EPD)
net scope 1 GHG net scope 1 GHG Conducting LCAs and EPDs for key cement types—
Conservation • GIS mapping shows a 1.94 Ha increase in mangrove cover,
intensity by 2031-32 intensity from the Ordinary Portland Cement (OPC), Portland Pozzolana
adding to the existing 3.46 Ha
from base year of 2017 base year of 2017 Cement (PPC), Portland Slag Cement (PSC), and
Composite Cement (CC) to help monitor and improve
the environmental performance of product portfolio.
TARGET PROGRESS

MATERIAL ISSUE
GHG emissions (tCO2) Gross 69% 1% 4
GHG emissions Reduction in Reduction in Products completed LCA and EPD studies
Scope 1 net scope 2 GHG
At UltraTech Cement, we are committed to net scope 2 GHG
FY 2024-25 8,11,07,852 intensity from base
systematically reducing greenhouse gas emissions intensity by 2031-32 Read more about LCA
FY 2023-24 7,12,37,860 from base year of 2017 year of 2017
across our operations and value chain. Guided by the https://www.environdec.com/library/epd5019
GHG Protocol, we report Scope 1, 2, and 3 emissions Scope 2
with increasing accuracy. Through enhanced data FY 2024-25 18,84,214
systems, low-carbon technologies, we continue to FY 2023-24 18,84,387
strengthen our decarbonisation efforts and accelerate
progress towards our Net Zero goal by 2050.
Scope 3*
FY 2024-25 1,27,11,287
Initiatives for Target Progress
FY 2023-24 82,50,585 emission reduction by FY 2029-30 in FY 2024-25

85% 27.8%
*Excluding India Cements and Kesoram Cement Business
Green energy (Renewable and
WHRS) usage

Alternative fuel usage 10% 5.7%

Recycled material usage 25% 21.73%
Blended cement production
75% 71%

72 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 73

 ESG performance

Environment

Mapping our value chain emissions Our approach MATERIAL ISSUE

Achieved
We implement a comprehensive strategy for managing
We are advancing our efforts to map value chain
air emissions, ensuring full regulatory compliance and Energy management and efficiency
emissions with improved digitisation enabling
broader data collection. This year, we reported proactive control. Continuous Emission Monitoring We are committed to advancing energy efficiency

EP100
eight Scope 3 categories covering 7 upstream Systems (CEMS) are installed across primary stacks at all across our operations. Through focused initiatives and
and one downstream activity. Scope 3 emissions operational units, enabling real-time tracking of tracking dedicated performance, we have successfully doubled
contribute 13% to our total carbon footprint. of NOx, SOx, and SPM air emissions. This facilitates our energy productivity from the 2010 baseline. As a
Calculations follow GHG Protocol guidelines using
secondary emission factors. For details, refer to the
transparent oversight by regulatory authorities and help
maintain emissions within prescribed limits.
member of RE100, we have significantly scaled up our
renewable energy capacity, reinforcing our pursuit for commitment
Sustainability Scorecard annexed to this Report. energy-efficient future. well ahead of the 2035 target year
Air emission reduction strategy
Air emissions At UltraTech Cement, our emission reduction strategy FOCUS AREA

We actively monitor and manage air emissions, with a prioritises operational excellence and compliance, Decarbonising our energy mix
strong focus on reducing sulphur oxides (SOx), nitrogen ensuring that emissions from all our units remain below Decarbonising strategy
oxides (NOx), and particulate matter. Our emission the specified national standards. We remain firmly committed to decarbonising our Energy consumption
mitigation strategy focuses on a holistic approach energy mix by progressively integrating renewable
Optimising air pollution control systems energy and alternative fuels into our cement • Use of purchased electricity
combining technology, process efficiency, and regulatory • Use of conventional energy
compliance to minimise environmental impact. • Regular performance assessments of Air Pollution manufacturing operations. By reducing our dependence
Control Devices (APCDs) with support from the on fossil fuels, we aim to significantly lower carbon • Process
All units are equipped with advanced air pollution
control devices such as high-efficiency bag houses, National Council for Cement and Building Materials emissions and advance our transition towards a more Levers
electrostatic precipitators (ESPs) to ensure particulate (NCCBM) sustainable and low-carbon production model.
• Periodic internal audits and monitoring by State • Reducing the energy consumption
matter emissions remain well within permissible limits. • Adoption of renewable energy
Pollution Control Boards Our approach
• Third-party environmental monitoring via NABL- • Use of WHRS
Our energy management approach is built on • Energy efficiency improvement
accredited laboratories to maintain transparency operational excellence, clean energy integration,
and responsible resource optimisation. We continue Ambition
Emission control initiatives to enhance energy productivity and accelerate the • RE100: Committed to meet 100% of electricity
deployment of renewable energy, in line with our RE100 requirement by renewable energy by 2050
Air emissions Emission source Reduction Initiatives commitment. We have already met our EP100 target • Meeting 85% of electricity requirement by green
of doubling energy productivity well ahead of the 2035 energy mix by 2030
deadline. We are also expanding our green energy • Increase in WHRS capacity
SOx • Combustion of fuel • Installation of flue-gas capacity for decarbonising our energy mix.
• Desulphurisation techniques
• Fuel management and abatement technology
Our commitments
NOx • Combustion of fuel • Installation of low NOx burners
• Installation of low NOx calciners 85% RE100
• Fuel mix optimisation Meeting of electricity Committed to meet
• Modification in old calciner technology requirement by green 100% of electricity
• Fuel management and abatement technology energy mix by 2030 requirement by
renewable energy
by 2050
PM • Quarrying • Fugitive emissions
• Material transfers • Covered sheds for various raw materials
•
•
Loading-unloading
Open storage of material
• Installing closed conveyor belts for transfer
stack emission
EP100 9,568.20 TJ
• Stacks in cement production • Modern abatement technologies such as
Doubling our Total energy
filter systems
energy productivity consumed from
• Upgradation of all existing electrostatic
by 2035 from the renewable sources
precipitators with bag house
base year 2010
• Regular maintenance of equipment

74 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 75

 ESG performance

Environment

Enhancing energy efficiency and productivity FOCUS AREA

Transportation mode mix
Decarbonising our mobility At UltraTech, we are transporting peak volumes of over
Tracking performance under the Aligning with external Conducting regular energy 10 million bags per day to 30,000+ destinations (catering
PAT Scheme of the Bureau of verification every three years audits to identify efficiency gains At UltraTech, we are driving the transition to green to over 35,000 orders daily) through a judicious mix of
Energy Efficiency mobility within our manufacturing units by integrating rail, road and sea routes. We are one of the few cement
sustainable transportation options. Our efforts companies in India to utilise captive jetties to service
encompass electric vehicles (EVs), CNG/LNG-powered coastal demand.
vehicles, and efficient logistics infrastructure, which
Building capacity through Enhancing performance by Upgrading equipment for contribute significantly to reducing our carbon footprint Mobility Mode (%)

internal and expert-led training adopting advanced technologies higher efficiency -coolers, while ensuring operational efficiency and better Railways 26
calciners, VVFDs customer service. Roadways 72
Waterways 2
Our approach
Our approach to decarbonising mobility is centred on We have increased the utilisation of special-purpose rail
Implemented operational Using Computational Fluid Leveraging CFD to lower leading the transition to sustainable transportation wagons and coastal shipping, in addition to green fleet
interventions to improve Dynamics (CFD) to optimise preheater exit gas temperatures by deploying electric vehicles alongside CNG/LNG for strengthening our sustainable logistics framework
energy efficiency pyro-processing, cutting thermal and boost alternative fuel use alternatives across our manufacturing units. and contributing to the reduction of our overall
and electrical energy use. Our latest initiative focuses on scaling up the use of carbon footprint.
inland waterways, making us the first Indian cement
company to transport gypsum at scale via National Decarbonising mobility through
Waterway 1. We are committed to optimising logistics waterways
infrastructure through real-time digital monitoring and
Decarbonising through decision-making, further decarbonising our mobility and We are proud to be the first cement company in India to
TARGET PROGRESS
advancing sustainable logistics. scale up the use of National Waterway 1 for transporting
green energy gypsum, a pioneering step in sustainable logistics. This
As part of our transition towards a low-carbon, 100% 11.2% initiative helps decongest road and rail routes, improving
energy-resilient, and sustainable manufacturing
model, we are making strategic investments in
Electricity from
renewable sources
Electricity from
renewable sources
75 300+ transport efficiency, while significantly reducing our
carbon emissions in line with our Net Zero goal by 2050.
Plants across India Railheads
solar and wind power, along with Waste Heat by FY 2049-50 By participating in this pilot project, we support the
Recovery Systems (WHRS). Government of India’s Maritime India Vision 2030 and
Maritime Amrit Kaal Vision 2047. The project is enabled
through key partnerships with the Inland Waterways
66.66% 1.02 GW Green energy transition initiatives 30,000+ 623 Authority of India (IWAI) and Inland & Coastal Shipping
Increase in Current RE capacity • Substitution of electricity with a green energy mix Destinations served CNG + LNG+ EV Ltd, ensuring a smooth, sustainable logistics solution.
RE capacity compared • Expanding Waste Heat Recovery Systems This move not only advances our green logistics
to FY 2023-24 (WHRS) capacity strategy but also demonstrates our commitment to
• Increasing renewable energy capacity adopting innovative solutions that drive environmental

We have committed to not investing further in thermal 1,350+ 60+ sustainability across our operations.

Warehouses Daily rake movement

26.25% 351 MW power capacity, reducing our dependence on fossil fuels.
Key highlights
Increase in WHRS Current WHRS
capacity compared to capacity • First cement company in India to scale up the use of
FY 2023-24
34 119 MMT National Waterway 1 for transporting gypsum
• Transported gypsum via National Waterway 1
Owned Rakes Dispatch volume (Ganga-Bhagirathi-Hooghly River system) in a

27.8% 11,35,864.21 tCO2 pioneering pilot project

• It was shipped from Haldia Port in West Bengal to
Electricity Avoided through Gaighat Terminal in Patna, Bihar to cement unit
substitution through
green energy mix
renewable energy
initiatives
25,000+ 57,000 MT in Patna
Per day daily truck Of gypsum • Shifting to inland waterways for transport
movement transported via reduces emissions and helps decongest road and
waterways rail networks

76 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 77

 ESG performance

Environment

Decarbonising mobility
through roadways
Decarbonising mobility
through railways
2
As part of our commitment to decarbonising mobility,
we have made significant strides in adopting electric,
We are advancing decarbonisation efforts through
rail transport by optimising our logistics network. Responsible
resource
LNG, and CNG vehicles for road transportation. Rail provides a more sustainable, lower-emission
A notable achievement in this effort was the successful alternative to road transport, enabling us to move large
pilot of five electric vehicles at Dhar Cement, used for volumes efficiently while reducing our environmental
transporting clinker to our Dhule grinding unit, which is
expected to reduce CO2 emissions by approximately
680 metric tonnes. Our green fleet now comprises
impact. By increasing our reliance on rail, we are
significantly cutting CO2 emissions, supporting our
commitment to sustainable logistics and achieving our
stewardship
623 vehicles, further advancing our decarbonisation goals. We adopt a collaborative approach
sustainability objectives. to optimise water usage aiming
to achieve zero liquid discharge.
Our dedication to biodiversity is
Digitisation for logistics efficiency
MATERIAL ISSUE embodied in our ‘No Net Loss’ policy,
Real-time monitoring • Scaled up use of digital tools to enable real-time decision-making Water management ensuring positive contributions to
through seamless visibility across all logistics stakeholders ecosystems. In mining, we focus on
• Logistics Control Tower dashboard offers live monitoring of supply chain Water constitutes a shared resource, and we
KPIs such as direct dispatches, rail head firing, and lead dispersion acknowledge the significance of sustainable water sustainable extraction, environmental
utilisation within our operations, value chain, and restoration, and conservation, utilising
across the product lifecycle. By adopting a collaborative advanced technologies to minimise
Fleet and yard management • Virtual Truck Yard implemented to schedule fleet loading directly at and multi-stakeholder approach, we have instituted
plants, reducing physical yard congestion, improving Turnaround Time numerous initiatives and projects aimed at reducing, environmental impact.
(TAT), and enhancing vehicle asset utilisation reusing, and recycling water, thereby establishing
• RFID-based tracking improves in-plant vehicle movement and supports comprehensive water management practices at the
better TAT management watershed level.

Rail and road transport • Rolled out digital tools to manage rail movements of cement and Our commitment Our approach
optimisation clinker efficiently At UltraTech, we dedicate ourselves to excellence in We have adopted a proactive approach to reduce
• E-bidding and freight optimisation tools continue to boost vendor water stewardship and resilience in water management. freshwater withdrawals, improve water efficiency.
participation, transparency, and competition across road transport Over the past years, we have achieved our water By treating and recycling wastewater through STPs and
operations. efficiency and transparency, benefiting both UltraTech and positive target, ensuring communities reliable access ETPs, harvesting rainwater, and using treated greywater
its logistics partners across the value chain to water resources. This commitment reflects our from neighbouring communities for our operations, we
belief in sustainable water use and efforts to create are reducing freshwater withdrawals, enhancing water
a lasting positive impact on the environment and positivity, and moving towards self-sufficiency in water
local communities use across our operations and even increasing the water
In FY 2024-25, we enhanced the Logistics Control Tower To scale up our logistics, we have implemented availability for communities. We also conduct regular
FOCUS AREA
(LCT) with key digital features like a safety dashboard, several strategic initiatives. These include streamlining training sessions and workshops for effective water
AI-enabled chatbot for root cause analysis, and operations at newly expanded capacities and integrating Responsible water use management among our employees promote individual
integrated customer delivery ratings. These upgrades acquired units for optimal usage. We have focused on involvement in our shared goals for water conservation.
enabled real-time insights, trend analysis, and cross- enhancing captive resources to support rapid growth and We are committed to responsible water use across our
functional KPI visibility. LCT continues to drive maintain service levels. Our, clinker dispatch volumes operations and communities. We have adopted water-
performance on direct dispatches, On Time in Full (OTIF) have been scaled through rail and road, ensuring efficient technologies, ensured zero water discharge at Policy
delivery, L1 compliance, turnaround time of vehicles, efficient capacity utilisation across grinding units. several sites and prioritised recycling and groundwater We have specific policy commitment for:
and e-POD (electronic paperless deliveries), improving recharge. Through integrated watershed management
projects, rainwater harvesting, desilting of ponds, and Water stewardship policy
efficiency, cost, and customer service. https://www.ultratechcement.com/content/dam/
converting mine pits into reservoirs, we conserve and
enhance water resources. Our initiatives are guided by a ultratechcementwebsite/pdf/sustainability-policies/
strong water stewardship policy and a commitment to water_stewardship_policy.pdf
long-term sustainability.

78 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 79

 ESG performance

Environment

Building resilience through water Water risk assessment Pathway to water positivity
risk management We have implemented strong water risk management We are dedicated to advancing responsible water
127 l/tonne 225 l/tonne
strategies that allow us to recognise and assess risk management across our operations. By implementing cementitious material cementitious material
We have implemented strong water risk management Net Water Footprint Gross Water Footprint
strategies that allow us to recognise and assess risk impacts, while also planning mitigation measures for innovative solutions such as rainwater harvesting and
related risks in our operations, value chain, and product promoting water-efficient practices, we have made (Cement Operations (Ops+CPP+Colony)
impacts, while also planning mitigation measures for only)
related risks in our operations, value chain, and product usage phases. significant strides in conserving water.
usage phases. Rainwater harvesting
We implement rainwater harvesting interventions such as 8,99,076.28 m3 B
Evaluating water risks converting exhausted mine pits into reservoirs, installing Water sent to CDP score
rooftop systems, deepening ponds, and building check communities
Value chain Assessment Risk identified Mitigation dams. These efforts help replenish water tables and
assessed methodology strategies enhance water availability for local communities,
supporting sustainable water management.
Direct Conducted risk • Water scarcity • Conducting extensive water Water-efficient irrigation practices
operations assessment through • Water stress that might audits biennially, at sites
In watershed areas, we encourage water-efficient
4.9 times J2.2 crores
established international arise in future was (domestic sites only) with Water positive Capex
frameworks like WRI’s also projected more than 100 m3 per irrigation techniques to conserve water and boost
Aqueduct and India Water • 8% of our total sites lie in day water dependence, to agricultural productivity. By promoting these methods
Tool, GeoSust, etc. water-stressed areas identify water efficiency in farming communities, we reduce water consumption
improvement opportunities while supporting sustainability and improved livelihoods.
• Water recycling (11.09% R&D for water-conserving products
in FY 2024-25) & reducing
freshwater dependency by We focus on developing products that aid in water
utilising treated grey water in conservation during their use phase. Our ongoing
our operations R&D is creating water-efficient solutions, with
• Rainwater harvesting & existing products already contributing to sustainable
utilising conserved rainwater resource management.
in our operations
Within plant boundary (million m3) CASE STUDY

Conducted multipronged Suppliers operating in • Supplier engagements 80.78

Supply chain
ESG assessment for water-stressed regions and capacity building
Harvested

Recharged 19.89 Reducing freshwater use

new and existing • Risk Categorisation and Reused 3.49 Challenge: High levels of freshwater
suppliers on water- selecting Critical Suppliers consumption at our Roorkee facility, coupled
related risks, regulatory • Gap Analysis, with system inefficiencies, posed environmental
compliance, etc. handholding support Community interventions (million m3) concerns and highlighted the need for more
for improvement efficient water management.
• Conducting
Harvested 12.69
Recharged 3.47
reassessment for Solution: We implemented a three-pillar
continuous improvement strategy: employee awareness campaigns
• 100% of new suppliers are Water-conserving R&D product promoting water conservation; infrastructure
assessed on ESG criteria upgrades to address root causes and enable
Pervious concrete continuous monitoring; and increased use of
A type of concrete designed to allow water from STP-treated water for non-potable applications
Product use Analysed market trends, • Waterlogging during • Investment in Research rainfall and other sources to flow through, promoting like dust suppression.
phase conducted surveys and intense rainfalls and development for low groundwater recharge by directly entering the soil.
collected feedback • Market risks: Change in water footprint concretes Impact: The initiative led to a 11.89% reduction
customer preference WeatherPro plus in freshwater use, enhanced operational
for the least water An additive for concrete that decreases the water efficiency, and reinforced our commitment to
footprint products required in the mixing process, resulting in reduced responsible water stewardship.
moisture content and improved overall durability.

80 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 81

 ESG performance

Environment

MATERIAL ISSUE
Biodiversity management initiatives CASE STUDY

Biodiversity and land use Voluntary biodiversity assessments The revival of biodiversity
At UltraTech, we integrate biodiversity protection into • Voluntarily committed to biodiversity assessments in
FY 2018-19 and achieved 100% assessment across all Challenge: The drought-prone Chitakheda
our operational planning, guided by a ‘No Net Loss’ region of Neemuch, Madhya Pradesh, was facing
commitment and the principles set out in the Aditya 24 integrated units by FY 2024-25
• Completed three-season biodiversity assessments at severe ecological decline—agriculture was
Birla Group policy. Through habitat conservation, failing, forests were vanishing, and wildlife had
scientific assessments, and land restoration, we aim to nine units in FY 2024-25
• Developed site-specific biodiversity management plans disappeared. Water scarcity and unsustainable
minimise ecological impact and ensure our land use livelihoods threatened long-term resilience.
practices support long-term environmental resilience. based on the mitigation hierarchy

Scientific evaluation tools Solution: Under the Rajiv Gandhi Jal Mission,
FOCUS AREA Vikram Cement Works implemented integrated
• Used the Integrated Biodiversity Assessment watershed development—constructing 67 water
Biodiversity management Tool (IBAT) to screen flora, fauna, and significant harvesting structures like check dams, promoting
biodiversity areas around each site soil conservation through terracing and bunding,
Our biodiversity management and land use decisions • Assessed impacts of mining operations and ecosystem
are guided by ecological sensitivity, ensuring minimal engaging communities, and introducing
dependencies using the internationally recognised ESR high-value crops supported by sustainable
disruption and fostering habitat restoration. (Ecosystem Services Review) tool
In FY 2018–19, we committed to biodiversity risk and farming training.
impact assessments across all our integrated units Ecologically sensitive locations Impact: The project led to forest regeneration,
by 2024, reinforcing our commitment to responsible • Five units are in ecologically sensitive areas, as per return of wildlife, improved farming, and
business practices. We are proud to have completed BRSR Principle 6 transformed Chitakheda into a model of
assessments at all 24 integrated units in India, a key • All five sites have completed three-seasonal ecological revival.
milestone in our journey towards achieving ‘No Net Loss’ biodiversity impact and risk assessment and now have
by 2050. well established biodiversity management plans

Our approach Expert partnerships for action

• Collaborated with external experts including Terracon Key highlights
We take a strategic, science-based approach to
biodiversity and land use management, embedding EcoTech Pvt. Ltd, Ecofav Services Pvt. Ltd., Green
conservation into every stage of our operations. Through Future Foundation Completion of Quarry Floral diversity Biodiversity
comprehensive assessments, seasonal monitoring, and • They supported scientific assessments and planning biodiversity rehabilitation plan enhancement management plans
expert collaboration, we develop bespoke management across sites assessments
• Engaging with Academia, startups and research 100% of quarries at Planted 4,66,500 saplings 92% of our operational
plans that prioritise habitat restoration and sustainable Completed biodiversity our integrated facilities near operational sites in integrated facilities
land use practices. institutions for piloting low carbon solutions
assessments at all have well-developed FY 2024–25, achieving with high biodiversity
We are committed to biodiversity protection and 24 integrated plants, rehabilitation plans, an 85.82% survival rate. value have biodiversity
responsible land use by implementing best practices assessing ecosystems ensuring responsible This effort significantly management plans
tailored to each local ecosystem such as converting within a 10 km radius, site operations and the supports local place, aligning with our
Policy mined-out pits into water bodies, planting in voids, and understanding availability of stable land biodiversity and enhances commitment to ‘No Net
We have specific policy commitment for: preserving ecosystems, and maintaining noise levels the dependencies, for future generations. vegetation cover around Loss’.
below 85 dBA. We continue to expand green cover impacts, and risks of our facilities.
Biodiversity Policy: around quarry sites, plants, and communities and our operation.
https://www.ultratechcement.com/content/dam/ celebrate International Day for Biological Diversity
ultratechcementwebsite/pdf/sustainability-policies/ annually to promote awareness and commitment
biodiversity-policy-2021.pdf to conservation. Biodiversity risk and impact assessment capacity-building sessions to enhance awareness. These
discussions were reinforced at our Annual Sustainability
We conducted an initial screening and evaluation of for meet, where we outlined our approach to implementing
flora, fauna, and key biodiversity areas in and around all Biodiversity Management Plans organisation wide.
100% our sites using the Integrated Biodiversity Assessment
Tool (IBAT). To assess our operations’ impact, we With support from external experts like Terracon
Sites with quarry rehabilitation plans
reviewed ecosystem services at each site, gathering input EcoTech, Ecofav Services, and Green Future Foundation,
from stakeholders like unit staff, the forest department, we completed biodiversity assessments for all integrated
and local communities. Experts examined service trends, units by 2024, fulfilling our commitment.
risks, and opportunities. Findings were shared through

82 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 83

 ESG performance

Environment

Biodiversity related identified risks and opportunities MATERIAL ISSUE

Responsible mine management
Risk type Risk description Opportunities Responsible mining initiatives
Physical • Risks from extreme weather, • Reduce water use through low-water We follow a future-focused approach to mining that Digital mining
risk scarcity, raw material cost technologies and improving rainwater balances operational needs with environmental care. • Developed ‘MineOptima360’ platform to integrate the
fluctuations, and supply chain harvesting efficiency. We optimise mineral use through precise resource mining value chain
disruptions, negatively impacting • Enhance habitat quality by removing mapping and strategic blending of limestone grades. • It provides real-time KPI monitoring for equipment,
productivity, supply chain invasive species Guided by global sustainability standards, we actively production, and quality
security, and business operations • Strengthening dust control measures promote responsible practices across the sector, • Proof of Concept (POC) at one unit led to a 7-10%
ensuring our mining operations support long-term improvement in equipment productivity and will be
environmental stewardship and resource efficiency. scaled to 5 units by FY 2024-25 and 5 more by
Regulatory • Regulatory shifts at national • The upcoming disclosures will require the unit FY 2025-26
FOCUS AREA
risk and international levels leading to disclose its impacts and measures taken to
Drill and blast optimisation software
to new policies and rules put conserve biodiversity and ecosystem services Responsible mine management
pressure on businesses in the • Implemented a Drill and Blast Optimisation tool at the
form of limited land access, We drive responsible mine management by integrating APCW unit to optimise drilling and blasting parameters
rising costs from compensation advanced, low-impact extraction methods, ecological • Uses AI-powered software and drone imagery data to
regimes, and heightened legal restoration, and data-driven decision-making. improve drill plans and blast design
and compliance risks This includes integrating electric equipment, enhancing • H 0.2 /MT cost saving achieved, and will be rolled out
digital platforms for operational optimisation, and for six-month to assess scalability
implementing techniques that conserve biodiversity and
reduce carbon emissions. Fuel-efficient excavators
Reputational • Association with adverse impacts • Protection of existing water bodies
risk on biodiversity and ecosystems • Restoration and offsetting habitats and • Introduced 95 T class Backhoe excavator with 100 T
can severely damage the developing conservation plans. Our approach dumper at three units, improving fuel efficiency by 15
reputation and jeopardise the • Contribution to government initiatives We approach mine management with a long-term litres per hour
social licence to operate towards forest conservation and socio- perspective, embedding sustainability, safety, and • We will be replacing 110 T with 95 T backhoe
economic development compliance into every stage of our operations. excavators, reducing operating costs and cutting
We use advanced planning tools and integrate mine carbon emissions by 17 T per annum per excavator
lifecycle strategies to ensure long-term sustainability. Mines analytics dashboard
Our emphasis lies in ensuring responsible resource
Financing • Risks outlined above may have • Boost nature credentials by adopting utilisation aligned with national priorities and global • Developed Mines Analytics Dashboard at both UTCL
risk an adverse impact on cash flows, sustainable practices that benefit biodiversity, best practices. and unit levels
reducing the credit rating and ecosystem services, and climate change • Monitors key performance indicators (KPIs) for
consequently increasing the cost • Obtain sustainable operation certifications crusher, equipment operation, maintenance, operator
of accessing new finance • Adhering to No Net Loss Strategies performance, and cost
• Data required for these Dashboard are integrated with
SAP & TM1
• It assists the mines team to track & analyse
Market • Shifting consumer preferences • Investment in R&D to develop nature- the performance
towards nature-positive products positive products
risk and services with minimal
environmental impact

84 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 85

 ESG performance

Environment

Environmental restoration emissions and noise. We have equipped drilling machines

with dust collection systems. The crusher hoppers are
UltraTech mines earn and efforts on impact reduction lined with rubber belts and water sprinklers to prevent
We prioritise environmental restoration by managing flow of dust. We provide noise-free cabins for operators,
5-star rating topsoil for land recovery, reducing air and noise pollution ensuring compliance with environmental standards.
Thirteen of our Limestone Mines were recognised and land rehabilitation. Our integrated approach ensures
minimal ecological disruption and promotes long-term Land rehabilitation
for excellence in sustainable mining by the Indian
Bureau of Mines, Ministry of Mines for sustainability across all our mining operations. Post completion of mining activity, we rehabilitate
FY 2023-24. Of the thirteen recognised mines, mined-out areas by backfilling pits where feasible
Topsoil management or converting them into water reservoirs. In one
twelve were awarded a 5-Star rating, while the
Naokari Limestone Mine, part of Awarpur Cement We manage topsoil by carefully removing and stacking of the mines in Tamil Nadu, we are transforming a
Works, our integrated manufacturing unit located it during mining operations for future use in land depleted mine into a water reservoir due to the lack of
in Chandrapur district, Maharashtra, was conferred restoration and afforestation. This helps us ensure overburden for backfilling. We also line the pit edges
the highest distinction of a 7-star rating for long-term sustainability by enhancing biodiversity and with soil dumps, creating a green belt barrier to prevent
exceptional work towards ‘Green Mining’. restoring the ecosystem. We are committed to using this unauthorised access and protect the area.
We hold the distinction of being accorded a 5-star resource efficiently to support the land's recovery post-
mining activities. Additional measure
rating for the highest number of mines across
all categories of Minerals (Limestone, Iron Ore, We have been taking consistent efforts to conserve the
Air, noise, and dust management environment by introducing the electric equipment,
Bauxite, Lead Zinc, Manganese) in FY 2023-24, for
the second consecutive time. To reduce air and noise pollution from heavy earth- fuel efficient vehicles, concentrated mine workings,
moving equipment (HEME) and crushers, we have development of green belt, noise proof cabins, enclosed
designed dedicated haul roads and use water sprinkling motors, water storage and conservation through
to control dust. Green belts are developed along the judicious use both at mines and plant.
haul roads and near habitations to absorb fugitive

CASE STUDY
Mines with a 5-star rating
1 Sitapuri Limestone Mines/Dhar Electric dumper at mines
Cement Works
Challenge: Traditional internal combustion (IC) engine dumpers, though effective, led to high operating costs
2 Manikgarh Cement Limestone
Mine/Manikgarh Cement Works
and significant carbon emissions. We needed a sustainable, cost-efficient alternative that could perform reliably
10 across different mining conditions.
3 Naokari Limestone Mines/
Awarpur Cement Works Solution: We introduced six 70-tonne electric dumpers from SANY—two each at Vikram, Nathdwara, and
4 Bhadanpur & Piprahat Limestone Hirmi. At Nathdwara, we ran a three-month Proof of Concept under varied mining conditions. The electric
Mine/Maihar Cement Works dumpers matched the performance of IC models, with zero tailpipe emissions.
5 Aditya Limestone Mine/Aditya
Cement Works Impact: We expect a 20–25% reduction in operating costs and a CO2 savings of about 250TPA across the
6 Tummalapenta Limestone Mine/ 5 three sites. Encouraged by these results, we plan to expand electric dumper deployment across more units,
4
Andhra Pradesh Cement Works 8
accelerating our transition to low-carbon mining.
7 Kovaya Limestone Mine/Gujarat 1
7
Cement Works
12
9
8 Kharia Harudi Kharai Limestone 3
Mine/Sewagram Cement Works
2
9 Narmada Cement Limestone Conservation of limestone
Mines/Jafrabad Cement Works 11

10 Baga Bhalag Limestone & Shale Limestone occurring in the state of Rajasthan bears impurities that cannot be utilised unless blended with
Mines/Baga Cement Works 6 high-grade limestone. We have entered into an agreement with Rajasthan State Mines and Minerals Limited
11 Rajashree Limestone Mine/ (RSMML) for the supply of high-grade limestone fines for the utilisation of low-grade limestone for two of our
Rajashree Cement Works existing units in Rajasthan. It is anticipated that at both units, the percentage of low-grade utilisation will go
12 Paraswani Limestone Mine/Hirmi up by 50% from the existing low-grade consumption thereby increasing the low-grade resource utilisation and
Cement Works consequently enhancing the plant life.

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Environment

3 Pathway to circularity: Waste to wealth

Industries face challenges disposing of hazardous and non-hazardous waste safely while meeting landfill diversion for

Driving ZWL certifications. Through our ongoing R&D, infrastructure investment, and innovative digital process modelling,
we have turned this risk into opportunity by using various wastes as alternative fuels and raw materials (AFR) in our
cement products. 11,47,049 Tonnes CO2 emission reduction was achieved by use of supplementary cementitious

circularity materials in concrete.

Waste as alternative raw material Waste as alternative fuels Sustainable product packaging
Circularity is embedded in our
operational strategy. By reintegrating • We promote sustainable • We are accelerating our move • We have adopted a
in-process waste and responsibly resource use by incorporating away from fossil fuels by sustainable packaging
co-processing urban, industrial, and industrial by-products, thereby harnessing the calorific value solution by using recycled
reducing our reliance on of industrial, agricultural, polypropylene (rPP) in
MATERIAL ISSUE
agricultural residues, we follow a natural limestone and municipal waste as cement bags, reducing virgin
Circularity circular manufacturing model. We have • Industrial by-products like slag, alternative fuels plastic use by 43%
been recognised by the Federation of fly ash, and gypsum are used • Infrastructure upgrades have • This cuts reliance on new
We advance circularity by using industrial by-products as in PPC, PSC, PPC Super, and enabled co-processing in kilns materials and diverts plastic
alternative raw materials, using waste-derived fuels, and Indian Chambers of Commerce Composite cement and captive power plants waste from landfills
incorporating recycled plastics into our packaging. and Industry (FICCI) for our • We have trained our workforce • In FY 2024–25, we used 0.08 • Our operations remain
commitment to sustainable on these sustainable practices lakhs tonnes of industrial plastic-positive, and we fully
FOCUS AREA
• We used 44.15 million tonnes waste, 6.75 lakhs tonnes of comply with all legal and
manufacturing and the circular
Circularity through sustainable of alternative raw and recycled agro-waste, and 14.12 lakhs regulatory requirements
economy and were awarded the materials, comprising 24.05% of tonnes of municipal solid waste of EPR
solutions total usage as alternative fuel sources • A total of ~1.2 crores
‘Circular Economy Models
Our initiatives have helped industries and municipal rPP bags (~0.5% of the
and Resource Efficiency Innovations total consumption) were
bodies manage waste sustainably and prevent it from
ending up in landfills. We have achieved over 99% landfill (Matured)’ award by FICCI this year. consumed in FY 2024-25
diversion across our operations, and our facilities are
certified as zero waste to landfill. We have been able to deploy innovative cement packaging bags containing 50% recycled polypropylene
(rRP) in each bag.
Our approach 11,47,049 tonnes CO2
We follow a comprehensive approach to sustainable Emission reduction by use of
waste management, starting with the inventorisation supplementary cementitious materials Waste management
of waste streams across industries and sources. This is in concrete We maintain a strong monitoring framework We received ‘Circular Economy
supported by detailed waste assessments and third-party through regular internal waste assessments and
audits, enabling us to identify opportunities to reduce annual third-party audits. Our waste intensity Models and Resource Efficiency
Innovations (Matured), award
waste at source and ensure safe, sustainable disposal.
We also place strong emphasis on awareness, capacity 67.9% 5.7% is low at 0.02 tonnes per tonne of cementitious
material. Fly ash, which accounts for 45% of our
building, and engaging employees in waste reduction, Clinker-to-cement Thermal substitution waste, is fully reused in blended cement. We send
reuse, and recycling. ratio rate no waste directly to landfills—99.99% is reused,
recycled, or co-processed, and only 0.001%
(biomedical waste) is incinerated. We have achieved
over 99% landfill diversion, with all our facilities
5.1 times 21.73% 44.15 MMT J459.2 crores certified as zero waste to landfill. We continue to
reduce waste through awareness, training, and
Plastic negative Recycled input materials Alternative raw and Capex and Opex for capacity building.
used in cement recycled materials circular economy
production utilised initiatives

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Environment

Circular principles in practice 4

CASE STUDY Building better
Reducing PP bag bursts
Challenge: At Parli Cement Works, frequent polypropylene (PP) bag bursts were causing productivity losses
with sustainable
and contributing to energy and resource wastage.

Solution: The team conducted a root cause analysis and implemented targeted design modifications to the
choices
delivery chute infrastructure and replaced materials with more suitable alternatives. At UltraTech, building better means
Impact: These proactive measures led to a 78.26% reduction in burst bag incidents. The initiative not only embedding sustainability in every
reduced operational waste but also improved process efficiency. MATERIAL ISSUE decision — from responsibly sourcing
Sustainable material innovation raw materials through ESG-driven
supplier assessments to delivering
We are driving sustainable material innovation through
CASE STUDY our certified VAC Plus products and RMC plants, innovative, low-carbon products.
recognised by CII’s GreenPro and Indian Green Building We promote greener construction
Innovation to utilise red mud as an alternative material Council. By using supplementary cementitious materials practices, ensuring sustainability is
(SCM’s) like fly ash and GGBS in our concrete, we have
Challenge: Dependence on mined minerals like laterite and bauxite posed environmental and resource reduced CO2 emissions by approximately at the heart of both our products
sustainability concerns. 11,47,049 tonnes in FY 2024–25. Our advanced concrete and operations.
Solution: Our R&D team developed an innovative process to substitute mined minerals with red mud—a solutions also lower embodied CO2 by up to 50%,
byproduct rich in iron oxides, alumina, silica, and alkali—from alumina production. We secured a long-term supporting low-carbon, high-performance construction.
MoU with Hindalco Industries Limited to supply 1.2 million metric tonnes annually, reducing reliance on
FOCUS AREA
natural minerals.

Impact: In FY 2024-25, 6,69,301 tonnes of red mud were successfully used as alternative raw materials in clinker Collaboration for product innovation
production, enhancing resource efficiency and supporting sustainable manufacturing. Through joint efforts with institutions and industry,
we focus on process optimisation, technology trials,
and predictive studies to conserve resources, boost
energy efficiency, and enhance product durability
CASE STUDY
while cutting emissions. Our teams collaborate across
manufacturing, technical, and marketing functions to
Plastic waste management at Maha Kumbh, Prayagraj create solutions that minimise carbon footprint and
increase customer satisfaction. We also collaborate
Challenge: Managing the massive volume of plastic waste generated during the Maha Kumbh, one of the with Aditya Birla Science and Technology Company
world’s largest gatherings, posed a significant environmental challenge. Private Limited (ABSTCPL) to support our research and
Solution: We trained sanitation workers in plastic waste collection and segregation. Collected waste was co- development efforts. 70+ 4
processed as alternative fuel at our clinker facility, replacing fossil fuels. We also arranged for a mobile LED van GreenPro Certified Products with life
to tour Prayagraj to raise awareness and encourage community participation in plastic segregation. Our approach Products cycle assessment
The growing demand for sustainable products across studies conducted
Impact: Almost 400 metric tonnes of plastic waste have been collected, from Maha Kumbh and processed as all customer segments has prompted us to enhance
alternative fuel at our clinker manufacturing facility. This helped to achieve 5.1 times plastic-negative status our R&D efforts. These efforts have resulted in notable
beyond EPR compliance and reducing CO2 emissions by 4,200 tonnes—supporting a cleaner, greener Prayagraj
and the Swachh Bharat mission.
achievements, including the development of innovative
products such as 3D printable concrete mixes,
4 6
Products with Patented products
developing crack-resistant and water-resistant products. Environmental Product
Further, we have developed blended cement using Declaration (EPD)
additives like fly ash, slag, and calcined clay to reduce
limestone consumption and promote a circular economy.

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 ESG performance

Environment

CASE STUDY
Innovative products Sustainable products
UltraTech collaborates with UCLA to advance cement Machine printable structural concrete We invest in sustainable products to reduce our
environmental footprint. By developing high-
We have developed structural concrete suitable
industry decarbonisation for machine printing; it was successfully tested at performance, eco-friendly solutions, we strive to meet
laboratory scale and offers a faster and more efficient customer expectations and contribute to a greener,
Challenge: Cement production is a major source of CO2 emissions, particularly from limestone calcination. more sustainable future.
Overcoming this without disrupting existing manufacturing processes remains a key industry challenge. construction method.

Solution: To address this, we partnered with UCLA’s Institute for Carbon Management to pilot the ZeroCAL Low-density concrete UltraTech Enviroplus
technology. This innovative process can eliminate up to 98% of emissions from limestone decomposition We have engineered low-density concrete to decrease It is a high-performance concrete solution designed
without relying on carbon capture as this process electrochemically converts limestone into calcium hydroxide the dead load in structures, and permeable concrete for strength, durability, and sustainability. It reduces
without releasing CO2. for application in open spaces and parking areas, embodied carbon dioxide by up to 50% without
facilitating groundwater recharge. compromising construction speed, supporting low-
Impact: ZeroCAL has the potential to eliminate up to 98% of emissions from limestone decomposition. carbon, eco-friendly building practices.
Through this collaboration, we are taking a bold step towards decarbonising cement and leading sustainable Cement with protection against dampness
innovation globally. We have developed water-repellent cement provides It has the following benefits
enhanced protection against dampness, minimising
the need for repairs and prolonging the lifespan of Enables environment-friendly construction
structures (Weather Plus and UltraTech Premium).

Cement with improved crack resistance Minimises greenhouse gas emissions

We have formulated specialised cement with improved

ZeroCAL crack resistance properties for both mortar and Offers enhanced durability
concrete helping to extend the life and durability
Green Hydrogen of structures.
Reduces embodied CO2 by up to 50%
H2(g)

Available as a customised product solution

Renewable Energy
(Sea)water
Limestone Portiandite
CaCO3 Ca(OH)2

Enviroplus Supreme Enviroplus Enhanced Enviroplus Classic

Limestone quarrying/processing Cement making
Reduces up to 50% of Reduces up to 40% of Reduces up to 30% of
embodied CO2 embodied CO2 embodied CO2
Immobilised CO2
(in HCO3 - (aq)/CO2-3(aq)forms)
for safe management

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 ESG performance

Environment

3D Printed concrete UHPC – Ultra high-performance

"UltraTech's sustainability strategy is to achieve and accelerate the decarbonisation journey and
meet the expectations of our stakeholders.” We have pioneered advancements in 3D concrete concrete
printing by focusing on two key aspects of the method: We have developed high-strength UHPC, a durable
As a market leader, UltraTech is not only keeping pace with changing market demands and policies, developing a suitable mortar mix and establishing a concrete with superior compressive and flexural
but we are also actively embracing new technologies and initiatives. By focusing on decarbonisation, reliable methodology for constructing structures using strength. It is Ideal for thinner structures and longer
energy transition, the circular economy, and product innovation, we aim to reduce our reliance on specialised concrete printers. spans, and supports modern, efficient construction.
fossil-based energy and improve operational efficiency while remaining committed to exploring Its dense microstructure provides superior resistance
emerging technologies. Patent for 3D printing
to water, chloride penetration, freeze-thaw cycles, and
UltraTech Cement Limited received patent certificates abrasion, making it ideal for bridges, precast elements,
Dr. Raju Goyal for concrete mortar design and method of construction: façades, high-rise buildings, and marine structures.
Chief Technical and Sustainability Officer • A Rapid hardening mortar composition for 3D Printing Key features:
and method of 3D printing.
• Method for 3D Printing of concrete building • High Durability: Extremely low permeability
component directly on a 3D printed • Fibre Reinforced: Steel or synthetic fibres for ductility
concrete structure. • Self-consolidating: Requires minimal compaction
• Design Flexibility: Enables sleek, thin-walled elements

UHPC supports sustainable construction by extending

the service life of infrastructure, reducing maintenance
needs, and enabling lightweight designs that reduce
material usage.

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 ESG performance

Environment

MATERIAL ISSUE Our supply chain framework

Sustainable supply chain Coverage of Tier 1 suppliers through
sustainable supply chain awareness sessions Sustainable Supply Chain Supplier Code of Conduct
Our sustainable supply chain framework steers us (%) Framework • Human Rights and Labour Rights
towards responsible procurement by embedding Progress for
• Board-level Governance Structure • Environment
FY 2024-25 25.4
environmental and social considerations across our value • Regular Stakeholder • Occupational Health & Safety
Target for FY 2024-25 25
chain. We are committed to building a supply chain Awareness Programmes • Governance
network that promotes sustainable practices and delivers • Social
long-term value to all stakeholders.
Assessment of critical suppliers (%)
FOCUS AREA
Progress for
Focused Approach for
Strengthening supplier FY 2024-25 100
Supply Critical Supplier
Target for FY 2024-25 100
sustainability chain • Critical
At UltraTech, we strengthen supplier sustainability framework Supplier Selection
Supplier Selection & • Detailed
by building resilience into our supply chain and On-boarding
fostering strong relationships with stakeholders. Sustainable supply chain framework ESG Assessment
Our comprehensive supplier assessment framework • Third-party • Gap Analysis and
Our sustainable supply chain framework integrates site assessment Handholding
ensures continuous improvement, with dedicated responsible sourcing, risk mitigation, and supplier
support and training programmes for suppliers. • Infra, Financial and for Improvement
development aligned with strong ESG principles. Legal check • Risk Categorisation and
We embed sustainability into every stage of supplier • ESG screening Periodic re-assessment
Our approach engagement.
Guided by a robust ESG framework, we ensure our ESG-based supplier onboarding
suppliers share our commitment to sustainability, Our sustainable supply chain strategy processes. Suppliers scoring below our minimum threshold
enabling responsible sourcing and strengthening All new suppliers are evaluated on ESG parameters must undergo training and frequent reviews; continued
the resilience and integrity of our supply chain. before onboarding, ensuring alignment with our Supplier assessment framework: We have developed non-compliance may lead to ending the business
Oversight of the implementation of sustainable supply sustainability standards from the outset an ESG evaluation framework for our affiliated suppliers, relationship. Those exceeding our benchmarks receive
chain programme is monitored at both board level focusing on environmental, social and governance additional weightage in contracts, reinforcing our ESG-
(Risk Management and Sustainability Committee) Supplier training programmes criteria. Aligned with S&P Global’s CSA, SMETA 4-pillar, focused procurement approach. Below are some of our key
and by internal review committee headed by chief We have a dedicated supplier capacity building and GCCA guidelines, it assesses policies, emissions, responsible procurement initiatives:
Procurement Officer. programme under Project Sahyog (Co-operation), resource use, safety standards, and CSR practices to drive
accountability and sustainable performance across our Reverse E-Auction rollout: Implemented digital reverse
wherein, regular training programmes are conducted auctions, securing prices 6.3% below historical L1 and
supply chain.
75% 160 to support our suppliers understand and implement
ESG best practices designed to support our suppliers in
reducing RFQ-to-auction cycle to just 2 days.
Procurement from Suppliers screened for Assessing critical suppliers: We assess our critical Market trends and vendor monitoring: Actively tracked
initiating and advancing their ESG journey. suppliers to identify risks and ensure business continuity,
local suppliers ESG criteria global and domestic commodity trends and vendor costs to
Vendor support programme was launched in 2023 to guided by our Sustainable Supply Chain Policy and inform purchasing strategies and avoid disruptions.
promote awareness of sustainable practices across Supplier Code of Conduct. We recommend corrective
actions, conduct regular awareness sessions, and factor Specification re-engineering: Collaborated with
our supply chain, complemented by internal training technical teams and external partners to optimise
254 100% to ensure effective implementation of our Sustainable ESG scores into decisions. Independent auditors verify
compliance through on-site assessments at supplier product specifications, enhancing quality and driving cost
Key suppliers imparted Internal stakeholders Supply Chain programme. efficiencies.
locations. We conduct regular awareness sessions to
training under Project imparted training update suppliers on changes and best practices for a Engagement with tier-2 suppliers: Maintained dialogue
Sahyog on sustainable supply more efficient, sustainable supply chain. with suppliers’ suppliers to gain insights into market trends,
chain innovations, and risks.
Supplier code of conduct Sustainable procurement Material master consolidation: Standardised and merged
100% https://www.ultratechcement.com/content/ UltraTech integrates sustainability into procurement material codes into the SAP system to reduce duplication
Suppliers adhere to sustainable supply chain dam/ultratechcementwebsite/pdf/policies/ through strategic sourcing, vendor assessments, and and support audit-ready procurement.
framework SupplierCodeofConduct.pdf digitisation, ensuring cost efficiency, environmental Digital RFQ to auction (VendX): Shifted logistics and
stewardship, We also have integrated supplier ESG services procurement to a fully digital workflow with audit
assessments into our decision-making and procurement trails, dispute resolution, and cost savings.

96 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 97

 ESG performance

Social What we achieved

in FY 2024-25

94% K 165 crores

Employee CSR expenditure
engagement index

UN SDGs aligned

5% 100% Units
with employee engagement plan

Women
We focus on people - inside in workforce
and outside the organisation. Capitals linked

From safety and skilling to rural HC SRC

outreach and inclusion, our social
programmes are built to uplift. Relevant BRSR principles
By aligning our initiatives with • Section A-IV,20. a;20. b;22;VI -24

77% 100%
the United Nations Sustainable • Principle: E-1
• Principle 3-E-1. a ,1.c, E-7, E-8, E-9, E-11, E-13
Development Goals, we strive • Principle 5: E-1, E-6
to foster inclusive progress and • Principle 7: E-1
generate long-term value for all
stakeholders.
Employees Return to work rate
Alignment with SASB standard received skill upgradation from parental leave
• EM-CM-320a.1

98 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 99

 ESG performance

Empowering people and communities

1 2
Empowering people, Cultivating a culture of
enriching lives belonging
Our people-centric approach supports continuous We foster a workplace where every individual feels
development of our employees, enabling their valued. Our focus on increasing diversity, supporting
Mr. Chandrashekhar Chavan long-term growth of employees in along with our women at workplace, and upholding human rights
Chief Human Resource Officer organisational success. across all units.
MATERIAL ISSUES MATERIAL ISSUES

• Employee well-being, learning and development • Diversity and Inclusion

FOCUS AREAS FOCUS AREAS

UltraTech’s journey as a force for nation- continuously learn, adapt, and grow. • Employee well-being • Promoting women in workforce
building is powered not only by world- Tailored development plans, targeted • Employee engagement • Empowering differently abled individuals
class manufacturing capabilities but also interventions, and structured learning • Learning and development
by people—their talent, diversity, and pathways enable our people to advance in • Leadership and succession planning
aspirations. By generating employment, their careers with confidence.
empowering youth, embracing inclusivity,
and prioritising well-being, we are shaping We also bridge academia and industry
a future where people remain at the heart through initiatives like the National
of progress. Apprenticeship Promotion Scheme
(718 apprentices) and the National
Our workforce has grown manifold, now Apprenticeship Training Scheme (416
standing at 28,136 employees, reflecting technical graduates and diploma holders),
the diversity and depth of India. To nurture creating a skilled talent pipeline.
the country’s youth, we scaled campus 3 4
hiring, onboarding over 400 fresh graduates Emotional well-being remains a key
focus, with initiatives like #ReachOut and
from premier and regional institutes,
#AcknowledgeWhatStressesUs encouraging Building a safer tomorrow Creating impact beyond business
including MBAs, CAs, Graduate and Diploma
Engineer Trainees. open conversations on mental health. We foster a safety-first culture through proactive We are committed to creating impact beyond
Together, these efforts strengthen risk management and preventive measures, business. Our need-based initiatives promote
We are deeply invested in capability UltraTech’s commitment to inclusive growth ensuring a work environment where every inclusive growth and bring lasting value to
building and career acceleration and nation-building through human capital. individual feels secure, and safe to work. the communities that support and surround
programmes, ensuring employees our operations.
MATERIAL ISSUES

MATERIAL ISSUES
• Health and safety
• Community well-being and development
FOCUS AREAS

FOCUS AREAS
• Enhancing employee safety
• Safety training • Providing quality education
• Accessible healthcare
• Fostering sustainable livelihoods
• Supporting infrastructure development
• Championing social welfare

100 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 101
 ESG performance

Social

1 FOCUS AREA

Employee well-being
Employee well-being initiatives
Emotional wellness

Empowering At UltraTech, we prioritise the overall well-being of our

employees by integrating physical and mental health
• Free, confidential mental health counselling through
the Employee Assistance Programme

people, support into their daily work life. Our sustained efforts • ‘Every Life Matters’ to promote open conversations
were reflected in the annual employee survey, ‘Vibes’ around mental health
where 87% of Management employees felt that we • Regular webinars to raise emotional well-being

enriching lives genuinely cared for their well-being. awareness

Physical wellness
We focus on creating a workplace 94% 79% • Preventive, curative, rehabilitative, and promotive care
initiatives for all employees
where their well-being is prioritised, Employees covered Employees • Annual health check-ups based on employee
their talents are nurtured through under well-being benefitted from age groups
MATERIAL ISSUE leadership development and initiatives health checkups • Tele-consultation services for employees and
succession planning, and their their families
Employee well-being, learning
and development voices are strengthened through
meaningful engagement. We are
We adopt a holistic approach towards employee
well-being by addressing physical and mental health committed to empowering our
through a thoughtfully curated wellness calendar that people to build a fulfilling future
runs throughout the year. Our well-being initiatives and drive lasting impact.
strengthen employee connect with leadership and
promotes cross-location collaboration. Our vibrant
cultural celebrations and sporting events reinforce
a sense of belonging and unity, helping us shape a
workplace where people feel valued. We have tailored
learning initiatives designed for each employee
strengthen their personal and professional development.

Our approach
Our approach integrates well-being and engagement
across the employee lifecycle through structured
wellness frameworks, leadership involvement, and
continuous feedback. We develop initiatives that
holistically support physical, emotional, and professional
needs, with a focus on inclusivity and accessibility.
By aligning well-being with our organisational priorities, Creating a balanced
we foster a culture that enables individual growth and
drives collective success. Through our learning initiatives, and enriching workplace environment
we equip our employees with critical skills and growth We believe in balancing work and leisure to create a fulfilling
opportunities to become top performers. environment for our employees and their families. Our facilities include
scenic greenery, fountains, an open-air theatre, and a wellness club
featuring a modern gym. By offering spaces for fitness, relaxation, and
100% 23.90*hrs 6,68,054 recreation, we foster a vibrant and healthy lifestyle, ensuring employees
Units with employee Average training hours Employees received training enjoy a well-rounded work experience that supports both their
engagement plan provided professional growth and personal well-being.

*Does not include Project Kaizen and Project Champion

102 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 103
 ESG performance

Social

Employee engagement initiatives Employee survey Attrition rate

'I Love My UltraTech' We conducted the ABG Vibes survey, a third party-led We have successfully reduced overall attrition by
Launched to enable employees to collaborate and learn initiative, to understand and strengthen employee implementing a range of initiatives that focus on
from each other across locations. engagement. In FY 2024-25, we achieved a 97% employee growth and development. Our leadership and
participation rate, reflecting the trust our employees people teams work to create a supportive environment
Open communication place in us. The survey recorded a 94% Engagement where employees feel supported and encouraged
Through structured platforms like town halls, leadership Index, with a 1% improvement over Vibes FY 2023-24. in their professional and personal development.
connect sessions, and regular email updates, we ensure These results highlight our continued commitment to By offering career advancement opportunities and
clear, transparent communication across all levels. creating a positive, engaging workplace where every comprehensive training programmes, we help employees
employee feels heard, valued, and motivated to grow. grow professionally ensuring long-term retention
‘PingMe’ and development.
Enabling employees to communicate and seek instant
feedback on real real-time basis across the ABG Group.
97% 94% Employee attrition rate
Employees Employee
Scholarship programmes participated in survey engagement index
Permanent employees (%)
Supporting higher education of the children of long-
serving employees through programmes like ‘Pratibha’ FY 2024-25 9.78
and ‘AWOO’. FY 2023-24 10.68
FY 2022-23 10.52
Festival and sports celebrations Grievance redressal
These events engage employees, fostering unity and We offer an independent communication channel for
a sense of belonging while promoting a vibrant and grievance redressal, managed by a third party. In line Permanent workers (%)
inclusive work culture across the organisation. with our zero-tolerance policy, we take strict disciplinary
actions for any breaches, including warnings or dismissal, FY 2024-25 5.07
Leadership connect as needed. This approach ensures we uphold the FY 2023-24 5.20
As part of our employee engagement efforts, we highest standards of conduct and maintain a respectful, FY 2022-23 4.96
FOCUS AREA
strengthen leadership connect through dedicated transparent workplace for everyone in the organisation.
Employee engagement platforms such as ‘Aakraman’ and ‘DISHA’. These
initiatives foster transparent, two-way communication Human rights Overall (%)
We cultivate a culture of meaningful engagement by between employees and senior leaders, promoting We at UltraTech are dedicated to upholding human
enabling transparent dialogue between employees alignment with business objectives. By encouraging rights and ensuring that no form of abuse occurs within FY 2024-25 8.6
and leadership and fostering inclusive, collaborative open dialogue and accessibility, we build trust, enhance our operations. We actively assess and manage potential FY 2023-24 9.3
experiences. Our grievance redressal framework ensures employee involvement, and reinforce a culture where risks, aiming to reduce any adverse impacts on our FY 2022-23 9
timely and impartial resolution of concerns, reinforcing our people feel connected, respected, and integral to our workforce, communities, and stakeholders. Our Human
a workplace environment built on trust, respect, and a shared journey of growth and transformation. Rights policy is integral to our business, emphasising
shared commitment to collective progress. respect for all affected by our activities. We also commit Membership of employees and
Rewards and recognition to fair pay, transparent compensation practices, and workers in association
40,000+ 57 We follow a pay-for-performance approach that
recognises individual, team, and business achievements.
fostering a diverse and inclusive workplace, as outlined in
our anti-harassment and anti-discrimination policy.
There are 69 trade unions across our plants, with 84%
of permanent workers being members of these unions.
Employees Children of Our reward philosophy centres on fairness and a
participated in employees Local independent trade unions represent around 13%
performance-driven culture. Performance is reviewed of our workforce. Permanent workmen in the cement
festivals and sports benefitted through regularly and rewarded through a comprehensive
events scholarship industry are represented at the central level by a national
framework that includes competitive pay, benefits, federation, which advocates for various benefits beyond
programmes and development opportunities. We benchmark our wages. We ensure all eligible permanent workmen
compensation and benefits with key market players to receive these benefits in line with the settlement.
ensure competitiveness and attract and retain talent.
Our system encourages goal setting, continuous
improvement, and celebrates excellence at every level.

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Learning and development initiatives Collaboration with educational

Trade wise competency frameworks institutions Fresher development
Custom training programmes to improve the skills and We continue to build strategic partnerships with leading programme
performance of fitters, electricians, instrumentation educational institutions to enhance workforce capability
specialists, HEMM operators and welders. and leadership development. Our long-standing We take pride in nurturing future leaders through
collaboration with XLRI through the ‘StepAhead’ initiatives like the Fresher Development and
Sales effectiveness and market intelligence programme for middle management has supported Technical Role Development Programmes.
Focused training for our Building Products Division internal career growth, with 70% of participants Programmes such as the CA Leadership
sales teams to boost customer engagement and advancing within the organisation. This partnership Programme, Udaan, UltraTechie, and Ulchemies
market responsiveness. has been running successfully for over nine years. are designed to equip young talent for
Additionally, our tie-up with Symbiosis Institute of leadership roles. Trainees undergo a one-year
Logistics capability building Operations Management is helping strengthen logistics development journey combining classroom
Training designed specifically for rail road operators capabilities, reflecting our deep commitment to learning and practical experience. This
and regional logistics executives, to improve driving continuous learning and organisational excellence. investment in continuous learning strengthens
operational efficiency. their technical and leadership skills, empowering
them to contribute meaningfully to UltraTech’s
Front step and next step series success and be ready for future challenges in
Training for over 1,800 field employees, from sales and the industry.
technical teams to frontline managers, to develop key
customer service and leadership skills.
FOCUS AREA

Technical certification programmes

Learning and development
We provide specialist training in core technical areas
At UltraTech, we invest in our people through learning including control room operations, quality control,
and development programmes that cater to all levels electrical and instrumentation, thermal power, waste
and roles. From accelerated leadership development and heat recovery and mechanical maintenance.
technical certifications to sales and logistics capability
building, we empower employees with the skills and Digital and gamified learning
knowledge necessary to excel, adapt to challenges, and Introduced BusinessEDGE Pro, for continued learning
drive organisational success. through UltraTalk and GenBlend platforms, and offered
Coursera access for self-paced development.

1,800+ 4,000+ Customer-centricity and market

performance
Employees Field employees
participated in the attended technical Targeted initiatives were launched to strengthen
Front Step learning learning sessions customer-centricity and boost market performance
journey among relationship managers and frontline sales teams.
Over 9,500 employees were engaged, strengthening
technical skills, decision-making, frontline performance,
2,500+ 1,700+ and market responsiveness.

Members from the Benefited from As part of our structured learning approach, we
technical team Next Step and Next provide access to prestigious external courses, in-house
participated in Step Advanced development programmes, and curated self-study
knowledge-sharing programmes materials, all aimed at enhancing individual growth,
webinars team capability, and overall productivity across different
roles and functions

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Initiatives for leadership and CASE STUDY CASE STUDY

succession planning Re-imagining ways of Talent consumption

Talent development
assessing potential of an Objective: To strengthen engagement and
Our Business Centre of Excellence sharpens strategic retention by offering employees diverse career
skills among technical leaders, while Talent Councils employee experiences across the Group, while addressing
guide personalised growth journeys for high- talent gaps.
potential talent. Objective: To enhance the quality and
objectivity of potential assessments by building Efforts: We built a strong succession
Succession planning manager capability. planning framework to enable smooth talent
Programmes like Catalyst and Emerge fast-track over Efforts: We introduced clear guidelines for transitions. Clear guidelines and timelines
100 leaders through immersive learning, with nearly managers to document critical incidents and were communicated to streamline the internal
half moving into expanded leadership roles. hold career conversations to understand mobility process. Functional Councils played a
employee aspirations and strengths. To build key role in identifying and facilitating movement
Talent development capability, trained Talent SPOCs and Champions of fungible talent across businesses.
We actively nurture internal talent through our led workshops and offered hands-on support. Results: Over 50% of identified talent were
structured programmes and Talent Councils. The A central communication campaign reinforced placed through inter/intra business movements,
councils ensure that management has a clear the process across managers and skip-level supporting individual growth while meeting
understanding of the required skills and competencies, leaders, ensuring consistent understanding organisational needs—strengthening our talent
enabling targeted growth for high-potential individuals. and application. pipeline and culture of internal opportunity.
Our Business Centre of Excellence Programme equips
technical leaders with essential business skills, while Results: 50% of assessments now include
FOCUS AREA
leadership training across management levels focuses career-track recommendations. Trained Talent
Leadership and succession planning on strategic thinking, decision-making, and fostering Champions, being line managers themselves,
personal and professional growth, ensuring a strong now actively apply and promote the process,
We identify and nurture future leaders through leadership pipeline aligned with organisational goals. ensuring more consistent and future-ready
structured development programmes and a strong talent identification.
talent pipeline. We focus on early identification of high- Succession planning
potential talent, personalised development journeys,
and continuous capability building. We promote Our top management drives our succession planning
a culture of meritocracy in our hiring process and process, helping to build a strong and future-ready
empower individuals to thrive in critical roles across the leadership pipeline. Our ‘Accelerated Leadership
organisation, supporting a seamless transition across Development’ programmes equip individuals with
key roles. behavioural and functional competencies through an
intense, action-oriented 70:20:10 learning approach.
Over 100 leaders have participated in programmes like
18% 12% ‘The Catalyst’, ‘Emerge’, ‘Evolve’, and ‘StepAhead’, with
Employees New hires 46% successfully moving into larger leadership roles,
experienced growth strengthening future readiness across the organisation.
opportunities
New hires
At UltraTech, we prioritise fairness and transparency in
our hiring process, with decisions based on merit and
97% objective metrics. Our central recruitment cell centralises
recruitment across units, streamlining the process and
Employees received performance and reducing selection time. Newly recruited employees
career development review are required to complete an online Code of Conduct
course, with annual refresher training mandatory for all
employees. This ensures consistency and adherence to
our ethical standards.

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2
Cultivating Initiatives for promoting women in
workforce

a culture of Promoting women engagement across

operations

belonging
• Encouraging women to lead Central Control
Room operations at multiple sites, ensuring 24/7
production efficiency
• Promoting women to take leadership roles in Sales
We promote equality and empower FOCUS AREA and Marketing
individuals from diverse backgrounds. • Three Ready-mix Concrete plants and 1 bulk terminal
Promoting women in workforce that are led by women
We aim to foster an environment
We promote greater engagement of women across our Training and development of female
where every employee feels valued, operations by ensuring equal opportunities for growth
MATERIAL ISSUE
employee
supported, and motivated. To drive and leadership. Diversity and inclusion are governed
Diversity and inclusion through dedicated Councils, with an Apex Council led • Introduced targeted training programmes to improve
this commitment, we have established retention of women employees
As an Equal Opportunity Employer, we are committed by senior management to drive gender diversity and
leadership councils dedicated to closely monitor progress. Through targeted training • Focused on capability building and leadership
to ensuring a workplace free from discrimination. development
Through initiatives such as the 'Dharanya' programme, advancing diversity and inclusion, and development initiatives, we empower our female
employees, while our continuous efforts to build an • Aims to strengthen the pipeline of future women
we actively promote women in roles traditionally alongside comprehensive mentoring leaders across all levels
dominated by men, including HEMM operators, and inclusive workplace ensure that women thrive at every
programmes that nurture the stage of their careers.
support their development across various functions Employee resource group (ERG)
such as mining, production, quality, and projects. development and progression of diverse
• ERG was launched to foster inclusion and
Furthermore, we are proud to have three Ready-mix talent across the organisation.
Concrete plants and one Bulk Terminal led by women. 3 1 empowerment for women in manufacturing
• Led by women, the ERG offers professional
Ready-mix concrete Bulk terminal development, networking, and cross-
Our approach plants led by women led by women learning opportunities
Our approach focuses on providing strong support Diverse and inclusive workforce • Provides direct feedback to D&I Council to enable
for female employees through a network of senior impactful change
women mentors, empowering them to achieve their We have launched the 'SOCH' campaign to promote
career aspirations. We educate both managers and awareness of inclusion, challenge biases, and encourage
staff to nurture an inclusive culture and recognise adaptive working practices across all levels of the
those who demonstrate a commitment to diversity. organisation. Through this initiative, we have shared Women in workforce (%)
We prioritise creating a supportive work environment Diversity and Inclusion success stories to highlight
Metric FY 2022-23 FY 2023-24 FY 2024-25
by ensuring infrastructure at work locations and how inclusive practices have driven meaningful
colonies that supports women, while also ensuring business outcomes. Our workforce reflects a rich Share of women in all management positions (% of total management 4.66 5.54 5.7

workplace accessibility for employees with disabilities. diversity of gender, background, region, and age, with positions)
individuals from all walks of life contributing to our 4.64 5.67 5.9
Share of women in junior management positions (% of total junior
collective success.
management positions)
2.38 2.28 1.6
5% Share of women in top management positions, i.e. maximum two levels away
from the CEO or comparable positions
Women in workforce 8.86 10.96 13.04
Share of women in management positions in revenue-generating functions
(e.g. sales, as % of all such managers)
Share of women in STEM-related positions (as % of total STEM positions) 4.58 5.47 5.54

UltraTech is proud to have a cohort of six women leaders and a total of 1,414 women employees across its
management and staff cadre.

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3
Building a safer
tomorrow
We embed health and safety into every
aspect of our operations, fostering
a culture of vigilance and shared
responsibility. Through structured
MATERIAL ISSUE
systems, training, and preventive
Health and safety measures, we strive to safeguard our
We strictly adhere to established standards, procedures, workforce and stakeholders, reinforcing
and guidelines, with governance overseen by our our continued commitment to ‘Building
Occupational Health and Safety Board. Employees a Safer Tomorrow’.
are required to comply with lifesaving and road safety
regulations, while our risk control system and regular
inspections ensure continuous compliance and swift
resolution of any issues.

Our approach
Our approach to occupational health and safety is
centred on continuous improvement, with regular audits
and observations to enhance our practices. We have a
safety management system that includes 27 standards,
27 procedures, and 19 guidelines, ensuring a consistent
and comprehensive approach. Certified to OHSAS
18001/ISO 45001, we prioritise employee safety through
targeted training, focusing on preventive measures,
incident recurrence prevention, compliance tracking, and
the integration of digital technology to streamline safety
FOCUS AREA
protocols and drive operational excellence.
Empowering differently abled Breaking barriers, building
individuals dreams 2 units
We are committed to creating an inclusive workforce by Sabah Rashed’s journey at Star Cement, part of Won International Safety Awards
actively recruiting differently abled individuals. Our focus the UltraTech family, is a true story of resilience (from British Safety Council)
remains solely on their skills, capabilities, and potential, and ambition. Coming from a background
ensuring equal opportunities for all. where women were rarely encouraged to
work, she pursued a career in Manufacturing Recognition for our units
with determination. Despite having no prior • 1 unit won 1st position in National Safety
experience, she thrived, balancing work and
100% 0.19% family life with courage. Sabah’s story inspires
Council of India (NSCI) safety award
• 1 unit with golden trophy
Units are Differently abled many, proving that with passion, the right • 1 unit with silver trophy
Differently abled individuals in support, and perseverance, success is truly • 4 units won certificate of appreciation
friendly workforce within reach. from NSCI

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OHS governance structure Our health and safety strategy

Our OHS governance structure includes an OHS Board and an Apex Committee to oversee and drive health and safety
Safety reviews • Weekly reviews, led by line managers and senior leadership, assess
initiatives across the organisation. These bodies ensure strategic alignment and effective decision-making, supporting
safety performance
our commitment to a safe work environment through strong leadership, oversight, and continuous improvement.
• Focuses on key safety KPIs, enabling data-driven decisions and fostering a
Our OHS governance structure ensures that the highest health and safety standards are maintained across
proactive safety culture
our operations.
• Ongoing engagement at all levels reinforces accountability and improves
workplace safety practices

OHS Board – MD and CMO & BH Safety campaign • The ‘Suraksha, Dil Se’ our safety campaign, promotes a culture of care through
multi-tier safety monitoring
• Expert riggers and scaffolding professionals are trained to ensure safe practices
at each site
• This initiative strengthens risk management and reinforces safety across all
Apex Committees – Unit Heads project locations

Safety training • Delivered 11,93,980 man-hours of safety training through virtual and in-
person formats
• Sessions provided practical knowledge and updated protocols, fostering a safety-
aware culture
Standards Safety Training & Incident Contractor Logistics • Ongoing education is a key pillar in our strategy to reduce workplace incidents
& Procedures Observation Capability Investigation Safety Safety
Building Management
Rewards and • We celebrate safety excellence through recognition programme
recognition policy • Trophies are awarded to high-performing units and individuals at the annual
safety meeting
• Ongoing recognition includes ‘Safety Person of the Month’, safety quizzes, and
contractor awards, encouraging best practices
Achieve zero Continue CCI (contractor
on-site fatality connect initiative) and
Pratibimb – Leaders Connect
Regu
in
ety inspe lar
Our focus Saf plants c ti o
crete ns
areas co
n

W rev
ad

ee iew
ro

kly
on
AR/VR/MR

saf
ty
intervention

ety
Safe

s
Fatal risk and trade-based
prevention safety training H&S
H&SOHS

connect initi

Safety train
management

Contracto
management
system
system

in g
r
ativ
e

re nce
W in
al
sp -thr

na
r

k
ec ou ve
tio gh S go ctu
n
Zero- harm OH stru
culture

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Safety related incidents

(GRI 403-9,403-10, BRSR Principle 3-E11)

0.21 92 8
FY 2024-25 L ost Time Injury Frequency Rate (LTIFR)
0.08 57 7 (per one million-person hours worked)
FY 2023-24 Total recordable work-related injuries
0.28 43 1 No. of fatalities
FY 2022-23

Type of injury

Manual error 19
Fall 19
Plant & equipment failure 11
Others 43 FOCUS AREA

Enhancing employee safety Safety observation culture

We continually strive to enhance workplace safety Our structured programme rewards safe conduct
standards through rigorous training, state-of-the-art and flags unsafe behaviours, generating 2,27,109
safety equipment, and a proactive safety culture. We observations across units, reinforcing safety as a
foster a culture of safety through proactive observations collective responsibility.
and independent third-party assessments and address Independent safety assessments
psychological risks with behavioural safety interventions.
A third-party safety assessment across 26 units ensured
alignment with 7 safety standards, with findings shared
5,836 7,186 for timely action.
Internal audit Contractor safety Behavioural safety interventions
observations audit observations
identified and closed identified and closed A new initiative focuses on psychological risks among
contract workers, enhancing awareness and resilience
through behavioural based safety practices.

Safety initiatives Digitised WTI tracking

Round-the-clock safety helpline QR codes at unit locations provide instant access
A 24/7 helpline allows employees and contractors to to digital WTI checklists, resolving over 3,04,549
report unsafe conditions confidentially, promoting observations raised throughout the year.
vigilance and accountability. Visual SOPs for workers
Pause for safety – 60-second rule We created 10 image-led SOPs in Hindi, displayed
Workers must complete a permit-to-work form with prominently at sites, ensuring contract workers can
seven key safety questions, enabling them to pause work easily follow safe practices.
if conditions seem unsafe. Animated learning tools
Safety audit Nearly 40, 3D videos in English and Hindi explain past
We conducted 313 internal and 2,355 contractor safety incidents, their causes, and preventive actions, offering
audits, while experts conducted 351 audits at RMC sites, an engaging training tool.
addressing over 5,488 safety issues.

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Zero harm culture FOCUS AREA

Leading interventions Safety training

We empower employees and contract workers with the Training details
Safety campaigns Leader connects with employees Contractor connects initiative knowledge to identify risks, follow best practices, and
respond effectively to risks. By leveraging technology, Standard 700 employees
We conduct monthly safety The Cluster Head conducts As part of ‘Hamein Aapki we deliver engaging, learning experiences through champions training
events based on incident analysis, weekly reviews of walk-through Parvah Hai’, our UHS/FHS teams e-learning modules, virtual multilingual sessions, and
using 3D animated videos, inspections across units hold weekly safety talks with 3D simulation-based hazard training. These tools ensure E-learning 11,800 employees
posters, and virtual sessions through 'Pratibimb'. This year, contractors and workers. Running targeted, scenario-specific learning, strengthening Virtual training 2,000 employees
to increase awareness and 156 employees participated in continuously for 180 weeks, this risk awareness, reinforcing compliance, and equipping
encourage employee engagement 63 sessions. initiative reinforces commitment our workforce to execute tasks safely, efficiently VR training 8,1932
across locations. to safe work practices on site. and effectively.

Safety training initiatives

11,93,980 E-learning modules
Proactive interventions Hours of safety training received by employees • Launched e-learning modules on high-risk operations,
and workers including coal mill and boiler use, focusing on hot
Train the trainer Digitalisation Continuous PPE upgradation
material exposure
• Modules are hosted on LMS and are mandatory for
We have equipped select safety We leverage data analytics to draw We regularly review PPE
professionals through the Train the insights from safety observations performance and based 0.21 8 relevant employees
• Over 11,800 completions recorded to date
Trainer (TtT) model on 'TapRoot', and near-miss reports. This on feedback from units. In LTIFR Fatalities
our incident investigation tool. analysis helps us identify collaboration with vendors, we Virtual training sessions
These trainers now lead probes systemic gaps and improve upgrade equipment to enhance • Delivered virtual training in Hindi and regional
into major incidents, including control measures across units, protection and ensure compliance languages on key fatal risk areas, including Work at
lost time injuries, enhancing our ensuring timely corrective actions with evolving workplace Height and Electrical Safety
internal investigation capability. and reducing the likelihood of safety standards. • Reached nearly 81,932 contract workers across units
future incidents. • Focused on practical, scenario-based safety awareness

Training through digitalisation

• Designed interactive hazard training modules using 3D
simulation and computer modelling
Corrective actions
• Developed short 4–5 minutes VR-based modules
• Trained over 81,932 workers on 44 safety tasks,
Prevention of Consequence Zero-tolerance policy
enhancing risk understanding
incident recurrence management

We promote organisational For any mishap caused by at-risk We maintain a zero-tolerance

learning by sharing serious or reckless behaviour, we enforce approach towards unsafe
incident findings through RCNs. consequence management, conduct, fostering a safe working
Unit-level sub-committees reflecting disciplinary actions environment for all employees and
track monthly compliance, in performance appraisals via contract workers across locations.
ensuring recommended our ERP software, maintaining
actions are implemented to a zero-tolerance stance on
prevent recurrence. unsafe conduct.

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Ensuring road safety

Our road safety programme enforces strict driving and
Defensive driving and safety training
We are dedicated to enhancing safety at our 230+ ready-
4
vehicle safety standards. Regular audits—both internal
and external—ensure adherence, with the Plant Logistics
Head overseeing compliance. We actively engage with
mix concrete plants, employing nearly 8,000 skilled
workers. Safety protocols are rigorously followed, with
continuous defensive driving and safety training via
Creating
transporters to continually review and improve safety
measures on the road.
our ‘Train the Trainer’ and animated modules. Senior
leadership conducts unannounced audits. impact beyond
We have identified key focus areas for road safety to
ensure the well-being of our employees, transporters,
Road safety through real-time tracking
At our cement plants, we have implemented a range
business
and the public. These areas include: of safety measures to promote safe driving. These We drive positive change beyond
Enroute safe driving behaviour include GPS tracking in cement trucks to monitor driving business through our CSR initiatives,
behaviour, safety inductions for new drivers and contract
GPS-enabled monitoring detects high-risk behaviours workers, awareness campaigns, truck yard management, focusing on education, healthcare,
during journeys, including over speeding, prolonged first aid training, and health camps for drivers to ensure MATERIAL ISSUE livelihood opportunities, and
driving, harsh braking, and rapid acceleration. their well-being.
Community engagement community well-being. Our efforts
Journey risk management empower communities, contributing
We continuously monitor road safety KPIs at each of and impact
We utilise GPS technology to pinpoint high-risk routes our units, working closely with logistics teams, transport to a resilient and equitable future.
and establish geo-fenced areas prone to safety hazards. partners, and drivers. Through the use of GPS technology At UltraTech, we go beyond business to foster inclusive
and our Eye2Track app, we provide real-time feedback on growth. Our CSR efforts focus on promoting gender
Electronic safety check list driving behaviours, such as speed violations, to enhance equality and empowerment, aligned with the UN
We have implemented an 8-point 'e-Passport' checklist awareness and encourage safer driving practices across SDGs. We have improved girl enrolment through child
to ensure vehicle and driver safety compliance across all all operations. friendly infrastructure improvements in public schools,
our unit. strengthened healthcare access through outreach
Strengthening safety through camps and maternal care, and improved access to clean
Truck yard infrastructure drinking water and hygienic sanitation facilities. Skill
behavioural observations
Our truck yards follow 'Model Truck Parking Yard' development and digital literacy training further support
guidelines, with ongoing monitoring and driver training We have implemented a Safety Behaviour Observation sustainable livelihoods, helping reduce gender disparities
at 100+ centres. Programme to identify and address at-risk behaviours across the communities where we operate.
through a structured six-step approach. It encourages
positive actions, corrects unsafe practices, and promotes Our approach
open safety dialogue. Regular training, consequence
management, and a Reward and Recognition system Our CSR approach is rooted in community participation.
reinforce safe conduct across our operations. We identify projects through participatory rural
appraisal, prioritised in consultation with village
panchayats and stakeholders. Each year, a dedicated CSR
budget is allocated based on emerging needs. Activities
and financial allocations are recommended by the CSR
Committee and approved by the Board. We ensure
accountability through external social satisfaction
surveys and audits, with all projects reviewed and
scheduled by the CSR Committee and Board.

78 18,25,069 15,474 K165 crores

CSR programmes Lives positively Girl child CSR-related
impacted beneficiaries expenditure

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Guiding principles agencies. All projects and programmes are reviewed by

Vision Scope Management commitment our CSR Committee, with execution plans and schedules
Needs identification presented to the Board. The Board oversees the annual
To actively contribute to the social Planning and conceptualisation, Compassionate care is at the Needs are identified through community consultations, action plan, including resource allocation across
and economic development of the formulation, collaboration, heart of our CSR policy, embraced where we engage residents to understand their key locations, and evaluates impact assessments.
communities in which we operate implementation, monitoring, by our Board, Management, and needs. Using participatory rural appraisal mapping, we
and beyond, in sync with the UN evaluation, documentation, employees. We are committed to gather valuable insights. Prioritisation is done based on CSR budget
SDGs. Our endeavour is to lift and reporting constitute the creating a society that embraces the consensus with village panchayats and stakeholders, The CSR budget is allocated at a minimum of 2% of the
the burden of poverty weighing key planks. generosity and compassion, and enabled by the Aditya Birla Centre for Community Company’s average net profit (PBT) over the past three
down the undeserved and foster the enrichment of stakeholders. Initiatives and Rural Development. financial years, in accordance with the Companies Act,
inclusive growth. In doing so, we 2013. The CSR Committee recommends activities and
build a better, sustainable way of
Perspective plan development and project budgets, which are subsequently approved by the Board
life for the weaker, marginalised
design monitoring process of Directors.
sections of society and enrich lives Using collected data, we create one-year and four-year
while being a force for good. rolling plans for the holistic development of marginalised CSR reporting
communities. These plans are reviewed during our The annual CSR report, along with impact assessment
Annual Planning and Budgeting meeting. The approved studies, is included in the Board’s Report. Impact
plans are further developed into projects using the assessments are mandatory for all CSR projects with a
logical framework approach. budget of H 1 crores or more, requiring at least one year
of implementation before the study commences.
Effective execution
We ensure effective execution through a strong Information dissemination
implementation framework and monitoring system, We share our CSR activities through our website, Annual
Healthcare supported by dedicated unit-level teams. To measure Reports, in-house journals, and media channels. Details
the impact of our initiatives, we commission social about the CSR Committee, CSR Policy, and approved
satisfaction surveys and audits through external projects are readily accessible on our website for
Education
public viewing.

CSR Governance
Thematic
areas Infrastructure
development

Mrs. Rajashree Birla Ms. Anita Ramachandran Mr. K. C. Jhanwar

Social reform Chairperson Independent Director Managing Director
At the Aditya Birla Group, we have developed a playbook, fixated on a holistic approach, that truly perpetuates women
leaders. Our endeavour is to make the Aditya Birla Group an aspirational workplace for women, and increasingly weave
women into mainstream operations, in the near future. We have long begun enhancing the representation of women at
Sustainable leadership levels, across operations, be it management, manufacturing, marketing, branding, sales, or research. We are
livelihood making good progress. Currently, we have over 200 women, in senior and top leadership roles. For us it is a journey of
transformation. Our Chairman has pushed the agenda, and today it is like a movement. To drive a mindset of inclusion,
we have worked out diverse innovative programmes, among which are immersive workshops, interactive manager
sensitisation and digital learning sessions. The outcomes have been very fulfilling. A clear signal is beamed - emphasising
the fact, that given everything being equal, the scale must tilt towards women. In a few years ahead, we would be on
SDGs aligned the top of the pole in the context of women empowerment. I am sure, most progressive corporates, serious in pursuing
gender equity, would have made ‘women empowerment’ a business case.

Mrs. Rajashree Birla

Chairperson, The Aditya Birla Centre for Community Initiatives and Rural Development

122 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 123
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We maintain a robust CSR governance framework across CSR expenditure (K in crores) FOCUS AREA
all our manufacturing units, each with a dedicated
165.15
CSR Cell. Our CSR Heads report to the Group Executive
FY 2024-25
Providing quality education Business level goals
President & Group Head. The Managing Director FY 2023-24 150
In Education, we strive to ignite a lifelong passion for by 2025 in 300 villages
mentors the process, while Unit Heads and CSR teams FY 2022-23 116
ensure timely implementation of projects. All projects 103
learning through formal schools and balwadis. We have
FY 2021-22 Reduction in poverty from 25% to 5% (vis-
are reviewed by our CSR Committee and Board, which provided student furniture so that no child has to study
à-vis the currently measured – people living
approve the annual action plan, resource allocation, and on the floor. Our ‘Pravesh Utsav’ initiative promotes
on less than USD 2 a day)
impact assessments, ensuring strategic alignment and 1.82 million 100% primary school enrolment for children above six in
our operational villages. Smart classes, bridge courses,
measurable outcomes across all locations. CSR beneficiaries Ensure 100% enrolment and
and board exam preparation have helped achieve 100%
girl enrolment and retention in Primary and over 90% zero dropout rate

Our targets in Secondary School. Through these efforts, we reach

1,80,430 beneficiaries every year, ensuring inclusive and
Education • Ensure 100% enrolment and zero dropout rate continued education for all.

Health • Reduce malnutrition in children under 5 years of age to less than 5%

• Halve percentage of anaemic women aged 15-49 years
• Ensure access to quality essential primary health services 100% 90%+ 1,80,430
• Zero Infant and Maternal Mortality (IMR & MMR) Girl enrolment ratio and Girl enrolment ratio and Students beneficiaries
• Open Defecation Free (ODF) villages retention in primary schools retention in secondary schools
• Access to safe drinking water in less than 30 min walk (round trip)

Sustainable • Ensure gainful employment for 50% youth through honing skills
livelihood • Double income of farmers
• Reduction in poverty from 25% to 5% (vis-à-vis the currently measured – people
living on less than USD 2 a day)
• Increase farm productivity by 50%
CASE STUDY CASE STUDY
• Achieve water positivity in 80% of target villages

Infrastructure • Develop quality, reliable, sustainable, and resilient infrastructure with equitable Improving learning Empowering girls through
development access for all, with the aim of transforming neighbouring villages into environments self-defence
model communities.
Challenge: In Jawad, Neemuch, 58,560 students Challenge: Kotputli Cement Works recognised
across 488 schools lacked basic furniture, with the value of nurturing self-confidence among
• NABARD (National Bank for Agriculture and 16,500 forced to sit on the floor. All primary rural schoolgirls to support their personal and
Partnerships schools had inadequate seating, affecting academic development.
Rural Development): promotes gender equality by
We collaborate with government bodies, NGOs, promoting financial inclusion, supporting women in student comfort, concentration, and health.
universities, communities, and stakeholders to Intervention: A Self-Defence Coaching
agriculture, and driving rural development. Intervention: Vikram Cement Works provided Programme was launched for 73 girls from
strengthen our CSR initiatives. Through partnerships • Aide et action: a global NGO committed to
like the FICCI–Aditya Birla CSR Centre for Excellence, we 963 desk and bench sets to 64 primary and nearby villages. The training focused not only
promoting education for vulnerable and marginalised 6 middle schools, benefiting 2,889 students. on physical techniques but also on raising
embed CSR into our culture, while also engaging with groups, especially women and girls, by addressing
platforms such as CII, FICCI, and ASSOCHAM to drive The initiative extended beyond local villages, awareness, encouraging independence, and
gender-based barriers. supporting ethnic majority communities. building inner resilience.
inclusive growth. • Janhitay mandal: a non-profit organisation based
• Microsoft philanthropy: supports gender equality in Chandrapur, Maharashtra, focuses on education, Outcome: The project inspired wider support, Outcome: Every participant reported a notable
and women empowerment through digital literacy and health, and youth development, with a strong with 4,400 additional sets provided by other boost in self-confidence, with female student
capacity-building initiatives at grassroot level. emphasis on empowering women and girls, alongside corporations. Furniture shortages were retention rising by 20%. For girls like Pooja, these
• BAIF development research foundation: promotes de-addiction initiatives. eliminated, improving attendance and comfort steps have become strides of pride. What was
sustainable rural development through agriculture, for 16,500 students, making Jawad the first block once a fearful walk to school is now a confident
Our partners play a vital role in addressing gender in Neemuch with full seating coverage. journey. Her transformation stands as a beacon
livestock, and natural resource programmes, with disparities and fostering a more inclusive and
a strong focus on women’s empowerment and of change, inspiring others to believe in their
equitable society. strength and pursue education fearlessly.
gender equity.

124 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 125
 ESG performance

Social

Key initiatives in FY 2024-25 FOCUS AREA

Accessible healthcare Business level goals

In healthcare, we provide quality services to rural by 2025 in 300 villages
communities through doorstep health camps. At
Anganwadi Centres, our doctors conduct antenatal • Reduce malnutrition in children under 5
check-ups, ensure child vaccinations, and monitor years of age to less than 5%
nutrition for mothers and adolescent girls. We offer • Halve percentage of anaemic women
Empowering rural girls through aged 15-49 years
education free consultations, subsidised diagnostics, medical aid
for comprising of abled individuals, and cataract camps • Increase farm productivity by 50%
In Kotputli, we launched a transformative comprising of 62% women. By improving access to safe
coaching initiative for Class 10 girls from drinking water and sanitation, we have reduced child • Ensure access to quality essential primary
neighbouring villages, addressing challenges like malnutrition and disease. We are proud to have reached health services
poverty, domestic responsibilities, and societal 4,77,889 people through these impactful initiatives. • Zero Infant and Maternal Mortality
norms. The programme offers focused academic (IMR & MMR)
support in Mathematics, Science, and English to
boost board exam performance. It also covers
tuition, transport, and materials, with regular 4,77,889 62% • Open Defecation Free (ODF) villages
assessments to address individual learning Beneficiaries of Of cataract surgery, • Access to safe drinking water in less than
needs, empowering girls to dream bigger and health initiatives beneficiaries were 30 min walk (round trip)
pursue higher education. women

30
Students beneficiaries

CASE STUDY CASE STUDY

Supporting TB recovery Improving

Providing school bags with one
mission through nutrition- healthcare access
In Babarkot and Mitiyala, NCJW distributed 1,500 Manjuben’s story Challenge: In Manawar, a tribal area in Dhar
school bags to rural students, addressing a key district, poverty and lack of access to healthcare
barrier to education. This targeted intervention Challenge: Manjuben, from Jafrabad Taluka, left many villagers with untreated medical
not only improved focus, attendance, and was diagnosed with TB six months ago. While conditions and poor health awareness.
performance but also supported overall well- she received medical treatment through the
being. By going beyond essential needs, NCJW local PHC, her recovery was hindered by poor Intervention: To address this, monthly
demonstrated how simple acts can make nutrition due to her family’s financial difficulties. multi-speciality medical camps were
a lasting impact on children’s educational organised, supported by NGOs and healthcare
Intervention: Narmada Cement Jafrabad professionals. These camps offered free services
journeys and empower brighter futures. Works (NCJW) provided monthly nutrition in general medicine, paediatrics, gynaecology,
kits containing essential, nutrient-rich food ophthalmology, and dentistry, along with health
1,500 items to support her immune system and
overall recovery.
education sessions.
School bags distributed
Outcome: Over 3,000 villagers received care.
Outcome: With consistent nutritional support, Awareness around hygiene, nutrition, and
Manjuben regained strength, improved her disease prevention improved significantly,
appetite, and experienced a smoother recovery. leading to better health practices and regular
The initiative not only supported her health health-seeking behaviour in the community.
but also eased the financial strain on her family
during a critical time.

126 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 127
 ESG performance

Social

Key initiatives in FY 2024-25

Integrated child and women welfare

through Anganwadis
The Anganwadi Excellence Initiative has
strengthened early childhood development Project Dhanvantari
services across rural areas by transforming Led by Manikgarh Cement Works, Project
centres into model facilities. In Baloda Bazar, we Dhanvantari is a comprehensive initiative aimed
upgraded 8 Anganwadis to support and nurture at improving community health and well-being.
over 840 children, women, and adolescent It has benefited over 3,502 people through health
girls. With over 94% attendance, the initiative camps, awareness workshops, improved access
has improved education, nutrition, healthcare, to medical facilities, and the distribution of free
and hygiene. We have established 102 model medication. The project also focuses on nutrition,
Anganwadis by FY 2024-25, across Hirmi, Rawan, wellness, immunisation, and strengthening
Malkhed, Khor, Maihar, Satna and Rewa. health infrastructure.

22,923 3,952 3,000+

Lives impacted
Children Women
benefitted beneficiaries

Ensuring universal access to safe

drinking water
As part of our commitment to ensuring access
to safe drinking water for communities near Nutritional support From struggle to strength:
our operations, we developed 38 new water
sources and refurbished existing ones across 48
We provided nutritional support to 742 TB Ms. Ragini’s journey of
patients across UltraTech locations, helping
villages this year. Our efforts include permanent boost immunity and aid faster recovery. resilience
borewells, tank facilities, and water tankers
in remote areas. Water ATMs were installed In Jafrabad (Gujarat), this initiative led to a Ms. Ragini, 36, from Naswar village, overcame
in Tadipatri, Kuchipudi (Andhra Pradesh), significant impact—68 out of 73 patients poverty, domestic abuse, and homelessness after
and Awarpur (Maharashtra). We partnered successfully recovered, highlighting the her husband’s death. Evicted with her bedridden
with government renewable programmes to critical role of sustained nutrition alongside mother and two children, she found shelter
establish solar-powered water facilities. Our medical treatment. at Ambedkar Bhavan. Her turning point came
initiatives earned recognition through the when she joined the Community-Led Solid Waste
Social Impact Award from SP Jain Institute of Management Project by Rajashree Cement Works
Management Research. and Navami Foundation. As a waste collector,
she gained stable income, dignity, and purpose.
Today, she is a beacon of resilience—proving that
1,10,000 with support and determination, transformation
Lives impacted is possible.

128 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 129
 ESG performance

Social

FOCUS AREA Key initiatives in FY 2024-25

Fostering sustainable livelihoods Business level goals
Our Sustainable Livelihood programmes create by 2025 in 300 villages
locally relevant, environmentally responsible income
opportunities. We formed Self-Help Groups and provided • Ensure gainful employment for 50% youth
skills training, including computer literacy for at least through honing skills
one woman per household to reduce digital inequality • Double income of farmers Sustainable agriculture through
(SDG 10). Women received training in tailoring • Reduction in poverty from 25% to 5% natural and organic farming
and beauty services and were encouraged to open (visa-vis the currently measured - people Farmers near UTCL Baga faced challenges like low
petty shops. We support farmers with drip irrigation living on less than IJSD 2 a day) people productivity, lack of modern farming knowledge,
and promote improved cattle breeds via artificial living on less than IJSD 2 a day) and dependence on conventional seeds. To
insemination. Check dams and de-silting enhance water address this, we launched a CSR initiative focused
storage. Through these initiatives, we reached over • Increase farm productivity by 50% on promoting natural and organic farming in
181,055 beneficiaries annually. Himachal Pradesh. Through community training,
exposure visits, and the introduction of high yield
1,81,055 36,122 • Achieve water positivity in 80% of
‘Pragati’ turmeric seeds, yields rose significantly,
with incomes increasing by 40%. The initiative
People positively Farmers benefitted target villages empowered local communities, particularly
benefitted through agriculture women farmers, and we now aim to scale it up to
support benefit 5,000 more farmers across the region.

27,900 56,211 1,680 40%

Families benefitted Cattle
through animal immunised Women farmers Increase
husbandry trained on natural in return with high
programmes farming yielding Pragati
seeds
Implementing the sprinkler
CASE STUDY CASE STUDY
irrigation system
In partnership with the District Horticulture
Transforming traditional Bihan project: Advancing Departments of Baloda Bazaar (Chhattisgarh)
and Sonebhadra (Uttar Pradesh), we mobilised
agriculture sustainable farming support under the Prime Minister's Irrigation
Challenge: In Solan and Bilaspur, rural villagers Challenge: Farmers in villages struggled with Scheme, providing 220 Sprinkler Systems, 52
faced labour-intensive agriculture, limited low yields, poor water management, and no Water Pumps, near Rawan, Hirmi, and Dalla
resources, and poor market access. access to quality seeds, affecting their income. Cement. This initiative improved water use, crop
productivity, and energy efficiency for marginal
Intervention: Baga Cement Works provided Intervention: Bihan Project provided targeted farmers, with each receiving H 7000 to enhance
training and 300 mushroom cultivation bags training, access to agricultural equipment and farming's water and energy efficiency.
to 85 villagers. Practical, community-centred schemes. It introduced quality seeds, water-
instruction and low-barrier entry encouraged
beneficiaries to join the training.
efficient methods, and crop diversification
through double cropping, enabling farmers to 272
boost yield sustainably. Marginal farmers benefited
Outcome: Within a year, 700 beneficiaries with sprinkler set
joined, producing 3,000 kg of mushrooms. Each Outcome: The project benefited 250 farmers
participant earned approximately ` 1,800 in two across 10 villages and trained more than 350
months, totalling ` 12.6 lakhs. Income surges farmers. Water-efficient practices implemented
prompted reinvestment, with orders for 14,000 led to a 40–50% reduction in water usage across
additional bags, and cultivated interest in Oyster 240 acres, helping more than 100 farmers.
mushroom cultivation.

130 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 131
 ESG performance

Social
Empowering youth through heavy
motor vehicle (HMV) training
FOCUS AREA
At Kotputli, we partnered with the ‘Excellence
Driving Training Institute’ to equip local youth Supporting infrastructure Business level goals
with HMV driving skills. 30 individuals from
nearby villages received sponsored training, development by 2025 in 300 villages
combining theory with practical experience. In Infrastructure Development, we strive to establish
12 trainees secured jobs in organised sectors, • Connectivity, road repairs, community
essential services that underpin sustainable growth by halls and assets, rest places, installation of
reflecting the programme’s strong impact. The enhancing basic infrastructure. We have upgraded the
initiative was recognised by the Government of solar lights, construction of water tanks,
majority of panchayat roads to all-weather standards, installation of piped water supply
Chhattisgarh under the 'Hum Honge Kamyab' significantly improving road safety. These efforts
scheme during the ‘Sushasan Tihar’ festival. have enhanced accessibility for 552,432 beneficiaries,
Inspired by its success, HMV driver training has supporting greater connectivity and development within • Bettered lives of people
also been introduced in Manawar (MP).The project the communities we serve.
also focuses on nutrition, wellness, immunisation,
and strengthening health infrastructure.

5,28,108 10,000
Integrated watershed development
30 People benefitted Benefitted through • Of the 507 villages where we operate
in, 44 villages slated to become
Youth trained in HMV driving through improved construction of
project village infrastructure community halls model villages
Malkhed and Tadipatri, villages located in the programmes
water-scarce regions of Karnataka and Andhra
Pradesh, face erratic rainfall that hampers
agriculture. Our watershed approach, building
check dams, percolation tanks, and rainwater
harvesting units—improved groundwater
recharge, and water availability. We constructed 9 CASE STUDY CASE STUDY
check dams, repaired 11, and developed 13 ponds
and 66 harvesting structures across multiple sites Transforming Gokul Gaushala: A
conserving 271 million litres of water and directly
benefitted 36,122 farmers, boosting crop yields, Chandrapalyam with solar sustainable haven for
and rural livelihoods. road lights stray cattle
Challenge: Chandrapalyam, a remote village in Aim: To rehabilitate stray cattle by providing
Tamil Nadu, lacked proper road lighting, causing safe shelters with food, water, and protection
safety risks and limiting evening activities due to from illness, while promoting sustainability and
unreliable electricity. community well-being.

Intervention: The project installed 24 solar- Intervention: UltraTech Cement constructed

CASE STUDY powered streetlights on main roads, offering Gokul Gaushalas in Sambhupura, Pali, Pindwara,
sustainable, low-maintenance, and off-grid Malkhed, Manawar, and Bela. These shelters
Bridging the gender gap lighting solutions. offer spacious accommodation, clean water,
Aim: To bridge the gender gap by equipping rural women with industry-relevant skills for sustainable nutritious feed, and veterinary care. Efficient
Outcome: The solar lights enhanced safety waste management systems convert cattle
livelihoods and inclusive growth. by reducing accidents and deterring crime, waste into organic fertiliser, supporting circular
Intervention: Under Project Saksham, Baikunth Cement Works partnered with Sahi Exports to deliver especially protecting women and children. economy practices.
industrial tailoring training, certification, and job placement to young women—especially school dropouts— Extended lighting hours boosted local businesses
from underserved communities. The programme is delivered in the villages, ensuring accessibility and and economic activity. Community involvement Outcome: Over 2,163 abandoned cattle have
local impact. in upkeep strengthened ownership and ensured been housed safely. The initiative has reduced
longevity. Additionally, the shift to renewable crop damage and road accidents, improved
Outcome: To date, 280 women have been trained, with 230 placed in organised textile industries in Hyderabad energy lowered the village’s carbon footprint, animal welfare, and provided tangible benefits to
and Bangalore. The initiative has fostered confidence, financial independence, and gender equity through raising awareness of sustainable practices and farmers and communities in surrounding areas.
meaningful employment and skill-based empowerment. significantly improving overall quality of life.

132 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 133
 ESG performance

Social

Key initiatives in FY 2024-25 FOCUS AREA

Championing social welfare Business level goals

To drive social change, we have organised mass by 2025 in 300 villages
marriage ceremonies, conducted awareness camps on
de-addiction, gender equality and malaria eradication,
and provided self-defence classes for women. These
targeted initiatives reached over 4,33,263 beneficiaries,
fostering healthier lifestyles, reducing substance misuse, Socio-economic empowerment of
promoting gender equity and disease prevention, and women through SHGs in 300 villages
empowering women to protect themselves, thereby
significantly strengthening community resilience, social
Improving connectivity and cohesion and well-being.
community facilities
To promote economic, health, and social
development, we prioritised infrastructure
enhancements across the 16 states where we
4,33,263
Lives positively benefitted
operate. Initiatives such as building cement
concrete roads, community halls, and essential
facilities have greatly improved villagers’ quality
of life. These efforts have also strengthened
community resilience and accessibility while
directly contributing to Sustainable Development
Goals 9 (Industry, Innovation, and Infrastructure) CASE STUDY CASE STUDY

and 8 (Decent Work and Economic Growth),

fostering sustainable rural development. Project Parivartan: A Transforming Badanpur
community’s triumph over Challenge: In 2020, Badanpur, a remote village
in Madhya Pradesh, faced critical challenges—
Construction of a community hall addiction low school enrolment, malnutrition, inadequate
Under the CSR initiative, Dhar Cement Works healthcare, open defecation, and unsafe water.
built a community hall in Sondul, a tribal village Challenge: Alcohol addiction among villagers
with 2,000 residents. The space hosts cultural led to poor health, reduced productivity, and Intervention: UltraTech’s Maihar Cement
events, social functions, SHG meetings, adult strained family finances, with addicts spending Works launched a comprehensive CSR initiative
education, and medical camps—strengthening H 8,000 monthly on alcohol. focusing on education, healthcare, sanitation,
social cohesion while preserving local heritage. Intervention: UltraTech Cement Limited, with clean water, and livelihood support. Mobile
It also eases financial pressure on marginalised Janhitay Mandal, launched Project Parivartan clinics, borewells, agricultural training, and
families by removing the cost of renting venues. in June 2024. The initiative provided awareness sanitation drives were introduced alongside
Similar halls built in Neemuch, Shambupura, drives, family counselling, and a 35-day rehab strong community engagement.
Awarpur, and Malkhed are fostering inclusive, camp with ongoing follow-ups.
empowered communities through accessible and Outcome: The village achieved 100% school
multifunctional shared spaces. Outcome: Despite initial family resistance, enrolment, malnutrition dropped below
5 of 19 participants quit alcohol; others reduced 5%, open defecation was eliminated, and
their intake. Workdays increased from 10 to 26 average farm income doubled. With lasting
monthly, boosting family income and ending infrastructure and local ownership, Badanpur
conflicts. Project Parivartan offered a new lease transformed into a model village for sustainable
of life to addicted individuals and their families. rural development.

134 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 135
 ESG performance

Social

Key initiatives in FY 2024-25

Milan Sangi Tihar Utsav

Baikunth Cement Works launched Milan Sangi
Tihar Utsav to celebrate and empower 350
women from 9 villages through athletics,
challenging stereotypes and strengthening their
social standing. Winners received traditional folk
instruments for village festivities, preserving
culture and pride. Endorsed by Sarpanches, the
initiative became a movement for inclusion. Now
held annually as Ulhas Utsav, Umang Utsav, and
Khelanjali across Awarpur, Neemuch, Kharia
Khangar, Maihar, and Baikunth, the initiative has
engaged 3,000 women across 4 states, promoting
unity and empowerment.

3,800
Women participants

Rapid response to flash floods Awareness programme on

Flash floods from the Paleru tributary devastated menstrual hygiene
Budawada village, washing away roads and In response to the pressing issue of menstrual
uprooting 60 electric poles and a high-tension hygiene in rural India, we launched Project SAHAJ
tower. With no immediate government aid, in tribal Madhya Pradesh. The initiative focuses on
UltraTech set up a relief centre, sheltering 300 educating communities about menstrual health,
people, serving over 15,000 meals, and supplying dispelling myths, and promoting eco-friendly,
daily water. Within five days, we rebuilt the reusable pads made from bamboo charcoal cloth.
damaged road as a 340-metre cement concrete We have reached over 3,500 individuals across
stretch with solar lighting. Once floodwaters 17 villages and distributed 1,500 pads. We have
receded, we sanitised the village, enabling positively impacted lives of women in the districts
residents to return safely. of Dhar and Neemuch. Project Swabhiman
continues to empower women with knowledge,

52 and sustainable solutions for menstrual health.

Villages participated
4,000+
Girls benefitted

136 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 137
 ESG performance

Governance

Mr. Atul Daga

Chief Financial Officer

As the world redefines its ways of working, over the past year has been marked
we in the Indian cement industry remain by robust growth and resilience, while
focused on the growth opportunities maintaining a healthy balance sheet. These
unfolding in the country. FY 2024–25 ended achievements reflect our commitment to
with a capacity of approximately delivering value to our shareholders and
UN SDGs aligned 655 million tonnes, up from 625 million ensuring long-term sustainability.
tonnes. Of this 30 million tonnes of new
capacity, UltraTech contributed nearly As a company, we are dedicated to nation-
57%. Our overall capacity share in the building. Our products are integral to
country has increased from 140 million infrastructure development, supporting
tonnes to 184 million tonnes—an addition the construction of roads, bridges, and
Our governance framework is of 42.6 million tonnes—driven by the buildings that drive economic growth.
based on a strong commitment Capitals linked acquisitions of India Cements and Kesoram We are committed to contributing to the
Cement business. nation’s progress by providing high-quality
to accountability, fairness, NC IC MC
cement that meets the evolving needs of
and transparency. These core We have leveraged our balance sheet but our customers and communities.
principles not only strengthen remain confident, ending March 2025 with a
net debt-to-EBITDA ratio of 1.16x. Sustainability remains at the core of our
our competitive positioning but Relevant BRSR principles operations. We have made substantial
• Section A: VII We spent around H 9,000 crores on organic
also drive sustainable growth, capex this year, and FY 2025-26 will see progress in reducing our carbon footprint
• Section B through innovative technologies and
delivering long-term value to all • Principle 1-E1 capex of H 9,000 crores to H 10,000 crores,
with H 7,000 crores dedicated to our practices. Our initiatives in renewable
our stakeholders. Our Board of • Principle 1-E4 energy and waste management have
• Principle 1-L2 ongoing expansion programme.
Directors plays a central role in enhanced our environmental stewardship
With rising sales volumes and improving and contributed to cost efficiencies. We
providing strategic leadership and performance, our EBITDA profile is are proud to be recognised as a leader in
ensuring ethical decision-making. Alignment with SASB standard strengthening, and debt is expected to sustainable practices within the industry
• EM-CM-520a.1 recede rapidly. Our financial performance and a force for nation-building.

138 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 139
 ESG performance

Governance

1
Building trust
through
leadership
Our leadership comprising Executive,
Non-Executive, and Independent
Directors, brings a well-rounded blend
MATERIAL ISSUE
of industry expertise, independence,
Business ethics and corporate ensuring transparency and responsible
governance stewardship. Through ethical leadership

Governance for a greener

We conduct all our activities with fairness, responsibility, and clear accountability, we foster
and strict adherence to legal and regulatory enduring trust among stakeholders and
requirements. Our Code of Conduct, complemented

tomorrow by policies such as Anti-Bribery, Anti-Corruption, and deliver sustainable value aligned with
Whistleblower Protection, guides ethical decision-making our vision and mission.
across the organisation. Regular training and internal
audits strengthen our compliance framework and
promote a culture of accountability.
1 2 3
Building trust Fortifying digital Strengthening risk 100%
through leadership security resilience Directors covered by
code of conduct training
Building trust is key to Fortifying digital security is crucial Strengthening risk resilience
fostering a culture of integrity. for safeguarding sensitive data and enable us to proactively identify
By demonstrating ethical
leadership and transparency,
ensuring operational continuity. We
integrate advanced technologies
and manage potential threats,
ensuring long-term stability. We 83%
we strengthen stakeholder and proactive strategies to embed risk management across Committees headed by
confidence, drive sustainable maintain a secure, resilient our operations, safeguarding our Independent Directors
growth, and align with our long- environment that drives sustainable business and ensuring resilience

7.5 years
term strategic goals. business growth. against emerging challenges.
MATERIAL ISSUES MATERIAL ISSUES MATERIAL ISSUES

• Business ethics and • Cybersecurity • Risk and Average tenure of Directors

corporate governance • Technology transformation compliance management
• Customer centricity
FOCUS AREAS FOCUS AREAS

FOCUS AREAS
• Governance structure • Risk management
• Business ethics • Cyber risk management
• Tech-enabled growth
• Enhancing customer experience

140 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 141
 ESG performance

Governance

FOCUS AREA Board’s collective skillset Board responsibility

The Board of Directors works closely with senior executives to shape policies across short, medium, and long-term
Governance structure Corporate governance, legal goals, ensuring resilience and long-term growth. They oversee risk management, conduct reviews, and evaluate policies
Our governance framework is anchored by its Board of
100% and compliance annually. Led by Independent Directors, the Board Committees ensure compliance and governance excellence through
Directors, which holds overall responsibility for strategic ongoing policy assessments.
oversight and ethical governance. Supporting the Board
are six specialised Committees, each entrusted with
100% General management
Board committees
focused responsibilities to ensure comprehensive and
accountable decision-making. We are also committed
to advancing gender equality, with 30% of our Board
80% Industry knowledge Committee Members

positions held by women.

80% Financial literacy
A
Audit
committee
6 Mr. Anjani Agrawal, Chairman - Independent Director
Mrs. Alka Bharucha - Independent Director
Meetings held
Ms. Anita Ramachandran - Independent Director
Board of Directors
70% Risk management
100%
Attendance rate

70% Human resource development S

Stakeholders
relationship
4 Mr. Sunil Duggal, Chairman - Independent Director
Committees of the Board Meetings held Dr. Vikas Balia - Independent Director
committee
Environment, Social and Mr. K.C. Jhanwar, Managing Director
70% Governance 100%
Attendance rate
Strategic
A
70%
Audit Committee
N
Nomination
remuneration
2 Mrs. Alka Bharucha, Chairperson - Independent Director

Innovation, technology and Meetings held Mr. Kumar Mangalam Birla, - Non-Executive Director
60% digitisation
and compensation
Ms. Anita Ramachandran, - Independent Director
committee
100%
Marketing Attendance rate
S Stakeholders Relationship Committee 50%
C
CSR
committee
1 Mrs. Rajashree Birla, Chairperson - Non-Executive Director
Ms. Anita Ramachandran - Independent Director
Meeting held
Board diversity Mr. K.C. Jhanwar, Managing Director
N Nomination, Remuneration and Compensation
Committee
100%
Attendance rate
Male
Directors
Risk Management and Sustainability
F
Finance
committee
1 Mr. Anjani Agrawal, Chairman - Independent Director
Mrs. Alka Bharucha - Independent Director
R
70%
Meeting held
Committee Mr. K.C. Jhanwar - Managing Director
100%
Attendance rate

C Corporate Social Responsibility Committee

R
Risk management
2 Mr. Anjani Agrawal, Chairman - Independent Director
Female and sustainability
Meeting held Mr. K.C. Jhanwar - Managing Director
committee
Directors Mr. Atul Daga - Chief Financial Officer
83%
30%
Attendance rate
F Finance Committee

142 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 143
 ESG performance

Governance

Shareholding pattern (%) Policies and guidelines

• Our Code of Business Conduct applies to the Managing Board and all
Promoter and promoter group 58.30 employees across the organisation
Banks/MFs/FIs 14.05 Code of conduct • It sets clear expectations for ethical behaviour and supports a responsible,
value-driven work environment
Insurance Companies 2.74
• Regular internal audits are conducted to evaluate compliance, ensuring
Foreign portfolio investors (FPI) and others 15.17 continued integrity, transparency in all business practices
Central & State Government 0.05
Bodies Corporate 1.27 • It reflects our strict zero-tolerance approach
• It mandates clear actions to prevent any form of bribery, corruption, or
Foreign Investors 0.89 Anti-money laundering and money laundering
Individual 5.88 anti-bribery and corruption • It is applicable across all levels and grades; it ensures compliance with
policy relevant laws
GDRs 1.47
• We provide training to employees, business partners, and third parties to
Employee Welfare Trust 0.18
ensure full compliance

• It offers employees and Directors a secure channel for whistleblowing without

Whistleblower fear of retaliation
policy • It encourages reporting of suspected legal violations, breaches of Group
FOCUS AREA
Values, or the Code of Conduct
• We ensure whistleblower protection, with an independent third-party partner
Business ethics managing the platform and maintaining confidentiality

Our commitment to ethics and integrity is fundamental Ethical conduct at our organisation relies on
to creating value for our organisation and stakeholders. several pillars • Our in-house portal, 'Xpedite', provides an independent channel for
We ensure transparency in all our business activities addressing grievances
and advocate for ethical conduct at every level. This Grievance redressal policy • Unresolved grievances are automatically escalated to higher
strengthens our reputation, fosters trust within the Employee code Anti-money management levels
market, and supports long-term, sustainable growth. of conduct laundering policy • This process ensures timely resolution of grievances

100% 100%
• Cybersecurity policy focuses on proactive risk management and
Anti-bribery and anti- Grievance enhancing resilience
corruption policy redressal mechanism Cybersecurity and • Comprehensive security controls are implemented to protect
Directors covered by Independent data protection policy information assets
human rights training Directors covered by • The Steering Committee oversees and drives all cybersecurity initiatives
familiarisation training Cybersecurity
Whistleblower
protection policy and data
protection protocols
Pillars of our Code of Conduct
Nil Read more about our corporate governance practices at
Integrity in Interface with
Conflict of Interest https://www.ultratechcement.com/corporate/investors-/corporate-
personal conduct Conduct at work Conflict of interest external world
governance
cases reported

144 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 145
 ESG performance

Governance

2 Steering committee
Our Steering Committee, comprising senior leaders,
Protect, detect, monitor and control
We deploy a layered defence system to safeguard critical

Fortifying
including the CDIO and CISO, plays a pivotal role information assets. Using industry-leading tools, we
in overseeing our cybersecurity strategy. It ensures detect anomalies, monitor systems in real time, and
comprehensive risk assessment and leads key initiatives control access to sensitive data. Expert reviews and 24/7

digital security to strengthen digital defences. This collaborative

approach ensures alignment between business priorities
and cyber risk mitigation, helping us maintain resilience
surveillance enhance our ability to pre-empt threats.
This proactive approach ensures our digital environment
remains secure, resilient, and aligned with global
We use a multi-faceted approach in a rapidly evolving threat landscape.. best practices.
to enhance our cybersecurity Awareness programme Data protection
preparedness, leveraging best practices We foster a culture of cyber awareness through Our data protection framework complies with regulatory
and advanced technologies. We continuous training. From onboarding sessions to standards and leverages advanced tools to prevent
focus on using the most advanced advanced e-learning modules, employees are regularly unauthorised access or leakage. Regular system backups,
engaged on security protocols. Our awareness initiatives real-time intrusion alerts, and continuous infrastructure
MATERIAL ISSUE
techniques for detecting, monitoring, include campaign-based learning, scenario-driven upgrades help minimise risks. Decoy solutions add an
and controlling threats, ensuring robust simulations, and proactive communication tools. This extra layer of security, while ongoing reviews ensure our
Cybersecurity ensures employees understand their responsibilities and data environment remains robust, efficient, and ready to
protection of our data. By improving
Our cybersecurity preparedness approach employs a are equipped to identify and report suspicious activity counter emerging threats.
safety, reliability, and efficiency, we promptly and confidently.
multi-layered strategy aligned with UltraTech’s
Cybersecurity and Data Privacy Policy. We engaged constantly seek innovative ways to
third-party experts to assess gaps as per DPDP Act optimise our operations.
and prepare action plan to execute in a phased
manner. We have finalised a consent management
tool and continually update our Policy, Procedure and
Technology to ensure robust protection to sensitive and
personal data. Mr. Anand Laxshmivarahan R
Chief Digital and Information Officer

Nil
Cyber threats reported
At UltraTech, nation-building goes beyond Digitalisation is also integral to our

4,632 cement and concrete; it extends to

creating intelligent, connected ecosystems
that enable sustainable growth. As India
sustainability agenda. Smart energy
management, automated process controls,
and advanced monitoring systems
Users completed Information Security
Awareness training advances, we are embedding AI, machine are improving operational efficiency
learning, and digital twins into operations, while reducing emissions and resource
driving precision, sustainability, and agility consumption. These innovations are not
FOCUS AREA at scale. just about efficiency; they enable resilience,
transparency, and smarter decision-making
Cyber risk management Predictive analytics are redefining plant across the business.
maintenance, while AI-driven logistics
Our approach to cyber risk management emphasises optimisation improves delivery efficiency Being a force for nation-building today
both prevention and detection. With strategic oversight across our vast network. Our digital means being digitally future-ready.
from our Steering Committee and ongoing employee platforms enhance customer experience By integrating technology into every
involvement, we strengthen our security framework, through real-time visibility, seamless service, part of our operations, we are creating
safeguarding critical information and ensuring smooth and personalised engagement, making our a scalable, intelligent foundation for
operations despite the ever-evolving landscape of value chain more responsive and connected. tomorrow’s infrastructure.
cyber threats.

146 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 147
 ESG performance

Governance

Empowering partners

Enhancing driver • Eye-to-Track, our multilingual driver app, is used by over 60,000+ drivers
experience • It offers e-waybill extension, SOS alerts, self-learning safety videos, and
visibility into customer feedback
• Enhanced operational efficiency and safer, better deliveries

Smart transport • We have implemented a lean, feature-rich Transport Management System for
management for BPD the BPD business, supporting vehicle planning, tracking, freight optimisation,
and bill processing
• Ensured efficient logistics and improved operational performance

MATERIAL ISSUE Smart manufacturing

Technology transformation We are strengthening our digital foundation to support
Driver app for RMC • A new Driver App tailored for RMC operations has been piloted in Bengaluru
business strategy and enable role-specific, on-demand
We embrace digital technologies to improve operational insights across functions. Our focus remains on scaling • It enhances visibility, coordination, and safety during deliveries, also
performance, increase safety and drive efficiency. By in-house capabilities, advanced analytics, and connected strengthening digital logistics infrastructure
continuously upgrading our systems and exploring systems for improved operational outcomes.
innovative solutions we deliver greater value to our
customers and stakeholders, building a more agile • Continued cloud integration across all factories and
resilient and future-ready organisation. data systems for seamless visibility and action One-vendor portal • The One-Vendor Portal was launched to offer vendors end-to-end visibility of
• IoT sensors deployed to capture real-time signals from the source-to-payment process, enabling real-time collaboration
Tech-enabled growth critical mechanical, electrical, and safety assets • It enhanced transparency, streamlines communication, and improved overall
• AI-powered predictive maintenance scaled rapidly, supply chain efficiency
We are driving tech-enabled growth by modernising supported by our GenAI agent Pragyan
our core IT landscape with SAP S/4HANA, piloting a • Enhanced asset utilisation through data-driven
unified RMC Control Tower and scaling AI, IoT and maintenance and real-time monitoring
Industry 4.0 deployments. These initiatives automate • Invested in in-house and OEM platforms, including
processes, fortify IT-OT security with micro-segmentation fleet and robotics solutions for safety and efficiency Empowering internal stakeholders
and deliver real-time insights—ensuring resilient
operations, flexible expansion and truly enhanced Industry 4.0 initiatives Logistics control Real-time KPI Paperless credit Online workflow
customer experience. Smart manufacturing adoption grew steadily through tower (LCT) & LCT Lite dashboards

• SAP S/4 HANA upgrade: Initiated upgrade to latest 2024, supported by our digital capability development
programmes. A continuous feedback loop on solution • The LCT serves • Real-time KPI • We have implemented • The online workflow-
version, enabling smooth shift to cloud.
capability and usage helped us drive adoption and as a central hub dashboards an online workflow based quotation
• Speed 2.0: Improved order allocation by optimising
impact. Reinforcing our safety focus, we deployed a new for real-time empower front-line for credit exception approval process
sourcing decisions based on delivery cost and
Industry 4.0 application using robotics and advanced logistics monitoring teams to monitor approvals, reducing ensures strict
OTIF, supporting our expanded manufacturing and
sensing to further strengthen health and safety • The LCT and LCT Lite performance instantly, paperwork adherence to
godown footprint.
measures across our manufacturing units. provide end-to-end reducing reliance on and improving contribution and floor
• RMC control tower: An integrated platform for real-
visibility, offering a manual reporting turnaround times price targets
time scheduling, tracking, and collaboration across
RMC plants, transit mixers, and site teams, improving Integration of IT and OT (Operational single source of truth • This enables data- • This digital solution • This streamlined
for both sales and driven decision- accelerates customer process accelerates
delivery reliability and customer experience. technology) networks supply chain teams, making, ensuring service and enhances approval times,
• Invoice to payment revamp: Streamlined process to We have strengthened integration between IT and OT fostering enhanced alignment with overall efficiency allowing faster
handle higher volumes with better speed and accuracy. networks through IT-OT micro-segmentation using dual collaboration business objectives in managing submission of
firewalls, in line with the IEC-62443 standard, ensuring and improving and improving overall credit exceptions quotations and better
only authorised communication. We have created an operational efficiency operational agility customer service
Industrial DMZ for secure deployment of digital initiatives across functions
and introduced a Secure Remote Access Tool to allow
access to OT systems only for authorised employees and
third parties.

148 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 149
 ESG performance

Governance

MATERIAL ISSUE
Customer grievance redressal process Empowering our dealers
Customer centricity We offer various channels for customers to register UltraTech Trade Connect, our mobile-based platform,
complaints, including dealers, employees, website, simplifies operations for dealers and retailers nationwide.
We place our customers at the heart of everything we Customer first: Strengthening digital and contact centre. Our technical team resolves It unifies interactions across Grey Cement, Building
do. From responsive on-site support to digital platforms touchpoints most complaints within 72 hours, ensuring customer Products, and RMC. With over 90% adoption, the app
that offer real-time visibility and ease of access, our We continue to enhance our digital interfaces to offer satisfaction. Complaints are logged and tracked in our enables seamless engagement, improves efficiency,
initiatives focus on improving customer experience, greater speed, visibility, and efficiency across customer automation system. A Customer Care Centre collects and strengthens connections with UltraTech’s
ensuring efficient service delivery, and building stronger, operations. Our mobile-first approach has replaced post-transaction feedback for continuous improvement. channel partners through one convenient, integrated
more connected relationships across all segments paper-based processes with seamless digital experiences. digital interface.
we serve. Monitoring brand performance
UltraTech trade connect
We regularly assess our brand's performance in both
Enhancing customer experience A unified app for dealers and retailers, streamlining urban and rural markets through comprehensive studies
Our expert technical team provides on-site guidance operations across Grey Cement, Building Products, and conducted by Ipsos India Pvt. Ltd. These evaluations
to customers through a mobile testing van. We have RMC. Beyond channel partner convenience, it also acts cover various consumer, influencer, and channel partner
also established a robust complaint resolution process as a dependable digital backbone for our sales, logistics, metrics. In FY 2024-25, multiple rounds of these studies
for our customers that ensures timely logging of and commercial teams, supporting faster, paperless, were conducted to track progress and pinpoint areas
complaints, thorough investigation, and swift closure, and more efficient sales operations. It is being enhanced for improvement.
reinforcing our commitment to customer satisfaction with AI features to deliver predictive insights, intelligent
and service excellence. recommendations, for creating more personalised
experiences for customers.
Customer-centric digital transformation CASE STUDY
UltraTech customer connect
Our digital transformation is advancing towards
intelligence, with customer-centricity, automation, Is a mobile app that enables institutional customers to Enhancing customer engagement and sales efficiency
and data-driven decisions forming the foundation of a access real-time supply data, electronic proof of delivery
(ePODs), test certificates, and finance documents, Challenge: Fragmented customer interactions across different Lines of Business (LOBs) was leading to missed
smarter ecosystem. Empowered by deep insights, our opportunities in cross-selling, up-selling, and personalised service.
teams act swiftly to enhance solutions. By listening to ensuring smoother site operations and faster payments.
stakeholders, including channel partners, customers, Tracking customer satisfaction Solution: We implemented the OneCRM platform across the Trade channel and expanded it to the
influencers, employees, and service partners, we have Institutional segment. OneCRM offers a unified view of customer interactions, enabling intelligent visit
achieved higher adoption and advocacy. Our digital We prioritise customer satisfaction, particularly with planning, lead management, and cross-selling opportunities. Integrated with our mobile-first ecosystem, it
maturity and widespread adoption across touchpoints our Key Account (B2B) customers. Every two years, provides real-time insights and recommendations to sales teams.
have laid the foundation for integrating next-generation we conduct a Customer Loyalty/Net Promoter Score
technologies, ensuring improved efficiency and (NPS) study with Dun & Bradstreet to assess satisfaction Impact: OneCRM has improved sales productivity, enhanced customer lifecycle management, and boosted
service excellence. levels, identify improvement areas, and reinforce our customer satisfaction, driving better decision-making and business growth.
relationships with our valued Key Account customers.
Enhancing customer experiences with AI The most recent study took place in FY 2023-24.
In FY 2024-25, we accelerated our shift from digitisation
to intelligent automation by integrating AI, ML, Gen AI, Net promoter score (%)
Computer Vision, and IoT into core processes.
AI-powered tools now transcribe vernacular customer
conversations into structured insights, eliminating FY 2023-24 85
manual transcription dependencies and improving
customer sentiment analysis and decision-making. Gen
AI enables faster, deeper understanding of customer FY 2020- 21 72
needs. Following a successful pilot, our immersive AR/VR
training platform is being scaled, helping applicators use
our products more effectively and consistently, delivering
smarter, more responsive customer experiences.

150 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 151
 ESG performance

Governance

3 Risk management process

The risk management process is essential to our business
Risk mitigation
We use a risk matrix based on probability and impact

Strengthening operations, and involves the following key activities: to develop a risk mitigation plan. However, the evolving
economic and geopolitical conditions prompted a
review. We engaged an external agency to reassess our

risk resilience Risk identification risks, identify key exposures, and formulate a response/
mitigation plan. The process included leadership
discussions, a risk survey, pre-workshop inputs, a
We continuously assess the external Risk assessment workshop, and CXO-level deliberations to finalise risks
landscape, taking proactive measures and mitigation strategies.
to identify and mitigate risks. Our The process included discussions with the Managing
Risk mitigation
Risk Governance is steered by the Director and CXOs, a risk survey, pre-workshop
Risk Management and Sustainability preparations, a dedicated risk workshop, and final
MATERIAL ISSUE
deliberations with the leadership team to identify key
Committee, led by an Independent Risk review
Risk and compliance management risks and define mitigation plans.
Director. This committee meets
Our independent risk management structure integrates Risk review
bi-annually to oversee and refine our Risk identification
risk criteria into product development, employee We undertake a periodic review of our risk landscape
performance reviews, and operational processes. We risk evaluation, identification, and We identify and analyse risks in detail, assessing both to ensure alignment with our evolving business
conduct regular risk identification and reviews, ensuring mitigation processes, ensuring their likelihood and potential impact. Each year, environment. This includes reassessing existing risks
compliance and effective mitigation. Continuous training long-term resilience. we conduct a comprehensive risk review to ensure and identifying emerging ones, considering internal
on various risk areas, including cybersecurity and compliance and optimise our risk management developments and external macroeconomic geopolitical,
environmental responsibility, fosters a strong risk culture strategies. This approach enhances the resilience of our and regulatory shifts. During this we evaluate the
within our organisation. operations and supports long-term sustainability. adequacy of current controls and mitigation strategies.

FOCUS AREA
Risk assessment Risk integration
Risk assessment is fundamental to us, and we
Risk management systematically identify, evaluate, and prioritise risks to
Risk management is integrated into our HR evaluations,
where we consider individual roles in identifying and
Risk management is a crucial aspect of our operations, guide informed decision-making. Our risk management mitigating risks. Senior Executives and line managers are
and we have established a Risk Management and framework operates independently of business lines, measured against defined KPIs, with both financial and
Sustainability Committee (RMS Committee) to oversee ensuring impartial oversight. We integrate risk criteria non-financial outcomes influencing their performance
risks management process. into our product development and approval processes, assessments and rewards, reinforcing accountability and
fostering a proactive risk culture and promoting alignment with our broader risk and business objectives.
RMS Committee performs the following key functions: RMS Committee further classifies these risks based vigilant risk identification and reporting throughout
on their timeframes: the organisation. Risk training
Framework review We prioritise continuous risk training to educate our
Long-term strategic risks employees with the knowledge and skills needed
Regularly reviews the Enterprise Risk Management
Framework to ensure it is relevant and effective. Affecting long-term goals and require for effective risk identification and mitigation.
ongoing management. Our programmes promote a proactive, risk-aware
culture and cover diverse areas including the Code of
Risk analysis Short- to medium-term risks Conduct, Health and Safety, Cybersecurity, Social and
Assess and analyse the identified risks based on their Immediate threat, so needs focused action within a Environmental Responsibility, Legal Compliance, and
potential impact and likelihood. defined period. Logistics Safety.

Mitigation planning Single-event risks

Develops mitigation strategies considering operational Unpredictable but potentially disruptive and require
controls, compliance, and the business environment. contingency planning.

152 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 153
Governance

Risk classification
Risks are classified by analysing their likelihood and potential impact. The RMS Committee then prioritises these risks
and selects suitable management strategies, ensuring a focused and effective approach to mitigating potential threats
across our operations.

Long-term strategic risks Short-to medium-term risks Single events

These risks could impact our These are more immediate risks These are unpredictable high-
long-term strategic objectives demanding targeted action impact incidents that necessitate
and require continuous within defined periods to robust contingency planning
monitoring and management. mitigate potential disruptions. and swift response mechanisms.

Key risks - Probability of occurrence and level of impact

High
Probability of occurrence

Statutory
(i) Mining, Operations (i) Workforce and Talent (i) Strategy, Growth
and Manufacturing and Competition
(ii) Climate and
(ii) Logistics Sustainability

reports
Medium

(i) IT, Cybersecurity

Standalone Financial Highlights 156
Directors’ Report and Management
Low Discussion and Analysis 158
Report on Corporate Governance 206
Shareholder Information 232
Social Report 246
Low Medium High
Business Responsibility and Sustainability Report 252
Impact
Low Moderate High

Note: For more details on Risk Management, please refer Management Discussion and Analysis Report.

154 UltraTech Cement Limited

 Statutory reports

Standalone Financial Highlights

2022-23 2018-19 2022-23 2018-19

Particulars Units 2024-25 2023-24 2021-22 2020-21 2019-20 2017-18 2016-17 2015-16 Particulars Units 2024-25 2023-24 2021-22 2020-21 2019-20 2017-18 2016-17 2015-16
Restated1 Restated2 Restated1 Restated2
PRODUCTION FOR GREY CEMENT RATIOS & STATISTICS
(Quantity) Operating EBITDA Margin % 17% 19% 17% 22% 26% 22% 18% 20% 21% 20%
- Clinker MnT 87.26 77.77 71.12 61.00 55.18 56.14 59.57 45.41 37.10 37.07 Normalised Net Margin % 9% 10% 8% 11% 13% 9% 6% 8% 11% 10%
- Cement MnT 124.79 111.63 99.43 82.59 75.76 72.86 76.59 57.23 47.91 47.56 Interest Cover [(Net Profit Times 7.96 13.83 12.89 12.72 7.20 5.85 3.88 4.37 7.80 7.93
SALES FOR GREY MnT 125.81 112.81 100.06 88.02 81.25 77.46 80.78 59.33 48.87 47.96 for the period + Finance
CEMENT (Quantity) Costs + Depreciation and
PROFIT & LOSS ACCOUNT Amortisation Expense
+ Loss/(Gain) on Sale
Revenue (Including H cr 71,895 68,641 61,237 50,663 43,188 40,649 39,999 29,358 23,891 23,709 of Fixed Assets)/Gross
Operating Income) Interest]
Operating Expenses H cr 59,599 56,021 50,952 39,727 32,224 31,997 32,920 23,475 18,922 19,082 ROCE (EBIT before % 11% 14% 12% 14% 14% 12% 10% 9% 13% 12%
Operating Profit H cr 12,296 12,620 10,286 10,936 10,965 8,652 7,079 5,883 4,969 4,627 Exceptional Items/
Average Capital
Other Income H cr 693 662 505 612 789 727 497 600 660 481 Employed)
EBITDA H cr 12,990 13,282 10,790 11,548 11,754 9,379 7,576 6,483 5,629 5,107 Current Ratio (Current Times 0.89 0.99 1.06 1.30 1.77 1.46 1.28 1.41 2.07 1.70
Depreciation / 3,739 3,027 2,773 2,457 2,434 2,455 2,321 1,764 1,268 1,297 Assets/ Current Liabilities
H cr
Amortisation excl. Short Term
Borrowings)
EBIT H cr 9,250 10,255 8,018 9,091 9,319 6,924 5,255 4,719 4,361 3,810
Debt Equity Ratio (Net) Times 0.22 0.01 0.03 0.07 0.08 0.32 0.52 0.46 (0.10) 0.05
Interest H cr 1,465 867 756 798 1,259 1,704 1,648 1,191 571 512
Net Debt/ EBITDA Times 1.16 0.06 0.17 0.33 0.32 1.32 2.30 1.85 (0.43) 0.23
Profit Before Tax H cr 7,785 9,388 7,262 8,293 8,060 5,220 3,606 3,528 3,790 3,299
Dividend per share H / Share 77.50 70.00 38.00 38.00 37.00 13.00 11.50 10.50 10.00 9.50
Exceptional items Gain / H cr (88) (72) - - (164) - (114) (226) (14) -
Dividend Payout on Net % 37% 29% 22% 20% 20% 10% 16% 16% 13% 13%
(Loss)
Profit (Normalised)
Profit after Exceptional H cr 7,697 9,316 7,262 8,293 7,896 5,220 3,492 3,302 3,776 3,299
EPS -Normalised H / Share 210.52 239.58 171.73 192.38 185.20 126.56 84.33 81.27 95.74 86.37
items
Cash EPS H / Share 363.75 352.90 277.07 330.63 314.77 234.36 182.25 166.81 154.88 144.74
Tax Expenses3 and 4 H cr 1,504 2,411 2,310 1,227 2,554 (236) 1,080 1,071 1,148 928
Book Value per share H / Share 2365 2047 1850 1707 1502 1327 1212 944 872 788
Net Profit3 H cr 6,193 6,905 4,951 7,067 5,342 5,456 2,412 2,231 2,628 2,370
No. of Equity Shares Nos. Cr 29.47 28.87 28.87 28.87 28.87 28.86 27.46 27.46 27.45 27.44
Cash Profit H cr 10,700 10,171 7,989 9,536 9,079 6,759 5,214 4,580 4,251 3,972
Proposed Dividend (incl. H cr 2,284 2,021 1,097 1,097 1,068 375 381 348 330 314 1. FY 2022-23 numbers have been restated to give impact of merger of wholly owned subsidiary UltraTech Nathdwara Cement Limited (UNCL) and
Dividend distribution tax) its wholly owned subsidiaries viz. Swiss Merchandise Infrastructure Limited (“Swiss”) and Merit Plaza Limited (“Merit”) with the Company.
BALANCE SHEET
2. FY2018-19 numbers have been restated with Century Cement assets performance w.e.f 20th May,2019
Net Fixed Assets including H cr 83,764 69,368 63077 52,604 49,144 49,486 49,568 40,782 24,387 24,499
ROU, CWIP & Capital 3. (a) FY20 tax expenses include gain of H 1,805 crores for reversal of deferred tax liability due to change in income tax rate. Normalised Net Profit
Advances for the year 2019-20 is H 3,650 crores.

Investments in H cr 12,999 2,221 3187 8,177 6,330 5,990 5,988 751 746 725 (b) F Y22 tax expenses include gain of H 1,518 crores pursuant to completion of prior year tax assessments in CY. Normalised Net Profit for the
Subsidiaries, Associates year 2021-22 is H 5,549 crores.
and Others
Liquid Investments H cr 3,504 7,016 6246 6,115 13,582 5,882 3,224 5,412 8,663 7,069 4. From FY 2023-24, the Company has adopted for the new tax regime in terms of provision of Section 115BAA of Income tax Act, 1961.

Net Working Capital H cr (2,031) (4,074) (3,140) (1,618) (2,170) 190 401 (428) (841) 21 5. Incl. Long term Borrowings (incl. current maturities of long term debts) and Short Term Borrowings.

Capital Employed H cr 98,236 74,531 69,369 65,276 66,886 61,548 59,181 46,517 32,955 32,313
Net Worth represented by:-
Equity Share Capital H cr 295 289 289 289 289 289 275 275 275 274
Reserves & Surplus H cr 69,383 58,807 53,119 48,982 43,064 38,008 33,023 25,648 23,667 21,357
Net Worth H cr 69,678 59,095 53,408 49,271 43,353 38,296 33,297 25,923 23,941 21,632
Loan Funds5 H cr 19,460 8,087 8,750 9,891 17,319 18,282 20,637 17,420 6,240 8,250
Lease Liability (Current H cr 901 923 953 885 996 893 -
+ Non-Current)
Deferred Tax Liabilities H cr 8,198 6,425 6,258 5,230 5,219 4,077 5,247 3,174 2,774 2,432
Capital Employed H cr 98,236 74,531 69,369 65,276 66,886 61,548 59,181 46,517 32,955 32,313

156 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 157
 Statutory reports

Directors’ Report Headline inflation is expected to remain moderate at Overall, the Indian cement industry is poised for significant

and Management
around 3.5% to 4%, with the Reserve Bank of India (“RBI”) growth in 2026, supported by strategic growth initiatives,
likely to adopt a supportive monetary policy, balancing the government policies, and a focus on sustainability.
need for growth with inflation control. The sector's ability to navigate challenges and capitalise on
opportunities will be crucial for its continued success.

Discussion and Analysis

Various economic indicators remain in the robust
category. While global economic conditions and policy It is against this backdrop, that we share your Company’s
shifts will influence India’s trade dynamics, exports are performance during FY 2024–25.
expected to grow and import trends will be closely
monitored to manage the trade deficit. Employment in the Business Performance
manufacturing and services sectors is expected to grow, Production and Capacity Utilisation
in line with the strong demand. Indicators such as GST (Grey Cement)
collections, industrial production, and retail sales also point
to a resilient economic environment. India's fiscal deficit is Particulars FY 2024–25 FY 2023–24 % change
expected to narrow slightly, and the current account deficit Installed capacity in 183.36* 140.76 30
is likely to remain manageable. These factors contribute to India (MTPA)
macroeconomic stability and investor confidence. Production (MMT) 127.44 111.63 14
Capacity Utilisation 78% 85% (8)%
Overall, India's economic outlook is positive, with strong MTPA – Million Metric Tonnes Per Annum; MMT – Million Metric Tonnes
growth prospects supported by robust domestic demand, * including cement capacity of 14.45 MTPA of the Company's subsidiary, The
manageable inflation, and strategic policy measures. India Cements Limited.
However, external risks such as global trade tensions and
geopolitical uncertainties will need to be navigated carefully Cement production in FY 2024–25 was higher by 14%, at
to sustain this growth momentum. 127.44 million tonnes as compared to FY 2023–24.

The Indian cement industry, a good indicator of national Sales Volume

(Figures in MMT)
economic trajectory, achieved a decadal high in organic
capacity addition during FY25, with nearly 30 million tonnes Particulars FY 2024–25 FY 2023–24 % change

of new capacity bringing India’s total installed capacity to Grey Cement – India 128.32 112.81 14
655 million tonnes as of 31st March, 2025. This is against Grey Cement – 5.51 4.93 12
an average of 25 to 30 million tonnes of annual capacity Overseas
addition over the last decade. An additional 90 to 100 White Cement@ 2.69 1.84 46
million tonnes are expected to be added over the next Total Sales Volume* 135.83 119.04 14
two years. @ including sales volume of the Company's subsidiary, Ras Al Khaimah Co.
for White Cement & Construction Materials P.S.C.
Cement demand has reached approximately 435 million *After elimination of Inter Company sales.
tonnes. Continued government focus on infrastructure
development, affordable housing, and urbanisation is

Dear Shareholders, To counter these and to foster sustainable

expected to bolster the demand further. The Union Budget
2025–26, core to the vision of Viksit Bharat@2047, has 14%
growth, nations are focusing on implementing allocated H 11.21 trillion for the infrastructure sector, Domestic sales volume registered a
Your Directors present the 25th Annual Report together structural reforms and strengthening bilateral and providing further tailwind to demand for cement. The growth in FY 2024–25
with the audited accounts of your Company for the year multilateral cooperation. outlook for 2025–26 is therefore optimistic, with the cement
ended 31st March, 2025. industry expected to grow by around 8%.
Within this scenario, India's economy is expected
Overview and the State of your to maintain a healthy trajectory with a projected Cement firms are expected to benefit from structural cost
GDP growth rate of around 6.3%, continuing to be reductions as they transition toward sustainable practices.
Company’s Affairs Initiatives such as renewable energy adoption, waste heat
the fastest-growing major economy in the world.
The International Monetary Fund projects global This optimistic outlook is driven by robust domestic recovery systems, and alternative fuel usage will lead to
economy growth at a moderate 2.8% to 3% in 2025 demand, with sustained private consumption cost savings, enhancing margins over the next two to three
and 2026. The prevailing and emerging uncertainties and government’s programme for infrastructure years. Additionally, logistical efficiencies, bolstered by
in the global economy, particularly around trade development being key drivers. Sectors such as higher rail penetration and increasing Electric Vehicle (“EV”)
and fiscal policies, are posing significant risks to the construction, trade, and financial services are expected and Compressed Natural Gas (“CNG”) usage, will further
global economic outlook. The trade restrictions and to perform well, supporting overall economic activity. reduce costs.
geopolitical tensions could pose as headwinds.

158 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 159
 Statutory reports

Directors’ Report and Management Discussion and Analysis

Financial Performance vi. Finance Cost Significant Changes in Key Financial Ratios, Along
(in H crores) Finance cost increased to H 1,465 crores from with Detailed Explanations
Standalone Consolidated H 867 crores, primarily on account of increase in Particulars FY 2024–25 FY 2023–24 % change

FY 2024–25 FY 2023–24 FY 2024–25 FY 2023–24

borrowings, including those taken over from Kesoram. Debtors Turnover (Days) 20 18 (13%)
Interest rate was also marginally higher, compared to Inventory Turnover (Days) 43 39 (10%)
Net Turnover 70,857 67,536 74,936 69,810
the previous year.
Interest Coverage Ratio 8.0 13.8 (42%)
Domestic 70,569 67,119 72,044 67,135
Your Company does not accept any fixed deposits from Current Ratio 0.89 0.99 10%
Exports 288 417 2,893 2,675
the public falling under Section 73 of the Companies Debt Equity Ratio (Gross) 0.28 0.14 (100%)
Other Income (Other Operating Income and Other Income) 1,731 1,767 1,763 1,716 Act, 2013 (“the Act”) and the Companies (Acceptance Debt Equity Ratio (Net) 0.22 0.01 (2100%)
Total Expenditure 59,599 56,021 63,398 57,940 of Deposits) Rules, 2014. Operating Profit Margin (%) 17.4 18.7 (7%)
Profit before Interest, Depreciation and Tax (PBIDT) 12,990 13,282 13,302 13,586 Upon effectiveness of the Composite Scheme of Net Profit Margin (%) 8.7 10.2 (14%)

Depreciation 3,739 3,027 4,015 3,145 Arrangement between Kesoram and your Company Return on Net Worth (%) 9.6 12.3 (22%)
and their respective shareholders and creditors, Return on Capital 10.8 14.4 (26%)
Profit before Interest and Tax (PBIT) 9,250 10,255 9,287 10,440 Employed (%)
fixed deposits of Kesoram have been taken over. The
Exceptional Items: Stamp Duty on Business Combination 88 72 97 72 amount of outstanding fixed deposits as on 31st March, Earnings Per Share (EPS) 211 240 (12%)
2025 was H 73.82 crores, carrying a rate of interest of (Basic)
Interest 1,465 867 1,651 968
Profit before Impairment and Tax Expenses/Share in Profit 7,697 9,316 7,539 9,400 12.50% for shareholders of Kesoram and 12.25% for
of Associates other fixed deposit holders. These are repayable from Detailed Explanation of Ratios
June 2025 to June 2026.
Share in Profit/(Loss) of Associates and Joint Venture - - (11) 22
(net of tax) I  ebtors Turnover (Days) is used to quantify a
D
Credit Rating
Profit before Tax Expenses 7,697 9,316 7,528 9,422 company’s effectiveness in collecting its receivables
Your Company has adequate liquidity and a strong balance or money owed by customers. The ratio shows
Normalised Tax Expenses 1,504 2,411 1,488 2,418 sheet. CRISIL and India Ratings and Research reaffirmed how well a company uses and manages the credit
Profit After Tax (PAT) 6,193 6,905 6,040 7,004 their credit rating as CRISIL AAA/Stable and IND AAA/Stable it extends to customers. The ratio is calculated
for Long Term and CRISIL A1+ and IND A1+ for Short Term, by dividing average trade receivables by average
Profit Attributable to Non-controlling Interest - - 1 (1)
respectively. Further, CARE Ratings has rated the long-term turnover per day.
Profit Attributable to Owner of the Parent - - 6,039 7,005 borrowings as CARE AAA/Stable and short-term borrowings
as CARE A1+.
Net Turnover ii. Input Material Costs II Inventory Turnover (Days) represents the average
Your Company has also obtained credit rating for its foreign number of days a company holds its inventory
Your Company’s Net Turnover at H 70,857 crores was 5% Input material costs increased by 1% from H 617/t in currency bond issuances from Fitch and Moody’s and has before selling it. It is calculated by dividing average
higher than the previous year. FY 2023–24 to H 624/t in FY 2024–25. been rated by them as BBB- and Baa3, respectively, which inventory by average turnover per day.
Other Income iii. Freight and Forwarding Expenses are equivalent to India’s sovereign ratings.

Other income was H 1,731 crores, a decrease of 2% from the Freight and forwarding expenses decreased by 3% from This is a testament to your Company’s sound financial III Interest Coverage Ratio measures how many times
previous year. H 1,233/t in FY 2023–24 to H 1,195/t in FY 2024–25, management as well as its ability to service its financial a company can cover its current interest payment
mainly due to reduction in lead distance. obligations in a timely manner. with its available earnings. It is calculated by
Operating Profit (PBIDT) and Margin dividing PBIT by finance cost. This ratio came down
PBIDT at H 12,990 crores was 2% lower than the previous iv. Employee Costs Income Tax mainly on account of increase in borrowings which
year. The lower operating margin was attributable to lower Employee costs increased to H 3,299 crores from Normalised income tax expenses decreased mainly on led to increase in interest cost.
sales realisations, partly offset by lower input costs and H 2,910 crores in the previous year, primarily due to account of decrease in taxable income.
volume growth. annual increments and addition of new capacities. IV  urrent Ratio is a liquidity ratio that measures a
C
Net Profit company’s ability to pay short-term obligations
Cost Highlights v. Depreciation PAT decreased by 10% from H 6,905 crores to H 6,193 crores. or those due within one year. It is calculated by
i. Energy Cost At H 3,739 crores, depreciation was higher by dividing the current assets by current liabilities
Overall energy costs decreased by 13% from H 1,514/t H 712 crores on account of capitalisation of new (excluding current borrowings).
in FY 2023–24 to H 1,322/t in FY 2024–25, mainly due capacities and revaluation of the cement assets
to lower fuel prices. acquired from Kesoram Industries Limited (“Kesoram”)
during the year.

Note: 't' refers to Tonne in this section

160 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 161
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Directors’ Report and Management Discussion and Analysis

Cash Flow Statement Decrease in Investments The Competition Commission of India (“CCI”) by its letter
V  ebt Equity Ratio is used to evaluate a company’s
D dated 20th December, 2024 unconditionally approved the
(in H crores) Your Company’s liquid investment was used for expansion/
financial leverage. It is a measure of the degree acquisition of the shareholding of the promoters, promoter
FY 2024–25 FY 2023–24 business operations.
to which a company is financing its operations group and another shareholder of ICEM as well as an open
Sources of Cash
through debt versus owned funds. It is calculated by Repayment of Borrowings offer to the public shareholders of ICEM. The Securities and
dividing a company’s total debt by its shareholder’s Cash from Operations 11,008 11,020
During the year, your Company raised debt (on net basis) of Exchange Board of India (“SEBI”) also approved the open
equity. Your Company’s Debt Equity Ratio (Net) has Non-operating Cash Flow 318 163
H 9,124 crores resulting in higher Net Debt/Equity ratio and offer by its letter dated 20th December, 2024.
increased by 2100% in FY 2024–25, primarily on Proceeds from Issue of Share Capital 2 2
account of increase in debt during the year. Net Debt/EBITDA ratio. Consequent to receipt of the unconditional approval from
(Increase) / Decrease in Working (1,432) (122)
Capital the CCI, your Company on 24th December, 2024 completed
Transfer to General Reserves
VI  perating Profit Margin (%) is a profitability or
O Total 9,896 11,063 the acquisition of 10,13,91,231 equity shares of H 10/- each
Your Company proposes to transfer an amount of of ICEM, representing 32.72% of its equity share capital.
performance ratio used to calculate the percentage Uses of Cash
H 3,500 crores to General Reserves. Together with its existing shareholding of 7,05,64,656
of profit a company generates from its operations. It Net Capital Expenditure 8,900 8,879
is calculated by dividing the PBIDT (excluding Other equity shares representing 22.77%, your Company’s total
(Redemption) / Increase in
Investments
(3,267) (43) Dividend shareholding in ICEM increased to 17,19,55,887 equity shares
Income) by turnover.
Investment / (Redemption) in 10,135 (842) Your Directors recommend a dividend of H 77.50/- per equity of H 10/- each, representing 55.49% of ICEM’s
Subsidiaries, Joint Ventures, share of H 10/- per share, totalling H 2,283.75 crores. The equity share capital. As a result, ICEM became a subsidiary
VII  et Profit Margin (%) is the net income or profit a
N Associates, and Others dividend shall be taxed in the hands of shareholders at of your Company with effect from 24th December, 2024.
company generates as a percentage of its revenue. Repayment / (Proceeds) of Borrowings (9,124) 713 applicable rates of tax and, your Company shall withhold Your Company also became the promoter of ICEM in
It is calculated by dividing the profit for the year (Net) tax at source appropriately. accordance with the SEBI (Listing Obligations
by the turnover. Your Company’s Net Profit Margin Repayment of Lease Liability including 202 189 and Disclosure Requirements) Regulations, 2015, effective
decreased by 14% mainly on account of higher Interest thereof Your Company’s dividend policy is given in Annexure I 24th December, 2024.
interest outgo. Purchase / (Sale or Issue) of Treasury 69 84 of this Report and is also available on your Company’s
Shares (Net) website. Unclaimed dividend for the year ended 31st March, The tendering period for the open offer to ICEM’s public
VIII  eturn on Net Worth (“RONW”) is a measure
R Interest 1,278 781 2017, aggregating to H 1.66 crores has been transferred to shareholders commenced on 8th January, 2025 and
of profitability of a company expressed as a Dividend 2,012 1,094 the Investor Education and Protection Fund (“IEPF”). Your closed on 21st January, 2025. Since the number of shares
percentage. It is calculated by dividing Net Profit Total 10,203 10,855 Company has also credited to the IEPF, equity shares in tendered under the open offer was more than the size of
from continuing operations for the year by average respect of which dividend had remained unpaid/unclaimed the offer, your Company accepted the tendered shares
Increase / (Decrease) in Cash and (307) 208
Net Worth during the year. Your Company’s RONW Cash Equivalents for a period of seven consecutive years within the timelines on a proportionate basis. Payment of consideration for
decreased by 22% mainly on account of decrease in laid down by the Ministry of Corporate Affairs, Government the shares accepted was completed on 4th February,
Sources of Cash of India. Unpaid/unclaimed dividend for seven years or 2025. Upon completion of the open offer and payment
Net Profit during the year.
Cash from Operations more have also been transferred to the IEPF, pursuant to the of consideration, your Company’s total shareholding in
Cash from operations remained flat. requirements under the Act. ICEM increased to 25,25,29,160 equity shares of H 10/- each
IX  eturn on Capital Employed ("ROCE") (%) measures
R representing 81.49% of ICEM’s equity share capital. ICEM’s
a company’s profitability and the efficiency with Non-Operating Cash Flow Corporate Development public shareholding being lower than the minimum public
which its capital is used. In other words, the ratio shareholding in terms of the provisions of Rule 19A of the
measures how well a company is generating profits Cash from other activities was higher on account of The India Cements Limited
increased cash flow from income on financial investments. Securities Contracts (Regulations) Rules, 1957 read with
from its capital. It is calculated by dividing profit Your Company had made a non-controlling financial the SEBI (Listing Obligations and Disclosure Requirements)
before interest, exceptional items, and tax (PBIT), Increase in Working Capital investment in The India Cements Limited (“ICEM”) to acquire Regulations, 2015, your Company will ensure that ICEM
by average capital employed during the year. Your 22.77% of equity in June 2024. Post this, the promoters, satisfies the minimum public shareholding set out in the
Company’s ROCE decreased by 26% mainly on Increase in working capital is attributed to increase in members of the promoter group of ICEM proposed to sell
inventories, trade receivables and decrease in trade aforesaid regulation within a period of 12 (twelve) months
account of decrease in PBIT during the year. their entire stake in ICEM and approached your Company from the completion of the Open Offer.
payables on account of increase in fuel inventory and higher for the same. Having found the proposal appropriate, your
sales, respectively. Company entered into a Share Purchase Agreement with the ICEM has a total capacity of 14.45 MTPA of grey cement.
X  arnings Per Share ("EPS") is the portion of a
E
company’s profit allocated to each share. It serves Uses of Cash promoters, members of the promoter group and another Of this, 12.95 MTPA is in the southern region of India
as an indicator of a company’s profitability. It shareholder for buying a 32.72% stake in ICEM, subject (particularly Tamil Nadu) and 1.5 MTPA is in Rajasthan.
Net Capital Expenditure to regulatory approvals. As a result of entering into the Consequent to the acquisition of equity shareholding in
is calculated by dividing profit for the year by
weighted average number of shares outstanding Your Company spent H 8,900 crores on capex during the Share Purchase Agreement, the provisions of Securities and ICEM, operational efficiencies arising out of availability of
during the year. A decrease in Net Profit by 10%, year. These were primarily towards growth and maintenance Exchange Board of India (Substantial Acquisition of Shares ready-to-use assets will reduce time-to-market. This will
resulted in your Company’s EPS decreasing by H 29, as well as for setting up Waste Heat Recovery Systems. and Takeovers) Regulations, 2011 (“Takeover Code”) were also help to augment your Company’s only integrated
from H 240 in FY 2023–24 to H 211 in FY 2024–25. triggered, requiring your Company to make a mandatory unit in Tamil Nadu i.e., Reddipalayam Cement Works.
open offer to the public shareholders of ICEM for acquiring This acquisition will also result in enhancing value for the
up to 8,05,73,273 equity shares, constituting 26% of ICEM’s shareholders as well as creation of direct and indirect
equity share capital.

162 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 163
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Directors’ Report and Management Discussion and Analysis

employment opportunities. Your Company expects that it Wires and Cables The Company has on 29th May, 2025 completed acquisition With the acquisition of The India Cements Limited and the
will be able to improve capacity utilisation of ICEM which is Your Company continuously explores adjacencies for of the aforesaid equity shares of Wonder WallCare. acquisition of Kesoram’s Cement Business, your Company’s
likely to result in an improvement of ICEM’s cash flows and its grey cement business to add value to its customers Consequently, Wonder WallCare has become a wholly- domestic grey cement capacity has increased to 183.36
its working capital management. and gain a higher share of wallet from the individual owned subsidiary of the Company with effect from MTPA, on a consolidated basis. Together with its overseas
homeowner in the overall construction value chain. 29th May, 2025. capacity of 5.4 MTPA, your Company’s global capacity
Composite Scheme of Arrangement — Kesoram stands at 188.76 MTPA as on 31st March, 2025.
Industries Limited As part of this endeavour, your Company had started its Directors’ Responsibility Statement
building products division (“BPD”) through which it has
The Composite Scheme of Arrangement between Kesoram launched multiple products viz. mortars, tile fixing agents, The audited accounts for the year under review are in Corporate Governance
and your Company and its respective shareholders and waterproofing agents, AAC blocks, grouting materials and conformity with the requirements of the Act and the Your Directors reaffirm their commitment to good
creditors (“the Scheme”) for acquisition of the Cement many others. Indian Accounting Standards. The financial statements corporate governance practices. During the financial
Business of Kesoram was made effective from 1st March, fairly reflect the form and substance of transactions year under review, your Company was compliant with
2025. The Appointed Date of the Scheme is 1st April, 2024. As part of extending its offering from BPD, your Company carried out during the year under review and reasonably the provisions relating to corporate governance. The
further examined other adjacencies, including pipes, tiles, present your Company’s financial condition and results compliance report is provided in the Corporate Governance
Upon the Scheme becoming effective and with effect wood adhesives, sanitary fittings, lights and fans. However, of operations.
from the Appointed Date, Kesoram's cement business section of this Report. The Auditor’s Certificate on
after carefully applying strategic fit considerations, compliance with the conditions of corporate governance
stands transferred to and vested in your Company as a your Company has decided to further extend into Wires Your Directors confirm that:
going concern. forming part of the Securities and Exchange Board of
and Cables. ♦ In the preparation of the Annual Accounts, applicable India (Listing Obligations and Disclosure Requirements)
Your Company’s financials have been restated from The Wires and Cables industry has a large addressable accounting standards have been followed along with Regulations, 2015 (“Listing Regulations”) is provided in
1st April, 2024, to include the financials of the acquired market with strong growth rates and attractive economics. proper explanations relating to material departures, Annexure II of this Report.
Cement Business of Kesoram. In terms of the Scheme, There is potential for a large, trusted brand to enter if any.
your Company has allotted 59,74,301 equity shares of the market through product differentiation, branding, ♦ The accounting policies selected have been applied Employee Stock Option Schemes (ESOS)
H 10/- each to the shareholders of Kesoram as on customer centricity and innovation. consistently, and judgements and estimates are made ESOS-2013
10 th March, 2025, being the Record Date fixed by that are reasonable and prudent to give a true and fair
Kesoram in terms of the Scheme. The opportunity to extend into the Wires and Cables The Nomination, Remuneration and Compensation
view of the state of affairs of your Company on Committee (“the NRC Committee”) allotted 11,104 equity
segment entails a capital expenditure of H 1,800 crores 31st March, 2025, and of the profit of your Company for
Your Company has also issued 63,50,883 7.3% non- over the next 2 years. The proposed entry into this shares of H 10 each of your Company to option grantees,
convertible redeemable preference shares of H 100/- each the year ended on that date. upon exercise of stock options and Restricted Stock Units
segment of the construction value chain through BPD
to the eligible shareholder of Kesoram as on the effective is in line with your Company’s strategy to strengthen its ♦ Proper and sufficient care has been taken for the (“RSUs”). 1,761 equity shares were pending allotment as on
date. These shares have since been redeemed. position as a leader in Building Solutions. Your Company maintenance of adequate accounting records 31st March, 2025.
proposes to leverage its extensive manufacturing expertise in accordance with the provisions of the Act for
Star Cement Limited safeguarding the assets of your Company and for ESOS-2018
coupled with its connect with the end customers to deliver
Your Company acquired 8.69% non-controlling minority high-quality wires and cables. The proposed plant to be preventing and detecting frauds and other irregularities. During the financial year, the NRC Committee:
stake in Star Cement Limited (“SCL”) from one of the set up near Bharuch in Gujarat, which is less than 100 kms ♦ The Annual Accounts of your Company have been
promoter group entities of SCL who had approached your ♦ Vested 66,834 stock options and 9,287 RSUs to eligible
from the source of raw material, i.e. copper, is expected to prepared on a going concern basis. employees, subject to the provisions of ESOS-2018.
Company to sell their equity holding in SCL. SCL has a be commissioned by December 2026.
cement capacity of 7.67 MTPA, of which 5.67 MTPA is in the ♦ Your Company has laid down internal financial controls ♦ 57,249 equity shares were transferred to option grantees
north-eastern region and 2.00 MTPA in east India. It is also Wonder WallCare Private Limited and that such internal financial controls are adequate during the year from the employee welfare trust, upon
in the process of putting up another 2.00 MTPA cement and were operating effectively. exercise of options for transfer of equity shares.
The Board of Directors of your Company at its meeting
grinding unit in the northeastern region, to take its total held on 3rd April, 2025 approved acquisition of 6,42,40,000 ♦ Your Company has devised proper systems to ensure
cement capacity to 9.67 MTPA. This capacity is fully compliance with the provisions of all applicable ESOS-2022
equity shares of H 10/- each for an Enterprise Value not
backed by its own clinker capacity of 6.10 MTPA. Given exceeding H 235 crores of Wonder WallCare Private Limited laws and that such systems were adequate and During the financial year, the NRC Committee granted:
your Company’s limited presence in the north-eastern (“Wonder WallCare”), a company engaged in the business operating effectively.
markets, the enhanced infrastructure connectivity in the ♦ 3,243 stock options at an exercise price of H 9,816.30
of manufacturing white-cement based wall putty and per stock option exercisable into the same number of
region and the Government’s vision to ensure industrial gypsum plaster. Your Company has executed a Share Capital Expenditure Plan
development, including rail and road connectivity in the equity shares of H 10 each and 382 Performance Stock
Purchase Agreement with Wonder Cement Limited and the Your Company’s expansion programme is progressing as Units ("PSUs") at an exercise price of H 10 each on
region, your Company evaluated the proposal for making promoters of Wonder WallCare for the said acquisition. per schedule.
a non-controlling financial investment in SCL and acquired 6th May, 2024;
the shares offered. As part of its ongoing capacity expansion programme, ♦ 81,591 stock options at an exercise price of H 11,647.25
your Company commissioned capacity of 17.4 MTPA across per stock option exercisable into the same number
several locations in the country during FY 2024-25 of equity shares of H 10 each and 30,067 PSUs at an
including its first bulk terminal in Uttar Pradesh at exercise price of H 10 each on 19th July, 2024;
Lucknow with a capacity to handle 1.8 MTPA of cement.

164 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 165
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Directors’ Report and Management Discussion and Analysis

♦ 1,075 stock options at an exercise price of H 10,995.20 A certificate from the Secretarial Auditors on the AWARDS
per stock option exercisable into the same number of implementation of your Company’s ESOS will be available
equity shares of H 10 each and 125 PSUs at an exercise at the ensuing Annual General Meeting (“AGM”) for Your Company’s efforts to optimise operational procedures and build greater efficiencies continue to win recognition and
price of H 10 each on 28th October, 2024. inspection by the Members. prestigious awards. Some of the awards conferred upon your Company during the financial year are listed below:

A total of 35,993 stock options vested in eligible Share Capital

employees, subject to the provisions of ESOS-2022. 3,226 Five-Star Rating
equity shares were transferred to option grantees during During the year, your Company allotted 11,104 equity
shares of H 10 each to option grantees upon exercise Award by the
the year from the employee welfare trust, upon exercise of Ministry of Mines
options for transfer of equity shares. of stock options and RSUs in terms of ESOS-2013 and
59,74,301 equity shares to the shareholders of Kesoram for 2023–24
In terms of the provisions of the Securities and Exchange in terms of the Scheme. As a result, your Company’s — Rajashree
Board of India (Share Based Employee Benefits and paid-up equity share capital increased to H 2,94,67,74,100, Cement Works
Sweat Equity) Regulations, 2021, details of stock options comprising of 29,46,77,410 equity shares of H 10 each.
and RSUs/PSUs granted under the various schemes are
available on your Company’s website; https://www. Details relating to transfer of unclaimed dividend and
ultratechcement.com/investors/financials. equity shares to the Investor Education and Protection
Fund Account are given in the Corporate Governance
section that forms part of this Report. Health and Safety Award
from the Federation of
Indian Mineral Industries
(FIMI), New Delhi —
Indian Chamber of Commerce:
Rajashree Cement Works
5th Green Urja & Energy Efficiency
Awards 2025 — Reddipalayam
Cement Works

National Award for achieving circular economy in integrated

cement plants by the National Council for Cement and
Building Materials — Reddipalayam Cement Works

IMC Ramkrishna Bajaj 1st Prize for Mines

National Quality Environment and Mineral
(RBNQ) Certificate Conservation Week
of Merit 2024 in (2024–25) under the
CII-ITC Sustainability
the manufacturing AEGIS of Indian Bureau of
Awards in CSR Category —
category — Gujarat Mines (IBM) — Rajashree
Dalla Cement Works
Cement Works Cement Works

Gold award at the Apex Ten awards including the coveted ‘Disruptive
India Green Leaf Award Brand of the Year’ at the ET Brand Equity Brand
2024 for environmental Disruption Awards 2025. Your Company’s awards
excellence in the haul included four gold and four silver medals,
cement sector — Rawan making it one of the most awarded brands at the
Cement Works ET Brand Disruption Awards 2025.

166 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 167
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Directors’ Report and Management Discussion and Analysis

RESEARCH AND DEVELOPMENT

for further process and production optimisation to Your Company is collaborating with the abovementioned
Your Company’s research and development efforts are and developed concrete that requires minimal water improve our sustainability performance and lower our startups, assisting them in the development of a new
dedicated to exploring innovative methodologies and curing. This innovation represents a significant carbon footprint. SCMS while evaluating its effectiveness in reducing the
technologies for decarbonisation, developing low- breakthrough for the construction industry in regions clinker content in cement for the production of low-
Innovation and Development of carbon cement.
carbon products, responsibly utilising non-conventional facing water scarcity. Decarbonisation Technology
materials to conserve natural resources, conserving ♦ C&D Waste as Aggregate with HVFA Concrete: The Your Company had signed an agreement with Coolbrook,
energy, and preserving the environment. Your Company’s Your Company is a key member and represents the
disposal of construction and demolition (“C&D”) steering committee of Innovandi — the Global Cement a Finland-based company, for the large-scale deployment
constant endeavour is to improve the quality of its waste represents a significant challenge, and your of their patented technology, Roto-Dynamic HeaterTM,
products by enhancing their functional attributes and and Concrete Research Network. Innovandi connects the
Company’s researchers have diligently endeavoured to cement and concrete industry with scientific institutions for kiln electrification. It is now exploring pilot trials and
developing new functions, all aimed at reducing carbon incorporate the C&D waste fraction as an aggregate utilising this technology in cement plants.
footprint. The R&D team is committed to improving to drive and support global innovation with actionable
in concrete production. This product emerges as research. Your Company has participated in the Innovandi
product quality, boosting process efficiency, lowering an innovative, sustainable solution for the concrete During the year under review, your Company has entered
the clinker factor, and increasing utilisation of alternative Open Challenge. This global programme brings tech into a collaboration agreement with the Institute
industry, effectively merging fly ash with recycled start-ups together with the world’s leading cement and
fuels and raw materials. C&D aggregates and could reduce the carbon dioxide for Carbon Management (“ICM”) at the University of
concrete companies to accelerate the achievement of net- California, Los Angeles (“UCLA”) to pilot a groundbreaking
The R&D team plays a pivotal role in supporting the footprint significantly. zero mission through a consortium of various members. new technology: the Zero Carbon Lime ("ZeroCAL").
business through continuous improvements and ♦ Geopolymer 3D printing Concrete: In previous In the past, your Company has evaluated and assessed The ICM has developed ZeroCAL technology to reduce
addressing various aspects of the manufacturing process research endeavours, the R&D team had successfully Coomtech, Carbon Oro, and Fortera. During the year, carbon dioxide emissions from cement manufacturing.
and products. Additionally, the team provides support developed cement-based 3D printable concrete. your Company has also signed the consortium agreement In this partnership, your Company and ICM will build
and raises awareness among customers to adopt new, The researchers have further advanced their efforts to develop and innovate new materials as Supplementary a first-of-its-kind demonstration plant at one of the
low-carbon, and sustainable products and building to establish Geopolymer 3D printing (“G3DP”) as a Cementitious Materials ("SCM"). units. Utilising ZeroCAL technology and its process
solutions, working closely with the technical and cutting-edge sustainable construction material for the can eliminate nearly 98% of CO2 emissions associated
marketing teams to enhance customer satisfaction. construction industry, which could reduce the carbon ♦ EnviCore: Converting many waste streams from
mining, industrial and domestic wastes into SCM using with limestone calcination in cement production. Your
dioxide footprint significantly. Company will be the first globally, to implement the
The R&D team collaborates with the Aditya Birla Group's a low-temperature CO2 mineralisation route.
corporate research centre, Aditya Birla Science and ♦ Limestone Calcined Clay Cement (“LC3”): Researchers ZeroCAL process at scale through a demonstration plant.
have developed in-house capabilities and conducted a ♦ Queens Carbon: Low-temperature synthesis of carbon This will represent another significant milestone towards
Technology Company Private Limited (“ABSTCPL”), which neutral engineered SCM from limestone and sand with
addresses the applied research needs of the Group's thorough investigation into the production of calcined its commitment to Net Zero concrete by 2050. The
clay at a designated plant location. Furthermore, hydraulic activity. front-end engineering and design of the demonstration
multidisciplinary business innovation across companies.
LC3 presents itself as a promising low-carbon ♦ NeoCrete: Nano-activator for natural and industrial plant at the selected unit is planned to be completed
The Advancement of Products and Materials alternative to traditional Portland cement, aimed at pozzolans for substituting cement in concrete. by March 2026 and scheduled for commissioning by
Your Company’s R&D team has innovated, developed, mitigating CO2 emissions associated with conventional September 2026.
and manufactured a variety of cement and concrete cement manufacturing.
products by utilising waste materials from various Process Innovation for improving energy
industries as a commitment to enhancing the efficiency and lowering CO2 emissions projects
circular economy, meeting sustainable construction
requirements, and enabling a sustainable Cement manufacturing includes pyro-processing and
built environment. grinding operations that demand a significant amount
of thermal and electrical energy, responsible for up to
♦ Low-Carbon Concretes: The R&D team has 30% of CO2 emissions in the cement manufacturing
meticulously designed and developed a low-carbon process. The systematic design of equipment and
concrete, a sustainable and environmentally the implementation of energy-efficient technologies
friendly construction material. Consequently, this constitute a fundamental philosophy at your Company.
advancement substantially reduces the carbon dioxide This approach includes low-pressure and high-efficiency
(CO2) footprint and contributes to the conservation pre-heaters (“PH”), cyclones, high-efficiency separators,
of natural resources and energy. Low-carbon concrete coolers, low-NOx burners, drives, fans, and other process
represents a pivotal innovation in the construction equipment. These advancements aim to reduce both
industry due to its environmental advantages fuel and electrical power consumption, thereby fostering
and sustainability. sustainability through a reduction in CO2 emissions.
♦ Self-Curing Concrete (“SCUC”): In recent years, your Your Company has used high technology modelling,
Company’s scientists have innovatively conceived simulators and computational fluid dynamics (“CFD”)

168 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 169
 Statutory reports

Directors’ Report and Management Discussion and Analysis

Digitalisation transformed paper-based processes, enhancing visibility,

speed, and efficiency across customer operations.
This year, your Company Accelerating Digital Transformation
utilised 21.73% recycled Your Company has consistently been at the forefront UltraTech Trade Connect, a unified app for dealers and
input materials in cement of digital innovation, delivering superior value to its retailers, has evolved into a trusted digital interface across
production and conserved stakeholders by focusing on speed, scale, convenience, and the country. Since its launch in 2020, it has become the
120.38 million cubic operational excellence. Its digital transformation journey is nerve centre for managing dealer operations, enabling
meters of water, achieving now rapidly advancing towards intelligence where customer- seamless interactions across grey cement, Building Products,
4.9 times water positivity. centricity, automation, and data-driven decision-making and Ready-Mix Concrete (“RMC”). Beyond channel partner
form the foundation of a connected and smart ecosystem. convenience, it also acts as a dependable digital backbone
for the sales, logistics, and commercial teams, supporting
Teams are empowered to act swiftly, guided by deep faster, paperless, and more efficient sales operations.
customer understanding and enabled by cutting-edge Looking ahead, your Company is enhancing the platform
technologies. By listening actively to stakeholders and with AI-powered features to deliver predictive insights,
continuously enhancing solutions, your Company has intelligent recommendations, and more personalised
achieved higher adoption and advocacy throughout experiences, reinforcing its commitment to customer-centric
Sustainability Your Company has met its commitment to EP100 and has its ecosystem, including channel partners, customers, digital innovation.
Your Company has imbibed sustainability in its business doubled its energy productivity since the base year of 2010, influencers, employees, and service partners. High maturity
well ahead of the target year of 2035. in process digitalisation, coupled with the widespread scale UltraTech Customer Connect enables institutional
strategy and each step of its value chain to ensure a reduced customers to manage site operations with real-time supply
environmental and a positive social footprint. It is committed of adoption achieved across touchpoints, has established
As a responsible business, your Company recognises its a strong foundation for integrating next-generation visibility, electronic proof of delivery (ePOD), access to test
to adopting the latest scientific approaches and technologies duty towards 'ENVIRONMENTAL SUSTAINABILITY'. Its certificates, and finance documentation, thereby supporting
to enhance its operational efficiency and ensure long- technologies into core operations.
efforts to promote a circular economy, water management, smoother and faster payments.
term sustainability. biodiversity, and low-carbon product stewardship are a Building the Intelligent Enterprise
Your Company has targeted to reduce its Scope 1 emission testament to this statement. This year, your Company utilised During FY 2024-25, your Company significantly advanced
intensity by 27% and Scope 2 emission intensity by 69% 21.73% recycled input materials in cement production and its journey from digitisation to intelligent automation by
by 2032 from the base year 2017, validated by SBTi. conserved 120.38 million cubic meters of water, achieving scaling emerging technologies for business applications.
Your Company has committed to the net-zero concrete 4.9 times water positivity. With a strong foundation of Data Warehouse and Data
GCCA’s Net-Zero Concrete Pathway to produce carbon-neutral Your Company completed biodiversity impact assessments at Lake infrastructure, your Company began integrating
concrete by 2050. Your Company’s major decarbonisation 24 integrated units and plans to assess all its integrated units Artificial Intelligence (“AI”), Machine Learning (“ML”),
initiatives include transitioning to a green energy mix (waste by the end of 2025. The Life Cycle Assessment for four of its Generative AI (“Gen AI”), Computer Vision, and Internet of
heat recovery and renewable energy), substituting fossil major products has been completed, and their Environmental Things (“IoT”) into its core processes - a natural progression
fuels with alternative fuels and waste from other industries, Product Declaration (EPD) is publicly available. enabled by the maturity, depth, and integration of existing
including focusing on R&D for low-carbon products and digital platforms.
exploring and adopting technological advancements in the Your Company has introduced a unique Sustainable Supply
field of decarbonisation of such CCU, new SCMs, etc. Chain Programme, where all new suppliers and vendors are AI-ML algorithms were implemented to transcribe
evaluated for ESG risks before onboarding. The Company vernacular customer conversations into structured insights.
During the Maha Kumbh, your Company processed waste is also assessing its existing Tier 1 suppliers and providing This has improved accuracy in understanding customer
collected by the Prayagraj Nagar Nigam from the Maha capacity-building sessions to help them embark on their sentiment and enhanced productivity as well as decision- Empowering Partners
Kumbh. Over 400 metric tonnes of plastic waste were sustainability journey. making by eliminating manual transcription dependencies. Drivers and transport partners are integral to your
collected and processed as alternative fuel. Your Company Company’s commitment of timely and reliable delivery.
deployed sanitation workers and waste plastic collection bins Your Company has been recognised as the winner in the Your Company leverages Gen AI to synthesise insights from
various customer interaction touchpoints, allowing it to The Eye-to-Track app has brought over 67,000 drivers into
across high-footfall locations at Prayagraj and Maha Kumbh’s “Circular Business Model — Matured category” within the the digital ecosystem with multilingual support and features
designated sectors. The initiative also emphasised community Indian cement industry at the first-ever Global Symposium understand customer needs and expectations more quickly
and deeply. Following a successful pilot, your Company is such as digital invoicing, e-waybill extension, SOS alerts,
engagement and awareness through an LED activation van and Awards on Resource Efficiency and Circular Economy. self-learning safety videos, and visibility into customer
travelling across Prayagraj, educating citizens on plastic Hosted by FICCI on March 24-25, 2025, in New Delhi, the scaling its Immersive Augmented Reality / Virtual Reality
based training platform across multiple cities, empowering feedback, enabling continuous improvement and safer,
segregation and encouraging household participation in theme of the global symposium was “Scaling Resource better deliveries.
the campaign. Efficiency & Circular Economy: Pathway for Global applicators with the skills to use products more effectively
Sustainability.” Your Company’s efforts in sustainability and consistently. Empowering Internal Stakeholders
Under its commitment to RE100, your Company is working are well recognised globally as well. Your Company has
extensively towards a transition to green energy and aims Customer First Your Company is focused on strengthening internal
maintained the 8th position among the Top 10 Global capabilities through integrated platforms and real-time
to substitute 85% of its electricity requirements with a Companies in the Construction Materials sector with S&P Your Company continues to strengthen its digital
green energy mix by 2030. Your Company has achieved 28% touchpoints with customers. Mobile-based solutions have information access.
Global (DJSI, CSA 24). Your Company has also maintained its
substitution this year through the green energy mix. CDP-Climate Change score at B.

170 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 171
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Directors’ Report and Management Discussion and Analysis

The Logistics Control Tower (“LCT”) and LCT Lite (mobile Innovative safety pilots leveraging AI, robotics, and drone Human Resources Safety
version) provide end-to-end visibility and a single source of technologies are being launched to improve workplace
truth, fostering seamless collaboration between sales and safety effectiveness at scale. AI-enabled systems have
supply chain functions. been deployed at ten units to optimise inward rail logistics
management, improving turnaround times and cost
Real-time KPI dashboards enable front-line teams to track efficiency. A virtual truckyard programme is being tested to
performance, eliminate manual reporting efforts, and take streamline inward raw material and fuel truck operations
data-driven decisions aligned with business goals. and infrastructure requirements.
The OneCRM platform, now rolled out across the trade An integrated knowledge management system combining
channel and being scaled in the institutional segment, generative AI with the organisation's comprehensive
offers a unified view of customer interactions across Lines of knowledge base has been deployed, with ongoing
Business (“LOBs”). It supports intelligent visit planning, lead development of specialised decision support tools for
management, and cross-selling and up-selling opportunities, multiple functions including HR, Operations, Procurement,
strengthening customer lifecycle management. Legal, and Safety, enabling on-demand actionable
By integrating seamlessly with the mobile-first ecosystem, information retrieval. Your Company’s growth journey continues to be driven by
OneCRM delivers real-time insights and recommendations Your Company has been relentlessly striving to elevate safety,
its unwavering commitment to capacity expansion and a non-negotiable aspect of business, to higher levels and
directly in the hands of the sales teams, driving higher Your Company’s Shared Services viz. UltraTech Knowledge operational excellence. Over the past year, your Company
productivity and customer satisfaction. Service Centre ("UKSC"), now operating for over six years, achieve the organisational goal of 'zero harm'.
has strengthened its production footprint through a strategic
has grown to a strength of 750+ members, processing blend of acquisitions and organic growth, further reinforcing Following the well-proven Plan-Do-Check-Act (“PDCA”) cycle,
As a testament to its digital foresight and commitment to ~25 lakhs vendor invoices annually, maintaining substantial efforts have been made to continuously improve
customer centricity, your Company has piloted a first-of-its its leadership position in the cement industry, both within India
14 lakhs customer/vendor master records, ensuring and in international markets. your Company's safety culture. This includes planning
kind RMC Control Tower — a unified platform designed GST compliances for 26 states, and closing books of meticulously, emphasising implementation, reviewing and
to transform how it plans, executes, and monitors RMC accounts for each of the 90+ units/zones every quarter This sustained growth momentum highlights the need for a tracking progress, and charting out the next course of action
operations. By enabling dynamic scheduling, real-time to enable company-level consolidation for all your robust and future-ready talent ecosystem — one capable of through various initiatives.
visibility, and mobile-led collaboration across plants, transit Company’s operations. navigating increasing operational complexities and driving
mixers, pumps, and site teams, the solution ensures more performance across an expanding geographic landscape. In In terms of governance, the Organisation Health and Safety
reliable deliveries, improved responsiveness, and superior In the last one year, UKSC has embarked on the Capability alignment with this vision, your Company has refined its talent (“OH&S”) board, chaired by the Managing Director, reviews
on-site experience. It marks a significant leap in your Maturity Model Integration journey (“CMMI”). CMMI helps strategy to ensure ‘Talent Sufficiency’ i.e. right capabilities the overall effectiveness of the safety management system
Company’s journey to offer smarter, more connected, and organisations identify areas for improvement, develop best across all levels of management, enabling seamless execution every two months. Additionally, eight subcommittees
customer-focused operations on scale. practices, and track progress towards achieving a higher of growth plans and enhancing organisational resilience. headed by the Manufacturing Cluster and Corporate Function
level of maturity in their processes. It's a widely recognised Heads at the board level, and six subcommittees at the
With these digitally integrated solutions — from customer Proactive succession planning remains a cornerstone of this unit level, headed by Unit Heads, function to strengthen
standard for process improvement, with different levels strategy, with a strong emphasis on the early identification
interfaces to internal operations — your Company continues of maturity that organisations can strive to achieve. Your various important elements of safety and periodically review
to evolve as a truly customer-centric and intelligent of high-potential talent and accelerating their readiness their effectiveness.
Company’s UKSC is now CMMI L3 certified. This is first for critical roles. A significant proportion of the identified
enterprise. Its focus remains on leveraging technology to in the industry within a Finance & Accounting (“F&A”) To formulate a robust strategy for enhancing the existing
unlock value at scale while keeping customer experience at successors are relatively early in their roles, which reflects your
captive space. With this, we have also set the roadmap Company’s intent to cultivate future leaders well in advance safety management system, a brainstorming session among
the heart of everything it does. to achieve the highest CMMI L5 certification in the next senior leaders was organised on safety improvement. An
and ensure business continuity through structured, long-term
Other Digital Transformation initiatives across your eighteen months. talent planning. action plan was prepared and is currently being implemented.
Company have significantly enhanced operational efficiency, In the technology space, AI is seeing a striking rise in Focused development through curated experiences, cross- The 'Risk-e-thon' initiative, driven at all manufacturing
quality and safety, supply chain optimisation, and digital adoption. UKSC is keeping pace with these developments. functional exposures, and structured coaching interventions locations, identified 13,426 risks, for which mitigation plans
knowledge management. It is working on implementing AI based Review and Control continue to enhance the agility and versatility of the talent were made and implemented based on criticality. Based
tools. Given the growing size of business, this will not only pool. These efforts are designed to systematically prepare on learnings and new requirements, six safety standards
Over the past two years, process variability has been (scaffolding, hot work, confined space entry, permit to
successfully reduced despite external disturbances, leading help digitise the review and control, with humans resolving individuals for general management responsibilities, nurturing
only the exceptions, it will also help build a scalable model leaders who are well-equipped to drive the Company’s work, LOTOTO, and HIRA) have been revised. Additionally,
to improved throughput in initial plants and a notable procedures have been set up on lone working, restricted
reduction in breakdowns. Advanced AI solutions have been to absorb additional work without increasing the head future growth.
count linearly. UKSC plans to leverage latest technologies usage of mobile phones inside units, safe CCR operation, and
implemented at 50% of the units, enhancing quality control Your Company remains committed to fostering a dynamic and working near Class B or similar type fuel storage.
and throughput, with ongoing exploration of advanced like AI / ML and Agentic / Gen AI to create business value by inclusive talent ecosystem that supports both individual career
robotics for modernising packaging operations. Quality providing actionable insights to business leaders on costs, aspirations and the evolving strategic needs of the business, Your Company has also started a 'Mentor-mentee' initiative,
management systems are being strengthened through working capital and other levers to optimise the ROCE. ensuring sustained growth and leadership continuity. aligning all workers across various units to executives in a 1:5
pilot programmes for in-process controls and incoming raw ratio to closely work on improving safety behaviours.
UKSC will continue to leverage technology and industry Your Company’s employee strength stood at 28,136 on
materials/fuel inspection. best practices to bring in operational efficiency and Best-in- 31st March, 2025, compared to 23,137 a year ago.
Class process governance.

172 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 173
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Directors’ Report and Management Discussion and Analysis

The 'NSAT-2024', an online auto-proctored exam conducted 59 employees from various units were trained at UTTC to across units were trained in Process Safety Management Various initiatives across these segments have been
by National Safety Council, was organised for 165 safety conduct Structural Stability Assessments (“SSA”) by internal (“PSM”), and around 320 employees across all units were initiated during the year around its plant locations and
professionals to test their comprehensive understanding of experts, enhancing their capability to identify potential trained in Management of Change (“MOC”). adjacent villages.
safety science, rules, regulations, and standards related to hazards and risks associated with building structures
safety, risk management, safety management, leadership through non-destructive testing (“NDT”). 350 employees across all units were trained on Contractor During the year, your Company spent H 165.16 crores on CSR
abilities, and general aptitude. Safety Management (“CSM”) by the mySetu team. activities, constituting over 2% of the average net profits of
To identify unsafe acts and behaviours and correct them 700 employees of existing and newly acquired units your Company during the last three financial years. A report
Your Company has established Safety Incubation Centres through instant intervention, 2,27,109 observations were qualified through standard champions training. Safety on CSR activities is provided in Annexure III, which forms
(“SIC”) at seven units, viz. Awarpur, Manikgarh, Maihar, reported through the Safety Behaviour Observation (“SBO”) Leadership training was organised for employees in the part of this Report.
Rajashree, Tadipatri, Nathdwara and Hirmi to improve the process. To uncover unsafe conditions at workplaces, logistics function across all zones.
behavioural safety of front-line employees and contract 3,04,549 findings were reported through the Walk-Through
workers. These centres aim to sensitise workers by
communicating the potential negative impacts, such as
Inspection (“WTI”) process, with ~90% (2,64,698) rectified. A safety sensitisation video titled 'Suraksha Dil Se: Act Now,
Regret Never' (English and Hindi versions) was launched to J165.16 crores
injury or illness, if safety norms are not followed. The newly launched PRATIBIMB 2.0 programme connected sensitise all employees to take ownership and proactively CSR spend
156 zone owners in 63 sessions to review their risk work to ensure safe execution of activities to achieve “Zero
Your Company organised various events throughout the perception with the Chief Operating Officer, aiming to Harm.” 95 employees across all units qualified as trained Subsidiaries, Joint Ventures, and
year during 12 pre-determined monthly theme-based safety improve risk perception, discuss repeated findings, and safety auditors through training by an expert agency,
campaigns to sensitise people. 45 Standard Operating establish emotional and behavioural safety connections followed by a test. All high-priority deficiencies identified Associate Companies
Procedures (“SOPs”) for critical operations have been with their safety ambassadors and mentees. across units through structural stability assessments by The audited financial statements of your Company’s
standardised to ensure consistency and uniformity across experts have been rectified. subsidiaries and joint ventures viz. Bhagwati Lime Stone
all units. Your Company also runs the Contractor Field Safety Audit Company Private Limited, Gotan Lime Stone Khanij Udyog
(“CFSA”), aimed to address conditions and actions of the Corporate Social Responsibility Private Limited, Harish Cement Limited, Letein Valley
A total of 11,800 employees has completed e-learning most vulnerable workforce, viz. contractual workers. Cement Limited, The India Cements Limited, UltraTech
courses on five critical safety topics: coal mill operation, Around 5,698 observations were identified and rectified In terms of the provisions of Section 135 of the Act read
with the Companies (Corporate Social Responsibility Policy) Cement Middle East Investments Limited (“UCMEIL”),
boiler operation, hot material, electrical arc flash, and through the CFSA. Third-party safety audits (“TPSA”) UltraTech Cement Lanka (Private) Limited, and their
management of change. Ten pictorial SOPs in Hindi have were conducted at 27 units by an independent expert Rules, 2014, the Board of Directors of your Company
have constituted a Corporate Social Responsibility related information are available for inspection on your
been developed and displayed at conspicuous locations agency to evaluate compliance with seven critical safety Company’s website.
across units for critical activities, enabling contractual standards. Audit reports were shared with the units, and (“CSR”) Committee, chaired by Mrs. Rajashree Birla. Other
workers to easily understand the instructions for performing the implementation of corrective actions was monitored. Members of the Committee are Ms. Anita Ramachandran, During the year, UCMEIL acquired 12,50,39,250 equity
these activities safely. Second-party safety audits (“SPSA”) were carried out at the Independent Director, and Mr. K. C. Jhanwar, Managing shares representing 25% of the equity share capital of
remaining units by trained and experienced auditors from Director. Dr. (Mrs.) Pragnya Ram, Group Executive President, Ras Al Khaimah Co. for White Cement & Construction
Your Company conducted 720 sessions of the online other units. Through first-party safety audits (internal), CSR, Legacy, Documentation and Archives, is a permanent Materials P.S.C. (“RAKWCT”) under the partial conditional
Contractor Connect Initiative (“CCI”) where live work around 4,903 opportunities for improvement were reported invitee to the Committee. Your Company has in place a CSR cash offer announced by UCMEIL. Together with the
executed by contractual workmen at various units was and closed out. Policy, which is available at https://www.ultratechcement. existing shareholding of 29.79% in RAKWCT, UCMEIL’s
reviewed by Heads of other units, which led to reporting com/content/dam/ultratechcementwebsite/pdf/policies/ aggregate shareholding in RAKWCT increased to 54.79%.
of 2,228 gaps. As a result, 297 progressive consequence Leadership Alignment Workshops were organised with CSR-Policy.pdf. Consequently, RAKWCT became a subsidiary of UCMEIL
management (“PCM”) actions were applied against unsafe expert agency M/s. DSS+ for Chief Operating Officers with effect from 10th July 2024. UCMEIL further increased its
acts, and 2,700 persons were rewarded for their positive and Plant Heads. Additionally, six sessions of Visible Your Company’s CSR vision is “to actively contribute to the
social and economic development of the communities in shareholding in RAKWCT with the acquisition of 5,77,74,407
safety behaviour. Felt Leadership (“VFL”) programmes were organised for equity shares representing 11.55% of the share capital of
213 senior employees across units. Safety commitment which we operate and beyond, in sync with the UN SDGs,
All 57 safety concerns raised through the Safety Toll- our endeavour is to lift the burden of poverty weighing RAKWCT. UCMEIL's aggregate shareholding in RAKWCT
and guidance by the Chief Manufacturing Officer were stands increased to 66.34%.
free number, which keeps callers anonymous, have communicated to all employees, with more than 10,000 down the underserved and foster inclusive growth. In doing
been resolved. employees across the organisation taking a safety pledge to so, build a better, sustainable way of life for the weaker, In accordance with the provisions of Section 129(3) of the
integrate safety into all their actions. marginalised sections of society and enrich lives. Be a force Act read with the Companies (Accounts) Rules, 2014, a
Your Company also imparted VR-enabled safety training on for good.”
44 modules across units, along with a driver safety training report on the performance and financial position of each of
Chetna, a generative AI assistant, was deployed for safety the subsidiaries, joint ventures, and associate companies is
module in Hindi. A total of 81,932 workmen were trained data analysis, including safety observations, walk-through Your Company’s activities are focused on education and
against a target of 85,024, resulting in 96% compliance. capability enhancement, healthcare, sustainable livelihoods, provided in Annexure IV of this Report.
inspections, and incidents. With the help of a Power BI
Online training sessions on road and driving safety were dashboard, departments can gain insights related to causes, rural infrastructure development and social empowerment.
organised, covering more than 2,000 employees and suggested actions, and trends. Five sessions of Process
workers. Skill assessments were conducted for 411 safety Safety training were organised across various clusters in
stewards deputed at various project sites. Additionally, coordination with the Aditya Birla Group Corporate Safety
team, with 161 employees participating. 64 employees

174 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 175
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Directors’ Report and Management Discussion and Analysis

Particulars of Loan, Guarantee, and and Regulation 23(4) of the SEBI Listing Regulations. All By analysing both the likelihood and potential impact
related party transactions have been approved by the of each risk, the RMS Committee prioritises them and Risk: Availability of critical raw materials —
Investment Audit Committee of your Company and reviewed by it on determines the most appropriate risk management strategy Fly ash, gypsum, slag
Details of loan, guarantee, and investment covered under a periodic basis. The policy on Related Party Transactions, for each risk.
the provisions of Section 186 of the Act read with the as approved by the Audit Committee and the Board, is The security and availability of key raw materials
Companies (Meetings of Board and its Powers) Rules, 2014, available at https://www.ultratechcement.com/content/ While your Company has a risk matrix based on the
‘probability of occurrence and impact’, the changing such as fly ash, slag, gypsum, and low silica bauxite
are given in the Notes forming part of the standalone dam/ultratechcementwebsite/pdf/policies/Policy-on- are influenced by several factors. The increased
financial statements. Related-Party-Transactions-Revised.pdf. economic and geo-political developments necessitated a
revisit. Consequently, your Company engaged an external adoption of renewable energy, captive consumption
The details of contracts and arrangements with related agency to evaluate and update the risk, aimed at identifying by certain players, and the use of fly ash for road
Energy, Technology, and Foreign construction are reducing its availability. Additionally,
parties of your Company for the financial year ended principal risks that may impact your Company and develop
Exchange 31st March, 2025 is provided in Note No. 40 to the response plans accordingly. the overexploitation of natural gypsum mines is
Information on the conservation of energy, technology standalone financial statements of your Company. leading to rapid depletion and price rise, with local
absorption, and foreign exchange earnings and outgo, This process involved discussions with the Managing Director community protests around gypsum mining having
required to be disclosed pursuant to Section 134(3)(m) of Risk Management and CXOs; risk survey; pre-workshop preparation with survey the potential to halt operations periodically. Limited
the Act read with the Companies (Accounts) Rules, 2014, is respondents; a risk workshop and concluding deliberations deposits of low silica bauxite, with a dependency on
The Indian cement industry, a vital contributor to the with the CXOs to identify risks and mitigation plans. specific regions, further exacerbate the issue. The
given in Annexure V of this Report. nation’s infrastructure development, operates within a unavailability of high-quality raw materials, along
dynamic and evolving landscape. Recognising the critical The following key risks were identified: with restrictions or duties on imported coal, also
Particulars of Employees importance of proactive risk management, your Company contribute to this risk.
Disclosures relating to remuneration and other details as is committed to navigating these challenges to achieve
required under Section 197(12), read with the Companies sustainable growth. Your Company recognises that effective Mining, Operations Availability of critical raw
(Appointment and Remuneration of Managerial Personnel) risk management is essential to avoid, mitigate, transfer, or and Manufacturing materials - fly ash, gypsum, slag To mitigate these risks, several strategies
Rules, 2014, are given in Annexure VI. In accordance with accept the impacts of various risks. are proposed:
the provisions of the aforementioned section, the names ♦ Long-term Tie-ups with Public Sector Units:
and other particulars of employees drawing remuneration To oversee risks, your Company has established a dedicated, Climate Ability to comply with evolving
board-level Risk Management and Sustainability Committee Outreach to government and public sector to
more than the limits set out in the aforesaid rules form and Sustainability environmental norms and achieve secure long-term tie-ups with state-owned or
part of this Report. However, in line with the provisions of (“RMS Committee”). This Committee performs three sustainability targets
key functions: public sector fly ash sources instead of relying on
Section 136(1) of the Act, the Report and Accounts as set annual tendering.
out therein, are being sent to all Members of your Company, ♦ Framework Review: regularly reviews your Company's
excluding the aforesaid information. Any Member who is IT, Cybersecurity Ability to identify evolving ♦ Long-term Contracts: Set targets for long-term
Enterprise Risk Management Framework to ensure it contracts on a revolving basis within the targeted
interested in obtaining these particulars may write to the remains current and effective. Cybersecurity risks and build
Company Secretary. scalable infrastructure zone and convert medium-term contracts to long-
♦ Risk Analysis: conducts analyses of identified risks, term ones where needed.
Business Responsibility and considering their potential impact and likelihood. ♦ Partnerships: Partner with state-owned thermal
Sustainability Report ♦ Mitigation Strategies: develops appropriate mitigation Logistics Adapt and respond to disruptions power plants to set up fly ash collection and rake
actions to minimise the impact or likelihood of each in supply chain loading systems, ensuring more than one or two
Business Responsibility and Sustainability Report Core forms risk, considering the business environment, operational sources for each of the units.
part of this Report. Your Company has obtained reasonable controls, and compliance procedures.
assurance on the BRSR Core reporting. ♦ Alternative Gypsum Sources: Explore flue gas
The RMS Committee further classifies these risks based on Workforce Measures to enhance desulphurisation gypsum from power plants, as
Contract and Arrangement with their timeframes: and Talent talent retention well as chemical and industrial gypsum.

Related Parties ♦ Low Silica Bauxite: Participate in and acquire new

♦ Long-term strategic risks: threats to your Company's mine auctions, and work with the government to
Related party transactions entered by your Company long-term goals requiring ongoing management. Strategy, Growth Understanding and responding bring new mining blocks for auction.
during the financial year were completely on an arm’s ♦ Short-to medium-term risks: immediate threats needing to competition
length basis and in the ordinary course of business. There focused attention within a specific timeframe.
were no material transactions with any related party,
as defined under Section 188 of the Act read with the ♦ Single events: unpredictable but potentially disruptive
Companies (Meetings of Board and its Powers) Rules, 2014 events requiring contingency plans.

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Directors’ Report and Management Discussion and Analysis

Risk: Ability to comply with environmental Risk: Achieving Sustainability Targets Risk: Cybersecurity
norms

Several factors influence the ability to comply with Achieving sustainability targets in the cement The rapidly evolving nature of cyber threats, To address these challenges, several
rapidly evolving environmental norms. Increasing industry is influenced by several key factors. Clean including new techniques such as deepfake strategies are proposed:
pressure from international organisations to adhere technologies, such as alternative fuels (biomass, hacks and sophisticated phishing attacks, poses ♦ Understanding New Attack Techniques: Develop
to stricter environmental standards, along with waste-derived fuels), advanced clinker production significant challenges to cybersecurity and a better understanding of new attack techniques
more stringent regulatory norms related to SOx, processes, carbon capture, utilisation, and storage scalable infrastructure. and appropriate defence mechanisms.
NOx, shop floor practices, and waste management, (“CCUS”), are still in the early stages of development
poses significant challenges. Integrating new or are yet to be fully commercially proven. GenAI has become a key adversary tool in recent ♦ Phishing Simulations: Conduct phishing
emission control technologies with existing plant Technology vendors have not prioritised research and years, especially in support of social engineering simulations to sensitise users to actual attacks.
infrastructure can be difficult. Additionally, the development efforts for sustainable technology in the campaigns and high-tempo IO campaigns. It enables ♦ Vulnerability Management: Continuously scan
insufficient availability or high costs of cleaner fuels cement industry. The increasing demand for green adversaries to create convincing content at scale for exploitable vulnerabilities in IT & Plant OT
such as biofuels and waste-derived fuels, which products necessitates changes in raw materials and without precise prompting or model training. systems and get those remediated.
can reduce NOx emissions, complicate compliance. commodities used, but the availability of required The vulnerability exploitation landscape remains ♦ Incident Management: Implement faster
The shortage of qualified personnel to operate and technology is limited. Managing inventory during the a critical concern. Threat actors are expected to detection and automated response to security
maintain complex emission control technologies transition to new raw materials and commodities also continue aggressively targeting devices at the threats to minimise potential damage.
further exacerbates the issue. Frequent changes and presents challenges. network periphery, end-of-life (“EOL”) products, and
rapidly evolving environmental regulations, including ♦ Comprehensive Data Security Plan: Implement
unsecured endpoints. Cloud-based SaaS applications a comprehensive data security plan for data
potential carbon pricing mechanisms like carbon are also an area of concern. Adversaries leverage
taxes and limitations on carbon in products, add to To address these issues, several strategies present in end-user PCs and databases. It should
are proposed: weak security configurations to obtain data for lateral discover sensitive data, auto-classify based on
the complexity. movement and extortion.
♦ Long-term Contracts: Sign long-term contracts for sensitivity, and control transmission over all
Refuse-Derived Fuel (RDF) and alternative fuels Often, there is an inadequate understanding of possible channels.
To address these challenges, several (AF) with suppliers. sensitive data classification and the potential ♦ Securing Use of SaaS Services: Conduct due
strategies are proposed: consequences of cyber-attacks. Limited awareness diligence while onboarding any SaaS service and
♦ Technology Upgrades: Install and upgrade
♦ Exploring Advanced Technologies: Investigate technologies to increase the Thermal Substitution of common attack vectors, such as phishing emails, perform third-party risk assessments.
state-of-the-art technologies for further pollution Rate (TSR) in kilns. social engineering tactics, and malware threats, ♦ IT Infrastructure Assessment: Conduct a
abatement beyond compliance. further exacerbates the issue. comprehensive assessment of the current IT
♦ Carbon Capture Pilots: Pilot the most suitable
♦ Automation and Digitalisation: Adopt automation and economical carbon capturing and Additionally, inadequate monitoring and control infrastructure to identify and address challenges
and digitalisation in core processes to control utilisation technologies and conduct trials at a mechanisms for data leakage, and complex IT to meet future growth plans.
pollution at the source. commercial scale. environments present challenges in integrating ♦ Cloud-First Approach: Adopt a cloud-first
♦ Optimisation: Continuously optimise the raw ♦ Engagement with Technology Suppliers: Engage new technologies with existing systems. The approach based on feasibility.
mix and fuel mix to minimise the pollution load with technology suppliers to find suitable understanding of new, evolving technologies and ♦ Enhancing IT Skills: Enhance IT skills and
from processes. technologies across the plants, considering size, associated capabilities or skills, along with market capabilities to seamlessly evaluate, deploy, and
♦ Regulatory Monitoring: Proactively monitor the resources, and cost economics. dynamics, limits the speed of execution. Inflexible integrate new technologies.
domestic regulatory landscape, including CCTS and IT platforms or legacy systems lack the agility
♦ Green Product Portfolio: Develop a green product required to scale rapidly in response to changing ♦ Prioritising Infrastructure Investments: Prioritise
Assurance of BRSR for own operations and value portfolio and manufacture new Supplementary infrastructure investments based on business
chain, as well as the global regulatory landscape, business needs. Optimal utilisation of available
Cementitious Materials (SCMs) such as calcined clay financial resources, while balancing ROI poses impact and benefits against the available budget.
such as CBAM. and modified/alternative SCMs. commercial considerations.
♦ Selective Non-Catalytic Reduction (SNCR): Explore ♦ Carbon Capture Methods: Implement carbon
the use of SNCR in required plants, despite its capturing methods like Carbon Cure and Nature-
challenges and risks. Based Solutions (NBS) and other measures to
♦ Bag Houses: Replace Electrostatic Precipitators decarbonise cement manufacturing.
(ESP) with Bag Houses in plants.
♦ Partnerships: Partner with companies to build
plants for high TSR clean biofuels, including
green hydrogen.

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Directors’ Report and Management Discussion and Analysis

Internal Control Systems and their

Risk: Agility to Adapt and Respond to Risk: Talent Retention Risk: Strategy and Growth
Disruptions in Logistics Adequacy
Your Company has put in place adequate internal control
The agility to adapt and respond to disruptions Talent retention and Succession Planning are critical Maintaining leadership in the cement industry systems that are commensurate with the size of its
in logistics is influenced by several key factors. in the face of high-volume, high-paced growth that involves addressing several key factors. Competition operations. Policies and procedures related to internal
Overreliance on road transportation for cement is outpacing the available pool of talent needed to is intensifying with the development of substitutes control systems are designed to ensure sound management
delivery exposes the supply chain to vulnerabilities manage future growth needs. There is a scarcity for cement and clinker, such as prefabricated steel of your Company’s operations, safekeeping of its assets,
caused by road closures, accidents, and weather of general management talent for mission-critical structures, prefab panels, AAC blocks, fly ash optimal utilisation of resources, reliability of its financial
events. The inadequacy of infrastructure for the leadership roles, and the leadership pipeline bricks, adhesives, and polymers, which challenge information, and compliance. Clearly defined roles and
adoption of Electric Vehicles (EVs) for logistics for key senior cohorts is stretched with limited the dominance of grey cement. There are also responsibilities have been institutionalised, and systems and
further complicates the situation. Growing traffic succession options. complexities around becoming an integrated vertical procedures are periodically reviewed to keep pace with the
congestion and the unavailability of multi- player. Additionally, new players are emerging with growing size and complexity of your Company’s operations.
modal infrastructure in certain regions impact different distribution strategies and models, including
efficiency and on-time deliveries. Additionally, The mitigation strategies thereof are: a shift towards B2B platforms and e-commerce Directors
natural disasters such as cyclones can disrupt all Talent Acquisition: Increase the Raw Stock aligned with customer preferences. Retiring by Rotation
operations and transportation. of Talent In accordance with the provisions of the Act and Articles
To address these challenges, our existing plans for ♦ Intensified leadership hiring with focus on General To address these challenges, several of Association of your Company, Mr. Krishna Kishore
outbound logistics include a multi-modal logistics Management talent skills from diverse industries strategies are proposed: Maheshwari (DIN: 00017572) retires by rotation, and being
approach for cement, comprising road (72%), rail for Critical Roles such as heads of operations, eligible, offers himself for re-appointment.
technical, marketing, sales, logistics etc. ♦ Vertical Integration: Move towards vertical
(26%), and coastal/sea (2%). We are maximising integration. In the RMC segment, aim to increase Meetings of the Board
the rail coefficient and coastal movement based ♦ Implanting external talent at mid-management presence in the fast-growing organised RMC sector.
on economic feasibility, loading infrastructure at levels for niche skills and training them for 6 Your Company’s Board of Directors met eleven times during
With 395 plants currently, plan to expand the the year to deliberate on various matters. The meetings
plants, and market demand. For relatively shorter months before deploying them for suitable roles. business, growing ahead of the industry.
lead distances, road movement enables us to stay were held on 9th April, 2024; 20th April, 2024; 29th April,
♦ Mapping and meeting talent across various ♦ New Product Pipeline (“NPD”): Focus on 2024; 27th June, 2024 (two meetings); 19th July, 2024;
agile and quickly respond to customer orders industries and keeping a live external talent
with over 90% on-time in full (“OTIF”) delivery augmenting the portfolio of application-based 28th July, 2024; 21st October, 2024; 27th December, 2024;
pipeline ready to hire for mission critical roles. RMC and building products. Collaborate with 23rd January, 2025 and 25th February, 2025 . Additional
across trade and institutional segments. We have
inducted over 600 CNG, LNG, and electric vehicles Talent Development partners across government and private sectors details relating to the meetings of the Board of Directors
into our fleet and will continue to scale up EVs to mainstream future-ready technologies such as are provided in the Report on Corporate Governance, which
♦ Developing internal leaders through fungible prefab structures and white-topping. forms part of this Report.
with improved charging infrastructure and cost careers across functions and verticals and
economics for transporters. Our state-of-the-art enabling development through line-led domain ♦ Building Products: We are meticulously curating Your Company has the following Board-level Committees,
Logistics Control Tower is a real-time dashboard academies (Technical Services, Logistics, and expanding our portfolio of Building Products constituted in compliance with the requirements of business
with an AI-enabled chatbot bringing Root Cause Manufacturing Excellence, Sales) and Career across Waterproofing and Dry Mix. This is enabling and relevant provisions of applicable laws and statutes,
Analysis (“RCA”) to fingertips, enabling proactive Acceleration programmes. us to ensure engagement across multiple stages of viz. Audit Committee; Nomination, Remuneration and
decision-making favourably impacting KPIs across Home Building and Project Construction journey. Compensation Committee (“NRC Committee”); Stakeholders
Cost, Customer Service and Logistics Efficiencies. ♦ Hiring and nurturing Young Talent for junior and
mid-management roles in Sales, Manufacturing ♦ Utec Phygital Ecosystem: Develop the Utec Relationship Committee; Corporate Social Responsibility
The Eye-To-Track App assists drivers at every step Phygital Ecosystem, integrating extensive Committee; Risk Management and Sustainability
of delivery including recommending the optimal and Finance.
physical touchpoints across the homebuilding Committee; and Finance Committee.
route in view of traffic congestion. Talent Retention ecosystem through a full-stack digital platform.
This ecosystem, based on a robust two-way data Details relating to the composition, terms of reference,
♦ Sharpening performance edge for senior number of meetings held, etc. of the above Committees
and mid-management cohorts through lake, ensures a connected experience for individual
home builders (“IHBs”), influencers, channel are included in the Report on Corporate Governance, which
stronger differentiation forms part of this Report.
partners, technical services, and field teams. By
♦ Focusing on the Employee Value Proposition for amplifying reach and engagement with IHBs and
diversity and specialist talent cohorts. Independent Directors
influencers, Utec offers them with ‘Solutions’
through easy access to curated materials, services, Mrs. Sukanya Kripalu completed her term as independent
and content, at scale. director on 10th October, 2024. The Board of Directors
extend their sincere appreciation and gratitude to
Mrs. Kripalu for her long association and invaluable
contributions during her tenure on the Board of
your Company.

180 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 181
 Statutory reports

Directors’ Report and Management Discussion and Analysis

The NRC Committee considered the appointment of Formal Annual Evaluation ♦ Non-Executive directors scored well in understanding Chairman. Mr. K. K. Maheshwari, Vice Chairman and Non-
Dr. Vikas Balia (DIN:00424524) as Independent Director The Board carries out annual performance evaluation of its your Company, focused on business matters and other executive Director; Mr. K. C. Jhanwar, Managing Director;
and recommended his appointment to the Board with own performance, the Directors individually, as well as the requirements. They shared their external knowledge and Mr. Atul Daga, Chief Financial Officer, are permanent
effect from 10th October, 2024. The Board, based on the evaluation of the working of its committees as mandated and perspective during the deliberations at the invitees. Further details relating to the Audit Committee
recommendation of the NRC Committee considered and under the Act, the Listing Regulations and the Nomination Board meetings. are provided in the Report on Corporate Governance, which
approved the appointment of Dr. Balia as Independent Policy of your Company, as amended from time to time. The ♦ Executive Directors are action oriented and ensure timely forms part of this Report. During the year under review,
Director, which was subsequently approved by the members performance evaluation of Non-Independent Directors and implementation of board decisions. They effectively lead all recommendations made by the Audit Committee were
of your Company by way of a postal ballot dated the Board is carried out by the Independent Directors. The discussions on business issues. accepted by the Board.
26th October, 2024, the results of which were announced on performance of the Chairman of the Board is also reviewed,
28th October, 2024. ♦ The Chairman leads the Board effectively, provides clear Vigil Mechanism/Whistleblower Policy
considering the views of the Executive, Non-Executive and strategic guidance, encourages discussion, and listens to
Mr. Sunil Duggal’s first term as Independent Director is up to Independent Directors. diverse viewpoints. Your Company has in place a vigil mechanism for Directors
13th August, 2025. Mr. Duggal does not seek re-appointment and employees to report instances and concerns about
The process broadly comprised of: Details of the familiarisation programme for Independent unethical behaviour, actual or suspected fraud, or violation
for a second term on account of his current engagements
and personal commitments. The Board took note of the Board and Committee Evaluation Directors are available at https://www.ultratechcement. of your Company’s Code of Conduct. Adequate safeguards
same and placed on record their sincere appreciation and com/about-us/board-of-directors. are provided against victimisation of those who avail of the
Evaluation of the Board as a whole and the Committees mechanism, and direct access to the Chairman of the Audit
gratitude to Mr. Duggal for his association and invaluable are done by individual Directors. These are collated for Policy on appointment and Remuneration of
contributions as an Independent Director on the Board of Committee, in exceptional cases, is provided to them.
submission to the NRC Committee and feedback to Directors and Key Managerial Personnel and
your Company. the Board. Remuneration Policy The vigil mechanism/whistleblower policy is available
The NRC Committee considered the appointment of Your Company’s Directors are appointed / re-appointed by at https://www.ultratechcement.com/content/dam/
Independent/Non-Executive Directors Evaluation ultratechcementwebsite/pdf/Whistle_blower_Policy.pdf
Mr. V. Chandrasekaran (DIN: 03126243) as Independent the Board on the recommendations of the NRC Committee
Director and recommended his appointment to the Board Evaluation done by Board members, excluding the Director and approval of the shareholders.
with effect from 13th August, 2025. The Board, based on who is being evaluated, is submitted to the Chairman of Significant and Material Orders Passed
the recommendation of the NRC Committee considered your Company, and individual feedback is provided to In accordance with the Articles of Association of your by the Regulators
and approved the appointment of Mr. V. Chandrasekaran each Director. The evaluation of the Chairman/Executive Company, provisions of the Act, and the Listing Regulations,
Directors, as done by the individual Directors, is submitted all Directors, except the Executive Directors and Your Company had filed appeals against the orders of the
as Independent Director, subject to the approval by the Competition Commission of India (“CCI”) dated 31st August,
members of your Company. A resolution relating to the to the Chairman of the NRC Committee and subsequently Independent Directors, are liable to retire by rotation and, if
to the Board. The evaluation framework focuses on various eligible, offer themselves for re-appointment. The Executive 2016 (Penalty of H 1,616.83 crores) and 19th January, 2017
same forms part of the Notice convening the AGM. (Penalty of H 68.30 crores). Upon the National Company Law
aspects of the Board and Committees such as review, timely Directors are appointed for a fixed tenure and are not
All Independent Directors have submitted requisite information from management, and others. Performance liable to retire by rotation. The Independent Directors can Appellate Tribunal (“NCLAT”) disallowing its appeal against
declarations confirming that they meet the criteria of of individual Directors are categorised into Executive, serve a maximum of two terms of five years each, and their the CCI order dated 31st August, 2016 your Company filed
independence as prescribed under Section 149(6) of the Non-Executive, and Independent Directors and is based appointment and tenure are governed by provisions of the an appeal before the Hon’ble Supreme Court, which has, by
Act and Regulation 16(1)(b) of the Listing Regulations. The on parameters such as contribution, attendance, decision Act and the Listing Regulations. its order dated 5th October, 2018 granted a stay against the
independent directors have also confirmed that they have making, action-orientation, external knowledge, etc. NCLAT order. Consequently, your Company has deposited
complied with the provisions of Schedule IV of the Act and The NRC Committee has formulated the remuneration an amount of H 161.68 crores, equivalent to 10% of the
your Company’s Code of Conduct. A summary of the evaluation exercise is as policy of your Company, which is provided in Annexure VII penalty of H 1,616.83 crores. Your Company, backed by
follows: of this Report. legal opinions, believes that it has a good case in both the
Your Company’s Board is of the opinion that the ♦ The Board expressed satisfaction on its functioning matters, and accordingly, no provision has been made in
independent directors possess requisite qualifications, and that of its committees. The Board continued Key Managerial Personnel the accounts.
experience, and expertise in industry knowledge; its focus on business strategy, market trends, In terms of the provisions of Section 203 of the Act,
innovation; financial expertise; information technology; sustainability considerations, digital transformation, and Mr. K. C. Jhanwar, Managing Director; Mr. Vivek Agrawal, Auditors
corporate governance; strategic expertise; marketing; succession planning. Whole-time Director and Chief Marketing Officer; Mr. Atul Statutory Auditors
legal and compliance; sustainability; risk management; Daga, Chief Financial Officer; and Mr. Sanjeeb Kumar
human resource development; general management ♦ Independent directors scored well on expressing Pursuant to the provisions of Section 139 of the Act and
their views in understanding the Company and its Chatterjee, Company Secretary, are the Key Managerial the Companies (Audit and Auditors) Rules, 2014, M/s. BSR
including proficiency in terms of Section 150(1) of the Act Personnel (“KMP”) of your Company.
and applicable rules thereunder, and they hold the highest requirements. They kept themselves updated on current & Co. LLP, Chartered Accountants, Mumbai (Registration
standards of integrity. All Independent Directors of your issues and topics that were likely to be discussed at the No: 101248W/W-100022) (“BSR”) and M/s. KKC & Associates
Board meetings. They shared their external knowledge Audit Committee LLP, Chartered Accountants (formerly Khimji Kunverji & Co.),
Company have registered their name in the data bank
maintained with the Indian Institute of Corporate Affairs, and perspective during the deliberations at the All members of the Audit Committee viz. Mr. Anjani Agrawal, Mumbai (Registration No: 105146W/W100621) (“KKC”) were
Manesar, in terms of the provisions of the Companies Board meetings. Mrs. Alka Bharucha and Ms. Anita Ramachandran are appointed as Joint Statutory Auditors of your Company for
(Appointment and Qualification of Directors) Rules, 2014. Independent Directors, with Mr. Anjani Agrawal being the a second term of five years until the conclusion of the

182 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 183
 Statutory reports

Directors’ Report and Management Discussion and Analysis

25th and 26th Annual General Meetings ("AGMs"), M/s. Makarand M Joshi & Co. LLP, Company Secretaries, Annual Return harassment, of which four complaints have been resolved.
respectively. In accordance with the provisions of the Act, (“MMJC”) as Secretarial Auditors for conducting Secretarial Investigations have been completed in the remaining two
the appointment of Statutory Auditors is not required to be Audit of your Company for the financial year ended In terms of the provisions of Section 92 and Section 134 of complaints, which were pending for more than ninety days,
ratified at every AGM. 31st March, 2024 . The report of the Secretarial Auditor is the Act read with Rule 12 of the Companies (Management and the report is under finalisation.
provided in Annexure VIII. and Administration) Rules, 2014, the Annual Return is
The second term of BSR is up to the conclusion of the available at https://www.ultratechcement.com/investors/ Cautionary Statement
ensuing 25th AGM of the Company. The Board of Directors In accordance with the provisions of the Listing Regulations, financials.
has at its meeting held on 21st July, 2025, based on the effective from 1st April, 2025, the Board of Directors of Statements in the Directors’ Report and the Management
recommendation of the Audit Committee, recommended every listed company and its material unlisted domestic Other Disclosures Discussion and Analysis describing your Company’s
the appointment of Deloitte Haskins and Sells LLP, subsidiary(ies) are required to recommend to the Members objectives, projections, estimates, expectations, or
♦ No material changes and commitments affected the predictions may be ‘forward-looking statements’ within
Chartered Accountants, Mumbai ("Deloitte") as one of the the appointment of a Secretarial Auditor, who shall be a financial position of your Company between the end of
Joint Statutory Auditor of the Company in place of BSR, to peer reviewed Company Secretary, to undertake secretarial the meaning of applicable securities laws and regulations.
the financial year and the date of this Report. Actual results could differ materially from those expressed
hold office from the conclusion of the ensuing AGM until audit of the Company.
the conclusion of the 30th AGM, subject to approval of the ♦ Your Company has not issued any shares with differential or implied. Important factors that could make a difference
Members. Resolution seeking your approval on this item is The appointment terms are as follows: voting rights. to your Company’s operations include global and Indian
included in the Notice convening the AGM. ♦ There was no revision in the financial statements. demand-supply conditions, finished goods prices, feed
♦ Individual Secretarial Auditor: Appointed for a maximum stock availability and prices, cyclical demand and pricing in
Both, Deloitte and KKC have confirmed that they are not of one term of five consecutive years. ♦ There has been no change in the nature of the business your Company’s principal markets, changes in government
disqualified to act/continue as Auditors and are eligible to ♦ Secretarial Audit Firm: Appointed for a maximum of two of your Company. regulations, tax regimes, economic developments within
hold office as Statutory Auditors of your Company. consecutive terms of five years each. ♦ Your Company has not issued any sweat equity shares. India and the countries within which your Company
♦ There is no application made or proceeding pending conducts business, geopolitical tensions, risks related to
During the year, there were no instances of fraud reported These appointments are subject to the approval of an economic downturn or recession in India, and other
by the auditors to the Audit Committee or the Board. shareholders at an AGM. under the Insolvency and Bankruptcy Code, 2016 during
the financial year 2024–25. factors such as litigation and labour negotiations. Your
The observations made in the Auditor’s Report are self- Company is not obliged to publicly amend, modify, or revise
explanatory and therefore, do not call for any further The Board of Directors of your Company have considered ♦ There was no instance of one-time settlement with any
the appointment of MMJC, the existing Secretarial Auditors any forward-looking statements based on any subsequent
comments under Section 134(3)(f) of the Act. Bank or Financial Institution. development, information, or events, or otherwise.
for conducting secretarial audit of your Company for
Cost Auditors a term of five consecutive years, commencing from ♦ Your Company has a Maternity Support Programme
1st April, 2025 and recommend the same for your approval. which is in compliance with the provisions of the Acknowledgement
The cost accounts and records as required to be maintained Maternity Benefit Act, 1961.
under Section 148(1) of the Act are duly made and MMJC have confirmed that they are not disqualified to The Board of Directors of your Company express their
maintained by your Company. continue as Secretarial Auditors and are eligible to hold deep sense of gratitude to the banks, financial institutions,
office as Secretarial Auditors of your Company. The Board Disclosures as per the Sexual stakeholders, business associates, and central and state
In terms of the provisions of Section 148 of the Act read of Directors accordingly recommend the appointment for Harassment of Women at Workplace governments for their support, and look forward to their
with the Companies (Cost Records and Audit) Rules, 2014, your approval. (Prevention, Prohibition and Redressal) continued assistance in the future. Your Company thanks
the Board of Directors of your Company have, on the its employees for their contribution to your Company’s
recommendation of the Audit Committee, appointed MMJC is a leading firm of practicing Company Act, 2013 (POSH Act) performance and applauds them for their superior
M/s. D. C. Dave & Co., Cost Accountants, Mumbai and Secretaries with over 25 years of experience in delivering Your Company has adopted a zero-tolerance approach for levels of competence, dedication, and commitment to
M/s. N. D. Birla & Co., Cost Accountants, Ahmedabad, to comprehensive professional services across Corporate Laws, sexual harassment in the workplace and has formulated your Company.
conduct the Cost Audit of your Company for the financial Securities and Exchange Board of India Regulations and a policy on the prevention, prohibition, and redressal
year ending 31st March, 2026, at a remuneration as FEMA Regulations. Their expertise includes conducting of sexual harassment in the workplace in line with the For and on behalf of the Board
mentioned in the Notice convening the AGM. Secretarial Audits, Due Diligence Audits, Compliance provisions of the POSH Act and the rules framed thereunder,
Audits etc. Kumar Mangalam Birla
for prevention and redressal of complaints of sexual Chairman
As required under the Act, the remuneration payable to harassment in the workplace. Your Company has complied
the Cost Auditors must be placed before the Members at a A resolution relating to the same forms part of the Notice (DIN: 00012813)
convening the AGM. with provisions relating to the constitution of the Internal
general meeting for ratification. Hence, a resolution relating Committee under the POSH Act. During the year under Mumbai,
to the same forms part of the Notice convening the AGM. Compliance with Secretarial Standards review, your Company received six complaints of sexual 21st July, 2025
Secretarial Auditors Your Company has complied with all applicable provisions of
In terms of the provisions of Section 204 of the Act read Secretarial Standard-1 and Secretarial Standard-2 relating to
with the Companies (Appointment and Remuneration of ‘Meetings of the Board of Directors’ and ‘General Meetings’
Managerial Personnel) Rules, 2014, the Board had appointed respectively, issued by the Institute of Company Secretaries
of India.

184 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 185
 Statutory reports

ANNEXURE I ANNEXURE II

DIVIDEND DISTRIBUTION POLICY To, Certificate No.: 0422/2025/HiMi

The Members,
1.0 Introduction 3.0 Factors to be considered for Dividend Payout UltraTech Cement Limited

1.1  s per the SEBI (Listing Obligations and

A The Board will consider various internal and external Independent Auditor’s Certificate on Compliance Accountants of India (the ICAI), the Standards on
Disclosure Requirements) Regulations, 2015, factors, including but not limited to the following with the Corporate Governance requirements Auditing specified under Section 143(10) of the
as amended, the Company is required to before making any recommendation for dividend: under SEBI (Listing Obligations and Disclosure Companies Act, 2013, in so far as applicable for the
formulate and disclose its Dividend Distribution Requirements) Regulations, 2015 purpose of this certificate and as per the Guidance
Policy. Accordingly, the Board of Directors of ♦ Stability of earnings Note on Reports or Certificates for Special Purposes
1. This certificate is issued in accordance with the terms
the Company (‘the Board’) has approved this ♦ Cash flow position from operations of our engagement letter dated 20th September, 2021 issued by the ICAI which requires that we comply with
Dividend Distribution Policy. ♦ Future capital expenditure, inorganic growth plans the ethical requirements of the Code of Ethics issued
and reinvestment opportunities 2. We have examined the compliance of conditions of by the ICAI.
1.2 The objective of this policy is to provide clarity Corporate Governance by UltraTech Cement Limited
to stakeholders on the dividend distribution ♦ Industry outlook and stage of business cycle for (the ‘Company’), for the year ended 31st March, 2025, 7. We have complied with the relevant applicable
framework to be adopted by the Company. The underlying businesses as stipulated in Regulations 17 to 27 and clauses (b) requirements of the Standard on Quality Control
Board of Directors shall recommend dividend in ♦ Leverage profile and capital adequacy metrics to (i) and (t) of Regulation 46(2) and para C, D and (SQC) 1, Quality Control for Firms that Perform Audits
compliance with this policy, the provisions of the E of Schedule V of the SEBI (Listing Obligations and and Reviews of Historical Financial Information, and
Companies Act, 2013 and Rules made thereunder ♦ Overall economic / regulatory environment Other Assurance and Related Services Engagements.
Disclosure Requirements) Regulations, 2015 ('Listing
and other applicable legal provisions. ♦ Contingent liabilities Regulations'). Opinion
2.0 Target Dividend Payout ♦ Past dividend trends
Management’s Responsibility 8. Based on our examination of the relevant records and
2.1 Dividend will be declared out of the current year’s ♦ Buyback of shares or any such alternate profit according to the information and explanations given
distribution measure 3. The compliance of the conditions of Corporate
Profit after Tax of the Company. Governance is the responsibility of the management. to us, we certify that the Company has complied with
♦ Any other contingency plans This responsibility includes the design, implementation, the conditions of Corporate Governance as stipulated
2.2 Only in exceptional circumstances including but in Regulations 17 to 27 and clauses (b) to (i) and (t) of
not limited to loss after tax in any particular 4.0 General and maintenance of internal control procedures
to ensure the compliance with the conditions Regulation 46(2) and para C, D and E of Schedule V of
financial year, the Board may consider utilising Retained earnings will be used for the Company’s the Listing Regulations during the year ended
retained earnings for declaration of dividends, of the Corporate Governance stipulated in
growth plans, working capital requirements, debt Listing Regulations. 31st March, 2025.
subject to applicable legal provisions. repayments and other contingencies.
Auditors’ Responsibility 9. We further state that such compliance is neither an
2.3 'Other Comprehensive Income’ (as per applicable 5.0 Review assurance as to the future viability of the Company
Accounting Standards) which mainly comprises of 4. Our responsibility is limited to examining the nor the efficiency or effectiveness with which
unrealised gains / losses, will not be considered This policy would be subject to revision / amendment procedures and implementation thereof, adopted
on a periodic basis, as may be necessary. the management has conducted the affairs of
for the purpose of declaration of dividend. by the Company for ensuring compliance with the the Company.
6.0 Disclosure conditions of Corporate Governance. It is neither an
2.4 The Board will endeavour to achieve a dividend audit nor an expression of opinion on the financial
payout ratio (gross of dividend distribution tax) in This policy (as amended from time to time) will statements of the Company. For KKC & Associates LLP
the range of 25% to 40% of the Standalone Profit be available on the Company’s website and in the Chartered Accountants
after Tax, net of dividend payout to preference annual report. 5. We have examined the books of account and other (formerly Khimji Kunverji & Co LLP)
shareholders, if any. relevant records and documents maintained by the FRN: 105146W/W100621
Company for the purposes of providing reasonable
assurance on the compliance with Corporate Hasmukh B Dedhia
Governance requirements by the Company. Partner
Membership No: 033494
6. We have carried out an examination of the relevant UDIN: 25033494BMJKDK2981
records of the Company in accordance with the
Guidance Note on Certification of Corporate Place: Mumbai
Governance issued by the Institute of the Chartered Date: 28th April, 2025

186 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 187
 Statutory reports

ANNEXURE III

ANNUAL REPORT ON CSR ACTIVITIES 6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) H 157.03 crores
[Pursuant to Section 135 of the Companies Act, 2013 read with Companies (b) Amount spent in Administrative Overheads H 8.13 crores
(Corporate Social Responsibility Policy) Rules, 2014, as amended]
(c) Amount spent on Impact Assessment, if applicable NA
1. Brief outline on CSR Policy of the Company (d) Total amount spent for the Financial Year [(a)+(b)+(c)] H 165.16 crores
To actively contribute to the social and economic development of the communities in which we operate. In so doing, (e) CSR amount spent or unspent for the financial year:
in sync with the United Nations Sustainable Development Goals build a better, sustainable way of life for the weaker
sections of society and raise the country’s human development index. Amount Unspent (K in crores)
Total Amount Spent for the
Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII
Financial Year
The Company’s Corporate Social Responsibility policy conforms to the National Voluntary Guidelines on Social, (K in crores)
Account as per section 135(6) as per second proviso to section 135(5).
Environment and Economic Responsibilities of Business released by the Ministry of Corporate Affairs, Government Amount Date of transfer Name of the Fund Amount Date of transfer
of India in collaboration with FICCI, Aditya Birla CSR Centre for Excellence as well as Companies (Corporate Social 165.16 - - - - -
Responsibility Policy) Amendment Rules, 2021.
f) Excess amount for set-off, if any:
Scope
Sl. Amount
Particular
This Policy of CSR encompasses Formulation, Implementation, Monitoring, Evaluation, Documentation and Reporting of No. (K in crores)
CSR activities taken up by the Company anywhere in India. i) Two percent of average net profit of the company as per section 135(5) 161.18
ii) Total amount spent for the Financial Year 165.16
2. Composition of CSR Committee iii) Excess amount spent for the financial year [(ii)-(i)] 3.98
Number of meetings Number of meetings iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Nil
Sl.
Name of Director Designation / Nature of Directorship of CSR Committee held of CSR Committee attended v) Amount available for set-off in succeeding financial years [(iii)-(iv)] 3.98
No.
during the year during the year
1 Mrs. Rajashree Birla Chairperson 1 1 7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years:
2 Ms. Anita Ramachandran Independent Director 1 1
3 Mr. K. C. Jhanwar Managing Director 1 1 Amount transferred to fund Amount
Amount transferred Balance Amount specified under Schedule VII as
Amount spent remaining to
Preceding to Unspent CSR in Unspent CSR
3. Provide the web-link(s) where Composition of CSR Committee, CSR Policy and CSR Projects Sr. in the Financial per second proviso to sub-section be spent in Deficiency, if
Financial Account under Account under (5) of section 135, if any
No. Year succeeding any
approved by the Board are disclosed on the website of the Company. Year section 135 (6) Section 135(6)
(K in crores) Amount Date of financial years
(K in crores) (K in crores)
(K in crores) transfer (K in crores)
Composition of CSR committee, CSR Policy and CSR projects are available on the Company’s website viz. www.
ultratechcement.com - - - - - - - - -

CSR Policy and CSR Projects: https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/policies/ 8. Whether any capital assets have been created or acquired through Corporate Social Responsibility
CSR-Policy.pdf amount spent in the Financial Year:

4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects Yes No
carried out in pursuance of sub-rule (3) of Rule 8, if applicable. If yes, enter the number of Capital assets created / acquired:
The Company had appointed an independent agency to undertake impact assessment for eligible CSR projects of
the Company. Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent
in the Financial Year:
The detailed report of impact assessment carried out in pursuance of Rule 8(3) of the Companies (Corporate Social
Details of entity / authority / beneficiary
Responsibility Policy) Rules, 2014 by the independent agency can be accessed on the Company’s website at https:// Short particulars of the property or
Pin code of the of the registered owner
www.ultratechcement.com/corporate/sustainability/community-development. Executive summary of the aforesaid Sr. asset(s) (including complete address Date of Amount of CSR
property or CSR Registration
No. and location of the property) creation amount spent Registered
impact assessment report is attached as Annexure to this report. asset(s) number, if Name
address
applicable
- - - - - - - -
5. (a) Average net profit of the company as per sub-section (5) of section 135 H 8,058.87 crores
(b) Two percent of average net profit of the company as per sub-section (5) of section 135 H 161.18 crores 9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as
per section 135(5): Not Applicable
(c) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years.
(d) Amount required to be set-off for the financial year, if any Nil K. C. Jhanwar Rajashree Birla
Managing Director Chairperson, CSR Committee
(e) Total CSR obligation for the financial year [(b)+(c)-(d)]. H 161.18 crores Mumbai, 28th April, 2025 (DIN: 01743559) (DIN: 00022995)

188 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 189
 Statutory reports

Impact Assessment Report 2022-23 ♦ Key outcomes include the empowerment of women through Self-Help Groups, better academic environments and improved
results in rural government schools through focused investments in education, increased agricultural productivity through
Executive Summary watershed projects, and improved access to primary health care services via outreach camps, specialised camps and
upgraded facilities in support of public healthcare system. These coordinated efforts have bolstered community well-being
♦ In compliance with Rule 8(3) of the Companies (Corporate Social Responsibility) Rules, 2014, UltraTech undertook Impact and laid stronger foundations for sustainable growth and self-reliance across diverse regions.
Assessment, through an independent agency, of the CSR Projects having outlays of one crore rupees or more, and which
have been completed not less than a year before undertaking the study. ♦ UltraTech’s CSR initiatives, aligned with multiple SDGs, underscore its position as a force for good in the communities it
serves. The Company invested H 115.99 crores in CSR during the reporting period and leveraged an additional H 38.56 crores
♦ The impact assessment for FY 2022-23 undertaken in the assessment year FY 2025-26, has essentially assessed CSR impact of through governmental partnerships, reflecting a strong collaborative approach. Multiple accolades (FICCI CSR Award, CII CSR
UltraTech in 507 villages in 16 States across India. The projects were then critically reviewed vis-à-vis six parameters: Award, Social Impact Award from Indian Chamber of Commerce, Bhamashah Award from Government of Rajasthan, TERI–
(a) relevance (b) coherence (c) effectiveness (d) efficiency (e) impact and (f) sustainability. IWA–UNDP Water Sustainability Award) testify to the credibility effectiveness of these interventions.
♦ Across 16 States— including Kharia, Kotputli, Shambhupura, Pali and Sirohi (Rajasthan), Hirmi, Rawan, Kukurdih and Baikunth ♦ UltraTech Cement Limited remains firmly committed to holistic socio-economic development, positioning itself as a catalyst
(Chhattisgarh), Khor, Sidhi, Maihar, Bela and Dhar (Madhya Pradesh), Tadipatri and Jaggayyapet (Andhra Pradesh), Awarpur for inclusive growth in India’s rural heartlands.
and Manikgarh (Maharashtra), Reddipallayam (Tamil Nadu), Kovaya, Jafrabad and Sewagram (Gujarat), Baga (Himachal
Pradesh), Dalla (Uttar Pradesh), and Malkhed (Karnataka) — UltraTech has made tangible improvements in the lives of local
communities. Spanning five focus areas—Education, Healthcare, Sustainable Livelihoods, Infrastructure Development and
Social Reform — these programmes addressed critical needs such as quality schooling, access to medical services, clean
water, enhanced public amenities, and vocational training.

Education Sustainable Livelihood

8,200 girls reached 183 check dams

 5 rainwater harvesting structures, soak pits,

7
62 Government schools served and large ponds

 he digital literacy programmes delighted

T 254.42 million cubic feet of water conserved
nearly 5,000 students

Reaching out to 33,857 farmers

Health Care
 7,900 cattle owners aided over through
2
Over 5 lakh people recourse to Veterinary camps
healthcare initiatives
55,211 cattle were immunised
 ,54,312 patients reached out through the
1
mobile health camps
2,490 cattle were artificially inseminated

Infrastructure Development Social Empowerment

 ettered lives of 5,28,108 people through need-

B Touched the lives of 90,000 women
based infrastructure projects

190 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 191
 ANNEXURE IV
Form AOC - 1
Statement containing salient features : Pursuant to first proviso to sub- section (3) of section 129 read with Rule 5 of Companies (Accounts) Rules , 2014

Part "A" - Subsidiaries (Amount in crores)

Details of
Total Assets Total Liabilities Current and
Proposed
Share Capital (Non Current (Non Current Non Current
Profit / Profit / Dividend
Including Reserves Assets Liabilities Investments Provision
Sr. Name of the Subsidiary Net (Loss) (Loss) (including % of
Year Currency Share and +Current +Current (excluding for
No. Companies Turnover before after Corporate shareholding
application Surplus Assets+ Liabilities investment in Taxation
Taxation Taxation Dividend
Money Deferred Tax +Deferred tax the subsidiary
Tax)
Assets) Liabilities) companies)-
Treasury Bill
1 Harish Cement Limited 2024-25 H 0.25 155.02 157.63 2.37 - - H (8,504) - H (8,504) - 100%
2023-24 0.25 154.80 157.42 2.37 - - H (8,109) - H (8,109) - 100%
2 Gotan Lime Stone Khanij Udyog 2024-25 H 2.33 15.58 18.78 0.88 - 0.01 0.01 - 0.01 - 100%
Private Limited 2023-24 2.33 15.57 19.47 1.57 - - (0.34) - (0.34) - 100%
3 Bhagwati Lime Stone Company 2024-25 H 0.01 0.57 6.25 5.67 - 11.97 (0.31) - (0.31) - 100%
Private Limited 2023-24 0.01 0.88 4.87 3.98 - 10.50 (0.51) - (0.51) - 100%
4 UltraTech Cement Lanka (Pvt.) 2024-25 SLR 50.00 (62.25) 490.81 503.05 - 1910.73 (145.63) 4.16 (149.79) - 80%
Limited H 28.01 (31.54) 141.63 145.16 - 542.86 (41.37) 1.18 (42.56) -
2023-24 SLR 50.00 87.76 513.40 375.64 - 1889.35 (15.10) (0.27) (14.83) - 80%
H 13.89 24.39 142.67 104.39 - 492.74 (3.94) (0.07) (3.87) -

192
5 UltraTech Cement Middle East 2024-25 AED 50.61 31.69 195.43 113.13 - - (5.24) - (5.24) - 100%
Investment Ltd. (UCMEIL) H 1177.71 737.48 4547.56 2632.36 - - (120.61) - (120.61) -
(Standalone) 2023-24 AED 50.61 38.39 154.58 103.02 37.44 - (2.50) - (2.50) - 100%
H 1149.50 871.90 3510.91 2339.81 850.30 - (56.34) - (56.34) -
6 Star Cement Co LLC, Dubai 2024-25 AED 1.50 (27.68) 26.49 52.67 - 42.68 (5.26) AED (8,431) (5.26) - UCMEIL - 100%
H 34.90 (644.16) 616.39 1225.65 - 982.56 (121.06) H (0) (121.04) -
2023-24 AED 1.50 (22.43) 44.18 65.11 - 31.69 0.67 AED 20,907 0.67 - UCMEIL - 100%
H 34.07 (509.45) 1003.45 1478.83 - 714.33 15.18 0.05 15.13 -
7 Arabian Cement Industry LLC, 2024-25 AED 1.00 6.55 18.15 10.60 - 28.65 4.75 0.02 4.73 - UCMEIL - 100%
Abu Dhabi H 23.27 152.34 422.38 246.77 - 659.53 109.39 0.46 108.93 -
2023-24 AED 1.00 1.78 20.26 17.48 - 29.03 2.56 (0.26) 2.82 - UCMEIL - 100%
H 22.71 40.52 460.24 397.01 - 654.37 57.66 (5.91) 63.57 -
8 Star Cement Co LLC, Ras Al 2024-25 AED 0.50 22.29 50.32 27.52 - 40.67 0.84 0.09 0.75 - UCMEIL - 100%
Khaimah H

UltraTech Cement Limited

11.63 518.71 1170.82 640.47 - 936.13 19.30 2.13 17.18 -
2023-24 AED 0.50 21.55 53.00 30.95 - 44.87 2.74 (1.27) 4.02 - UCMEIL - 100%
H 11.36 489.51 1203.76 702.89 - 1011.39 61.84 (28.73) 90.57 -
9 Al Nakhla Crushers LLC, Fujairah 2024-25 AED 0.20 11.47 12.78 1.11 - 4.99 1.49 - 1.49 - UCMEIL - 100%
H 4.65 266.82 297.33 25.86 - 114.85 34.39 - 34.39 -
2023-24 AED 0.20 9.97 11.28 1.11 - 5.07 1.50 - 1.50 - UCMEIL - 100%
H 4.54 226.49 256.29 25.26 - 114.34 33.83 - 33.83 -
10 UltraTech Cement Bahrain 2024-25 BHD 0.03 1.34 1.75 0.38 - 0.98 0.02 - 0.02 - UCMEIL - 100%
Company WLL, Bahrain H 6.80 304.41 397.13 85.93 - 220.87 3.98 - 3.98 -
2023-24 BHD 0.03 1.33 1.71 0.35 - 1.12 0.10 - 0.10 - UCMEIL - 100%
H 6.64 294.78 377.80 76.38 - 245.98 22.51 - 22.51 -

Details of
Total Assets Total Liabilities Current and
Proposed
Share Capital (Non Current (Non Current Non Current
Profit / Profit / Dividend
Including Reserves Assets Liabilities Investments Provision
Sr. Name of the Subsidiary Net (Loss) (Loss) (including % of
Year Currency Share and +Current +Current (excluding for
No. Companies Turnover before after Corporate shareholding
application Surplus Assets+ Liabilities investment in Taxation
Taxation Taxation Dividend
Money Deferred Tax +Deferred tax the subsidiary
Tax)
Assets) Liabilities) companies)-
Treasury Bill
11 Star Super Cement Industries LLC 2024-25 AED 3.19 6.62 26.64 16.83 - 49.35 1.53 0.04 1.49 - UCMEIL - 100%
(SSCILLC) H 74.33 154.01 620.00 391.67 - 1136.06 35.13 0.87 34.25 -
2023-24 AED 3.19 5.16 30.32 21.97 - 39.58 2.07 (0.44) 2.51 - UCMEIL - 100%
H 72.55 117.16 688.66 498.95 - 892.26 46.63 (9.89) 56.52 -
12 Duqm Cement Project 2024-25 OMR 0.05 (0.01) 0.06 0.01 - - OMR - OMR - UCMEIL - 70%
International, LLC, Oman (41,013) (41,013)
2024-25 H 11.76 (1.83) 12.44 2.52 - - (0.90) - (0.90) -
2023-24 OMR 0.05 OMR 0.06 0.01 - - OMR - OMR - UCMEIL - 70%
(41,527) (41,527) (41,527)
2023-24 H 11.48 (0.90) 12.15 1.57 - - (0.89) - (0.89) -
13 BC Tradelink Limited 2024-25 TZS TZS 2,000 2.42 2.42 - - - - - - - SSCILLC - 100%
H H 64.51 0.08 0.08 - - - - - - -
2023-24 TZS TZS 2,000 2.42 2.42 - - - - - - - SSCILLC - 100%
H
Integrated and Sustainability Report 2024-25

H 65.03 0.08 0.08 - - - - - - -

14 Binani Cement Tanzania Limited 2024-25 TZS 3.20 249.07 252.53 0.25 - - - - - - SSCILLC - 100%
H 0.10 8.03 8.14 0.01 - - - - - -
2023-24 TZS 3.20 249.07 252.53 0.25 - - - - - - SSCILLC - 100%
H 0.10 8.10 8.21 0.01 - - - - - -
15 Binani Cement (Uganda) Limited 2024-25 UGX UGX 2,000 0.59 0.59 - - - - - - - SSCILLC - 100%
H H 46.67 0.01 0.01 - - - - - - -
193

2023-24 UGX UGX 2,000 0.59 0.59 - - - - - - - SSCILLC - 100%

H H 42.97 0.01 0.01 - - - - - - -
16 Bhumi Resources (Singapore) PTE. 2024-25 USD 1.51 (1.50) 0.01 $ 4,283 - - $ (4,777) - $ (4,777) - 100%
Ltd (Bhumi) 1 H 129.07 (127.96) 1.14 0.04 - - (0.04) - (0.04) -
2023-24 USD 1.51 (1.50) 0.02 $ 16,028 - - $ (6,461) - $ (6,461) - 100%
H 125.94 (124.82) 1.25 0.13 - - (0.05) - (0.05) -
17 Ras Al Khaimah Co. for White 2024-25 AED 50.02 36.07 88.08 2.00 6.45 16.27 2.63 0.23 2.40 - UCMEIL - 66.34%
Cement & Construction Materials H 1,163.84 839.27 2,049.68 46.56 150.10 374.54 60.51 5.35 55.16 -
P.S.C U.A.E (RAKW) ( w.e.f
10th July, 2024)
18 Ras Al Khaimah Lime Co, Noora 2024-25 AED 4.40 (1.41) 16.55 13.56 - 9.73 0.24 0.02 0.22 - RAKWCT - 100%
LLC (w.e.f. 10th July, 2024) H 102.39 (32.72) 385.22 315.55 - 223.87 5.62 0.45 5.17 -
19 Modern Block Factory 2024-25 AED 1.00 1.98 4.11 1.13 - 6.99 2.12 0.19 1.93 - RAKWCT - 100%
Establishment (w.e.f. 10th July, H 23.27 46.06 95.62 26.29 - 160.92 48.74 4.31 44.43 -
2024)
20 PT Anggana Energy Resources 1 2024-25 IDR 568.80 (474.77) 948.60 854.57 - - (0.41) - (0.41) - BHUMI- 100%
H 2.94 (2.45) 4.90 4.41 - - (0.00) - (0.00) -
2023-24 IDR 568.80 (474.36) 949.01 854.57 - - (1.39) - (1.39) - BHUMI- 100%
H 2.99 (2.49) 4.99 4.49 - - (0.01) - (0.01) -
H
Statutory reports

21 Letein Valley Cement Ltd (w.e.f. 2024-25 6.26 - 6.26 H 10,000 - - - - - - 100%
16th January, 2024) 2023-24 6.26 - 6.26 - - - H (28.32) - H (28.32) - 100%
22 The India Cements Limited (ICEM) 2024-25 H 309.90 9,313.36 13,639.62 4016.36 44.19 1,276.10 (104.97) (26.09) (78.89) - 81.49%
(w.e.f. 24th December, 2024)
 Details of
Total Assets Total Liabilities Current and
Proposed
Share Capital (Non Current (Non Current Non Current
Profit / Profit / Dividend
Including Reserves Assets Liabilities Investments Provision
Sr. Name of the Subsidiary Net (Loss) (Loss) (including % of
Year Currency Share and +Current +Current (excluding for
No. Companies Turnover before after Corporate shareholding
application Surplus Assets+ Liabilities investment in Taxation
Taxation Taxation Dividend
Money Deferred Tax +Deferred tax the subsidiary
Tax)
Assets) Liabilities) companies)-
Treasury Bill
23 ICL Financial Services Limited 2024-25 H 5.96 190.58 197.13 0.58 0.03 - 4.67 - 4.67 - ICEM - 100%
(ICLFSL) (w.e.f. 24th December,
2024)
24 India Cements Infrastructures 2024-25 H 0.05 (40.82) 49.92 90.69 - - (0.09) - (0.09) - ICEM - 100%
Limited (w.e.f. 24th December,
2024)
25 Industrial Chemicals & Monomers 2024-25 H 2.23 144.06 158.40 12.12 H 1,500 - H (12,000) - H (12,000) - ICEM - 98.59%
Limited (w.e.f. 24th December,
2024)
26 ICL International Limited (w.e.f. 2024-25 H 0.05 (36.76) 1.35 38.06 - 0.26 0.05 - 0.05 - ICEM - 100%
24th December, 2024)
27 ICL Securities Limited (ICLSL) 2024-25 H 6.13 200.99 207.27 0.14 0.02 - 7.28 - 7.28 - ICEM - 100%
(w.e.f. 24th December, 2024)
28 Coromandel Minerals Pte Ltd 2024-25 USD 0.69 0.56 1.25 - 0.34 - $ 39,849 - $ 39,849 - ICEM - 100%
(CMP) (w.e.f. 24th December, 2024) H 58.70 47.99 106.70 - 28.66 - 0.34 - 0.34 -
29 PT Coromandel Mineral Resources 2024-25 IDR 248.92 2,000.81 2,962.38 712.65 - - (355.54) 210.99 (566.53) - ICEM - 98%
(CMR) (w.e.f. 24th December, 2024) H 1.29 10.33 15.30 3.68 - - (1.88) 1.11 (2.99) - ICLFSL - 2%
30 Raasi Minerals Pte Ltd (RMP) 2024-25 USD 0.09 0.01 $ 0.10 $ 25,996 - - $ 3,086 - $ 3,086 - ICEM - 100%
(w.e.f. 24th December, 2024) H 7.45 0.79 8.47 0.22 - - 0.03 - 0.03 -

194
31 PT Adcoal Energindo (AEI) (w.e.f. 2024-25 IDR 977.01 278.70 1,265.97 10.27 269.60 - (644.72) 50.58 (695.30) - RMP - 71.89%
24th December, 2024) H 5.05 1.44 6.54 0.05 1.39 - (3.40) 0.27 (3.67) - CMR - 28.11%
32 Coromandel Electric Company 2024-25 H - - - - - 22.63 1.56 (0.29) 1.85 - ICEM - 13.59%
Limited (w.e.f. 24th December, ICLFSL - 46.57%
2024) 2 ICLSL - 18.57%
33 Coromandel Travels Limited 2024-25 H - - - - - - (37,841.00) - (37,841.00) - ICEM - 97.33%
(w.e.f. 24th December, 2024) 2 ICLFSL - 0.59%
ICLSL - 0.59%

a) 1 These have been classified as assets held for sale.

b) 2 These had been classified as asset held for sale and ceased to be subsidiary with effect from 28th March, 2025.

c) All numbers are reported in crores only where currency symbol is given it is in absolute numbers.

d) For converting the figures given in foreign currency appearing in the accounts of the subsidiary companies into equivalent INR, following exchange rates are used for 1 INR.

UltraTech Cement Limited

Sr Balance Sheet (Closing Rate) Profit & Loss Account (Average Rate)
Currency
No 2024-25 2023-24 2024-25 2023-24
1 Sri Lankan Rupee (SLR) 3.4655 3.5986 3.5197 3.8344
2 UAE Dirham (AED) 0.0430 0.0440 0.0434 0.0444
3 Bahrain Dirham (BHD) 0.0044 0.0045 0.0045 0.0046
4 Indonesian Rupiah (IDR) 193.6380 190.1360 189.4450 185.2890
5 US Dollar (USD) 0.0117 0.0120 0.0118 0.0121
6 Ugandan shilling (UGX) 42.8548 46.5475 43.9011 45.4356
7 Tanzanian shilling (TZS) 31.0048 30.7537 30.9511 29.7532
8 Omani Rial (OMR) 0.0045 0.0046 0.0046 0.0046

Part “B” - Associates and Joint Ventures

H in crores
Ras Al
Unique
Madanpur Aditya Khaimah Co. Coromandel
Bhaskarpara Aditya Birla ABREL ABREL Raasi Receivable PT Mitra
(North) Birla for White ABREL (MP) ABReL (RJ) Sugars
Sr. Name of Associates / Joint Coal Renewables Green (Odisha) Cement Management Setia
Integrated and Sustainability Report 2024-25

Coal Renewable Cement & Renewables Projects Company

No Ventures Company SPV1 Energy SPV Limited Private Tanah
Company Energy Construction Limited Limited Limited 2&3
Ltd. Limited Limited Limited 2&3 Limited Bumbu 2
Pvt. Ltd. Limited Materials 2&3
P.S.C U.A.E1
1 Latest audited Balance 31.03.2025 31.03.2025 31.03.2025 31.03.2025 31.03.2025 31.03.2025 31.03.2025 31.03.2025 31.03.2025 31.03.2024 31.03.2024 31.03.2024 31.12.2024
Sheet Date
2 Shares of Joint ventures held
195

by the company on year end

Nos. 1,152,560 8,141,050 16,278,663 27,386,190 NA1 35,391,200 23,860,434 5,013,879 149,372,600 7,000,100 359,412 24,600 2,695
Amount of Investment in 1.11 8.22 17.26 30.01 NA1 34.95 24.51 3.89 149.37 38.43 0.00 0.02 1.31
Joint venture
Extent of Holding (%) 11.17% 47.37% 26.00% 26.00% NA1 26.00% 26.00% 26.00% 26.00% 39.35% 43.45% 49.20% 49.00%
3 Networth attributable to 0.25 6.54 17.32 27.71 NA1 33.11 23.94 2.27 148.99 50.14 (2.90) (44.50) 39.56
shareholding as per latest
audited Balance Sheet
4 Profit /(Loss) for the year 0.06 0.47 0.32 (7.92) 13.09 (7.08) (2.20) (6.26) (1.45) - - - (15.39)
i. Considered in 0.01 0.22 0.08 (2.06) 3.14 (1.84) (0.57) (1.63) (0.38) - - - (7.54)
consolidation
ii. Not considered in 0.05 0.25 0.24 (5.86) 9.95 (5.24) (1.63) (4.63) (1.07) - - - (0.08)
Consolidation
5 Description on how there is Actively Due to JV Due to Due to Due to Due to Due to Due to Due to Due to Due to Due to Due to
Significant Influence participating Agreement percentage percentage percentage percentage percentage percentage percentage percentage percentage percentage percentage
in Key holding of holding of holding of holding of holding holding holding of holding of holding holding of holding
Management share capital share capital share capital share capital of share of share share capital share capital of share share capital of share
Decisions capital capital capital capital

1 RAKWCT was an associate upto 9th July, 2024 and with effect from 10th July, 2024, it has become a subsidiary of UCMEIL
Statutory reports

2 Associates of The India Cements Limited (ICEM) which has become a subsidiary of the Company with effect from 24th December, 2024
3 Ceased to be Associates of ICEM from 28th March, 2025
 Statutory reports

ANNEXURE V

DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, TECHNOLOGY ♦ Real time moisture, hotspot temperature, ♦ Improvement in the environmental
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO AS PRESCRIBED UNDER RULE 8(3) OF dynamic copper loss monitoring in power performance of the manufacturing facilities
THE COMPANIES (ACCOUNTS) RULES, 2014. transformer to improve energy and life and meeting all the emission norms.
♦ The Company has identified different sources enhancement of power transformer. ♦ Meeting the product quality and
A. CONSERVATION OF ENERGY:
of raw material as substitute of traditional ♦ Medium voltage static var compensator to customer satisfaction, including offering
a) Steps taken or impact on the correctives for raw mix design. improve power factor in the system. technical support.
conservation of energy
♦ Use of waste industrial material as gypsum in ♦ Adoption of induction motor performance ♦ Maximisation of composite cement to reduce
♦ Air-cooled condenser (ACC) mist cooling place of natural or mineral gypsum. analyser to determine losses, torque, and clinker factor.
technology to maintain ambient inlet its improvement.
air and effective cooling to improve ♦ Significant investment is made to improve ♦ Developing R&D personnel knowledge
turbine performance. infrastructure for safe handling, storage, ♦ Room Temperature Vulcanising (RTV) silicon base to face future challenges such
testing, pre-processing and usage of waste coats for switchyard insulators to increase as carbon capturing and its usage in
♦ Energy efficient pulse valve for bag filter materials as an alternative energy source the creepage distance thereby improving construction materials.
purging for power saving. and is being augmented at plants in a switchyard reliability. ♦ Use of waste materials from various industries
♦ Energy efficient Electronically Commutated phased manner. ♦ High impulse transformer for Electrostatic as a substitute for natural raw materials to
(EC) fan for Air Handing Units (AHU) system. ♦ Continuing installation of Waste Heat Recovery Precipitator (ESP) to meet emission achieve circular economy goals.
♦ Installation of Cermet dip tubes in the bottom Systems (WHRS) to generate the energy by norms wherever applicable after ♦ Design and development of new application-
cyclones to reduce specific heat consumption. utilising the hot waste gases from the pyro- WHRS commissioning. based building materials to meet the
♦ Introduction of energy saving grade brick process at cement plants and reducing carbon ♦ Active harmonic filters installation to meet requirement of advanced construction
for kiln, both in basic and alumina quality to footprints significantly. IEEE 519 harmonic guidelines. technology and customers need to increase
reduce heat losses from kiln radiation. ♦ Increased utilisation of renewable energy ♦ Energy chain system for truck loading, wagon the market share and profitability.
♦ Converting mono chamber mill to double sources, mainly solar power, at most loading system to improve MTBF. ♦ Getting R&D future-ready by creating new
chamber for improving clinker factor in operational locations. capabilities in new cement and concrete
♦ Conventional Liquid Resistance Starter (LRS)
composite cement. c) The capital investment on energy to vapromatic LRS based on application product development, CO2 abatement, new
♦ Cyclones and ducts modification with analysis conservation equipment to improve LRS performance and reduce supplementary cementitious materials and
to reduce pressure drop, to reduce energy maintenance cost. process optimisation.
♦ During the year, the Company has invested
consumption, improve process efficiencies. H 682.8 crores on equipment or various capital ♦ Developed and aligned web application ♦ Precast refractory product for outlet tip
♦ Cooler modification to increase cooler schemes for conserving the energy resources. with SOP for Programmable Logic Controller casting, Tertiary Air Duct (TAD) damper, burner,
performance as well as help to reduce specific (PLC) signal bypassing and modification for bull nose to enhance refractory life.
heat and power consumption through B. TECHNOLOGY ABSORPTION: improved safety. ♦ Exploring special grade high alumina brick to
CFD analysis. a) Efforts made towards technology ♦ ACC auto fin cooling system to improve extend upper transition zone refractory life up
♦ Calciner modification for maximisation of absorption performance and safety of ACC. to two years.
percentage of Thermal Substitution Rate (TSR). ♦ Oil filled reactor to advanced technology dry ♦ Polyamine based water treatment is an ♦ Exploring silicon carbide-based alumina brick in
♦ Internal benchmarking of data for all milling type reactors for capacitors to ensure safety organic treatment alternative to phosphate safety, calcination zones of kiln to enhance life
pyro-processing and circulating to units to and reduce cost. dosing and single product replacement for up to two years.
create awareness regarding their respective ♦ Conventional Motor Control Center (MCC) sludge conditioner, anti-scalant and oxygen ♦ Exploring alumina brick in place of basic brick
position, thereby strive to improve the Key to intelligent MCC to improve reliability and scavenger enhancing boiler tube reliability and for cost reduction.
Performance Indicators (KPI). reduce motor failures. Demineralised water savings. ♦ All UTCL DCs honoured their yearly obligation
♦ Timely change of non-efficient process fans to ♦ Retrofit of intelligent relays by retaining old ♦ Digitalisation tool Lining Evaluation Scan related to the Energy Conservation Act, 2001
improve efficiency. conventional MCC components and structure. (LES) used for assessing kiln refractory (brick) and PAT scheme within given time frame.
♦ Secondary firing in SLC kilns to reduce specific residual thickness to extend lining. ♦ UTCL DCs took advantage of trading platform
♦ Motorised rack in and out system adoption
heat consumption. for Medium Voltage (MV) breakers to b) Benefits derived like product to do mandatory purchases and sell surplus
improve safety. improvement, cost reduction, product ESCerts for revenue gain.
b) Steps taken by the Company for utilising
alternative sources of energy ♦ Self-dehydrating breather for power development, or import substitution

♦ The Company has prioritised and is using transformer to improve Mean Time Between ♦ Continuous reduction in specific energy
various waste materials as substitute for fossil Failures (MTBF). consumption in milling and pyro-processing.
fuels in its kilns and TPP. ♦ Online temperature, humidity monitoring
system for MV switchgears to improve
the MTBF.

196 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 197
 Statutory reports

ANNEXURE VI

c) In the case of imported technology (imported during the last three years reckoned from the Details pertaining to remuneration as required under section 197(12) of the Companies Act, 2013
beginning of the financial year): Nil read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
d) Expenditure incurred on Research and Development (R&D): i. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the
(H in crores) financial year 2024-25, ratio of the remuneration of each Director to the median remuneration of the employees of the
2024-25 2023-24 Company for the financial year 2024-25 are as under:
I. For In-house R&D:
Ratio of remuneration of
Sr. % increase in remuneration
Capital Expenditure 5.31 0. 97 Name of Director/Key Managerial Personnel and Designation each Director/ to median
No. in the financial year 2024-25
remuneration of employees
Recurring Expenditure 15.13 15.37
1 Kumar Mangalam Birla, Chairman and Non-Executive Director Not Applicable -
Total In-house R&D Expenditure 20.44 16.34
2 Mrs. Rajashree Birla, Non-Executive Director 3.28% 88.96
II. Contribution to Scientific Research Company 8.70 8.98
3 Arun Adhikari, Independent Director* -63.41% 7.7
III. Total R&D Expenditure (I+II) 29.14 25.32
4 Mrs. Alka Bharucha, Independent Director -^ 16.7
IV. R&D Expenditure as % of turnover 0.04% 0.04%
5 Sunil Duggal, Independent Director -^ 11.3
6 Mrs. Sukanya Kripalu, Independent Director** -51.61% 7.7
7 S. B. Mathur, Independent Director* -61.97% 9.0
8 Anjani Agrawal, Independent Director@ Not Applicable 12.9
9 Ms. Anita Ramachandran, Independent Director@ Not Applicable 12.2
10 Dr. Vikas Balia, Independent Director$ Not Applicable 7.7
11 K. K. Maheshwari, Vice Chairman and Non-Executive Director& -^ 5.1
12 K. C. Jhanwar, Managing Director 23.28% 299.6
13 Atul Daga, Whole-time Director and Chief Financial Officer# 27.01% 347.7
14 Vivek Agrawal, Whole-time Director and Chief Marketing Officer## Not Applicable -
15 Sanjeeb Kumar Chatterjee, Company Secretary 15.32% Not Applicable

* ceased to be an Independent Director on 17th July, 2024 on account of tenure completion.

** ceased to be an Independent Director on 10th October, 2024 on account of tenure completion.
@ appointed as Independent Director w.e.f. 17th July, 2024.
$ appointed as Independent Director w.e.f. 10th October, 2024.
# The term of Mr. Atul Daga as Whole-time Director of the Company ended on 8th June, 2024. He continues as Chief Financial Officer.
## Mr. Vivek Agrawal, Chief Marketing Officer was appointed as the Whole-Time Director w.e.f. 9th June, 2024.
^ No change in the remuneration as compared to previous year.
& H 3.46 crores per annum has been paid to Mr. K.K. Maheshwari as pension for his past services as Managing Director.

ii The median remuneration of employees of the Company during the financial year was H 7.78 lakhs.

iii In the financial year, there was an increase of 3.05% in the median remuneration of employees.

iv There were 25,684 permanent employees on the rolls of Company as on 31st March, 2025.

v Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial
year i.e. 2024-25 was 10.29% whereas increase in the managerial remuneration for the same financial year is 18.29%.

vi It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial
Personnel and other Employees.

For and on behalf of the Board

Kumar Mangalam Birla

Date: 28th April, 2025 Chairman
Place: Mumbai (DIN: 00012813)

198 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 199
 Statutory reports

ANNEXURE VII

UltraTech Cement Limited (“the Company”) an Aditya III. Business and Talent Competitors sustained long term growth and act as a retention and Other Remuneration Elements
Birla Group Company adopts/shall adopt this Executive We benchmark our executive pay practices and reward tool. Each of our executives is subject to an employment
Remuneration Philosophy/Policy as applicable across Group levels against peer companies in similar industries, agreement. Each such agreement generally
Companies. This philosophy/ policy is detailed below. We use stock options as the primary long-term
geographies and of similar size. In addition, we incentive vehicles for our executives as we believe provides for a total remuneration package for our
Aditya Birla Group: Executive Remuneration look at secondary reference (internal and external) that they best align executive incentives with executives including continuity of service across the
Philosophy/Policy benchmarks in order to ensure that pay policies and stockholder interests. Group Companies.
levels across the Group are broadly equitable and
At the Aditya Birla Group, we expect our executive team to support the Group’s global mobility objectives for We grant restricted stock units as a secondary We limit other remuneration elements, for e.g. Change
foster a culture of growth and entrepreneurial risk-taking. executive talent. Secondary reference points bring to long term incentive vehicle, to motivate and retain in Control (CIC) agreements, severance agreements, to
Our Executive Remuneration Philosophy/Policy supports the table, the executive pay practices and pay levels our executives. instances of compelling business need or competitive
the design of programmes that align executive rewards in other markets and industries, to appreciate the rationale and generally do not provide for any tax
– including incentive programmes, retirement benefit differences in levels and medium of pay and build in as VI. Performance Goal Setting gross-ups for our executives.
programmes, promotion and advancement opportunities – appropriate for decision making. We aim to ensure that for both annual incentive plans
with the long-term success of our stakeholders. Risk and Compliance
and long term incentive plans, the target performance
IV. Executive Pay Positioning goals shall be achievable and realistic. We aim to ensure that the Group’s remuneration
Our business and organisational model programmes do not encourage excessive risk taking.
We aim to provide competitive remuneration
Our Group is a conglomerate and organised in a manner opportunities to our executives by positioning target Threshold performance (the point at which We review our remuneration programmes for factors
such that there is sharing of resources and infrastructure. total remuneration (including perks and benefits, incentive plans are paid out at their minimum, but such as, remuneration mix overly weighted towards
This results in uniformity of business processes and annual incentive pay-outs, long term incentive pay- non-zero, level) shall reflect a base-line level of annual incentives, uncapped pay- outs, unreasonable
systems thereby promoting synergies and exemplary outs at target performance) and target total cash performance, reflecting an estimated 90% probability goals or thresholds, steep pay-out cliffs at certain
customer experiences. compensation (including annual incentive pay-outs) at of achievement. performance levels that may encourage short-term
target performance directionally between median and decisions to meet pay-out thresholds.
I. Objectives of the Executive Remuneration Target performance is the expected level of
Program top quartile of the primary talent market. We recognise performance at the beginning of the performance Claw back Clause
the size and scope of the role and the market standing, cycle, taking into account all known relevant facts
Our executive remuneration program is designed to skills and experience of incumbents while positioning In an incident of restatement of financial statements,
attract, retain, and reward talented executives who will likely to impact measured performance. due to fraud or non-compliance with any requirement
our executives.
contribute to our long-term success and thereby build Maximum performance (the point at which the of the Companies Act, 2013 and the rules made
value for our shareholders. We use secondary market data only as a reference maximum plan payout is made) shall be based on an thereafter, we shall recover from our executives,
point for determining the types and amount of exceptional level of achievement, reflecting no more the remuneration received in excess, of what would
Our executive remuneration program is intended to: remuneration while principally believing that target be payable to him / her as per restatement of
than an estimated 10% probability of achievement.
1. Provide for monetary and non-monetary total remuneration packages should reflect the typical financial statements, pertaining to the relevant
remuneration elements to our executives on a cost of comparable executive talent available in VII. Executive Benefits and Perquisites performance year.
holistic basis. the sector. Our executives are eligible to participate in our Implementation
V. Executive Pay-Mix broad-based retirement, health and welfare, and
2. Emphasise “Pay for Performance” by aligning other employee benefit plans. In addition to these The Group and Business Centre of Expertise teams
incentives with business strategies to reward Our executive pay-mix aims to strike the appropriate broad-based plans, they are eligible for perquisites and will assist the Nomination, Remuneration and
executives who achieve or exceed Group, business balance between key components: (i) Fixed Cash benefits plans commensurate with their roles. These Compensation Committee in adopting, interpreting
and individual goals. compensation (Basic Salary + Allowances) (ii) Annual benefits are designed to encourage long-term careers and implementing the Executive Remuneration
Incentive Plan (iii) Long-Term Incentives (iv) Perks with the Group. Philosophy/Policy. These services will be established
II. Executives and Benefits. through “arm’s length”, agreements entered into as
Our Executive Remuneration Philosophy/Policy applies needs arise in the normal course of business.
to the following: Annual Incentive Plan:
We tie annual incentive plan pay-outs of our executives
1. Directors of the Company. to relevant financial and operational metrics
2. Key Managerial Personnel: Chief Executive Officer achievement and their individual performance. We
and equivalent (e.g.: Deputy Managing Director), annually align the financial and operational metrics
Chief Financial Officer and Company Secretary. with priorities/ focus areas for the business.

3. Senior Management: as may be decided by the Long-Term Incentive:

Board of Directors. Our Long-term incentive plans incentivise stretch
performance, link executive remuneration to

200 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 201
 Statutory reports

ANNEXURE VIII

FORM NO. MR.3 We have also examined compliance with the applicable We further report that during the audit period, the
SECRETARIAL AUDIT REPORT clauses of the following: Company has
for the Financial Year ended 31st March, 2025
[Pursuant to section 204(1) of the Companies Act, 2013 and rule no. 9 of the (i) Secretarial Standards issued by The Institute of 1. Issued and allotted 11,104 Equity Shares of face value
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014] Company Secretaries of India. of H 10/- each towards exercise of options vested under
Employee Stock Option Scheme.
(ii) The Securities and Exchange Board of India (Listing
To, (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) Obligations and Disclosure requirements) Regulations, 2. Redeemed 7.64% unsecured redeemable non-
The Members, and the rules made thereunder; 2015 and amendments made thereunder (‘Listing convertible debentures and 6.68% unsecured
UltraTech Cement Limited Regulations') redeemable non-convertible debentures amounting to
B-Wing Ahura Centre, 2nd Floor, (iii) The Depositories Act, 1996 and the Regulations and H 250 crores each on 04th June, 2024 and February 20,
Mahakali Caves Road, Bye-laws framed thereunder; During the period under review, the Company has complied 2025 respectively.
Andheri East, Mumbai - 400093 with the provisions of the Act, Rules, Regulations, Guidelines
(iv) Foreign Exchange Management Act, 1999 and the and Standards etc. mentioned above during the period 3. Approved the issuance of debt securities on a private
We have conducted the secretarial audit of the compliance rules and regulations made thereunder to the extent under review. placement basis for an amount not exceeding H 3,000
of applicable statutory provisions and the adherence to of External Commercial Borrowings, Foreign Direct crores (Rupees Three Thousand Crores only). Pursuant
good corporate practices by UltraTech Cement Limited Investment and Overseas Direct Investment; We further report that having regard to the compliance to this approval, the Company has allotted 7.22%
(hereinafter called ‘the Company’). Secretarial Audit was system prevailing in the Company and on the examination Unsecured Redeemable Non-Convertible Debentures
(v) The following Regulations and Guidelines prescribed of the relevant documents and records in pursuance thereof,
conducted in a manner that provided us a reasonable under the Securities and Exchange Board of India Act, amounting to H 1,000 crores on 26th November, 2024;
basis for evaluating the corporate conducts/statutory on test-check basis, the Company has complied with the Series I 7.34% Unsecured Redeemable Non-Convertible
1992 (‘SEBI Act’); Mines and Minerals (Development and Regulation) Act, 1957
compliances and expressing our opinion thereon. Debentures amounting to H 1,000 crores and Series II
(a) The Securities and Exchange Board of India and Rules thereunder which is specifically applicable to 7.34% Unsecured Redeemable Non-Convertible
Auditor’s Responsibility: (Substantial Acquisition of Shares and Takeovers) the Company. Debentures amounting to H 1,000 crores on 5th March,
Our responsibility is to express an opinion on the Regulations, 2011; We further report that 2025, on a private placement basis.
compliance of the applicable laws and maintenance of
records based on audit. We have conducted the audit in (b) The Securities and Exchange Board of India The Board of Directors of the Company is duly constituted 4. Redeemed its Commercial Paper amounting to
accordance with the applicable Auditing Standards issued (Prohibition of Insider Trading) Regulations, 2015; with proper balance of Executive Directors, Non-Executive H 8,650 crores.
by The Institute of Company Secretaries of India. The (c) The Securities and Exchange Board of India Directors, and Independent Directors. The changes in 5. Approved the Composite Scheme of Arrangement
Auditing Standards requires that the Auditor shall comply (Issue of Capital and Disclosure Requirements) the composition of the Board of Directors that took between Kesoram Industries Limited, the Company,
with statutory and regulatory requirements and plan Regulations, 2018; (Not Applicable to the place during the period under review were carried out in and their respective shareholders and creditors for
and perform the audit to obtain reasonable assurance Company during the Audit Period) compliance with the provisions of the Act. the demerger of Kesoram's Cement Business to the
about compliance with applicable laws and maintenance Company (“Scheme”). The Scheme was sanctioned
of records. (d) The Securities and Exchange Board of India (Share Adequate notice is given to all directors to schedule the
Board Meetings, agenda and detailed notes on agenda by the National Company Law Tribunal, Mumbai,
Based Employee Benefits and Sweat Equity) through its order dated 26th November, 2024, and
Based on our verification of the Company’s books, papers, Regulations, 2021; were sent at least seven days in advance (except in few
minute books, forms and returns filed and other records cases where meetings were convened at a shorter notice became effective on 1st March, 2025. Pursuant to this
maintained by the Company and also the information (e) The Securities and Exchange Board of India for which necessary approvals obtained as per applicable the Company has issued and allotted 59,74,301 equity
provided by the Company, its officers, agents and (Issue and Listing of Non-Convertible Securities) provisions) and a system exists for seeking and obtaining shares of H 10 each, 54,86,608 fully paid-up 7.3% non-
authorised representatives during the conduct of secretarial Regulations, 2021; further information and clarifications on the agenda items convertible redeemable preference shares of H 100
audit, we hereby report that in our opinion, the Company before the meeting and for meaningful participation at each and 8,64,275 fully paid-up 7.3% non-convertible
has, during the financial year ended on 31st March, 2025 (f) The Securities and Exchange Board of India the meeting. redeemable preference shares of H 100 each.
(hereinafter called the ‘Audit Period’) complied with the (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act All decisions at Board Meetings and Committee Meetings 6. Received an unconditional approval from The
statutory provisions listed hereunder and also that the Competition Commission of India (“CCI”) by its
Company has proper Board-processes and compliance- and dealing with client; are carried out unanimously as recorded in the minutes of
the meetings of the Board of Directors or Committee of the letter dated 20th December, 2024 for the acquisition
mechanism in place to the extent, in the manner and (g) The Securities and Exchange Board of India of promoter’s & promoter group’s and another
reporting made hereinafter: Board, as the case may be.
(Delisting of Equity Shares) Regulations, 2021; shareholder’s equity shareholding of The India
We have examined the books, papers, minute books, forms (Not Applicable to the Company during the We further report that there are adequate systems and Cements Limited (“ICEM”) as well as making an open
and returns filed, and other records maintained by the Audit Period) and processes in the Company commensurate with the size offer to the public shareholders of ICEM in terms of
Company for the financial year ended on 31st March, 2025 and operations of the Company to monitor and ensure the provisions of the Securities and Exchange Board of
(h) The Securities and Exchange Board of India compliance with applicable laws, rules, regulations, India (Substantial Acquisition of Shares and Takeovers)
according to the provisions of: (Buyback of Securities) Regulations, 2018. (Not and guidelines. Regulations, 2011. The Securities and Exchanges
(i) The Companies Act, 2013 (‘the Act’) and the rules Applicable to the Company during the Audit
made thereunder; Period)

202 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 203
 Statutory reports

Board of India also approved the open offer by its energy namely M/s Amplus Omega Solar Private Annexure A
letter dated 20th December, 2024. Consequent to Limited and M/s Clean Max Sapphire Private Limited.
receipt of the unconditional approval from the CCI, To,
the Company on 24th December, 2024 completed The Members,
the acquisition of 10,13,91,231 equity shares of H 10/- For Makarand M. Joshi & Co. UltraTech Cement Limited,
each of ICEM, representing 32.72% of its equity share Company Secretaries B-Wing Ahura Centre, 2nd Floor,
capital (promoter & promoter group and another ICSI UIN: P2009MH007000 Mahakali Caves Road
shareholder’s equity stake). Together with the existing Peer Review Cert. No.: 6290/2024 Andheri East, Mumbai - 400093
shareholding of 7,05,64,656 equity shares representing
22.77%, the Company’s total shareholding increased Kumudini Bhalerao Our report of even date is to be read along with this letter.
to 17,19,55,887 equity shares representing 55.49% of Partner 1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
ICEM’s equity share capital, resulting in ICEM becoming FCS No. 6667 express an opinion on these secretarial records based on our audit.
a subsidiary of the Company with effect from CP No. 6690
24th December, 2024. The Company has also become UDIN: F006667G000212831 2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
the promoter of ICEM with effect from 24th December, correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct
2024 in accordance with the Listing Regulations. Date: 28th April, 2025 facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable
Place: Mumbai basis for our opinion.
7. Acquired 26% equity shares in the following Companies
engaged in generation and transmission of renewable This report is to be read with our letter of even date which 3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
is annexed as Annexure A and forms an integral part of
this report. 4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

For Makarand M. Joshi & Co.

Company Secretaries
ICSI UIN: P2009MH007000
Peer Review Cert. No.: 6290/2024

Kumudini Bhalerao
Partner
FCS No. 6667
CP No. 6690
UDIN: F006667G000212831

Date: 28th April, 2025

Place: Mumbai

204 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 205
 Statutory reports

Report on Corporate Company’s Philosophy on Corporate Governance

Governance
UltraTech Cement Limited (“your Company”) emphasises ethical and transparent practices to ensure fairness for every stakeholder,
customer, investor, vendor-partner and the community at large. For your Company, corporate governance refers to the mechanisms,
processes, practices, and relations by which corporates are controlled and operated by their Board of Directors.

Your Company is determined to do things in right way which means making business decisions and acting in a way that is
ethical and in line with applicable laws. A sound corporate governance is critical in enhancing and retaining investor trust. Your
Company also believes that businesses must have a purpose beyond profit and also works towards integrating Environmental,
Social, and Governance ("ESG") principles into decision-making processes for positive social and environmental impacts.

Your Company’s core governance principles:

The Report is divided into below sections:
Transparency Accountability Sustainability
Clear and accurate disclosure of Establishing clear roles and Ethical behaviour and sustainable
financial and operational information. responsibilities and ensuring that practices that contribute to the long-
Corporate Governance there are mechanisms for oversight term success of your Company.
Board of Directors and control.
Philosophy

Your Company is defined and driven by its unique set of ‘Power of Five’ values. These values-based approach is part of your
Company’s culture and ethics, which helps to pursue its purpose and achieve excellence in corporate governance.

The Power of Five Values are encapsulated as:

H Executive & Non-Executive Committees of the
Remuneration Board Integrity Commitment
Acting and taking decisions in a manner On the foundation of integrity, doing all that
that is fair and honest. Following the highest is needed to deliver value to all stakeholders.
standards of professionalism and being In the process, being accountable for our
recognised for doing so. Integrity for us means own actions and decisions, those of our team
not only financial and intellectual integrity, and those on the part of the organisation for
but encompasses all other forms as are which we are responsible.
Disclosures Framework and Polices generally understood.

Passion Seamlessness
An energetic, intuitive zeal that arises from Thinking and working together across
emotional engagement with the organisation functional groups, hierarchies, businesses and
that makes work joyful and inspires each geographies. Leveraging diverse competencies
one to give his or her best. A voluntary, and perspectives to garner the benefits of
General Shareholder spontaneous and relentless pursuit of goals synergy while promoting organisational unity
Information and objectives with the highest level of energy through sharing and collaborative efforts.
and enthusiasm.

Speed
Responding to internal and external
Your Company’s philosophy on corporate governance
customers with a sense of urgency.
truly resonates with the Aditya Birla Group Purpose:
Continuously striving to finish before
deadlines and choosing the best rhythm to
To Enrich Lives, by Building Dynamic
optimise organisational efficiencies. and Responsible Businesses and
Institutions, that inspire Trust.”

206 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 207
 Statutory reports

Report on Corporate Governance

Profile:
Board Composition - as on 31st March, 2025:
Mrs. Rajashree Birla is an exemplar in the area of community
The Board of Directors (“the Board”) comprising of optimum combination of Executive, Non-Executive and Independent initiatives and rural development. Mrs. Birla chairs the Aditya Birla
Directors is responsible for and are committed to sound principles of Corporate Governance in your Company. The Board’s Centre for Community Initiatives and Rural Development, the Group’s
apex body responsible for development projects. She oversees the
actions and decisions are aligned with your Company’s best interests. Your Company keeps its governance practices under
social and welfare driven work across all the Group’s major companies.
continuous review. The Board plays a crucial role in overseeing how the management serves the short and long-term Rajashree Birla The footprint of the Centre’s work straddles over 9,000 villages,
interests of all stakeholders. Non-Executive and
reaching out to 11 million people. The Group runs 24 hospitals. The
Group reaches out to well over 1,00,000 students through its network
The Board of Directors: Non-Independent Director of 54 formal schools and non-formal educational institutes. Of these,
girls constitute 50%. Both its hospitals as well as schools are ‘Not for
Profit’ institutions.
Profile: DIN: 00022995
Mrs. Birla is a member of the Advisory Board, Columbia Global
Mr. Kumar Mangalam Birla is the Chairman of the Board of Directors Age: 80 Center, Mumbai. She is the Chairperson of Xynteo’s Vikaasa Advisory
of your Company and the Chairman of Aditya Birla Group (“Group”), Date of Appointment: 14.05.2004 Board. She chairs FICCI – Aditya Birla CSR Centre for Excellence.
which operates in 41 countries across six continents. He is a chartered Mrs. Rajashree Birla serves as the Chairperson on the Habitat for
accountant and holds an MBA degree from the London Business School. Term ending date: Liable to retire by rotation Humanity India’s IndiaBuilds Advisory Committee. She is also an
Tenure (in years): ~ 21 active member at the Habitat for Humanity Asia Pacific Development
Mr. Birla chairs the Boards of all major Group companies in India and
Kumar Mangalam Birla globally. In the 30 years that he has been at the helm of the Group, he
Council and serves as a member at the Habitat for Humanity
Shareholding: 41,793 International Global Council.
Chairman, Non-Executive and has accelerated growth, built meritocracy, and enhanced stakeholder
Non-Independent Director value. In the process he has raised the Group’s turnover by over Board Memberships - Indian Listed companies: She is the Chairperson of FICCI’s first ever Expert Committee on CSR
30 times. 1. Aditya Birla Real Estate Limited: Non-Executive Director and is on the Board of BAIF Development Research Foundation, Pune,
a Trustee of the Gujarat Vidyapith as well as Breach Candy Hospital
He has been the architect of over 60 acquisitions in India and globally, 2. Century Enka Limited: Non-Executive Director
DIN: 00012813 Trust.
among the highest by any Indian multinational. Under his stewardship,
Age: 58 the Group enjoys a position of leadership in all the major sectors in 3. Grasim Industries Limited: Non-Executive Director As a patron of arts and culture, she is the President of the “Sangit
which it operates, from cement to chemicals, metals to textiles, fashion 4. Hindalco Industries Limited: Non-Executive Director Kala Kendra”, a Centre for performing arts, as well as the INT-ABCPA
Date of Appointment: 14.05.2004
to financial services and real estate to renewables. Over the years, (Indian National Theatre-Aditya Birla Centre for Performing Arts).
Mr. Birla has built a highly successful meritocratic organisation, 5. Pilani Investment and Industries Corporation Limited:
Term ending date: Liable to retire by rotation
anchored by an extraordinary force of over 1,85,000 employees. Non-Executive Director In recognition of the exemplary work done by Mrs. Rajashree Birla,
Tenure (in years): ~ 21 leading national and international organisations have showered
Outside the Group, Mr. Birla has held several key positions on various Directorship(s) in public companies: 5
accolades upon her. Among these the most outstanding one has been
Shareholding: 2,84,390 regulatory and professional Boards. He was a Director on the Central Committee position: Chairman - Nil ; Member – Nil that of the Government of India who bestowed the ‘Padma Bhushan
Board Memberships - Indian Listed companies: Board of Directors of the Reserve Bank of India. He was Chairman of Award’ in 2011 on Mrs. Rajashree Birla in the area of ‘Social Work’.
the Advisory Committee constituted by the Ministry of Company Affairs Area of expertise:
1. Aditya Birla Capital Limited: Non-Executive Director and also served on the Prime Minister of India’s Advisory Council on Most recently she was named the recipient of the ‘Lal Bahadur
• Corporate Governance, Legal & Compliance
2. Aditya Birla Fashion and Retail Limited: Non-Executive Trade and Industry. As the Chairman of the Securities Exchange Board Shastri Award for Excellence 2024’. At the G20 EMPOWER Meet in
of India Committee on Corporate Governance, he framed the first- ever • General Management Ahmedabad, the ‘G20 EMPOWER Award for ‘Lifetime Achievement’
Director
governance code for Corporate India. • Industry knowledge was conferred upon Mrs. Birla by Smt. Smriti Irani, the erstwhile
3. Aditya Birla Real Estate Limited: Non-Executive Director Minister of Women and Child Development / Minority Affairs,
Over the years, Mr. Birla has been conferred several prestigious awards. • Sustainability Government of India. Furthermore, Mrs. Birla was named as an
4. Grasim Industries Limited: Non-Executive Director
In 2023, he was conferred the prestigious Padma Bhushan, among exemplar in Rotary International’s healthcare programmes by the
5. Hindalco Industries Limited: Non-Executive Director India’s highest civilian honours. India’s leading business publication, Hon'ble President, Smt. Droupadi Murmu. Yet another prestigious
The Economic Times, has honoured him three times with the ‘Business award accorded to Mrs. Birla is BRICS ‘Living Legend and Icon for
6. Vodafone Idea Limited: Non-Executive Director
Leader of the Year’ award, most recently in 2025—making him the Community Excellence and Lifetime Achievement Award’, at the
Directorship(s) in public companies: 7 only industrialist to receive this distinction. He was also conferred hands of the then President of India, Mr. Ram Nath Kovind.
the prestigious Business Leader of the Decade award by the All-India
Committee position: Chairman - Nil ; Member – Nil Additionally, for Mrs. Birla’s unrelenting endeavours towards polio
Management Association (AIMA). In 2021, he received the TiE Global
Area of expertise: Entrepreneurship Award for Business Transformation, the first Indian eradication, she was given the much coveted ‘Polio Eradication
business leader to receive this honour. He is also the first Indian Champion Award’ by the Government of India. Likewise, the ‘Global
• Corporate Governance, Legal & Compliance Golden Peacock Award for CSR’ was bestowed upon her by Dr. Ola
Industrialist to be conferred an Honorary degree by the Institute of
• Financial Literacy Company Secretaries of India. Ullsten, the Former Prime Minister of Sweden in Portugal. Among
other distinctive awards conferred upon Mrs. Birla include - the All-
• General Management Mr. Birla is deeply engaged with Educational Institutions. He is the India Management Association’s ‘Corporate Citizen of the Year Award’,
• Human Resource Development Chancellor of the Birla Institute of Technology & Science with campuses the IOD’s ‘Distinguished Fellowship Award’ and the ‘FICCI FLO Golden
in Pilani, Goa, Hyderabad, Dubai and Mumbai. He has also been the Laurel Award’. Under her exemplary leadership, the Economic Times’
• Industry knowledge Chairman of the Indian Institute of Management, Ahmedabad and prestigious ‘Corporate Citizen of the Year Award’ was presented twice
• Innovation, technology & digitisation Indian Institute of Technology, Delhi. to the Group in 2002 and 2012, received by Mrs. Birla.
• Marketing On the global arena, Mr. Birla is an Honorary Fellow of the London
Business School. In 2019, Mr. Birla constituted a £15mn scholarship
• Risk Management programme at the London Business School in memory of his
• Strategic expertise grandfather, Mr. B. K. Birla, marking the largest ever endowed
scholarship gift to a European Business School. A firm practitioner of
• Sustainability the trusteeship concept, Mr. Birla has institutionalised the concept of
caring and giving at the Group. With his mandate, the Group is involved
in meaningful welfare driven activities that distinctively enrich the lives
of millions.

208 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 209
 Statutory reports

Report on Corporate Governance

Anjani Agrawal Vikas Balia Alka Bharucha Sunil Duggal

Independent Director Independent Director Independent Director Independent Director

DIN: 08579812 DIN: 00424524 DIN: 00114067 DIN: 00041825

Age: 67 Age: 49 Age: 68 Age: 68
Date of Appointment: 17.07.2024 Date of Appointment: 10.10.2024 Date of Appointment: 09.06.2016 Date of Appointment: 14.08.2020
Term ending date: 16.07.2029 Term ending date: 09.10.2029 Term ending date: 08.06.2026 Term ending date: 13.08.2025
Tenure (in years): ~ 1 Tenure (in years): ~ 0.6 Tenure (in years): ~ 9 Tenure (in years): ~ 5
Shareholding: Nil Shareholding: Nil Shareholding: 455 Shareholding: 70
Board Memberships - Indian Listed companies: Board Memberships - Indian Listed companies: Board Memberships - Indian Listed companies: Board Memberships - Indian Listed companies:
1. Emami Limited: Independent Director 1. Hindalco Industries Limited: Independent Director 1. Hindalco Industries Limited: Independent Director 1. Welspun Living Limited: Independent Director
2. Hindalco Industries Limited: Independent Director 2. Ideaforge Technology Limited: Independent Director 2. The India Cements Limited: Independent Director Directorship(s) in public companies: 1
3. Vodafone Idea Limited: Independent Director 3. The India Cements Limited: Independent Director 3. ITC Limited: Independent Director Committee position: Chairman - 1 ; Member – 1
4. Welspun Corp Limited: Independent Director Directorship(s) in public companies: 4 4. Orient Electric Limited: Independent Director Area of expertise:
Directorship(s) in public companies: 6 Committee position: Chairman - 3 ; Member – 5 Directorship(s) in public companies: 4 • Corporate Governance, Legal & Compliance
Committee position: Chairman - 1 ; Member – 5 Area of expertise: Committee position: Chairman - 2 ; Member – 4 • Financial Literacy
Area of expertise: • Corporate Governance, Legal & Compliance Area of expertise: • General Management
• Corporate Governance, Legal & Compliance • Financial Literacy • Corporate Governance, Legal & Compliance • Marketing
• Financial Literacy • General Management • Financial Literacy • Strategic expertise
• General Management • Industry knowledge • General Management
• Industry knowledge • Innovation, technology & digitisation • Human Resource Development
• Innovation, technology & digitisation • Risk Management • Risk Management Profile:
• Risk Management • Strategic expertise Mr. Sunil Duggal has obtained a Bachelor of Technology (Honours)
• Strategic expertise • Environmental and social sustainability degree in electrical engineering from Birla Institute of Technology
Profile: & Science, Pilani and holds a postgraduate diploma in Business
• Sustainability
Management (Marketing) from the Indian Institute of Management,
• Human Resource Development Mrs. Alka Bharucha is a Senior Partner at Messrs. Bharucha & Partners,
Profile: Calcutta.
Advocates & Solicitors, Mumbai. She completed her B.A. (Hons.) and
Dr. Balia has an impressive background in law and finance, with a diverse L.L.B. from the University of Bombay and Masters in Law from the Mr. Duggal joined Dabur India Limited in 1994 and served as its longest-
Profile: range of expertise spanning corporate, commercial, constitutional, University of London. She is a Solicitor with the High Court of Mumbai serving CEO for 17 years from 2002 to 2019. Mr. Duggal has chaired and
and civil matters. He is a designated senior lawyer known for his and Supreme Court of England and Wales, and also an Advocate on co-chaired numerous committees such as Indo-Turkish JBC and FICCI
Mr. Anjani Kumar Agrawal is a Chartered Accountant, Certified Internal
comprehensive services in various sectors including metal and mining, Record with the Supreme Court of India. Committee on Food Processing. He was awarded numerous accolades
Auditor (Institute of Internal Auditors, USA), and has also cleared
precious metals, and cement industries. such as FMCG CEO of the year three times. He was also honoured with
Advance Business Strategy (INSEAD), Business Sustainability Management Mrs. Bharucha began her career with Mulla & Mulla and Craigie Blunt &
the distinguished Alumnus Award by the Indian Institute of Management,
(CISL, Cambridge UK). His career began at Mulla & Mulla & Craigie Blunt & Caroe. Dr. Balia’s Caroe and joined Amarchand & Mangaldas as Partner in 1992. In 2008,
Calcutta in 2019 for achievements in the business and social fields.
dual qualifications as a Chartered Accountant and Lawyer provide him she co-founded Bharucha & Partners, which has been ranked by RSG
Starting as Audit Partner with EY, he handled transactions and
with a unique perspective that is valuable in complex financial and legal Consulting, London, amongst the top law firms in India. With over
valuations, before setting up EY’s Advisory practice in India. With more
matters. 30 years of experience, Mrs. Bharucha has been ranked by Chambers
than 45 years’ professional experience, of which 26 years as partner at
Global, Legal 500 and Who’s Who Legal amongst India’s leading lawyers.
EY, he has worked across most industry verticals, in India as well as global His educational background includes a Master’s degree in Mercantile
roles. He is currently Board Advisor, mentor and Independent Director at Laws, which indicates his specialisation in commercial law, and he Mrs. Bharucha chairs the Transactions Practice at Bharucha & Partners.
public company Boards. has pursued doctoral research focusing on Securitisation Laws. This Her core areas of legal expertise include mergers & acquisitions, joint
academic achievement underscores his commitment to deepening his ventures, private equity, and banking & finance.
Mr. Agrawal has been a National committee member and speaker at
Industry Associations like CII, FICCI, FIMI, ICC, IIA, IMC etc. He has worked understanding of legal frameworks relevant to financial transactions and
with the Central Government and NITI Aayog on matters of Policy and securities.
Strategy. He has authored several reports on various sectors of the Throughout his career, Dr. Balia has been actively involved in representing
economy. companies across various industries in both litigation and non-litigation
He is also involved with the social entrepreneurship development matters. His expertise extends to handling transactions, conducting due
space and Impact Investing in India. Mr. Agrawal is also currently on diligences, and providing advisory services, demonstrating a well-rounded
the advisory panel of social sector NGOs focused on tribal / rural approach to legal practice that integrates strategic and practical insights.
development, women empowerment, child education and culture. Overall, Dr. Balia’s qualifications, professional experience, and specialised
knowledge make him a key figure in the legal field, particularly in
corporate and commercial law, where his contributions are highly valued
by clients and peers alike.

210 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 211
 Statutory reports

Report on Corporate Governance

Krishna Kishore Maheshwari Vivek Agrawal

Anita Ramachandran Vice Chairman and Kailash Chandra Jhanwar Whole-time Director and Chief
Independent Director Non-Executive Director Managing Director Marketing Officer

DIN: 00118188 DIN: 00017572 DIN: 01743559 DIN: 10599212

Age: 70 Age: 70 Age: 68 Age: 62
Date of Appointment: 17.07.2024 Date of Appointment: 01.04.2016 Date of Appointment: 19.10.2018 Date of Appointment: 09.06.2024
Term ending date: 16.07.2029 Term ending date: Liable to retire by rotation Term ending date: 31.12.2026 Term ending date: 31.12.2026
Tenure (in years): ~ 1 Tenure (in years): ~ 6
Tenure (in years): ~ 9 Tenure (in years): ~ 1
Shareholding: Nil Shareholding: 32,978
Shareholding: 1,834 Shareholding: 11,677
Board Memberships - Indian Listed companies: Board Memberships - Indian Listed companies:
1. Aditya Birla Sun Life AMC Limited: Independent Director Board Memberships - Indian Listed companies: Nil 1. The India Cements Limited: Non-Executive Director Board Memberships - Indian Listed companies:
2. Bluestar Limited: Independent Director Directorship(s) in public companies: Nil Directorship(s) in public companies: 2 1. The India Cements Limited: Non-Executive Director
3. FSN E-commerce Ventures Limited: Independent Director Committee position: Chairman - Nil ; Member – Nil Committee position: Chairman - Nil ; Member – 1 Directorship(s) in public companies: 1
4. Grasim Industries Limited: Independent Director Area of expertise: Area of expertise: Committee position: Chairman - Nil ; Member – 1
5. Happiest Minds Technologies Limited: Independent Director • Corporate Governance, Legal & Compliance • Corporate Governance, • Innovation, technology & Area of expertise:
6. Ujjivan Small Finance Bank Limited: Independent Director • Financial Literacy Legal & Compliance digitisation • Corporate Governance, Legal & Compliance
Directorship(s) in public companies: 8 • Financial Literacy • Marketing
• General Management • General Management
Committee position: Chairman - 1 ; Member – 7 • General Management • Risk Management
• Human Resource Development • Human Resource • Strategic expertise • Human Resource Development
Area of expertise:
• Corporate Governance, Legal & Compliance • Industry knowledge Development • Sustainability • Industry knowledge
• General Management • Innovation, technology & digitisation • Industry knowledge • Innovation, technology & digitisation
• Human Resource Development • Marketing • Marketing
• Industry Knowledge • Risk Management • Risk Management
• Financial Literacy • Strategic expertise Profile: • Strategic expertise
• Sustainability Mr. K.C. Jhanwar is the Managing Director of UltraTech Cement Limited. He • Sustainability
took over this role on 1st January, 2020. Mr. Jhanwar is a Chartered Accountant
Profile: by profession.
Profile: Profile:
Ms. Anita Ramachandran holds a Master’s Degree in Management In a career spanning 44 years with the Group, Mr. Jhanwar has worked across
Studies from Jamnalal Bajaj Institute of Management. She is a Mr. K. K. Maheshwari is a leader with expertise in strategy and finance, Mr. Vivek Agrawal is a Whole Time Director and Chief Marketing Officer at
finance, operations and general management roles in the Cement and
renowned Human Resource professional with deep knowledge and a passion for building outstanding teams and a disciplined focus on UltraTech Cement Limited. Having joined the Group in 1993, Mr. Agrawal
Chemical Sectors. He has deep expertise in project management and business
experience of about 40 years as a management consultant. She is innovation and excellence in operations. In a distinguished career has held significant roles in the flagship cement company of the Aditya
strategy, as well as significant experience in acquisitions & integration.
also one of the first generation of women professionals to become an spanning over four decades, of which 41 years have been with the Group, Birla Group such as Zonal Head - Grey Cement South, Head Marketing-
entrepreneur and run a highly successful HR consulting and services Mr. Maheshwari has held several key leadership roles, including that of Mr. Jhanwar is a well-respected industry leader and is recognised as the Birla White and Head - RMC Business. He took over as the CEO of the
organisation. steering the Group’s chemicals, international trading, pulp and fibre, preeminent voice of the cement and building materials industry in India. He acquired UAE based entity, UltraTech Star Cement LLC in 2010. Before
Ms. Ramachandran began her career with AF Ferguson & Co. [AFF] textiles and cement business. Mr. Maheshwari is credited with steering was the past President of CMA as well as Chairman of the National Council for joining the Group, he has worked with Tata Motors.
(the KPMG network Company in India then) in 1976 as the first woman the growth of each of the businesses towards a more competitive and Cement and Building Materials (NCBM). NCBM is the premier research institute
sustainable model and has overseen various greenfield and brownfield Mr. Agrawal took over his current role in 2013 as the Chief Marketing
consultant of the firm. In her 19 years stint with AFF she worked across for the sector and has been instituted by the Government of India.
expansions as well as strategic acquisitions globally. Officer of the Cement Business spanning across Sales, Marketing &
various parts of the country and in a wide range of functional areas. Mr. Jhanwar is also a member of the Development Council for Cement
Logistics. He has brought in deep focus on strengthening customer
She was a Director at the time of leaving the firm. Industry, which has been constituted by the Government of India in 2021 to
He is presently Chairman of Business Review Council of the Group. relationships and sharp on-ground execution powered by digital
guide the development of the sector in a holistic manner. Mr. Jhanwar is also a
Ms. Ramachandran founded Cerebrus Consultants in 1995 to focus Mr. Maheshwari holds a Master’s degree in Commerce (Business transformation. His team is credited with executing multiple post-
recipient of India’s Best CEO’s award by Fortune magazine for 2 years in a row.
on HR advisory services, including organisation transformation. Her Administration) and is a Fellow Member of the Institute of Chartered merger integrations, elevating UltraTech to the stature of National
reputation and innovative work helped her build Cerebrus into a Accountants of India. As the Chief Manufacturing Officer earlier and now as the Managing Director, Champion and establishing it as a brand leader with strong equity. He
firm with national presence and the firm has worked with over 1,000 Mr. Jhanwar has led the sustainability agenda for UltraTech. He has been has spearheaded the scale-up of Ready-Mix Concrete (RMC) & Building
companies in South Asia. Ms. Ramachandran is known as an authority an active advocate of the sustainability agenda through industry bodies Products Division (BPD) into profitable consumer-facing SBUs and is
in reward management in the country. like Global Cement & Concrete Association (GCCA), Cement Manufacturers leading the transformation from ‘Physical’ to ‘Phygital’ and ‘Products &
In recent years she has been involved with several large organisations Association (CMA), The Confederation of Indian Industry (CII) and Federation Services’ to ‘Solutions’.
in South Asia on organisation transformation and talent management of Indian Chambers of Commerce and Industry (FICCI) among several others.
Mr. Agrawal was named an Aditya Birla Fellow in 2017 and was a
issues. Her wide general management consulting experience and Under his leadership, UltraTech has achieved key sustainability milestones
recipient of the Chairman's Outstanding Leader Award in 2019.
insights on HR have enabled her to be a strategic advisor to many like SBTi validation of its GHG emission reduction targets and adoption of
family groups. She also works with several PE firms and start-ups to Internal Carbon Price (ICP). Under his stewardship the Company has become Mr. Agrawal holds a B.E. (Hons.) degree from NIT Allahabad and MBA
mentor them through their growth journey. Ms. Ramachandran is now both water positive and plastic negative in its operations. UltraTech has the from FMS, Delhi. He has also attended the Advanced Management
additionally an Advisor with Mercer Consulting after the merger of distinction of being the first Company from India and the second in Asia to Program and is an alumnus of Wharton Business School.
Cerebrus with Mercer. issue Sustainability linked Bonds (SLB), a resounding endorsement of the
progress made by the Company on its sustainability agenda.
Ms. Ramachandran has been an Independent Director on boards of
several large companies for over 20 years. Ms. Ramachandran supports
many organisations in the social sector through pro-bono professional
work and remains deeply committed to work with women. She was
former Chairperson of TIE Women.

212 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 213
 Statutory reports

Report on Corporate Governance

Notes:
Independent Directors: freedom to express its views on matters transacted at the
1. No Director is related to any other Director on the Board, except for Mr. Kumar Mangalam Birla and Mrs. Rajashree Birla, who are son and
meetings and the openness and transparency with which
Independence’ of Directors is derived basis the relevant the Management discusses various subject matters specified
mother respectively.
provisions of the Act and the Listing Regulations. on the agenda of meetings.
2. The number of directorships and committee positions is excluding your Company.
Changes in the composition of Independent Directors of The suggestions made by the Independent Directors were
3. In terms of Regulation 26(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
your Company, during the year: discussed at the Board meeting and are being implemented.
("the Listing Regulations"):
Mr. Arun Adhikari, Mr. S. B. Mathur and Mrs. Sukanya Kripalu
• Foreign companies, private limited companies and companies under section 8 of the Companies Act, 2013 (“the Act”) are excluded for the
purpose of considering the limit of committees. ceased to be Independent Directors upon completion of Induction and Familiarisation
their second term with your Company. Programme:
• The committees considered for the purpose are audit committee and stakeholders’ relationship committee.
Mr. Anjani Agrawal and Ms. Anita Ramachandran were A letter of appointment together with an induction kit
• None of the Directors held membership in more than ten public limited companies and were members of more than ten committees or
appointed as Independent Directors with effect from is provided to Independent Directors at the time of their
chairperson of more than five committees across all listed companies in which they were Directors.
17th July, 2024. Dr. Vikas Balia was appointed as an appointment, setting out their roles, functions, duties
4. In terms of the applicable provisions of the Listing Regulations, where the non-executive chairperson is a promoter of the listed entity, at least
Independent Director with effect from 10th October, 2024. and responsibilities. In terms of the Listing Regulations,
half of the board of directors of the listed entity shall consist of Independent Directors. Your Company’s Board comprises of 50% Independent the terms and conditions of appointment of Independent
Directors and is compliant with the provisions.
Declaration of Independence Directors are available on your Company’s website.

Appointment and Tenure of Directors: Board Competency and Skills: Independent Directors, at the first meeting of the Board in Familiarisation programmes for the Independent Directors
which they participate and thereafter at the first meeting generally forms part of the Board process. Board and
The composition of the Board is balanced, well diversified The Board comprises of qualified members who possess of the Board in every financial year, give a declaration
and compliant with the provisions of the Act, the Rules required skills, expertise and competencies that allow Committees are updated on business performance;
that they meet the criteria of independence as provided operating results; risk management and mitigation
made thereunder and the Listing Regulations. them to make effective contributions to the Board and in Section 149 (6) of the Act and Regulation 16 (1) (b) of
its Committees. The Non-Executive Directors, including plans; efforts and initiatives around environment and
The Directors of your Company are appointed / reappointed the Listing Regulations and that they are not aware of any sustainability; management outlook on business;
the Independent Directors are well qualified, experienced circumstance or situation, which exist or may be reasonably
by the Board on the recommendations of the Nomination, and renowned persons from the fields of manufacturing; economic / industry developments, among others.
Remuneration and Compensation Committee (the “NRC anticipated, that could impair or impact their ability to Directors also interact with the Statutory and the Internal
strategy; finance; governance; legal; marketing; insurance; discharge duties with an object to independent judgement
Committee”) and approval of the members. The NRC risk management; information technology; general Auditors of your Company. They are also regularly kept
Committee inter alia considers qualifications, positive and without any external influence. In the opinion of the informed of other regulatory changes and corresponding
management; among others. Board, the Independent Directors fulfil the conditions
attributes, areas of expertise and number of directorship(s) impact on your Company. The details of familiarisation
held in other companies, as part of its recommendation to The Directors bring to the table their individual perspective specified in the Listing Regulations and are independent of programme imparted to Directors is available on your
the Board. for deliberations at the Board and Committee meetings, your Company’s management and are not related to any Company’s website.
which together with their collective wisdom reflect director or key managerial personnel. Your Company has
In accordance with the Articles of Association of your cohesiveness and drives your Company’s growth. received necessary declarations from each Independent Succession Planning:
Company, provisions of the Act and the Listing Regulations, Director confirming that they are not debarred from holding
all Directors, except the Executive Directors and The following skills / expertise / competencies have been the office of director by virtue of any order passed by the Your Company believes that succession planning is
Independent Directors, are liable to retire by rotation and, if identified for the effective functioning of your Company and Securities and Exchange Board of India (“SEBI”) or any other imperative for a Company’s continuity and sustainability.
eligible, offer themselves for re-appointment. The Executive are currently available with the Board: authorities, supported by a certificate dated 28th April, It strives to maintain an appropriate balance of skills and
Directors are appointed for a fixed tenure. 2025 from MMJB & Associates LLP, Company Secretaries, in experience within the organisation as well as the Board with
♦ Integrity: fulfilling a director’s duties and responsibilities. terms of the Listing Regulations. None of the Independent the aim to introduce new perspectives while at the same
The Independent Directors can serve a maximum of ♦ Curiosity and courage: ask questions and persistence Directors serve as Independent Directors in more than time maintaining experience and continuity.
two terms of five years each and their appointment and in challenging management and fellow board members seven listed companies in line with the requirements of the
tenure are governed by provisions of the Act and the Your Company has an effective mechanism for succession
where necessary. Listing Regulations. planning which focuses on orderly succession of Board and
Listing Regulations.
♦ Interpersonal skills: work well in a group, listen well, Meeting of Independent Directors senior management team. The NRC Committee implements
Board Diversity: tactful and ability to communicate point of view frankly. this mechanism in concurrence with the Board. In addition,
The Committee of Independent Directors met on promoting senior management within the organisation
Your Company recognises the benefits of having a diverse ♦ Interest: in the organisation, its business and the people. 10th March, 2025 to discuss matters pertaining to your fuels the ambitions of the talent force to earn future
Board. In compliance with the Listing Regulations, the NRC ♦ Instinct: good business instincts and acumen, ability to Company’s affairs viz. the performance of your Company, leadership roles.
Committee of the Board has formalised a policy to ensure get to the crux of the issue quickly. flow of information to the Board, competition, strategy,
diversity of the Board. This Policy is available on ♦ Believer in gender diversity. governance, compliance, sustainability, risk management Code of Conduct:
www.ultratechcement.com (“Company website”). and mitigation and performance of the members of the
♦ Active participation: at deliberations in the meeting. Board, including the Chairman. Doing the right things, following sound, moral and ethical
business principles ensure that your Company is fair and
The Independent Directors have expressed satisfaction transparent to both internal and external stakeholders.
at the robustness of the evaluation process, the Board’s

214 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 215
 Statutory reports

Report on Corporate Governance

Integrity, Commitment, Passion, Seamlessness and Speed Board meetings and status updates thereof. Prior approval * ceased to be an Independent Director on 17th July, 2024 on account of tenure completion.
are the foundation for all actions and decisions at your is obtained from the Board for circulating agenda items ** ceased to be an Independent Director on 10th October, 2024 on account of tenure completion.
Company. They set standards for the organisation and for with shorter notice for matters that are in the nature of @appointed as Independent Director w.e.f. 17th July, 2024.
employee conduct. The Board has laid down a Code of Unpublished Price Sensitive Information (“UPSI”). $ appointed as Independent Director w.e.f. 10th October, 2024.
Conduct (“the Code”) for all Board members and senior #The term of Mr. Atul Daga as Wholetime Director of the Company ended on 8th June, 2024. He continues as Chief Financial Officer.
management personnel of your Company. The Code is The business deliberated and considered at the meetings of ## Mr. Vivek Agrawal, Chief Marketing officer was appointed as the Whole-Time Director w.e.f. 9th June, 2024.
available on your Company’s website. the Board and Committees generally include: & Mr. K.K. Maheshwari ceased to be a member of the Audit Committee w.e.f. 17th July, 2024.

All Board members and senior management personnel ♦ quarterly and annual financial results; Note: All the Directors attended at least 1 out of the 11 Board meetings held during the reporting period, thus, adhering to the meeting attendance
criteria as per Section 167(1)(b) of the Act. Overall attendance of Directors at the Board Meetings was >85%
have affirmed compliance with the Code. A declaration to ♦ oversight of the performance of the business;
that effect signed by the Managing Director is attached and
forms part of this Report.
♦ declaration of dividend; Board Evaluation: Structured questionnaires were circulated to the Directors
♦ development and approval of overall business strategy; The Board carries out annual performance evaluation of its for providing feedback on functioning of the Board,
Board Meetings: own performance, the Directors individually, as well as the Committees and the Chairman of the Board. Based on the
♦ approving the annual plan and capital expenditure; and
evaluation of the working of its Committees as mandated inputs received, action plans are drawn up in consultation
The Board meets at regular intervals to discuss and ♦ other strategic, transactional and governance matters as with the Directors to encourage greater participation and
decide on Company / business policy and strategy apart under the Act, the Listing Regulations and the Nomination
required under the Act, the Listing Regulations and other deliberations at the meetings and bringing to the table
from other Board matters. In addition to the quarterly Policy of your Company, as amended from time to time.
applicable legislations. their experience and guidance in further improving the
meetings, the Board also meets to address specific needs The performance evaluation of Non-Independent Directors
and the Board as a whole is carried out by the Independent performance of your Company.
and business requirements of your Company. In case of a The Board periodically reviews all the relevant information,
special and urgent business need, the Board’s approval is which is required to be placed before it pursuant to Directors. The performance of the Chairman of the Board is The performance of the Board, Committees and Directors
obtained by passing resolutions by circulation, as permitted Schedule II of Regulation 17 of the Listing Regulations. also reviewed, considering the views of the Executive, was evaluated, with emphasis on:
by law, which are noted and confirmed in the subsequent Non-Executive and Independent Directors.
During the financial year 2024-25, eleven Board Meetings ♦ time invested in understanding your Company and its
Board Meeting. The evaluation is based on criteria which includes, among
were held on 9th April, 2024; 20th April, 2024; 29th April, unique requirements;
Notice of Board / Committee Meetings is given well in 2024; 27th June, 2024; 19th July, 2024; 28th July, 2024; others, attendance and preparedness for the meetings,
participation in deliberations, understanding your ♦ external knowledge and perspective;
advance to all the Directors. The agenda is circulated 21st October, 2024; 27th December, 2024; 23rd January,
atleast a week prior to the date of the meeting and includes 2025 and 25th February, 2025. Two meetings were held on Company’s business and that of the industry and guiding ♦ views expressed on the issues discussed at the meetings;
detailed notes on items to be discussed, to enable the 27th June, 2024. The maximum interval between any two your Company in decisions affecting the business and ♦ keeping updated on areas and issues that are likely to be
Directors take informed decisions. It also includes an Action meetings was well within the maximum allowed gap of additionally based on the roles and responsibilities as discussed at the Board;
Taken Report comprising actions emanating from earlier 120 days. specified in Schedule IV of the Act.
♦ ESG performance of your Company; and
♦ monitoring of your Company’s digital strategy
Attendance of Directors / Members at Board, Committee and General Meeting(s):
Details of attendance of each Director at the Board, Committee and the last Annual General Meeting (“AGM”) are as follows: Committees of the Board:

Attendance at meetings Nomination, Remuneration

Audit Stakeholders’ Relationship
Stakeholders’
Nomination, Risk Corporate Attendance at AGM and Compensation
Audit Remuneration and Management and Social Finance held on 14th August,
Name of Directors Board Relationship
Committee Compensation Sustainability Responsibility Committee 2024 through
Committee
Committee Committee Committee VC / OAVM
Anjani Agrawal C Sunil Duggal C Alka Bharucha C
Kumar Mangalam Birla 11 of 11 - - 2 of 2 - - - 
Alka Bharucha M Vikas Balia M Anita Ramachandran M
Mrs. Rajashree Birla 8 of 11 - - - - 1 of 1 - X
Arun Adhikari* 4 of 5 1 of 1 - 1 of 1 - - - N.A. Anita Ramachandran M K. C. Jhanwar M Kumar Mangalam Birla M
Mrs. Alka Bharucha 9 of 11 6 of 6 - 2 of 2 - - 1 of 1 
Sunil Duggal 9 of 11 - 3 of 3 - - - - 
Mrs. Sukanya Kripalu** 7 of 7 - 2 of 2 - 1 of 1 - -  Risk Management and Sustainability Corporate Social Responsibility Finance
S. B. Mathur* 3 of 5 1 of 1 1 of 1 - - - - N.A.
K. K. Maheshwari& 8 of 11 1 of 1 - - - - - 
Anjani Agrawal C Rajashree Birla C Anjani Agrawal C
K. C. Jhanwar 11 of 11 - 4 of 4 - 2 of 2 1 of 1 1 of 1 
Atul Daga# 3 of 3 - - - 1 of 2 - -  K. C. Jhanwar M Anita Ramachandran M Alka Bharucha M
Vivek Agrawal## 8 of 8 - - - - - - 
Anjani Agrawal@ 6 of 6 5 of 5 - - 1 of 1 - 1 of 1  Atul Daga M K. C. Jhanwar M K. C. Jhanwar M
Anita Ramachandran@ 5 of 6 5 of 5 - 1 of 1 - 1 of 1 - 
Vikas Balia$ 4 of 4 - 2 of 2 - - - - NA
C Chairperson M Member

216 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 217
 Statutory reports

Report on Corporate Governance

Audit Committee d) Significant adjustments made in the financial 16. Discussion with statutory auditors before the audit Frequency of
Items reviewed
statements arising out of audit findings; commences, about the nature and scope of audit as review
The Audit Committee is constituted in compliance with well as post-audit discussion to ascertain any area Review of findings of any internal investigations
Section 177 of the Act and Regulation 18 of the Listing e) Compliance with listing and other legal of concern. by the internal auditors in matters where there is
Regulations. During the financial year ended 31st March, requirements relating to financial statements; suspected fraud or irregularity or failure of internal
control systems of material nature, and reporting
2025, six meetings were held on 29th April, 2024; 19th July, 17. To look into the reasons for substantial defaults in
f) Disclosure of any related party transactions; the matter to the Board.
2024; 21st October, 2024; 23rd January, 2025, 12th February, the payment to the depositors, debenture holders,
Review of related party transactions.
2025 and 28th March, 2025. The gap between two meetings g) Modified opinion(s) in the draft audit report. shareholders (in case of non-payment of declared
did not exceed 120 days. dividends) and creditors.
5. Reviewing, with the management, the quarterly Evaluation of internal financial controls and risk
The Audit Committee monitors and effectively supervises financial statements before submission to the Board 18. To review the functioning of the Whistle management systems of the Company.
your Company’s financial reporting process with a view to for approval. Blower Mechanism.
provide accurate, timely and proper disclosure and maintain Review functioning of the Whistle Blower
19. Approval of appointment of Chief Financial Officer Mechanism.
the integrity and quality of financial reporting. The Audit 6. Reviewing, with the management, the statement of
Committee also reviews from time to time, the audit and uses / application of funds raised through an issue after assessing the qualifications, experience and
Review material updates in litigations, and show-
internal control procedures, the accounting policies of your (public issue, rights issue, preferential issue, etc.), the background, etc. of the candidate. cause / demand / prosecution and penalty notices.
Company, oversight of your Company’s financial reporting statement of funds utilised for purposes other than 20. Carrying out any other function as is mentioned in the Review compliance with SEBI (Prohibition of Insider
process so as to ensure that the financial statements are those stated in the offer document / prospectus / terms of reference of the Audit Committee. Trading) Regulations, 2015 and systems for internal
correct, sufficient and credible. notice and the report submitted by the monitoring controls with them.
agency monitoring the utilisation of proceeds of 21. Reviewing the utilisation of loans and / or advances
K. K. Maheshwari, Vice Chairman and Non-Executive a public or rights issue, and making appropriate from / investment by the holding company in the Frequency:
Director, K. C. Jhanwar, Managing Director and Atul Daga, recommendations to the Board to take up steps in subsidiary exceeding ` 100 crores or 10% of the asset
Chief Financial Officer are permanent invitees. this matter. size of the subsidiary, whichever is lower including
existing loans / advances / investments existing as on Quarterly Event based Annually
The Statutory and Internal Auditors of your Company 7. Reviewing and monitoring the auditor’s independence
also attend the Audit Committee meetings. The Audit the date of coming into force of this provision.
and performance, and effectiveness of audit process. Stakeholders Relationship Committee
Committee acts as a link between the management, the 22. Consider and comment on rationale, cost-benefits
statutory and internal auditors and the Board. 8. Approval or any subsequent modification of and impact of schemes involving merger, demerger, The Stakeholders’ Relationship Committee (“SRC”) is
transactions of the Company with related parties. amalgamation etc., on the listed entity and constituted in compliance with Section 178 of the Act
Terms of Reference of Committee: and Regulation 20 of the Listing Regulations. During the
9. Scrutiny of inter-corporate loans and investments. its shareholders.
1. Oversight of the Company’s financial reporting process financial year ended 31st March, 2025, four meetings were
and the disclosure of its financial information to ensure 10. Valuation of undertakings or assets of the Company, Frequency of held on 29th April, 2024; 19th July, 2024; 21st October, 2024
Items reviewed
that the financial statements are correct, sufficient review and 23rd January, 2025.
wherever it is necessary.
and credible. Review of the financial results and limited review
11. Evaluation of internal financial controls and risk report. Terms of Reference of Committee:
2. Recommendation for appointment, remuneration and management systems. 1. To monitor complaints received by the Company from
Review of the financial statements, the auditor’s
terms of appointment of auditors of the Company. its shareholders, debenture holders, other security
report thereon, Director’s Responsibility Statement
12. Reviewing, with the management, performance of and Management Discussion and Analysis report. holders, SEBI, stock exchanges, Registrar of Companies
3. Approval of payment to statutory auditors for any statutory and internal auditors, adequacy of the
other services rendered by the statutory auditors. Discussions with auditors (without the presence etc. and action taken by the Company for redressing
internal control systems. of member of the management) regarding the the same.
Company’s financial statements and seeking
4. Reviewing, with the management, the annual financial 13. Reviewing the adequacy of internal audit function, auditors’ judgement on the quality and applicability 2. To approve allotment of shares, debentures or any
statements and auditor’s report thereon before if any, including the structure of the internal audit of the accounting principles, the reasonableness of
submission to the Board for approval, with particular significant judgements, the adequacy of disclosures
other securities as per the authority conferred / to be
department, staffing and seniority of the official conferred to the SRC by the Board from time to time.
reference to: in the financial statements and other matters as
heading the department, reporting structure coverage deemed necessary.
a) Matters required to be included in the Director’s and frequency of internal audit. 3. To approve requests for transposition, deletion,
Recommendation of the appointment,
Responsibility Statement to be included in the remuneration and terms of appointment of auditors consolidation, sub-division, change of name,
14. Discussion with internal auditors of any significant of the Company and approval of payments for any dematerialisation, rematerialisation etc. of shares,
Directors’ Report in terms of section 134(3) (c) of findings and follow up there on. other services. debentures and other securities.
the Act;
Review of performance of statutory and internal
15. Reviewing the findings of any internal investigations 4. To authorise officers of the Company to approve
b) Changes, if any, in accounting policies and auditors, and adequacy of the internal control
by the internal auditors into matters where there is systems. requests for transposition, deletion, consolidation,
practices and reasons for the same; suspected fraud or irregularity or a failure of internal Review of internal audit findings, the action taken sub-division, change of name, dematerialisation,
c) Major accounting entries involving estimates control systems of a material nature and reporting the status and other matters relating to the internal rematerialisation etc. of shares, debentures and
based on the exercise of judgement matter to the Board. audit functioning of the Company and Internal audit
other securities.
plan for the year.
by management;

218 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 219
 Statutory reports

Report on Corporate Governance

5. To approve and ratify the action taken by the Frequency of 5. To review and implement succession and development 8. Assist the Board in determining measures that
Items reviewed
authorised officers of the Company in compliance to review plans for Managing Director, Executive Directors and can be adopted to mitigate risk, ensure balance
the requests received from the shareholders / investors Monitor and expedite the status and process of senior management. between risk and reward and create value for the
for issue of duplicate / replacement / consolidation / dematerialisation and rematerialisation of shares, Company’s stakeholders.
debentures and other securities of the Company. 6. To devise a policy on Board diversity.
sub-division, dematerialisation, rematerialisation and
other purposes for the shares, debentures and other Measures taken to reduce the quantum of The Committee oversees progress against climate
unclaimed dividend / interest and ensuring timely 7. To formulate the criteria for determining qualifications, change related targets and commitments and reviews
securities of the Company. receipt of dividend warrants / annual reports positive attributes and independence of Directors. developments in external environment and climate related
/ statutory notices by the shareholders of the
6. To monitor and expedite the status and process of Company 8. To recommend to the Board, all remuneration, in risks and opportunities. During the year, discussions and
dematerialisation and rematerialisation of shares, Adherence to the service standards adopted by whatever form, payable to senior management. review were conducted on topics, which included, among
debentures and other securities of the Company. the listed entity in respect of various services being others, review of risk matrix and ESG at your Company.
rendered by the Registrar & Transfer Agent.
7. To give directions for monitoring the stock of blank Risk Management and Sustainability Company-level targets, commitments and action plans
Frequency:
stationery and for printing of stationery required by Committee pertaining to sustainability and climate change are
the Secretarial Department of the Company from time The Risk Management and Sustainability Committee (“RMS also reviewed by Unit-level Committees. The Corporate
to time for issuance of share certificates, debenture Committee”) is constituted in compliance with Regulation Sustainability Team ensures that key decisions and
Quarterly Event based Annually
certificates, allotment letters, dividend warrants, pay 21 of the Listing Regulations. During the financial year commitments at the Board-level are relayed to Unit-level
orders, cheques and other related stationery. Shareholders’ complaints: The number of shareholders’ ended 31st March, 2025, two meetings were held on – Committees. The Unit-level Committees are led by the Unit
complaints received and resolved as on 31st March, 2025 is 25th September, 2024 and 24th March, 2025. Head and consists of senior management at respective
8. To review the measures taken to reduce the quantum Units. Their role is to translate targets and commitments
of unclaimed dividend / interest and ensuring timely given in the ‘Shareholder Information’ section, which forms
an integral part of this Report. The RMS Committee is mandated to review the risk at Company level, such as commitment to science-based
receipt of dividend warrants / annual reports / management and sustainability process of your Company targets, renewable energy, water positivity targets, etc. to
statutory notices by the shareholders of the Company. and to provide oversight and stewardship to your site specific action plans.
Nomination, Remuneration and
9. Resolving grievances of security holders including Company’s sustainability performance, manage risks,
Compensation Committee leverage opportunities, create stakeholder value. Your The Directors’ Report and Management Discussion and
complaints related to transfers / transmission of Analysis sets out the risks identified and the mitigation
shares, non-receipt of annual report, non-receipt The NRC Committee is constituted in compliance with Company has established a robust governance framework
Section 178 of the Act and Regulation 19 of the Listing to oversee strategies for driving sustainability and climate plans thereof.
of declared dividends, issue of new / duplicate
certificates, general meetings etc. Regulations. During the financial year ended 31st March, change related actions, addressing risks and opportunities
2025, two meetings were held on 29th April, 2024 and and ensuring accountability. Corporate Social Responsibility
10. Review measures taken for effective exercise of voting 19th July, 2024. Committee
rights by shareholders. The objectives and scope of the RMS Committee
Terms of Reference of Committee: broadly include: The Corporate Social Responsibility Committee (“CSR
11. Review of adherence to the service standards adopted Committee”) is constituted in compliance with Section 135
1. To set the level and composition of remuneration 1. Overall responsibility to monitor and approve risk of the Act. During the financial year ended 31st March, 2025,
by the listed entity in respect of various services being which is reasonable and sufficient to attract, retain
rendered by the Registrar & Transfer Agent. management and sustainability framework. one CSR committee meeting was held on 31st March, 2025.
and motivate Directors and senior management of the Dr. Pragnya Ram, Group Executive President – CSR, Legacy,
12. To perform such other acts, deeds, and things as caliber required to run the Company successfully. 2. Set climate change and sustainability strategy Documentation and Archives is a permanent invitee to
may be delegated to the SRC by the Board from time and targets. the CSR Committee. The CSR Committee recommends to
2. To set the relationship of remuneration
to time. to performance. 3. Implement strategies and targets through the Board the CSR activities to be undertaken during the
Corporate and Unit-level Risk Management and year and the amounts to be spent on these activities and
Frequency of 3. To check whether the remuneration provided to monitor its progress. The Annual Report on CSR activities
Items reviewed Sustainability Committees.
review
Directors and senior management includes a balance forms an integral part of this Report.
Monitor complaints received by the Company
between fixed and variable pay reflecting short and 4. Review progress of climate change and sustainability
from shareholders, debenture holders, other
security holders, SEBI, stock exchanges, Registrar of long-term performance objectives appropriate to the related targets, KPIs and issues on a regular basis. Finance Committee
Companies etc. and action taken for redressing the working of the Company and its goals. The Finance Committee has been constituted at the Board
same. 5. Monitor and approve risk management and
4. To formulate appropriate policies, institute processes sustainability framework. level, under the Chairmanship of an Independent Director.
Approve allotment of shares, debentures or any
which enable the identification of individuals who During the financial year ended 31st March, 2025, one
other securities.
are qualified to become Directors and who may be 6. Review various business risks, including climate change Finance committee meeting was held on 15th November,
Ratify requests for transposition, deletion,
appointed in senior management and recommend the risks, and recommend action plan to mitigate the 2024. The Finance Committee is authorised to exercise
consolidation, sub-division, change of name, identified risks. all powers and discharge all functions relating to working
dematerialisation, rematerialisation etc. of shares, same to the Board.
capital management, foreign currency contracts, operation
debentures and other securities. 7. Review and monitor operational, strategic and of bank accounts and authorising officers of your Company
cyber risks. to deal in matters relating to excise, GST, income tax,
customs and other judicial or quasi-judicial authorities.

220 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 221
 Statutory reports

Report on Corporate Governance

Sanjeeb Kumar Chatterjee is the Company Secretary and Presently, stock option schemes are implemented through of compensation. It increases as the employee grows emission reduction targets and other improvement
Compliance Officer of the Company and acts as Secretary to a trust, wherein the Trust acquires equity shares of your in the organisation and takes up roles of higher targets related to climate change are also linked with the
all the above mentioned Committees. Company through secondary market acquisition. Such responsibility. The more senior the role, the weightage of incentives provided.
acquisition in a financial year cannot exceed 2% of the business performance on the variable pay also increases
During the year under review, the Board has accepted all the paid-up equity share capital of your Company as at the in comparison to unit performance and individual Non-Executive Directors’ Remuneration
recommendations, which are required to be made by the end of the previous financial year. Further, in terms of the performance. This ensures a competitive pay-mix which aims Based on the recommendation of the NRC Committee, all
Committee’s constituted. applicable Regulations, the Trust cannot hold more than to strike the appropriate balance between key components: decisions relating to remuneration of Directors are taken by
5% of the paid-up equity share capital as at the end of the (i) Fixed Cash compensation (Basic Salary + Allowances) your Company’s Board in accordance with the shareholder’s
Employee Stock Option Scheme: financial year immediately prior to the year in which the (ii) Annual Incentive Plan (iii) Long-Term Incentives (iv) Perks approval, wherever necessary.
Your Company’s Board has nominated the NRC Committee shareholder approval is obtained. and Benefits.
for the administration and superintendence of employee Sitting fees are paid as under: -
stock option schemes. Approval of shareholders is sought Your Company provides financial assistance to the Trust for Annual incentive plan pay-outs of executives is linked to
the secondary market acquisition, in one or more tranches. relevant financial and operational metrics achievement ♦ Board: H 50,000 per meeting.
for grant of employee stock options (“Options”) and /
or restricted / performance stock units (“RSUs / PSUs”) As and when the employees exercise the stock options, the and their individual performance. Financial and operational ♦ Audit Committee: H 25,000 per meeting.
(collectively “Stock Options”) to eligible employees as may Trust repays the money to your Company. metrics are annually aligned with priorities / focus areas for ♦ Other Committees: H 20,000 per meeting.
be determined by the NRC Committee. the business. Long-term incentive plans incentivise stretch
performance, link executive remuneration to sustained long In addition to the sitting fees, your Company also pays
Grant Vested@ Allotted/ Transferred^ term growth and act as a retention and reward tool. Stock commission to the Non-Executive Independent Directors of
Restricted options are used as the primary long-term incentive vehicles an amount not exceeding 1% per annum of the net profit
Scheme Restricted Restricted Stock Units /
Stock Options
Stock Units
Stock Options
Stock Units
Stock Options
Performance
as your Company believes that they best align executive of your Company. The amount of commission payable is
Stock Units incentives with stakeholder interests. Your Company also determined after assigning weightage to various factors,
Employee Stock Options Scheme – Not Applicable Not Applicable Nil Nil 6,073** 6,792 grants restricted stock units as a secondary long term which, inter alia, include providing strategic perspective,
2013 (“ESOS-2013”) incentive vehicle, to motivate and retain its executives. Chairmanship and contributions made by the Directors,
Employee Stock Option Scheme – Nil Nil 66,834 9,287 47,849 9,400 The ratio of stock options and performance stock units is type of meeting and responsibilities under various statutes,
2018 (“ESOS-2018”) generally 75:25. performance evaluation, etc. Based on the performance
Employee Stock Option Scheme – 85,909 30,574 35,993 Nil 3,226 Nil evaluation of each Director and the remuneration policy,
2022 (“ESOS-2022”) Your Company has integrated climate change and the Board has recommended an amount of H 14 crores as
sustainability targets in the key responsibility areas (“KRAs”) commission to be paid to the Non-Executive Directors for
** 1,761 Stock Options pending for allotment as on 31st March, 2025.
of the executive directors and senior management. Thus, the financial year 2024-25.
@ Stock options are vested to eligible employees, subject to the provisions of the schemes, statutory provisions as may be applicable from time to
time and the rules and procedures set out by your Company in this regard.
The details of remuneration paid / to be paid to each of the Directors are given below: -
^ The granted Stock Options, are exercisable into the same number of equity shares of H10/- each of your Company.
H In lakhs

executives by positioning target total remuneration Sitting fees paid

Remuneration of Directors and Others: Name of Director
Commission
(including perks and benefits, annual incentive pay-outs, Board
Audit SRC NRC RMS CSR Finance payable
Your Company’s executive remuneration philosophy long term incentive pay-outs at target performance) and
Committee Committee Committee Committee Committee Committee
supports the design of programmes that align executive target total cash compensation (including annual incentive Kumar Mangalam Birla 5.50 - - 0.40 - - - -
rewards including incentive programmes, retirement benefit pay-outs) at target performance directionally between Mrs. Rajashree Birla 4.00 - - - - 0.20 - 692
programmes, promotion and advancement opportunities, median and top quartile of the primary talent market. It Mrs. Alka Bharucha 4.50 1.50 - 0.40 - - 0.20 130
with the long-term success of your Company’s stakeholders. recognises the size and scope of the role and the market Sunil Duggal 4.50 - 0.60 - - - - 88
The executive remuneration policy is designed to attract, standing, skills and experience of incumbents while Mrs. Sukanya Kripalu 3.50 - 0.40 - 0.20 - - 60
retain, and reward talented executives who contribute to positioning its executives. Your Company uses secondary K. K. Maheshwari 4.00 0.25 - - - - - 40
your Company’s long-term success and thereby build value market data only as a reference point for determining
for stakeholders. It is intended to provide for monetary and S. B. Mathur 1.50 0.25 0.20 - - - - 70
the types and amount of remuneration while principally
non-monetary remuneration elements on a holistic basis; Arun Adhikari 2.00 0.25 - 0.20 - - - 60
believing that target total remuneration packages should
emphasise “pay for performance” by aligning incentives with reflect the typical cost of comparable executive talent Anjani Agrawal 3.00 1.25 - - 0.20 - 0.20 105
business strategies to reward executives who achieve or available in the sector. Anita Ramachandran 2.50 1.25 - 0.20 - 0.20 - 95
exceed business and individual goals. Dr. Vikas Balia 2.00 - 0.40 - - - - 60
The remuneration involves a balance between fixed and
Executive pay practices and levels are dynamically tracked incentive pay, reflecting short and long-term performance * Commission will be paid, subject to deduction of tax, after adoption of financial statements for the financial year ended 31st March, 2025 by the
and aligned with peer companies in similar industries, objectives appropriate to the working of your Company and Members at the AGM to be held on 19th August, 2025.
geographies, size and function. Your Company aims to its goals. A material proportion of compensation for senior
provide competitive remuneration opportunities to its management is performance based - 25% to 40%

222 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 223
 Statutory reports

Report on Corporate Governance

Executive Directors’ Remuneration: and obtaining pre-clearances for trading in securities of suspected fraud and violation of the Code of Conduct or
The NRC Committee while recommending to the Board the remuneration of Executive Directors, considers the performance your Company. PAN based online tracking mechanism for Ethics Policy of your Company. The policy has also been
of the business, individual performance, practices followed in other similar sized companies, among others, while also monitoring of the trade in your Company’s securities by amended to make employees aware of the existence of
ensuring that the remuneration is in compliance with the terms and conditions of appointment as approved by the Members. the designated persons and their immediate relatives is in policies and procedures for inquiry in case of leakage of
All decisions relating to the remuneration of Executive Directors is taken by the Board based on the remuneration policy and place to ensure real time detection and taking appropriate UPSI to enable them report on leakages, if any, of such
in terms of the resolution passed by the Members of your Company. action, in case of any violation / non-compliance of your information. The policy provides for adequate safeguards
Company’s Code. against victimisation and all personnel have access to the
The details of remuneration paid to the Executive Directors are as follows: - Audit Committee. No personnel has been denied access to
Disclosures: the Audit Committee during the financial year 2024-25.
Remuneration paid during 2024-25
Management Complaints can be made by calling on a toll-free
All elements of Performance
Relationship with
Name remuneration linked incentives, Service contracts,
Stock option ♦ The Management Discussion & Analysis forms part of number 1800 102 6969 or writing to
other Directors package i.e. alongwith notice period,
salary, benefits, performance severance fee
details, if any the Director’s Report and is in accordance with the [email protected] The policy is
pensions etc criteria (a) and (b) requirements of the Listing Regulations. available on your Company’s website.
K. C. Jhanwar Managing Director - 17,50,81,380 5,52,25,000 See note (d) See note (e), (f) ♦ No material transaction has been entered into by
and (g) Anti-Money Laundering and Anti-Bribery and
Atul Daga Chief Financial Officer* - 77,28,799 2,39,29,000 your Company with the promoters, directors or the Corruption Policy:
Vivek Agrawal Whole-time Director & Chief - 9,13,44,167 2,57,30,000 management or relatives, etc. that may have a potential
Marketing Officer@ conflict with interests of your Company. Your Company’s Anti-Money Laundering and Anti-Bribery
and Corruption Policy outlines the Company’s zero
*Mr. Atul Daga’s term as Wholetime Director and Chief Financial Officer was upto 8th June, 2024. He however continued as Chief Financial Officer. ♦ There are no agreements referred under clause 5A tolerance approach towards bribery and corruption. The
@Appointed w.e.f. 9th June, 2024.
of paragraph A of Part A of Schedule III of Listing objective of the policy is to put appropriate anti-corruption
Regulations which can impact the management or and bribery guidelines in place across operations and thus
a) Mr. K. C. Jhanwar was paid H 5.52 crores towards There were no pecuniary relationships or transactions control of your Company or impose any restriction or ensure zero violation of relevant laws and regulations.
performance linked incentive for achievement of between your Company and Non-Executive Directors during create any liability upon your Company. Complaints can be made by calling on a toll-free number
targets for the year 2023-24. the year. 1800 202 2040 or writing to [email protected].
Related Party Transactions:
b) Mr. Atul Daga was paid H 2.39 crores towards The policy is available on your Company’s website.
D&O Insurance for Directors: No material transaction has been entered into by your
performance linked incentive for achievement of Company with the related parties that may have potential Report On Corporate Governance
targets for the year 2023-24. In line with the requirements of Regulation 24(10) of the
Listing Regulations, your Company has a Directors and conflict with the interest of your Company. Related party Your Company has complied with the Corporate
c) Mr. Vivek Agrawal was paid H 2.57 crores towards Officers Insurance policy (“D&O”) for all its Directors and transactions entered by your Company during the year were Governance requirements specified in Regulations 17 to 27
performance linked incentive for achievement of members of the senior management for such quantum and on arm’s length basis and in the ordinary course of business. and clauses (b) to (i) of sub-regulation (2) of Regulation 46
targets for the year 2023-24. for such risks as determined by the Board. All related party transactions have prior approval of the of the Listing Regulations.
Audit Committee and are reviewed by the Audit Committee
d) Appointment of Mr. K. C. Jhanwar as Managing Director Prevention of Insider Trading: on a quarterly basis. Transactions with related parties, as Subsidiary Company
and Mr. Vivek Agrawal as Whole-time Director & Chief per requirements of Indian Accounting Standard-24, are Your Company does not have any material listed or unlisted
Marketing Officer are subject to termination by three In terms of the provisions of the Securities and Exchange disclosed in Note no. 41 to Standalone Financial Statements
Board of India (Prohibition of Insider Trading) Regulations, subsidiary. The Audit Committee and Board reviews the
months’ notice in writing on either side. of your Company. financial statements, significant transactions and working of
2015 (“Insider Trading Regulations”), as amended, your
e) In terms of ESOS-2018, 9,009 options and 1,378 RSUs Company has adopted a ‘Code of Conduct to regulate, The policy on Related Party Transactions as approved by the subsidiary companies and the minutes are placed before
have vested in Mr. K. C. Jhanwar, 4,781 options and 689 monitor and report trading by designated persons in listed the Audit Committee and the Board is available on your the Board. The policy for determining material subsidiaries is
RSUs vested in Mr. Atul Daga and 4,781 options and or proposed to be listed securities’ of your Company (“the Company’s website. available on your Company’s website.
689 RSUs vested in Mr. Vivek Agrawal, during the year. Code”) and the ‘Code of Practices and Procedures for Fair Appointment / Re-appointment of Directors
Disclosure of Unpublished Price Sensitive Information’ Details of non-compliance
f) In terms of ESOS-2022, 4,214 options have vested in (“Code of Fair Disclosure”). The Board has also formulated a No penalties or strictures have been imposed on your Details of the Director seeking appointment /
Mr. K. C. Jhanwar, 2,365 options vested in Mr. Atul Daga policy for determination of ‘legitimate purposes’ as a part of Company by stock exchanges or SEBI or any statutory re-appointment at the ensuing AGM, is provided in the
and 2,365 options have vested in Mr. Vivek Agrawal, the Code of Fair Disclosure. The Board, designated persons authority on any matter related to capital markets during Notice convening the AGM.
during the year. and other connected persons have affirmed compliance the last three years. Particulars of Senior Management
g) In terms of ESOS – 2022, 9,188 options and 1,053 PSUs with the Code.
Vigil Mechanism / Whistle Blower Policy Particulars of Senior Management, including the changes
have been granted to Mr. K. C. Jhanwar, 5,157 options The Code aims at preserving and preventing misuse of UPSI. therein since the close of the previous financial year:
and 5,157 options and 591 PSUs have been granted to Your Company has in place a vigil mechanism pursuant
All designated persons of your Company are covered under to which a Values Committee has been constituted
Mr. Vivek Agrawal, during the year. the Code, which provides inter alia for periodical disclosures 1. Atul Daga, Chief Financial Officer
for addressing complaints received from Directors and
employees concerning unethical behaviour, actual or 2. E. R. Raj Narayanan, Chief Manufacturing Officer

224 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 225
 Statutory reports

Report on Corporate Governance

3. Chandrashekhar Chavan, Chief Human Resource Officer Disclosures in relation to POSH Act: Compliance: CEO / CFO Certification:
4. Anoop Khatry, Chief Legal Officer Complaints ♦ A certificate from the statutory auditor confirming The Managing Director and Chief Financial Officer of your
Filed Disposed Pending compliance with the conditions of Corporate Governance Company have issued necessary certificate pursuant to the
5. Anand Mohta, Joint Executive President, Business 6 4 2 as stipulated in the Listing Regulations forms part of provisions of Regulation 17(8) of the Listing Regulations
Analysis & Development this Report. certifying that the financial statements do not contain any
Fees paid to Statutory Auditors materially untrue statement and these statements represent
6. Sanjeeb Kumar Chatterjee, Company Secretary ♦ A Certificate by Company Secretary in Practice that
For the year ended 31st March, 2025, your Company and its none of the Directors have been debarred or disqualified a true and fair view of your Company’s affairs and the same
Changes during the year subsidiaries have paid a consolidated sum of H 8.55 crores to from being appointed or continuing as Directors in the forms part of this Report.
the statutory auditors and all entities in the network firm/ companies by SEBI / the Ministry of Corporate Affairs
1. Laxshmivarahan Ramasubramani, appointed as Chief network entity of which the statutory auditor is a part. The Loans and advances:
Digital and Information Officer, with effect from ("MCA") or any such statutory authority forms part of
details are as under: this Report. No Loans and advances were given to firms / companies in
31st January, 2025.
which Directors are interested.
H in crores
Proceeds from public issues, rights issues,
BSR & Co.
preferential issues Particulars LLP and its
KKC &
Total General Body Meetings:
Associates LLP
affiliates
During the year, your Company did not raise any funds by Date and time of the AGMs, held during the preceding 3 years and the Special Resolution(s) passed thereat are as follows:
way of public issues, rights issues, preferential issues etc. Audit Fees 4.60 2.97 7.57
Tax Audit 0.00 0.35 0.35 Year Venue Day, Date and Time Special Resolutions Passed
Accounting Standards Other Services 0.27 0.36 0.63 2024 Through Video Wednesday, ♦ Appointment of Ms. Anita Ramachandran (DIN: 00118188) as an
conferencing (VC) / 14.08.2024; 3.00 p.m.
Your Company has prepared its Standalone and Subsidiary’s Audit 0.00 0.00 0.00 Independent Director
Other Audio-Visual
Consolidated Financial Statements in accordance with Fees Means (OAVM) ♦ Appointment of Mr. Anjani Kumar Agrawal (DIN: 08579812) as an
Indian Accounting Standards as notified under Section Total 4.87 3.68 8.55 Independent Director
133 of the Act read with Rule 3 of the Companies (Indian 2023 Through Video Friday, 11.08.2023; ♦ Appoint a Director in place of Mrs. Rajashree Birla (DIN: 00022995) who retires
Accounting Standards) Rules, 2015 and the Companies Discretionary Requirements under Conferencing (VC) / 3.00 p.m. from office by rotation, and being eligible, offers herself for re-appointment and
Other Audio-Visual
(Indian Accounting Standards) Amendment Rules, 2016. Regulation 27 of Listing Regulations: continuation in office.
Means (OAVM)
Prevention of Sexual Harassment of Women at The status of compliance with discretionary ♦ Alteration of Articles of Association of the Company.
Workplace recommendations of Regulation 27 of the Listing 2022 Through Video Wednesday, ♦ Adoption of the UltraTech Cement Limited Employee Stock Option and
Conferencing (VC) / 17.08.2022; 3.00 p.m. Performance Stock Unit Scheme 2022.
Your Company is committed to provide a work environment Regulations are provided below: Other Audio-Visual
that ensures every employee is treated with dignity, respect Means (OAVM) ♦ To approve extending the benefits of the UltraTech Cement Limited Employee
Non-Executive Chairman’s Office: The position of the
and afforded equal treatment. As per the requirements of Stock Option and Performance Stock Unit Scheme 2022 to the employees of
Chairman and the Managing Director are separate. Your
the Sexual Harassment of Women at Workplace (Prevention, the group companies, including holding, subsidiary and associate companies of
Company maintains a separate office for its Chairman. All
Prohibition & Redressal) Act, 2013 (“POSH Act”) and the Company.
necessary infrastructure and assistance is made available to
Rules made thereunder, your Company has formed an enable him to discharge his responsibilities effectively. ♦ T
 o approve (a) the use of the trust route for the implementation of the UltraTech
Internal Committee to address complaints pertaining to Cement Limited Employee Stock Option and Performance Stock Unit Scheme
sexual harassment in the workplace. The policy mandates Shareholders’ Rights: Since the quarterly and half yearly 2022 (“the Scheme 2022”); (b) secondary acquisition of the equity shares of the
prevention of sexual harassment and to ensure a free and financial performance along with significant events are Company by the trust; and (c) grant of financial assistance / provision of money
fair enquiry process with clear timelines for resolution. To published in the newspapers and are also posted on by the Company to the trust to fund the acquisition of its equity shares, in terms
build awareness, your Company has been conducting online your Company’s website, the same are not being sent to of the Scheme 2022.
training programmes on a periodic basis. the shareholders.
Postal Ballot
Complaints can be made by calling on a toll-free Modified Opinion in Auditor’s Report: Your Company’s
number 1800 102 6969 or writing to financial statements for the year 2024-25 do not contain The shareholders, by postal ballot, dated 26th October, 2024, approved the appointment of Dr. Vikas Balia (DIN: 00424524)
[email protected] any modified audit opinion. as an Independent Director of your Company, with effect from 10th October, 2024, for a term of five consecutive years till 9th
October, 2029 (both days inclusive), by way of a special resolution. The Company had appointed Mr. Anish Gupta, Partner,
Reporting of Internal Auditor: The Internal Auditors report VKMG & Associates LLP, Company Secretaries as the Scrutiniser to scrutinise the remote e-voting process.
to the Audit Committee.
The postal ballot was carried out as per the provisions of Sections 108 and 110 of the Act read with the Rules made
thereunder and circulars issued by the MCA and SEBI from time to time.

226 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 227
 Statutory reports

Report on Corporate Governance

Details of voting pattern Sr.

Particulars Website link
No.
In favour Against
Mode of Voting Total Shares No. of votes polled 8 Anti-Money Laundering and Anti-Bribery and https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
No. of Votes: % of Votes: No. of Votes: % of Votes: Corruption Policy policies/anti-money-laundering-and-anti-bribery-and-corruption-policy-old.pdf
E-Voting 28,86,97,318 25,58,75,478 25,12,78,913 98.2036% 45,96,565 1.7964% 9 Sanctions Policy https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
policies/sanctions-policy.pdf
No special resolution is currently proposed to be conducted through postal ballot.
10 Policy for determining Material Subsidiaries https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
policies/Policy-for-determining-material-subsidiary-companies.pdf
Means of Communication: Presentations to institutional investors / analysts
11 Archival Policy https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
Financial results Your Company actively engages with investors – both policies/Archival%20Policy%2017_Nov_2017.pdf
domestic and global, keeping them updated on your 12 Quarterly, Half-yearly, Annual Financial Results and https://www.ultratechcement.com/investors/financials
Your Company’s quarterly / half-yearly / annual financial Company’s strategy, outlook, risks and opportunities. Annual Report
results (“financial results”) are intimated to the Stock These efforts help investors arrive at a fair valuation of your 13 Presentations for investors https://www.ultratechcement.com/investors/financials
Exchanges and also published in daily newspapers viz. The Company’s stock. 14 Sustainability Reports https://www.ultratechcement.com/about-us/sustainability/sustainability
Economic Times, Business Standard, The Free Press Journal
and Navshakti (Mumbai edition). They are also available on Investor calls are held after the announcement of every 15 Corporate Social Responsibility Policy https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
policies/CSR-Policy.pdf
your Company’s website and the website of the Group viz. financial results during which highlights of the performance
www.adityabirla.com. during the quarter are shared with the analysts and queries
raised by them are addressed. Transcripts of the calls are
News releases, presentations, etc. also available on your Company’s website.
Official news releases and official media releases are
intimated to Stock Exchanges and are displayed on your All material developments are informed to the Stock
Company’s website. Press releases are also available on the Exchanges and relevant disclosures, including presentations,
website of the Group. corporate dossiers are filed with the Stock Exchanges and
uploaded on your Company’s website.

The table below provides the number of investor and analyst interactions held during financial year 2024-25:

Particulars Q1 Q2 Q3 Q4 FY25
Investor Updates Meetings and calls 19 25 16 17 77
Financial Results/ Business Nos. 1 1 1 2 5
Conference Call
Participants 413 357 373 892 2,035

Website Disclosures
The information as required to be disseminated on the website of your Company pursuant to the Listing Regulations have
been updated on your Company’s website.

Weblinks for the policies / reports referred to:

Sr.
Particulars Website link
No.
1 Policy on Board Diversity https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
policies/Board%20Diversity%20Policy.pdf
2 Terms and Conditions of Appointment of https://www.ultratechcement.com/content/dam/ultratechcementwebsite/
Independent Director aboutus/leadershipteam/6VVAlkQLmATo8OJAlsUS.pdf
3 Familiarisation Programme for Independent Directors https://www.ultratechcement.com/content/dam/ultratechcementwebsite/
aboutus/leadershipteam/familiarisation%20programme.pdf
4 Code of Conduct for Board and Senior Management https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
policies/code-of-conduct-for-board-and-senior-management.pdf
5 Code of practices and procedures for fair disclosure of https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
Unpublished Price Sensitive Information policies/QhRfgnukZZmmkaNQc7Bs.pdf
6 Policy on Related Party Transactions https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
policies/Policy-on-Related-Party-Transactions-Revised.pdf
7 Vigil Mechanism and Whistle- Blower Policy https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/
Whistle_blower_Policy.pdf

228 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 229
 Statutory reports

Report on Corporate Governance

CODE OF CONDUCT CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C Clause (10) (i) of
DECLARATION SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
As provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Board of Directors and the Senior Management Personnel have confirmed compliance with the Code of Conduct To,
for the year ended 31st March, 2025. The Members
UltraTech Cement Limited
K. C. Jhanwar B-Wing Ahura Centre, 2nd Floor
Mumbai Managing Director Mahakali Caves Road Andheri East
28th April, 2025 (DIN:01743559) Mumbai, Maharashtra, India, 400093

We have examined the relevant disclosures provided by the Directors of UltraTech Cement Limited having CIN-
L26940MH2000PLC128420 and having registered office at B-Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri
East, Mumbai, Maharashtra, India -400093 (hereinafter referred to as 'the Company'), produced before us by the Company for
the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10 (i) of
CEO / CFO CERTIFICATION the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board of Directors In our opinion and to the best of our information, based on (i) documents available on the website of Ministry of Corporate
UltraTech Cement Limited Affairs (MCA) and Bombay Stock Exchange of India Limited and NSE Limited as on 22nd April, 2025 (ii) Verification of Directors
Identification Number (DIN) status at the website of Ministry of Corporate Affairs (www,mca.gov.in) on 23rd April, 2025, and
We certify that: (iii) disclosures provided by the Directors to the Company, we hereby certify that none of the Directors on the Board of the
1. We have reviewed the financial statement, read with the cash flow statement of UltraTech Cement Limited (“the Company (as enlisted in Table A) have been debarred or disqualified from being appointed or continuing as directors of the
Company”) for the year ended 31st March, 2025 and to best of our knowledge and belief: companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other statutory authority
as on 31 March, 2025.
i) these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading; Table A
Sr.
ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with existing Name of the Directors Director Identification Number Date of appointment in Company
No.
accounting standards, applicable laws and regulations. 1 Kumar Mangalam Birla 00012813 14-05-2004

2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which 2 Rajashree Birla 00022995 14-05-2004
are fraudulent, illegal or violative of the Company’s Code of Conduct. 3 Anjani Agrawal 08579812 17-07-2024
4 Vikas Balia 00424524 10-10-2024
3. We are responsible for establishing and maintaining internal controls for financial reporting and we have evaluated
5 Alka Marezban Bharucha 00114067 09-06-2016
the effectiveness of the internal control systems of the Company pertaining to financial reporting and have disclosed
6 Sunil Duggal 00041825 14-08-2020
to the Company’s Auditors and the Audit Committee of the Company’s Board of Directors deficiencies in the design
7 Anita Ramachandran 00118188 17-07-2024
or operation of internal controls, if any, of which we are aware and the steps taken or proposed to be taken to rectify
the deficiencies. 8 Krishna Kishore Maheshwari 00017572 01-04-2016
9 Kailash Chandra Jhanwar 01743559 19-10-2018
4. We have indicated to the Auditors and the Audit Committee: 10 Vivek Agrawal 10599212 09-06-2024

a) significant changes in the Company’s internal control over financial reporting during the year.

b) significant changes in accounting policies during the year, if any, and that the same have been disclosed in the For MMJB & Associates LLP
notes to the financial statements. Practicing Company Secretaries

c) instances of significant fraud of which we have become aware and involvement therein if any of management or Saurabh Agarwal
other employees having a significant role in the Company’s internal control system over financial reporting. Partner
FCS No. 9290
K. C. Jhanwar Atul Daga CP No. 20907
Mumbai Managing Director Chief Financial Officer UDIN: F009290G000219643
28th April, 2025 (DIN: 01743559)
Place: Mumbai
Date: April 28, 2025

230 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 231
 Statutory reports

Shareholder Information c) Sustainability Linked Bonds

Stock Exchange ISIN
Singapore Exchange US90403YAA73
2 Shenton Way, #02-02, SGX Centre 1, Singapore 068804 USY9048BAA18

d) Non-Convertible Debentures
1. Annual General Meeting: The non-convertible debentures (“NCDs”) issued by the Company are listed on NSE. The details are as under:
Date and Time Deemed Venue Record Date Dividend Payment Date
Year of Principal Amount
Type Series ISIN Maturity Date Debenture Trustee
Tuesday, 19th August, Registered Office of the Company: Friday, 25th July, 2025 On or after Wednesday, Issue (K In crores)
2025 at 3.00 p.m. UltraTech Cement Limited 20th August, 2025. Secured 7.53% NCDs 2016 INE481G07190 500 21.08.2026 SBICAP Trustee Company
(IST) through video ‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Limited
conferencing (“VC”) / Caves Road, Andheri (East), Mumbai – 400 093. Mistry Bhavan, 4th Floor,
other audio-visual means Tel.: (022) 6691 7800 / 2926 7800 122 Dinshaw Vachha Road,
(“OAVM”) Email: [email protected] Churchgate, Mumbai – 400 020
Web: www.ultratechcement.com /
www.adityabirla.com Unsecured 7.22% NCDs 2024 INE481G08107 1,000 24.11.2034 Axis Trustee Services Limited
CIN: L26940MH2000PLC128420 7.34% NCDs 2025 INE481G08123 1,000 03.03.2028 The Ruby, 2nd Floor, SW, 29
Senapati Bapat Marg, Dadar
7.34% NCDs 2025 INE481G08115 1,000 05.03.2030 West, Mumbai - 400 028
2. Financial Calendar (1st April to 31st March):
Financial reporting for the quarter ending 30th June, 2025 Third week of July, 2025 e) Commercial Papers
Financial reporting for the half year ending 30th September, 2025 Third week of October, 2025 In terms of the Securities and Exchange Board of India (“SEBI”) circulars, the Commercial Papers issued by the
Financial reporting for the quarter ending 31st December, 2025 Third week of January, 2026 Company during the year are listed on NSE.
Financial reporting for the year ending 31st March, 2026 End April, 2026
Annual General Meeting for the year ending 31st March, 2026 July / August, 2026 4. Credit Ratings:
The Company’s financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies as
3. Listing on Stock exchanges: given below:

a) Equity Shares Instrument Rating Agency Rating

Stock Exchange ISIN Stock Code Reuters Bloomberg NCDs Crisil CRISIL AAA/Stable
BSE Limited (“BSE”) 532538 ULTC.BO UTCEM IB India Ratings IND AAA/Stable
Phiroze Jeejeebhoy Towers External Commercial Borrowing Crisil CRISIL AAA/Stable
Dalal Street, Mumbai – 400 001
Commercial Paper Crisil CRISIL A1+
National Stock Exchange of ULTRACEMCO ULTC.NS UTCEM IS
INE481G01011 India Ratings IND A1+
India Limited (“NSE”)
Exchange Plaza, Plot No. Rupee Term Loan Crisil CRISIL AAA/Stable
C-1, Block G, Bandra-Kurla Working Capital Limits India Ratings IND AAA/Stable /IND A1+
Complex, Bandra (East),
Mumbai - 400 051 CARE CARE AAA; Stable /Care A1+
Short Term Loan India Ratings IND A1+
b) Global Depository Receipts (“GDRs”)
Stock Exchange ISIN Overseas Depository Domestic Custodian Bloomberg
5. Payment of annual listing fees:
Luxembourg Stock 144A GDRs - Citibank N. A. Citibank N.A. UTCEM LX
Exchange (“LSE”) US90403E1038 Depository Receipt Services First International Financial Annual listing fees for the financial year 2025-26 has been paid to both the stock exchanges i.e. BSE and NSE. Listing
35 A, Boulevard Joseph II 388, 26th Floor, Greenwich Centre, Plot Nos C-54 and fee for the GDRs has been paid to LSE for the calendar year 2025. One time listing fees has been paid to Singapore
L-1840 Luxembourg Street Trading Building, C-55, G-Block, Bandra Kurla
Level 1 GDRs- Exchange Limited.
US90403E2028 New York, NY - 10013 Complex, Bandra East,
United States of America Mumbai – 400 051.

All securities of the Company were available for trading during the year 2024-25.

232 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 233
 Statutory reports

Shareholder Information

6. Stock Data: Market Capitalisation (K in crores)

UltraTech Market Cap
Market Prices Financial Year ended BSE NSE
500.00
31st March, 2025 3,39,012 3,39,160 450.00
NSE BSE LSE
31st March, 2024 2,81,332 2,81,450 400.00
Month High Low Close Volume High Low Close Volume High Low Close
31st March, 2023 2,19,979 2,20,041 350.00
(In K) (In Nos.) (In K) (In Nos.) (In USD)
31st March, 2022 1,90,585 1,90,589 300.00
Apr-24 10,277.70 9,250.00 9,971.85 78,52,913 10,272.95 9,250.10 9,966.75 1,54,811 121 112 119
31st March, 2021 1,94,474 1,94,493 250.00
May-24 10,369.00 9,408.05 9,915.50 73,21,701 10,365.00 9,415.00 9,901.35 1,37,219 124 113 119 200.00
31st March, 2020 93,926 93,655
Jun-24 11,874.95 9,534.95 11,667.90 1,24,67,444 11,875.95 9,550.00 11,661.30 2,77,544 140 119 140 150.00
31st March, 2019 1,09,831 1,09,812
Jul-24 12,078.00 11,228.65 11,887.20 88,25,562 12,078.15 11,215.05 11,882.80 2,67,418 143 134 142 100.00
31st March, 2018 1,08,413 1,08,473 50.00
Aug-24 12,032.30 10,950.20 11,301.90 64,08,334 12,021.05 10,952.00 11,300.65 2,11,609 143 131 135
31st March, 2017 1,09,527 1,09,385 0.00
Sep-24 12,138.00 11,308.00 11,802.00 58,36,318 12,138.25 11,250.05 11,797.60 1,76,967 144 135 141

Mar-20

Mar-25
Mar-22

Mar-23
Mar-16

Mar-19
Mar-18

Mar-21
Mar-15

Mar-24
Mar-17
31st March, 2016 88,559 88,607
Oct-24 11,930.00 10,672.00 11,065.65 74,15,975 11,925.00 10,670.40 11,067.65 1,73,730 141 128 132
31st March, 2015 78,891 78,971
Nov-24 11,690.00 10,542.50 11,202.15 50,85,892 11,681.55 10,535.75 11,199.50 1,55,046 136 126 132
UltraTech Market Cap
Dec-24 12,145.35 11,194.05 11,426.35 58,27,665 12,143.90 11,195.10 11,422.45 1,66,190 143 132 133
Jan-25 11,861.65 10,462.00 11,487.45 82,48,625 11,858.15 10,462.10 11,503.30 2,22,510 137 121 133
Feb-25 11,787.00 10,047.85 10,128.45 81,41,174 11,789.55 10,053.00 10,114.00 3,31,756 134 116 116
7. Shareholding as on 31st March, 2025:
Mar-25 11699.00 10,240.00 11,509.55 72,12,456 11,687.65 10,243.45 11,504.50 1,82,896 135 118 134
Shareholding Pattern
Stock Performance No. of share
Category % of share holders No. of shares held % shareholding
holders
240 Promoter & Promoter Group 25 0.01 17,17,87,848 58.30
Banks/MFs / FIs 209 0.05 4,14,11,395 14.05
200 Insurance Companies 6 0.00 80,79,223 2.74
Foreign Portfolio Investors 924 0.23 4,47,01,254 15.17
160 Central / State Government 2 0.00 1,52,802 0.05
Bodies Corporate 2,933 0.74 37,46,993 1.27
120 Foreign Investors 14,946 3.79 26,25,404 0.89
Individuals 3,75,395 95.18 1,72,96,026 5.88

80 NBFCs 19 0.00 6,868 0.00

GDRs@ 2 0.00 43,38,879 1.47
Employee Welfare Trust 1 0.00 5,30,718 0.18
40
Total 3,94,462 100.00 29,46,77,410 100.00
@Includes 27,44,168 GDRs held by Promoter Group.
0
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
1.47%
Sensex Nifty UltraTech 0.00%
Promoters & Promoter Group 5.88% 0.18%
0.89%
Banks/MFs/FI’s 1.27%
Insurance Companies 0.05%
Stock Performance and Returns Foreign Portfolio Investors
Central / State Government
Absolute Returns Annualised Returns
(In Percentage) Bodies Corporate
1 Year 3 Years 5 Years 1 Year 3 Years 5 Years 15.17%
Foreign Investors
UltraTech 18.77% 75.97% 260.34% 18.77% 20.73% 29.22%
Individuals
BSE Sensex 5.11% 32.18% 162.70% 5.11% 9.75% 21.31% 2.74%
NBFCs
NSE Nifty 5.34% 34.67% 173.55% 5.34% 10.43% 22.29%
GDRs
Employee Welfare Trust
14.05% 58.30%

234 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 235
 Statutory reports

Shareholder Information

Distribution of Shareholding Shareholders holding shares in physical form are status on return to India for permanent settlement
requested to submit their PAN details to the Company and/or the particulars of the NRE account with a bank
No. of
Range of Shareholding
shareholders
% of shareholders No. of shares held % shareholding or its RTA. in India, if not furnished earlier.
1 – 100 3,62,301 91.85 65,54,647 2.22 Intimate / update contact details Shareholders Handbook
101 – 200 16,799 4.26 24,32,592 0.83
Shareholders are requested to intimate / update A Shareholders Handbook is available on the website
201 – 500 9,864 2.50 30,69,881 1.04
changes, if any, pertaining to their PAN, postal address, of the Company https://www.ultratechcement.com/
501 – 1000 2,900 0.74 20,30,946 0.69 e-mail address, telephone / mobile numbers, with corporate/investors-/useful-information. Shareholders
1001 – 5000 1,841 0.47 36,17,030 1.23 necessary documentary evidence, to the Company who wish to know the procedures relating to
5001-10000 230 0.06 16,29,202 0.55 or its RTA, in Form ISR-1, if shares are held in physical dematerialisation, rematerialisation, dividend, IEPF,
10001 & above 527 0.13 27,53,43,112 93.44 mode or to their DP, if the holding is in demat mode. issuance of duplicate share certificates, transmission of
Total 3,94,462 100.00 29,46,77,410 100.00 The said form ISR-1 for change / update of details, shares, unclaimed suspense account, nomination etc.
form ISR-2 for bankers attestation of signature in case can access said handbook.
8. Useful Information for Shareholders: for furnishing PAN, KYC details and Nomination. of major mismatch and form ISR-3 for declaration for
Shareholders are requested to go through the opting out of nomination are available for download Senior Citizens Investor Cell
Share Transfer System communication available on the weblink at https:// from the weblink at https://www.ultratechcement. As part of our RTA's initiative to enhance the investor
As per SEBI norms, all requests for transfer of securities www.ultratechcement.com/corporate/investors-/ com/corporate/investors-/useful-information. experience for Senior Citizens (above 60 years of age),
including transmission or transposition shall be useful-information relating to the same. The Company a dedicated cell has been newly formed to assist them
processed only in dematerialised form. has also sent out intimations to shareholders in Unpaid / Unclaimed Dividend Warrants in redressing their grievances, complaints and queries.
this regard. SEBI by its circulars notified that the security holders Senior Citizens wishing to avail this service can send
Shareholders may please note that SEBI by its circulars holding securities in physical form and whose folio(s) a communication with the below details to senior.
has mandated listed companies to issue securities in Nomination do not have PAN, Choice of Nomination, Contact [email protected]
demat form only while processing service requests As per the provisions of Section 72 of the Act, Details, Bank Account Details and Specimen Signature
viz. issue of duplicate securities certificate; claim from facility for making nomination(s) is available to the updated, shall be eligible for any payment including 1) ID proof showing date of birth
unclaimed suspense account; renewal / exchange shareholders of the Company. Shareholders holding dividend, interest or redemption payment in respect
of securities certificate; endorsement; sub-division 2) Folio Number
shares in physical form whose folio(s) do not have of such folios only through electronic mode with
/ splitting of securities certificate; consolidation PAN, choice of nomination, contact details, bank effect from 1st April, 2024 after updation of choice 3) Company Name
of securities certificates / folios; transmission account details and specimen signature updated shall of nomination, contact details, bank account details
and transposition. be eligible to lodge grievance or avail any service and specimen signature. Intimation in this regard has 4) Nature of Grievance

Shareholders are requested to make service requests request from the RTA only after furnishing PAN, been given by the Company from time to time to the The cell monitors the complaints received from Senior
by submitting a duly filled and signed Form ISR KYC details and Nomination. Such folios can receive security holders. Citizens and assists them in redressing their grievances.
– 4 (Form for various service requests), format of dividend, interest or redemption payment only through
electronic mode upon complying with the above Payment of dividend Online Dispute Resolution
which is available on the weblink at https://www.
ultratechcement.com/corporate/investors-/useful- requirements. Shareholders may obtain a nomination Keeping in mind the interest of its shareholders SEBI by its circulars has established a common Online
information. form (Form SH-13), from the Company’s RTA viz. KFin including speedy credit of dividend, the Company Dispute Resolution Portal (“ODR Portal”) for investors
Technologies Limited or download the same from the provides facility for direct credit of dividend to the for online conciliation and arbitration of disputes
Shareholders holding equity shares of the Company in Company’s website through the weblink at https:// shareholders’ bank account. Shareholders are therefore relating to securities. This is in addition to the existing
physical form are requested to kindly get their equity www.ultratechcement.com/corporate/investors-/ urged to avail the facility of electronic transfer of system viz. SCORES, where investors initially lodge their
shares converted into demat / electronic form to useful-information. dividend into their bank accounts, by updating their complaints / grievances against the Company.
get inherent benefits of dematerialisation, as well as bank account details, if not done earlier, with the
considering that physical transfer of equity shares / Shareholders holding shares in demat mode should Company or the DP. The SMART ODR Portal is an approach to help investors
issuance of equity shares in physical form have been file their nomination with their Depository Participant access efficient dispute resolution online. In case the
disallowed by SEBI. (“DPs”). The Company will deduct tax at source (“TDS”), investor is not satisfied with the resolution provided by
wherever applicable, at the applicable rates at the time the Company / RTA / SCORES then the Online Dispute
Common and simplified norms for investor Permanent Account Number of making the payment of dividend. Resolution process may be initiated through the ODR
service request It is mandatory for all holders of physical shares to Portal at https://smartodr.in/login.
furnish PAN, nomination, contact details, bank A/c Non-Resident Shareholders
As an on-going measure to enhance ease of doing
business for investors in the securities market, SEBI details and specimen signature for their corresponding Non-Resident Indian shareholders are requested to The link to the ODR Portal is also displayed on the
by its circulars has prescribed common and simplified folio numbers. Shareholders holding shares in demat immediately inform the Company or its RTA, if shares Company’s website: https://www.ultratechcement.com/.
norms for processing investor’s service request by mode are, requested to submit the PAN with their DPs are held in physical mode or to their DP, if the holding
Registrar and Transfer Agents (“RTA”) and norms with whom they are maintaining their demat accounts. is in demat mode, regarding change in the residential

236 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 237
 Statutory reports

Shareholder Information

SEBI Investor Website outcomes in their investment journey. It offers 11. Details on use of public funds 15. Transfer of Unclaimed dividend and
SEBI has launched a investor website which contains guidance on managing money well and making
sound financial decisions independently. The financial obtained in the last three years: Equity Shares to Investor Education
information on personal finance and investment, useful
for existing as well as new investors. It also includes awareness content, tools, and calculators available on No funds have been raised from the public during the and Protection Fund (“IEPF”)
videos prepared by Market Infrastructure Institutions the website can help people of all ages, background last three years. Account:
related to securities market process education and and income to be in control of their financial decisions.
The SEBI investor website promotes confident and 12. Outstanding GDR / Warrants and In terms of the provisions of Section 124(5) of the
awareness messages. Act, dividend for the financial year 2017-18 and the
informed participation by investors in the securities Convertible Bonds:
The SEBI investor website aims to assist individuals market and can be accessed at https://investor.sebi. dividends for the subsequent financial years, which
in taking control of their money, leading to better gov.in/ 43,38,879 GDRs are outstanding as on 31st March, remain unpaid or unclaimed for a period of consecutive
2025. Each GDR represents one underlying equity seven years will be transferred to IEPF.
9. Shareholder Complaints: share. There are no warrants / convertible bonds
outstanding as at the year end. During the year ended 31st March, 2025, the
During the year under review, the Company received 153 complaints from shareholders, of which 144 complaints were Company has transferred H 1,66,23,660 to the IEPF
satisfactorily resolved. 9 complaints were pending at the end of the year. The RTA attends to investor grievances in 13. Commodity Price Risk or Foreign being the unclaimed / unpaid dividend for 2016-17.
consultation with the Secretarial Department of the Company. Before transferring the unclaimed dividends to IEPF,
Exchange Risk and Hedging Activities: the Company had issued individual notices to all
The Company hedges its foreign currency exposure shareholders who had not claimed dividend for the
68 in respect of its imports, borrowings and export last consecutive seven years. Further, notices were also
65
60 receivables as per its laid down policies. The Company published in newspapers on 21st May, 2024.
55 uses a mix of various derivative instruments like
forward covers, currency swaps, interest rates swaps, As required in terms of the Secretarial Standard on
principal only swaps or a mix of all. Further, the Dividend (SS-3), details of unpaid dividend account and
Company also hedges its commodity price risk through due dates of transfer to the IEPF is given below:
fixed price swaps.
Amount
Sr. Due date of transfer to (K in crores)
10 10 9 8 The Company does not have material exposure to Financial Year
No. IEPF as on 31st
5 4 4
2 2 3 any commodity for which hedging instruments are March, 2025
1

Transmission / Non - receipt of Non receipt of Demat Others IEPF

available in the financial markets and accordingly, 1 2017-2018 24th August, 2025 1.26
Transfer/ Dividend share certificates no hedging activities for the same are carried out. 2 2018-2019 24th August, 2026 1.24
Duplicate
Issue of shares
Consequently, there is no disclosure to offer in terms of 3 2019-2020 18th September, 2027 1.30
Received Resolved Pending
SEBI circulars. 4 2020-2021 24th September, 2028 3.18
5 2021-2022 23rd September, 2029 2.98
14. Unclaimed shares:
6 2022-2023 17th September, 2030 2.74
10. Dematerialisation of Shares and Liquidity: In terms of Regulation 39(4) of the Listing Regulations, 7 2023-2024 13th September, 2031 7.77
the Company reports the following details in respect of
99.62% of equity shares have been dematerialised as on 31st March, 2025. Under the Depository System, the Total
equity shares lying in the suspense account which were
International Securities Identification Number (“ISIN”) allotted to the Company’s shares is INE481G01011. issued in demat form and physical form, respectively: Shareholders, who have so far not encashed their
The break-up of equity shares held in dematerialised and physical form are as under: dividend relating to the financial year 2017-18, have
No. of No. of
Particulars been informed by the Company to claim the dividend
shareholders shares
Particulars
No. of
% of Shareholders No. of Shares
% of paid-up Outstanding at the beginning of 1,187 44,120 and the equity shares failing which the dividend and
Shareholders capital
the year i.e. 1st April, 2024 the equity shares relating thereto will be transferred to
Physical: 33,957 8.61 11,21,531 0.38 Shareholders who approached the 25 602 the IEPF and the IEPF Suspense Account respectively.
Dematerialised: 3,60,505 91.39 29,35,55,879 99.62 Company and to whom shares
were transferred during the year Further, in terms of the provisions of Section 124(6) of
NSDL 2,04,528 51.85 11,90,99,924 40.42
Transfer to the Unclaimed Nil Nil the Investor Education and Protection Fund Authority
CDSL 1,55,977 39.54 17,44,55,955 59.20 Suspense Account during the year (Accounting, Audit, Transfer and Refund) Rules, 2016
Total 3,94,462 100 2,94,677,410 100 Number of shares transferred to 148 4,879 (“IEPF Rules”), the Company has already transferred
IEPF Authority during the year
Note: Entire promoter and promoter group shareholding is in dematerialised form.
59,841 equity shares pertaining to the financial year
Outstanding at the end of the 1,014 38,639
year i.e. 31st March, 2025 2016-17 to the IEPF Suspense Account after providing
necessary intimations to the relevant shareholders.
Note: Voting rights on these shares shall remain frozen till the
rightful owners of such shares claim the shares.

238 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 239
 Statutory reports

Shareholder Information

Details of unpaid / unclaimed dividend and equity shares for the financial year 2016-17 are uploaded on the website of 17. Plant Locations*:
the Company as well as that of the Ministry of Corporate Affairs, Government of India (“MCA”). No claim shall lie against
the Company in respect of unclaimed dividend amount and equity shares transferred to the IEPF and IEPF Suspense Integrated Plants:
Account, respectively.
Aditya Cement Works Andhra Pradesh Cement Works Awarpur Cement Works
Shareholders can however claim the unclaimed dividend amount and the underlying equity shares corresponding Adityapuram, Bhogasamudram, P.O. Awarpur,
thereto from the IEPF Authority by following the procedure set out below: Sawa – Shambhupura Road, Tadipatri Mandal Taluka: Korpana,
District: Chittorgarh, District: Ananapuramu, District: Chandrapur,
Register yourself on MCA website After login, click on ‘Investor Services’ tab Rajasthan – 312 622 Andhra Pradesh – 515 413 Maharashtra – 442 917
and login to website of MCA under ‘MCA Services’ section for filing the
at https://www.mca.gov.in/ web-based form IEPF-5. Attach scanned
mcafoportal/login.do. copy of requisite documents with form. Baga Cement Works Baikunth Cement Works Balaji Cement Works

Village Baga, P.O. Kandhar, Vill & Post Baikunth, Post Box No: 9, Survey No: 99,
Sub-Tehsil Darlaghat, Tehsil – Tilda, Village: Budawada,
Submit self-attested copy of e-form, Upload the filled e-form, save a copy of Tehsil Arki, District: Solan, District - Raipur, Mandal: Jaggayyapet
lndemnity Bond in original along uploaded e-form and take print of auto Himachal Pradesh – 171 102 Chhattisgarh - 493 116 NTR District, Andhra Pradesh - 521 175
with other documents (cancelled generated indemnity bond. Claimant
cheque leaf, client master list, PAN must update their postal receipt for the
card, Aadhar card, original share SRN under the "pending for action" tab Basantnagar Cement Works Bela Cement Works Dalla Cement Works
certificate, entitlement letter) as after filing web form IEPF-5.
mentioned in the form to Nodal Basantnagar, P.O. Jaypee Puram, SH-5, Kota,
Officer (IEPF) of the company in an After scrutinising the documents received, Taluka Palakurthi, District: Rewa, Post: Dalla,
envelope marked “Claim for refund Nodal Officer of the company to verify the Dist- Peddapalli, Madhya Pradesh – 486 450 District: Sonebhadra,
from IEPF Authority”. claim and furnish the e-verification report Telangana - 505187 Uttar Pradesh – 231 207
to the IEPF Authority within 30 days of filing
the claim.
Dhar Cement Works Gujarat Cement Works Hirmi Cement Works
Village: Tonki; P.O. Kovaya, Village & Post: Hirmi,
Tehsil: Manawar, Taluka: Rajula, Tah.: Simga,
Contact Details - IEPF On the basis of verification report refund District: Dhar, District: Amreli, District: Baloda Bazar, Bhatapara,
E-mail: [email protected]; will be released by the IEPF Authority Madhya Pradesh – 454 446 Gujarat – 365 541 Chhattisgarh – 493 195
Call: 14453 in favour of claimant’s Bank or Demat
Company: account through electronic transfer. In
Email ID: [email protected] case of discrepancies, if any, intimated Narmada Cement Jafrabad Works Kotpuli Cement Works Kukurdih Cement Works
by IEPF Authority, resubmission option is
provided for rectification. Village: Babarkot, Vill & PO Mohanpura, Village: Sarkipar,
Post Office-Jafrabad, Tehsil: Kotputli, P.O: Semradih, Tah: Baloda Bazar,
Taluka: Jafrabad, District: Amreli, Dist. Kotputli-Behror Dist: Baloda Bazar- Bhatapara,
Gujarat – 365 540 Rajasthan - 303 108 Chhatisgarh - 493332
16. Correspondence with the Company:
All correspondence regarding shares and debentures of the Company should be addressed to the Company or its RTA Maihar Cement Works Manikgarh Cement Works Nathdwara Cement Works
along with Folio Number / DP & Client ID numbers, at the addresses mentioned below: P. O. Sarlanagar, Maihar, At post Gadchandur, P.O. Aditya Nagar
District: Maihar Tehsil: Korpana, Tehsil – Pindwara,
Registered Office Registrar & Share Transfer Agent
Madhya Pradesh - 485 772 District: Chandrapur, Dist. Sirohi,
UltraTech Cement Limited KFIN Technologies Limited
Maharashtra - 442 908 Rajasthan - 307031
‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Caves Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda,
Road, Andheri (East), Mumbai – 400 093 Serilingampally, Hyderabad, Rangareddy, Telangana, India - 500 032
Tel: (022) 6691 7800 Email ID: [email protected]
Website: www.ultratechcement.com Toll Free / Phone Number: 1800 309 4001 Pali Cement Works Rajashree Cement Works Rawan Cement Works
Email: [email protected]; WhatsApp Number: (91) 910 009 4099
[email protected] KPRISM (Mobile Application): https://kprism.kfintech.com Village: Balara, Adityanagar, Malkhed Road, Village: Rawan,
Contact Person: Ms. Swati Patil KFINTECH Corporate Website: https://www.kfintech.com Tehsil: Jaitaran, District: Kalaburagi. PO: Grasim Vihar, Tehsil: Simga,
RTA Website: https://ris.kfintech.com
District: Beawar, Karnataka – 585 292 District: Baloda Bazar–Bhatapara,
Investor Support Centre (DIY Link): https://ris.kfintech.com/clientservices/isc
Email for investor correspondence under SEBI requirements: Rajasthan – 306 709 Chhattisgarh - 493 196
[email protected]

240 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 241
 Statutory reports

Shareholder Information

Reddipalayam Cement Works Sarlanagar Cement Works Sewagram Cement Works Nagpur Cement Works Neem Ka Thana Cement Works Panipat Cement Works
Reddipalayam P.O. Sedam, Taluka Sedam, Village: Vayor, Village: Ashti, Navegaon and Tarsa, Village & PO-Sirohi, Village: Karad,
District: Ariyalur, Dist- Kalaburagi, Taluka Abdasa, Tehsil: Mauda, District: Nagpur, Tehsil - Neem Ka Thana, Israna Pardhana Road,
Tamil Nadu – 621 704 Karnataka - 585222 District: Kutch, Maharashtra – 441 106 District- Sikar, Rajasthan:332714 Israna, Panipat, Haryana – 132 107
Gujarat – 370 511

Parli Cement Works Patliputra Cement Works Patratu Cement Works

Sidhi Cement Works Vikram Cement Works Parli grinding unit, 1.2KM post, Village + PO + PS Shahjahan Pur B-38, Patratu Industrial Area,
Dharmpuri Road, Parli Vaijnath, Beed Near Daniyawan Railway station, Patratu, Near Birsha Market,
Village Majhigawan P.O. - Bharatpur, Vikram Nagar,
Dist. Maharashtra - 431515 Patna, Bihar - 801305 Ramgarh Jharkhand 829119
Tehsil – Rampur Naikin, P.O. Khor,
Dist. - Sidhi, District: Neemuch,
Madhya Pradesh – 486 776 Madhya Pradesh – 458 470 Rajpura Cement Works Ratnagiri Cement Works Roorkee Cement Works
Village. Sadhraur, PO. Dhuman, MIDC, Industrial Estate, Village - Nalheri Dehviran,
Tehsil Rajpura, District Patiala, Zadgaon Block, Post - Nalhera Anantapur Roorkee,
Grinding Plants: Punjab - 140401 Ratnagiri- Maharashtra- 415 639. District: Haridwar,
Uttarakhand – 247 668
Aligarh Cement Works Arakkonam Cement Works Bagheri Cement Works
Village: Kasimpur, Chitteri village, Arakkonam, Vellore Village - Pandiyana,
Sikandarabad Cement Works Sonar Bangla Cement Works Tanda Cement Works
Tehsil: Koel, District Tamil Nadu – 631 003 P.O – Bagheri, Tehsil Nalagarh, Solan,
District: Aligarh, Himachal Pradesh – 174 101 19-20, Industrial Area, Post: Village-Dhalo, P.O. Gankar Block, Post: Hussainpur Sudhana Tehsil
Uttar Pradesh – 202 127 Sikandrabad, District: Bulandshahr, Raghunathganj -1, District: -Tanda, District: Ambedkarnagar,
Uttar Pradesh – 203 206 Murshidabad, West Bengal - 742227 Uttar Pradesh – 224 190

Bara Cement Works Bathinda Cement Works Cuttack Cement Works

Wanakbori Cement Works West Bengal Cement Works
Village: Lohgara, Behind GHTP, Village - Khamarnuagaon
Near Wanakbori Thermal Power Near EPIP Plot, P.O. - Rajbandh,
Tahsil: Bara, Post: Lehra Mohabat P.O. - Radhakishorepur,
Station Vill. Sangol, Post Sonipur, Muchipara, Durgapur,
District: Prayagraj District: Bathinda, Via - Gurudijhatia,
Wanakbori Gujarat -388245 West Bengal – 713 212
Uttar Pradesh - 212107 Punjab - 151 111 Dist: Cuttack Odisha- 754027

Bulk Terminals:
Dadri Cement Works Dankuni Cement Works Dhule Cement Works
Birla Super Bulk Terminal Cochin Bulk Terminal Mangalore Bulk Terminal
Village: Ranuali, Latiffpur, JL-80, Village: Panchghara, Plot No. 03, MIDC, Nardana Phase-1,
Near Railway Station At post: Survey No. 2578 / 4 Beach Road, Panambur,
Post Vidyutnagar, Tehsil: Dadri, P.O.: Panchghara Bazar, Village - Waghode, Shindkheda, Dhule,
Veerapura Village, Doddaballapur, Indira Gandhi Road, Dakshina Kannada
District: Gautambudh Nagar, PS: Chanditala, District: Hooghly, Maharashtra – 425 406
District Bangalore Rural Willingdon Island, Kochi, Dist., Mangalore,
Uttar Pradesh – 201 008 West Bengal – 712 306
Karnataka – 562 163 Kerala – 682 003 Karnataka - 575 010

Ginigera Cement Works Hotgi Cement Works Jhajjar Cement Works

Navi Mumbai Bulk Terminal Panvel Bulk Terminal Pune Bulk Terminal
Gangavathi Road, Ginigera, Village/ Post: Hotgi Station, Village: Jharli,
Plot No. 53-55,Sector-1, Dronagiri CCI Warehousing complex, At Post: Peth Naygaon,
District: Koppal, South Solapur, Tehsil: Matanhail,
Industrial Area, Post: JNPT, Taluka Plot no. S5, Sector-KWC, Kalamboli, Pune Solapur Highway (NH-65)
Karnataka – 583 228 District: Solapur, District: Jhajjar,
Uran, Dist. Raigad Navi Mumbai, Navi Mumbai-410 218 Tal-Haveli,District: Pune,
Maharashtra – 413 215 Haryana – 124 106
Maharashtra – 400 707 Maharashtra – 412 110

Jharsuguda Cement Works Karur, Tamil Nadu Magdalla Cement Works Shankarpalli Bulk Terminal Lucknow Bulk Terminal Vasavadatta Cement Works
Near Dhutra Railway Station, Velliyanai South Karur Taluk Magdalla Port, Village: Fathepur, Village-Gaura Katharwa/ Kunjpur, Plot No T-3, MIDC Chincholi Ind. Area,
P.O. Arda, District: Jharsuguda, Dist Karur, Dumas Road, Surat, Shankarpalli Mandal, Tehsil- Hasanganj, Taluka- Mohal, Dist- Solapur,
Odisha – 768 203 Tamil Nadu - 639 118 Gujarat – 395 007 District: Rangareddy, District- Unnao, Uttar Maharastra - 413255
Telangana – 501 203 Pradesh-209 801.

242 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 243
 Statutory reports

Shareholder Information

White Cement: KPRISM – Online Application for shareholders

KFIN has launched an online application which can be accessed at https://kprism.kfintech.com/.
Birla White Birla White Unit: Katni Birla White Unit: Nathdwara

Birla White Rajashree Nagar, Village: Pati – Jharela, Post-Vilayat Village: Mandiyana,
It is a mobile based application named ‘KPRISM’ available for the benefit of shareholders holding shares in physical form.
P.O. Kharia Khangar, Kalan Tehsil: Badwara, Taluka: Nathdwara,
KPRISM enables shareholders to add as well as view their folios, check the status of demat requests, add reminders for
Tehsil: Bhopalgarh, District: Jodhpur, District: Katni, District: Rajsamand,
general meetings & e-voting events and connect with helpdesk on the go.
Rajasthan – 342 606 Madhya Pradesh – 483 773 Rajasthan – 313 301 Shareholders are requested to register / signup using their name, PAN, mobile number and email ID. Post registration,
they can login via OTP and execute activities like raising ISR, query, complaints, check for status, KYC details, Dividend,
Birla White Unit: GRC Interest, Redemptions, e-meeting and e-voting details. Members can download KPRISM application by scanning the QR Code
mentioned below:
Plot No. 14, GIDC Estate,
Village: Manjusar, Taluka: Savli,
District: Vadodara,
Gujarat - 391 775

* UltraTech Domestic Standalone

18. Other Useful Information for Shareholders:

Redressal agencies for shareholders
Special window - re-lodgement for transfer of physical shares
Background: SEBI had discontinued transfer of shares held physically from 1st April, 2019. However, transfer deeds which
Ministry of Corporate Affairs (MCA) Securities and Exchange Board of India (SEBI) were lodged prior to that date and rejected due to deficiency in documents, could be re-lodged before 31st March, 2021.
‘A’ Wing, Shastri Bhawan, Plot No.C4-A, ‘G’ Block,
Rajendra Prasad Road, Bandra Kurla Complex, New Opportunity: In response to feedback from investors, companies, and transfer agents, SEBI has offered a special
New Delhi – 110 001 Bandra (East), Mumbai – 400 051 window for re-lodgement of transfer requests for shares held in physical form. The window is open from 7th July, 2025 to
Tel.: 0120-4832500 Tel.: (022) 26449000/40459000 6th January, 2026, offering shareholders a chance to re-submit transfer deeds which were originally lodged before
Web: www.mca.gov.in Fax: (022) 26449019 - 22 1st April, 2019 but were returned or rejected due to deficiencies in documentation.
Web: www.sebi.gov.in Note: All shares re-lodged during this period will be processed through the transfer-cum-demat route, i.e. they will only be
issued in dematerialised (demat) form after transfer.

BSE Limited (BSE) National Stock Exchange of India Limited (NSE)

Phiroze Jeejeebhoy Towers,Dalal Street, Exchange Plaza, C-1,
Mumbai – 400 001 Block G, Bandra-Kurla Complex,
Tel.: (022) 22721233/4 Bandra (East), Mumbai - 400 051
Fax: (022) 22721919 Tel.: (022) 2659 8100/ 2659 8114/66418100
Web: www.bseindia.com Fax: (022) 26598120
Web: www.nseindia.com

National Securities Depository Limited (NSDL) Central Depository Services (India) Limited (CDSL)
3rd Floor, Naman Chamber, Marathon Futurex, A-Wing, 25th Floor,
Plot C-32, G Block, N. M. Joshi Marg,
Bandra Kurla Complex, Bandra East, Lower Parel, Mumbai – 400 013
Mumbai Maharashtra – 400051. Tel.: 1800-21-09911
Tel.: (020) 272 18080/(022) 2499 3499 (022) 48867000 Web: www.cdslindia.com
Web: www.nsdl.co.in

244 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 245
 Statutory reports

Social Report
The changing face of women
Let me begin with, a spool back to a few lines, penned by Henry Wadsworth Longfellow, one of the phenomenal poets of nineteenth-century America, and
I quote:

“For it is the fate of a woman,

Long to be patient and silent
To wait like a ghost that is speechless,
Till some questioning voice,
Dissolves the spell of its silence” unquote

And look at where, we women stand today.

Amazing how we in India, stand out on major counts. And most certainly on women empowerment processes. The Government in India is heavily invested, in the
economic empowerment of women, for over a decade now. This is an exciting trend.
There is a genuine endeavour, across the globe, both at the Government’s level, and equally so, in progressive corporates, to recognise women. They have begun
to reckon, that women bring a lot to the table. Their creativity, out-of-the-box thinking, their leadership, their resilience, and sensitivity, enable them to make a
definite impact.
As this year rolled on, the Fortune 500 heralded a milestone: For the first time in history, women ran more than 10% of the businesses on the list of America’s largest
public companies. In effect, women ran 10.4% of companies on the Fortune 500 this year. So, it is happening, albeit a tad slow, but a beginning has been made.
In India, women representation on Boards, is 18 percent. What is encouraging, is that consequent to the debate on Board diversity in India, today, more than 40% of
the companies have gone beyond the mandated limit, and have appointed more than one woman on the Board.
In spite of the visible progress, at the global and national level, that much remains to be done is indisputable.
I venture to offer broad-based suggestions. Firstly, we need to break the stereotyping of women, at two levels – personal and the image that most men harbour.
It’s high time that men stopped making decisions for women – in other words, stopped ‘parenting’ and ‘mansplaining’ them. Truth be told, women who have risen
to a level, have proved to be equally capable, ambitious and responsible. They manage their homes, and their children, along with their work. Gender sensitivity
and awareness discourses can drive home this aspect. Always look through a positive frame. Men must play a proactive role of being an ally in fighting biases,
and obstacles at work, and in helping women break the glass ceiling. A case in point is the insufficient access and financial exclusion by Venture Capitalists – just 2
percent. We must alter the algorithm.
At the base level, most mothers need to shake off, the thought that science, technology, engineering and mathematics are good for boys and not for girls. So, the
daughter is encouraged to move in softer areas, devoid of technical skills. And this kind of differential upbringing, becomes a roadblock and a self-limiting belief. More
recently, STEM education has been mainstreamed, in the study programmes and that augurs well.
There are two more points that I would like to highlight – first, what are we doing as an MNC, operating in 41 countries, with an employee base of 1,87,000
employees, spanning 100 nationalities. And second, what is shaping, the empowerment trajectory in our country.
At the Aditya Birla Group, we have developed a playbook, fixated on a holistic approach, that truly perpetuates women leaders. Our endeavour is to make the Aditya
Birla Group an aspirational workplace for women, and increasingly weave women into mainstream operations, in the near future. We have long begun enhancing
the representation of women at leadership levels, across operations, be it management, manufacturing, marketing, branding, sales, or research. We are making good
progress. Currently, we have over 200 women, in senior and top leadership roles.
For us it is a journey of transformation. Our Chairman has pushed the agenda, and today it is like a movement. To drive a mindset of inclusion, we have worked out
diverse innovative programmes, among which are immersive workshops, interactive manager sensitisation and digital learning sessions.
The outcomes have been very fulfilling. A clear signal is beamed - emphasising the fact, that given everything being equal, the scale must tilt towards women. In a
few years ahead, we would be on the top of the pole in the context of women empowerment. I am sure, most progressive corporates, serious in pursuing gender
equity, would have made ‘women empowerment’ a business case.
Moving next on to government initiatives to mentor women, and leverage their potential, the Government of India, genuinely believes that women led development
is integral to India’s progress. A slew of schemes that focus on education, healthcare, financial inclusion, among others, have made a phenomenal difference to the
status of women, both in rural and urban areas.
These relate to women-led entrepreneurship, property rights, inheritance laws, ownership of wealth, besides education and agriculture reforms. In a meticulous
manner, these open the door, to the journey of self-reliance and empowerment. It has helped forge a self-actualisation path, for thousands of women. To cite an
example, there are over 8.59 lakh women Micro, Small and Medium Enterprises registered. I believe, we can add up to over 18 percent to our nation’s GDP, which
today stands at nearly 4 trillion dollars.
Let me conclude in the words of our Honourable Prime Minister, Shri Narendra Modiji: “Global development is not possible without women’s participation”. We heed
the message. What more can one say!

Rajashree Birla
Chairperson
Aditya Birla Centre for Community Initiatives and Rural Development

246 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 247
 Statutory reports

Our forward march: A brief narrative of our CSR engagement

It might interest you to learn that your Company is equally Our efforts in sustainable agriculture designed to increase Chhattisgarh. 78 trainees received placement in industries In addition, 566 specialised medical camps were held,
committed to empower women. Today, your Company has productivity and Farmer Clubs were successfully supported and 107 trainees have been self-employed in their village. covering gynaecology, paediatrics, ENT, dentistry, and
a cohort of 277 women leaders, 15.6% of its management at Kotputli, Malkhed and Rawan, bringing together 667 This successful endeavour is being replicated and has been more. These camps attended to 16,982 cases, with serious
staff comprises of women and one of its plants is headed farmers under a structured network to promote collective extended to Kukurdih. At Vikram we have trained 30 women patients referred to our hospitals for further treatment.
by women. growth and knowledge sharing. for competitive examinations, of which two women now Through these interventions, we have ensured 100% access
work as police constable for Madhya Pradesh Police Service. to healthcare services in all our partner villages.
Glimpses of our work in the developmental domains: The training on mushroom and processing turmeric
and spices has supported 904 families towards an Water Positivity: Company-supported hospitals and 14 dispensaries / clinics
SDG-1: To rid poverty across all nations alternative income. located in Baikunth, Kharia, Khor, Maihar, Sewagram
We have constructed 9 check dams across, Baikunth, and Sidhi provided invaluable care, treating 98,436
by 2030 In Hirmi, Khor and Rawan, distribution of sprinkler sets, Balaji (Andhra Pradesh), Bela, Dalla, Dhar, Hirmi, Khor, underserved patients.
Your Company’s CSR engagement is pivoted on the irrigation pumps benefited 226 farmers, ensuring consistent Kukurdih, Maihar (Madhya Pradesh), Malkhed, Pali, Rawan,
enrichment of the lives of the underprivileged. The process water availability. Consequently, farmers were able to Reddipalayam, Tadipatri, Shambhupura and Sidhi and along At our 98 eye camps, 10,500 individuals were treated, and
comprises of training and empowering them to become cultivate a second crop, effectively doubling their income in with the repair of 11 existing dams. Additionally, 13 ponds, 1,452 patients from Kotputli, Maihar, Kovaya, Jafrabad
self-reliant and lead lives of dignity and respect. It extends many cases. 66 rainwater harvesting were developed to enhance water underwent cataract surgeries. Intra-Ocular Lenses (IOLs)
across 34 integrated manufacturing units, 30 grinding accessibility and sustainability. It has led to the conservation were implanted.
units and 9 bulk packaging terminals. These crisscross This year, a total of 56,211 animals were immunised through of approximately 271 million litres of water, with a direct
across states. Among these feature Andhra Pradesh, veterinary camps conducted at Dalla, Dhar, Hirmi, Kharia, benefit to 36,122 farmers. In Awarpur, Khor, Secunderabad (Uttar Pradesh) and
Bihar, Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Kotputli, Malkhed, Sewagram and Tadipatri. These locations Sidhi, 742 patients were diagnosed with tuberculosis and
Karnataka, Maharashtra, Madhya Pradesh, Odisha, Punjab, played a pivotal role in delivering veterinary services, Drinking water Facility: registered under the Directly Observed Treatment (“DOT”)
Rajasthan, Telangana, Tamil Nadu, Uttarakhand, Uttar including artificial insemination and cattle vaccination. programme at various Designated Microscopic Centres
We have installed and mobilised 34 hand pumps and (“DMCs”). As a committed Nikshay Mitra, we supported all
Pradesh and West Bengal. A dedicated Cattle Development and Breeding Centre has established 4 Reverse Osmosis RO systems, maintained these patients with nutritional food baskets to aid their
been established at Kovaya and Khor with BAIF. Its main 36 RO systems and 12 solar-operated drinking water recovery. Out of this, 348 patients are in remission.
SDG-2: To end all forms of hunger and purpose is to offer a doorstep Artificial Insemination (“AI”) systems across Awarpur, Dadri, Dalla, Hirmi, Rawan,
malnutrition by 2030 service and promote better cattle nutrition and health. The Sewagram, Sidhi, and Tadipatri ensuring safe drinking water In 103 awareness camps held across Baikunth, Khor,
To boost agricultural and horticultural activities and activity has spawned 32 dairy farms. This year 1,190 cattle for surrounding villages. In addition, potable water is being Kotputli, Malkhed and Manikgarh 2,742 individuals were
improve overall farm productivity, we organised 139 have been artificially inseminated across locations including supplied to 104 villages through water tankers and pipelines screened for Sexually Transmitted Diseases (“STDs”),
camps across Tadipatri (Andhra Pradesh), Baikunth, Hirmi, Kovaya, Jafrabad, and Khor. These initiatives have enhanced in Baga (Himachal Pradesh), Balaji, Bela, Kharia, Khor, Reproductive Tract Infections (“RTIs”), and HIV/AIDS.
Kukurdih and Rawan (Chhattisgarh), Jafrabad and Sewagram farmers' income by increasing milk production by 22%. Kotputli, Reddipalayam and Shambhupura.
Our 102 School Health Check-up Camps reached
(Gujarat), Malkhed (Karnataka), Khor and Sidhi (Madhya Model dairy gaushalas housing 3,200 stray cattle have These efforts have been a boon for 1,10,000 villagers, 7,752 students in Balaji, Malkhed, Pali, Shambhupura,
Pradesh), Kotputli, Kharia and Shambhupura (Rajasthan), been constructed across seven locations: Shambhupura, significantly improving access to safe drinking water and Reddipalayam and Tadipatri. These interventions have
Dalla (Uttar Pradesh). Partnering with various government Dhar, Sirohi (Rajasthan), Bela (Madhya Pradesh), Pali, playing a key role in preventing the outbreak of waterborne significantly contributed to reducing absenteeism due
schemes and supported by District Authorities, Agriculture Malkhed, Kotputli and Kharia. The provision of stall feeding diseases and epidemics in our partner communities. to illness.
Universities, and Krishi Vigyan Kendras, we aim to keep the of wandering livestock has been a boon in the area by
farmers updated and make informed choices. Consequently minimising damage to standing crops. SDG-3: Ensuring, healthy lives and To promote overall physical and mental well-being, 24 yoga
8,219 farmers have adopted advanced agricultural practices. sessions were organised, benefiting 1,272 participants across
These camps focused on doable interventions such as Vocational skills training programmes was yet another promoting well-being for all, in all age our operational locations.
demonstration plots, soil testing, distribution of quality substantial benefit for 2,316 locals. The geographies groups
seeds, training on inter-cropping techniques, and exposure include Baikunth, Balaji (Andhra Pradesh), Dalla, Hirmi, In collaboration with the District Health Department,
We conducted 1,711 health visits through Mobile Health more than 30,291 children were immunised against polio.
visits to agricultural universities. Jafrabad, Khor, Kotputli, Kharia, Kukurdih, Malkhed, Rawan, Units (MHUs) and organised 1,094 rural medical and
Reddipalayam (Tamil Nadu), Sewagram, Shambhupura, Sidhi Additionally, 87,209 children received BCG, DPT, and
Additionally, our collaboration with National Bank awareness camps to provide essential healthcare services. Hepatitis-B vaccines across your Company’s units. These
(Madhya Pradesh) and Tadipatri. The impact is palpable These camps included health check-ups for a range of
for Agriculture and Rural Development (“NABARD”) as unemployment has whittled. Many youngsters now efforts have contributed to achieving near-zero child
for watershed management, along with agricultural ailments such as malaria, filariasis, diarrhoea, diabetes, mortality in project areas.
have a job, and many have moved forward to set up their hepatitis, arthritis, skin diseases, gynaecological disorders,
demonstration farms and work in the commons, has been mini enterprises.
a boon to the 819 farming families in Kukurdih; Kovaya and cardiac issues. The reach was over 1,54,312 villagers. Further, 9,015 women actively participated in programmes
(Gujarat); Baikunth, Rawan, Neemuch and Dhar (Madhya The project Saksham at Baikunth trained 220 women in covering ante-natal and post-natal care, mass immunisation,
Pradesh) and Tadipatri. operating industrial sewing machine, from 18 villages in nutrition, and escorted institutional deliveries. These

248 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 249
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Our forward march: A brief narrative of our CSR engagement

reproductive and child healthcare camps were held at Shambhupura and Tadipatri 6,875 students received The sixth, seventh and eighth SDGs, assessment studies by external agencies commending
Baikunth, Hirmi, Kukurdih and Rawan. guidance on career pathways. Many have since enrolled in the transformation.
technical and vocational training programmes. centre on water and sanitation, reliable,
Furthermore 24 adolescent health check-up camps were sustainable, modern energy, decent work, Accolades conferred:
conducted, reaching out to 961 girls. Infrastructure development remains a key focus. We
constructed 3 classrooms at Baikunth and Rawan and and economic growth. ♦ ICC Social Impact Award: Sidhi Cement
SDG-4: Quality Education repaired seven school buildings at Balaji, Dhar, Kharia, Khor, In partnership with the Swachh Bharat Abhiyan, we ♦ ICC Sustainability Risk Championship Award:
We support 698 Anganwadis benefitting 22,923 children at Kukurdih, Maihar, Pali, Rawan and Tadipatri. Additionally, we leveraged government schemes, facilitated community and Vikram Cement
Hirmi, Rawan, Maihar, Dalla, Khor, Kharia, Dhar, Malkhed, provided furniture to 74 schools at Khor. contributed our own funds to support in constructing smart ♦ ET Human Capital Award under Crisis Management:
Reddipalayam, Baga and Bagheri (Himachal Pradesh). 115 toilets across Reddipalayam. Balaji Cement
To improve sanitation and hygiene, 2 sanitation blocks were
We have completed the target of making 102 Model built at Malkhed and Reddipalayam. Safe drinking water Our efforts in water and sanitation, reliable and sustainable ♦ Golden Peacock Award: Birla White
Anganwadis. Special focus is on 458 malnourished children facilities have been made available at 30 schools in Awarpur, energy, and economic growth align with the sixth, seventh,
through regular health check-ups and nutrition awareness ♦ Bhamashah Samman Award and Rajasthan Leadership
Jafrabad, Khor, Kotputli and Reddipalayam. This has resulted and eighth SDGs. Our 41 Reverse Osmosis plants provide Award: Aditya Cement
drives under the Integrated Child Development Scheme in significant increase in enrolment and retention of children safe drinking water in Awarpur, Malkhed and Reddipalayam,
(“ICDS”) at Khor, Malkhed, Reddipalayam, Hirmi and Rawan. at school, especially in higher classes and reduced drop out. benefiting over 1,10,000 villagers. We have declared 90%
These initiatives have led to 100% student enrolment and Our investment:
of the villages where we operate as Open Defecation Free
notable improvements in cognitive development. SDG-5: Women empowerment and gender (“ODF”). For the financial year 2024-25, your Company spent
H165.16 crores. We have mobilised H38 crores through
At our 31 Aditya Birla Public Schools in, Awarpur, Baga, equality: various schemes of the Government, acting as catalysts for
Baikunth, Balaji, Dalla, Hirmi, Kharia, Khor, Kotputli, SDG-9: Building Resilient Infrastructure
The 370 Self-Help Groups (“SHGs”) established by us have the community.
Kovaya, Jafrabad, Maihar, Manikgarh, Malkhed, Rawan, empowered 3,912 households, fostering both economic Our infrastructure projects, including connectivity
Reddipalayam, Sidhi, and Tadipatri, 9,752 rural students and social upliftment. More than 50% SHGs are engaged improvements, road repairs, community halls, rest places, We are committed:
are enrolled. in gainful income generation activity and making a solar light installations, cement benches, water tanks,
and piped water supply installations, have enhanced the The Board of Directors, Management and colleagues
Under the Sarva Shiksha Abhiyan, we partnered with decent income to support their family. At Baikunth, we across your Company are committed to enrich lives of the
collaborated with NABARD to implement solar pump lives of 5,28,108 people. Of the 507 villages we operate in,
435 primary schools reaching out to 39,827 students. We 100 are slated to become model villages. To date, underprivileged and continue to be a force for good in the
conducted drawing contests, debating, sports, and cultural installations and set up a women-friendly rural marketplace. geographies in which we operate and beyond.
53 villages have achieved model village status, with impact
events in 50 schools, engaging 4,179 students in holistic The rural sports programme has emerged as a powerful
development activities. platform for promoting women collaboration, and
To curb dropout rates among secondary school girls organisational strengthening. By encouraging women's
in Balaji, Kharia, Maihar, Malkhed, Reddipalayam, participation in sports, gender barriers have been broken
Shambhupura and Tadipatri, we actively collaborated and foster a sense of equality, respect and inclusion. To win,
with seven Kasturba Gandhi Balika Vidyalayas (“KGBVs”) teams require teamwork and collaboration, helping women
supporting the education of 1,854 girls. build strong networks and support systems. Meritocracy
is naturally promoted as women athletes are recognised
In the realm of digital literacy, we run 9 computer education and rewarded based on their skills and performance.
centres at Baikunth, Dhar, Hirmi, Jafrabad, Khor, Kovaya, Additionally, organising and managing rural sports events
Malkhed, Shambhupura, Sidhi, and benefiting 1,209 provide women with leadership opportunities, enhancing
rural students. their organisational skills and confidence. This holistic
approach not only empowers individual women but also
We have introduced smart classes in three schools, reaching strengthens the fabric of rural communities. Starting from
over 6,340 students with interactive digital learning content Ulhas Utsav-Awarpur, we now organise the programme
aligned with school curricula. This has improved clarity in Khelanjali - Kharia and Umang Mahotsav - Khor and Maihar.
understanding amongst students. The names differ but the goal is the same that is ‘Women
Through 26 career counselling camps at Baikunth, Balaji, Empowerment’.
Dalla, Hirmi, Khor, Kukurdih, Pali, Rawan, Reddipalayam,

250 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 251
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Business Responsibility & Sustainability Report

SECTION A: GENERAL DISCLOSURES III. OPERATIONS

18. Number of locations where plants and/or operations/offices of the entity are situated:
I. DETAILS
Location Number of plants Number of offices Total
1 Corporate Identity Number (CIN) of the Listed Entity L26940MH2000PLC128420
National - 34 Integrated Cement Units; 1 Registered Office; 559
2 Name of the Listed Entity UltraTech Cement Limited
- 30 Grinding Units; 1 Central Marketing Office;
3 Year of incorporation 24th August, 2000
4 Registered office address B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, - 1 White Cement Unit; 8 Zonal Marketing Offices.
Andheri (East), Mumbai 400 093 - 2 Wall Care Putty;
5 Corporate office address B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road,
- 9 Bulk Terminals;
Andheri (East), Mumbai 400 093
6 E-mail [email protected] - 395 Ready Mix Concrete Units,

7 Telephone +91 22 6691 7800 / 2926 7800 - 78 Building Product Division Units.

8 Website www.ultratechcement.com International - 1 Clinkerization Unit; 7

9 Financial year for which reporting is being done 1st April, 2024 to 31st March, 2025 - 4 Grinding Unit;
10 Name of the Stock Exchange(s) where shares are listed - BSE Limited (“BSE”)
- 1 White Cement Unit;
- National Stock Exchange of India Limited (“NSE”)
11 Paid-up Capital ` 13,58,18,62,400 - 1 Bulk Terminal.

12 Name and contact details (telephone, email address) Mr. Sanjeeb Kumar Chatterjee 19. Markets served by the entity:
of the person who may be contacted in case of any Company Secretary
queries on the BRSR report B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, a. Number of locations
Andheri (East), Mumbai 400 093 Locations Number
Tel.: 022-66917800
Email: [email protected] National (No. of States) 28 States and 6 Union Territories
13 Reporting boundary - Are the disclosures under Disclosures made in this report are on a consolidated International (No. of Countries) 4
this report made on a standalone basis (i.e. only for basis.
the entity) or on a consolidated basis (i.e. for the b. What is the contribution of exports as a percentage of the total turnover of the entity?
entity and all the entities which form a part of its
consolidated financial statements, taken together). - 0.41%

14 Name of assurance provider BDO India LLP c. A brief on types of customers

15 Type of assurance obtained Reasonable Assurance of BRSR Core Indicators - Individual Home Builders; Dealers; Real Estate Developers; Infrastructure Companies; Institutional Buyers

IV. EMPLOYEES
II. PRODUCTS/SERVICES
20. Details as at the end of Financial Year 2024-25:
16. Details of business activities (accounting for 90% of the Turnover):
a. Employees and workers (including differently abled):
S.
Description of Main Activity Description of Business Activity % of Turnover of the entity Male Female
No. S. Total
Particulars
No. (A)
1 Manufacturing Manufacturing of Clinker, ~98 No. (B) %(B/A) No. (C) % (C/A)
Cement and Ready
Mix Concrete (“RMC”) EMPLOYEES

1. Permanent (D) 21,456 20,066 94 1,390 6

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
2. Other than Permanent (E) 7,128 6,725 94 403 6
S.
Product/Service NIC Code % of total Turnover contributed
No. 3. Total employees (D + E) 28,584 26,791 94 1,793 6
1. Cement and Clinker 2394 ~90 WORKERS

4. Permanent (F) 6,474 6,452 99.7 22 0.3

5. Other than Permanent (G) 55,109 53,774 98 1,335 2

6. Total workers (F + G) 61,583 60,226 98 1,357 2

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Business Responsibility & Sustainability Report

b. Differently abled employees and workers: S. Name of the holding / subsidiary / associate Indicate whether % of shares Does the entity indicated at column
No. companies / joint ventures (A) holding/Subsidiary/ held by listed A, participate in the Business
S. Total Male Female Associate/ Joint entity Responsibility initiatives of the listed
Particulars
No. (A) No. (B) %(B/A) No. (C) % (C/A) Venture entity? (Yes/No)

DIFFERENTLY ABLED EMPLOYEES 12 ABREL Green Energy Limited Associate 26.00

1. Permanent (D) 35 33 94 2 6 13 ABREL (MP) Renewables Limited Associate 26.00

2. Other than Permanent (E) 1 1 100 0 0 14 ABREL (RJ) Projects Limited Associate 26.00

3. Total differently abled 36 34 94 2 6 15 Bhaskarpara Coal Company Limited Associate 47.37

employees (D + E) 16 Madanpur (North) Coal Company Private
Joint Venture 11.17
DIFFERENTLY ABLED WORKERS Limited

4. Permanent (F) 19 18 95 1 5 *with effect from 24th December, 2024

5. Other than permanent (G) 12 12 100 0 0
6. Total differently abled 31 30 97 1 3 VI. CSR DETAILS
workers (F + G)
24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) - Yes
21. Participation/Inclusion/Representation of women: (ii) Turnover: (in `) 70,857 crores.

No. and percentage of Females

(iii) Net worth: (in `) 69,678 crores.
Particulars Total (A)
No. (B) % (B/A)
VII. TRANSPARENCY AND DISCLOSURES COMPLIANCES
Board of Directors 10 3 30
25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Key Management Personnel 4 - - Responsible Business Conduct:

Stakeholder Grievance Redressal FY 2024-25 FY 2023-24

22. Turnover rate for permanent employees and workers: group from whom Mechanism in Place (Yes/
(Disclose trends for the past 3 years) complaint is No) (If Yes, then provide Number of Number of Remarks Number of Number of Remarks
received web-link for grievance complaints complaint complaints complaint
redress policy) filed during pending filed during pending
FY 2024-25 FY 2023-24 FY 2022-23
Particulars the year resolution at the year resolution at
Male Female Total Male Female Total Male Female Total close of the close of the
year year
Permanent Employees 9.42 15.25 9.78 10.10 14.05 10.68 9.85 15.39 10.52
Communities - - - - - -
Permanent Workers 5.08 - 5.07 5.37 - 5.20 5.09 - 4.96
Investors - - - - - -
(other than
V. HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES) shareholders) Yes. The Company has
a grievance redressal
23. (a) Names of holding / subsidiary / associate companies / joint ventures: Shareholders 153 9 - 108 2 -
mechanism in place,
S. Name of the holding / subsidiary / associate Indicate whether % of shares Does the entity indicated at column details whereof are
Employees and 1,128 35 - 1,146 109 -
No. companies / joint ventures (A) holding/Subsidiary/ held by listed A, participate in the Business available at https://
workers
Associate/ Joint entity Responsibility initiatives of the listed www.ultratechcement.
Venture entity? (Yes/No) com/corporate/
Customers 3,420 134 - 1,632 49 -
investors-/corporate-
1 Grasim Industries Limited Holding 56.11 Sr. No. 1: Grasim Industries
Value Chain governance - - - - - -
Limited follows its separate
2 Bhagwati Lime Stone Company Private Limited Subsidiary 100.00 Partners
business responsibility initiatives.
3 Gotan Lime Stone Khanij Udyog Private
Subsidiary 100.00 Sr. Nos. 2 to 8: The Company’s Other (please - - - - - -
Limited
business responsibility initiatives specify)
4 Harish Cement Limited Subsidiary 100.00 apply to its subsidiaries.
5 UltraTech Cement Lanka (Pvt.) Limited Subsidiary 100.00 26. Overview of the entity’s material responsible business conduct
6 UltraTech Cement Middle East Investments Subsidiary 100.00 Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
7 Letein Valley Cement Limited Subsidiary 100.00 social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach
8 The India Cements Limited* (“ICEM”) Subsidiary 81.49 to adapt or mitigate the risk along-with its financial implications, as per the following format.
9 Aditya Birla Renewables SPV 1 Limited Associate 26.00
10 Aditya Birla Renewables Energy Limited Associate 26.00
11 ABREL (Odisha) SPV Limited Associate 26.00

254 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 255
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Business Responsibility & Sustainability Report

S. Material issue identified Indicate Rationale for identifying the In case of risk, approach to Financial implications S. Material issue identified Indicate Rationale for identifying the In case of risk, approach to Financial implications
No. whether risk risk / opportunity adapt or mitigate of the risk or No. whether risk risk / opportunity adapt or mitigate of the risk or
or opportunity opportunity (Indicate or opportunity opportunity (Indicate
(R/O) positive or negative (R/O) positive or negative
implications) implications)

1 Health & Safety Risk The Company places great UltraTech follows ‘Zero Negative 6 Sustainable Supply Chain Opportunity Scope 3 reduction and - Positive
importance on Health and harm culture’. Some (Local sourcing) implementation of
Safety. It endeavors to initiatives are: - ‘Pratibimb’ sustainable mining practices.
make the work place safe (Cluster head conducting 7 Customer Opportunity Customer focus is paramount - Positive
for all employees, thereby walk through inspections Centricity for the Company. Meeting
enhancing their well being across Units); Contractor the demands of the
and productivity. connects initiatives, customers and engaging
with them help the Company
viz. ‘Hamein apki parva
maintain goodwill and
hain’. Investigation, enhance brand value.
Digitalisation, Corrective
8 Technology Opportunity Greater brand value and - Positive
and Preventive actions.
Transformation customer preference for
2 Circularity/Sustainable Opportunity Circularity helps the - Positive the Company’s products.
Material Innovation Company to save on natural
resources. Using alternative
fuels, it helps the Company
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
to reduce the use of fossil This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards
fuels and simultaneoulsy
adopting the NGRBC Principles and Core Elements.
reduce Green House Gas
(“GHG”) emissions. The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) released
3 Sustainable Products Opportunity Products that are low on - Positive by the Ministry of Corporate Affairs has adopted nine areas of Business Responsibility. These briefly are as follows:
resource utilisation and help
P1 - Business should conduct and govern themselves with Ethics, Transparency and Accountability.
customers achieve their
sustainability goals will help P2 - Businesses should provide goods and services that are safe and contribute to sustainability throughout their life
in achieving sustainability in cycle.
the Company’s value chain.
P3 - Businesses should promote the wellbeing of all employees.
4 Energy Management & Opportunity Enhancing the energy - Positive
Efficiency efficiency and reducing its P4 - Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are
consumption provides an disadvantaged, vulnerable and marginalized.
opportunity to reduce CO2
emissions. P5 - Businesses should respect and promote human rights.

P6 - Business should respect, protect, and make efforts to restore the environment.
5 GHG Emissions Risk In cement manufacturing To mitigate the risk, Negative
(Carbon Intensive Sector; limestone is the major the Company has set P7 - Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.
Carbon Tax) material and fuel is voluntary targets to reduce
required for heating. CO2 is emissions by 27% and 69% P8 - Businesses should support inclusive growth and equitable development.
released from calcination of for scope 1 and scope 2,
P9 - Businesses should engage with and provide value to their customers and consumers in a responsible manner.
limestone and combustion respectively, by 2032 from
of fuel, which leads to global 2017 as the base year,
P P P P P P P P P
warming. GHG emission which is validated by SBTi. Disclosure Questions
1 2 3 4 5 6 7 8 9
may impact business The Company focuses
continuity and cause business on an enhanced circular Policy and management processes
disruption. economy, 100% energy
1. a. Whether your entity’s policy/policies cover each principle and its core elements of Y Y Y Y Y Y Y Y Y
transition, a new product
the NGRBCs. (Yes/No)
portfolio, and exploring
and piloting the CCU b. Has the policy been approved by the Board? (Yes/No) Y Y Y Y Y Y Y Y Y
technologies through the
GCCA consortium to find c. Web Link of the Policies, if available Policies can be found on
https://www.ultratechcement.com/
economical and technical
corporate/investors-/corporate-
viable options to achieve governance
net Zero by 2050.
2. Whether the entity has translated the policy into procedures. (Yes / No) Y Y Y Y Y Y Y Y Y

256 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 257
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Business Responsibility & Sustainability Report

P P P P P P P P P P P P P P P P P P
Disclosure Questions Disclosure Questions
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9

3. Do the enlisted policies extend to your value chain partners? (Yes/No) The Company expects its value chain 11. Has the entity carried out independent assessment/ evaluation of the working of its Yes, assured by an independent agency
partners to adhere to the Company’s policies by an external agency? (Yes/No). If yes, provide name of the agency. (Ernst and Young Associates LLP).
enlisted policies in all their dealings with 12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
the Company.
The entity does not consider the Principles material to its business (Yes/No)
4. Name of the national and international codes/certifications/labels/ standards (e.g. The policies are based on prescribed The entity is not at a stage where it is in a position to formulate and implement the
Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustea) standards (e.g. SA principles, conformance to the spirit of policies on specified principles (Yes/No)
8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle. international standards like ISO 9000; The entity does not have the financial or/human and technical resources available for Not Applicable
ISO 14000; OHSAS 18000; ISO 45000; ISO the task (Yes/No)
50000; SA 8000; UNGC Guidelines; GRI
It is planned to be done in the next financial year (Yes/No)
Standards; BIS Standards; ILO Principles;
WBCSD; IGBC GreenPro. Any other reason (please specify)

5. Specific commitments, goals and targets set by the entity with defined timelines, if any. For commitments, goals and

6. Performance of the entity against the specific commitments, goals and targets along-
targets relating to Environment and SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
Social, please refer to Targets and
with reasons in case the same are not met.
Achievements section of the Integrated This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements
and Sustainability Report FY 2024-25. with key processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the
essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership
Governance, leadership and oversight
indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially,
7. Statement by director responsible for the business responsibility report, highlighting ESG Please refer to the message of the environmentally and ethically responsible.
related challenges, targets and achievements (listed entity has flexibility regarding the Managing Director forming part of this
placement of this disclosure): Integrated and Sustainability Report. PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is
8. Details of the highest authority responsible for implementation and oversight of the Mr. K. C. Jhanwar Ethical, Transparent and Accountable
Business Responsibility policy (ies). DIN: 01743559
Designation: Managing Director Essential Indicators:
Telephone: 022 66917800 1. Percentage coverage by training and awareness programmes on any of the Principles during the financial
email: [email protected]
year:
9. Does the entity have a specified Committee of the Board/ Director responsible for Yes.
Segment Total number of training Topics /principles covered % age of persons in
decision making on sustainability related issues? (Yes / No). If yes, provide details. Risk Management and Sustainability and awareness under the training respective category
Committee. The Committee comprises programmes held and its impact covered by the awareness
programmes
of:
- Mr. Anjani Kumar Agrawal, Board of Directors (“BoDs”) 1 All 100
Independent Director Key Managerial Personnel (“KMPs”) 2 All 100
- Mr. K. C. Jhanwar, Managing Director
- Mr. Atul Daga, Chief Financial Officer Employees other than BoD and KMPs 5 All 81
For further details, please refer to the Workers 1 All 100
Corporate Governance Report forming
part of this Integrated and Sustainability
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
Report.
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
10. Details of Review of NGRBCs by the Company: financial year, in the following format:
Subject for Review Indicate whether review was undertaken Frequency (Annually/ Half yearly/ (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing
by Director / Committee of the Board/ Any Quarterly/ Any other – please specify)
Obligations and Disclosure Requirements) Regulations, 2015 and as disclosed on the entity’s website):
other Committee
Monetary
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9 NGRBC Principle Name of the regulatory Brief of the Case Has an appeal
enforcement agencies/ been preferred?
Performance against above policies and follow up Committees of the Board Annually judicial institutions (Yes/No)
action
Penalty/ Fine
Compliance with statutory requirements of Committees of the Board Quarterly Settlement Nil
relevance to the principles, and, rectification of
Compounding fee
any non-compliances

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Non-Monetary
9. Open-ness of business
NGRBC Principle Name of the regulatory Brief of the Case Has an appeal Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with
enforcement agencies/ been preferred? loans and advances & investments, with related parties, in the following format:
judicial institutions (Yes/No)

Imprisonment Parameter Metrics FY 2024-25 FY 2023-24

Nil
Punishment Concentration of Purchases* a. Purchases from trading houses as % of total purchases 6.89% 2.12%
b. Number of trading houses where purchases are made
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where 81 268
from
monetary or non-monetary action has been appealed.
c. Purchases from top 10 trading houses as % of total
83% 92%
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions purchases from trading houses
Not Applicable Concentration of Sales* a. Sales to dealers / distributors as % of total sales 56% 58%
b. Number of dealers / distributors to whom sales are
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, 39,973 34,971
made
provide a web-link to the policy.
c. Sales to top 10 dealers / distributors as % of total sales
Yes. The policy is available on the Company’s weblink - https://www.ultratechcement.com/content/dam/ 2.45% 2.72%
to dealers / distributors
ultratechcementwebsite/pdf/policies/anti-money-laundering-and-anti-bribery-and-corruption-policy-old.pdf
Share of RPTs in a. Purchases (Purchases with related parties / Total
1.48% 0.28%
It is applicable to all employees and sets out steps employees must take to avoid being implicated for money Purchases)
laundering and to prevent the Company’s involvement in any activity relating to bribery, facilitation payments, or b. Sales (Sales to related parties / Total Sales) 0.07% 0.03%
corruption, even where the involvement may be un-intentional.
c. Loans & advances (Loans & advances given to related
0.03% 0.23%
parties /Total loans & advances)
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption: d. Investments (Investments in related parties / Total
5.82% 11.75%
Investments made)
Monetary FY 2024-25 FY 2023-24
*Excluding ICEM.
Directors
Leadership Indicators:
KMPs
Nil Nil 1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
Employees

Workers Total number of awareness Topics / principles covered under the training % age of value chain partners covered (by value
programmes held of business done with such partners) under the
awareness programmes
6. Details of complaints with regard to conflict of interest:
Good construction practices, site demonstration
FY 2024-25 FY 2023-24
on efficient usage of cement and other building
products, benefits of the Company’s GreenPro
Number Remarks Number Remarks certified cement and products, plant visits
showcasing the quality assurance / quality
Number of complaints received in relation to issues
~1,65,564 control measures, sustainability initiatives taken 38-40
of Conflict of Interest of the Directors during cement manufacturing, etc. Various
Nil Nil
Number of complaints received in relation to issues of aspects of green home construction like GreenPro
certified products, home plans for better light
Conflict of Interest of the KMPs
and ventilations, Green practices like rainwater
harvesting, etc.
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of 2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
interest. Board? (Yes/No) If Yes, provide details of the same.
Not Applicable. Yes, the Company has a code of conduct for the Board and Senior Management pursuant to the provisions of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the Regulations”).
following format:
Further, the Board Members and KMPs confirm, at the beginning of every financial year and as and when there is
Case Details FY 2024-25 FY 2023-24 any change in such interest, that there was no material, financial and commercial transactions with the Company,
Number of days of accounts payables 53.70 53.41 where they have interest that may have any potential conflict. The Directors do not participate in agenda items at
the Board/ Committee meetings in which they are interested or deemed to be interested.

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PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe 2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any
Essential Indicators other means, briefly describe the same along with action taken to mitigate the same.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
Name of product/ Service Description of the risk/ concern Action Taken
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively. Ordinary Portland Cement, Portland • Abiotic depletion elements and • Use of alternative fuels and raw
Pozzolana Cement, Portland Slag fossils. materials, including waste and recycled
FY 2024-25 FY 2023-24 Details of improvements in environmental and social impacts Cement, Portland Composite Cement. • Global warming potential – high materials to reduce dependence on
GHG emissions. natural resources.
Green concrete, low water requirement concrete, improvement in energy • Transition to renewable energy and
R&D 48.07 39.37
efficiency, and others. recovery of waste heat to produce
power and reducing dependence on
Energy efficiency, waste heat recovery, renewable energy, air emission control,
thermal power plants.
Capex 8.10 2.44 alternative fuel handling systems, rainwater harvesting, STP instalments and
enhanced safety systems. • Low carbon products - reducing clinker
content in cement.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)- Yes • Investment in R&D for technological
advancements to achieve carbon
b. If yes, what percentage of inputs were sourced sustainably? – 31% neutrality.

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the 3. Percentage of recycled or reused input material to total material (by value) used in production (for
end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste. manufacturing industry) or providing services (for service industry).

The Company is following prescribed guidelines by CPCB/MOEF for disposing/end of life of plastic bags being used Indicate input material Recycled or re-used input material to
for packaging of cement. We are co-processing plastic waste in our cement kilns for safe disposal in environment total material

friendly manner. FY 2024-25 FY 2023-24

Recycled and reused material from alumina and steel industry and other sources 21.73 20.85
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted 4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
to Pollution Control Boards? If not, provide steps taken to address the same. recycled, and safely disposed, as per the following format:
Yes, Extended Producer Responsibility (EPR) is applicable to the Company. The waste collection plan is in line with
FY 2024-25 FY 2023-24
the EPR plan submitted to concerned authorities.
Re-used Recycled Safely Re-used Recycled Safely
disposed disposed
Leadership Indicators Plastics (Including packaging) Nil Nil 1,36,000 Nil Nil 1,26,883
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for E-waste
manufacturing industry) or for its services (for service industry)? If yes, provide details in the following Hazardous waste Not Applicable Not Applicable
format:
Other Waste
NIC Name of product/ service % of total Boundary for Whether Details of improvements in
Code Turnover which the Life conducted by environmental and social impacts
contributed Cycle Perspective independent 5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
/ Assessment was external agency category.
conducted
Indicate product category Reclaimed products and their packaging materials as % of total products sold in respective category
2394 Ordinary Portland Cement, 96.88 Cradle-to-Gate Yes https://api.environdec.com/api/
Portland Pozzolana Cement, v1/EPDLibrary/Files/f23f7e4e-486b- Not Applicable
Portland Slag Cement, 4dd4-acff-08da599e304a/Data
Composite Cement

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PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those 2. Details of retirement benefits, for Current and Previous Financial Year.
in their value chains.
Benefits # FY 2024-25 FY 2023-24
Essential Indicators No. of employees covered No. of Deducted No. of employees No. of Deducted
as a % of total employees workers and covered as a % of total workers and
1. a. Details of measures for the well-being of employees: covered as deposited employees covered as deposited
a % of total with the a % of total with the
% of employees # covered by workers authority workers authority
(Y/N/N.A.) (Y/N/N.A.)
Accident Maternity Paternity Day Care
Health insurance
Category insurance benefits Benefits facilities PF 100 100 Yes 100 100 Yes
Total (A)
Number % Number % Number % Number % Number % Gratuity 100 100 Yes 100 100 Yes
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
ESI NA 4 Yes NA 1.85 Yes
Permanent employees
Others – please specify Superannuation: 10.7 - Yes Superannuation: 8 - Yes
Male 19,809 19,809 100 19,809 100 - - 17,535 89 - - NPS: 9.5 NPS: 8
Female 1,368 1,368 100 1,368 100 1,368 100 - - - - # Data specific to India
Total 21,177 21,177 100 21,177 100 1,368 6 17,535 83 - -
3. Accessibility of workplaces
Other than Permanent employees
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
Male 6,723 6,703 99.7 6,722 99.9 - - - - - - requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by
Female 403 402 99.8 402 99.8 402 99.8 - - - - the entity in this regard.

Total 7,126 7,105 99.7 7,124 99.9 402 6 - - - - Yes, the Company provides equal opportunity to disabled employees. Operations and office premises are accessible
to differently abled employees and workers.
#Data specific to India
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016?
b. Details of measures for the well-being of workers: If so, provide a web-link to the policy.
% of workers # covered by The Company is committed to being an equal opportunity employer and ensures an inclusive workplace for all
Health insurance
Accident Maternity Paternity Day Care its employees. The Company’s anti-harassment and anti-discrimination policy highlights that it provides equal
Category insurance benefits Benefits facilities
Total (A)
opportunity to all, without discriminating on any grounds, be of gender, age, sex, religion, cultural background,
Number % Number % Number % Number % Number % health or medical condition, physical ability, appearance, marital status, etc. The policy is uploaded on the
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Company’s website at https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/policies/Anti-
Permanent workers Harassment%20and%20Discrimination%20Policy_2021.pdf
Male 6,208 6,208 100 6,208 100 - - - - - -
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Female 22 22 100 22 100 22 100 - - - -
Gender Permanent employees Permanent workers
Total 6,230 6,230 100 6,230 100 22 0.35 - - - -
Return to work Retention Return to work Retention
Other than Permanent workers rate rate rate rate

Male 53,551 30,292 57 32,553 61 - - - - - - Male 100 87 - -

Female 100 68 - -
Female 1,333 660 50 688 52 1,294 97 - - - -
Total 100 86 - -
Total 54,884 30,952 56 33,241 61 1,294 2.4 - - - -

#Data specific to India 6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief.
c. Spending on measures towards well-being of employees and workers (including permanent and other
Yes/No (If Yes, then give details of the mechanism in brief)
than permanent) in the following format:
Permanent Workers 1) Arranging Tool Box Talk (TBT) across Units.
FY 2024-25 FY 2023-24
Other than Permanent Workers 2) Compulsory shop floor visits by Employee Relations team
Cost incurred on well- being measures as a % of total revenue of the company 0.29 0.18 under Employee Relations Aapke ke Dwar an initiative where
concerns relating to working conditions and wellness issues
are heard and addressed.

3) Monthly meetings with Unions at the Units.

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9. Details of performance and career development reviews of employees and worker:

Yes/No (If Yes, then give details of the mechanism in brief)

Permanent Employees Xpedite - Employee Grievance Handling Process – an online tool FY 2024-25 FY 2023-24
Category
where employees can raise their grievances, which are heard and Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
addressed.
Employees
Other than Permanent Employees HR@desk - an initiative to listen to employee grievances, wherein
the HR team visit various departments to listen to and resolve Male 20,066 19,391 97 16,757 16,173 97
concerns.
Female 1,390 1,334 96 1,160 1,084 93
Total 21,456 20,725 97 17,917 17,257 96
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Workers
Category # FY 2024-25 FY 2023-24
Male 6,452 6,452 100 5,740 3,969 69
Total employees / No. of % (B/A) Total employees / No. of % (D/C)
workers in respective employees workers in respective employees Female 22 22 100 13 12 92
category / workers in category (C) / workers in
(A) respective respective
Total 6,474 6,474 100 5,753 3,981 69
category, who category, who
are part of are part of
association(s) association(s) 10. Health and safety management system:
or Union or Union (D)
(B) a. Whether an occupational health and safety management system has been implemented by the entity?
Total Permanent - - - - - - (Yes/ No). If yes, the coverage such system?
Employees
Yes. The Company has established, implemented and maintained an occupational health and safety
- Male - - - - - - management system as outlined in ISO 45001. All Units have been certified except for a few recently acquired
- Female - - - - - - Units.

Total Permanent Workers 6,230 5,236 84 5,508 4,722 86 b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
- Male 6,208 5,221 84 5,495 4,710 86

- Female 22 15 68 13 12 92 The Company has established a comprehensive standard on Hazard Identification and Risk Assessment
(“HIRA”). All Units form a cross-functional team of trained employees and experienced workers that identifies
# Data specific to India each activity-wise (both routine and non-routine) hazards, assesses associated risks considering exposure,
severity and probability and formulates control measures based on the significance of the risks. UltraTech
8. Details of training given to employees and workers: follows hierarchy of control in the following order to reduce the risk to As Low As Reasonably Practicable
(“ALARP”) level: elimination, substitution, engineering control, administrative control and Personal Protective
FY 2024-25 FY 2023-24
Equipment (“PPE”). In addition, for critical jobs requiring permit to work, detailed Safe Work Procedure (“SWP”)
On Health and On Skill On Health and On Skill
Category safety measures upgradation safety measures upgradation
is made and followed.
Total Total
(A) No. % No. % (D) No. % No. % c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
such risks. (Y/N)
Employees
Yes. Workers are encouraged to report work-related hazards during conduct of HIRA, before start of activity
Male 20,066 9,664 48 15,303 76 16,757 7,945 47 14,045 84 during Tool-Box Talk (“TBT”), Contractor Connect Initiative (“CCI”) as well as during Unit safety committee
Female 1,390 582 42 1,158 83 1,160 430 37 1,044 90 meeting. Moreover, UltraTech has put in place a system of raising safety-related concerns by workers through a
dedicated safety toll-free No. while keeping the identity of the caller anonymous.
Total 21,456 10,246 48 16,461 77 17,917 8,375 47 15,089 84
Every safety related issue raised by workers is addressed without undue delay. Workers are also empowered
Workers not to engage in any activity if they consider the same is not safe through a system of “60 seconds to think”
Male 6,452 5,180 80 3,038 47 5,740 4,363 76 2,280 40 wherein unless answer to all the seven well thought-out checkpoints are “yes”, they can decline to do that
activity.
Female 22 20 91 6 27 13 11 85 6 46

Total 6,474 5,200 80 3,044 47 5,753 4,374 76 2,286 40 d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
(Yes/ No)

Yes. Doctors and other health care service providers are there at Units to cater to the medical needs of
employees and workers.

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11. Details of safety related incidents, in the following format: 14. Assessments for the year:
Safety Incident/Number Category* FY 2024-25 FY 2023-24 % of your plants and offices that were assessed

Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours Employees 0.21 0.12 (by entity or statutory authorities or third parties)
worked) Health and safety practices 100% by the Company, 50% by third party
Workers 0.19 0.07
Working Conditions 100% by the Company, 50% by third party
Total recordable work-related injuries Employees 15 11

Workers 77 44
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
No. of fatalities Employees 2 0 significant risks / concerns arising from assessments of health & safety practices and working conditions.
Workers 6 5
For prevention of recurrence of similar incidents, lessons learnt through those are circulated across all Units
High consequence work-related injury or ill-health (excluding fatalities) Employees 9 5 through Red Corner Notice (RCN) and Black Corner Notice (BCN) followed by periodic review of progress on
Workers 38 15 compliance of recommended corrective and preventive actions. In addition, crisp animated incident learning videos
have been made available in English, Hindi and local languages to sensitize employees and contract workers about
*Including the contract workforce, excluding third-party.
serious incidents and their negative impact.
12. Describe the measures taken by the entity to ensure a safe and healthy work place. “Risk-e-thon” driven at all manufacturing locations to identify and mitigate risks. Mandatory morning rounds
The Company has been striving relentlessly to take safety, a non-negotiable aspect of the business, to the next by employees institutionalized to increase field presence. Rectification of identified gaps if any is done and
higher level of maturity and realize organizational goal of “zero harm.” implementation tracked through CAPA (corrective and preventive action) module.

In line with the well-proven Plan-Do-Check-Act (“PDCA”) cycle, substantial endeavors have been put to continually Apart from HIRA, detailed SWP is made and followed for critical jobs requiring permit to work.
improve Company’s safety culture. Right from preparing a meticulous plan, putting emphasis on implementation, In order to unearth unsafe conditions at workplaces, discrepancies are identified and reported through walk
reviewing and tracking progress of decided actions to chart out next course of action- there have been numerous through inspection (“WTI”) process with the help of comprehensive check-list. Identified gaps are rectified.
initiatives.
With an objective to identify unsafe acts/ behaviors of people and set those right through instant intervention,
As far as governance is concerned, OH&S board chaired by Managing Director reviews overall effectiveness of safety behavior observation- a six step process is conducted at Units.
safety management system once in every two months. In addition, eight different subcommittees headed by
Manufacturing Cluster Heads and Corporate Function Heads at board-level and six subcommittees at unit-level Third Party Safety Audit (“TPSA”) is conducted at selected Units by independent expert agency to evaluate degree
headed by Unit Heads have been functioning to strengthen various important elements of safety and reviewing of compliance with critical safety standards. Audit reports are shared with Units and implementation of corrective
effectiveness periodically. actions is monitored.

Company has taken a lot of digital initiatives too. For example: mySetu, the safety management portal is there for Second Party Safety Audit (“SPSA”) is conducted at all remaining Units by trained employees of other Units and
improving convenience and effectiveness in reporting and analysis of various safety related information and data. appropriate corrective actions are taken against reported deficiencies. Trained employees of all Units carry out First
Online Permit To Work (PTW) system is in place for performing hazardous activities. Party Safety Audit (“FPSA”) using pre-defined protocol.

Chetna - A generative AI assistant is available for safety data (safety observations, walk-through inspections and In addition, periodic structural stability assessments are done at Units by experts/ trained assessors and identified
incidents) analysis. With the help of Power BI dashboard, departments can get insights related to causes and deficiencies get rectified.
suggested actions along with trends.
Training for Safety leadership, Standard Champions, Structural stability assessment, Safety auditors, Process Safety
For details, please refer to the safety section of Management Discussion and Analysis (MDA). Management (“PSM”), Incident investigation, VR-enabled safety training, e-learning on critical high-risk activities,
safety induction, display of pictorial SOPs on high-risk activities etc. are organized to build competence.
13. Number of Complaints on the following made by employees and workers:
Leadership Indicators
FY 2024-25 FY 2023-24

Category Pending Pending 1. Does the entity extend any life insurance or any compensatory package in the event of death of (A)
Filed during Filed during
resolution at Remarks resolution at Remarks Employees (Y/N) (B) Workers (Y/N).
the year the year
the end of year the end of year

Working Conditions 0 0 - 55 2 - (A) Employees - (Y) (B) Workers - (Y).

Health & Safety 57 0 - 27 5 -
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.

The Company conducts regular structured audits for compliance. Also, monthly bills of the contractor are
scrutinized through a well-defined check list to detect any non-compliance.

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3. Provide the number of employees / workers having suffered high consequence work- related injury / ill- • In line with “mentor-mentee” concept, all workers across Company Units have been aligned to executives in
health / fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and 1:5 ratios to closely work on improving safety behaviors.
placed in suitable employment or whose family members have been placed in suitable employment:
• Safety Incubation Centers (SIC) established at 7 Units – Awarpur & Manikgarh, Maihar, Rajashree, Andhra
Total no. of affected employees/ workers No. of employees/workers that are rehabilitated and Pradesh Cement Works, Nathdwara & Hirmi to improve behavioral safety of front-line employees and contract
placed in suitable employment or whose family members
have been placed in suitable employment workers. Through this, they have been sensitized through communicating about what negative impact they
might have to face in terms of injury/ illness if they don’t follow laid down safety norms.
FY 2024-25* FY 2023-24* FY 2024-25* FY 2023-24*

Employees - 2 Fatality - 0 Fatality Fatalities: Compensation LWC - all injured person • VR-enabled safety training on 44 modules imparted across Units along with driver safety training module in
- 9 Lost Work Case - 5 LWC given to family members resumed to duty. Hindi.
(“LWC”) of both the deceased.
LWC: • Safety toll free number: To make each employee /contract workers aware that they can act as whistle blowers
All LWC injured person to save lives, an exclusive safety toll free number is available 24 X 7. This acts as an effective deterrent against
resumed duty. engaging in high risk activities without taking requisite safety precautions. The concerns voiced are addressed
Workers - 6 Fatality - 5 fatality Fatalities: Compensation Fatalities - 3 cases: keeping the caller’s identity anonymous.
- 38 LWC - 15 LWC given to family members compensation paid and
of all 6 deceased. employment provided to • PRATIBIMB 2.O: Zone owners of Units are connected with COOs through on-line sessions to review their risk
Suitable employment legal heirs of respective perception with an aim for risk perception improvement, discussion on repeated findings and establishing
provided to deceased of deceased persons. emotional and behavioral safety connect with their safety ambassadors and mentees.
2 workers. 2 cases: compensation
LWC: paid to the family.
All LWC injured person LWC - all injured person PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
resumed to duty. resumed duty.
Essential Indicators
*Including contract workmen and excluding third party.

1. Describe the processes for identifying key stakeholder groups of the entity.
4. Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? (Yes/No) - Please refer to the Stakeholder Engagement section forming part of this Report.

As an organization, your Company eases employees’ retirement process by providing retirement planning 2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
support. Retiring employees can give their preference of location to settle down post-retirement and the goods stakeholder group.
transportation for the employees is undertaken in terms of the mobility policy. However, programs to facilitate
continued employability is not a part of this support. Stakeholder Group Whether identified as Channels of Communication Frequency of Engagement Purpose and Scope of
Vulnerable & Marginalized (Email, SMS, Newspaper, (Annual / Half Yearly / engagement including key
5. Details on assessment of value chain partners Group (Yes/No) Pamphlets, Advertisement, Quarterly / Others – Please topics and concerns raised
Community Meetings, specify) during such engagement
Notice Board, Website)
% of value chain partners (by value of business done with such
partners) that were assessed other

Industry No - Meetings Annually and as and Information exchange

Health and safety practices Around 75% contractors- through Pre-qualification (PQ) score &
Contractor Filed Safety Audit (“CFSA”) Associations - Website when required on key sustainability
Working Conditions - Integrated and parameters
Sustainability Report
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising Shareholders, No - General meetings Quarterly; Annually and The Company engages
from assessments of health and safety practices and working conditions of value chain partners Lenders & Investors - Investor meetings as and when required with all its stakeholders.
- Integrated and It helps to enrich
• Contractor Safety Management: Contracts are awarded based on evaluation of PQ score. All contract workers
Sustainability Report business conduct by
mandatorily undergo safety induction prior to be deployed at work. Their safety performance is periodically - Investor Presentation understanding their
checked through CFSA and is measured by Severity Index (S.I.). Contractors with S.I. greater than 1.5 are - One-on- One meetings priorities and addressing
counselled and those found with serious violations are penalized. their queries and
concerns.
• Contractor Connect Initiative (CCI): Live work being executed by contractual workmen at various Units
are reviewed by Heads of other Units through on-line interaction. Gaps identified are closed. Progressive
Consequence Management (PCM) actions are applied against unsafe acts as well as persons are rewarded in
appreciation of their positive safety behavior.

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Stakeholder Group Whether identified as Channels of Communication Frequency of Engagement Purpose and Scope of Leadership Indicators
Vulnerable & Marginalized (Email, SMS, Newspaper, (Annual / Half Yearly / engagement including key
Group (Yes/No) Pamphlets, Advertisement, Quarterly / Others – Please topics and concerns raised 1. Provide the processes for consultation between stakeholders and the Board on economic, environmental,
Community Meetings, specify) during such engagement and social topics or if consultation is delegated, how is feedback from such consultations provided to the
Notice Board, Website)
other
Board.

Government No - Integrated and Annually / Quarterly / Good governance The Company’s Mission - To deliver superior value to the stakeholders on the four pillars of:
and Regulatory sustainability report Monthly and as and when practice;
Sustainability | Innovation | Team Empowerment | Customer Centricity.
Authorities and regulatory filings required community engagement;
- Facility inspections regulatory compliance;
As a step in this direction, the Company engages with stakeholders as on ongoing process - be it investors; lenders;
- One-on-One meetings environmental initiatives.
analysts; shareholders; employees; customers; suppliers and other channel partners.
Assessing upcoming
regulations to This enables the Company to feel the pulse of stakeholders, their expectations and aspirations. Feedback received
mitigate regulatory risks. during interactions with stakeholders are deliberated by the management team and implemented, where
Employees No - Internal Daily Employee engagement appropriate.
communication is an on-going exercise
platforms conducted throughout
The Board and relevant Committees are briefed about the interactions with the stakeholders and action
- Townhalls the year. implemented.
The Company has also set
up a formal mechanism 2. Whether stakeholder consultation is used to support the identification and management of environmental,
for this – the Vibes and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders
employee survey, which on these topics were incorporated into policies and activities of the entity.
includes all its employees.
Stakeholders form an integral part of the Company’s business. Consultations are in the form of investor meetings;
Community Yes - Community meetings Periodic /Ongoing Support the stakeholder/ employee engagement; vendor / dealer meets; inter-action with host communities; training programs, among
- Need assessment, communities by others.
baseline, impact empowerment and
assessment and other capability enhancement The Company is committed to driving sustainability. It is focusing on reducing the carbon emissions by a number
studies through projects/ of ways. The decarbonisation framework includes driving efficiency improvements, introducing new technologies
- Trainings and programmes on for reducing carbon footprint, using alternative energy, recovering waste heat, increasing renewables in the energy
workshops education, health. mix, introducing green product continuously in the portfolio, adopting circularity, reducing water usage and
sustainable livelihood ,
improving biodiversity. It also has effective community management and human rights management.
need based infrastructure
and Social Causes The Company benchmarks its sustainability practices with global players through Global Cement and Concrete
Customers Yes - Company website Periodic Evaluating satisfaction Association (“GCCA”). As the founding member of the GCCA, the Company has played a pivotal role in launching
- Product Campaigns level of customers using GCCA’s India operations and exploring the new technology adoption possibilities.
- Surveys Net Promoter Score
The Company undertakes its social initiatives under the aegis of The Aditya Birla Centre for Community Initiatives
- Grievance Redressal (NPS) methodology.
Understanding customer and Rural Development, under the able leadership of Mrs. Rajashree Birla. The key focus areas are education,
preference, and shift in healthcare, women-empowerment, sustainable livelihood, infrastructure and social reform.
awareness.
It follows a bottom-up approach for all social projects. All projects are planned in consultation with the community.
Suppliers and Yes - Review Meetings Periodic Engagement with The process involves interacting with them and understanding their challenges and issues. We interact with
Contractors - Vendor Interactions suppliers and contractors village panchayats and prepare a list of requirements based on in-depth focused discussions. Implementation and
- Performance reports by adhering to the supply
monitoring of a project is a mutual responsibility of the community and the team. Regular community stakeholder
- Feedback and chain code of conduct,
meetings are held to ensure appropriate implementation process is followed. Once the project achieves a status
grievance forms thereby developing
of self-sustenance, ownership is transferred to the villagers. This transfer of responsibility ensures a culture of
long-term business
empowerment and self-reliance.
relationships and
mitigating supply chain
risks.

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3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ 2. Details of minimum wages paid to employees and workers, in the following format:
marginalized stakeholder groups.
FY 2024-25 FY 2023-24
The Corporate Social Responsibility (“CSR”) projects of the Company aim to focus on a social transformation in the
Equal to More than Equal to More than
life of its disadvantaged, vulnerable and marginalised stakeholders. The Company ensures that the CSR funds are Minimum Minimum Minimum Minimum
Category #
utilised in an optimum manner that uplifts the weaker sections of the society. Wage Wage Total Wage Wage
Total (A)
(D)
No. % No. % No. % No. %
The Company works towards overall development of the way of life of the communities around its Units, most of (B) (A/B) (C) (C/A) (E) (E/D) (F) (F/D)
which are in distant rural areas and tribal belts. It reaches out to more than 1.8 million people across 500 villages
Employees
spanning 16 states.
Permanent 21,177 - - 21,177 100 17,633 - - 17,633 100
It works to actively contribute to the social and economic development of communities in which it operates. The
Male 19,809 - - 19,809 100 16,495 - - 16,495 100
details of projects undertaken under CSR activities towards vulnerable / marginalised stakeholder groups are
provided in the Social Report section of this Report. Female 1,368 - - 1,368 100 1,138 - - 1,138 100

Other than Permanent 7,126 - - 7,126 100 6,302 - - 6,302 100

PRINCIPLE 5: Businesses should respect and promote human rights Male 6,723 - - 6,723 100 5,925 - - 5,925 100

Essential Indicators Female 403 - - 403 100 377 - - 377 100

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, Workers

in the following format: Permanent 6,230 3 0.05 6,227 99.9 5,508 - - 5,508 100

FY 2024-2025 FY 2023-2024 Male 6,208 - - 6,208 100 5,495 - - 5,495 100

No. of No. of Female 22 3 14 19 86 13 - - 13 100

Category
employee / employees
Total (A) % (B/A) Total (C) % (D/C) Other than Permanent 54,884 24,910 45 29,974 55 52,878 26,719 51 26,159 49
workers / workers
covered (B) Covered (D)
Male 53,551 23,948 45 29,603 55 51,718 25,810 50 25,908 50
Employees
Female 1,333 962 72 371 28 1,160 909 78 251 22
Permanent 21,456 1,386 6.5 17,917 - - # Data representative of employees enrolled in domestic business only.
Other than permanent 7,128 21 0.3 6,304 - -

Total Employees 28,584 1,407 4.9 24,221 - -

3. Details of remuneration/salary/wages#

Workers
a. Median remuneration / wages

Permanent 6,474 333 5.1 5,753 - - Male Female

Number Median remuneration/ Number Median remuneration/

Other permanent 55,109 1,145 2.1 53,130 - - salary/ wages of salary/ wages of
respective category respective category
Total Workers 61,583 1,478 2.4 58,883 - -
Board of Directors (BoD)* 6 ` 65,00,000 4 ` 1,12,50,000
Key Managerial 4 ` 1,38,71,441 - -
Personnel (KMP)**
Employees other than BoD and KMP 18,449 ` 9,80,000 1,338 ` 6,95,217
Workers 5,877 ` 5,74,107 20 ` 3,37,004
# Data specific to India.
* Excludes 2 Executive Directors.
** Includes 2 Executive Directors, Chief Financial Officer and Company Secretary.

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:

FY 2024-25 FY 2023-24

Gross wages paid to females 4.06 3.91

as % of total wages

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4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues 10. Assessments for the year:
caused or contributed to by the business? (Yes/No)- Yes.
% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Child labour 100
The Company is committed to providing a safe and conducive work environment to its employees and workers.
Employees are encouraged to share their concerns with their reporting managers and also reach out to the Human Forced/involuntary labour 100
Resource department for the same. The Code of Conduct for Employees and the Whistle Blower Policy allows Sexual harassment 100
employees to report any kind of suspected or actual misconduct in the Company in an anonymous manner.
Discrimination at workplace 100

6. Number of Complaints on the following made by employees and workers: Wages 100

FY 2024-25 FY 2023-24 11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
Filed during
Pending
Filed during
Pending from the assessments at Question 10 above.
resolution at Remarks resolution at Remarks
the year the year
the end of year the end of year - Regular education, awareness and training.
Sexual Harassment 6 2 Enquiry in 11 2 Report
Progress Finalisation Leadership Indicators
in progress
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
Discrimination at workplace - - - - - -
complaints.
Child Labour - - - - - -
- Implementation and Adherence of Human Resource Policy.
Forced Labour/Involuntary Labour - - - - - -
- ‘Xpedite’ – online grievances handling tool for workmen at shopfloor.
Wages - - - - - -

Other human rights related issues - - - - - - 2. Details of the scope and coverage of any Human rights due-diligence conducted.
Human Rights due diligence covered all facets of human rights which provides discrimination against caste,
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and prohibiting child labour, extra forceful working hours, among others.
Redressal) Act, 2013, in the following format:
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the
FY 2024-25 FY 2023-24 Rights of Persons with Disabilities Act, 2016?
Total Complaints reported under Sexual Harassment of Women at Workplace 6 11 - Yes, operations and office premises are accessible to differently abled employees and workers.
(Prevention, Prohibition and Redressal) Act, 2013 (POSH)

Complaints on POSH as a % of female employees / workers 0.19 0.94 4. Details on assessment of value chain partners:
Complaints on POSH upheld 6 9 % of value chain partners (by value of business done with such partners)
that were assessed
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases. Sexual Harassment 100
• POSH Committee Discrimination at workplace 100
• Employee Relations Aapke Dwar Child Labour 100
• Tool box talk Forced Labour/Involuntary Labour 100

• Shop Floor Committee meeting Wages 100

• Monthly meeting with Union
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
Provisions of the POSH Act 2013 are rigorously implemented to safeguard the complainants from any adverse from the assessments at Question 4 above.
consequences in matters of sexual harassment. Some examples are – Interim relief to the complainant, restraining
order issuance to the respondent (if needed), emphasis on the status of Internal Committee as a quasi-judicial body Implementation and adherence of Human Rights Policy.
etc.

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
- Yes.

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PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment 3. Provide details of the following disclosures related to water, in the following format:

Essential Indicators Parameter FY 2024-25 FY 2023-24

Water withdrawal by source (in kilolitres)

1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
(i) Surface water 40,81,714 50,44,121
Parameter FY 2024-25 FY 2023-24
(ii) Groundwater 69,20,187 56,57,952
From renewable sources (TJ)
(iii) Third party water 6,01,702 4,84,894
Total electricity consumption (A) 4,075.20 2,132.78
(iv) Seawater / desalinated water 11,21,107 11,68,849
Total fuel consumption (B) 5,493.00 5,725.00
(v) Others 1,87,34,357 1,54,22,980
Energy consumption through other sources (C) - -
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 3,14,59,067 2,77,78,796
Total energy consumed from renewable sources (A+B+C) 9,568.20 7,857.78
Total volume of water consumption (in kilolitres) 306,56,924 2,71,03,472
From non-renewable sources (TJ)
Water intensity per rupee of turnover (I/rupee) 0.0404 0.0382
Total electricity consumption (D) 9,894.06 14,725.04 (Total water consumption / Revenue from operations)
Total fuel consumption (E) 3,37,702.51 2,97,367.74 Water intensity per rupee of turnover adjusted for PPP (I/USD) (Total water 0.834 0.847
consumption / Revenue from operations adjusted for PPP)
Energy consumption through other sources (F) - -
Water intensity in terms of physical output (Consumption kl/tonne of cementitious 0.225 0.229
Total energy consumed from non- renewable sources (D+E+F) (TJ) 3,47,596.57 3,12,092.78 material)
Total energy consumed (A+B+C+D+E+F) (TJ) 3,57,164.77 3,19,950.56 Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of
Energy intensity per rupee of turnover (Total energy consumed / Revenue from 470.23 451.22 the external agency. Yes, BDO India LLP.
operations) (kJ/rupee)
In some of the manufacturing locations there is no access to river/surface water, while we have increased the
Energy intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) 9.71 10.00
(Total energy consumed / Revenue from operations adjusted for PPP) (MJ/USD) production (brown field expansion) the requirement is met through ground water.

Energy intensity in terms of physical output (TJ/tonne of cementitious) 0.00262 0.00270 To counter the same, we will be taking water from our exhausted mine pit in due course of time thus lowering our
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of dependence on ground water.
the external agency. Yes, BDO India LLP.
4. Provide the following details related to water discharged:

2. Does the entity have any sites / facilities identified as Designated Consumers (“DCs”) under the Performance, Parameter FY 2024-25 FY 2023-24
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under Water discharge by destination and level of treatment (in kilolitres)
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action (i) To Surface water 0 0
taken, if any. - No treatment 0 0
- With treatment – please specify level of treatment 0 0
Over the past years, 49 manufacturing units, including integrated and grinding units, have been designated as DCs
under various rolling PAT cycles. This year, none of the UTCL DCs underwent Measurement & Verification (M&V), (ii) To Groundwater 0 0
marking the end of a three-year PAT cycle (across all cement industry). - No treatment 0 0
- With treatment – please specify level of treatment 0 0
On 28th June, 2023, the Government of India, under section 14 of the EC Act 2001, issued S.O.2825(E), mandating
(iii) To Seawater 0 0
several sectors, including cement, to migrate to the Carbon Credit Trading Scheme (CCTS), marking a significant
- No treatment 0 0
change/shift in regulatory landscape. Consequently, baseline audits were conducted for all existing DCs,
- With treatment – please specify level of treatment 0 0
setting targets based on Greenhouse Gas Emission Intensity (GEI) rather than the previous Gate to Gate Energy
(iv) Sent to third-parties 0 0
Consumption (GTG) used in the PAT scheme.
- No treatment 0 0
Further, energy saving initiatives were identified during energy audits and their progress is monitored quarterly - With treatment – please specify level of treatment 0 0
and annually. (v) Others 0 0
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
Total water discharged (in kilolitres) 0 0
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of
the external agency. Yes, BDO India LLP.

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5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage In addition to Coolbrook, we have signed an agreement with University of California, Los Angeles (UCLA) to pilot
and implementation. ZeroCAL. The ZeroCAL process can eliminate nearly 98% of carbon dioxide emissions associated with limestone
decomposition in cement manufacturing. UltraTech will be the first company globally to implement the ZeroCAL
Yes, mechanism for zero liquid discharge is implemented at 100% cement manufacturing units and bulk terminals.
process at scale through a demonstration plant that will produce several metric tons of ZeroCAL per day. The
Company’s partnership with University of California, Los Angeles (UCLA) aligns with its broader sustainability goals
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
“Net Zero Goal by 2050” and its focus on developing and adopting innovative technologies to decarbonize its
Parameter Please specify unit FY 2024-25 FY 2023-24 operations.

NOx Tonnes 92,709.30 91,993.86 The ZeroCAL process, which can be integrated with existing cement plants, uses limestone feedstock to produce
calcium hydroxide, which emits no carbon dioxide when heated to produce lime required for manufacturing
SOx Tonnes 28,633.96 29,333.00
cement. In the existing cement production process, the calcination of limestone in the preheater causes carbon
Particulate matter (PM) Tonnes 8,336.53 8,126.00 dioxide to be released in the atmosphere. The ZeroCAL process produces calcium hydroxide by electrochemically
decomposing limestone in water without resulting in carbon dioxide emission.
Mercury* Tonnes BDL -

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of The Company has participated with The Department of Science and Technology (DST), Ministry of Science and
the external agency. Yes, BDO India LLP Technology’s Special Call Under Climate, Energy, and Sustainable Technology (CEST) for Carbon Capture Utilization
*We have carried out periodic inspection at our facilities as per USEPA-29 testing protocol. At all places Mercury emissions are found (CCU) deployment in Cement Sector and partnered with IIT Madras and BITS Pilani K K Birla Goa as the knowledge
Below Detection Limit (BDL) partners to develop indigenous CCU-based technology for decarbonization of the Indian cement industry. As
an industrial partner, the Company will contribute 25% of the total project cost and assist in setting up and
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following implementing a prototype at one of its cement manufacturing plants. The project aims to establish a carbon
format: capture plant with 1 TPD capture capacity, integrated with an existing cement plant, and mineralization and curing
strategies to utilize the captured CO2 .
Parameter Unit FY 2024-25 FY 2023-24

Total Scope 1 emissions* (Break-up of the GHG into CO2, CH4, Metric tonnes of CO2 8,11,07,852.00 7,12,37,860.00 The Company is also engaging with various start-ups through the GCCA Innovation Challenge program. We have
N2O, HFCs, PFCs, SF6, NF 3, if available) joined several industry consortiums to explore and pilot new technologies to accelerate our decarbonisation
journey through carbon capture, utilisation and development of alternative Supplementary Cementing Materials
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, Metric tonnes of CO2 18,84,213.56 18,84,386.58
N2O, HFCs, PFCs, SF6, NF 3, if available) (SCMs), as well as alternative calcination technologies and processes.

Total Scope 1 and Scope 2 emission intensity per rupee of Kg CO2/` 0.109 0.103 The Company’s scientists at the research and development centre are continuously working to develop low-carbon
turnover cement and concrete products, including water-saving solutions.
(Total Scope 1 and Scope 2 GHG emissions / Revenue from
operations)
9. Provide details related to waste management by the entity, in the following format:
Total Scope 1 and Scope 2 emission intensity per rupee of kg CO2/USD 2.257 2.286
turnover adjusted for Purchasing Power Parity (PPP) Parameter FY 2024-25 FY 2023-24
(Total Scope 1 and Scope 2 GHG emissions / Revenue from
operations adjusted for PPP) Total Waste generated (in metric tonnes)

Total Scope 1 and Scope 2 emission intensity in terms of kg CO2/tonne 609.08 618.17 Plastic waste (A) 1,141 1,286
physical output of cementitious material
E-waste (B) 215 175
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of
the external agency. Yes, BDO India LLP. Bio-medical waste (C) 3 2

Scope 1 have increased due to increased production which is in line with the growth aspirations of the Company but Construction and demolition waste (D) 0 0
however, intensity in terms of physical output (production) has been reduced significantly. Battery waste (E) 216 181

*Reporting criteria derived from GHG Protocol and GCCA’s Cement CO2 and Energy Protocol, Version 3.1. Radioactive waste (F) 0 0

Other Hazardous waste. Please specify, if any. (G) 1,203 1,225

8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
Other Non-hazardous waste generated (H). Please specify, if any. 29,20,486 27,07,527
The Company has targets to reduce 27% of its Scope 1 emission intensity and 69% of its Scope 2 emission intensity (Break-up by composition i.e. by materials relevant to the sector)
by 2032 from base year 2017, validated by Science Based Targets initiative (SBTi). Under the GHG emission reduction
initiatives, Company has implemented various projects in areas of energy efficiency, circular economy, low Total (A + B + C + D + E + F + G + H) 29,23,264 27,10,396
carbon products development, renewable energy and waste heat recovery and is exploring other technological
advancements including kiln electrification, electrolysis of limestone [Zero Carbon Lime (ZeroCAL)], carbon capture
and storage.

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11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
Parameter FY 2024-25 FY 2023-24
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
Waste intensity per rupee of turnover (kg/rupee) (Total waste generated/ Revenue from 0.0038 0.0038 where environmental approvals / clearances are required, please specify details in the following format:
operations)
S. Location of operations/offices Type of operations Whether the conditions
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) 0.079 0.085 No. of environmental
(kg/USD) (Total waste generated / Revenue from operations adjusted for PPP) approval / clearance
are being complied
Waste intensity in terms of physical output (tonnes/ tonne of cementitious materials) 0.021 0.023 with? (Y/N)
If no, the reasons
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations thereof and corrective
(in metric tonnes) action taken, if any.

Category of waste FY 2024-25 1 Jafrabad Cement Works Limestone Mines and captive Yes
Village - Babarkot, Taluka - Jafrabad, Jetty-CRZ Area
(i) Recycled 52,926
Dist. - Amreli, Gujarat - 365 540
(ii) Re-used 28,50,065
2 Sewagram Cement Works Limestone Mines and captive Yes
(iii) Other recovery operations - Village- Vayor, Taluka- Abdasa, Jetty- CRZ Area
Dist.- Kutch, Gujarat - 370 511
Total 29,02,991
3 Gujarat Cement Works Limestone Mines and captive Yes
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes) Village- Kovaya, Taluka- Rajula, Jetty- CRZ Area
Category of waste Dist.- Amreli, Gujarat - 365 541

(i) Incineration 2.27 4 Sidhi Cement Works Unit is falling in Forest Area and Yes
Village: Beghwar, P.O.: Bharatpur, Wild Life Clearance for Cement
(ii) Landfilling 0 Tehsil: Rampur Naikin, Plant, CPP and 7 existing mines
District: Sidhi, Madhya Pradesh - 486 776 have been obtained
(iii) Other disposal operations 0
5 Baga Cement Works Unit is falling in Forest Area Yes
Total 2.27
Village: Baga, P.O.: Kandhar, and Forest clearance has been
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of Tehsil: Arki, District: Solan obtained for Plant and Mines
the external agency. Yes, BDO India LLP. Himachal Pradesh - 171 102

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws,
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes
in the current financial year:
and the practices adopted to manage such wastes.
Sr. Name and brief details of Environmental Date Whether Results Relevant Web link
- The Company encourages circularity across its operations. 99.9% of the waste generated by the Company No. project Impact conducted by communicated
(including fly ash, STP sludge and rejected screening material) is reused in its operations and production Assessment independent in public
(EIA) external domain
process. The remaining 0.1% waste is recycled through authorized recyclers in an eco-friendly manner. A Notification No. agency (Yes / No)
miniscule quantity of 2 metric tonnes of bio- medical waste (~0.0001% of total waste generated) is disposed (Yes / No)
through incineration.
1 Patratu Cement Works EIA 29.10.2024 Yes Yes
Notification
- Hazardous waste generated by the Company constitutes only 0.04% of the total waste. Through rigorous
2006
trainings and capacity building, the Company has been able to reduce its hazardous waste generation to
minimum quantity possible in industrial operations. 2 Aligar Grinding Unit EIA 18.10.2024 Yes Yes
Notification
2006

3 Shahjajanpur Grinding Unit EIA 18.10.2024 Yes Yes

Welcome to PARIVESH
Notification
(environmentclearance.nic.in)
2006

4 Nathdwara Thandiberi EIA 18.10.2024 Yes Yes

Limestone mines Notification
2006

5 Sidhi Cement Works L-III EIA 19.11.2024 Yes Yes

Notification
2006

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(iii) Water withdrawal, consumption and discharge in the following format:

Sr. Name and brief details of Environmental Date Whether Results Relevant Web link
No. project Impact conducted by communicated
Assessment independent in public Parameter FY 2024-25 FY 2023-24
(EIA) external domain
Notification No. agency (Yes / No)
Water withdrawal by source (in kilolitres)
(Yes / No)
(i) Surface water 2,00,014 1,76,900
6 Nathdwara Amli Mines EIA 02.01.2025 Yes Yes (ii) Groundwater 21,30,394 13,43,858
Notification
2006 (iii) Third party water - -

7 Aditya Cement Works L-IV EIA 11.02.2025 Yes Yes (iv) Seawater / desalinated water 4,91,527 15,56,989
Notification (v) Others (Rainwater) 28,36,919 15,61,556
2006
Total volume of water withdrawal (in kilolitres) 56,58,854 46,39,303
8 Kotputli Mohanpura mines EIA 21.02.2025 Yes Yes
Notification Total volume of water consumption (in kilolitres) 46,99,413 33,81,111
2006
Water intensity per rupee of turnover (Water consumed / turnover) 0.006 0.005
9 Tanda Cement Works EIA 26.06.2024 Yes Yes
Welcome to PARIVESH Water intensity (optional) – the relevant metric may be selected by the entity 0 0
Notification
(environmentclearance.nic.in)
2006 Water discharge by destination and level of treatment (in kilolitres) 0 0

10 Vizag Grinding Unit EIA 02.07.2024 Yes Yes (i) Into Surface water 0 0
Notification
2006 No treatment 0 0

With treatment – please specify level of treatment 0 0

11 Maihar Bhadanpur LM EIA 05.04.2024 Yes Yes
Notification (ii) Into Groundwater 0 0
2006
No treatment 0 0
12 Maihar Tiloura LM EIA 05.04.2024 Yes Yes
Notification With treatment – please specify level of treatment 0 0
2006 (iii) Into Seawater 0 0

No treatment 0 0
13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment With treatment – please specify level of treatment 0 0
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the (iv) Sent to third-parties 0 0
following format:
No treatment 0 0
Yes, the Company is compliant with all the applicable environmental law/regulations/guidelines in India and across
With treatment – please specify level of treatment 0 0
its international operations.
(v) Others 0 0
S. Specify the law / regulation / guidelines which was Provide details of Any fines / penalties / action taken by Corrective action No treatment 0 0
No. not complied with the non- compliance regulatory agencies such as pollution taken, if any
control boards or by courts With treatment – please specify level of treatment 0 0
Nil Total water discharged (in kilolitres) 0 0
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of
Leadership Indicators the external agency. No

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): 2. Please provide details of total Scope 3 emissions & its intensity, in the following format:

For each facility / plant located in areas of water stress, provide the following information: Parameter Unit FY 2024-25 FY 2023-24

(i) Name of the area: Shambhupura (Rajasthan), Tadipatri (Andhra Pradesh), Kovaya (Gujarat), Nathdwara Total Scope 3* emissions (Break-up of the GHG into CO2, CH4, N2O, Metric tonnes of 1,27,11,286.88 82,50,584.95
HFCs, PFCs, SF6, NF 3, if available) CO2 equivalent
(Rajasthan), Neem Ka Thana (Rajasthan) and Kharia Khangar (Rajasthan).
Total Scope 3* emissions per rupee of turnover kg CO2 / rupee 0.017 0.011
(ii) Nature of operations: Cement manufacturing.
*Excluding India Cements and Kesoram Cement Business

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of
the external agency. Yes, BDO India LLP.

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3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, The Company’s Units are spread across the country. If a manufacturing unit faces business disruption or shutdown
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with due to extreme weather events, alternative Units in other locations can serve the respective customer. Widespread
prevention and remediation activities. logistics network with warehouses across different parts of the country enable flexibility in the Company’s
operations and ensure business continuity.
Impacts:

• Habitat degradation and loss of vegetation cover. 6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity.
What mitigation or adaptation measures have been taken by the entity in this regard.
• Noise and associated ground vibration impact the lower vertebrate, mainly the ground dwelling reptiles and
small mammals. The Company has vast integrated value chain extending from mines to packed cement bags with interconnected
network of mines, suppliers, jetties, manufacturing units, railway yards, warehouses and network of dealers and
• Change in the normal behaviour in the form of restricting the movements, feeding, resting and breeding retailers. Transportation, handling and storage of raw materials, fuels and other additives used in the process
activities of major faunal groups of the project area. impact environment in negative ways. Such material tends to impact environment during cement manufacturing
process too.
Prevention and remediation:
The Company has continuously followed circularity principles and continues to work towards it. This helps us to
• Creating awareness amongst employees and local communities through capacity building sessions, be more sustainable in terms of low natural resource utilisation, save on the extraction, environmental impact of
introductory workshops, installing biodiversity information poster in the ecologically sensitive areas etc. transportation on GHG and air pollution. We have able to utilize 44.15 million tonnes of recycled and alternative
• Habitat management through management of invasive species, conservation of vegetation cover, and off raw materials in cement production in FY25 along with 100% fly ash utilisation from own power plants in cement
setting habitat loss. making thus saving environment in a big way.

• Prevention of human-animal conflict, identification of potential mortality sites, installation of reflective The Company is committed to reduce our GHG emissions from our process and we have made significant process
signboards, training security staff for situations of animal encounter to ensure safety of fauna. as compared to base year of 2017. Company’s net CO2 emission intensity has decreased from 632 kg CO2 /tonne
of cementitious material (in 2017) to 549 kg CO2 /tonne of cementitious material (13% reduction from base year)
• Controlled blasting and upgradation to new noise-free technology. this year, which is in line with our target reducing 27% carbon intensity by 2032. This has been possible due to
large influx of renewable energy to substitute the fossil fuel-based energy and optimization of our manufacturing
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve process.
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
Transportation related environmental impact is a major point in our downstream operation. The Company is
details of the same as well as outcome of such initiatives, as per the following format:
working to deploy electric trucks for the same which will nullify the environmental impacts in a large way.
Sr. Initiative undertaken Details of the Outcome of the initiative
No initiative (Web- The Company continue to redesign our process and practices to reduce CO2 emissions by adopting innovative
link, if any, may be methods, such as use of waterways (NW 1) to transport gypsum and use of new technologies such as ZeroCAL.
provided along-with
summary)
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
1 Transition to green energy – Utilization of renewable energy - Avoided Scope 1 GHG emissions
and recovered waste heat to substitute electricity generated through use of renewable energy in environmental impacts. - 40%.
though thermal power plants. FY25: 11,35,864 tCO2.
Avoided Scope 1 GHG emissions
through use of waste heat recovery in
PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a
FY25: 16,78,175 tCO2. manner that is responsible and transparent
2 Low carbon products: production of blended cements - Avoided Scope 1 GHG emissions Essential Indicators
by substituting clinker with supplementary cementitious through blended cements in
materials like fly ash, slag etc. FY25: 2,10,57,134 tCO2. 1. a. Number of affiliations with trade and industry chambers/ associations.
3 Recycle and reuse of water at all sites. - Zero liquid discharge.
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.
5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/
web link. S. Name of the trade and industry chambers/ associations Reach of trade and industry chambers/ associations
No.
The Company has a business continuity and robust disaster management plan thoroughly implemented at each 1 Federation of Indian Chambers of Commerce and Industry National
Unit. Disaster management plan, health and safety protocols and adequate communication protocols during 2 Confederation of Indian Industry National
extreme weather events ensure safety at sites and minimize the impact on workforce. Annual weather forecasts are
3 Global Cement and Concrete Association Global
considered to mitigate risk of delays in sourcing of fuels due to natural calamities. Insurance coverage is in place
to protect against damages to business assets or loss of materials in warehouses or transit due to extreme weather 4 Global Cement and Concrete Association, India National
events. 5 Federation of Indian Mineral Industries National
6 Cement Manufacturing Association National

286 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 287
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Business Responsibility & Sustainability Report

2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by 5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
the entity, based on adverse orders from regulatory authorities. employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total
wage cost
Name of authority Brief of the case Corrective action taken
(Place to be categorized as per RBI Classification System - rural / semi-urban / urban / metropolitan)
Not Applicable
Location FY 2024-2025 FY 2023-2024

Leadership Indicators Rural 47.46% 47.02%

Semi-urban 5.12% 5.93%
1. Details of public policy positions advocated by the entity: Urban 10.47% 8.71%

S. Public Policy advocated Method resorted for Whether Frequency of review by Board Web Link, if Metropolitan 36.94% 38.33%
No. such advocacy information (Annually / Half yearly / available
available in public Quarterly / Others)
domain? (Yes / No) Please specify Leadership Indicators:
Not Applicable 1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):
PRINCIPLE 8: Businesses should promote inclusive growth and equitable development Details of negative social impact identified Corrective action taken

Essential Indicators Not Applicable

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in 2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
the current financial year. districts as identified by government bodies:
Name and brief SIA Notification no. Date of notification Whether conducted by Results communicated Relevant web link S. State Aspirational District Amount spent (in `)
details of project Independent external in public domain (Yes No.
agency (Yes / No) / No)
1 Rajasthan Sirohi 7,17,65,000
SIA is the part of EIA study conducted for obtaining Environmental Clearance for greenfield and brownfield projects. The Company
has undertaken 12 SIAs in 5 states during financial year 2024-25. The Company actively contributes to the social and economic 2 Uttar Pradesh Sonebhadra 3,70,75,000
development of the communities in which it operates.
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being comprising marginalized /vulnerable groups? (Yes/No)
undertaken by your entity, in the following format: No.
S. Name of project State District No. of project % of PAFs covered Amount paid to PAFs (b) From which marginalized /vulnerable groups do you procure?
No. for which R&R is Affected families by R&R in the FY (in `)
ongoing (PAFs) Not Applicable.
1 Kujota Rajasthan Kotputli-Behror 49 100% 41 Crores +
(c) What percentage of total procurement (by value) does it constitute?
Not Applicable.
3. Describe the mechanisms to receive and redress grievances of the community.
As a part of CSR Policy, the Company proactively meets the community stakeholders and representatives with 4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
special focus on marginalized and underserved population. The Company has dedicated CSR team and a designated (in the current financial year), based on traditional knowledge:
office at each Unit. Each need is noted, analysed, felt needs are prioritized and a feasible solution is implemented
through active community consultation, participation and community ownership. S. Intellectual Property based on traditional knowledge Owned / Acquired Benefit shares (Yes Basis of calculating benefit
No. (Yes / No) / No) share

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers: Not Applicable

FY 2024-2025 FY 2023-2024
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
Directly sourced from MSMEs/ small producers 16 11 disputes wherein usage of traditional knowledge is involved.

Directly from within India 75 69 Name of authority Brief of the case Corrective action taken

Not Applicable

288 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 289
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Business Responsibility & Sustainability Report

6. Details of beneficiaries of CSR Projects: 3. Number of consumer complaints in respect of the following:

Sr. CSR Projects No. of persons benefited % of beneficiaries from vulnerable and FY 2024-25 Remarks FY 2023-24 Remarks
No. from CSR Projects marginalized groups
Received Pending Received Pending
1. Education and Capability enhancement 1,80,430 More than 80 during the resolution during the resolution
year at end of year at end of
2. Healthcare 4,77,889 More than 80 year year

3. Sustainable Livelihoods 1,81,055 More than 90 Data privacy - - - - - -

4. Infrastructure Development 5,52,432 More than 80 Advertising - - - - - -

Cyber-security - - - - - -
5. Social Empowerment 4,33,263 More than 80
Delivery of essential services All services are value added voluntary services. No essential services
Restrictive Trade Practices - - - - - -
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible
manner Unfair Trade Practices 27 18 2 legal notices are open 24 15 -
- one is an ongoing
Essential Indicators vendor issue and the
other one was received
in last week of March.
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The pending matters
The Company is a customer centric organisation designed to enrich customers’ experience. The Company has a consumer complaints
sub-judice before
highly experienced technical team that provides on-site support and demonstration through a mobile testing van.
multiple consumer
There’s an effective complaint handing procedure that facilitates prompt logging, investigation, resolution, and
forums. The matters
closure.
are being heard by the
respective forums as
Customer can register the complaint from various modes like through dealers, UltraTech employee’s, Company
per the due process of
Website, Contact Centre. Upon receipt of the customer complaint, the concern technical person attends &
law and are at different
addresses the complaint within 24 hours. Most of the complaints are closed within 72 hours. It is ensured that all
stages of resolution.
the complaints are closed to the fullest customer satisfaction with a formal complaint closure documentation. In
Other - - 29 26 All legal notices
addition to this, all the complaints are registered in One Technical Panel system from where the complaint status is
received during the
monitored on monthly basis.
year have been replied
The Company has Customer Care Centre who seeks feedback from customers after any transaction (Product Query, to. The pending
matters are consumer
complaint, and services). This Centre is also a means for anyone who wants to connect with our brand. This helps
complaints filed before
us to understand the emotions and pain points of all users which in turn gives us insights to deliver the best.
various consumer
forums. The matters
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry are being heard by the
information about: respective forums as
per the due process of
As a percentage to total turnover law and are at different
stages of resolution.
Environmental and social parameters relevant to the product
The Company’s products confirm to
Safe and responsible usage 4. Details of instances of product recalls on account of safety issues:
all applicable statutory parameters.
Recycling and/or safe disposal
Number Reasons for recall

Voluntary recalls
Nil
Forced recalls

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No)
If available, provide a web-link of the policy.

Yes. The same is available on the Company’s website at https://www.ultratechcement.com/content/dam/

ultratechcementwebsite/pdf/policies/cyber-security-and-data-privacy-policy.pdf

290 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 291
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Business Responsibility & Sustainability Report

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery - DIY videos, apps, & videos on product applications, good construction practices development and available on
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product YouTube, app stores, website, etc.
recalls; penalty / action taken by regulatory authorities on safety of products / services.
- Conduct regular workshops for individual home builders on product applications, aspects of home
- Marketing - No issues faced related to advertising. All communications have necessary disclaimer as per ASCI construction.
and BIS guidelines.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
- Legal – The Company is fully compliant with all applicable data protection and privacy laws in India. The
Company has incorporated relevant clauses to ensure protection of data in all our standard agreements. Not Applicable.

- IT - Required technology controls and processes are in place to protect business applications, sensitive and 4. Does the entity display product information on the product over and above what is mandated as per local
customer data from unauthorised access. Security events are monitored 24x7 for faster Incident detection and laws? (Yes/No/Not Applicable) If yes, provide details in brief.
response.
No.
7. Provide the following information relating to data breaches:
5. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products /
a. Number of instances of data breaches along-with impact - Nil. services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)

b. Percentage of data breaches involving personally identifiable information of customers - Nil. Yes. Brand Track: The Company carries out a brand health study regularly across urban & rural markets. The study
is conducted by globally renowned research agency - Ipsos India Pvt. Ltd., for tracking performance of brands on
c. Impact, if any, of the data breaches - Not applicable.
various metrics across multiple segments (consumers, influencers & channel partners). Three rounds of the brand
health study were done in FY25.
Leadership Indicators
The company also conducts a Customer Loyalty/Net Promoter Score (NPS) study once in 2 years with the
1. Channels / platforms where information on products and services of the entity can be accessed (provide web Key Account (B2B) customers. The latest round of the NPS study was carried out in FY24 by Dun & Bradstreet
link, if available). Information Services India Pvt. Ltd.Ipsum quam quis delique praecab il id eaturibus modicae. Nem vollecu lluptatist
pla evel endic totatii scides diciet lab ipsame dolent a nis in re posaperature dolupta temquas milibus iumet, quas
Weblink for information on products and services:
est etur apitibus de pe deliciet maxim verro doloriate officab oreicipsam nam nesed que lam, id et parum liquam.
Website : https://www.ultratechcement.com/ ; https://www.utecbyultratech.com/

Regular information on products are shared on:

Facebook: https://www.facebook.com/UltraTechCementLimited,

https://www.facebook.com/UtecByUltraTech

YouTube: https://www.youtube.com/c/UltraTechCementLimited,

https://www.youtube.com/c/utecbyultratech, https://x.com/UltraTechCement

Twitter : https://twitter.com/UltraTechCement

LinkedIn: https://www.linkedin.com/company/ultratechcement/

Instagram: https://www.instagram.com/ultratech.cement, https://www.instagram.com/utecbyultratech

Mobile Apps for Utec – A total home building solutions provider available on android playstore & app store.

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

- Promotion of good construction practices & good product usage during meetings.

- Skill Building workshops for mason, contractors.

- Product demos on sites.

- Mobile concrete lab testing services for material & concrete testing.

292 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 293
 Financial statements

Independent Auditor’s Report

Independent Auditor’s Report

To the Members of UltraTech Cement Limited
Report on the Audit of the Standalone Financial Statements

Opinion
We have audited the standalone financial statements of UltraTech Cement Limited (the “Company”) and UltraTech
Employees Welfare Trust (“Trust”) which comprise the standalone balance sheet as at 31 March 2025, and the standalone
statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and
standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including
material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, and based on the
consideration of report of one of the joint auditors of the Company on financial statements of such Trust as were
audited by one of the joint auditors of the Company, the aforesaid standalone financial statements give the information
required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its
profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the
Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence obtained by us along with the consideration of report of the one of the joint auditors

Financial
of the Company referred to in the “Other Matter” section below, is sufficient and appropriate to provide a basis for our
opinion on the standalone financial statements.

Emphasis of Matters

statements
a. We draw attention to Note 37 to the standalone financial statements regarding the Composite Scheme of
Arrangement for merger of Cement Business Division of Kesoram Industries Limited with the Company (‘Scheme’)
which has been described in the aforesaid note. The Scheme has been approved by National Company Law
Tribunal, Kolkata and Mumbai (‘NCLT’) vide its orders dated 14 November 2024 and 26 November 2024 respectively
with appointed date of 01 April 2024 and a certified copy has been filed by the Company with the Registrar of
Companies, Mumbai, on 26 December 2024. In accordance with the Scheme approved by the NCLT, the Company
Standalone Consolidated has given effect to the Scheme from the retrospective appointed date specified therein i.e. 01 April 2024 which

Financial Statements Financial Statements overrides the relevant requirement of Ind AS 103 “Business Combinations” (according to which the Scheme would
have been accounted for from 01 March 2025 which is the date of acquisition as per the aforesaid standard). The
financial impact of the aforesaid treatment has been disclosed in the aforesaid note.

Independent Auditor’s Report 295 Independent Auditor’s Report 400 Our opinion is not modified in respect of this matter.

Balance Sheet 314 Balance Sheet 414 b. We draw attention to Note 34(b) of the standalone financial statements, which refers to the orders dated 31 August
2016 (Penalty of Rs. 1,616.83 crores) and 19 January 2017 (Penalty of Rs. 68.30 crores) of the Competition Commission
Profit and Loss 315 Profit and Loss 415 of India (‘CCI’) against which the Company (including the erstwhile UltraTech Nathdwara Cement Limited) had
Changes in Equity 316 Changes in Equity 416 filed appeals. Upon the National Company Law Appellate Tribunal (“NCLAT”) disallowing its appeals against the
CCI order dated 31 August 2016, the Company has filed appeals before the Hon’ble Supreme Court of lndia, which
Cash Flow 318 Cash Flow 418 has by its order dated 5 October 2018, granted a stay against the NCLAT order. Consequently, the Company has
Notes to Financial Statements 321 Notes to Financial Statements 421 deposited an amount of Rs. 161.68 crores equivalent to 10% of the penalty of Rs. 1,616.83 crores recorded as asset.
The Company, backed by legal opinions, believes that it has a good case in both the matters basis which no
provision has been recognised in the books of account.
Our opinion is not modified in respect of these matters.

Integrated and Sustainability Report 2024-25 295

 Financial statements

Independent Auditor’s Report (Contd.)

Key Audit Matters Regulations - Litigations and claims

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the See Note 1(B)(m), 22 and 34 to standalone financial statements
standalone financial statements of the current period. These matters were addressed in the context of our audit of
The key audit matter How the matter was addressed in our audit
the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. The Company operates in various States within India Our audit procedures included:
and is exposed to different Central and State/Local laws,
regulations and interpretations thereof. Due to a complex We understood the processes, evaluated the design and
Revenue recognition – Discounts, incentives and rebates
regulatory environment, there is an inherent risk of implementation of controls and tested the operating
See Note 1(B)(o) and 56 to standalone financial statements effectiveness of the Company’s controls over the recording
litigations and claims.
The key audit matter How the matter was addressed in our audit and re-assessment of uncertain legal positions, claims
Revenue is measured net of discounts, incentives and Our audit procedures included: Consequently, provisions and contingent liability (including claims receivable) and contingent liabilities.
rebates given to the customers on the Company’s sales. disclosures may arise from indirect tax proceedings, legal
We have assessed the Company’s accounting policies proceedings, including regulatory and other government/ We have gained an understanding of outstanding
The Company’s presence across different marketing relating to revenue, discounts, incentives and rebates by department proceedings, as well as investigations by litigations against the Company from the Company’s
regions within the country and the competitive business comparing with applicable accounting standards. authorities and commercial claims. inhouse legal counsel and other key managerial personnel
environment makes the assessment of various types of who have knowledge of these matters.
discounts, incentives and rebates complex. We have evaluated the design and implementation and The Company applies significant judgement in estimating
tested the operating effectiveness of Company’s internal the likelihood of the future outcome in each case and in We have read the correspondence between the Company
Therefore, there is a risk of revenue being misstated as controls over the provisions, approvals and disbursements determining the provisions or disclosures required for each and the various indirect tax/legal authorities and the legal
a result of variations in the assessment of discounts, of discounts, incentives and rebates. matter. opinions of external legal advisors, where applicable, for
incentives and rebates. significant matters.
We have assessed the Company’s computations for accrual Resolution of tax and legal proceedings may span over We have challenged the Company’s estimate of the
Given the complexity and amounts pertaining to such of discounts, incentives and rebates, on a sample basis, multiple years due to the highly complex nature and possible outcome of the disputed cases based on
provision for discounts, incentives and rebates being and compared the accruals made with the approved magnitude of the legal matters involved and may involve applicable indirect tax laws and legal precedence by
significant, this is a key audit matter. schemes and underlying documents. protracted negotiation or litigation. involving our tax specialists.
We have verified, on a sample basis, the underlying These estimates and outcome could change significantly We have assessed the adequacy of the amount of
documentation for discounts, incentives and rebates over time as new facts emerge and each legal case provisions and disclosures in respect of contingent
recorded and disbursed during the year. progresses. liabilities for indirect tax and legal matters.
We have compared the historical trend of payments and Given the inherent complexity and magnitude of potential
reversal of discounts, incentives and rebates to provisions exposures and the judgement necessary to estimate the
made to assess the current year accruals. amount of provisions required or to determine required
disclosures, this is a key audit matter.

296 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 297
 Financial statements

Independent Auditor’s Report (Contd.)

Business combination - Acquisition of Cement Business Division of Kesoram Industries Limited Other Information
See Note 1(B)(dd) and 37 to standalone financial statements The Company’s Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the annual report, but does not include the financial statements and auditor’s
The key audit matter How the matter was addressed in our audit
reports thereon. The annual report is expected to be made available to us after the date of this auditor’s report.
During the financial year, the Company acquired the Our audit procedures included:
cement business division of Kesoram Industries Limited. Our opinion on the standalone financial statements does not cover the other information and we will not express any
We have read the scheme of arrangement and regulatory form of assurance conclusion thereon.
The Company undertook business combinations orders to understand the key terms and conditions of the
that required accounting under Ind AS 103, Business acquisition. In connection with our audit of the standalone financial statements, our responsibility is to read the other information
Combinations. This process necessitates the application identified above when it becomes available and, in doing so, consider whether the other information is materially
of the Purchase Price Allocation (PPA) method, which We have evaluated the accounting treatment followed by inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to
involves allocating the purchase consideration to the the Company with reference to provisions of Ind AS 103. be materially misstated.
identifiable assets acquired and liabilities assumed We have obtained understanding of the process When we read the annual report, if we conclude that there is a material misstatement therein, we are required to
based on their fair values. This involves complexity and followed by the Company and evaluated the design and communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant
significant judgment in fair value assessments. implementation, tested the operating effectiveness of laws and regulations.
Considering the complexity and significant judgment key internal controls related to the Company’s valuation
required in fair value assessments, combined with the process. Management’s and Board of Directors’/Trustees’ Responsibilities for the Standalone Financial
material magnitude of the acquisitions undertaken by the Statements
We have evaluated competence, capabilities and
Company, this matter has been identified as a key audit independence of the experts engaged by the Company. The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act
matter. with respect to the preparation of these standalone financial statements that give a true and fair view of the state of
We have involved our valuation specialist with specialized affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance
skills and knowledge to assist in: with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act. The respective Management and Board of Directors of the Company/Trustees of the
• Evaluating the appropriateness of the valuation Trust are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act
methodologies applied and also, to test the inputs to for safeguarding of the assets of the Company/Trust and for preventing and detecting frauds and other irregularities;
the valuation models used to determine the value of selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and
Property, Plant and Equipment and Intangible Assets. prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating
• Evaluating the key assumptions such as discount rate, effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
royalty rate, growth rate etc. by comparing it to a and presentation of the standalone financial statements that give a true and fair view and are free from material
range of rates that were independently developed misstatement, whether due to fraud or error.
using publicly available market indices and market In preparing the standalone financial statements, the respective Management and Board of Directors/Trustees are
data for comparable entities. responsible for assessing the ability of the Company/Trust to continue as a going concern, disclosing, as applicable,
• Evaluating market rates and replacement cost basis matters related to going concern and using the going concern basis of accounting unless the respective Board of
knowledge of the business and independent market Directors/Trustees either intends to liquidate the Company/Trust or to cease operations, or has no realistic alternative
sources to develop the fair value of property, plant and but to do so.
equipment. The respective Board of Directors/Trustees are responsible for overseeing the financial reporting process of the
We have involved our indirect tax specialist with Company/Trust.
specialised skills and knowledge to assist in evaluating the
management judgement to recognise and measure fair Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
value of indirect tax litigations, for selected matters. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
We have assessed the adequacy of the Company’s
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
disclosures in respect of the acquisition in accordance with
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
the requirements of Ind AS 103.
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from

298 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 299
 Financial statements

Independent Auditor’s Report (Contd.)

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, Report on Other Legal and Regulatory Requirements
misrepresentations, or the override of internal control.
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are India in terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our paragraphs 3 and 4 of the Order, to the extent applicable.
opinion on whether the company has adequate internal financial controls with reference to financial statements in
2 A. As required by Section 143(3) of the Act, we report, to the extent applicable, that:
place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and a. We have sought and obtained all the information and explanations which to the best of our knowledge and
related disclosures made by the Management and Board of Directors. belief were necessary for the purposes of our audit.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
accounting in preparation of standalone financial statements and, based on the audit evidence obtained, whether a from our examination of those books except for the matters stated in the paragraph 2B(f) below on reporting
material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
c. The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
by this Report are in agreement with the books of account.
our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going
concern. d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the 133 of the Act read with the overriding effect of the Scheme approved by NCLT as described in Emphasis of
disclosures, and whether the standalone financial statements represent the underlying transactions and events in a Matter paragraph above.
manner that achieves fair presentation. e. On the basis of the written representations received from the directors as on 1 April 2025 and 7 April 2025
• Obtain sufficient appropriate audit evidence regarding the financial statements of the Trust of the Company to taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025 from being
express an opinion on the standalone financial statements. For the Trust included in the standalone financial appointed as a director in terms of Section 164(2) of the Act.
statements, which has been audited by one of the joint auditors of the Company, such one of the joint auditors of f. The modification relating to the maintenance of accounts and other matters connected therewith are as
the Company remain responsible for the direction, supervision and performance of the audit carried out by them. stated in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below
We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
section titled “Other Matter” in this audit report.
g. With respect to the adequacy of the internal financial controls with reference to financial statements of the
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit. B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
We also provide those charged with governance with a statement that we have complied with relevant ethical Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the
requirements regarding independence, and to communicate with them all relationships and other matters that may explanations given to us
reasonably be thought to bear on our independence, and where applicable, related safeguards. a. The Company has disclosed the impact of pending litigations as at 31 March 2025 on its financial position in its
From the matters communicated with those charged with governance, we determine those matters that were of most standalone financial statements - Refer Note 34 to the standalone financial statements.
significance in the audit of the standalone financial statements of the current period and are therefore the key audit
b. The Company has made provision, as required under the applicable law or accounting standards, for material
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 48 to the
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
standalone financial statements.
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication. c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
Other Matter
The standalone financial statements includes the audited financial statements of one Trust whose financial statements d. (i) The management of the Company represented to us that, to the best of its knowledge and belief, as
reflects total assets (before consolidation adjustments) of Rs. 419.89 crores as at 31 March 2025, total revenue (before disclosed in the Note 60(vi) to the standalone financial statements, no funds have been advanced or
consolidation adjustments) of Rs. Nil crores and net cash outflows (before consolidation adjustments) of Rs. 22.86 crores loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
for the year ended on that date, as considered in the standalone financial statements, which has been audited by one by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”),
of the joint auditors of the Company. The independent auditor’s report on the financial statements of this entity has with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or
been furnished to us by the management and our opinion on the standalone financial statements, in so far as it relates indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
to the amounts and disclosures included in respect of this entity, is based solely on the report of such auditor and the of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
procedures performed by us as stated in the paragraph above. Ultimate Beneficiaries.

Our opinion is not modified in respect of this matter. (ii) The management of the Company represented to us that, to the best of its knowledge and belief, as
disclosed in the Note 60(vii) to the standalone financial statements, no funds have been received by

300 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 301
 Financial statements

Independent Auditor’s Report (Contd.)

Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech
Cement Limited for the year ended 31 March 2025
the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our
understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, report of even date)
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
Funding Parties (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
situation of Property, Plant and Equipment.
Ultimate Beneficiaries.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(iii) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations (i) (b) According to the information and explanations given to us and on the basis of our examination of the records
under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material of the Company, the Company has a regular programme of physical verification of its Property, Plant and
misstatement. Equipment by which all Property, Plant and Equipment are verified in a phased manner over a period of three
e. The final dividend paid by the Company during the year, in respect of the same declared for the previous year, years. In accordance with this programme, certain Property, Plant and Equipment were verified during the
is in accordance with Section 123 of the Act to the extent it applies to payment of dividend. year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the
Company and the nature of its assets. No discrepancies were noticed on such verification.
As stated in Note 49 to the standalone financial statements, the Board of Directors of the Company has
proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual (c) According to the information and explanations given to us and on the basis of our examination of the records
General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to of the Company, the title deeds of immovable properties (other than immovable properties where the
declaration of dividend. Company is the lessee and the leases agreements are duly executed in favour of the lessee) disclosed in the
standalone financial statements are held in the name of the Company, except for the following which are not
f. Based on our examination which included test checks, except for the instances mentioned below, the
held in the name of the Company:
Company has used accounting softwares for maintaining its books of account, which have a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant ` in crores
transactions recorded in the respective softwares: Description of Gross carrying Held in the Whether Period held Reason for not being held in the name
property value name of promoter, of the Company
i. for one of the accounting software, the feature of audit trail (edit log facility) was not enabled at the (` in crores) director or
their relative or
database level to log any direct data changes upto 9 August 2024. employee
ii. for one of the accounting software relating to the business acquired by the Company, the feature of audit Freehold Land 22.03 Grasim Promoter 01-Jul-10 The title of the asset transferred
trail (edit log facility) was not enabled at the application level and at the database level to log any direct Industries pursuant to the scheme of
data changes upto 28 February 2025. Limited amalgamation/ arrangement/
merger/ demerger are in the
Further, where audit trail (edit log) facility was enabled and operated throughout the year, we did not come
process of being transferred in
across any instance of audit trail feature being tampered with. Additionally, other than for the softwares
the name of the Company.
where audit trail (edit log) facility was not enabled in the previous year, the audit trail has been preserved by
the Company as per the statutory requirements for record retention. Freehold Land 481.37 Jai Prakash No 29-Jun-17 The title of the asset transferred
Associates pursuant to the scheme of
C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
Limited amalgamation/ arrangement/
In our opinion and according to the information and explanations given to us, the remuneration paid by the merger/ demerger are in the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The process of being transferred in
remuneration paid to any director by the Company is not in excess of the limit laid down under Section 197 of the the name of the Company.
Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are Freehold Land 0.28 Century No 20-May-18 The title of the asset transferred
required to be commented upon by us. Textiles and pursuant to the scheme of
Industries amalgamation/ arrangement/
Limited merger/ demerger are in the
For B S R & Co. LLP For KKC & Associates LLP process of being transferred in
Chartered Accountants (formerly Khimji Kunverji & Co LLP) the name of the Company.
Firm’s Registration No.: 101248W/W-100022 Chartered Accountants Freehold Land 292.69 Jaypee No 11-Jun-14 The title of the asset transferred
Firm’s Registration No.: 105146W/W100621 Cement pursuant to the scheme of
Corporation amalgamation/ arrangement/
Vikas R Kasat Hasmukh B Dedhia Limited merger/ demerger are in the
Partner Partner process of being transferred in
Membership No: 105317 Membership No: 033494 the name of the Company.
ICAI UDIN: 25105317BMOOEF7177 ICAI UDIN: 25033494BMJKDH9434

Mumbai Mumbai
28 April 2025 28 April 2025

302 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 303
 Financial statements

Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech
Cement Limited for the year ended 31 March 2025 (Contd.) Cement Limited for the year ended 31 March 2025 (Contd.)
` in crores ` in crores
Description of Gross carrying Held in the Whether Period held Reason for not being held in the name Description of Gross carrying Held in the Whether Period held Reason for not being held in the name
property value name of promoter, of the Company property value name of promoter, of the Company
(` in crores) director or (` in crores) director or
their relative or their relative or
employee employee

Freehold Land 10.20 Narmada No 01-Jul-06 The title of the asset transferred Leasehold 262.19 Jai Prakash No 29-Jun-17 The title of the asset transferred
Cement pursuant to the scheme of Land Associates pursuant to the scheme of
Limited amalgamation/ arrangement/ Limited amalgamation/ arrangement/
merger/ demerger are in the merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.
Freehold Land 80.34 UltraTech No 19-Nov-18 The title of the asset transferred Leasehold 0.90 Larsen No 01-Apr-03 The title of the asset transferred
Nathdwara pursuant to the scheme of Land & Tubro pursuant to the scheme of
Cement amalgamation/ arrangement/ Limited amalgamation/ arrangement/
Limited merger/ demerger are in the merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.
Freehold Land 7.30 Merit Plaza No 19-Nov-18 The title of the asset transferred Leasehold 11.84 Narmada No 01-Jul-06 The title of the asset transferred
Limited pursuant to the scheme of Land Cement pursuant to the scheme of
amalgamation/ arrangement/ Limited amalgamation/ arrangement/
merger/ demerger are in the merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.
Freehold Land 1,892.64 Kesoram No 01-April-24 The title of the asset transferred Leasehold 139.64 UltraTech No 19-Nov-18 The title of the asset transferred
Industries pursuant to the scheme of Land Nathdwara pursuant to the scheme of
Limited amalgamation/ arrangement/ Cement amalgamation/ arrangement/
merger/ demerger are in the Limited merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.
Freehold Land 87.19 Others No Multiple The title of the asset transferred Leasehold 658.18 Kesoram No 01-April-24 The title of the asset transferred
Dates pursuant to the scheme of Land Industries pursuant to the scheme of
amalgamation/ arrangement/ Limited amalgamation/ arrangement/
merger/ demerger are in the merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.
Leasehold 41.69 Century No 20-May-18 The title of the asset transferred Building 0.44 Narmada No 01-Jul-06 The title of the asset transferred
Land Textiles and pursuant to the scheme of Cement pursuant to the scheme of
Industries amalgamation/ arrangement/ Limited amalgamation/ arrangement/
Limited merger/ demerger are in the merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.
Leasehold 1.33 Grasim Promoter 01-Jul-10 The title of the asset transferred Building 13.31 Kesoram No 01-April-24 The title of the asset transferred
Land Industries pursuant to the scheme of Industries pursuant to the scheme of
Limited amalgamation/ arrangement/ Limited amalgamation/ arrangement/
merger/ demerger are in the merger/ demerger are in the
process of being transferred in process of being transferred in
the name of the Company. the name of the Company.

(d) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use
assets) or intangible assets or both during the year.

304 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 305
 Financial statements

Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech
Cement Limited for the year ended 31 March 2025 (Contd.) Cement Limited for the year ended 31 March 2025 (Contd.)
(e) According to the information and explanations given to us and on the basis of our examination of the records (c) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, there are no proceedings initiated or pending against the Company for holding any benami of the Company, in the case of interest free loans given, the repayment of principal has been stipulated and
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder. the repayments or receipts have been regular. Further, the Company has not given any advances in the nature
of loan to any party during the year.
(ii) (a) The inventory, except goods-in-transit and stocks lying with third parties, has been physically verified by
the management during the year. For stocks lying with third parties at the year-end, written confirmations (d) According to the information and explanations given to us and on the basis of our examination of the records
have been obtained and for goods-in-transit subsequent evidence of receipts has been linked with inventory of the Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the
records. In our opinion, the frequency of such verification is reasonable and procedures and coverage as Company has not given any advances in the nature of loans to any party during the year.
followed by management were appropriate. No discrepancies were noticed on verification between the
physical stocks and the book records that were more than 10% in the aggregate of each class of inventory (e) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, there is no loan granted falling due during the year, which has been renewed or extended or
(b) According to the information and explanations given to us and on the basis of our examination of the records fresh loans granted to settle the overdues of existing loans given to same parties. Further, the Company has
of the Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in not given any advances in the nature of loans to any party during the year.
aggregate, from banks or financial institutions on the basis of security of current assets. In our opinion, the
returns or statements filed by the Company with such banks or financial institutions are in agreement with the (f) According to the information and explanations given to us and on the basis of our examination of the records
books of account of the Company. of the Company, the Company has not granted any loans either repayable on demand or without specifying
any terms or period of repayment. Further, the Company has not given any advances in the nature of loans to
(iii) According to the information and explanations given to us and on the basis of our examination of the records any party during the year.
of the Company, the Company has made investments in companies and other parties and has not made any
investments in firms and limited liability partnership during the year. The Company has provided guarantee to (iv) According to the information and explanations given to us and on the basis of our examination of the records of
companies and has granted loans, unsecured, to other parties during the year, in respect of which the requisite the Company, the Company has not given any loans or security as specified under Section 185 and Section 186 of
information is as below. The Company has not provided any guarantee to firms, limited liability partnership or any the Companies Act, 2013 (“the Act”). In respect of the investments made and guarantees provided by the Company,
other parties or granted any loans, unsecured, to companies, firms or limited liability partnership during the year. in our opinion the provisions of Section 186 of the Act have been complied with.
The Company has not provided any security or granted any loans, secured, or advances in the nature of loans, (v) Consequent to the merger as referred to in para (a) of the Emphasis of Matters, in our opinion, and according
secured or unsecured, to companies, firms, limited liability partnership or any other parties during the year. to the information and explanations given to us, the Company has complied with the directives issued by the
(a) A. Based on the audit procedures carried on by us and as per the information and explanations given to us, Reserve Bank of India (‘the RBI’), the provisions of sections 73 to 76 or other relevant provisions of the Act and the
the Company has stood guarantees to a subsidiary and a joint venture as listed below. The Company has Companies (Acceptance of Deposits) Rules, 2014 (as amended) as applicable, with regard to the deposits accepted
not given any loans or advances in the nature of loans or provided security to subsidiaries, joint venture or amount which has been considered as deemed deposit. According to the information and explanations given to
and associates and has not stood guarantee to associates. us, no order has been passed by the Company Law Board or National Company Law Tribunal or RBI or any Court or
any other Tribunal, in this regard.
B. Based on the audit procedures carried on by us and as per the information and explanations given to us,
the Company has given unsecured loans to parties other than subsidiaries, joint ventures and associates (vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed
as listed below. The Company has not given any advances in the nature of loans or stood guarantee or by the Central Government for maintenance of cost records under Section 148(1) of the Act in respect of its
provided security to parties other than subsidiaries, joint venture and associates. manufactured goods and are of the opinion that prima facie, the prescribed accounts and records have been made
and maintained. However, we have not carried out a detailed examination of the records with a view to determine
` in crores whether these are accurate or complete.
Particulars Guarantees Security Loans Advances in nature of loans
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax
Aggregate amount during the year during the year since effective 1 July 2017, these statutory dues has been subsumed into Goods and Service Tax.
Subsidiaries* 612.93 Nil Nil Nil
Joint ventures* Nil Nil Nil Nil According to the information and explanations given to us and on the basis of our examination of the records
Associates* Nil Nil Nil Nil of the Company, in our opinion, the undisputed statutory dues including Goods and Service Tax, Provident
Others Nil Nil 12.43 Nil Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues have been
Balance outstanding as at balance regularly deposited by the Company with the appropriate authorities.
sheet date According to the information and explanations given to us and on the basis of our examination of the records
Subsidiaries* 2,153.97 Nil Nil Nil of the Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund,
Joint ventures* 1.70 Nil Nil Nil Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in arrears as at
Associates* Nil Nil Nil Nil 31 March 2025 for a period of more than six months from the date they became payable.
Others* Nil Nil 17.71 Nil
*As per the Companies Act, 2013

(b) According to the information and explanations given to us and based on the audit procedures conducted by
us, in our opinion the investments made, guarantees provided and the terms and conditions of the grant of
loans during the year are, not prejudicial to the interest of the Company.

306 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 307
 Financial statements

Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech
Cement Limited for the year ended 31 March 2025 (Contd.) Cement Limited for the year ended 31 March 2025 (Contd.)
(b) According to the information and explanations given to us and on the basis of our examination of the Name of the statute Nature of the dues Period to which the Amount Forum where dispute is pending
records of the Company, statutory dues relating to Goods and Service Tax, Provident Fund, Employees’ State amount relates (` in Crores)*
Insurance, Income-tax, Sales tax, Service tax, Duty of Customs, Value added tax, Cess or other statutory dues Mines and Mineral Royalty, Interest and 1994-2013 222.13 High Court
which have not been deposited on account of any dispute are as follows: (Development and Penalty 1996-2013 24.86 Tribunal
Regulation) Act, 1957
Name of the statute Nature of the dues Period to which the Amount Forum where dispute is pending 2020-2021 0.99 Appellate Authorities
amount relates (` in Crores)*
2004-2005 0.91 Others
Sales Tax / Value Added Tax Tax, Interest and Penalty 2000 to 2017 587.93 Supreme Court
Water Tax Water Tax, Interest and 1998-99 to upto 25.85 High Court
1988 to 2021 626.80 High Court Penalty date
1985 to 2016 16.64 Tribunal Motor Vehicle Act (Road Tax RT charges, Interest and 1995-1999 3.90 Supreme Court
1990 to 2020 260.11 Appellate Authorities Charges) Penalty 2004-2005 0.57 High Court
2015 to 2017 17.70 Assessing Officers Road development tax Tax, Interest and Penalty 2005-2018 1.11 Supreme Court
2005 to 2015 0.13 Others 2007-2009 1.80 High Court
Customs Act, 1962 Tax, Interest and Penalty 2012-2013 97.95 Supreme Court 2011-2012 0.07 Appellate Authorities
2002-2006 61.45 High Court 2005-2022 36.76 Assessing Officers
2000-2014 217.52 Tribunal Stamp Duty Act Tax, Interest and Penalty 2006-2022 3.33 Supreme Court
2003-2015 0.14 Appellate Authorities 2008-2017 302.66 High Court
Central Excise Act, 1994 Tax, Interest and Penalty 1994-2018 183.40 Supreme Court 2017 and 2020 13.10 Appellate Authorities
1996-2016 108.08 High Court 2022-2023 5.42 Others
1994-2018 987.21 Tribunal Cess Cess, Interest and Penalty 2008-2015 266.67 Supreme Court
1998-2018 192.57 Appellate Authorities 2006-2017 6.89 High Court
2007-2017 178.76 Assessing Officers 2008-2010 5.66 Appellate Authorities
Income Tax Act, 1961 Tax, Interest and Penalty 2001-2019 14.86 High Court 2009-2022 2.12 Others
2015-2016 0.03 Tribunal Others (Forest Transit Tax, Interest and Penalty 2008-2009 53.37 High Court
2010- 2019 356.61 Appellate Authorities Fee,Environment Protection 2008-2017 36.19 Tribunal
Finance Act 1994 (Service Tax, Interest and Penalty 2004-2014 8.90 High Court Fee, KERC)
2010-2016 5.40 Appellate Authorities
Tax ) 2005-2018 225.73 Tribunal 2008-2011 82.34 Assessing Officers
2005-2018 4.64 Appellate Authorities 2013-2014 8.33 Others
2008-2018 0.19 Assessing Officers * Net of amount paid under protest

Goods and Service Tax Act, Tax, Interest and Penalty 2017-2018 237.78 High Court
(viii) According to the information and explanations given to us and on the basis of our examination of the records of
2017 2017-2022 4.92 Tribunal the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in
2018-2020 224.51 Appellate Authorities the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
2017-2018 16.70 Assessing Officers (ix) (a) According to the information and explanations given to us and on the basis of our examination of the records
2017-2021 4.92 Others of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of
Employees Provident Funds Tax, Interest and Penalty 2008-2009 2.89 High Court interest thereon to any lender.
Act, 1952 and Employees’ 1999-2020 0.25 Tribunal (b) According to the information and explanations given to us and on the basis of our examination of the records
State Insurance Act
of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or
Electricity Duty Act Cess, Interest and Penalty 2003-2021 111.92 Supreme Court government or government authority.
2002-2015 384.13 High Court
(c) In our opinion and according to the information and explanations given to us by the management, term loans
2014-2015 7.23 Others
were applied for the purpose for which the loans were obtained.
Land Tax and Property tax Tax, Interest and Penalty 2009-2022 2.25 High Court
2014-2015 11.30 Others (d) According to the information and explanations given to us and on an overall examination of the standalone
financial statements of the Company, we report that no funds raised on short-term basis have been used for
long-term purposes by the Company.

308 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 309
 Financial statements

Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of UltraTech
Cement Limited for the year ended 31 March 2025 (Contd.) Cement Limited for the year ended 31 March 2025 (Contd.)
(e) According to the information and explanations given to us and on an overall examination of the standalone (xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.
financial statements of the Company, we report that the Company has not taken any funds from any entity or
person on account of or to meet the obligations of its subsidiaries, associates or joint venture as defined under (xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is
the Act. not applicable.

(f) According to the information and explanations given to us and procedures performed by us, we report that (xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and
the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint expected dates of realisation of financial assets and payment of financial liabilities, our knowledge of the Board
venture or associate companies (as defined under the Act). of Directors and management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet
instruments). Accordingly, clause 3(x)(a) of the Order is not applicable. as and when they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting is based on the
(b) According to the information and explanations given to us and on the basis of our examination of the records facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities
of the Company, the Company has not made any preferential allotment or private placement of shares or fully falling due within a period of one year from the balance sheet date, will get discharged by the Company as and
or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable. when they fall due.
(xi) (a) During the course of our examination of the books and records of the Company and according to the Also refer to the Other Information paragraph of our main audit report which explains that the other information
information and explanations given to us, considering the principles of materiality outlined in Standards on comprising the information included in annual report is expected to be made available to us after the date of this
Auditing, we report that no fraud by the Company or on the Company has been noticed or reported during the auditor’s report.
year.
(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of sub-section (5) of Section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the
the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Order are not applicable.
Auditors) Rules, 2014 with the Central Government.

(c) We have taken into consideration the whistle blower complaints received by the Company during the year
while determining the nature, timing and extent of our audit procedures. For B S R & Co. LLP For KKC & Associates LLP
Chartered Accountants (formerly Khimji Kunverji & Co LLP)
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, Firm’s Registration No.: 101248W/W-100022 Chartered Accountants
clause 3(xii) of the Order is not applicable. Firm’s Registration No.: 105146W/W100621
(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties
are in compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party Vikas R Kasat Hasmukh B Dedhia
transactions have been disclosed in the standalone financial statements as required by the applicable accounting Partner Partner
standards. Membership No: 105317 Membership No: 033494
ICAI UDIN: 25105317BMOOEF7177 ICAI UDIN: 25033494BMJKDH9434
(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company
has an internal audit system commensurate with the size and nature of its business. Mumbai Mumbai
28 April 2025 28 April 2025
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into
any non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section
192 of the Act are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank
of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

(d) According to the information and explanations provided to us, the Group (as per the provisions of the Core
Investment Companies (Reserve Bank) Directions, 2016) has more than one CIC as part of the Group. The Group
has four CICs as part of the Group.

310 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 311
 Financial statements

Annexure B to the Independent Auditor’s Report on the standalone financial statements of UltraTech Annexure B to the Independent Auditor’s Report on the standalone financial statements of UltraTech
Cement Limited for the year ended 31 March 2025 Cement Limited for the year ended 31 March 2025 (Contd.)
Report on the internal financial controls with reference to the aforesaid standalone financial statements made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
under Clause (i) of Sub-section 3 of Section 143 of the Act assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our
report of even date) Inherent Limitations of Internal Financial Controls with Reference to Financial Statements
Opinion Because of the inherent limitations of internal financial controls with reference to financial statements, including the
We have audited the internal financial controls with reference to financial statements of UltraTech Cement Limited (“the possibility of collusion or improper management override of controls, material misstatements due to error or fraud
Company”) as of 31 March 2025 in conjunction with our audit of the standalone financial statements of the Company for may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
the year ended on that date. financial statements to future periods are subject to the risk that the internal financial controls with reference to financial
statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial or procedures may deteriorate.
statements and such internal financial controls were operating effectively as at 31 March 2025, based on the internal
financial controls with reference to financial statements criteria established by the Company considering the essential
components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).

Management’s and Board of Directors’ Responsibilities for Internal Financial Controls For B S R & Co. LLP For KKC & Associates LLP
Chartered Accountants (formerly Khimji Kunverji & Co LLP)
The Company’s Management and the Board of Directors are responsible for establishing and maintaining internal Firm’s Registration No.: 101248W/W-100022 Chartered Accountants
financial controls based on the internal financial controls with reference to financial statements criteria established by Firm’s Registration No.: 105146W/W100621
the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating Vikas R Kasat Hasmukh B Dedhia
effectively for ensuring the orderly and efficient conduct of its business, including adherence to the company’s policies, Partner Partner
the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the Membership No: 105317 Membership No: 033494
accounting records, and the timely preparation of reliable financial information, as required under the Act. ICAI UDIN: 25105317BMOOEF7177 ICAI UDIN: 25033494BMJKDH9434
Auditor’s Responsibility
Mumbai Mumbai
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial 28 April 2025 28 April 2025
statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls
with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls with reference to financial statements were established and maintained and if such controls operated effectively
in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with
reference to financial statements included obtaining an understanding of internal financial controls with reference
to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the standalone financial statements,
whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Company’s internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company’s internal financial controls with reference
to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being

312 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 313
 Financial statements

Standalone Balance Sheet Standalone Statement of Profit and Loss

as at March 31, 2025 for the Year ended March 31, 2025

` in Crores ` in Crores

As at Year ended Year ended

Particulars Note No. As at March 31, 2025 Particulars Note No.
March 31, 2024 March 31, 2025 March 31, 2024
ASSETS
Non-Current Assets Revenue from Operations 23 71,894.97 68,640.63
Property, Plant and Equipment 2 61,823.00 48,711.20
Capital Work-in-Progress 2 5,956.01 6,736.18 Other Income 24 693.42 662.15
Goodwill 2 5,889.70 5,133.94
Other Intangible Assets 2 6,998.40 5,308.29 Total Income (I) 72,588.39 69,302.78
Intangible Assets under Development 2 45.92 28.41
Right of Use Assets 3 (A) 708.27 776.63 Expenses
81,421.30 66,694.65 Cost of Materials Consumed 25 10,588.71 9,543.46
Financial Assets
Investments 4 13,644.56 3,754.33 Purchases of Stock-in-Trade 26 1,999.86 1,700.89
Loans 5 8.01 8.31
Other Financial Assets 6 2,576.11 1,441.69 Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 27 (21.87) (56.85)
16,228.68 5,204.33
Income Tax Assets (Net) 857.89 456.01 Employee Benefits Expense 28 3,299.48 2,910.46
Other Non-Current Assets 7 2,905.62 3,226.39
Total Non-Current Assets 1,01,413.49 75,581.38 Finance Costs 29 1,465.34 866.80
Current Assets Depreciation and Amortisation Expense 30 3,739.09 3,027.43
Inventories 8 8,566.76 8,035.82
Financial Assets Power and Fuel Expense 17,155.64 17,602.38
Investments 9 2,857.99 5,482.99
Trade Receivables 10 4,377.82 3,496.54 Freight and Forwarding Expense 31 17,023.33 15,715.31
Cash and Cash Equivalents 11 311.92 542.40
Bank Balances other than Cash and Cash Equivalents 12 488.00 228.10 Other Expenses 32 9,553.72 8,604.92
Loans 5 9.70 8.70 Total Expenses (II) 64,803.30 59,914.80
Other Financial Assets 6 1,264.88 1,359.12
9,310.31 11,117.85 Profit before Exceptional Items and Tax Expense (I)-(II) 7,785.09 9,387.98
Other Current Assets 13 2,031.69 1,882.39
Total Current Assets 19,908.76 21,036.06 Exceptional Items
Assets Held for Sale 55 18.02 13.55
TOTAL ASSETS 1,21,340.27 96,630.99 Stamp Duty on Business Combination 37 & 38 88.08 72.00
EQUITY AND LIABILITIES
EQUITY Profit before Tax Expense 7,697.01 9,315.98
Equity Share Capital 14 (a) 294.68 288.69 Tax Expense:
Other Equity 14 (b) 69,382.55 58,806.54
69,677.23 59,095.23 Current Tax Charge 802.18 2,226.19
Share Application Money Pending Allotment 0.56 0.01
LIABILITIES Deferred Tax Charge 18 702.20 184.92
Non-Current Liabilities
Financial Liabilities Total Tax Expense 1,504.38 2,411.11
Borrowings 15 13,859.72 4,473.57
Lease Liabilities 3 (B) 728.71 787.29 Profit for the Year (III) 6,192.63 6,904.87
Other Financial Liabilities 16 287.36 240.71 Other Comprehensive Income 33
14,875.79 5,501.57
Provisions 17 705.57 644.58 A (i) Items that will not be reclassified to Profit or Loss 663.75 (40.75)
Deferred Tax Liabilities (Net) 18 8,197.57 6,425.02
Other Non-Current Liabilities 19 - 3.53 (ii) Income Tax Relating to Items that will not be reclassified to Profit or Loss (97.30) 10.26
Total Non-Current Liabilities 23,778.93 12,574.70
Current Liabilities B (i) Items that will be reclassified to Profit or Loss 44.66 (69.51)
Financial Liabilities
Borrowings 20 5,599.93 3,613.76 (ii) Income Tax Relating to Items that will be reclassified to Profit or Loss (11.24) 17.49
Lease Liabilities 3 (B) 172.07 135.92 Other Comprehensive Income/(Loss) for the year (IV) 599.87 (82.51)
Trade Payables
Total Outstanding Dues of Micro Enterprises and Small Enterprises 21 265.33 254.19 Total Comprehensive Income for the year (III+IV) 6,792.50 6,822.36
Total Outstanding Dues of other than Micro Enterprises and 21 7,601.56 7,861.78
Small Enterprises Earnings Per Equity Share (Face Value ` 10 each) 43
Other Financial Liabilities 16 5,738.08 5,190.78
19,376.97 17,056.43 Basic (in `) 210.52 239.58
Other Current Liabilities 22 6,217.61 5,677.94 210.35 239.40
Provisions 17 330.06 243.21 Diluted (in `)
Current Tax Liabilities (Net) 1,958.91 1,983.47 Material Accounting Policies 1
Total Current Liabilities 27,883.55 24,961.05
TOTAL EQUITY AND LIABILITIES 1,21,340.27 96,630.99
Material Accounting Policies 1

The accompanying notes form an integral part of the Standalone Financial Statements. The accompanying notes form an integral part of the Standalone Financial Statements.

In terms of our report of even date attached. For and on behalf of the Board of Directors In terms of our report of even date attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For KKC & Associates LLP For B S R & Co. LLP For KKC & Associates LLP
(Formerly known as Khimji Kunverji & Co LLP) (Formerly known as Khimji Kunverji & Co LLP)
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621 Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621

VIKAS R KASAT HASMUKH B DEDHIA K. C. JHANWAR VIVEK AGRAWAL VIKAS R KASAT HASMUKH B DEDHIA K. C. JHANWAR VIVEK AGRAWAL
Partner Partner Managing Director Wholetime Director Partner Partner Managing Director Wholetime Director
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212 Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212

Mumbai: April 28, 2025 ATUL DAGA S.K. CHATTERJEE Mumbai: April 28, 2025 ATUL DAGA S.K. CHATTERJEE
Chief Financial Officer Company Secretary Chief Financial Officer Company Secretary

314 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 315
 Financial statements

Standalone Statement of Changes in Equity Standalone Statement of Changes in Equity

for the Year ended March 31, 2025 for the Year ended March 31, 2025

A. Equity Share Capital For the year ended March 31, 2024 ` in Crores
For the year ended March 31, 2025 ` in Crores Particulars Reserves & Surplus Cash Flow Total
Hedge Equity
Balance as at April 01, 2024 Changes in Equity Share Capital during the Year Balance as at March 31, 2025 Capital Securities Debenture General Share Option Treasury Retained Reserve
Reserve Premium Redemption Reserve Outstanding Shares Earnings
288.69 5.99 294.68 Reserve# Reserve# @@

Balance as at April 01, 2023 (Restated) 170.72 5,484.44 37.50 39,330.41 80.18 (256.86) 8,405.64 (132.64) 53,119.39

For the year ended March 31, 2024 ` in Crores Profit for the year - - - - - - 6,904.87 - 6,904.87

Balance as at April 01, 2023 Changes in Equity Share Capital during the Year Balance as at March 31, 2024 Other Comprehensive Income / (Loss) for the year

288.69 -* 288.69 Remeasurement Gain / (Loss) on defined benefit plan - - - - - - (30.49)* - (30.49)

Effective portion of Gains / (Loss) on hedging instruments - - - - - - - (52.02)@ (52.02)

* Equity Share Capital of ` 56,600 increased during the year ended March 31, 2024.
Total Comprehensive Income / (Loss) for the year - - - - - - 6,874.38 (52.02) 6,822.36
B. Other Equity
For the year ended March 31, 2025 ` in Crores Purchase of Treasury Shares - - - - - (100.41) - - (100.41)

Particulars Reserves & Surplus Other Comprehensive Income Total Issue of Treasury Shares - - - - 0.47 15.61 - - 16.08
Other Contribution by and Distribution to Owners
Capital Securities Debenture General Share Option Treasury Retained Cash Flow Equity Equity
Reserve Premium Redemption Reserve Outstanding Shares Earnings Hedge Reserve Instruments Dividend - - - - - - (1,095.11)## - (1,095.11)
Reserve Reserve# @@ through OCI
Transfer from Retained Earnings - - - 5,000.00 - - (5,000.00) - -
Balance as at April 01, 2024 170.72 5,487.36 37.50 44,330.41 121.96 (341.66) 9,184.91 (184.66) - 58,806.54
Employees Stock Options Exercised - 2.92 - - (1.06) - - - 1.86
Profit for the year - - - - - - 6,192.63 - - 6,192.63
Employees Stock Options Granted (Net of Lapses) - - - - 42.37 - - - 42.37
Other Comprehensive Income / (Loss) for the year
Total Contribution by and Distribution to Owners - 2.92 - 5,000.00 41.31 - (6,095.11) - (1,050.88)
Remeasurement (Loss) / Gain on defined benefit plan - - - - - - 16.37* - - 16.37
Balance as at March 31, 2024 170.72 5,487.36 37.50 44,330.41 121.96 (341.66) 9,184.91 (184.66) 58,806.54
Effective portion of (Loss) / Gains on hedging instruments - - - - - - - 33.42@ - 33.42

Fair Value of Investments - - - - - - - - 550.08** 550.08 # Net of Deferred Employees Compensation Expenses ` 51.19 Crores.
@@ The Company has formed an Employee Welfare Trust for purchasing Company’s share to be alloted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As per
Gain/(Loss) of Equity Instruments designated as FVTOCI - - - - - - 587.92 - (587.92) -
transfered to Retained Earnings Ind AS 32 - Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and deducted from equity.
* Net of Tax amounting to ` 10.26 Crores.
Total Comprehensive Income / (Loss) for the year - - - - - - 6,796.92 33.42 (37.84) 6,792.50
@ Net of Deferred Tax amounting to ` 17.49 Crores.
Purchase of Treasury Shares - - - - - (100.29) - - - (100.29)
## Dividend of ` 38 /- per share
Issue of Treasury Shares - - - - 6.26 25.05 - - - 31.31
Material Accounting Policies - Note 1
Contribution by and Distribution to Owners

Dividend - - - - - - ## - - (2,017.40)
(2,017.40) The accompanying notes form an integral part of the Standalone Financial Statements.
Issue of Non Convertible Debentures at premium - 0.76 - - - - - - - 0.76
In terms of our report of even date attached. For and on behalf of the Board of Directors
Issue of Shares pursuant to Composite Scheme of - 5,818.46 - - - - - - - 5,818.46
For B S R & Co. LLP For KKC & Associates LLP
Arrangement (Refer Note 37)
(Formerly known as Khimji Kunverji & Co LLP)
Transfer from Retained Earnings - - - 3,500.00 - - (3,500.00) - - - Chartered Accountants Chartered Accountants
Employees Stock Options Exercised - 4.43 - - (3.00) - - - - 1.43 Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621
Employees Stock Options Granted (Net of Lapses) - - - - 49.24 - - - - 49.24 VIKAS R KASAT HASMUKH B DEDHIA K. C. JHANWAR VIVEK AGRAWAL
Total Contribution by and Distribution to Owners - 5,823.65 - 3,500.00 46.24 - (5,517.40) - - 3,852.49 Partner Partner Managing Director Wholetime Director
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212
Balance as at March 31, 2025 170.72 11,311.01 37.50 47,830.41 174.46 (416.90) 10,464.43 (151.24) (37.84) 69,382.55

# Net of Deferred Employees Compensation Expenses ` 63.23 Crores. Mumbai: April 28, 2025 ATUL DAGA S.K. CHATTERJEE
Chief Financial Officer Company Secretary
@@ The Company has formed an Employee Welfare Trust for purchasing Company’s share to be alloted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As
per Ind AS 32 - Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and deducted from equity.
* Net of Tax amounting to ` 5.51 Crores.
@ Net of Deferred Tax amounting to ` 11.24 Crores.
** Net of Deferred Tax amouting to ` 91.79 Crores.
## Dividend of ` 70 /- per share

316 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 317
 Financial statements

Standalone Statement of Cash Flows Standalone Statement of Cash Flows

for the year ended March 31, 2025 for the year ended March 31, 2025

` in Crores ` in Crores

Particulars Year Ended Year Ended Particulars Year Ended Year Ended
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

(A) Cash Flows from Operating Activities: (C) Cash Flows from Financing Activities:
Profit Before tax 7,697.01 9,315.98 Proceeds from Issue of Share Capital on Exercise of ESOS 2.00 1.87
Adjustments for: - Purchase of Treasury Shares (100.29) (100.41)
Depreciation and Amortisation Expense (Refer Note 30) 3,739.09 3,027.43 Proceeds from Issue of Treasury Shares 31.31 16.08
Gain on Fair Valuation of Investments (105.19) (206.06) Repayment of Non-Current Borrowings (550.31) (1,068.71)
Gain on Fair Valuation of SGST Deferment Loan (48.50) (13.42) Proceeds from Non-Current Borrowings 7,784.88 439.63
Compensation Expenses under Employees Stock Options Scheme 49.25 42.37 Proceeds from Current Borrowings (net) 1,889.73 (84.17)
Allowances for Credit Losses on Advances / Debts (net) 35.00 10.61 Repayment of Principal towards Lease Liabilities (148.59) (134.87)
Impairment in value of Investments - 2.50 Interest Paid on Lease Liabilities (52.93) (54.46)
Bad Debts Written-off 1.22 2.05 Interest Paid (1,277.84) (781.05)
Excess Provision/ Unclaimed Liabilities written back (net) (61.13) (82.76) Dividend Paid (2,011.65) (1,094.43)
Provision for Stamp Duty on Business Combination (Refer Note 37 and 38) 88.08 72.00 Net Cash used in Financing Activities (C) 5,566.31 (2,860.52)
Interest and Dividend Income (260.52) (241.95)
Finance Costs 1,465.34 866.80 Net Increase in Cash and Cash Equivalents (A + B + C) (307.24) 208.27
Unrealised Foreign Exchange (Gain)/Loss (79.17) (29.45) Cash and Cash Equivalents at the beginning of the year (Refer Note 11) 542.40 334.13
Profit on Sale of Property, Plant and Equipment (net) (51.91) (0.66) Cash and Cash Equivalents transferred from Kesoram Industries Limited (KIL) (Refer Note 37) 76.76 -
Profit on Sale of Current and Non-Current Investments (net) (226.42) (97.89) Cash and Cash Equivalents at the end of the year (Refer Note 11) 311.92 542.40
12,242.15 12,667.55
Notes:
Movements in working capital:
(Decrease)/ Increase in Trade payables and other Liabilities (431.50) 2,200.15 1. The Statement of Cash flows has been prepared under the indirect method as set out in Ind AS - 7 specified under
Section 133 of the Act.
Decrease in Provisions (4.84) (26.26)
Increase in Trade receivables (484.13) (267.03) 2. Purchase of Property, Plant and Equipment includes movements of capital work-in-progress (including capital
advances) during the year.
Increase in Inventories (282.02) (1,769.69)
Increase in Financial and Other Assets (229.04) (258.62) 3. For the year ended March 31, 2025, the Composite Scheme of Arrangement with Kesoram Industries Limited does not
involve any cash outflow and the consideration has been discharged through issue of equity shares and preference
Cash generated from Operations 10,810.62 12,546.10
shares. (Refer Note 37)
Income Taxes paid (net of refunds) (1,234.13) (1,647.31)
Net Cash generated from Operating Activities (A) 9,576.49 10,898.79
(B) Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment (9,055.24) (8,998.65)
Proceeds from Sale of Property, Plant and Equipment 155.56 120.87
Redemption/(Purchase) of Liquid Investment (net) 876.48 (425.58)
Purchase of Investments (15,005.74) (7,203.74)
Proceeds from Sale of Investments 17,972.72 7,163.67
(Investment)/Redemtion of Non-Current Fixed Deposits with Bank and Others (400.20) 0.02
(Investment)/ Redemption in Other Bank deposits (176.15) 508.82
Proceeds from Redemption of Investment in Subsidiaries - 1,029.70
Investment in Subsidiaries/ Joint Venture and Associates (9,209.96) (66.85)
Investment in Other Non-Current Equity Investments (925.24) (120.80)
Dividend Received 0.78 5.99
Interest Received 316.95 156.54
Net Cash used in Investing Activities (B) (15,450.04) (7,830.00)

318 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 319
 Financial statements

Standalone Statement of Cash Flows Notes

for the year ended March 31, 2025 to Standalone Financial Statements

4. Changes in liabilities arising from financing activities: (vi) Employee share based payments measured at
Note 1 - Company Overview and
fair value.
` in Crores Material Accounting Policies:
Particulars As at Transferred Cashflows Non Cash changes/ As at Fair value is the price that would be received to
March 31, 2024 from KIL Impact of Foreign March 31, 2025
1 (A) Company Overview
sell an asset or paid to transfer a liability in an
(Refer Note 37) Exchange rates
UltraTech Cement Limited (“the Company”) is a Public orderly transaction between market participants
Non-Current Borrowing 5,022.95 1,987.59 7,234.57 146.92 14,392.03 Limited Company incorporated in India having its at the measurement date under current market
(including current maturities of
registered office at Mumbai, Maharashtra, India. The conditions, regardless of whether that price is
Non-Current Borrowings)
Company is engaged in the manufacture and sale of directly observable or estimated using another
Current Borrowing 3,064.38 113.51 1,889.73 - 5,067.62
Cement and Cement related products. The Company’s valuation technique. In determining the fair value
8,087.33 2,101.10 9,124.30 146.92 19,459.65 shares are listed on the Bombay Stock Exchange (BSE), of an asset or a liability, the Company takes into
India, and the National Stock Exchange (NSE), India, account the characteristics of the asset or liability if
Particulars As at Cashflows Non Cash changes/ As at Global Depository Receipts are listed on the Luxembourg market participants would take those characteristics
March 31, 2023 Impact of Foreign March 31, 2024 Stock Exchange and Sustainability Linked Bonds are listed
Exchange rates into account when pricing the asset or liability at the
on the Singapore Exchange Securities Trading Limited. measurement date.
Non-Current Borrowing 5,601.79 (629.08) 50.24 5,022.95
(including current maturities of 1 (B) Material Accounting Policies
Non-Current Borrowings) Functional and Presentation Currency
(a) Statement of Compliance (i) The financial statements are presented in Indian
Current Borrowing 3,148.55 (84.17) - 3,064.38
8,750.34 (713.25) 50.24 8,087.33 These standalone financial statements (hereinafter Rupees, which is also the functional currency of the
referred to as “financial statements”) are prepared Company and the currency of the primary economic
5. Cashflow from Operating Activities includes ` 618.27 Crores (March 31, 2024 ` 439.88 Crores) towards short-term lease in accordance with the Indian Accounting environment in which the Company operates.
payments, payments for leases of low-value assets and variable lease payments not included in the measurement of Standards (“Ind AS”) as per the Companies (Indian
the lease liability. Accounting Standards) Rules, 2015 and presentation (ii) Figures less than ` 50,000 have been shown at
requirements of Division II of Schedule III notified actual, wherever statutorily required to be disclosed,
6. Refer note 3 (B) for cash outflows of Lease Liabilities all other figures have been rounded off in decimals
under Section 133 of Companies Act, 2013 (“the Act’’),
Material Accounting Policies Note 1 amendments thereto and other relevant provisions to the nearest ` in lakhs, unless otherwise stated.
of the Act and guidelines issued by the Securities and Classification of Assets and Liabilities into Current/
The accompanying notes form an integral part of the Standalone Financial Statements. Exchange Board of India (“SEBI”), as applicable. Non-Current
In terms of our report of even date attached. For and on behalf of the Board of Directors The financial statements were authorised for issue The Company has ascertained its operating cycle as
For B S R & Co. LLP For KKC & Associates LLP by the Board of Directors of the Company at their twelve months for the purpose of Current / Non-Current
(Formerly known as Khimji Kunverji & Co LLP)
Chartered Accountants Chartered Accountants
meeting held on April 28, 2025. classification of its Assets and Liabilities.
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621
(b) Basis of Preparation and Presentation: For the purpose of Balance Sheet, an asset is classified as
VIKAS R KASAT HASMUKH B DEDHIA K. C. JHANWAR VIVEK AGRAWAL current if:
Partner Partner Managing Director Wholetime Director Basis of Preparation
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212
The financial statements have been prepared on a (i) It is expected to be realised, or is intended to be sold
Mumbai: April 28, 2025 ATUL DAGA S.K. CHATTERJEE historical cost basis, except for the following assets or consumed, in the normal operating cycle; or
Chief Financial Officer Company Secretary and liabilities:
(ii) It is held primarily for the purpose of trading; or
(i) Derivative Financial Instruments measured at
fair value (iii) It is expected to realise the asset within twelve
months after the reporting period; or
(ii) Certain financial assets and liabilities measured
at fair value (refer accounting policy regarding (iv) The asset is a cash or cash equivalent unless it is
financial instruments) restricted from being exchanged or used to settle
a liability for at least twelve months after the
(iii) Assets held for Sale – measured at the lower of reporting period.
its carrying amount and fair value less costs on
disposal of assets and its value in use. All other assets are classified as non-current.

(iv) Employee’s Defined Benefit Plan as per actuarial Similarly, a liability is classified as current if:
valuation.
(i) It is expected to be settled in the normal operating
(v) Assets and liabilities acquired under Business cycle; or
Combination measured at fair value; and

320 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 321
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(ii) It is held primarily for the purpose of trading; or PPE except freehold land are stated at their cost Such classes of assets and their estimated useful lives • Intangible Assets acquired separately:
of acquisition/installation or construction net of are as under:
(iii) It is due to be settled within twelve months after the Intangible assets acquired separately are
accumulated depreciation, and impairment losses, if
reporting period; or No Nature Estimated Useful measured on initial recognition at cost. Cost
any. Freehold land is stated at cost less impairment life comprises the purchase price (net of tax / duty
(iv) The Company does not have an unconditional right losses, if any.
1 Buildings 3-60 Years credits availed wherever applicable) and any
to defer the settlement of the liability for at least The Company had opted for deemed cost exemption 2 Plant & Equipment 8-50 Years directly attributable cost of bringing the assets
twelve months after the reporting period. Terms under Ind AS 101 on transition of Ind AS. to its working condition for its intended use.
3 Railway Sidings 4-30 Years
of a liability that could result in its settlement by Intangible assets with finite useful lives that
the issue of equity instruments at the option of the Expenditure during construction period: 4 Leasehold Land Over the lease are acquired separately are carried at cost less
counterparty does not affect this classification. term accumulated amortisation and accumulated
Expenditure/ Income during construction period
5 Office Equipment 4-7 Years impairment loss, if any. Amortization amount
All other liabilities are classified as non-current. (including financing cost related to borrowed funds
for construction or acquisition of qualifying PPE) 6 Furniture and Fixtures 7-12 Years for intangible asset is the cost less estimated
Deferred tax assets and liabilities are classified as non- is included under Capital Work-in-Progress (CWIP), residual values using straight line method
7 Mobile Phones 3 Years
current only. and the same is allocated to the respective PPE on over their estimated residual useful lives.
8 Company Vehicles (other 5-12 Years The Company determines the amortisation
the completion of their construction. Advances than those provided to the
(c) Property, Plant and Equipment (PPE): given towards acquisition or construction of PPE period as the period over which the future
employees) economic benefits will flow to the Company
The cost of an item of PPE is recognised as an asset outstanding at each reporting date are disclosed as
9 Motor Cars given to the 4-5 Years after taking into account all relevant facts and
if it is probable that future economic benefits Capital Advances under “Other Non-Current Assets”.
employees as per the circumstances. The estimated useful life and
associated with the item will flow to the company
(d) Depreciation: Company’s Scheme amortisation method are reviewed periodically,
and the cost of the item can be measured reliably.
Depreciation is the systematic allocation of the 10 Servers and Networks 3 Years with the effect of any changes in estimate being
The initial cost of PPE comprises its purchase price depreciable amount of PPE over its useful life and accounted for on a prospective basis.
11 Stores and Spares in the 8-30 Years
net of any trade discounts and rebates, including is provided on a straight-line basis over the useful nature of PPE
import duties and non-refundable purchase taxes, • Class of intangible assets and their estimated
lives as prescribed in Schedule II to the Act or as per 12 Assets individually costing Fully useful lives / basis of amortisation are as under:
and any directly attributable costs of bringing an technical assessment. Freehold Land with indefinite less than or equal to Depreciated
asset to working condition and location for its life is not depreciated. ` 10,000 in the year of No Nature Estimated Useful life / Basis of
intended use, including relevant borrowing costs and amortization
purchase
any expected costs of decommissioning. Depreciable amount for PPE is the cost of PPE less its
1 Jetty Rights Over the period of the
estimated residual value. The useful life of PPE is the Depreciation on additions is provided on a pro-
Subsequent costs incurred are included in the assets’s relevant agreement such that
period over which PPE is expected to be available for rata basis from the month of installation or
carrying amount or recognized as a separate asset, the cumulative amortisation
use by the Company, or the number of production or acquisition and in case of Projects from the date
as appropriate, only when it is probable that future is not less than the
similar units expected to be obtained from the asset of commencement of commercial production.
economic benefits associated with the item will flow cumulative rebate availed by
by the Company. Depreciation on deductions/disposals is provided
to the Company and the cost of the item can be the Company.
measured reliably. All other repairs and maintenance In case of certain classes of PPE, the Company on a pro-rata basis up to the month preceding the 2 Mining Rights Over the period of the
cost are charged to the Statement of Profit and Loss uses different useful lives than those prescribed in month of deduction/disposal. respective mining agreement
during the period in which they were incurred. Schedule II to the Act. The useful lives have been (e) Intangible Assets and Amortisation: 3 Mining Reserve On the basis of mineral
assessed based on technical advice, taking into material extraction
If significant parts of an item of PPE have different account the nature of the PPE and the estimated • Internally generated Intangible Assets:
(proportion of mineral
useful lives, then they are accounted for as separate usage of the asset on the basis of management’s Expenditure pertaining to research is expensed material extracted per
items (major components) of PPE. best estimation of obtaining economic benefits from out as and when incurred. Expenditure incurred annum to total estimated
Material items such as spare parts, stand-by those classes of assets. The estimated useful lives, on development is capitalised as an asset if mining reserve)
equipment and service equipment are classified residual values and the depreciation method are it is probable that future economic benefits
4 Surface Rights Over the period of the
as PPE when they meet the definition of PPE reviewed at the end of each reporting period, with associated with the item will flow to the
respective mining agreement
as specified in Ind AS 16 – Property, Plant and the effect of any changes in estimate accounted for company and cost can be measured reliably,
on a prospective basis. otherwise such expenditure is charged to the 5 Software 3 Years
Equipment.
Statement of Profit and Loss. 6 Brand Rights 18 months - 7 years
Any gain or loss on disposal of an item of PPE is 7 Distribution 7 years
recognised in the Statement of Profit and Loss. Subsequent costs incurred are capitalized, only
Network
when it increase the future economic benefits
associated with the asset and will flow to the An intangible asset is derecognised on disposal, or
Company whose cost can be measured reliably. when no future economic benefits are expected
from its use or disposal. Gains or losses arising from

322 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 323
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derecognition of an item of intangible asset are discounted to their present value using a pre- • Waste / Scrap: (k) Borrowing Costs:
measured as the difference between the net disposal tax discount rate that reflects current market
Waste / Scrap inventory is valued at NRV. General and specific borrowing costs that are
proceeds and the carrying amount of such item of assessments of the time value of money and the risks
attributable to the acquisition, construction or
intangible asset and are recognised in the Statement specific to the asset for which the estimates of future Net realisable value for inventories is the estimated production of a qualifying asset are capitalised as
of Profit and Loss when the asset is derecognised. cash flows have not been adjusted. selling price in the ordinary course of business, less part of the cost of such asset till such time the asset
the estimated costs of completion and the estimated is ready for its intended use and borrowing costs are
(f) Assets (or disposal groups) classified as held If the recoverable amount of an asset (or cash-
costs necessary to make the sale. being incurred. A qualifying asset is an asset that
for sale: generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset (i) Employee Share based payments: necessarily takes a substantial period of time to get
The Company classifies assets as held for sale if their ready for its intended use. All other borrowing costs
(or cash-generating unit) is reduced to its recoverable
carrying amounts will be recovered primarily through Equity- settled share-based payments to employees are recognised as an expense in the period in which
amount. An impairment loss is recognised
a sale transaction rather than through continuing are measured at the fair value of the employee they are incurred.
immediately in Statement of Profit and Loss.
use. This condition is regarded as met only when the stock options at the grant date using an appropriate
asset is available for immediate sale in its present When an impairment loss subsequently reverses, the valuation model. Borrowing cost includes interest expense,
condition subject only to terms that are usual and carrying amount of the asset (or a cash-generating amortization of discounts, hedge related cost
customary for sales of such asset and its sale is highly The fair value determined at the grant date of the incurred in connection with foreign currency
unit) is increased to the revised estimate of its
probable. Such assets or group of assets / liabilities equity-settled share-based payments is amortised borrowings, ancillary costs incurred in connection
recoverable amount, but so that the increased
are presented separately in the Balance Sheet, in the over the vesting period, based on the Company’s with borrowing of funds and exchange difference
carrying amount does not exceed the carrying
line “Assets held for sale” and “Liabilities held for estimate of equity instruments that will eventually arising from foreign currency borrowings to the
amount that would have been determined had no
sale” respectively. Once classified as held for sale, vest, with a corresponding increase in equity. extent they are regarded as an adjustment to the
impairment loss been recognised for the asset (or
intangible assets and PPE are no longer amortised or cash-generating unit) in prior years. A reversal of an At the end of each reporting period, the Company Interest cost.
depreciated. impairment loss is recognised immediately in the revises its estimate of the number of equity (l) Government Grants:
Statement of Profit and Loss. instruments expected to vest. The impact of the
Such assets or disposal groups held for sale are Government grants are not recognised until there is
stated at the lower of carrying amount and fair value revision of the original estimates, if any, is recognised
(h) Inventories: in the Statement of Profit and Loss such that the reasonable assurance that the Company will comply
less costs to sell. with the conditions attached to them and that the
Inventories are valued as follows: cumulative expense reflects the revised estimate,
(g) Impairment of Non-Financial Assets with a corresponding adjustment to the equity- grants will be received.
• Raw materials, fuel, stores & spares and settled employee benefits reserve.
At the end of each reporting period, the Company packing materials: Government grants related to expenses, are
reviews the carrying amounts of non-financial assets For Stock Appreciation Rights (“SARs”) which are recognised in the Statement of Profit and Loss on
to determine whether there is any indication that Valued at lower of cost and net realisable value a systematic basis over the periods in which the
(NRV). However, these items are considered to cash-settled share-based payments, the fair value
those assets have suffered an impairment loss. If any of liability is recognised for the services acquired Company recognises the related costs for which the
such indication exists, the recoverable amount of the be realisable at cost, if the finished products, grants are intended to compensate.
in which they will be used, are expected to over the period that the employees unconditionally
asset is estimated in order to determine the extent of become entitled to the payment. At the end of each
the impairment loss (if any). When it is not possible be sold at or above cost. Cost is determined Government grants related to income under State
on weighted average basis which includes reporting period until the liability is settled, and at Investment Promotion Scheme linked with Value
to estimate the recoverable amount of an individual the date of settlement, the liability is re-measured
asset, the Company estimates the recoverable expenditure incurred for acquiring inventories Added Tax (VAT) / Goods & Services Tax (GST)
like purchase price, import duties, taxes (net of based on the fair value of the SAR’s and any changes payment, are recognised in the Statement of Profit
amount of the cash-generating unit to which the in fair value of the liability are recognised in the
asset belongs. When a reasonable and consistent tax credit) and other costs incurred in bringing and Loss on the event they become receivable.
the inventories to their present location and Statement of Profit and Loss.
basis of allocation can be identified, corporate assets Where the grant relates to an asset, it is recognised
are also allocated to individual cash-generating condition. (j) Treasury Shares: as income on a systematic basis over the expected
units, or otherwise they are allocated to the • Work-in- progress (WIP), finished goods, The Company has formed an Employee Welfare Trust useful life of the related asset.
smallest group of cash-generating units for which stock-in-trade and trial run inventories: for purchasing the Company’s shares to be allotted
a reasonable and consistent allocation basis can be to eligible employees under Employee Stock Options The benefit of a government loan at a below-market
identified. Valued at lower of cost and NRV. Cost of rate of interest is treated as a government grant,
Finished goods, WIP and trial run inventories Scheme, 2018. The Company has considered the said
Employee Welfare Trust as its extension and shares measured as the difference between proceeds
Intangible assets with indefinite useful lives and includes cost of raw materials, cost of received and the fair value of the loan based
intangible assets not yet available for use are tested conversion and other costs incurred in bringing held by the Trust is treated as Treasury Shares. As per
Ind AS 32, the consideration paid for treasury shares on prevailing market interest rates and is being
for impairment at least annually and whenever there the inventories to their present location and recognised in the Statement of Profit and Loss.
is an indication that the asset may be impaired. condition. Cost of stock-in-trade includes cost including any directly attributable incremental cost
of purchase and other costs incurred in bringing is presented as a deduction from total equity, until (m) Provisions, Contingent Liabilities and
Recoverable amount is the higher of fair value the inventories to the present location and they are cancelled, sold or reissued. Contingent Assets:
less costs of disposal and value in use. In assessing condition. Cost of inventories is computed on
value in use, the estimated future cash flows are Provisions are recognised when the Company has a
weighted average basis. present obligation (legal or constructive) as a result

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of a past event and it is probable that an outflow periodically and are adjusted to reflect known rebates based on historical experience (p) Dividend and Interest Income
of resources, that can be reliably estimated, will be developments which may have an impact on the cost and specific contractual terms with the
• Dividend income is accounted for when the
required to settle such an obligation. or life of operations. The cost of the related asset is customer
right to receive the income is established.
adjusted for changes in the provision due to factors
If the effect of the time value of money is material, such as updated cost estimates, new disturbance and • Significant financing component -
• Interest income is recognised using the Effective
provisions are determined by discounting the revisions to discount rates. The adjusted cost of the Generally, the Company receives short-
Interest Method.
expected future cash flows to net present value using asset is depreciated prospectively over the lives of term advances from its customers. Using
an appropriate pre-tax discount rate that reflects the assets to which they relate. The unwinding of the the practical expedient in Ind AS 115, the (q) Lease :
current market assessments of the time value of discount is shown as a finance cost in the Statement Company does not adjust the promised
The Company assesses whether a contract contains a
money and, where appropriate, the risks specific to of Profit and Loss. amount of consideration for the effects
lease, at the inception of the contract. A contract is,
the liability. Unwinding of the discount is recognised of a significant financing component if
or contains, a lease if the contract conveys the right
in the Statement of Profit and Loss as a finance cost. (o) Revenue Recognition from Contracts with it expects, at contract inception, that
to control the use of an identified asset for a period
Provisions are reviewed at each reporting date and Customers: the period between the transfer of the
of time in exchange for consideration. To assess
are adjusted to reflect the current best estimate. promised good or service to the customer
(i) Sale of Goods whether a contract conveys the right to control the
and when the customer pays for that good
A present obligation that arises from past events • Revenue is recognized on the basis of use of an identified asset, the Company assesses
or service will be one year or less.
where it is either not probable that an outflow of approved contracts regarding the transfer whether
resources will be required to settle or a reliable of goods or services to a customer for an (ii) Rendering of Services (i) the contract involves the use of identified asset;
estimate of the amount cannot be made, is disclosed amount that reflects the consideration Revenue from services rendered are recognized
as a contingent liability. Contingent liabilities are to which the entity expects to be entitled (ii) the Company has substantially all of the
over the time as the services are performed
also disclosed when there is a possible obligation in exchange for those goods or services. economic benefits from the use of the asset
based on agreements/arrangements with the
arising from past events, the existence of which Revenue from sale of goods is recognised through the period of lease and;
customers.
will be confirmed only by the occurrence or non- at the point in time when control of the
occurrence of one or more uncertain future events goods is transferred to the customer, which (iii) Operating Revenue (iii) the Company has the right to direct the use of
not wholly within the control of the Company. is generally on dispatch/ delivery of the the asset.
Operating revenue would include revenue
goods. arising from company’s operating activity As a lessee
Claims against the Company where the possibility of
any outflow of resources in settlement is remote, are • Revenue towards satisfaction of a i.e either its principal or ancillary revenue The Company recognizes a right-of-use asset (“ROU”)
not disclosed as contingent liabilities. performance obligation is measured at generating activities but which is not revenue and a lease liability at the lease commencement
the amount of transaction price (net of activity from sale of goods or rendering of date. The ROU is initially measured at cost, which
Contingent assets are not recognised in financial services.
variable consideration) allocated to that comprises the initial amount of the lease liability
statements since this may result in the recognition
performance obligation. The transaction • Contract balances: adjusted for any lease payments made at or before
of income that may never be realised. However,
price of goods sold and services rendered is the commencement date, plus any initial direct
when the realisation of income is virtually certain, Ø Trade Receivables and Contract Assets
net of variable consideration and outgoing costs incurred and an estimate of costs to dismantle
then the related asset is not a contingent asset and
taxes on sale. A trade receivable is recognised when the and remove the underlying asset or to restore the
is recognised. A contingent asset is disclosed, in
products are delivered to a customer and underlying asset or the site on which it is located,
financial statements, where an inflow of economic • Variable consideration - This includes consideration becomes unconditional. less any lease incentives received.
benefits is probable. incentives, volume rebates, discounts Contract assets are recognized when
etc. It is estimated at contract inception the company has a right to receive Certain lease arrangements include the option to
(n) Mines Restoration Provision: considering the terms of various schemes extend or terminate the lease before the end of
consideration that is conditional other than
An obligation for restoration, rehabilitation and with customers and constrained until it is the passage of time. the lease term. The right-of-use assets and lease
environmental costs arises when environmental highly probable that a significant revenue liabilities include these options when it is reasonably
disturbance is caused by the development or reversal in the amount of cumulative Ø Contract liabilities: certain that the option will be exercised.
ongoing extraction from mines. Costs arising from revenue recognised will not occur when the Contract liabilities are Company’s
restoration at closure of the mines and other site associated uncertainty with the variable The ROU is subsequently depreciated using the
obligation to transfer goods or services straight-line method from the commencement date
preparation work are provided for based on their consideration is subsequently resolved. It is to a customer for which the entity has
discounted net present value, with a corresponding reassessed at end of each reporting period. to the earlier of the end of the useful life of the ROU
already received consideration. Contract asset or the end of the lease term, but if ownership
amount being capitalised at the start of each liabilities are recognised as revenue when
project. The amount provided for is recognised, as • Revenue is measured after deduction of of the leased asset transfers to the Company at the
any discounts, price concessions, volume the company satisfies its performance end of the lease term or the cost reflects the exercise
soon as the obligation to incur such costs arises. obligation under the contract.
These costs are charged to the Statement of Profit rebates and any taxes or duties collected of a purchase option, depreciation is calculated
and Loss over the life of the operation through the on behalf of the government such as goods using the estimated useful life of the asset. In
depreciation of the asset and the unwinding of the and services tax, etc. The Company accrues addition, the ROU asset is periodically reduced by
discount on the provision. The costs are reviewed for such discounts, price concessions and

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impairment losses, if any, and adjusted for certain term of 12 months or lower and leases of low value and last drawn salary at the time of the leaving of Company managed fund) to its employees which are
remeasurements of the lease liability. assets. The Company recognises the lease payments the services of the Company and is in accordance treated as defined contribution plans.
associated with these leases as an expense over the with the Rules of the Company for payment of
Asset Class Term (in years) Superannuation
lease term. The related cash flows are classified as Gratuity. Past service cost is recognised in the
Land 2-50 Operating activities in the Statement of Cash Flows. Statement of Profit and Loss in the period of a plan Certain employees of the Company are eligible
Building 3-11 amendment. Interest is calculated by applying the for participation in defined contribution plans
As a lessor discount rate at the beginning of the period to the such superannuation and national pension fund.
Plant & Machinery 2-14
When the Company is an intermediate lessor, it net defined benefit liability or asset and is recognised Contributions towards these funds are recognized as
Ships 8-17
accounts for its interests in the head lease and the in the Statement of Profit and Loss. Defined benefit an expense periodically based on the contribution
The lease liability is initially measured at the present sublease separately. The sublease is classified as costs are categorised as follows: service cost by the Company, since Company has no further
value of the lease payments that are not paid at the a finance or operating lease by reference to the (including current service cost, past service cost, obligation beyond its periodic contribution.
commencement date, discounted using the interest right-of-use asset arising from the head lease. The as well as gains and losses on curtailments and
company recognize lease payment received under settlements); net interest expense or income; and Other employee benefits:
rate implicit in the lease or, if that rate cannot be
readily determined, the company’s incremental operating leases as income on a straight line basis re-measurement. A liability is recognised for benefits accruing to
borrowing rate. Generally, the Company uses its over the lease term employees in respect of wages and salaries, annual
The present value of the defined benefit plan
incremental borrowing rate as the discount rate. leave and sick leave in the period the related service
(r) Employee benefits: liability is calculated using a discount rate which is
is rendered.
Lease payments included in the measurement of the determined by reference to market yields at the end
Defined Benefit Plans:
lease liability comprises fixed payments, including of the reporting period on government bonds. Liabilities recognised in respect of short-term
in-substance fixed payments, amounts expected to For defined benefit plans, the cost of providing employee benefits are measured at the undiscounted
benefits is determined using the Projected Unit The defined benefit obligation recognised in the
be payable under a residual value guarantee and amount of the benefits expected to be paid in
Credit Method, with actuarial valuations being Balance Sheet represents the actual deficit or surplus
the exercise price under a purchase option that exchange for the related service.
carried out by a qualified independent actuary in the Company’s defined benefit plans. Any surplus
the Company is reasonably certain to exercise,
at the end of each annual reporting period. Re- resulting from this calculation is limited to the Liabilities recognised in respect of other long-term
lease payments in an optional renewal period if
measurement, comprising actuarial gains and present value of any economic benefits available in employee benefits are measured using the projected
the Company is reasonably certain to exercise an
losses, the effect of the changes to the asset the form of refunds from the plans or reductions in unit credit method by a qualified independent
extension option.
ceiling (if applicable) and the return on plan assets future contributions to the plans. actuary at the end of each annual reporting period,
The lease liability is subsequently measured at (excluding net interest), is reflected immediately at the present value of the estimated future cash
amortised cost using the effective interest method, in the Balance Sheet with a charge or credit Provident Fund outflows expected to be made by the Company in
except those which are payable other than functional recognised in Other Comprehensive Income (OCI) The eligible employees of the Company are entitled respect of services provided by employees up to the
currency which is measured at fair value through in the period in which they occur. Past service to receive benefits in respect of provident fund, reporting date. With reference to some employees,
profit or loss. It is remeasured when there is a change cost, both vested and unvested, is recognised as which is a defined benefit plan, for which both liability of other fixed long-term employee benefits
in future lease payments arising from a change in an an expense on the plan amendment or when the the employees and the Company make monthly is recognised at the present value of the future cash
index or rate, if there is a change in the company’s curtailment or settlement occurs. The gain or loss on contributions at a specified percentage of the outflows expected to be made by the Company.
estimate of the amount expected to be payable curtailment or settlement, is recognized immediately covered employees’ salary. The contributions as
under a residual value guarantee, or if company in the Statement of Profit or Loss when the plan specified under the law are made to the approved Remeasurement gains / losses are recognised in the
changes its assessment of whether it will exercise a amendment or when a curtailment or settlement provident fund which is set up by the Company. The Statement of Profit and Loss in the period in which
purchase, extension or termination option. occurs. Company is liable for annual contributions and any they arise.
shortfall in the fund assets based on the government (s) Income Taxes:
When the lease liability is remeasured in this way, a The retirement benefit obligations recognised in specified minimum rates of return and recognises
corresponding adjustment is made to the carrying the balance sheet represents the present value Income Tax expenses comprise current tax and
such contributions and shortfall, if any, as an
amount of the ROU, or is recorded in Statement of of the defined benefit obligations reduced by the deferred tax charge or credit.
expense in the year incurred.
Profit or Loss if the carrying amount of the ROU has fair value of scheme assets. Any asset resulting
been reduced to zero. from this calculation is limited to the present Defined contribution plans: Current Tax is measured on the basis of estimated
value of available refunds and reductions in future taxable income for the current accounting period
Lease Liabilities have been presented as separate line A defined contribution plan is a post employment in accordance with the applicable tax rates and the
contributions to the scheme. The Company provides benefit plan where the company is legal or
and the ‘ROU’ have been presented separately in the provisions of the Income-tax Act, 1961 and other
benefits such as gratuity, pension and provident fund contributed obligation is limited to the amount
Balance Sheet. Lease payments have been classified applicable tax laws.
to its employees which are treated as defined benefit that it contributes to a separate legal entity.
as financing activities in the Statement of Cash
plans. Contributions to defined contribution plans Deferred tax liabilities are recognised for taxable
Flows.
Gratuity are recognised as expense when employees temporary differences and deferred tax asset are
Short-term leases and leases of low-value assets have rendered services entitling them to such recognised for deductible temporary differences,
The gratuity, a defined benefit plan, payable to the benefits. The Company provides benefits such carry forward of unused tax losses, carry forward of
The Company has elected not to recognise ROU and employees is the based on the Employees’ service
lease liabilities for short term leases that have a lease as superannuation, provident fund (other than unused tax credits at the reporting date. Deferred

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tax assets and liabilities are measured at the tax opted for the New Tax Regime and accordingly the (v) Investment in Subsidiaries, Associates and Amortised Cost:
rates that are expected to be applied to the taxable provision of tax and deferred tax liabilities has been Joint Ventures: A financial asset shall be classified and measured at
temporary differences when they reverse, based on recognized as per New Tax Regime.
The Company’s investment in its subsidiaries, amortised cost if both of the following conditions are
the laws that have been enacted or substantively
(t) Earnings Per Share: associates and Joint Ventures are carried at cost net met:
enacted at the reporting date. Tax relating to items
of accumulated impairment loss, if any.
recognised directly in equity or OCI is recognised in Basic Earnings Per Share (“EPS”) is computed by • the financial asset is held within a business
equity or OCI and not in the Statement of Profit and dividing the net profit / (loss) after tax for the On disposal of the Investment, the difference model whose objective is to hold financial assets
Loss. year attributable to the equity shareholders by between the net disposal proceeds and the carrying in order to collect contractual cash flows and
the weighted average number of equity shares amount is charged or credited to the Statement of
Current tax assets and current tax liabilities are • the contractual terms of the financial asset give
outstanding during the year. The weighted average Profit and Loss.
offset when there is a legally enforceable right to set rise on specified dates to cash flows that are
number of equity shares outstanding during the year
off the recognised amounts and there is an intention (w) Financial Instruments: solely payments of principal and interest on the
is adjusted for treasury shares.
to settle the asset and the liability on a net basis. principal amount outstanding.
A financial instrument is any contract that gives
Deferred tax assets and deferred tax liabilities are For the purpose of calculating diluted earnings rise to a financial asset of one entity and a In case of financial assets classified and measured
offset when there is a legally enforceable right to set per share, net profit / (loss) after tax for the year financial liability or equity instrument of another at amortised cost, any interest income, foreign
off current tax assets against current tax liabilities; attributable to the equity shareholders is divided entity. Financial assets and financial liabilities are exchange gains or losses and impairment are
and the deferred tax assets and the deferred tax by the weighted average number of equity shares recognised when a Company becomes a party to the recognised in the Statement of Profit and Loss.
liabilities relate to income taxes levied by the same which could have been issued on the conversion of contractual provisions of the instruments.
taxation authority. all dilutive potential equity shares and is adjusted for Fair Value through OCI (FVTOCI):
the treasury shares held by the Company to satisfy Initial Recognition:
A deferred tax asset is recognised to the extent A financial asset shall be classified and measured
the exercise of the share options by the employees. Financial assets and financial liabilities are initially
that it is probable that future taxable profits will be at fair value through OCI if both of the following
available against which the temporary difference can (u) Foreign Currency transactions: measured at fair value. Transaction costs that are conditions are met:
be utilized except: directly attributable to the acquisition or issue of
Transactions in currencies other than the Company’s financial assets and financial liabilities (other than • the financial asset is held within a business
a) When the deferred tax asset relating to the functional currency (i.e. foreign currencies) are financial assets and financial liabilities at fair value model whose objective is achieved by both
deductible temporary difference arises from the recognised at the rates of exchange prevailing at through profit or loss and ancillary costs related to collecting contractual cash flows and selling
initial recognition of an asset or liability in a the dates of the transactions. At the end of each borrowings) are added to or deducted from the fair financial assets and
transaction that is not a business combination reporting period, monetary items denominated value of the financial assets or financial liabilities, as
and, at the time of the transaction, affects in foreign currencies are translated at the rates appropriate, on initial recognition. Transaction costs • the contractual terms of the financial asset give
neither the accounting profit nor taxable profit prevailing at that date. Non-monetary items carried directly attributable to the acquisition of financial rise on specified dates to cash flows that are
or loss; and at fair value that are denominated in foreign assets or financial liabilities at fair value through solely payments of principal and interest on the
currencies are translated at the rates prevailing profit or loss are charged to the Statement of Profit principal amount outstanding.
b) In respect of deductible temporary differences at the date when the fair value was determined. and Loss over the tenure of the financial assets or Fair Value through Profit or Loss (FVTPL):
associated with investments in subsidiaries, Non-monetary items that are measured in terms of financial liabilities. However, trade receivables that
associates and interests in joint ventures, historical cost in a foreign currency are translated A financial asset shall be classified and measured at
do not contain a significant financing component
deferred tax assets are recognised only to the using the exchange rate as at the date of initial fair value through profit or loss unless it is measured
are measured at transaction price (net of variable
extent that it is probable that the temporary transactions. at amortised cost or at fair value through OCI.
consideration).
differences will reverse in the foreseeable future
and taxable profit will be available against Exchange differences on monetary items are Classification and Subsequent Measurement: For financial assets at FVTPL, net gains or losses,
which the temporary differences can be utilised. recognised in the Statement of Profit and Loss in the Financial Assets interest or dividend income, are recognised in the
period in which they arise except for: Statement of Profit and Loss.
Deferred tax assets are reviewed at each reporting On Initial Recognition, The Company classifies
date and are recognised / reduced to the extent that • exchange differences on foreign currency and measures financial assets at amortized cost, All recognised financial assets are subsequently
it is probable / no longer probable respectively that borrowings relating to assets under Fair Value through Other Comprehensive Income measured in their entirety either at amortised cost
the related tax benefit will be realised. construction for future productive use, which (“FVOCI”) or Fair Value through Profit or Loss or fair value, depending on the classification of the
are included in the cost of those assets when (“FVTPL”) on the basis of following: financial assets. Financial assets are not reclassified
The Government of India, on September 20, 2019, they are regarded as an adjustment to interest subsequent to their initial recognition unless the
vide the Taxation Laws (Amendment) Ordinance costs on those foreign currency borrowings; • the entity’s business model for managing the Company changes its business model for managing
2019, inserted a new Section 115BAA in the Income financial assets and financial assets, in which case all affected financial
Tax Act, 1961, which provides an option to the • exchange differences relating to qualifying assets are reclassified on the first day of the first
effective cash flow hedges and qualifying net • the contractual cash flow characteristics of the
Company for paying Income Tax at reduced rates reporting period following the change in the business
investment hedges in foreign operations which financial asset.
as per the provisions/conditions defined in the model.
said section (“New Tax Regime”). In the previous are recognised in OCI.
financial year ended March 31, 2024 the Company has

330 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 331
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

On initial recognition of an equity investment that The Company’s trade receivables do not contain and it intends either to settle them on a net basis item, along with its risk management objectives
is not held for trading the company may irrevocably significant financing component and as per or to realise the asset and settle the liability and its strategy for undertaking various hedge
elect to present subsequent changes in the simplified approach, loss allowances on trade simultaneously. transactions. Furthermore, at the inception of
investment fair value in OCI. This election is made on receivables are measured using provision matrix at the hedge and on an ongoing basis, the Company
an investment by investment basis an amount equal to life time expected losses i.e. (x) Cash and cash equivalents: documents whether the hedging instrument is highly
expected cash shortfall. Cash and cash equivalents comprise of cash at bank effective in offsetting changes in fair values or cash
Classification and Subsequent Measurement: and in hand and short-term deposits with banks flows of the hedged item attributable to the hedged
Financial liabilities The impairment losses and reversals are recognised risk.
that are readily convertible into cash which are
in Statement of Profit and Loss.
Financial liabilities are classified as either financial subject to insignificant risk of changes in value and
The effective portion of changes in the fair value of
liabilities at FVTPL or ‘other financial liabilities’. Derecognition of financial assets and financial are held for the purpose of meeting short-term cash
the designated portion of derivatives that qualify
liabilities: commitments.
Financial Liabilities at FVTPL: as cash flow hedges is recognised in OCI and
The Company derecognises a financial asset when (y) Financial liabilities and equity instruments: accumulated under equity. The gain or loss relating
Financial liabilities are classified as at FVTPL
the contractual rights to the cash flows from the to the ineffective portion is recognised immediately
when the financial liability is held for trading or • Classification as debt or equity
asset expire, or when it transfers the financial in the Statement of Profit and Loss.
is a derivative (except for effective hedge) or are Debt and equity instruments issued by the
designated upon initial recognition as FVTPL. asset and substantially all the risks and rewards
Company are classified as either financial Amounts previously recognised in OCI and
of ownership of the asset to another party. If the
Gains or Losses, including any interest expense on liabilities or as equity in accordance with the accumulated in equity relating to effective portion
Company neither transfers nor retains substantially
liabilities held for trading are recognised in the substance of the contractual arrangements and as described above are reclassified to Statement
all the risks and rewards of ownership and continues
Statement of Profit and Loss. the definitions of a financial liability and an of Profit and Loss in the periods when the hedged
to control the transferred asset, the Company
equity instrument. item affects the Statement of Profit or Loss, in the
recognises its retained interest in the asset and an
Other Financial Liabilities: same line as the recognised hedged item. However,
associated liability for amounts it may have to pay. • Equity instruments when the hedged forecast transaction results in the
Other financial liabilities (including borrowings If the Company retains substantially all the risks and
An equity instrument is any contract that recognition of a non-financial asset or a non-financial
and trade and other payables) are subsequently rewards of ownership of a transferred financial asset,
evidences a residual interest in the assets of liability, such gains and losses are transferred from
measured at amortised cost using the effective the Company continues to recognise the financial
an entity after deducting all of its liabilities. equity and included in the initial measurement of
interest method. asset and also recognises an associated liability for
Equity instruments issued by a Company are the cost of the non-financial asset or non-financial
amounts it has to pay.
The effective interest rate is the rate that exactly recognised at the proceeds received. liability.
discounts estimated future cash payments On derecognition of a financial asset, the difference
(including all fees and points paid or received that (z) Derivative financial instruments: Hedge accounting is discontinued prospectively
between the asset’s carrying amount and the sum
form an integral part of the effective interest rate, when the hedging instrument expires or is sold,
of the consideration received and receivable and the The Company enters into derivative financial
transaction costs and other premiums or discounts) terminated, or exercised, or when it no longer
cumulative gain or loss that had been recognised in instruments viz. foreign exchange forward
through the expected life of the financial liability, qualifies for hedge accounting. Any gain or loss
OCI and accumulated in equity is recognised in the contracts, interest rate swaps and cross currency
or (where appropriate) a shorter period, to the recognised in OCI and accumulated in equity at
Statement of Profit and Loss. swaps to manage its exposure to interest rate,
amortised cost on initial recognition. that time remains in equity and is recognised when
foreign exchange rate risks and commodity prices.
The Company de-recognises financial liabilities the forecast transaction is ultimately recognised
The Company does not hold derivative financial
Interest expense (based on the effective interest when and only when, the Company’s obligations are the Statement of Profit and Loss. When a forecast
instruments for speculative purposes.
method), foreign exchange gains and losses, and any discharged, cancelled or have expired. The difference transaction is no longer expected to occur, the
gain or loss on derecognition is recognised in the between the carrying amount of the financial Derivatives are initially recognised at fair value at gain or loss accumulated in equity is recognised
Statement of Profit and Loss. liability de-recognised and the consideration paid the date the derivative contracts are entered into immediately in the Statement of Profit and Loss.
and payable is recognised in the Statement of Profit and are subsequently remeasured to their fair value
Impairment of financial assets: and Loss. at the end of each reporting period. The resulting (bb) Segment Reporting - Identification of
Expected credit losses are recognized for all financial gain or loss is recognised in Statement of Profit or Segments:
assets subsequent to initial recognition other than Financial Guarantee Contract Liabilities Loss immediately excluding derivatives designated as An operating segment is a component of the
financials assets in FVTPL category. For financial Financial Guarantee Contract Liabilities are disclosed cashflow hedge. Company that engages in business activities from
assets other than trade receivables, as per Ind AS 109, in financial statements in accordance with Ind AS which it may earn revenues and incur expenses,
the Company recognises 12 month expected credit 109, Financial Instruments. (aa) Hedge accounting: whose operating results are regularly reviewed by
losses for all originated or acquired financial assets if The Company designates certain hedging the Company’s Chief Operating Decision Maker
at the reporting date the credit risk of the financial Offsetting of Financial Instruments instruments in respect of foreign currency risk, (“CODM”) to make decisions for which discrete
asset has not increased significantly since its initial Financial assets and financial liabilities are offset interest rate risk and commodity price risk as financial information is available. Based on the
recognition. The expected credit losses are measured and the net amount presented in the balance sheet cash flow hedges. At the inception of the hedge management approach as defined in Ind AS 108, the
as lifetime expected credit losses if the credit risk on when, and only when, the Company currently has relationship, the entity documents the relationship CODM evaluates the Company’s performance and
financial asset increases significantly since its initial a legally enforceable right to set off the amounts between the hedging instrument and the hedged allocates resources based on an analysis of various
recognition.

332 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 333
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

performance indicators by business segments and Intangible Assets acquired in a Business Combination bargain purchase, the Company recognises the gain, Existing circumstances and assumptions about future
geographic segments. and recognised separately from Goodwill are initially after reassessing and reviewing, directly in equity as developments, however, may change due to market
recognised at their fair value at the acquisition date Capital Reserve. changes or circumstances arising that are beyond the
(cc) Cash Flow Statement: (which is regarded as their cost). control of the Company. Such changes are reflected
When a business combination is achieved in stages, in the assumptions when they occur.
Cash flows are reported using the indirect method,
Subsequent to initial recognition, intangible Assets the Company’s previously held equity interest in
whereby the net profit before tax is adjusted for the
acquired in a Business Combination are reported at the acquiree is re-measured to its acquisition-date Estimates:
effects of transactions of a non-cash nature, any
cost less accumulated amortisation and accumulated fair value and the resulting gain or loss, if any, is
deferrals or accruals of past or future operating cash (i) Useful lives of Property, Plant & Equipment
impairment losses, on the same basis as intangible recognized in Other Comprehensive Income or
receipts or payments and item of income or expenses and Intangible Assets:
assets that are acquired separately. Statement of Profit and Loss as appropriate.
associated with investing or financing cash flows. The The Company uses its technical expertise
cash flows from operating, investing and financing Goodwill is measured as the excess of the aggregate Contingent consideration is classified either as equity along with historical and industry trends for
activities of the Company are segregated. of the consideration transferred and the amount or financial liability. Amount classified as financial determining the economic life of an asset/
recognised for non-controlling interests, and any liability are subsequently re-measured to fair value component of an asset. The useful lives are
(dd) Business Combination and Goodwill:
previous interest held, over the net identifiable assets with changes in fair value recognised in Statement of reviewed by management periodically and
The Company applies the acquisition method acquired and liabilities assumed. A cash generating Profit and Loss. revised, if appropriate. In case of a revision, the
in accounting for business combinations. The unit (CGU) to which goodwill has been allocated is unamortised depreciable amount is charged
consideration transferred by the Company to obtain tested for impairment annually, or more frequently (ee) Material accounting policy information: over the remaining useful life of the assets. In
control of a business is calculated as the sum of the when, there is an indication that the unit may be The Company adopted Disclosure of accounting case of certain mining rights, the amortisation
fair values of assets transferred, liabilities incurred impaired. If the recoverable amount of the CGU is policies (Amendments to Ind AS 1) from 1 April is based on the extracted quantity to the total
and the equity interests issued by the Company as less than its carrying amount, the impairment loss is 2023. Although the amendments did not result in mineral reserve.
at the acquisition date i.e. date on which it obtains allocated first to reduce the carrying amount of any any changes in the accounting policies themselves,
control of the acquiree which includes the fair value goodwill allocated to the unit and then to the other they impacted the accounting policy information (ii) Recognition and measurement of deferred
of any asset or liability arising from a contingent assets of the unit pro-rata based on the carrying disclosed in the financial statements. tax assets and liabilities:
consideration arrangement. Acquisition-related costs amount of each asset in the unit. Any impairment Deferred tax assets and liabilities are recognised
are recognised in the Statement of Profit and Loss as loss for goodwill is recognised in Statement of Profit The amendments require the disclosure of “material” for deductible temporary differences and
incurred, except to the extent related to the issue of or Loss. An impairment loss recognised for goodwill rather than “significant” accounting policies. unused tax losses for which there is probability
debt or equity securities. is not reversed in subsequent periods. The amendments also provide guidance on the of utilisation against the future taxable profit.
application of materiality to disclosure of accounting The Company uses judgement to determine the
A business combination involving entities or Where goodwill has been allocated to a CGU and policies, assisting entities to provide useful, entity-
businesses under common control is a business amount of deferred tax liability / asset that can
part of the operation within that unit is disposed specific accounting policy information that users
combination in which all of the combining entities be recognised, based upon the likely timing and
of, the goodwill associated with the disposed need to understand other information in the
or businesses are ultimately controlled by the same the level of future taxable profits and business
operation is included in the carrying amount of the financial statements.
party or parties both before and after the business developments.
operation when determining the gain or loss on
combination and the control is not transitory. disposal. Goodwill disposed in these circumstances Note 1(C) Use of Estimates and Judgements: (iii) Fair value measurement of financial
The transactions between entities under common is measured based on the relative values of the ­­­­­­­The preparation of the Company’s financial instruments:
control are specifically covered by Ind AS 103. Such disposed operation and the portion of the CGU statements requires management to make
transactions are accounted for using the pooling- When the fair values of financial assets and
retained. If the fair value of the net assets acquired is judgements, estimates and assumptions that affect
of-interest method. The assets and liabilities of the financial liabilities recorded in the balance
in excess of the aggregate consideration transferred, the reported amounts of revenues, expenses, assets
acquired entity are recognised at their carrying sheet cannot be measured based on quoted
the excess is termed as bargain purchase. and liabilities, and the accompanying disclosures,
amounts of the Company’s financial statements. The prices in active markets, their fair value is
and the disclosure of contingent liabilities. measured using valuation techniques including
components of equity of the acquired companies In case of a bargain purchase, before recognizing
Uncertainty about these assumptions and estimates the Discounted Cash Flow model. The inputs
are added to the same components within the a gain in respect thereof, the Company determines
could result in outcomes that require a material to these models are taken from observable
Company’s equity. The financial statements in whether there exists clear evidence of the underlying
adjustment to the carrying amount of assets or markets where possible, but where this is not
respect of prior periods have been restated as if reasons for classifying the business combination
liabilities affected in future periods. feasible, a degree of judgement is required in
the business combination had occurred from the as a bargain purchase thereafter, the Company
beginning of the preceding period in the financial reassesses whether it has correctly identified all The key assumptions concerning the future and establishing fair values. Judgements include
statements. the assets acquired and liabilities assumed and other key sources of estimation uncertainty at the considerations of inputs such as liquidity risk,
recognises any additional assets or liabilities that reporting date, that have a significant risk of causing credit risk and volatility.
Identifiable assets acquired and liabilities assumed in are so identified, any gain thereafter is recognised in a material adjustment to the carrying amounts
a business combination are measured initially at their (iv) Defined benefit plans:
OCI and accumulated in equity as Capital Reserve. If of assets and liabilities within the next financial
fair values on acquisition-date. there does not exist clear evidence of the underlying year, are described below. The Company based its The cost of the defined benefit gratuity plan,
reasons for classifying the Business combination as a assumptions and estimates on parameters available and other post-employment medical benefits
when the financial statements were prepared. and the present value of the gratuity and

334 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 335
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

provident fund obligation are determined using Information about such litigations is provided in (b) Fair Valuation of Tangibles: term, costs relating to the termination of
actuarial valuations. An actuarial valuation notes to the financial statements. lease and the importance of the underlying
Freehold land:
involves making various assumptions that may lease to the Company’s operations
differ from actual developments in the future. (viii) Business Combination: Freehold land was valued using the sales taking into account the location of the
These include the determination of the discount (a) Fair Valuation of Intangibles: comparison method using prevailing underlying asset and the availability of
rate, future salary increases and mortality rates of similar plots of land, circle rates the suitable alternatives. The lease term
Mining Reserve: provided by department of revenue and
rates. Due to the complexities involved in the in future periods is reassessed to ensure
valuation and its long-term nature, a defined The Company has used royalty saved general market intelligence based on the that the lease term reflects the current
benefit obligation is highly sensitive to changes method for value analysis of limestone size of land parcel. economic circumstances. The discount
in these assumptions. All assumptions are mining rights. The method estimates the rate is generally based on the incremental
value of future savings in royalty payments Leasehold land:
reviewed at each reporting date. borrowing rate specific to the lease being
over the life of the mine accruing to the Leasehold land was valued basis the evaluated or for a portfolio of leases with
(v) Mines Restoration Obligation: Company, by virtue of the transaction leasehold interest for the remaining similar characteristics.
In determining the fair value of the Mines instead of obtaining the mining rights via duration of the lease.
Restoration Obligation, assumptions and the Government e-auction process.
Other Assets:
estimates are made in relation to discount rates, The resulting post-tax cash flows for each
the expected cost of mines restoration and the The cost approach has been adopted for
of the years are recognised at their present fair valuing all the assets except vehicles
expected timing of those costs. value using a Weighted Average Cost which have been measured at the old book
(vi) Share-based payments: of Capital (‘WACC’) / Weighted Average values less depreciation.
Return on Assets (‘WARA’) relating to the
The Company measures the cost of equity- risk of achieving the mine’s projected The cost approach includes calculation
settled transactions and cash settled savings. of replacement cost using price trends
transactions with employees using either applied to historical cost and capitalisation
Black-Scholes model or binomial tree model Brand: of all the indirect cost, these trends are on
to determine the fair value of the liability The Company has used relief from royalty the basis of price indices obtained from
incurred on the grant date. Estimating fair method for value analysis of Brand. The recognized sources such as the Reserve
value for share-based payment transactions method estimates the value as the present Bank of India (RBI)/ Office of Economic
requires determination of the most appropriate value of the after-tax projected revenues Adviser (OEA) or market intelligence. In
valuation model, which is dependent on the cash flows attributable to the Brand value. the case of buildings in cement plants,
terms and conditions of the grant. appropriate weightages have been applied
The resulting post-tax cash flows for each to cement, iron & steel and labour indices
This estimate also requires determination of of the years are recognised at their present
the most appropriate inputs to the valuation to arrive at the escalation factor and
value using a Weighted Average Cost depreciating the same for past usage based
model including the expected life of the share of Capital (‘WACC’) / Weighted Average
option, volatility and dividend yield and making on estimated total and remaining useful
Return on Assets (‘WARA’) relating to the life of the asset.
assumptions about them. risk associated with the Brand Name, which
The assumptions and models used for is higher than the overall business. Judgement:
estimating fair value for share-based payment Distribution Network: Classification of Lease Ind AS 116:
transactions are disclosed in Note 46. Ind AS 116 Leases requires a lessee to
The Company has used “Incremental
(vii) Litigation and contingencies: Distribution Network” method for value determine the lease term as the non-
analysis of Distribution Network. The cancellable period of a lease adjusted
The Company has ongoing litigations with with any option to extend or terminate
various regulatory authorities. Where an method estimates the value as the present
value of the after-tax projected revenues the lease, if the use of such option is
outflow of funds is believed to be probable reasonably certain. The Company makes
and a reliable estimate of the outcome of the cash flows attributable to the Distribution
Network value. an assessment on the expected lease
dispute can be made based on management’s term on lease by lease basis and thereby
assessment of specific circumstances of The resulting post-tax cash flows for each assesses whether it is reasonably certain
each dispute and relevant external advice, of the years are recognised at their present that any options to extend or terminate
management provides for its best estimate value using a Weighted Average Return on the contract will be exercised. In evaluating
of the liability. Such accruals are by nature Assets (‘WARA’). the lease term, the Company considers
complex and can take number of years to factors such as any significant leasehold
resolve and can involve estimation uncertainty. improvements undertaken over the lease

336 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 337
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Other Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Other
Intangible Assets and Intangible Assets under development: Intangible Assets and Intangible Assets under development: (Contd.)
` in Crores ` in Crores
Gross Block Accumulated Depreciation and Amortisation Net Block Gross Block Accumulated Depreciation and Amortisation Net Block
Deductions/ Deductions/ Particulars As at March Deductions/Held As at March Deductions/Held
Particulars As at Additions As at As at As at As at As at March As at March As at March
Held for Held for 31, 2023 Additions for Disposal/ 31, 2023 For the year for Disposal/
March 31, on Acquisition Additions March 31, March 31, For the year March 31, March 31, 31, 2024 31, 2024 31, 2024
Disposal/ Disposal/ (Restated) Adjustments (Restated) Adjustments
2024 (Refer Note 37) 2025 2024 2025 2025
Adjustments Adjustments
(A) Tangible Assets
(A) Tangible Assets*
Land:
Land:
Freehold Land 6,866.15 538.61 (4.27) 7,400.49 - - - - 7,400.49
Freehold Land 7,400.49 1,891.37 558.35 (49.11) 9,801.10 - - - - 9,801.10
Leasehold Land 1,148.28 23.08 210.07 1,381.43 288.94 61.91 10.06 360.91 1,020.52
Leasehold Land 1,381.43 649.01 20.66 - 2,051.10 360.91 88.67 - 449.58 1,601.52
Buildings 5,929.46 495.79 (81.78) 6,343.47 1,466.78 237.05 (30.68) 1,673.15 4,670.32
Buildings 6,343.47 633.87 650.14 (2.86) 7,624.62 1,673.15 277.43 (1.83) 1,948.75 5,675.87
Railway Sidings 1,008.08 68.37 11.09 1,087.54 374.68 64.66 (0.13) 439.21 648.33
Railway Sidings 1,087.54 47.72 142.77 - 1,278.03 439.21 72.63 - 511.84 766.19
Plant and Equipment:
Plant and Equipment:
Own 44,228.51 4,913.52 100.73 49,242.76 12,431.91 2,228.78 3.28 14,663.97 34,578.79
Own 49,242.76 3,135.50 8,493.03 (137.62) 60,733.67 14,663.97 2,735.06 (124.92) 17,274.11 43,459.56
Given on Lease 199.05 - (166.15) 32.90 85.78 1.61 (78.29) 9.10 23.80
Given on Lease 32.90 - - - 32.90 9.10 1.26 - 10.36 22.54
Office Equipment 386.06 93.75 (15.03) 464.78 251.88 56.33 (13.42) 294.79 169.99
Office Equipment 464.78 3.44 99.62 (20.12) 547.72 294.79 74.23 (19.89) 349.13 198.59
Furniture and Fixtures 109.24 36.99 (4.90) 141.33 82.66 11.22 (3.19) 90.69 50.64
Furniture and Fixtures 141.33 0.96 56.63 (1.59) 197.33 90.69 15.96 (1.56) 105.09 92.24
Vehicles 193.34 90.03 (29.36) 254.01 85.73 38.88 (18.92) 105.69 148.32
Vehicles 254.01 6.54 117.02 (32.60) 344.97 105.69 53.57 (19.68) 139.58 205.39
Total Tangible Assets 66,934.32 6,260.14 20.40 66,348.71 15,068.36 2,700.44 (131.29) 17,637.51 48,711.20
Total Tangible Assets 66,348.71 6,368.41 10,138.22 (243.90) 82,611.44 17,637.51 3,318.81 (167.88) 20,788.44 61,823.00
(B) Other Intangible Assets
(B) Other Intangible
Software 156.75 45.30 (7.32) 194.73 118.67 25.16 0.44 144.27 50.46
Assets
Mining Rights 278.89 48.06 0.38 327.33 108.90 44.81 (63.06) 90.65 236.68
Software 194.73 5.25 58.15 (0.70) 257.43 144.27 35.85 (0.70) 179.42 78.01
Surface Rights 84.52 25.03 - 109.55 5.14 2.79 - 7.93 101.62
Mining Rights 327.33 - 47.58 0.59 375.50 90.65 12.87 (34.04) 69.48 306.02
Mining Reserve 5,486.86 - 17.70 5,504.56 586.01 108.11 64.91 759.03 4,745.53
Surface Rights 109.55 - 23.45 - 133.00 7.93 3.69 - 11.62 121.38
Jetty Rights 275.58 8.20 (32.88) 250.90 66.13 14.84 (4.07) 76.90 174.00
Mining Reserve 5,504.56 1,455.95 - - 6,960.51 759.03 164.27 34.04 957.34 6,003.17
Brand Rights 155.21 - - 155.21 155.21 - - 155.21 -
Jetty Rights 250.90 - 27.63 - 278.53 76.90 14.35 - 91.25 187.28
Total Other Intangible Assets 6,437.81 126.59 (22.12) 6,542.28 1,040.06 195.71 (1.78) 1,233.99 5,308.29
Brand Rights 155.21 216.44 - (155.21) 216.44 155.21 30.92 (155.21) 30.92 185.52
Total Assets (A+B) 73,372.13 6,386.73 (1.72) 79,757.14 16,108.42 2,896.15 (133.07) 18,871.50 60,885.64
Distribution Network - 136.52 - - 136.52 - 19.50 - 19.50 117.02
Total Other Intangible 6,542.28 1,814.16 156.81 (155.32) 8,357.93 1,233.99 281.45 (155.91) 1,359.53 6,998.40 ` in Crores
Assets
Year ended Year ended
Total Assets (A+B) 72,890.99 8,182.57 10,295.03 (399.22) 90,969.37 18,871.50 3,600.26 (323.79) 22,147.97 68,821.40 Particulars
March 31, 2025 March 31, 2024

* Net Block of Tangible Assets, amounting to ` 6,090.23 Crores (March 31, 2024 ` 5,849.01 Crores) were pledged as security against the Secured A) Depreciation and Amortisation for the year 3,600.26 2,896.15
Borrowings. Less: Depreciation transferred to Pre-operative Expenses (10.72) (10.62)
Add: Depreciation on ROU (Refer Note 3) 149.55 141.90
A) Depreciation and Amortisation as per Statement of Profit and Loss 3,739.09 3,027.43

B) 1. Tangible Assets include assets for which ownership is not in the name of the Company - Gross Block of `
562.04 Crores (March 31, 2024 ` 478.76 Crores) were pledged as security against the Secured Borrowings.

2. Buildings include ` 12.13 Crores (March 31, 2024 ` 12.13 Crores) being cost of Debentures and Shares in a
company entitling the right of exclusive occupancy and use of certain premises.

3. Opening Gross Block includes Research and Development Assets (Building, Plant and Equipment, Furniture
and Fixtures, Office Equipment and Intangible Assets) of ` 50.30 Crores (March 31, 2024 ` 50.79 Crores) and
Net Block of ` 23.05 Crores (March 31, 2024 ` 20.74 Crores). Addition for the Research and Development
Assets during the year is ` 5.21 Crores (March 31, 2024 ` 5.11 Crores).

338 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 339
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Other Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Other
Intangible Assets and Intangible Assets under development: (Contd.) Intangible Assets and Intangible Assets under development: (Contd.) ` in Crores

4. The amount of expenditures recognised in the carrying amount of an item of PPE in the course of its Whether the Title Reason for Gross Gross
construction: ` in Crores Title Deeds held in the
holder is Promoter/
Property
not being Carrying Carrying
Asset Category Director/Relative of transferred in Value as on Value as on
name of held since
Year ended Year ended Promoter/Relative of the name of March 31, March 31,
Particulars Director/ Employee Company 2025 2024
March 31, 2025 March 31, 2024
Pre-operative expenses pending allocation: Leasehold Land (B) Larsen & Tubro Limited No 01-04-2003 0.90 3.38
Raw Materials Consumed 19.77 4.75 The title of
Narmada Cement No 01-07-2006 11.84 11.84
Power and Fuel Consumed 16.66 13.74 the asset
Limited
transferred
Salary, Wages, Bonus, Ex-gratia and Provisions 69.98 91.17 Grasim Industries Promoter 01-07-2010 pursuant to 1.33 1.33
Insurance 0.48 0.33 Limited the scheme of
Depreciation on ROU - 1.26 amalgamation/
Jai Prakash Associates No 29-06-2017 262.19 263.71
arrangement/
Depreciation and Amortisation 10.72 10.62 Limited
merger/
Finance Costs 59.36 0.62 Kesoram Industries No 01-04-2024 demerger are 658.18 -
Miscellaneous expenses 138.71 186.33 Limited in the process
Total Pre-operative expenses 315.68 308.82 of being
Century Textiles and No 20-05-2018 41.69 41.69
transferred in
Less: Sale of Products / Other Income (20.24) (1.17) Industries Limited $
the name of the
Less: Trial Run production transferred to Inventory (19.55) (14.05) UltraTech Nathdwara No 19-11-2018 Company. 139.64 166.04
Add: Brought forward from Previous Year 306.62 153.60 Cement Limited
Less: Capitalised / Charged during the Year (305.44) (140.58) Building (C) Narmada Cement Ltd No 01-07-2006 The title of 0.44 0.50
Balance included in Capital Work-in-Progress 277.07 306.62 the asset
Kesoram Industries No 01-04-2024 13.31 -
transferred
5. Title of immovable properties having Gross Block of ` 4,003.56 Crores (March 31, 2024 ` 1,485.86 Crores) and Limited
pursuant to
Net Block of ` 3,928.88 Crores (March 31, 2024 ` 1,436.19 Crores) is yet to be transferred in the name of the the scheme of
Company. amalgamation/
arrangement/
merger/
Details of Immovable Properties whose title deeds are not held in the name of the Company as at
demerger are
March 31, 2025: ` in Crores in the process
of being
Whether the Title Reason for Gross Gross
holder is Promoter/ not being Carrying Carrying
transferred in
Title Deeds held in the Property the name of the
Asset Category Director/Relative of transferred in Value as on Value as on
name of held since Company.
Promoter/Relative of the name of March 31, March 31,
Director/ Employee Company 2025 2024
Total (A+B+C) 4,003.56 1,485.86
Property, Plant and
Equipment $ Century Textiles and Industries Limited (now Aditya Birla Real Estate Limited)
Freehold Land (A) Narmada Cement No 01-07-2006 10.20 10.20
Limited 6. Capital work-in-progress (CWIP) and Intangible assets under development: ` in Crores

Grasim Industries Promoter 01-07-2010 22.03 31.14 Capital Work- Intangible

Limited in-progress assets under
The title of development
Samruddhi Cement No 01-07-2010 the asset - 0.17
Limited transferred Balance as on April 1, 2023 (Restated) 3,992.62 5.48
Jaypee Cement No 11-06-2014 pursuant to 292.69 292.69 Add: Additions 8,882.35 65.83
Corporation Limited the scheme of
amalgamation/ Less: Deletions/ Capitalisation (6,138.79) (42.90)
Jai Prakash Associates No 29-06-2017 481.37 488.06
Limited arrangement/ Balance as on March 31, 2024 6,736.18 28.41
merger/
Century Textiles and No 20-05-2018 demerger are 0.28 0.28 Add: Additions 9,101.63 61.62
Industries Limited $ in the process
Add: Additions on Acquisition pursuant to Composite Scheme of Arrangement 25.14 -
Merit Plaza Limited No 19-11-2018 of being 7.30 7.30
(Refer Note 37)
UltraTech Nathdwara No 19-11-2018 transferred in 80.34 80.34
Cement Limited the name of the Less: Deletions/ Capitalisation (9,906.94) (44.11)
Company.
Kesoram Industries No 01-04-2024 1,892.64 - Balance as on March 31, 2025 5,956.01 45.92
Limited
Others No Multiple 87.19 87.19
Dates

340 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 341
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Other Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Other
Intangible Assets and Intangible Assets under development: (Contd.) Intangible Assets and Intangible Assets under development: (Contd.)
7. Ageing schedule of Capital work-in progress (CWIP) : ` in Crores C) Goodwill

Amount in CWIP for a period of (i) Goodwill is arising in the Financial Statement through the following acquisitions:
Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years (a) Century Textiles and Industries Limited (Century Business):
As at March 31, 2025: The Company had acquired cement business of Century Textiles and Industries Limited at an enterprise
Projects in progress 5,340.40 586.27 12.28 17.06 5,956.01 value of ` 8,387.71 Crores and accounted as per Ind AS 103 – Business Combinations with effect from May
Total 5,340.40 586.27 12.28 17.06 5,956.01
20, 2018 as per order dated July 3, 2019 by National Company Law Tribunal. The Company had recognised
a goodwill of ` 2,208.82 Crores based on the difference between the fair value of consideration transferred
As at March 31, 2024:
and fair value of net assets acquired. The carrying amount of goodwill as at March 31, 2025 is ` 2,208.82
Projects in progress 5,628.15 980.04 105.24 22.75 6,736.18 Crores (March 31, 2024 : ` 2,208.82 Crores).
Total 5,628.15 980.04 105.24 22.75 6,736.18
(b) Binani Cement Limited (BCL):
8. Completion schedule for Projects under capital-work-in progress whose completion is overdue or has The Company had acquired Binani Cement Limited at an enterprise value of ` 7,899.75 Crores and accounted
exceeded its cost compared to its original plan: as per Ind AS 103 – Business Combinations with effect from November 20, 2018 as per order dated November
14, 2018 by National Company Law Tribunal. The Company had recognised a goodwill of ` 2,925.12 Crores
As at March 31, 2025: based on the difference between the fair value of consideration transferred and fair value of net assets
acquired. The carrying amount of goodwill as at March 31, 2025 is ` 2,925.12 Crores (March 31, 2024 :
There are no projects under capital-work-in-progress whose completion is overdue or cost exceeded.
` 2,925.12 Crores).
As at March 31, 2024:
(c) Kesoram Industries Limited (KIL) (Refer Note 37):
There are no projects under capital-work-in-progress whose completion is overdue or cost exceeded. The Company has acquired Cement Business of Kesoram Industries Limited at an enterprise value of
` 7,765.05 Crores and accounted as per Ind AS 103 – Business Combinations with effect from April 1, 2024. The
9. Ageing schedule of Intangible assets under development: ` in Crores Scheme was approved by the National Company Law Tribunal, Mumbai and Kolkata Benches as per order
Amount in Intangible assets under development for a period of dated November 26, 2024 and November 14, 2024 respectively. The Company has recognised a goodwill of
Total ` 755.76 Crores based on the difference between the fair value of consideration transferred and fair value of
Less than More than
1-2 years 2-3 years net assets acquired. The carrying amount of goodwill as at March 31, 2025 is ` 755.76 Crores.
1 year 3 years

As at March 31, 2025:

(ii) Goodwill arising out of business combinations has been allocated to the acquired businesses as Cash Generating
Projects in progress 25.60 20.32 - - 45.92 Unit (CGU). Goodwill is tested for impairment annually or more frequently if indicators of impairment exist.
As at March 31, 2024: Potential impairment is identified by comparing the recoverable value of a CGU to its carrying value.
Projects in progress 27.54 0.71 0.16 - 28.41
The recoverable amount has been determined based on value in use. Value in use has been determined based
on future cash flows, after considering current economic conditions, industry trends, estimated future operating
10. Completion schedule for Intangible assets under development whose completion is overdue or has results, growth rates and anticipated future economic conditions. As at March 31, 2025, the estimated cash flows
exceeded its cost compared to its original plan: for a period of 5 years were developed using internal forecasts, and a weighted average cost of capital of ~12%
As at March 31, 2025: (March 31, 2024: ~ 12%). The cash flows beyond 5 years have been extrapolated assuming nil long-term growth
rates. While determining the cashflows, Company has considered the factors such as cement sales volume
There are no projects under Intangible assets under development whose completion is overdue or cost growth, price per bag, input cost expectation etc. As per the current business operation, Company expects stable
exceeded. state on the factors and same is supported by the cement industry outlook.

As at March 31, 2024: Based on our impairment testing, the recoverable amount of the CGU’s exceeds its carrying amount including
goodwill. Therefore, no impairment loss was recognized during the year ended March 31, 2025. Sensitivity analysis
There are no projects under Intangible assets under development whose completion is overdue or cost with 1% change in growth rate and weighted average cost of capital also indicates that no impairment required
exceeded. on carrying amount of goodwill.

342 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 343
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 3 - Leases: Note 3 - Leases: (Contd.)

(A) Right of Use Assets: (ii) Lease Expenses recognized in Statement of Profit and Loss not included in the measurement of lease liabilities:
` in Crores
As a lessee
Year Ended Year Ended
Following are the carrying value of Right of Use Assets as at March 31, 2025: ` in Crores Particulars
March 31, 2025 March 31, 2024

Gross Block Accumulated depreciation Net Block Variable lease payments 312.74 124.87

Particulars As at April Deductions/

As at
As at April Deductions/
As at As at Expenses relating to short-term leases 282.62 270.87
Additions March 31, Additions March 31, March 31,
01, 2024 Adjustments 01, 2024 Adjustments Expenses relating to leases of low-value assets, excluding short-term leases of low value
2025 2025 20225 22.91 44.14
assets
Leasehold Land 297.97 2.63 (41.15) 259.45 86.40 15.58 (4.78) 97.20 162.25
Leasehold Building 168.25 92.56 - 260.81 75.79 33.42 - 109.21 151.60
(iii) Maturity analysis of lease liabilities– contractual undiscounted cash flows: ` in Crores
Plant and Machinery 169.24 24.39 - 193.63 83.08 37.08 - 120.16 73.47
Ships 687.31 - (2.02) 685.29 300.87 63.47 - 364.34 320.95 As at As at
Particulars
March 31, 2025 March 31, 2024
Total 1,322.77 119.58 (43.17) 1,399.18 546.14 149.55 (4.78) 690.91 708.27
Less than one year 214.73 182.22
As at March 31, 2024 ` in Crores One to five years 569.61 588.89

Gross Block Accumulated depreciation Net Block More than five years 451.09 525.65

Particulars As at April As at As at April As at As at Total undiscounted lease liabilities 1,235.43 1,296.76

01, 2023 Additions Deductions March 31, 01, 2023 For the year Deductions March 31, March 31,
(Restated) 2024 (Restated) 2024 2024 (iv) Income from subleasing of Right to use assets is for the year ended March 31, 2025 is ` 101.22 Crores (March 31,
Leasehold Land 516.73 3.42 (222.18) 297.97 81.05 18.64 (13.29) 86.40 211.57 2024 ` 107.28 Crores).
Leasehold Building 104.05 65.84 (1.64) 168.25 55.44 21.14 (0.79) 75.79 92.46
(v) Impact of Ind AS 116 has resulted in lower expenses in Power and Fuel, Freight and Forwarding and Other
Plant and Machinery 142.39 32.01 (5.16) 169.24 46.34 39.59 (2.85) 83.08 86.16
Expenses by ` 201.52 Crores (March 31, 2024 ` 190.24 Crores) whereas Finance Costs and Depreciation and
Ships 687.31 - - 687.31 237.08 63.79 - 300.87 386.44 amortisation expenses are higher by ` 63.56 Crores (March 31, 2024 ` 62.28 Crores) and ` 149.55 Crores (March 31,
Total 1,450.48 101.27 (228.98) 1,322.77 419.91 143.16 (16.93) 546.14 776.63 2024 ` 141.90 Crores) respectively.
Less: Depreciation
1.26
transferred to CWIP (C) The Company as a Lessor:
Net Depreciation
Charged to Statement 141.90 The Company has subleased its Leased Ships as an Intermediate lessor which is shown in Note 3 (A) Right of Use
of Profit & Loss Assets. Also, the Company has leased Owned Railway wagons to Railways on rent, the wagons were recognised as
assets in “Property, Plant and Equipment” Schedule in Note 2. Both the arrangements qualifies to be recognised
(B) Lease Liabilities: as Operating lease arrangement.
(i) Movement in Lease Liabilities: ` in Crores
The period for such leases ranges from 1 year to 5 years depending upon terms and conditions of each lease
Year Ended Year Ended arrangements.
Particulars
March 31, 2025 March 31, 2024

Opening Lease Liabilities 923.21 953.40 Future minimum lease payments receivable under the operating lease is as below: ` in Crores

Addition during the year 119.58 101.27 As at As at

Particulars
March 31, 2025 March 31, 2024
Interest accrued during the year 52.93 54.46
Payment of Lease Liabilities (Including Interest) (201.52) (189.33) Not Later than one year 37.75 51.11

Loss on revaluation 10.63 7.82 Later than one year and not later than five years 0.06 0.16

Lease Termination/Modification (4.05) (4.41) Total 37.81 51.27

Closing Lease Liabilities 900.78 923.21 Total operating lease rental income recognised in the Statement of Profit and Loss during the Year ended March
- Non Current 728.71 787.29 31, 2025 is ` 101.66 Crores (March 31, 2024 ` 107.39 Crores).
- Current 172.07 135.92

344 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 345
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 4 - Investments: ` in Crores Note 4 - Investments: (Contd.) ` in Crores

As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024
Particulars Particulars
Nos. Amount Nos. Amount Nos. Amount Nos. Amount
(A) Investments measured at Cost: (C) Investments measured at Fair value through Profit
Unquoted: or Loss:
Equity Instruments: Unquoted:
Subsidiaries: Equity Instruments:
Face value of ` 10 each fully paid: Face value of ` 10 each fully paid:
Harish Cement Limited 2,48,179 154.68 2,48,179 154.68 Amplus Ages Private Limited 4,82,72,246 48.27 4,82,72,246 48.27
Bhagwati Lime Stone Company Private Limited 11,900 13.03 11,900 13.03 Amplus Alpha Solar Private Limited 70,98,864 7.10 70,98,864 7.10
Gotan Lime Stone Khanij Udyog Private 23,15,780 184.48 23,15,780 184.48 Amplus Coastal Power Private Limited 17,12,279 1.76 17,12,279 1.76
Limited (Refer Note 36) Amplus Dakshin Private Limited 2,64,87,381 26.49 2,64,87,381 26.49
Letein Valley Cement Limited 10,000 0.01 10,000 0.01 Amplus Helios Private Limited 43,21,728 4.32 43,21,728 4.32
Face value of ` 10 each partly paid:
Amplus Sunshine Private Limited 38,67,848 4.80 38,67,848 4.80
Gotan Lime Stone Khanij Udyog Private 23,000 0.98 23,000 0.98
Clean Max Terra Private Limited 1,51,00,000 27.18 1,51,00,000 27.18
Limited (Refer Note 36)
Clean Max Theia Private Limited 2,28,91,488 41.20 2,28,91,488 41.20
Harish Cement Limited 1,095 0.64 1,095 0.43
Letein Valley Cement Limited 2,50,00,000 6.25 2,50,00,000 6.25 Dalavaipuram Renewables Private Limited 57,15,631 5.72 57,15,631 5.72
Face Value of Sri Lankan Rupee 10 each fully Greenyana Sunstream Private Limited 16,07,692 2.09 16,07,692 2.09
paid: Green Infra Wind Power Generation Limited 1,92,000 0.19 1,92,000 0.19
UltraTech Cement Lanka (Private) Limited 4,00,00,000 23.03 4,00,00,000 23.03 Lalganj Power Private Limited 1,33,89,522 17.70 1,33,89,522 17.70
Face Value of UAE Dirham 10 each fully paid: NUPower Wind Farms Limited (CY: ` 1,000 and 100 - 100 -
UltraTech Cement Middle East Investments 5,06,11,952 1,460.76 5,06,11,952 1,460.76 LY: ` 1,000))
Limited Ostro Alpha Wind Private Limited 69,66,635 8.36 69,66,635 8.36
1,843.86 1,843.65 Rajmahal Coal Mining Limited 10,00,000 1.00 10,00,000 1.00
Joint Ventures: Renew Surya Spark Private Limited 71,60,946 7.16 71,60,946 7.16
Face value of ` 10 each fully paid: Solbridge Energy Private Limited 17,38,490 2.21 17,38,490 2.21
Bhaskarpara Coal Company Limited 81,41,050 8.14 81,41,050 8.14 Sunroot Energy Private Limited 86,06,393 8.61 86,06,393 8.61
Less: Provision for Impairment in value of (4.15) (4.15) Veh Radiant Energy Private Limited 88,10,000 17.62 88,10,000 17.62
Investment (Refer Note 41)
VSV Offsite Private Limited 3,88,890 0.53 3,88,890 0.53
3.99 3.99
VSV Onsite Private Limited 87,16,450 11.32 87,16,450 11.32
Associates:
Watsun Infrabuild Private Limited 8,09,295 0.81 6,42,600 0.64
Face value of ` 10 each fully paid:
Amplus Iru Private Limited 3,00,02,997 30.00 - -
Madanpur (North) Coal Company Private 11,52,560 1.15 11,52,560 1.15
Limited Continuum MP Windfarm Development Private 2,43,51,600 24.35 - -
Limited
Less: Provision for Impairment in value of (0.22) (0.22)
Investment Clean Max Sapphire Private Limited 2,40,88,421 45.77 - -
0.93 0.93 O2 Reneweable Energy XXII Private Limited 2,13,85,586 21.39 - -
Aditya Birla Renewables SPV 1 Limited 1,62,78,663 16.60 1,62,78,663 16.60 Amplus Omega Solar Private Limited 2,78,05,947 27.81 - -
Aditya Birla Renewables Energy Limited 2,73,86,190 29.69 2,73,86,190 29.69 393.76 244.27
ABReL (MP) Renewables Limited 3,53,91,200 35.39 3,53,91,200 35.39 Preference Shares:
ABReL Green Energy Limited 2,38,60,434 23.86 2,38,60,434 23.86 7% Non Cumulative Non-Convertible Redeemable
ABReL (Odisha) SPV Limited 50,13,879 5.01 50,13,879 5.01 Preference Shares of ` 100 each fully paid
ABReL (RJ) Projects Limited (LY: ` 26,000) 14,93,72,600 149.37 2,600 - Aditya Birla Health Services Private Limited 20,00,000 18.16 20,00,000 18.03
260.85 111.48 Units of Debt schemes of Various Mutual Funds 10.36 45.43
Quoted: Quoted:
Equity Instruments: Taxable Corporate Bonds 635.57 1,487.48
Subsidiaries: Investments (A + B + C) 13,644.56 3,754.33
Face value of ` 10 each fully paid: Aggregate Book Value of:
The India Cements Limited (Refer Note 60) 25,25,29,160 9,746.41 - - Quoted Investments 8,362.23 1,487.48
(B) Investments measured at Fair Value through OCI: Unquoted Investments 5,282.33 2,266.85
Quoted: 13,644.56 3,754.33
Equity Instruments: Aggregate Market Value of Quoted Investments 8,362.23 1,487.48
Face value of ` 10 each fully paid: Aggregate amount of impairment in value of investments 4.37 4.37
Star Cement Limited 3,40,27,714 731.60 - -

346 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 347
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 5 - Loans: ` in Crores Note 8 - Inventories: (Valued at lower of cost and net realisable value, unless
Non-Current Current otherwise stated) ` in Crores
Particulars As at As at As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024 Particulars
March 31, 2025 March 31, 2024
Considered good, Unsecured: Raw Materials {includes in transit ` 39.79 Crores, (March 31, 2024: ` 25.67 Crores)} 964.27 719.82
Loans to Employees 8.01 8.31 9.70 8.70 Work-in-Progress 1,414.03 1,385.49
8.01 8.31 9.70 8.70 Finished Goods {includes in transit ` 140.58 Crores, (March 31, 2024: ` 124.20 Crores)} 741.95 641.51
Stock-in-trade {includes in transit ` 5.73 Crores, (March 31, 2024: ` 4.96 Crores)} 39.82 15.34
Note 5.1 - No loans are due from directors or other officers of the Company or any of them either severally or jointly Stores & Spares {includes in transit ` 11.79 Crores, (March 31, 2024: ` 22.51 Crores)} 1,792.44 1,641.64
with any other person. Further, no loans are due from firms or private companies in which any director is a partner, a
Fuel {includes in transit ` 1,878.66 Crores, (March 31, 2024: ` 2,071.97 Crores)} 3,460.44 3,486.69
director or a member.
Packing Materials {includes in transit ` 1.97 Crores, (March 31, 2024: ` 0.65 Crores)} 135.64 132.79
Scrap (valued at net realisable value) 18.17 12.54
Note 6 - Other Financial Assets: ` in Crores
8,566.76 8,035.82
Non-Current Current
` 14.34 Crores (March 31, 2024 ` 17.64 Crores) has been recognised in the Statement of Profit and Loss towards write
Particulars As at As at As at As at down of inventories considered obsolete. The Company follows suitable provisioning norms for writing down the
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
value of Inventories towards slow moving, non-moving and surplus inventory. Provision as on date is ` 51.97 Crores
Derivative Assets 830.07 425.84 10.97 56.34
(March 31, 2024 ` 44.31 Crores).
Interest Accrued on Deposits and Investments - - 53.20 110.41
Fixed Deposits with Bank with Maturity Greater than 400.59 0.41 - - Note 9 - Current Investments: ` in Crores
twelve Months^
As at As at
Government Grants Receivable 1,009.43 725.98 757.99 828.76 Particulars
March 31, 2025 March 31, 2024
Security Deposits (Refer Note 41) 336.02 289.46 224.46 193.72 Quoted:
Others (Includes Insurance Claims and Other Receivables) - - 218.26 169.89 Investments measured at Fair value through Profit or Loss:
2,576.11 1,441.69 1,264.88 1,359.12 Taxable Corporate Bonds 293.62 298.77

^ Lodged as Security for various other purposes - ` 0.60 Crores (March 31, 2024 ` 0.16 Crores). Unquoted:
Investments measured at Amortised Cost:

Note 7 - Other Non-Current Assets: ` in Crores Fixed Deposits with Financial Institution with Maturity less than twelve months 50.00 350.00
Investments measured at Fair value through Profit or Loss:
As at As at
Particulars
March 31, 2025 March 31, 2024 Units of Debt Schemes of Various Mutual Funds 2,514.37 4,834.22
Capital Advances 2,357.44 2,685.57 2,857.99 5,482.99
Less: Provision for Impairment (14.73) (12.36) Aggregate Book Value of:
2,342.71 2,673.21 Quoted Investments 293.62 298.77
Balance with Government Authorities 503.06 531.62 Unquoted Investments 2,564.37 5,184.22
Prepaid Expenses 59.85 21.56 2,857.99 5,482.99
2,905.62 3,226.39
Aggregate Market Value of Quoted Investments 293.62 298.77

Note 10 - Trade Receivables: ` in Crores

As at As at
Particulars
March 31, 2025 March 31, 2024

Considered good, Secured 794.04 635.77

Considered good, Unsecured 3,630.78 2,883.43
Credit Impaired, Unsecured 92.78 73.84
4,517.60 3,593.04
Less: Allowances (139.78) (96.50)
4,377.82 3,496.54

348 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 349
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 10.1: No trade receivables are due from directors or other officers of the Company, either severally or jointly
Note 13 - Other Current Assets: ` in Crores
with any other person. Further no trade receivables are due from firms or private companies, respectively in which any
director is a partner, a director or a member. Particulars
As at As at
March 31, 2025 March 31, 2024
Note 10.2: Trade Receivables due from Related Parties included above ` : 73.65 Crores (March 31, 2024 ` 31.69 Crores). Advances to related parties (Refer Note 41) 69.40 23.89
(Refer Note 41) Balance with Government Authorities 646.38 814.65
Advances to Suppliers 1,009.70 857.61
Note 10.3 - Trade Receivables Ageing Schedule: ` in Crores
Prepaid Expenses 72.60 77.56
Receivable Outstanding from due date of Payment Others (Balance with Gratuity Trust and Other Receivables) 233.61 108.68
Particulars but not Less than 6 months- More than Total
due 1-2 years 2-3 years 2,031.69 1,882.39
6 Months 1 year 3 years

As at March 31, 2025:

Note 14 (a) - Equity Share Capital: ` in Crores
(i) Undisputed Trade receivables – considered good 3,015.22 1,280.87 58.72 51.48 0.74 6.60 4,413.63
As at March 31, 2025 As at March 31, 2024
(ii) Undisputed Trade Receivables – credit impaired - - - - 8.13 30.34 38.47 Particulars
No. of Shares Amount No. of Shares Amount
(iii) Disputed Trade Receivables – considered good - 0.68 0.47 4.12 0.60 5.32 11.19 Authorised
(iv) Disputed Trade Receivables – credit impaired - - - 0.05 4.65 49.61 54.31 Equity Shares of ` 10 each 4,79,01,50,000 4,790.15 78,00,00,000 780.00
Total As at March 31, 2025 3,015.22 1,281.55 59.19 55.65 14.12 91.87 4,517.60 Issued, Subscribed and Fully Paid-up
As at March 31, 2024: Equity Shares of ` 10 each fully paid-up 29,46,77,410 294.68 28,86,92,005 288.69
(a) Reconciliation of the Shares Outstanding at the
(i) Undisputed Trade receivables – considered good 2,471.52 985.80 34.29 16.11 0.10 2.97 3,510.79 beginning and at the end of the year
(ii) Undisputed Trade Receivables – credit impaired - - - 0.05 6.51 19.70 26.26 Outstanding at the beginning of the year 28,86,92,005 288.69 28,86,86,345 288.69
(iii) Disputed Trade Receivables – considered good - 0.01 0.13 2.57 - 5.70 8.41 Add: Shares issued under Employees Stock Options
11,104 0.02 5,660 -
Scheme (ESOS) ( LY: Equity Share Capital of ` 56,600)
(iv) Disputed Trade Receivables – credit impaired - - - 2.28 8.96 36.34 47.58
Add: Shares issued to the shareholders of Kesoram
Total As at March 31, 2024 2,471.52 985.81 34.42 21.01 15.57 64.71 3,593.04 Industries Limited (KIL) pursuant to the Composite 59,74,301 5.97 - -
Scheme of Arrangement (Refer Note 37)
There are no unbilled trade receivables, hence the same is not disclosed in the ageing schedules.
Outstanding at the end of the year 29,46,77,410 294.68 28,86,92,005 288.69

Note 11 - Cash and Cash Equivalents: ` in Crores (b) Shares held by Holding Company
As at As at Grasim Industries Limited 16,53,35,150 165.34 16,53,35,150 165.34
Particulars
March 31, 2025 March 31, 2024 (c) List of shareholders holding more than 5% of Paid-up
No. of Shares % Holding No. of Shares % Holding
Balance with banks (Current Account) 298.72 526.59 Equity Share Capital
Grasim Industries Limited 16,53,35,150 56.11% 16,53,35,150 57.27%
Cheques on hand 11.46 14.07
No. of Shares Amount No. of Shares Amount
Cash on hand 1.74 1.74 (d) Equity Shares of ` 10 each reserved for issue under
4,901 0.01 18,223 0.02
311.92 542.40 ESOS
(e) Aggregate number of Shares issued for consideration
other than cash during the period of five years
Note 12 - Bank Balances Other Than Cash and Cash Equivalents ` in Crores
immediately preceding the reporting date
As at As at Equity Shares of ` 10 each issued in current financial
Particulars
March 31, 2025 March 31, 2024 year as fully paid up to the shareholders of KIL,
59,74,301 5.97
pursuant to the Composite Scheme of Arrangement
Fixed Deposits with Banks (Maturity more than three months and upto twelve months ) ^ 477.83 213.37
(Refer Note 37)
Earmarked Balance with Bank for Unpaid Dividends 10.17 14.73
488.00 228.10 (f) Rights, Preferences and Restrictions attached to shares:
^ Lodged as security for various purposes ` 0.07 Crores (March 31, 2024 ` 0.09 Crores). Earmarked for specific purpose ` 189.33 Crores
(March 31, 2024 ` 177.13 Crores). The Company has only one class of Equity Shares having a par value of ` 10 per share. Each shareholder is eligible
for one vote per share held except for Global Depository Receipts. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of
the Company after distribution of all preferential amounts, in proportion to their shareholding.

350 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 351
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(g) Shares held by Promoters: e) Shares Options Outstanding Reserve: The Company has three share option schemes under which options to
subscribe for the Company’s shares have been granted to certain executives and senior employees. The share-
As at March 31, 2025 As at March 31, 2024 % change during
Promoter Name based payment reserve is used to recognise the value of equity-settled share-based payments provided to
No of Shares % of total shares No of Shares % of total shares the year
employees, including key management personnel, as part of their remuneration.
Mr. Kumar Mangalam Birla 2,84,390 0.097% 1,80,132 0.06% 0.03%
Grasim Industries Limited 16,53,35,150 56.107% 16,53,35,150 57.27% -1.16% f) Treasury Shares: The Company has formed an Employee Welfare Trust for purchasing Company’s shares to be
allotted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As per Ind AS 32 -
Total 16,56,19,540 56.204% 16,55,15,282 57.33% -1.13%
Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and
deducted from equity.
As at March 31, 2024 As at March 31, 2023 % change during
Promoter Name
No of Shares % of total shares No of Shares % of total shares the year g) Equity Instruments Fair Valued Through Other Comprehensive Income: It represents the cumulative gains/
Mr. Kumar Mangalam Birla 1,80,132 0.06% 1,80,132 0.06% -
(losses) arising on the fair valuation of Equity Shares measured at Fair Value through Other Comprehensive
Income, net of amounts reclassified to Retained Earnings on disposal/transfer of such investments.
Grasim Industries Limited 16,53,35,150 57.27% 16,53,35,150 57.27% -
Total 16,55,15,282 57.33% 16,55,15,282 57.33% - h) Cashflow Hedge Reserve: The Company has designated its hedging instruments as cash flow hedges and any
effective portion of cashflow hedge is maintained in the said reserve. In case the hedging becomes ineffective,
the amount is recognised in the Statement of Profit and Loss.
Note 14 (b) - Other Equity ` in Crores

As at As at
Particulars
March 31, 2025 March 31, 2024 Note 15 - Non-Current Borrowings: ` in Crores

Capital Reserve 170.72 170.72 Non-Current Current Maturities of Long-Term debts*

Particulars As at As at As at As at
Securities Premium 11,311.01 5,487.36
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Debenture Redemption Reserve 37.50 37.50 Secured:
General Reserve 47,830.41 44,330.41 Non-Convertible Debentures - Note (a1) 500.00 500.00 - -
Share option outstanding reserve 174.46 121.96 Sales Tax/ VAT/ GST Deferment Loan - Note (b1) 221.62 172.48 - 17.48
Treasury Shares (416.90) (341.66) Vehicle Loan (g) 0.79 - 0.40 -
722.41 672.48 0.40 17.48
Retained Earnings 10,464.43 9,184.91
Unsecured:
Equity Instruments Fair Values through Other Comprehensive Income (37.84) - Non-Convertible Debentures - Note (a2) 3,000.00 - - 500.00
Cash Flow Hedge Reserve (151.24) (184.66) Foreign Currency Bonds - Note (c) 3,419.00 3,336.20 - -
Total Other Equity 69,382.55 58,806.54 Term Loans from Banks:
In Foreign Currency - Note (d) 4,701.12 417.03 427.38 -
The Description of the nature and purpose of each reserve within equity is as follows: In Local Currency - Note (e) 2,000.00 - - -
Public Deposits - Note (f) 3.14 - 70.68 -
a) Capital Reserve: Company’s capital reserve is mainly on account of acquisition of cement business of Larsen
Sales Tax/ VAT/ GST Deferment Loan - Note (b2) 14.05 47.86 33.85 31.90
& Toubro Ltd., Gujarat Units of Jaypee Cement Corporation Ltd (JCCL) and cement capacities of 21.2 MTPA of
13,137.31 3,801.09 531.91 531.90
Jaiprakash Associates Ltd (JAL) and JCCL, being excess of the net assets acquired over the consideration paid.
Total 13,859.72 4,473.57 532.31 549.38
b) Securities Premium: Securities premium is credited when shares are issued at premium. It is utilised in *Amount disclosed under the head ‘Current Borrowings’ (Refer Note 20).
accordance with the provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares
(a1) Non-Convertible Debentures (NCDs): ` in Crores
or debentures, equity related expenses like underwriting costs, etc.
As at As at
Particulars Repayment Terms
c) Debenture Redemption Reserve (DRR): The Company has issued redeemable non-convertible debentures. March 31, 2025 March 31, 2024
Accordingly, the Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the company to Secured:
create DRR out of profits of the company available for payment of dividend. DRR is required to be created for an 7.53% NCDs Redeemable at par on August 21, 2026 500.00 500.00
amount which is equal to 25% of the value of debentures issued. However, this requirement is no more applicable
Total 500.00 500.00
w.e.f. April 1, 2018 as per the amendment in the Companies (Share capital and Debentures) Rules, 2014 vide dated
August 16, 2019; accordingly the Company has not made any new addition in the said reserve and accounted the The NCDs are secured by way of first charge, having pari passu rights, on the Company’s fixed assets (save and
reversal of outstanding reserve linked to payment of specific non-convertible debentures. except stocks and book debts), both present and future, situated at certain locations, in favour of Debenture
Trustees. Interest on NCD is payable annually.
d) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring
dividend to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to
general reserve is not required under the Companies Act, 2013.

352 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 353
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 15 - Non-Current Borrowings: (Contd.) Note 15 - Non-Current Borrowings: (Contd.)

(a2) Non-Convertible Debentures (NCDs): ` in Crores (d) Term Loan - in Foreign Currency: ` in Crores

As at As at As at As at
Particulars Repayment Terms Particulars Repayment Terms
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Unsecured: Unsecured:
7.22% NCDs Redeemable at par on November 24, 2034 1,000.00 - State Bank of India, Gift City ^ (US Dollar: Two Equal Payments in March 2026 and 854.75 417.03
7.34% NCDs Redeemable at par on March 05, 2030 1,000.00 - 10.00 Crores; March 31, 2024: 5.00 Crores) September 2026
7.34% NCDs Redeemable at par on March 03, 2028 1,000.00 - Sustainability Linked Loan* (US Dollar: 50.00 Two Equal Payments in August 2027 and 4,273.75 -
Crores; March 31, 2024: Nil) October 2027
6.68% NCDs Redeemed at par on February 20, 2025 - 250.00
5,128.50 417.03
7.64% NCDs Redeemed at par on June 04, 2024 - 250.00
3,000.00 500.00 Less: Current Portion shown under Current
(427.38) -
Borrowings
Less: Current Portion of NCDs shown under
- (500.00) 4,701.12 417.03
Current Borrowings
Total 3,000.00 - ^ Interest on the above term loan is payable semi-annually linked to Compounded Secured Overnight Financing Rate (SOFR) + Spread.
Interest on NCD is payable annually. *The Company has raised unsecured US dollar denominated loan (in the form of “Sustainability Linked Loan”-SLL) aggregating to USD
500 million, due on August 2027 & October 2027. The loan is linked to ‘Sustainability Performance Target’ (SPT) on Key Performance
(b1) Sales Tax/ VAT/ GST Deferment Loan: ` in Crores Indicator (KPI) 2 of company’s sustainability linked financing framework. This KPI is about share of green energy on company’s total
power consumption. The annual targets committed are 30% for FY 2025, 45% for FY 2026 & 55% for FY 2027 to be observed in last
As at As at quarter of respective financial years. If SPTs are not achieved in respective observation periods, there shall be an increase in interest
Particulars Repayment Terms
March 31, 2025 March 31, 2024 cost by 5 bps, 10 bps & 15 bps respectively for FY 2025, FY 2026 & FY 2027. Interest rate on above loan is payable semi-annually linked
to Compounded Overnight SOFR + Spread.
Secured:
Department of Industries and Varied Annual Payments from August 2032
Commerce, Karnataka to August 2036
221.62 172.48 (e) Term Loan - in Local Currency: ` in Crores

Uttar Pradesh Financial Corporation Repaid in December 2024 - 17.48 As at As at

Particulars Repayment Terms
221.62 189.96 March 31, 2025 March 31, 2024

Less: Current Portion shown under Unsecured:

- (17.48)
Current Borrowings State Bank of India, Mumbai $ Bullet Repayment in November 2027 2,000.00 -
Total 221.62 172.48 2,000.00 -
Sales Tax/ VAT/ GST Deferment Loan is secured by bank guarantee and corporate guarantees. $ Interest rate on above loan is payable monthly linked to 3 Month Treasury Bill + Spread.

(b2) Sales Tax/ VAT/ GST Deferment Loan: ` in Crores

(f) Public Deposits: ` in Crores
As at As at
Particulars Repayment Terms As at As at
March 31, 2025 March 31, 2024 Particulars Repayment Terms
March 31, 2025 March 31, 2024
Unsecured:
Unsecured:
Commercial Tax Department, Hyderabad Varied Annual payments upto October 2026 47.90 79.76
Public Deposits Payments from June 2025 to June 2026 73.82 -
47.90 79.76
Less: Current Portion shown under Current (70.68) -
Less: Current Portion shown under Borrowings
(33.85) (31.90)
Current Borrowings
3.14 -
Total 14.05 47.86
Public Deposits are taken over from KIL under the Composite Scheme of Arrangement, carrying a rate of interest
(c) Foreign Currency Bonds: ` in Crores
of 12.50% for KIL shareholders and 12.25% for others.

As at As at (g) Vehicle Loans: ` in Crores

Particulars Repayment Terms
March 31, 2025 March 31, 2024
Unsecured: Particulars Repayment Terms
As at As at
March 31, 2025 March 31, 2024
2.80% Sustainability Linked Bonds#1 Bullet payment in February 2031
(US Dollar: 40.00 Crores; March 31, 2024: 3,419.00 3,336.20 Vehicle Loans (Secured against vehicles) $ Monthly installments upto October 2027 1.19 -
US Dollar: 40.00 Crores) Less: Current Portion shown under Current (0.40) -
3,419.00 3,336.20 Borrowings
#1: The Company had issued unsecured fixed rate US Dollar denominated notes (in the form of “Sustainability Linked Bonds”), 0.79 -
aggregating to USD 400 million, due on February 16,2031, bearing coupon of 2.80% per annum payable semi-annually. The Bonds are
$ Interest rate is 10.65%
linked to ‘Sustainability Performance Target (SPT) of reducing Scope 1 GHG emissions by 22.2% from 2017 baseline. If SPT is not achieved
by observation date in 2030, the coupon will step-up by 0.75% for last two coupons. The Bonds are listed on the Singapore Exchange
Securities Trading Limited.

354 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 355
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 16 - Other Financial Liabilities: ` in Crores

(b) Provision for Cost of Transfer of Assets: ` in Crores

Current
Non-Current Current
Particulars As at As at
As at As at As at As at
March 31, 2025 March 31, 2024
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Opening Balance 183.37 132.05
Interest Accrued but not due - - 163.95 65.25
Add: Provision during the year (Refer Note 37 and 38) 120.58 72.00
Deferred Premium Payable 287.36 240.71 79.42 32.39
Less: Utilisation / Reversal during the year (37.43) (20.68)
Liability for Capital Goods (Refer Note 57) - - 1,921.27 1,817.29
Closing Balance 266.52 183.37
Security Deposits - - 2,564.42 2,296.70
Salaries, Wages, Bonus and Other Employee Payables - - 339.81 365.42
Investor Education and Protection Fund, will be credited
Note 18 - Deferred Tax Liabilities (NET): ` in Crores
with the following amounts (as and when due): Transferred
Unpaid Dividends - - 20.50 14.74 from KIL
Recognised in Recognised
As at As at pursuant to Recognised
Unpaid Fractional liability on issue of shares pursuant Particulars Statement of directly in
March 31, 2025 March 31, 2024 Composite in OCI
- - 0.40 0.41 Profit and Loss Other Equity
to scheme of Demerger Scheme of
Arrangement
Others (Retention money, Liquidated Damages, etc.) - - 648.31 598.58
Deferred Tax Assets:
287.36 240.71 5,738.08 5,190.78
Provision allowed under tax on (139.34) (269.50) (9.38) 139.54 - -
payment basis
Note 17 - Provisions: ` in Crores Others (351.06) (198.64) (395.81) 140.36 103.02 -
(490.40) (468.14) (405.18) 279.90 103.02 -
Non-Current Current
Deferred Tax Liabilities:
Particulars As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024 Tangible and Intangible Assets 8,600.03 6,799.40 1,353.64 446.99 - -
Provision for Employee Benefits: Fair valuation of Investments 39.76 54.11 - (14.35) - -

For Employee Benefits (Leave encashment, pension 287.64 264.68 63.54 59.84 Others 48.18 39.65 18.86 (10.33) - -
and other retiral benefits) (Refer Note 39) 8,687.97 6,893.16 1,372.50 422.30 - -
Others: Net Deferred Tax Liability 8,197.57 6,425.02 967.32 702.20 103.02 -
For Mines Restoration Expenditure* 417.93 379.90 - -
For Cost of transfer of Assets - - 266.52 183.37 ` in Crores
705.57 644.58 330.06 243.21 Recognised in Recognised
As at As at Recognised
Particulars Statement of directly in
March 31, 2024 March 31, 2023 in OCI
Profit and Loss Other Equity
Note 17.1: Movement of provisions during the year as required by Ind AS - 37 “Provisions, Contingent Liabilities and
Contingent Assets” specified under Section 133 of the Companies Act, 2013: Deferred Tax Assets:
Provision allowed under tax on payment basis (269.50) (236.95) (32.55) - -
(a) Mines Restoration Expenditure: ` in Crores
Others (198.64) (181.88) 0.73 (17.49) -
Non-Current (468.14) (418.83) (31.82) (17.49) -
As at As at Deferred Tax Liabilities:
March 31, 2025 March 31, 2024
Tangible and Intangible Assets 6,799.40 6,624.18 175.22 - -
Opening Balance 379.90 355.73
Fair valuation of Investments 54.11 12.45 41.66 - -
Add: Provision transferred from KIL pursuant to Composite Scheme of Arrangement
14.16 - Others 39.65 39.79 (0.14) - -
(Refer Note 37)
6,893.16 6,676.42 216.74 - -
Add: Provision / (Reversal) during the year 0.28 3.85
Net Deferred Tax Liability 6,425.02 6,257.59 184.92 (17.49) -
Add: Unwinding of discount on Mine Restoration Provision 23.91 20.54
Less: Utilisation during the year (0.32) (0.22)
Note 19 - Other Non-Current Liabilities: ` in Crores
Closing Balance 417.93 379.90
As at As at
* MinesRestoration Expenses are incurred on an ongoing basis until the respective mines are not fully restored, in accordance with the Particulars
March 31, 2025 March 31, 2024
requirements of the mining agreement. The actual expenses may vary based on the nature of restoration and the estimate of restoration
expenses. Deferred Income on Government Grants - 3.50
Others - 0.03
- 3.53

356 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 357
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 21.2: Trade Payables Ageing Schedule ` in Crores

Note 20 - Current Borrowings: ` in Crores
Outstanding for the following periods from the due
As at As at date of payment
Particulars Outstanding
March 31, 2025 March 31, 2024 Particulars Unbilled Total
but not due Less than More than
Secured: 1-2 years 2-3 years
1 year 3 years
Current Maturities of Long Term Debts (Refer Note 15) 0.40 17.48 As on March 31, 2025:
Unsecured: (i) Micro and Small Enterprises - 257.51 7.67 0.04 0.12 - 265.33
Current Maturities of Long Term Debts (Refer Note 15) 531.91 531.90 (ii) Other than Micro and Small Enterprises 1,892.85 3,412.57 2,287.45 4.84 3.66 0.19 7,601.56
7.3% Non-Convertible Redeemable Preference Shares (Refer Note 37) 63.51 - (iii) Disputed - Micro and Small Enterprises - - - - - - -
Loans repayable on demand: From Banks - Cash Credits / Working Capital Borrowings 5,004.11 3,064.38 (iv) Disputed dues - Others - - - - - - -
5,599.93 3,613.76 Total as on March 31, 2025 1,892.85 3,670.08 2,295.11 4.88 3.78 0.19 7,866.89

(a) Pursuant to the Composite Scheme of Arrangement with KIL, the Company has issued 63,50,883 fully paid up As on March 31, 2024:
7.3% Non-Convertible Redeemable Preference Shares of ` 100 each redeemable at par after 3 months from the (i) Micro and Small Enterprises - 253.89 0.30 - - - 254.19
date of allotment i.e from the Effective Date March 13, 2025 to the preference shareholders of KIL. (ii) Other than Micro and Small Enterprises 1,476.05 3,486.13 2,893.86 5.74 - - 7,861.78
(iii) Disputed - Micro and Small Enterprises - - - - - - -
(b) Cash Credit and Working Capital Borrowings taken from Banks: tenure is less than twelve months bearing an
average interest rate for March 31, 2025: 6.79 % (March 31, 2024 : 6.59 %). (iv) Disputed dues - Others - - - - - - -
Total as on March 31, 2024 1,476.05 3,740.02 2,894.16 5.74 - - 8,115.97

Note 21 - Trade Payables: ` in Crores

Note 22 - Other Current Liabilities: ` in Crores
As at As at
Particulars
March 31, 2025 March 31, 2024 As at As at
Particulars
March 31, 2025 March 31, 2024
Total Outstanding dues of Micro and Small Enterprises (Refer Note 58) 265.33 254.19
Advance from Customers and Others 431.78 522.70
Total Outstanding dues of other than Micro and Small Enterprise
Deferred Income on Government Grants - 0.17
Supplier’s Credit 1,560.03 1,915.66
Statutory liabilities 2,276.58 2,267.36
Due to Related Parties (Refer Note 41) 83.52 33.69
Others (includes Rebate to Customers and others) 3,509.25 2,887.71
Other Trade Payable 5,958.01 5,912.43
6,217.61 5,677.94
7,601.56 7,861.78
7,866.89 8,115.97

Note 21.1:
Supplier’s Credit represents the extended interest bearing credit offered by the supplier which is secured against
Usance Letter of Credit (LC). Under this arrangement, the supplier is eligible to receive payment from negotiating with
bank prior to the expiry of the extended credit period. The interest of the extended credit period payable to the bank
on maturity of the LC has been presented under Finance Cost.

As on March 31, 2025, confirmed supplier’s invoice that are outstanding and subject to the above arrangement
included in Other Trade Payables is ` 902.87 Crores (March 31, 2024 ` 1,046.29 Crores).

358 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 359
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Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 23 - Revenue From Operations (Refer Note 56): ` in Crores Note 25 - Cost of Materials Consumed: ` in Crores

Year ended Year ended As at As at

Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Revenue from Contract with Customer Opening Stock 719.82 760.76
Sale of Products and Services Add: Stock transferred from KIL, pursuant to Composite Scheme of Arrangement (Refer Note 37) 22.98
Sale of Manufactured Products 68,081.16 65,432.67 Add: Purchases 10,810.18 9,502.52
Sale of Traded Products 2,766.17 2,098.77 11,552.98 10,263.28
Sale of Services 9.94 4.29 Less: Closing Stock 964.27 719.82
70,857.27 67,535.73 10,588.71 9,543.46
Other Operating Revenues
Scrap Sales 115.23 129.66 Note 26 - Purchases of Stock-in-Trade: ` in Crores
Lease Rent 0.44 0.11
As at As at
Particulars
Insurance Claim 39.56 57.92 March 31, 2025 March 31, 2024

Provisions no longer required written back 7.03 36.21 Grey Cement (including Ready Mix Concrete) 1,754.70 1,399.61
Unclaimed Liabilities written back 54.11 46.55 Other Products 245.16 301.28
Government Grants (Refer Note 54) 695.28 698.14 1,999.86 1,700.89
Sub-lease income on Ships 101.22 107.28
Miscellaneous Income / Receipts 24.83 29.03 Note 27 - Changes in Inventories of Finished Goods, Stock-in-Trade and
1,037.70 1,104.90 Work-in-Progress: ` in Crores
Total Revenue form Operations 71,894.97 68,640.63
As at As at
Particulars
March 31, 2025 March 31, 2024

Closing Inventories
Note 24 - Other Income: ` in Crores
Work-in-progress 1,414.03 1,385.49
Year ended Year ended
Particulars Finished Goods 741.95 641.51
March 31, 2025 March 31, 2024

Interest Income on Stock in Trade 39.82 15.34

Investments measured at Fair Value through Profit or Loss 78.10 1.90 2,195.80 2,042.34

Investments measured at Amortised Cost 114.87 7.28 Opening Inventories

Bank and Other Accounts 66.77 226.78 Work-in-progress 1,385.49 1,311.94

259.74 235.96 Finished Goods 641.51 635.31

Dividend Income on Non-Current Investment Stock in Trade 15.34 24.19

Current Investments - Mutual Fund 0.78 0.16 2,042.34 1,971.44

Dividend Income on Non-Current Investment - From Subsidiary and (Increase) / Decrease in Inventories
- 5.83
Associates Work-in-progress (28.54) (73.55)
0.78 5.99 Finished Goods (100.44) (6.20)
Exchange Gain (net) 36.77 101.45 Stock in Trade (24.48) 8.85
Profit on Sale of Property, plant and equipment (net) 51.91 0.66 (Increase) / Decrease in Inventories (153.46) (70.90)
Gain on Fair valuation of Investments through Profit or Loss 105.19 206.06 Add: Stock transferred from KIL, pursuant to Composite Scheme of Arrangement (Refer 112.04 -
Profit on Sale of Current and Non-Current Investments (net) 226.42 97.89 Note 37)

Others 12.61 14.14 Add: Stock Transfer from Pre-Operative Account 19.55 14.05

693.42 662.15 (21.87) (56.85)

360 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 361
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 28 - Employee Benefits Expense: ` in Crores Note 31 - Freight and Forwarding Expense: ` in Crores

As at As at Year ended Year ended

Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

Salaries, Wages and Bonus 2,822.95 2,552.38 On Finished Products 14,428.91 13,204.83
Contribution to Provident and Other Funds: On Clinker Transfer & others 2,594.42 2,510.48
Contribution to Gratuity and Other Defined Benefit Plans (Refer Note 39) 184.53 156.37 17,023.33 15,715.31
Contribution to Superannuation, National Pension Scheme and Other Defined Contribution 36.15 33.11
Plan (Refer Note 39) Note 32 - Other Expenses: ` in Crores
Expenses on Employees Stock Options Scheme (Refer Note 46) 49.25 42.37
Year ended March Year ended March
Particulars
Staff Welfare Expenses 206.60 126.23 31, 2025 31, 2024

3,299.48 2,910.46 Consumption of Stores, Spare Parts and Components 1,491.44 1,449.54
Consumption of Packing Materials 2,110.74 1,889.15
Repairs to Plant and Machinery, Buildings and Others 1,592.51 1,449.37
Note 29 - Finance Costs: ` in Crores
Insurance 128.60 176.33
Year ended Year ended
Particulars Rent 176.47 171.66
March 31, 2025 March 31, 2024

Interest Expense: Rates and Taxes 227.62 203.51

On Borrowings (at amortised cost) 1,131.50 554.80 Directors’ Fees 0.46 0.40

Others (including interest on deposits from Dealers, Contractors and Directors’ Commission 14.00 14.00
278.21 211.94
Supplier’s Credit) Advertisement 541.43 641.30
Interest on Sales Tax/ VAT/ GST Deferment Loan 14.68 13.97 Sales Promotion and Other Selling Expenses 953.06 942.05
Interest on Lease Liabilities 52.93 54.46 Contribution to General Electoral Trust / Electoral Bonds* 250.00 10.00
Unwinding of discount on Mine Restoration Provision 23.91 20.54 Miscellaneous Expenses 2,168.31 1,753.47
1,501.23 855.71 9,654.64 8,700.78
Exchange Loss on revaluation of Lease Liabilities 10.63 7.82 Less: Captive Consumption of Cement (100.92) (95.86)
Other Borrowing Cost (Finance Charges) 12.84 3.89 9,553.72 8,604.92
Less: Finance Costs Capitalised (59.36) (0.62) *During the previous year ended March 31, 2024: Contribution to Bharatiya Janata Party
1,465.34 866.80

Borrowing costs are capitalised using rates based on specific borrowings at 6.98 % per annum. (For the year ended
Note 33 - Other Comprehensive Income: ` in Crores

March 31, 2024 : 6.93% per annum). Year ended Year ended
Particulars
March 31, 2025 March 31, 2024

Note 30 - Depreciation and Amortisation Expense: ` in Crores Items that will not be reclassified to Profit or Loss:
Remeasurment gain/(loss) on Defined Benefit Plan 21.88 (40.75)
Year ended Year ended
Particulars
March 31, 2025 March 31, 2024 Net changes in Fair value of investments at FVTOCI 641.87 -
Depreciation of Property, Plant and Equipment (Refer Note 2) 3,308.09 2,689.82 Income Tax relating to items that will not be reclassified to Profit or Loss (97.30) 10.26
Depreciation of Right of Use (ROU) Assets (Refer Note 3) 149.55 141.90 566.45 (30.49)
Amortisation of Intangible Assets (Refer Note 2) 281.45 195.71 Items that will be reclassified to Profit or Loss:
3,739.09 3,027.43 Effective Portion of Derivative Instruments designated as Cash Flow Hedge 44.66 (69.51)
Income Tax relating to items that will be reclassified to Profit or Loss (11.24) 17.49
33.42 (52.02)
599.87 (82.51)

362 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 363
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Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 34 - Contingent Liabilities (to the extent not provided for) (Ind AS 37): Note 36
(a) Claims against the Company not acknowledged as debt: ` in Crores The Supreme Court of India has allowed an appeal filed by the State of Rajasthan in a matter relating to transfer of
mining lease in the name of the Company’s wholly owned subsidiary, Gotan Lime Stone Khanij Udyog Private Limited
As at As at
Sr No Particulars Brief Description of Matter (“GKUPL”) and has directed the State of Rajasthan to frame and notify its policy relating to transfer of mining lease
March 31, 2025 March 31, 2024

i Excise Duty and Service Related to valuation matter (Rule 8 vs. Rule 4), Denial 1,217.27 1,552.20
and thereafter pass appropriate order in respect of the mining lease of GKUPL. State Government has notified the
Tax Matters of Cenvat credit on Input Service Distributor (ISD) and new policy related to transfer of new mining lease, based on which the Company has requested the State Government
others to consider reinstatement of the mines in its favour.
ii GST/ Sales-tax/ VAT / Related to stock transfer treated as interstate sales, 1,423.48 1,152.44
Entry Tax Matters Input Tax Credit, Demand on freight component and
levy of purchase tax on exempted supply, Demand of
Note 37 - Composite Scheme of Arrangement for Cement Business of Kesoram
Entry Tax and others Industries Limited (Ind AS 103):
iii Royalty on Limestone/ Based on fixed conversion factor on limestone, royalty 396.15 390.78 A. The National Company Law Tribunal, Kolkata and Mumbai Benches (“NCLT”) have approved the Composite
Marl / Shale rate difference on Marl and additional royalty on mines
transfer Scheme of Arrangement between Kesoram Industries Limited (“Kesoram”/ “KIL”), the Company and their
respective shareholders and creditors, in compliance with sections 230 to 232 and other applicable provisions of
iv Land Related Matters Demand of Higher Compensation and Land tax matters 278.81 280.79
the Companies Act, 2013 (“Scheme”) by its Order dated November 14, 2024 and November 26, 2024 respectively.
v Electricity Duty / Energy Related to electricity duty, Minimum power 305.78 285.23
The Scheme is made effective from March 01, 2025, and the Appointed date of the Scheme is April 01, 2024.
Development Cess consumption, Energy development Cess and denial of
electricity duty exemption Upon the Scheme becoming effective and with effect from the Appointed Date, the Cement Business Division
of Kesoram (“the Demerged Undertaking”) as defined in the Scheme stands transferred to and vested in the
vi Customs Related to classification dispute 319.77 300.72
Company as a going concern.
vii Stamp duty Related to stamp duty on name change 347.75 346.63
viii Others Related to Fly ash matters, claim raised by vendor/ 463.22 437.23 Consequently, the Company has included the financial statements/ information of the Demerged Undertaking
supplier, Road Tax matter, Income Tax matters and in its standalone financial statements with effect from April 01, 2024 (which is deemed to be the acquisition date
others for purpose of Ind AS 103 – Business Combinations) to include the financial results/ information of the acquired
Cash outflows for the above are determinable only on receipt of judgments pending at various forums / Cement Business Division of KIL (“the Demerged Undertaking”). Therefore, financial statements for the year
authorities. ended March 31, 2025 are not strictly comparable with the previous year’s financial statement.

(b) The Company (including the erstwhile UltraTech Nathdwara Cement Limited) had filed appeals against the orders The Assets of Cement Business of KIL consists of two integrated cement units at Sedam (Karnataka) and
of the Competition Commission of India (CCI) dated August 31, 2016 (Penalty of ` 1,616.83 Crores) and January Basantnagar (Telangana) with a total installed capacity of 10.75 MTPA and 0.66 MTPA packing plant at Solapur,
19, 2017 (Penalty of ` 68.30 Crores). Upon the National Company Law Appellate Tribunal (“NCLAT”) disallowing Maharashtra at a purchase consideration of ` 5,887.95 Crores based on Appointed date of the Scheme i.e. April 01,
its appeals against the CCI order dated August 31, 2016, the Company filed appeals before the Hon’ble Supreme 2024. As per Ind AS 103 - Business Combinations, if effective date i.e. March 01, 2025 is considered as acquisition
Court which has, by its order dated October 5, 2018, granted a stay against the NCLAT order. Consequently, the date, the purchase consideration increases by ` 226.5 Crores.
Company has deposited an amount of ` 161.68 Crores equivalent to 10% of the penalty of ` 1,616.83 Crores. The
The acquisition of the Demerged undertaking creates value for shareholders as the acquisition provides ready to
Company, backed by legal opinions, believes that it has a good case in the matters and accordingly no provision
use assets to create operational efficiencies and support the Company to further strengthen its presence in the
has been recognised in the financial statements.
Western & the Southern markets. It also provide synergies in manufacture and distribution process and logistics
(c) Guarantees: alignment leading to economies of scale and creation of efficiency by reducing time to market and benefiting
customers.
The Company has issued corporate guarantees as under:

In favour of the Banks / Lenders on behalf of some of its Subsidiaries and Joint Venture (JV), as mentioned below, B. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date:
for the purposes of replacing old loans, acquisition financing, working capital and other general corporate As per Ind AS 103 – Business Combinations, purchase consideration has been allocated on provisional basis of
purposes: fair valuation determined by an independent valuer. Against the total enterprise value of ` 7,765.05 Crores, the
Company has taken over borrowings of ` 2,037.59 Crores from KIL.
i. Bhaskarpara Coal Company Limited (JV) ` 1.70 Crores (March 31, 2024 ` 1.70 Crores).
After taking these liabilities into account, effective purchase consideration of ` 5,887.95 Crores had been
ii. UltraTech Cement Middle East Investment Limited and its subsidiaries: USD 252.00 Million (Equivalent to
discharged on March 13, 2025, being the Record Date in terms of the Scheme by:
` 2,153.97 Crores) {March 31, 2024 USD 340.50 Million (Equivalent to ` 2,839.90 Crores)}.
(a) Issue of 1 (one) equity share of the Company of face value ` 10/- each for every 52 (Fifty- Two) equity shares
(These Corporate Guarantees are issued in different currencies viz. Indian Rupee, USD and UAE Dirham.)
of KIL of face value ` 10/- each to the shareholders of KIL. The Fair value of the shares issued is ` 5,824.44
Crores which had been determined based on the last closing price prior to the Appointed Date.
Note 35 - Capital and other commitments: (b) Issue of 54,86,608 (Fifty Four Lakhs Eighty Six Thousand Six Hundred Eight) fully paid up 7.3% Non-
Estimated amount of contracts remaining to be executed on capital account, not provided for (net of advances) Convertible Redeemable Preference Shares (RPS) of ` 100 each amounting to ` 54.87 Crores for 90,00,000
` 4,064.42 Crores (March 31, 2024 ` 4,697.45 Crores). 5% Cumulative Non-Convertible Redeemable Preference Shares (NCRPS) of ` 100 each of KIL held by the
preference shareholders of KIL. The RPS are redeemable after three months from the date of allotment.

364 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 365
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Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(c) Issue of 8,64,275 (Eight Lakhs Sixty Hour Thousand Two Hundred Seventy Five) fully paid up 7.3% Non- F. Contingent Liabilities:
Convertible Redeemable Preference Shares (RPS) of ` 100 each amounting to ` 8.64 Crores for 19,19,277
The Company has assumed all the contingent liabilities of the Demerged Undertaking as per the Scheme. Total
Zero % Optionally Convertible Redeemable Preference Shares (OCRPS) of ` 100 each of KIL held by the
contingent liability transferred to the Company was ` 266.14 Crores.
preference shareholders of KIL. The RPS are redeemable after three months from the date of allotment.
G. Acquisition related costs:
C. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date:
Acquisition related costs of ` 13.92 Crores had been recognised under Miscellaneous Expenses and Rates and
` in Crores
Taxes in the Statement of Profit and Loss.
Particulars As at
Acquisition date The stamp duty paid / payable on transfer of the assets amounting to ` 120.58 Crores had been charged to the
Property, Plant and Equipment 6,368.41 Statement of Profit and Loss and shown as an exceptional item.
Capital Work-in- Progress 25.14
H. Impact of acquisition on the financial statements:
Intangible Assets 1,814.16
Since the acquisition date i.e April 1, 2024, the Company has recognised Revenue from Operations of ` 2,890.03
Other non-current financial assets 10.03 Crore and Profit/(Loss) Before Tax of ` (514.89) Crore has been included in the statement of profit and loss.
Other Non-Current Assets 11.63
Deferred Tax Assets 242.56 Note 38 - Merger of UltraTech Nathdwara Cement Limited (UNCL) (a wholly-
Inventories 238.33 owned subsidiary of the Company) and its wholly-owned subsidiaries viz. Swiss
Trade and Other receivables 441.66
Merchandise Infrastructure Limited and Merit Plaza Limited (Ind AS 103):
Cash and Cash Equivalents 76.76
The National Company Law Tribunal (“NCLT”), Mumbai and Kolkata Benches have by their order dated December
Other bank balances 83.73 18, 2023 and April 3, 2024 approved the Scheme of Amalgamation (“Scheme”) of UltraTech Nathdwara Cement
Other Financial Assets and Loans 60.18 Limited (UNCL) (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiaries viz. Swiss Merchandise
Other Current Assets 102.50 Infrastructure Limited (“Swiss”) and Merit Plaza Limited (“Merit”) with the Company. The Appointed date of the
Total Assets acquired (A) 9,475.09
Scheme was April 01, 2023. The said scheme has been made effective from April 20, 2024. Consequently, the above
mentioned wholly owned subsidiaries of the Company stand dissolved without winding up.
Non-Current & Current Borrowing 2,037.59
Non-Current Provision 27.51 Since the amalgamated entities are under common control, the accounting of the said amalgamation had been
done applying Pooling of Interest method as prescribed in Appendix C of Ind AS 103 ‘Business Combinations’. While
Non-Current Financial Liabilities 80.93
applying Pooling of Interest method, the Company had recorded all assets, liabilities and reserves attributable to
Deffered Tax Liability 1,209.88 the wholly owned subsidiaries at their carrying values as appearing in the consolidated financial statements of the
Trade Payables 583.32 Company. Consequently, in the previous year ended March 31, 2024 the figures had been restated considering that
Other Financial Liabilities 90.65 the amalgamation has taken place from the beginning of the preceding period i.e. April 01, 2022 as required under
Appendix C of Ind AS 103.
Other Current Provisions 13.19
Other Current Liabilities 299.83 Consequent to the amalgamation of the wholly owned subsidiaries into the Company, the Company recognised
Total Liabilties assumed (B) 4,342.90
Deffered Tax Assets on the unabsorbed depreciation, business losses and other temporary differences in the current
year as the scheme has been made effective from April 20, 2024. Costs relating to the amalgamation (including stamp
Total Fair Value of the Net Assets (A- B) 5,132.19
duty on assets transferred) have been charged to the Statement of Profit and Loss, shown under Exceptional items.
D. Amount recognised as Goodwill: ` in Crores

Particulars Amount
Note 39 - Employee Benefits (Ind AS 19):
Purchase Consideration 5,887.95 {A} Defined Benefit Plans:
Less: Fair Value of Net Assets Takenover 5,132.19
(a) Gratuity:
Goodwill 755.76
The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of leaving
This goodwill is attributed to the expected synergies in cement prices and in costs, as described in paragraph (A) above.
the services of the Company and is in accordance with the Rules of the Company for payment of gratuity.
E. Acquired Receivables:
Inherent Risk
As on the date of acquisition, gross contractual amount of the acquired Trade and other Receivables was
` 441.66 Crores against which no provision had been considered since fair value of the acquired receivables were The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
equal to carrying value as on the date of acquisition. pertaining to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary growth,
change in demographic experience, inadequate return on underlying plan assets. This may result in an increase in
cost of providing these benefits to employees in future. Since the benefits are lump sum in nature, the plan is not
subject to any longevity risks.

366 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 367
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(b) Pension: ` in Crores

The Company considers pension for some of its employees at senior management based on the period of service As at March 31, 2025 As at March 31, 2024
and contribution for the Company. There is no material risk associated with this plan. Sr Post - Post -
Particulars Gratuity Retirement Gratuity Retirement
No Pension Pension
(Funded) Medical (Funded) Medical
(c) Post-Retirement Medical Benefits: Benefits Benefits

The Company provides post-retirement medical benefits to certain ex-employees who were transferred under the (iv) Change in Asset Ceiling
Scheme of arrangement for acquiring Larsen & Toubro cement business and eligible for such benefits from earlier Balance at the beginning of the year - - - 2.50 - -
Company. There is no material risk associated with this plan.
Interest - - - 0.18 - -
` in Crores Remeasurement due to change in surplus/ - - - (2.68) - -
As at March 31, 2025 As at March 31, 2024 deficit

Sr Post - Post - Balance at the end of the year - - - 0.00 - -

Particulars Gratuity Retirement Gratuity Retirement
No Pension Pension
(Funded) Medical (Funded) Medical (v) Expenses recognized in the Statement of
Benefits Benefits Profit and Loss
(i) Change in defined benefit obligation Current Service Cost 63.14 - - 55.49 - -
Balance at the beginning of the year 859.06 4.88 0.50 777.29 5.05 0.51 Interest Cost 59.78 0.34 0.03 53.70 0.36 0.04
Obligation transferred from KIL pursuant 53.58 - - Expected Return on Plan Assets (59.84) - - (59.54) - -
to Composite Scheme of Arrangement Transferred to Pre Operative Expenses (0.64) - - (0.65) - -
Adjustment of: Amount charged to the Statement of 62.44 0.34 0.03 49.00 0.36 0.04
Current Service Cost 63.14 - - 55.49 - - Profit and Loss
Interest Cost 59.78 0.34 0.03 53.52 0.36 0.04 (vi) Re-measurements recognised in Other
Comprehensive Income (OCI):
Actuarial (gains) losses recognised in Other
Comprehensive Income: Changes in Financial Assumptions 25.67 0.07 0.01 17.88 0.03 0.01
- Change in Financial Assumptions 25.67 0.07 0.01 17.88 0.03 0.01 Changes in Demographic (76.91) - - - - -
- Change in Demographic Assumption (76.91) - - - - - Experience Adjustments 39.59 0.37 (0.01) 27.98 0.35 (0.02)
- Experience Changes 39.59 0.37 (0.01) 27.98 0.35 (0.02) Actual return on Plan assets less interest (10.67) - - (2.80) - -
on plan assets
Benefits Paid (70.69) (0.90) (0.04) (73.10) (0.91) (0.04)
Adjustment to recognize the asset ceiling - - - (2.68) - -
Balance at the end of the year 953.22 4.76 0.49 859.06 4.88 0.50 impact
(ii) Change in Fair Value of Assets Loss / (Gain) recognised in Other (22.32) 0.44 0.00 40.38 0.38 (0.01)
Balance at the beginning of the year 856.92 - - 858.07 - - Comprehensive Income (OCI):

Assets transferred from KIL pursuant to 56.59 (vii) Maturity profile of defined benefit
Composite Scheme of Arrangement obligation:

Expected Return on Plan Assets 59.84 - - 59.54 - - Within the next 12 months 151.54 0.91 0.06 122.08 1.01 0.06

Remeasurements due to: Between 1 and 5 years 371.44 2.64 0.23 291.24 2.95 0.23

- Actual Return on Plan Assets less interest 10.67 - - 2.80 - - Between 5 and 10 years 326.81 1.90 0.19 295.67 1.83 0.20
on Plan Assets 10 Years and above 944.72 1.33 0.26 1,168.85 1.39 0.29
- Contribution by the employer 68.90 - - 9.61 - - (viii) Sensitivity analysis for significant
Benefits Paid (70.69) - - (73.10) - - assumptions:*

Balance at the end of the year 982.23 - - 856.92 - - Increase/(Decrease) in present value of
defined benefits obligation at the end of
(iii) Net Asset / (Liability) recognized in the the year
Balance Sheet
1% increase in discount rate (66.25) (0.24) (0.02) (67.72) (0.25) (0.02)
Present value of Defined Benefit (953.22) (4.76) (0.49) (859.06) (4.88) (0.50)
Obligation 1% decrease in discount rate 73.78 0.26 0.03 78.64 0.28 0.03

Fair Value of Plan Assets 982.23 - - 856.92 - - 1% increase in salary escalation rate 73.97 - - 76.43 - -

Amount not recognised due to Asset - - - - - - 1% decrease in salary escalation rate (66.15) - - (67.30) - -
Ceiling 1% increase in employee turnover rate (25.17) - - (28.24) - -
Net Asset / (Liability) in the Balance 29.01 (4.76) (0.49) (2.14) (4.88) (0.50) 1% decrease in employee turnover rate 29.45 - - 33.36 - -
Sheet

368 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 369
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

` in Crores (d) Provident Fund:

As at March 31, 2025 As at March 31, 2024 The Company is liable for any shortfall in the fund assets based on the Government specified rate of return. Such
Sr Post - Post - shortfall, if any, is recognised in the Statement of Profit and Loss as an expense in the year of incurring the same.
Particulars Gratuity Retirement Gratuity Retirement
No Pension Pension
(Funded) Medical (Funded) Medical Amount recognized as an expense under the head “Contribution to Provident and other Funds” of Statement of
Benefits Benefits
Profit and Loss ` 122.08 Crores (March 31, 2024 ` 107.37 Crores).
(ix) The major categories of plan assets as a
percentage of total plan @ The actuary has provided for a valuation and based on the below provided assumptions there is Nil shortfall as at
Insurer Managed Funds 95% N.A N.A 98% N.A N.A March 31, 2025 (March 31, 2024 : Nil).
Debt, Equity & Other Instruments 5% N.A N.A 2% N.A N.A ` in Crores

(x) Actuarial Assumptions: As at As at

Sr March 31, 2025 March 31, 2024
Discount Rate (p.a.) 6.8% - 7.01% 6.80% 6.80% 7.20% - 7.20% 7.20% Particulars
No Provident Fund Provident Fund
7.21%
(Funded) (Funded)
Turnover Rate 5 % -12% - - 2.5 % -12% - -
(i) Change in defined benefit obligation
Mortality tables Indian Indian
Balance at the beginning of the year 2,578.35 2,317.57
Assured Assured
S1PA Mortality table S1PA Mortality table
Lives Lives Adjustment of:
adjusted suitably adjusted suitably
Mortality Mortality
Current Service Cost 71.53 70.43
(2012-14) (2012-14)
Employee Contribution 112.87 104.40
Salary Escalation Rate (p.a.) 5% - 8% - - 8.00% - -
Benefits Paid/Settlements/Withdrawals (incl. Transfer In/Out) (214.44) (209.29)
Retirement age 58-60 Yrs - - 58-60 Yrs - -
Actuarial (Gains)/Losses 80.54 112.08
(xi) Weighted Average duration of Defined 7.37 Yrs 5.3 Yrs 5.2 Yrs 8.5-9.0 Yrs 5.4 Yrs 5.2 Yrs
benefit obligation Interest cost 207.25 183.16
*These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other Balance at the end of the year 2,836.10 2,578.35
changes in market conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions
(ii) Change in Book Value of Assets
used in preparing the sensitivity analyses.
Balance at the beginning of the year 2,586.90 2,317.62
@ The plan does not invest directly in any property occupied by the Company nor in any financial securities issued by the Company.
Employer Contribution 71.53 70.43
(xii) Discount Rate: Employee Contribution 112.87 104.40
The discount rate is based on the prevailing market rates of Indian government securities for the estimated term of Benefits Paid/Settlements/Withdrawals (incl. Transfer In/Out) (214.44) (209.29)
obligations. Actuarial (Gains)/Losses 98.37 129.48
Expected Return on Plan Assets 184.02 174.26
(xiii) Salary Escalation Rate:
Balance at the end of the year 2,839.26 2,586.90
The estimates of future salary increases are considered taking into account inflation, seniority, promotion and other
relevant factors. (iii) Net Asset / (Liability) recognized in the Balance Sheet
Present value of Defined Benefit Obligation (2,836.10) (2,578.35)
(xiv) Asset Liability matching strategy: Book Value of Plan Assets 2,839.26 2,586.90
The money contributed by the Company to the Gratuity fund to finance the liabilities of the plan has to be Surplus/(Deficit) available 3.16 8.55
invested. (iv) Actuarial Assumptions:

The trustees of the plan have outsourced the investment management of the fund to an insurance Company. The Govt of India - Bond Yield for the outstanding term of liabilitites 6.80% 7.20%
insurance Company in turn manages these funds as per the mandate provided to them by the trustees and the Discount Rate for the remaining term of the maturity of Investment Portfolio 8.01% 7.98%
asset allocation which is within the permissible limits prescribed in the insurance regulations. Due to the restrictions Mortality tables Indian Assured Indian Assured
in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset liability Lives Mortality Lives Mortality
matching strategy. (2012-14) Ult. (2012-14) Ult.
Expected Guaranteed Interest Rate 8.25% 8.25%
There is no compulsion on the part of the Company to fully prefund the liability of the Plan. The Company’s
Retirement age Management: 60 Management: 60
philosophy is to fund these benefits based on its own liquidity and the level of underfunding of the plan. Years and Non - Years and Non-
Management + Management +
(xv) The Company’s expected contribution during next year is ` Nil (March 31, 2024 ` 1.94 Crores). WB: 58 Years WB: 58 Years
(v) Weighted Average duration of Defined benefit obligation 10.06 Yrs 13.14 Yrs

370 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 371
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Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(e) Contribution to Other Funds: % Shareholding and Voting Power

Sr Principal Place of
Amount recognized as an expense under the head “Contribution to Other Funds” of Statement of Profit and Loss No
Name of the Related Party
Business As at As at
` 36.16 Crores (March 31, 2024: ` 33.11 Crores). March 31, 2025 March 31, 2024

(w) Coromandel Electric Company Limited 13 India - -

{B} Amount recognized as an expense in respect of Compensated Absences is ` 57.92 Crores (March 31, 2024: (x) Coromandel Travels Limited 13 India - -
` 58.04 Crores).
(y) ICL Financial Services Limited (ICLFSL) 8 India 100% -
(z) India Cements Infrastructures Limited 8 India 100% -
{C} Amount recognized as an expense for other long-term employee benefits is ` 1.71 Crores (March 31, 2024:
(aa) Industrial Chemicals & Monomers Limited 8 India 98.59% -
` 1.42 Crores).
(ab) ICL International Limited 8 India 100% -

Note 40 - Segment Reporting (Ind AS 108): (ac) ICL Securities Limited 8 India 100% -
(ad) Coromandel Minerals Pte Ltd (CMP) 8 Singapore 100% -
The Company has presented segment information in the consolidated financial statements. Accordingly, as per Ind AS
108 ‘Operating Segments’, no disclosures related to segments are presented in these financial statements. (ae) PT Coromandel Mineral Resources (CMR) 9 Indonesia 100% -
(af) Raasi Minerals Pte Ltd (RMP) 10 Singapore 100% -
Note 41 - Related Party Disclosure (Ind AS 24): (ag) PT Adcoal Energindo (AEI) 11 Indonesia 100% -
1. Subsidiaries of UCMEIL
(A) List of Related Parties where control exists: 2. 51% held by nominee as required by local law for beneficial interest of the Company
% Shareholding and Voting Power 3. 1 share held by employee as nominee for the beneficial interest of the Company
Sr Principal Place of 4. Wholly owned subsidiary of BHUMI
Name of the Related Party As at As at
No Business 5. Wholly owned subsidiaries of RAKWCT
March 31, 2025 March 31, 2024
6. Wholly owned subsidiary of SSCILLC
(i) Holding Company: 7. With Effect from December 24, 2024
8. Subsidiaries of ICEM Limited
Grasim Industries Limited India NA NA
9. 98% held by ICEM and 2% held by ICLFSL
(ii) Subsidiary Companies: 10. 100% holding by Coromandel Minerals Pte Ltd
11. 71.9% Holding by Raasi Minerals Pte Ltd and 28.1% by PT Coromandel Minerals Resources, Indonesia.
(a) UltraTech Cement Lanka Private Limited (UCLPL) Sri Lanka 80% 80%
12. Associate upto July 9, 2024 and RAKWCT became a subsidiary of UCMEIL with effect from July 10, 2024
(b) Harish Cement Limited India 100% 100% 13. Subsidiaries of ICEM upto March 28, 2025.
(c) Bhagwati Limestone Company Private Limited (BLCPL) India 100% 100%
(B) List of Related Parties with significant influence:
(d) Gotan Limestone Khanij Udyog Private Limited India 100% 100%
% Shareholding and Voting Power
(e) UltraTech Cement Middle East Investments Limited (UCMEIL) United Arab Emirates 100% 100% Sr Principal Place of
Name of the Related Party As at As at
No Business
(f) Star Cement Co. LLC, Dubai 1 United Arab Emirates 100% 100% March 31, 2025 March 31, 2024
(g) Star Cement Co. LLC, Ras-Al-Khaimah 1 United Arab Emirates 100% 100% (i) Joint Venture:
(h) Al Nakhla Crusher LLC, Fujairah 1 United Arab Emirates 100% 100% Bhaskarpara Coal Company Limited (BCCL) India 47.37% 47.37%
(i) Arabian Cement Industry LLC, Abu Dhabi 1 United Arab Emirates 100% 100% (ii) Associate:
(j) UltraTech Cement Bahrain Company WLL, Bahrain 1 Bahrain 100% 3 100%^ (a) Madanpur (North) Coal Company Private Limited (MNCCPL) India 11.17% 11.17%
(k) Star Super Cement Industries LLC (SSCILLC) 1 United Arab Emirates 100% 2 100% #2 (b) Aditya Birla Renewables Energy Limited India 26% 26%
(l) Binani Cement Tanzania Limited 6 Tanzania 100% 100% (c) Aditya Birla Renewables SPV 1 Limited India 26% 26%
(m) BC Tradelink Limited., Tanzania 6 Tanzania 100% 100% (d) ABReL (MP) Renewables Limited India 26% 26%
(n) Binani Cement (Uganda) Limited 6 Uganda 100% 100% (e) ABReL Green Energy Limited India 26% 26%
(o) Bhumi Resources PTE Limited (BHUMI) Singapore 100% 100% (f) ABReL (Odisha) SPV Limited India 26% 26%
(p) Duqm Cement Project International, LLC, Oman 1 Oman 70% 70% (g) ABReL (RJ) Projects Limited (w.e.f. June 22, 2023) India 26% 26%
(q) PT Anggana Energy Resources, Indonesia 4 Indonesia 100% 100% (h) Coromandel Sugars Company Limted 1 India - -
(r) Letein Valley Cement Limited (w.e.f. January 16, 2024) India 100% 100% (i) Raasi Cement Limited 1 India - -
(s) Ras Al Khaimah Co. for White Cement & Construction (j) Unique Receivable Management Private Limited 1 India - -
United Arab Emirates 66.34% 29.79%
Materials P.S.C, U.A.E (RAKWCT) (w.e.f. July 10, 2024) 1 and 12
(k) PT Mitra Setia Tanah Bumbu 2 Indonesia 49% -
(t) Modern Block Factory Establishment (w.e.f. July 10, 2024) 5 United Arab Emirates 100% 100% #5
1. Associates of ICEM upto March 28, 2025.
(u) Ras Al Khaimah Lime Co, Noora LLC (w.e.f. July 10, 2024) 5 United Arab Emirates 100% 100% #5 2. Associates of ICEM.
(v) The India Cements Limited (ICEM) 7 India 81.49% -

372 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 373
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Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(C) The Company holds more than 20% in the companies listed below. However, the Company does not exercise Name of the Related Party Relationship
significant influence or control on decisions of the investees. Hence, they are not being construed as associate
Aditya Birla Science and Technology Company Private Limited Other related party in which Directors are interested
companies. These investments are included in “Note 4: Investments” under Investment measured at fair value
through Profit & Loss in the financial statements. G.D. Birla Medical Research & Education Foundation Other related party in which Directors are interested

% Shareholding
UltraTech Cemco Provident Fund Post-Employment Benefit Plan
Sr Principal Place of
No
Name of the Investee
Business As at As at Mr. Kumar Mangalam Birla – Non-Executive Chairman Key Management Personnel (KMP)
March 31, 2025 March 31, 2024
Mrs. Rajashree Birla – Non-Executive Director Key Management Personnel (KMP)
(a) Amplus Sunshine Private Limited India 34.95% 34.95%
Mr. K.K. Maheshwari – Vice Chairman and Non-Executive Director Key Management Personnel (KMP)
(b) VSV Onsite Private Limited India 26.55% 26.61%
Mr. Arun Adhikari – Independent Director ( upto July 17, 2024) Key Management Personnel (KMP)
(c) Amplus Dakshin Private Limited India 26% 26%
Mrs. Alka Bharucha - Independent Director Key Management Personnel (KMP)
(d) Amplus Coastal Power Private Limited India 35% 35%
Mrs. Sukanya Kripalu - Independent Director (upto October 10, 2024) Key Management Personnel (KMP)
(e) VSV Offsite Private Limited India 26.87% 26.87%
(f) Sunroot Energy Private Limited India 26% 26% Mr. S.B. Mathur - Independent Director (upto July 17, 2024) Key Management Personnel (KMP)

(g) Ostro Alpha Wind Private Limited India 26% 26% Ms. Anita Ramachandran - Independent Director (w.e.f July 17, 2024) Key Management Personnel (KMP)

(h) Renew Surya Spark Private Limited India 26% 26% Mr. Anjani Kumar Agrawal - Independent Director (w.e.f July 17, 2024) Key Management Personnel (KMP)
(i) Clean Max Theia Private Limited India 26% 26% Dr. Vikas Balia - Independent Director (w.e.f October 10, 2024) Key Management Personnel (KMP)
(j) Clean Max Terra Private Limited India 26% 26% Mr. Sunil Duggal – Independent Director Key Management Personnel (KMP)
(k) Veh Radiant Energy Private Limited India 26% 26% Mr. K.C. Jhanwar – Managing Director Key Management Personnel (KMP)
(l) Amplus Ages Private Limited India 26% 26% Mr. Atul Daga - Chief Financial Officer (CFO) (Whole-time Director upto Key Management Personnel (KMP)
(m) Amplus Alpha Solar Private Limited India 26% 26% June 8, 2024)

(n) O2 Reneweable Energy XXII Private Limited (w.e.f December India Mr. Vivek Agrawal - Whole-time Director (w.e.f June 9, 2024) Key Management Personnel (KMP)
26% -
18, 2024)
Mrs. Kritika Daga Close Member of KMP (Wife of Mr. Atul Daga)
(o) Amplus Omega Solar Private Limited (w.e.f July 17, 2024) India 26% -
(p) Clean Max Sapphire Private Limited (w.e.f December 23, 2024) India 26% - (a) The following transactions were carried out with the related parties in the ordinary course of business:
` in Crores
(D) Other Related Parties with whom there were transactions during the year: Year Ended Year Ended
Nature of Transaction/Related Parties
March 31, 2025 March 31, 2024
Name of the Related Party Relationship
Sale of Goods:
Samruddhi Swastik Trading and Investments Limited Fellow Subsidiary
Grasim Industries Limited 22.22 21.98
Aditya Birla Sun Life Insurance Company Limited Fellow Subsidiary The India Cements Limited 144.79 -
Aditya Birla Sun Life Pension Management Limited Fellow Subsidiary UltraTech Cement Lanka Private Limited 252.72 211.41
Aditya Birla Health Insurance Limited Associate of Holding Company Aditya Birla Management Corporation Private Limited 0.02 -
Aditya Birla Housing Finance Limited Fellow Subsidiary Amelia Coal Mining Limited 2.78 1.47
ABNL Investment Limited Fellow Subsidiary G.D. Birla Medical Research & Education Foundation - 0.05

Aditya Birla Finance Limited (Merged with Aditya Birla Capital Limited Fellow Subsidiary Total 422.53 234.91
w.e.f March 31, 2025) Purchase of Goods:
Aditya Birla Money Limited Fellow Subsidiary Grasim Industries Limited 12.05 9.44
Aditya Birla Renewables Limited Fellow Subsidiary The India Cements Limited 144.06 -
ABReL Renewables EPC Limited Fellow Subsidiary Bhagwati Limestone Company Private Limited (BLCPL) 12.56 6.13
Aditya Birla Solar Limited (Merged with Aditya Birla Renewables Limited Fellow Subsidiary Aditya Birla Renewables Energy Limited 16.02 8.37
w.e.f July 24, 2023) Aditya Birla Renewables SPV 1 Limited 40.32 38.62
Greenyana Sunstream Private Limited (ceased to be associate w.e.f. Associate of Holding Company ABREL (Odisha) SPV Limited 8.43 1.86
July 1, 2024)
Greenyana Sunstream Private Limited 0.92 3.05
Amelia Coal Mining Limited Subsidiary of Holding Company’s Joint Venture
Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C, UAE 128.15 105.20
Aditya Birla Management Corporation Private Limited Other related party in which Directors are interested
Total 362.51 172.67

374 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 375
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

` in Crores ` in Crores
Year Ended Year Ended Year Ended Year Ended
Nature of Transaction/Related Parties Nature of Transaction/Related Parties
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

Sale of Property, Plant and Equipment: Dividend Income:

Grasim Industries Limited 0.23 0.29 UltraTech Cement Middle East Investments Limited - 4.59
Aditya Birla Sun Life Insurance Company Limited 0.20 - Aditya Birla Renewables Energy Limited - 0.23
Aditya Birla Renewables Energy Limited 0.06 - Aditya Birla Renewables SPV 1 Limited - 0.98

Aditya Birla Science and Technology Company Private Limited (CY: ` 12,106) 0.00 - Total - 5.80

Aditya Birla Solar Limited - 0.01 Interest Income:

Aditya Birla Management Corporation Private Limited 0.22 - Aditya Birla Science and Technology Company Private Limited 0.90 1.12

Total 0.71 0.30 Total 0.90 1.12

Purchase of Property, Plant and Equipment: Dividend Paid:

Grasim Industries Limited 0.37 0.20 Grasim Industries Limited 1,157.35 628.27
Contribution to:
The India Cements Limited 0.22 -
Post-Employment Benefit Plan - UltraTech Cemco Provident Fund 78.12 70.43
Aditya Birla Renewables Energy Limited 0.06 -
Post-Employment Benefit Plan - Aditya Birla Sun Life Insurance Company Limited 15.18 62.41
Aditya Birla Management Corporation Private Limited 0.07 -
Investments:
Total 0.72 0.20
Harish Cement Limited 0.21 0.22
Services received from:
Letein Valley Cement Limited - 6.26
Grasim Industries Limited 0.98 0.61
Aditya Birla Renewable Energy Limited - 24.98
The India Cements Limited 17.92 -
ABREL (MP) Renewables Limited - 35.39
UltraTech Cement Lanka Private Limited 1.43 0.99
ABREL (RJ) SPV Limited (LY: ` 26,000) 149.37 0.00
Samruddhi Swastik Trading and Investments Limited 1.50 1.22
Total 149.58 66.85
Aditya Birla Sun Life Pension Management Limited 15.18 -
Loans and Advances Repaid by:
ABReL Renewables EPC Limited 8.72 -
Aditya Birla Science and Technology Company Private Limited 14.04 2.86
ABNL Investment Limited 3.84 3.63
Bhaskarpara Coal Company Limited - 2.49
Aditya Birla Renewables SPV 1 Limited (CY: ` 1,060) 0.00 -
Total 14.04 5.35
Aditya Birla Renewables Energy Limited 2.19 -
Redemption of Investment in Preference Shares:
Aditya Birla Money Limited 0.40 -
UltraTech Cement Middle East Investments Limited - 1,029.70
Aditya Birla Science and Technology Company Private Limited 11.62 11.37 Purchase of Equity Shares from:
Aditya Birla Sun Life Insurance Company Limited 22.37 4.66 Aditya Birla Renewables Limited (LY: ` 26,000) - 0.00
Aditya Birla Management Corporation Private Limited 547.16 449.97 Corporate Guarantees Issued on behalf of subsidiaries:
Aditya Birla Finance Limited 161.46 7.74 UltraTech Cement Middle East Investments Limited 612.93 1,837.63
KMP (including director’s sitting fees and director commission) 63.31 45.56 Corporate Guarantees Released on behalf of subsidiaries:
Close Member of KMP 0.01 0.01 UltraTech Cement Middle East Investments Limited 1,366.25 853.63
Total 858.09 525.76
(b) Outstanding balances:
Services rendered to:
` in Crores
Grasim Industries Limited 25.17 24.26 Year Ended Year Ended
Nature of Transaction/Related Parties
The India Cements Limited 0.77 - March 31, 2025 March 31, 2024

Aditya Birla Renewables SPV 1 Limited (CY: ` 11,178) 0.00 - Advances:

Aditya Birla Renewables Limited 0.14 - Grasim Industries Limited 0.34 0.18

UltraTech Cement Lanka Private Limited 22.60 10.34 The India Cements Limited 64.40 -

Bhagwati Limestone Company Private Limited 7.46 6.66 Bhagwati Limestone Company Private Limited 2.24 3.60

Aditya Birla Housing Finance Limited - 0.01 Samruddhi Swastik Trading and Investments Limited 0.76 0.81

Total 56.14 41.27 Aditya Birla Health Insurance Limited - 0.03

376 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 377
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

` in Crores (c) Compensation of KMP of the Company: ` in Crores

Year Ended Year Ended
Nature of Transaction/Related Parties Year Ended Year Ended
March 31, 2025 March 31, 2024 Nature of transaction
March 31, 2025 March 31, 2024
Aditya Birla Renewable SPV 1 Limited - 0.25
Short-term employee benefits 47.25 27.85
Aditya Birla Sun Life Insurance Company Limited 1.66 0.66
Post-employment benefits 3.40 3.40
Amelia Coal Mining Limited - 0.31
Share based payment 18.22 8.95
Aditya Birla Housing Finance Limited (LY: ` 39,793) - 0.00
Total compensation paid to KMP 68.87 40.20
Aditya Birla Management Corporation Private Limited - 18.05
Based on the recommendation of the Nomination, Remuneration and Compensation Committee, all decisions
Total 69.40 23.89 relating to the remuneration of the Directors are taken by the Board of Directors of the Company, in accordance
Trade Receivables: with shareholders’ approval, wherever necessary.
Grasim Industries Limited 4.27 3.20
Terms and Conditions of transactions with Related Parties:
Bhagwati Limestone Company Private Limited 2.95 -
The sales to and purchases from related parties including property, plant and equipment are made in the normal
UltraTech Cement Lanka Private Limited 66.43 28.49
course of business and on terms equivalent to those that prevail in arm’s length transactions. Outstanding
Total 73.65 31.69 balances at the year-end are unsecured and interest free and settlement occurs in cash.
Trade Payables:
As per Ind AS 36, An entity shall assess at the end of each reporting period whether there is any indication that
Grasim Industries Limited 2.02 2.87
an asset may be impaired. If any such indication exists, the entity shall estimate the recoverable amount of the
Amelia Coal Mining Limited 0.73 - asset.During the previous year ended March 31, 2024, the Company has recorded an impairment of ` 2.50 Crs on
Aditya Birla Sun Life Insurance Company Limited (LY: ` 14,304 ) - 0.00 investment done in Bhaskarpara Coal Company Limited (BCCL), a Joint Venture. This assessment is undertaken
ABReL Renewables EPC Limited 7.22 - each financial year through examining the financial position of the related party and the market in which the
Aditya Birla Health Insurance Limited (LY: ` 1,044) - 0.00 related party operates.

ABNL Investment Limited - 0.25

Note 42 - Income Taxes (Ind AS 12):
Aditya Birla Renewables Energy Limited 3.69 0.37
Aditya Birla Renewables SPV 1 Limited 7.52 4.32
Reconciliation of Effective Tax Rate:
In %
ABREL (Odisha) SPV Limited 1.44 0.57 Year ended Year ended
Particulars
Aditya Birla Housing Finance Limited (LY: ` 4,033) - 0.00 March 31, 2025 March 31, 2024

Aditya Birla Management Corporation Private Limited 9.37 - Applicable tax rate 25.17% 25.17%
Effect of Tax-Exempt Income - (0.01%)
Aditya Birla Science and Technology Company Private Limited - 0.06
Effect of Non-Deductible expenses 2.14% 0.72%
Greenyana Sunstream Private Limited - 0.60
Effect of Allowances for tax purpose 0.02% (0.01%)
Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C, UAE 51.55 24.57
Effect of Tax paid at a lower rate - (0.00%)
Samruddhi Swastik Trading and Investments Limited - 0.08
Effect of Losses absorption due to Scheme of Merger/Demerger (7.82%) -
Total 83.54 33.69
Others 0.05% 0.02%
Deposit:
Effective Tax Rate 19.55% 25.88%
ABNL Investment Limited 2.32 2.32
Aditya Birla Science and Technology Company Private Limited - 14.04 Note 43 - Earnings per Share (EPS) (Ind AS 33):
Samruddhi Swastik Trading and Investments Limited 0.01 -
` in Crores
Grasim Industries Limited 0.36 0.36 Year Ended Year Ended
Particulars
Close Member of KMP 5.00 5.00 March 31, 2025 March 31, 2024

Total 7.69 21.72 (A) Basic EPS:

Other Liabilities: (i) Net Profit attributable to Equity Shareholders 6,192.63 6,904.87

Post-Employment Benefit Plan - UltraTech Cemco Provident Fund 22.05 20.08 (ii) Weighted average number of Equity Shares outstanding (Nos.) 29,46,72,240 28,86,95,631

Corporate Guarantees: (iii) Less: Treasury Shares acquired by the Company under Trust (5,17,538) (4,83,531)

UltraTech Cement Middle East Investments Limited 2,153.97 2,839.90 (iv) Weighted average number of Equity Shares outstanding for calculation of Basic EPS 29,41,54,702 28,82,12,100
(Face value ` 10/ share) (ii+iii)
Bhaskarpara Coal Company Limited 1.70 1.70
Basic EPS (`) (i)/(iv) 210.52 239.58
Total 2,155.67 2,841.60

378 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 379
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

` in Crores (B) Employee Stock Option Scheme (ESOS 2018) including Stock options, Restricted Stock Units (RSU) and
Year Ended Year Ended Stock Appreciation Rights Scheme – 2018 (SAR 2018) including Stock options and RSU
Particulars
March 31, 2025 March 31, 2024
Tranche I (ESOS, 2018) Tranche II (ESOS, 2018) Tranche III (ESOS, 2018)
(B) Diluted EPS: Particulars
RSU Stock Options RSU Stock Options RSU Stock Options
(i) Weighted average number of Equity Shares Outstanding (Nos.) 29,41,54,702 28,82,12,100
Nos. of Options 43,718 1,58,304 917 3,320 3,482 12,620
(ii) Add: Potential Equity Shares on exercise of options (Nos.) 2,45,098 2,17,718
Vesting Plan 100% on Graded Vesting: 100% on Graded Vesting: 100% on Graded Vesting:
(iii) Weighted average number of Equity Shares Outstanding for calculation of Dilutive 18.12.2021 25% every year 23.12.2022 25% every year 04.03.2023 25% every year
29,43,99,800 28,84,29,818
EPS (i+ii) (Face Value ` 10/ share) after 1 year after 1 year after 1 year
Diluted EPS (`) {(A) (i) /(B) (iii)} 210.35 239.40 from date of from date of from date of
grant, subject grant, subject grant, subject
to achieving to achieving to achieving
Note 44 - Auditor’s Remuneration (excluding GST) and expenses: ` in Crores performance performance performance
targets targets targets
Year Ended Year Ended
Particulars Exercise Period 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the
March 31, 2025 March 31, 2024
date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting
(a) Statutory Auditors:
Grant Date 18.12.2018 18.12.2018 23.12.2019 23.12.2019 04.03.2020 04.03.2020
Audit fees (including Quarterly Limited Reviews) 7.57 5.98
Exercise Price (` per share) 10 4,009.30 10 4,120.45 10 4,299.90
Tax audit fees 0.35 0.31
Fair Value on the date of Grant 3,942 1,476 4,080 1,865 4,258 1,939
Fees for other services 0.33 0.26 of Option (` per share)
Expenses reimbursed 0.30 0.22 Method of Settlement Equity Equity Equity Equity Equity Equity
(b) Cost Auditors:
Audit fees 0.45 0.43 Tranche IV (ESOS, 2018) Tranche V (ESOS, 2018)
Particulars
Expenses reimbursed (CY: ` 48,187) 0.00 0.01 RSU Stock Options RSU Stock Options
Nos. of Options 594 2,152 564 2,040

Note 45 - Vesting Plan 100% on Graded Vesting: 25% 100% on Graded Vesting: 25%
21.10.2023 every year after 1 year 27.03.2024 every year after 1 year
The following expenses are included in the different heads of expenses in the Statement of Profit and Loss: from date of grant, from date of grant,
` in Crores subject to achieving subject to achieving
performance targets performance targets
Year Ended March 31, 2025 Year Ended March 31, 2024
Exercise Period 5 Years from the 5 Years from the date of 5 Years from the 5 Years from the date of
Particulars Raw Power Raw Power date of Vesting Vesting date of Vesting Vesting
Materials and Fuel Total Materials and Fuel Total
Consumed Consumed Consumed Consumed Grant Date 21.10.2020 21.10.2020 27.03.2021 27.03.2021
Stores and Spares Consumed 223.76 79.53 303.29 189.80 84.91 274.71 Exercise Price (` per share) 10 4,544.35 10 6,735.25
Royalty and Cess 1,275.37 - 1,275.37 1,228.70 - 1,228.70 Fair Value on the date of Grant of Option 4,500 1,943 6,673 2,903
(` per share)
Method of Settlement Equity Equity Equity Equity
Note 46 - Share Based Payments (Ind AS 102):
The Company has granted 1,16,483 options (including Restricted Stock units) during the current year to its eligible Tranche VI (ESOS, 2018) Tranche VII (ESOS, 2018)
Particulars
employees in various ESOS Schemes, details are as under: RSU-FY22 Plan RSU-FY21 Plan Stock Options RSU-FY22 Plan RSU-FY21 Plan Stock Options
Nos. of Options 7,299 11,570 63,684 3,838 4,700 33,525
(A) Employee Stock Option Scheme (ESOS 2013) including Stock options and Restricted Stock Units (RSU):
Vesting Plan 100% on Graded Graded Vesting: 100% on Graded Graded Vesting:
Tranche V Tranche VI 22.07.2024 Vesting 50% 33% every year 27.10.2024 Vesting 50% 33% every year
Particulars on 22.07.2022 after 1 year on 27.10.2022 after 1 year
RSU Stock Options RSU Stock Options
and 50% on from date of and 50% on from date of
Nos. of Options 5,313 15,042 10,374 29,369
22.07.2023 grant, subject 27.10.2023 grant, subject
Vesting Plan 100% on Graded Vesting: 25% 100% on Graded Vesting: 25% to achieving to achieving
13.04.2019 every year after 1 year 27.01.2020 every year after 1 year performance performance
from date of grant, from date of grant, targets targets
subject to achieving subject to achieving
Exercise Period 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the
performance targets performance targets
date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting
Exercise Period 5 Years from the 5 Years from the date 5 Years from the 5 Years from the date
date of Vesting of Vesting date of Vesting of Vesting Grant Date 22.07.2021 22.07.2021 22.07.2021 27.10.2021 27.10.2021 27.10.2021
Grant Date 13.04.2016 13.04.2016 27.01.2017 27.01.2017 Exercise Price (` per share) 10 10 7,424.70 10 10 7,269.10
Exercise Price (` per share) 10 3,167 10 3,681 Fair Value on the date of Grant of 7,373 7,379 2,357 7,194 7,211 2,309
Fair Value on the date of Grant of Option (` per share) 3,108 1,810 3,608 2,080 Option (` per share)
Method of Settlement Equity Equity Equity Equity Method of Settlement Equity Equity Equity Equity Equity Equity

380 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 381
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Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Tranche VIII (ESOS, 2018) Tranche IX (ESOS, 2018) Tranche I (SAR, 2018) Tranche II (SAR, 2018)
Particulars Particulars
RSU Stock Options RSU Stock Options RSU Stock Options RSU-FY22 Plan RSU-FY21 Plan Stock Options

Nos. of Options 48,089 99,879 4,733 39,963 Nos. of Options 1,084 3,924 159 320 1,398
Vesting Plan 100% on Graded Vesting: 33% 100% on Graded Vesting: 33% Vesting Plan 100% on Graded Vesting: 100% on Graded Vesting: Graded Vesting:
22.07.2025 every year after 1 year 19.10.2025 every year after 1 year 18.12.2021 25% every year 22.07.2024 50% every year 33% every year
from date of grant from date of grant after 1 year from after completion after 1 year from
date of grant, of 1 year form date of grant,
Exercise Period 5 Years from the 5 Years from the date of 5 Years from the 5 Years from the date of subject to achieving date of grant subject to achieving
date of Vesting Vesting date of Vesting Vesting performance performance
Grant Date 22.07.2022 22.07.2022 19.10.2022 19.10.2022 targets targets

Exercise Price (` per share) 10 6,130.70 10 6,346.75 Exercise Period 3 Years from the 3 Years from the 3 Years from the 3 Years from the 3 Years from the
date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting
Fair Value on the date of Grant of Option 6,027 2,100 6,249 2,235
(` per share) Grant Date 18.12.2018 18.12.2018 22.07.2021 22.07.2021 22.07.2021

Method of Settlement Equity Equity Equity Equity Exercise Price (` per share) 10 4,009.30 10 10 7,424.70
Fair Value on the date of Grant of 3,946 1,539 6,837 7,160 1,387
Option (` per share)
(C) Employee Stock Option Scheme (ESOS 2022) including Stock options and Performance Stock Units (PSU)
Method of Settlement Cash Cash Cash Cash Cash
Tranche I (ESOS, 2022) Tranche II (ESOS, 2022) Tranche III (ESOS, 2022)
Particulars
PSU Stock Options PSU Stock Options PSU Stock Options Tranche III (SAR, 2018)
Particulars
Nos. of Options 13,857 1,17,423 382 3,243 30,067 81,591 RSU Stock Options

Vesting Plan 100% on Graded Vesting: 100% on Graded Vesting: 100% on Graded Vesting: Nos. of Options 793 2,001
21.07.2026 33% every year 06.05.2027 33% every year 19.07.2027 33% every year
Vesting Plan 100% on Graded Vesting: 33%
after 1 year from after 1 year from after 1 year from
22.07.2025 every year after 1 year
date of grant date of grant date of grant
from date of grant,
Exercise Period 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the subject to achieving
date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting performance targets
Grant Date 21.07.2023 21.07.2023 06.05.2024 06.05.2024 19.07.2024 19.07.2024 Exercise Period 3 Years from the 3 Years from the date of
date of Vesting Vesting
Exercise Price (` per share) 10 8,224.15 10 9,816.30 10 11,647.25
Grant Date 22.07.2022 22.07.2022
Fair Value on the date of Grant of 8,078 2,775 9,559 3,166 11,386 3,776
Option (` per share) Exercise Price (` per share) 10 6,130.70
Method of Settlement Equity Equity Equity Equity Equity Equity Fair Value on the date of Grant of Option (` per share) 7,536 2,774
Method of Settlement Cash Cash
Tranche IV (ESOS, 2022)
Particulars
PSU Stock Options (C) Movement of Options Granted including RSU along with weighted average exercise price (WAEP):
Nos. of Options 125 1,075
As at March 31, 2025 As at March 31, 2024
Vesting Plan 100% on Graded Vesting: 33% Particulars
Nos. WAEP (`) Nos. WAEP (`)
28.10.2027 every year after 1 year
from date of grant Outstanding at the beginning of the year 4,99,348 5,154.95 4,41,622 4,408.85
Exercise Period 5 Years from the 5 Years from the date of Granted during the year 1,16,483 8,535.76 1,31,280 7,357.12
date of Vesting Vesting
Exercised during the year (71,579) 4,498.98 (46,120) 4,001.16
Grant Date 28.10.2024 28.10.2024
Forfeited during the year (13,148) 3,521.35 (27,434) 5,622.21
Exercise Price (` per share) 10 10,995.20
Outstanding at the end of the year 5,31,104 6,025.29 4,99,348 5,154.95
Fair Value on the date of Grant of Option (` per share) 10,604 3,461
Options exercisable at the end of the year 2,26,968 5,916.94 1,79,204 4,818.67
Method of Settlement Equity Equity
The weighted average share price at the date of exercise for options was ` 11,047.17 per share (March 31, 2024
` 8,817.54 per share) and weighted average remaining contractual life for the share options outstanding as at
March 31, 2025 was 4.50 years (March 31, 2024: 4.46 years).

The weighted average remaining contractual life for SAR is 1.09 years (March 31, 2024 2.06 years).

The exercise price for outstanding options and SAR is ` 10 per share for RSU’s and ranges from ` 2,955.00 per
share to ` 11,647.25 per share for options.

382 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 383
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(D) Fair Valuation: The Key assumptions in the Binomial Tree Model for calculating fair value as on the date of grant:
1,16,483 share options were granted during the year. Weighted Average Fair value of the options granted during (a) For ESOS – SAR - 2018:
the year is ` 5,746.70 per share (March 31, 2024 ` 3,334.54 per share).
1 Risk Free Rate: 7.08% (Tranche I);
The fair value of option has been done by an independent firm of Chartered Accountants on the date of grant 2 Option Life: (a) For Options - Vesting period (1 Year) + Average of exercise period
using the Black-Scholes Model / Binomial Tree Model. (b) For RSU – Vesting period (3 Years) + Average of exercise period
3 Expected Volatility*: Tranche-I: 0.25,
The Key assumptions in the Black-Scholes Model for calculating fair value as on the date of grant: 4 Dividend Yield: Tranche -I: 0.46%;

(a) For ESOS 2013: (b) For ESOS 2018:

1 Risk Free Rate: 7.6% (Tranche V), 6.7% (Tranche VI) 1 Risk Free Rate: 6.78% (Tranche II), 6.72% (Tranche III), 5.84% (Tranche IV & V)
2 Option Life: (a) For Options - Vesting period (1 Year) + Average of exercise period
2 Option Life: (a) For Options - Vesting period (1 Year) + Average of exercise period
(b) For RSU – Vesting period (3 Years) + Average of exercise period
(b) For RSU – Vesting period (3 Years) + Average of exercise period 3 Expected Volatility*: Tranche-II: 0.26, Tranche- III: 0.26, Tranche- IV & V: 0.26
3 Expected Volatility*: Tranche–V: 0.60,Tranche–VI: 0.61 4 Dividend Yield: Tranche -II & III: 0.27%; Tranche IV & V: 0.27%
4 Expected Growth in Dividend: Tranche-V: 5%, Tranche-VI: 5% *Expected volatility on the Company’s stock price on National Stock Exchange based on the data commensurate with the expected
life of the options/RSU’s up to the date of grant.
(b) For ESOS 2018:

1 Risk Free Rate: 7.47% (Tranche I); 5.69% (Tranche VI); 5.62% (Tranche VII); 7.04% Note 47 - (A) Classification and Measurement of Financial Assets and Liabilities
(Tranche VIII); 7.36% (Tranche IX)
(Ind AS 107): ` in Crores
2 Option Life: (a) For Options - Vesting period (1 Year) + Average of exercise period
As at March 31, 2025 As at March 31, 2024
(b) For RSU under FY21 plan- Vesting Period (2 years) + Average of Particulars
exercise period Carrying Value Fair Value Carrying Value Fair Value
For other RSU – Vesting period (3 Years) + Average of exercise period Financial Assets at amortised cost
3 Expected Volatility*: Tranche-I: 0.24; Tranche-VI: 0.25 ; Tranche-VII & VIII: 0.26; Tranche IX: Trade Receivables 4,377.82 4,377.82 3,496.54 3,496.54
0.27 Loans 17.71 17.71 17.01 17.01
4 Dividend Yield: Tranche -I: 0.46%; Tranche – VI : 0.19%, Tranche VII: 0.20%, Tranche VIII Cash and Bank Balances 799.92 799.92 770.50 770.50
& IX: 0.30% Investments 50.00 50.00 350.00 350.00
Other Financial Assets 2,999.95 2,999.95 2,318.63 2,318.63
(c) For ESOS- SAR 2018:
Financial Assets at fair value through OCI
1 Risk Free Rate: 5.31% (Tranche II); 7.15% (Tranche III) Investments 731.60 731.60 - -
2 Option Life: (a) For Options - Vesting period (1 Year) + Average of exercise period Financial Assets at fair value through Profit or Loss
(b) For RSU under FY21 plan- Vesting Period (2 years) + Average of Investments 3,865.84 3,865.84 6,928.20 6,928.20
exercise period Fair Value Hedging Instruments
For other RSU – Vesting period (3 Years) + Average of exercise period
Derivative Assets 841.04 841.04 482.18 482.18
3 Expected Volatility*: Tranche-II: 0.25, Tranche-III: 0.26 Total 13,683.88 13,683.88 14,363.06 14,363.06
4 Dividend Yield: Tranche- II: 0.19%, Tranche-III: 0.26% Financial liabilities at amortised cost
Non-Convertible Debentures 3,500.00 3,520.91 1,000.00 996.03
(d) For ESOS 2022:
Term Loan from Banks 2,000.00 2,000.00 - -
1 Risk Free Rate: 7.07% (Tranche I) ; 7.24% (Tranche II) ; 7.10% (Tranche III) ; 6.86% (Tranche Public Deposits 73.82 73.82 - -
IV) Cash Credits / Working Capital Borrowing 5,004.11 5,004.11 3,064.38 3,064.38
2 Option Life: (a) For Options - Vesting period (1 Year) + 1/2 of exercise period Vehicle Loan 1.19 1.19 - -
(b) For PSU - Vesting Period (3 years) + 1/2 of exercise period Sales Tax Deferment Loan 269.52 269.52 269.72 269.72
3 Expected Volatility*: Tranche-I: 0.25; Tranche-II: 0.24; Tranche-III: 0.24; Tranche-IV: 0.24 Redeemable Preference Shares 63.51 63.51 - -
Trade Payables 7,866.89 7,866.89 8,115.97 8,115.97
4 Dividend Yield: Tranche- I: 0.43%; Tranche- II: 0.85%; Tranche- III: 0.73%; Tranche- IV:
0.78% Other Financial Liabilities 6,025.44 6,025.44 5,431.49 5,431.49
*Expected volatility on the Company’s stock price on National Stock Exchange based on the data commensurate with the expected Foreign Currency Borrowings 5,128.50 5,128.50 417.03 417.03
life of the options/RSU’s up to the date of grant. Foreign Currency Bonds 3,419.00 3,010.26 3,336.20 2,818.59
Total 33,351.98 32,964.15 21,634.79 21,113.21
Investment in Subsidiaries, Joint Ventures and Associates amounting to ` 11,855.11 Crores (March 31, 2024 ` 1959.12
Crores) are measured at Cost in accordance with Ind AS 27.

384 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 385
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The
Note 47 - (B) Fair Value measurements (Ind AS 113):
discount rates used is based on management estimates.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the The significant unobservable inputs used in the fair value measurement of the fair value hierarchy together with a
current market condition regardless of whether that price is directly observable or estimated using other valuation quantitative sensitivity analysis as at March 31, 2025 and March 31, 2024 are as shown below:
techniques.
Description of significant unobservable inputs to valuation:
The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to
valuation techniques used to measure fair value of financial instruments are: Valuation Significant
Particulars Discounting Rate Sensitivity of the input to fair value.
Technique unobservable inputs

Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair value Investments in Unquoted instruments DCF method Average Cost of March 31, 2025 0.50% (March 31, 2024: 0.50%)
of all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as at the accounted for as fair value through Borrowings to 8.50% increase / (decrease) would
Profit and Loss arrive at discount March 31, 2024 result in increase / (decrease)
reporting date.
rate. 8.50% in fair value by ` (0.56) Crores
(March 31, 2024: ` (0.60) Crores)
Level 2: The fair value of financial instruments that are not traded in an active market (For example traded bonds,
over the counter derivatives) is determined using valuation techniques which maximize the use of observable market Reconciliation of Level 3 Fair Value Measurements:
data and rely as little as possible on company specific estimates. The mutual fund units are valued using the closing
Net Asset Value. If all significant inputs required to fair value an instrument are observable, the instrument is included Balance as at March 31, 2023 1,291.82
in Level 2. Add: Change in Value of Investment in Preference Shares measured at FVTPL 0.12
Add: Purchase of Investment during the year 122.71
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3. Less: Sale of Investment during the year (1,152.35)
Balance as at March 31, 2024 262.30
Fair Value
Particulars Add: Change in Value of Investment in Preference Shares measured at FVTPL 0.13
As at As at
March 31, 2025 March 31, 2024 Add: Investment during the year 149.49
Financial Assets at fair value through OCI Less: Sale/ Redemption of Investment during the year -
Investments – Level 1 731.60 - Balance as at March 31, 2025 411.92
Financial Assets at fair value through profit or loss
Investments – Level 2 3,453.92 6,665.90 Note 48 - Financial Risk Management Objectives (Ind AS 107):
Investments – Level 3 411.92 262.30 The Company’s principal financial liabilities, other than derivatives, comprises of borrowings, trade and other
Fair Value Hedging Instruments payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s
Derivative assets – Level 2 841.04 482.18 principal financial assets, other than derivatives include trade and other receivables, investments and cash and cash
Total 4,706.88 7,410.38
equivalents that derive directly from its operations.

Derivative Liabilities – Level 2 - - The Company’s activities expose it to market risk, liquidity risk and credit risk. The Company’s overall risk
The management assessed that cash and bank balances, trade receivables, loans, trade payables, cash credits, management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects
commercial papers and other financial assets and liabilities approximate their carrying amounts largely due to the on the financial performance of the Company. The Company uses derivative financial instruments, such as foreign
short-term maturities of these instruments. exchange forward contracts, foreign currency option contracts, principal only swaps, cross currency swaps that are
entered to hedge foreign currency risk exposure, interest rate swaps, coupon only swaps to hedge variable interest
The following methods and assumptions were used to estimate the fair values: rate exposure and commodity fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for
hedging purposes and not as trading or speculative instruments.
(a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset
value at the reporting date.

(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on observable yield curves and an appropriate discount factor.

(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward
exchange rates and interest rate curve of the respective currencies.

(d) The fair value of currency swap is calculated as the present value determined using forward exchange rates,
currency basis spreads between the respective currencies, interest rate curves and an appropriate discount factor.

(e) The fair value of foreign currency option contracts is determined using the Black Scholes valuation model.

386 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 387
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

The sources of risks that the Company is exposed to and their management is given below: When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of
those derivatives to match the terms of the hedged exposure.
Risk Exposure Arising From Measurement Management

I) Market Risk The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company
A) Foreign Currency Committed commercial Cash Flow Forecasting (a) Forward foreign exchange follows established risk management policies and standard operating procedures. It uses derivative
Risk transaction contracts instruments like foreign currency swaps, options and forwards to hedge exposure to foreign currency risk.
Sensitivity Analysis
Financial asset and Liabilities (b) Foreign currency options in Crores
not denominated in INR (c) Principal only/Currency Outstanding foreign currency exposure (Gross) as at March 31, 2025 March 31, 2024
swaps
Trade Receivables
B) Interest Rate Risk Long Term Borrowings at Sensitivity Analysis, Interest (a) Interest Rate swaps,
USD 0.83 0.45
variable rates rate movements Coupon only swaps
Trade Payables
Investments in Debt Schemes (b) Portfolio Diversification
of Mutual Funds and Other USD 32.99 40.34
Debt Securities
Euro 0.43 0.15
C) Commodity Price Movement in prices of Sensitivity Analysis, (a) Commodity Fixed Prices
Borrowings
Risk commodities mainly Imported Commodity price tracking (b) Swaps/Options
Thermal Coal and Pet Coke USD 100.00 45.00
II) Credit Risk Trade receivables, Ageing analysis, Credit Rating (a) Diversification of mutual Investments
Investments, Derivative fund investments,
Financial instruments, Loans USD 20.92 20.92
(b) Credit limit & credit
and Bank balances worthiness monitoring, LKR 40.00 40.00

(c) Criteria based approval

Foreign currency sensitivity on unhedged exposure:
process, receivable
factoring 100 bps increase in foreign exchange rates will have the following impact on profit before tax and equity.
III) Liquidity Risks Borrowings and Other Rolling cash flow forecasts (a) Adequate unused credit ` in Crores
Liabilities and Liquid lines and borrowing
Broker Quotes As at As at
Investments facilities Particulars
March 31, 2025 March 31, 2024
(b) Portfolio Diversification
USD - -
The Company has standard operating procedures and investment policy for deployment of surplus liquidity, which LKR 0.02 0.02
allows investment in debt securities, fixed deposits and mutual fund schemes of debt categories only and restricts the
Note: If the rate is decreased by 100 bps profit will decrease by an equal amount.
exposure in equity markets.

Compliances of these policies and principles are reviewed by the internal auditors/internal risk management (B) Interest rate risk:
committee on periodical basis. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company’s exposure to the risk of changes in market
The Corporate Treasury team updates the Audit Committee on a quarterly basis about the implementation of the
interest rates relates primarily to the Company’s borrowing with floating interest rates. For all long-term
above policies. It also updates the Risk Management Committee of the Company on periodical basis about the various
borrowings with floating rates, the risk of variation in the interest rates is mitigated through interest rate
risks to the business and status of various activities planned to mitigate the risks.
swaps. The Company constantly monitors the credit markets and rebalances its financing strategies to
achieve an optimal maturity profile and financing cost.
(I) Market Risk:
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change Interest rate exposure:
in the price of a financial instrument. The value of a financial instrument may change as a result of changes in ` in Crores
the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes Non-Interest
Floating Rate Fixed Rate
that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial Particulars Total Borrowings
Borrowings Borrowings
Bearing
Borrowings
instruments including investments and deposits, foreign currency receivables, payables and borrowings.
INR Borrowing 10,912.15 3,000.00 7,642.64 269.51
(A) Foreign Currency Risk: USD Borrowing 8,547.50 - 8,547.50 -
Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign Total as at March 31, 2025 19,459.65 3,000.00 16,190.14 269.51
currency, which fluctuate due to changes in foreign exchange rates. The Company’s exposure to the risk of INR Borrowing 4,334.10 240.00 3,824.38 269.72
changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels, raw USD Borrowing 3,753.23 - 3,753.23 -
materials and spare parts, capital expenditure, exports of cement and the Company’s net investments in
Total as at March 31, 2024 8,087.33 240.00 7,577.61 269.72
foreign subsidiaries.
Note: Interest rate risk hedged for Foreign Currency borrowings has been shown under Fixed Rate borrowings

388 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 389
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Interest rate sensitivities for unhedged exposure (impact on profit before tax due to increase in 100 bps): Foreign currency cash flows:

As at As at Nominal Foreign Fair Value Assets

Particulars Average Exchange
March 31, 2025 March 31, 2024 Particulars As at Currency (Liabilities)
Rate (USD/INR)
USD Crores ` in Crores
INR (30.00) (2.40)
Buy Currency: (USD) March 31, 2025
Note: If the rate is decreased by 100 bps profit will increase by an equal amount.
- for External Commercial Borrowings 83.90 22.50 1.08
Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date - for Foreign Currency Bonds 77.61 20.00 73.30
have been outstanding for the entire reporting period.
Nominal Foreign Fair Value Assets
Foreign Currency and Interest Rate Risk Management: Average Exchange
Particulars As at Currency (Liabilities)
Rate (USD/INR)
Forward Exchange and Interest Rates Swaps Contracts: USD Crores ` in Crores

Buy Currency: (USD) March 31, 2024

(A) Derivatives for hedging currency and interest rates, outstanding are as under:
- for External Commercial Borrowings 83.35 5.00 (0.01)
As at As at
Particulars Hedged Item Currency Cross Currency - for Foreign Currency Bonds 72.50 20.00 18.78
March 31, 2025 March 31, 2024

a. Forward Contracts Imports and FCB Interest USD 48.06 53.85 INR
Interest rates outstanding on Receive Floating and Pay Fix contracts:
Imports Euro 2.40 3.13 USD
Average Fair Value Assets
Imports JPY 8.86 5.04 USD Nominal Amount
Particulars As at contracted fixed (Liabilities)
USD Crores
interest rates ` in Crores
Imports CNH 0.00 4.46 USD
0 to 2 years March 31, 2025 5.35% 10.00 (6.05)
Investment USD 32.60 30.50 INR
0 to 2 years March 31, 2024 5.39% 5.00 0.30
Investment AED 32.51 111.96 USD
b. Options Imports and ECB Interest USD 18.61 1.41 INR
Average Fair Value Assets
Nominal Amount
c. Other Derivatives: Particulars As at contracted fixed
USD Crores
(Liabilities)
interest rates ` in Crores
i. Currency Options FCB** USD 57.50 25.00 INR
2 to 5 years March 31, 2025 4.35% 50.00 49.76
ii. Principal only Swap FCB** USD 42.50 20.00 INR
2 to 5 years March 31, 2024
iii. Interest Rate Swap ECB* USD 60.00 5.00 USD
** Foreign Currency Bonds/ Loans Currency Options
* External Commercial Borrowings
Fair Value Assets
Average Exchange Nominal Amount
Particulars As at (Liabilities)
(B) Cash Flow Hedges: Rate (USD/INR) USD Crores
` in Crores

The Company has foreign currency external commercial borrowings and to mitigate the risk of foreign 0 to 2 years March 31, 2025 83.42 10.00 28.30
currency and floating interest rates the Company has taken forward contracts, currency options, currency 0 to 2 years March 31, 2024 - - -
swaps, interest rates swaps and principal only swaps. The Company is following hedge accounting for all the
foreign currency borrowings raised on or after April 01, 2015 based on qualitative approach. 2 to 10 years March 31, 2025 79.14 47.50 125.47
The Company assesses hedge effectiveness based on following criteria: 2 to 10 years March 31, 2024 72.52 20.00 435.55

(i) an economic relationship between the hedged item and the hedging instrument; The above Hedging Instruments are included in the Balance Sheet under the head “Other Financial Assets”/
“Other Financial Liabilities”.
(ii) the effect of credit risk; and
Refer Statement of Changes in Equity for movement on OCI.
(iii) Assessment of the hedge ratio
Recognition of gains / (losses) under forward exchange, currency options and interest rates swaps contracts
The Company designates the derivatives to hedge its currency risk and generally applies a hedge ratio of 1:1. designated under cash flows hedges:
The Company’s policy is to match the critical terms of the forward exchange contracts to match with the ` in Crores
hedged item. As at March 31, 2025 As at March 31, 2024
Particulars Effective Hedge Ineffective Hedge Effective Hedge Ineffective Hedge
(OCI) (Profit and Loss) (OCI) (Profit and Loss)

Gain/(Loss) 44.66 - (69.51) -

390 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 391
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

(C) Commodity price risk management: Investments of surplus funds are made only with approved Financial Institutions / Counterparty. Investments
Commodity price risk for the Company is mainly related to fluctuations in coal and pet coke prices linked to primarily include investment in units of mutual funds, quoted Bonds, Non-Convertible Debentures issued by
various external factors, which can affect the production cost of the Company. Since the Energy costs is one Government / Semi Government Agencies / PSU Bonds / High Investment grade corporates etc. These Mutual
of the primary costs drivers, any adverse fluctuation in fuel prices can lead to drop in operating margin. To Funds and Counterparties have low credit risk.
manage this risk, the Company enters into fixed price swaps/other derivatives for imported coal, enter into Total Non-current and current investments excluding Subsidiaries, Joint Ventures and Associates as on March 31,
long-term supply agreement for pet coke, identifying new sources of supply etc. While fixed price swaps/ 2025 is ` 3,503.92 Crores (March 31, 2024 ` 7,015.90 Crores).
other derivatives are available in the markets for coal but in case of pet coke no such derivative is available;
it has to be procured at spot prices. Additionally, processes and policies related to such risks are reviewed Financial Guarantees
and controlled by senior management and fuel requirement are monitored by the central procurement
team. The Company has given corporate guarantees amounting to ` 2,155.67 Crores (March 31, 2024 ` 2,841.60 Crores) in
favour of its subsidiaries and joint ventures (Refer note 34 (c)).
(II) Credit Risk Management:
(III) Liquidity risk management:
Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time
(primarily trade receivables) and from its financing / investing activities, including deposits with banks/financial or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
institutions, mutual fund investments, and investments in debt securities, foreign exchange transactions and securities and the availability of funding through an adequate amount of credit facilities to meet obligations
financial guarantees. The Company has no significant concentration of credit risk with any counterparty. when due. The Company’s treasury team is responsible for liquidity, funding as well as settlement management.
In addition, processes and policies related to such risks are overseen by senior management. Management
Trade receivables monitors the Company’s liquidity position through rolling forecasts on the basis of expected cash flows.

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for The table below provides details regarding the remaining contractual maturities of financial liabilities and
each customer and based on the evaluation credit limit of each customer is defined. Wherever the Company investments held for managing the risk at the reporting date based on contractual undiscounted payments.
assesses the credit risk as high the exposure is backed by either bank guarantee / letter of credit or security ` in Crores
deposits. Less than More than
As at March 31, 2025 1 to 5 Years Total Carrying Value
1 Year 5 Years
Total Trade receivables as on March 31, 2025 is ` 4,377.82 Crores (March 31, 2024: ` 3,496.54 Crores).The Company
Borrowings (including current maturities of long-
does not have higher concentration of credit risks to a single customer. A single largest customer has total term debts) and Interest on Borrowings
6,597.86 11,848.74 4,929.42 23,376.02 19,459.65
exposure in sales of 1.49% (March 31, 2024: 2.56%) and in receivables of 3.91% (March 31, 2024: 5.73%).
Trade Payables 7,866.89 - - 7,866.89 7,866.89
As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a Interest accrued but not due 163.95 - - 163.95 163.95
provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date Lease Liabilities 214.73 569.61 451.09 1,235.43 900.78
wherever outstanding is for longer period and involves higher risk.
Other Financial Liabilities (excluding Deferred 5,494.71 - - 5,494.71 5,494.71
Premium Payable)
As per policy, receivables are classified into different buckets based on the overdue period ranging from 6
months – one year to more than two years. There are different provisioning norms for each bucket which are Deferred Premium Payable 99.27 324.09 - 423.36 366.78
ranging from 25% to 100%. Investments 2,857.99 145.13 500.80 3,503.92 3,503.92

Movement of Allowances for credit losses: ` in Crores

Less than More than
As at March 31, 2024 1 to 5 Years Total Carrying Value
Particulars March 31, 2025 March 31, 2024 1 Year 5 Years

Opening provision 96.50 85.89 Borrowings (including current maturities of long-

3,321.84 1,919.60 4,241.89 9,483.33 8,087.33
term debts) and Interest on Borrowings
Add: Provision transferred from KIL, pursuant to Composite Scheme of Arrangement 8.28 0.00
Trade Payables 8,115.97 - - 8,115.97 8,115.97
Add: Provided during the year 40.32 12.60
Interest accrued but not due 65.25 - - 65.25 65.25
Less: Utilised during the year (5.32) (1.99)
Lease Liabilities 182.22 588.89 525.65 1,296.76 923.21
Closing Provision 139.78 96.50
Other Financial Liabilities (excluding Deferred 5,093.14 - - 5,093.14 5,093.14
Investments, Derivative Instruments, Cash and Cash Equivalent and Deposits with Banks/Financial Premium Payable)
Institutions Deferred Premium Payable 47.81 191.20 95.44 334.45 273.10

Credit Risk on cash and cash equivalent, deposits with the banks / financial institutions is generally low as the Investments 5,482.99 282.02 1,250.89 7,015.90 7,015.90
said deposits have been made with the banks / financial institutions who have been assigned high credit rating
by international and domestic rating agencies.

Credit Risk on Derivative Instruments are generally low as Company enters into the Derivative Contracts with the
reputed Banks and Financial Institutions.

392 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 393
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 49 - Dividend Distribution made and proposed (Ind AS 1): ` in Crores Note 51 - Capital Management (Ind AS 1):
Year Ended Year Ended The Capital management objective of the Company is to (a) maximise shareholder value and provide benefits to other
Particulars
March 31, 2025 March 31, 2024 stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.
Proposed dividends on Equity shares:
For the purposes of the Company’s capital management, capital/equity includes issued equity share capital, share
Final dividend for the year ended on March 31, 2025: ` 77.50 per share 2,283.75 2,020.84
premium and all other equity.
(March 31, 2024: ` 70.00 per share)
Total Dividend proposed 2,283.75 2,020.84 The Company monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits
divided by total equity. ` in Crores
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as
a liability as at March 31. As at As at
Particulars
March 31, 2025 March 31, 2024

Total Debt (Bank and other borrowings) 19,459.65 8,087.33

Note 50 - Financial Ratios:
Equity 69,677.79 59,095.24
Sr. Numerator Denominator For The Year Ended
Ratio % Variance Reason for variance Liquid Investments and bank deposits 4,382.34 7,229.68
No. Description Description March 31, 2025 March 31, 2024
Debt to Equity (Gross) 0.28 0.14
1 Current Ratio (in Current Assets Current Liabilities 0.89 0.99 (10)%
Debt to Equity (Net) 0.22 0.01
times) excluding Current
Borrowings In addition, the Company has financial covenants relating to the borrowing facilities that it has taken from the
2 Debt-Equity Ratio Total Debt Equity 0.28 0.14 100% Increased on lenders to manage interest coverage service ratio, Debt to EBITDA, etc. which is maintained by the Company.
(in times) account of higher
debt raised for
expansion Note 52 - Research and Development:
3 Debt Service Profit for the year+ Gross Interest + 5.21 5.29 (2)%
Revenue expenditure on Research and Development included in different heads of expenses in the Statement of Profit
Coverage Ratio (in Finance Costs + Lease Payment
times) Depreciation and + Repayment of and Loss is ` 15.13 Crores (March 31, 2024 ` 15.37 Crores).
Amortisation Long Term Debt
Expense + Loss/ excluding pre-
(Gain) on sale of payments Note 53 - Corporate Social Responsibility:
fixed assets
Sr Year Ended Year Ended
Particulars
4 Return on Equity Profit for the year Average Net worth 10% 12% (17)% No March 31, 2025 March 31, 2024
Ratio (in %) (i) Gross Amount Required to be spent by the Group during the year ie. 2% of average net
5 Inventory Turnover Sale of Products Average Inventory 8.54 9.44 (10)% profits for last three financial years, calculated as per section 198 of the Companies Act, 161.18 149.79
Ratio (in times) and Services 2013.
6 Trade Receivables Sale of Products Average Trade 18.00 20.04 (10)% (ii) Balances brought forward from previous years - 21.77
turnover Ratio (in and Services Receivable (iii) Amount spent during the year 165.16 136.09
times)
(iv) Balance carry forward 3.98 -
7 Trade Payables Cost of Sales Average Trade 7.46 7.54 (1)%
turnover Ratio (in Payable (v) Total of previous years shortfall Nil Nil
times)
The amount spent under CSR which is shown in different heads of financial statements is mainly for projects relating
8 Net Capital Sale of Products Working Capital (29.84) (217.00) (86)% Due to increase in to school education, preventive health care, agriculture, rural infrastructure development, promotion of sports and
turnover ratio (in and Services Sales by 5% and
times) decrease in working culture, disaster relief programmes and protection of heritage art and culture.
capital on account
of higher financial
and other liabilities Note 54 - Government Grant (Ind AS 20):
9 Net profit ratio Profit for the year Sale of Products 9% 10% (10)% (a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion
(in %) and Services Scheme of ` 646.78 Crores (March 31, 2024 ` 684.72 Crores).
10 Return on Capital Profit for the year + Networth + Current 11% 14% (21)%
employed (in times) Tax +Finance Costs and Non current
(b) Sales Tax deferment loan granted under State Investment Promotion Scheme has been considered as a
borrowings + government grant and the difference between the fair value and nominal value as on date is recognised as an
Deferred Tax income. Accordingly, an amount of ` 48.50 Crores (March 31, 2024 ` 13.42 Crores) has been recognised as an
Liability income. Every year change in fair value is accounted for as an interest expense.
11 Return on Treasury Income Weighted treasury 8% 8% 0%
Investment (in %) investment

394 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 395
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

Note 55 - Asset Held for Sale (Ind AS 105): Note 58 - Information as per the requirement of Section 22 of The Micro, Small and
(a) The Company has identified certain assets which are not useful anymore as they are not productive and are not Medium Enterprises Development Act, 2006: ` in Crores
giving the desired results like Land, Diesel Generator Sets etc. which are available for sale in its present condition.
Sr As at As at
The Company is committed to plan the sale of asset and an active programme to locate a buyer and complete No
Particulars
March 31, 2025 March 31, 2024
the plan have been initiated. The Company expects to dispose off these assets in the due course.
(a) (i) The principal amount remaining unpaid to any supplier at the end of accounting year 265.33 254.19
included in trade payables
(b) The Investment in the Company’s subsidiary Bhumi Resources PTE Limited is classified as ‘Held for Disposal’ as
they meet the criteria laid out under Ind AS 105. Further the company has made a provision for impairment of (ii) The interest due on above (LY: ` 4,065) 0.13 0.00
investments in the subsidiary. The total of (i) & (ii) 265.46 254.19
(b) The amount of interest paid by the buyer in terms of section 16 of the Act - -
Note 56 - Revenue from Contract with Customers (Ind AS 115): (c) The amount of the payment made to the supplier beyond the appointed day during the - -
year
(A) The Company is primarily in the Business of manufacture and sale of cement and cement related products. The
product shelf life being short, all sales are made at a point in time and revenue recognised upon satisfaction of the (d) The amounts of interest accrued and remaining unpaid (LY: ` 4,065) 0.13 0.00
performance obligations which is typically upon dispatch/ delivery. The Company has a credit evaluation policy (e) The amount of interest due and payable for the period of delay in making payment (which - -
based on which the credit limits for the trade receivables are established, the Company does not give significant have been paid but beyond the due date during the year) but without adding the interest
specified under this Act.
credit period resulting in no significant financing component. The Credit period on an average ranges from 15 to 60
days. (f) the amount of further interest remaining due and payable even in the succeeding years, - -
until such date when the interest dues above are actually paid to the small enterprise, for
the purpose of disallowance of a deductible expenditure under section 23 of the Micro,
(B) Revenue recognised from Contract liability (Advances from Customers): ` in Crores Small and Medium Enterprises Development Act, 2006.

Particulars
As at As at The above information has been determined to the extent such parties have been identified on the basis of information
March 31, 2025 March 31, 2024
available with the Company.
Contract liability 416.61 509.76

The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year Note 59 - Transactions with Companies Struck Off under section 248 of the
ended March 31, 2025. Contract liability of current year will be recognised as revenue in coming twelve months.
Companies Act, 2013:
(C) Reconciliation of revenue as per contract price and as recognised in Statement of Profit or Loss: ` in Crores Opening Balance Closing Balance
Sr Nature of as on as on
Name of the struck off company CIN Relationship
Year Ended Year Ended No Transactions April 1, 2024 March 31, 2025
Particulars (Credit) / Debit Debit/ (Credit)
March 31, 2025 March 31, 2024

Revenue as per Contract price 85,302.92 77,476.33 1. ASAR CONSTRUCTION PVT.LTD U45200BR2015PTC023770 Receivables Not Related ` 27,184 ` 10,000
Less: Discounts and incentives (14,445.63) (9,940.61)
Revenue as per statement of profit and loss 70,857.28 67,535.73 Note 60 - Acquisition of The India Cements Limited (ICEM)
On December 24, 2024, the Company completed the acquisition of control over India Cements Limited (ICEM) through
Note 57 a step acquisition. Initially, on June 27, 2024, the Company acquired a non-controlling stake of 7,05,64,656 equity
shares representing 22.77% of the equity share capital of ICEM. Subsequently on December 24, 2024, the Company
In terms of a Scheme of Arrangement between Jaiprakash Associates Limited (JAL); Jaypee Cement Corporation
acquired an additional 10,13,91,231 equity shares representing 32.72% of the equity share capital of ICEM; thereby
Limited (JCCL), the Company (“the Parties”) and their respective shareholders and creditors, sanctioned by the
the Company’s total shareholding increased to 17,19,55,887 equity shares representing 55.49% of ICEM’s equity share
National Company Law Tribunal, Mumbai and Allahabad bench, together with necessary approvals from the stock
capital, resulting in ICEM becoming a subsidiary of the Company with effect from December 24, 2024. The Company
exchanges, Securities and Exchange Board of India (SEBI), and the Competition Commission of India; the Company
also has become the promoter of ICEM in accordance with the SEBI (Listing Obligations and Disclosure Requirements)
had on June 27, 2017, issued Series A Redeemable Preference Shares of ` 1,000 crores to JAL (Series A RPS) for a period
Regulations, 2015.
of 5 years or such longer period as may be agreed by the Parties (the ‘’Term”). The Series A RPS were held in escrow
until satisfaction of certain conditions precedent in relation to the Dalla Super Plant and mines situated in the state As required under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
of Uttar Pradesh (Earlier known as JP Super), to be redeemed post the expiry of the Term as per the agreement Regulations, 2011 (“SEBI Takeover Regulations”), following the acquisition of control, the Company was obligated
between the Parties. Upon expiry of the Term, the Company offered redemption of the Series A RPS within the to make a public open offer to the remaining shareholders of ICEM. The open offer was successfully completed on
stipulated number of days, post adjustment of certain costs pertaining to the conditions precedent, as per the terms January 21, 2025, with a final acquisition of 8,05,73,273 equity shares representing 26% of the shares of ICEM under the
of the agreement entered into between the Parties. Redemption of the Series A RPS was subject to issuance of a joint open offer at price of ` 390/- per share. Total shareholding of the Company in ICEM post-acquisition of shares from
notice to the escrow agent. The Series A RPS could not be redeemed due to inaction on the part of JAL in signing public shareholders through open offer accumulates to 25,25,29,160 equity shares representing 81.49%.
the joint instruction notice. This matter has since been referred to arbitration and the proceedings are pending. the
Company has classified the series A RPS to Other financial liabilities as Liability for Capital Goods. For the non-controlling stake of 22.77% acquired on June 27, 2024, the Company did not execute significant influence
or control over decision of ICEM so it was not being construed as an Associate company. Thus, the Company measured

396 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 397
 Financial statements

Notes Notes
to Standalone Financial Statements to Standalone Financial Statements

this equity investment as per Indian Accounting Standard 109 – Financial Instruments (Ind AS 109) and at initial
Note 62 - Changes in Indian Accounting Standards w.e.f April 1, 2024:
recognition, made an irrevocable election to present in Other Comprehensive Income (OCI) subsequent changes in its
fair value. Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA
India Cements has a total capacity of 14.45 mtpa of grey cement. Of this, 12.95 mtpa is in the South and 1.5 mtpa is in has notified Ind AS-117 Insurance Contracts. The Company has reviewed the new pronouncements and based on its
Rajasthan. The acquisition of controlling stake in ICEM provides the Company an opportunity to extend its footprint evaluation has determined that it does not have significant impact in its financial statements
and presence in the highly fragmented, competitive and fast-growing Southern market in the country. This will also
create value for shareholders on account of operational efficiencies arising out of ready to use assets reducing time to Signatures to Note “1” to “62”
markets, availability of land and mining leases leading to overall operating costs advantage.

Pursuant to completion of the Open Offer, the shareholding of the public shareholders in ICEM has fallen below
In terms of our report of even date attached. For and on behalf of the Board of Directors
the minimum public shareholding requirement as per Rule 19A of the SCRR read with SEBI (LODR) Regulations. For B S R & Co. LLP For KKC & Associates LLP
The Company will ensure that ICEM satisfies the minimum public shareholding set out in Rule 19A of the SCRR in (Formerly known as Khimji Kunverji & Co LLP)
Chartered Accountants Chartered Accountants
compliance with applicable laws, within a period of 12 (twelve) months from the completion of the Open Offer.
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621

VIKAS R KASAT HASMUKH B DEDHIA K. C. JHANWAR VIVEK AGRAWAL

Note 61 - Other Statutory Information: Partner Partner Managing Director Wholetime Director
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212
(i) As on March 31, 2025 there is no unutilised amounts in respect of any issue of securities and long term borrowings
from banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which the Mumbai: April 28, 2025 ATUL DAGA S.K. CHATTERJEE
Chief Financial Officer Company Secretary
funds were raised.

(ii) The Company does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies
beyond the statutory period.

(iii) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies
Act read with the Companies (Restriction on number of Layers) Rules, 2017.

(iv) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

(v) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(vi) The Company has not advanced or loaned or invested funds (either from borrowed funds or share premium
or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (“Ultimate Beneficiaries”); or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not received any funds from any person(s) or entity(ies), including foreign entities (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall:

(a) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Parties (“Ultimate Beneficiaries”); or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(viii) The Company has not surrendered or disclosed any such transaction which is not recorded in the books of accounts
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961).

398 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 399
 Financial statements

Independent Auditor’s Report

b. We draw attention to Note 37(b) of the consolidated financial statements, which refers to the orders dated 31
Independent Auditor’s Report
August 2016 (Penalty of ` 1,804.31 crores) and 19 January 2017 (Penalty of ` 68.30 crores) of the Competition
To the Members of UltraTech Cement Limited Commission of India (‘CCI’) against which the Company (including the erstwhile UltraTech Nathdwara Cement
Report on the Audit of the Consolidated Financial Statements Limited and the India Cements Limited) had filed appeals. Upon the National Company Law Appellate Tribunal
(“NCLAT”) disallowing its appeals against the CCI order dated 31 August 2016, the Company has filed appeals before
Opinion the Hon’ble Supreme Court of India, which has by its order dated 5 October 2018, granted a stay against the NCLAT
We have audited the consolidated financial statements of UltraTech Cement Limited (hereinafter referred to as the order. Consequently, the Company has deposited an amount of ` 180.43 crores equivalent to 10% of the penalty of
“Holding Company” or “the Parent” or “the Company” ) and its subsidiaries (Holding Company and its subsidiaries ` 1,804.31 crores recorded as asset. The Company, backed by legal opinions, believes that it has a good case in both
together referred to as “the Group”), and its associates and joint venture, which comprise the consolidated balance the matters basis which no provision has been recognised in the books of account.
sheet as at 31 March 2025, the consolidated statement of profit and loss (including other comprehensive income), Our opinion is not modified in respect of these matter.
consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended,
and notes to the consolidated financial statements, including material accounting policies and other explanatory
Key Audit Matters
information (hereinafter referred to as “the consolidated financial statements”).
Key audit matters are those matters that, in our professional judgment and based on the consideration of reports of the
In our opinion and to the best of our information and according to the explanations given to us, and based on the one of the joint auditors of the Parent and other auditors on separate/consolidated financial statements of components
consideration of reports of the one of the joint auditors of the Parent and other auditors on separate/consolidated audited by them, were of most significance in our audit of the consolidated financial statements of the current period.
financial statements/financial information of such subsidiaries, associates and joint venture as were audited by one of These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in
the joint auditors of the Parent and other auditors, the aforesaid consolidated financial statements give the information forming our opinion thereon, and we do not provide a separate opinion on these matters.
required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its associates and
joint venture as at 31 March 2025, of its consolidated profit and other comprehensive income, consolidated changes in
equity and consolidated cash flows for the year then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the
Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group, its associates and joint
venture in accordance with the ethical requirements that are relevant to our audit of the consolidated financial
statements in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant
provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence obtained by us along with the consideration of reports of one of the joint auditors of
the Parent and other auditors referred to in paragraph (a) and (b) of the “Other Matters” section below is sufficient and
appropriate to provide a basis for our opinion on the consolidated financial statements.

Emphasis of Matters
a. We draw attention to Note 40 to the consolidated financial statements regarding the Composite Scheme of
Arrangement for merger of Cement Business Division of Kesoram Industries Limited with the Company (‘Scheme’)
which has been described in the said note. The Scheme has been approved by National Company Law Tribunal,
Kolkata and Mumbai (‘NCLT’) vide its orders dated 14 November 2024 and 26 November 2024 respectively
with appointed date of 01 April 2024 and a certified copy has been filed by the Company with the Registrar of
Companies, Mumbai, on 26 December 2024. In accordance with the Scheme approved by the NCLT, the Company
has given effect to the Scheme from the retrospective appointed date specified therein i.e. 01 April 2024 which
overrides the relevant requirement of Ind AS 103 “Business Combinations” (according to which the Scheme would
have been accounted for from 01 March 2025 which is the date of acquisition as per the aforesaid standard). The
financial impact of the aforesaid treatment has been disclosed in the aforesaid note.

Our opinion is not modified in respect of this matter.

400 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 401
 Financial statements

Independent Auditor’s Report (Contd.)

Revenue recognition - Discounts incentives and rebates Business combinations

See Note 1(B)(n) and 60 to consolidated financial statements See Note 40,41 and 42 to consolidated financial statements
The key audit matter How the matter was addressed in our audit The key audit matter How the matter was addressed in our audit
Revenue is measured net of discounts, incentives and Our audit procedures included: During the financial year, the Group carried out following Our audit procedures included:
rebates given to the customers on the Company’s sales. business combinations as below:
We have assessed the Company’s accounting policies We have read the scheme of arrangement, underlying
The Company’s presence across different marketing relating to revenue, discounts, incentives and rebates by - The acquisition of the Cement Business Division of agreements and regulatory orders to understand the key
regions within the country and the competitive business comparing with applicable accounting standards.
Kesoram Industries Limited. terms and conditions of the acquisitions.
environment makes the assessment of various types of
We have evaluated the design and implementation and
discounts, incentives and rebates complex. - The acquisition of a controlling stake in The India We have evaluated the accounting treatment followed by
tested the operating effectiveness of Company’s internal
Therefore, there is a risk of revenue being misstated as controls over the provisions, approvals and disbursements Cements Limited and Ras Al Khaimah Co. for White the Group with reference to provisions of Ind AS 103.
a result of variations in the assessment of discounts, of discounts, incentives and rebates. Cement and Construction Materials P.S.C. We have obtained understanding of the process
incentives and rebates. followed by the Group and evaluated the design and
We have assessed the Company’s computations for accrual The Group undertook business combinations that
Given the complexity and amounts pertaining to such of discounts, incentives and rebates, on a sample basis, implementation, tested the operating effectiveness of key
required accounting under Ind AS 103, Business internal controls related to the valuation process.
provision for discounts, incentives and rebates being and compared the accruals made with the approved
Combinations. This process necessitates the application
significant, this is a key audit matter schemes and underlying documents.
of the Purchase Price Allocation (PPA) method, which We have evaluated competence, capabilities and
We have verified, on a sample basis, the underlying involves allocating the purchase consideration to the independence of the experts engaged by the Group.
documentation for discounts, incentives and rebates identifiable assets acquired and liabilities assumed
recorded and disbursed during the year. based on their fair values. This involves complexity and We have involved our valuation specialist with specialized
significant judgment in fair value assessments. skills and knowledge to assist in:
We have compared the historical trend of payments and
reversal of discounts, incentives and rebates to provisions • Evaluating the appropriateness of the valuation
made to assess the current year accruals. Considering the complexity and significant judgment
required in fair value assessments, combined with the methodologies applied and also, to test the inputs to
Regulations - Litigations and claims material magnitude of the acquisitions undertaken the valuation models used to determine the value of
See Note 1(B)(l), 24, and 37 to consolidated financial statements by the Group, this matter has been identified as a Property, Plant and Equipment and intangible assets.
key audit matter. • Evaluating the key assumptions such as discount rate,
The key audit matter How the matter was addressed in our audit
The Company operates in various States within India Our audit procedures included: royalty rate, growth rate etc. by comparing it to a
and is exposed to different Central and State/Local range of rates that were independently developed
We understood the processes, evaluated the design and using publicly available market indices and market
laws, regulations and interpretations thereof. Due to a
implementation and tested the operating effectiveness data for comparable entities.
complex regulatory environment, there is an inherent
of the Company’s controls over the recording and re-
risk of litigations and claims.
assessment of uncertain legal positions, claims (including • Evaluating market rates and replacement cost basis
Consequently, provisions and contingent liability claims receivable) and contingent liabilities. knowledge of the business and independent market
disclosures may arise from indirect tax proceedings, sources to develop the fair value of property, plant and
We have gained an understanding of outstanding
legal proceedings, including regulatory and other
litigations against the Company from the Company’s equipment.
government/ department proceedings, as well as
inhouse legal counsel and other key managerial personnel
investigations by authorities and commercial claims. We have involved our indirect tax specialist with
who have knowledge of these matters.
The Company applies significant judgement in estimating specialised skills and knowledge to assist in evaluating the
We have read the correspondence between the Company
the likelihood of the future outcome in each case and management judgement to recognise and measure fair
and the various indirect tax/legal authorities and the legal
in determining the provisions or disclosures required for value of indirect tax litigations, for selected matters.
opinions of external legal advisors, where applicable, for
each matter.
significant matters. We have assessed the adequacy of the disclosures
Resolution of tax and legal proceedings may span over
We have challenged the Company’s estimate of the in respect of the acquisition in accordance with the
multiple years due to the highly complex nature and
possible outcome of the disputed cases based on requirements of Ind AS 103.3.
magnitude of the legal matters involved and may involve
applicable indirect tax laws and legal precedence by
protracted negotiation or litigation.
involving our tax specialists.
These estimates and outcome could change significantly
We have assessed the adequacy of the amount of
over time as new facts emerge and each legal case
provision and disclosures in respect of contingent liabilities
progresses.
for indirect tax and legal matters.
Given the inherent complexity and magnitude of
potential exposures and the judgement necessary
to estimate the amount of provisions required or to
determine required disclosures, this is a key audit matter.

402 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 403
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Independent Auditor’s Report (Contd.)

Other Information • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
The Holding Company’s Management and Board of Directors are responsible for the other information. The other
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
information comprises the information included in the Holding Company’s annual report, but does not include the
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
financial statements and auditor’s reports thereon. The Holding Company’s annual report is expected to be made
misrepresentations, or the override of internal control.
available to us after the date of this auditor’s report.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
Our opinion on the consolidated financial statements does not cover the other information and we will not express any
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our
form of assurance conclusion thereon.
opinion on whether the company has adequate internal financial controls with reference to financial statements in
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information place and the operating effectiveness of such controls.
identified above when it becomes available and, in doing so, consider whether the other information is materially
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to
related disclosures made by the Management and Board of Directors.
be materially misstated.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of
When we read the Holding Company’s annual report, if we conclude that there is a material misstatement therein, we
accounting in preparation of consolidated financial statements and, based on the audit evidence obtained, whether
are required to communicate the matter to those charged with governance and describe actions applicable under the
a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness
applicable laws and regulations.
of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our
Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Statements auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
The Holding Company’s Management and Board of Directors are responsible for the preparation and presentation of
auditor’s report. However, future events or conditions may cause the Group and its associates and joint venture to
these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the
cease to continue as a going concern.
consolidated state of affairs, consolidated profit/ loss and other comprehensive income, consolidated statement of
changes in equity and consolidated cash flows of the Group including its associates and joint venture in accordance • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
under Section 133 of the Act. The respective Management and Board of Directors of the companies included in the Group manner that achieves fair presentation.
and respective Management and Board of Directors of its associates and joint venture are responsible for maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of each • Obtain sufficient appropriate audit evidence regarding the financial statements/financial information of such entities
Company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate or business activities within the Group and its associates and joint venture to express an opinion on the consolidated
accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation financial statements. We are responsible for the direction, supervision and performance of the audit of the financial
and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and statements/financial information of such entities included in the consolidated financial statements of which we are
completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial the independent auditors. For the other entities included in the consolidated financial statements, which have been
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which audited by one of the joint auditors of the Parent and other auditors, such one of the joint auditors of the Parent
have been used for the purpose of preparation of the consolidated financial statements by the Management and Board and other auditors remain responsible for the direction, supervision and performance of the audits carried out by
of Directors of the Holding Company, as aforesaid. them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in
paragraph (a) and (b) of the section titled “Other Matters” in this audit report.
In preparing the consolidated financial statements, the respective Management and Board of Directors of the companies
included in the Group and of its associates and joint venture are responsible for assessing the ability of each company We communicate with those charged with governance of the Holding Company and such other entities included in
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern the consolidated financial statements of which we are the independent auditors regarding, among other matters, the
basis of accounting unless the respective Board of Directors either intends to liquidate the Company or to cease planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
operations, or has no realistic alternative but to do so. control that we identify during our audit.

The respective Board of Directors of the companies included in the Group and the respective Board of Directors of its We also provide those charged with governance with a statement that we have complied with relevant ethical
associates and joint venture are responsible for overseeing the financial reporting process of each Company. requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
From the matters communicated with those charged with governance, we determine those matters that were of most
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole significance in the audit of the consolidated financial statements of the current period and are therefore the key audit
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic benefits of such communication.
decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

404 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 405
 Financial statements

Independent Auditor’s Report (Contd.)

Other Matters Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of this matter with respect to the financial statements/financial information certified
a. We did not audit the financial statements / financial information of 21 subsidiaries and 3 entities which became
by the Management.
subsidiaries with effect from 10th July 2024, whose financial statements/financial information reflects total assets
(before consolidation adjustments) of ` 21,295.50 Crores as at 31 March 2025, total revenues (before consolidation
adjustments) of ` 4,521.71 Crores and net cash outflows (before consolidation adjustments) amounting to Report on Other Legal and Regulatory Requirements
` 515.42 Crores for the year ended on that date as considered in the consolidated financial statements. The 1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of
consolidated financial statements also include the Group’s share of net profit after tax (before consolidation India in terms of Section 143(11) of the Act, we give in the “Annexure A” a statement on the matters specified in
adjustments) of Rs 3.31 crores for the year ended 31 March 2025, in respect of 1 joint venture and 3 entities which paragraphs 3 and 4 of the Order, to the extent applicable.
were associates until 09 July 2024, whose financial statements/financial information have not been audited by us.
These financial statements/financial information have been audited by other auditors whose reports have been 2(A) As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the one of the
furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates joint auditors of the Parent and other auditors on separate/consolidated financial statements of such subsidiaries,
to the amounts and disclosures included in respect of these subsidiaries and associates, and our report in terms associates and joint venture as were audited by the one of the joint auditors of the Parent and other auditors, as
of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, associates and joint noted in the “Other Matters” paragraph, we report, to the extent applicable, that:
venture is based solely on the reports of the other auditors. a. We have sought and obtained all the information and explanations which to the best of our knowledge and
b. The consolidated annual financial statements include the Group’s share of net loss after tax (and other belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
comprehensive income) of ` 6.37 crores crores for the year ended 31 March 2025, as considered in the consolidated b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid
financial statements, in respect of 6 associates whose financial statements have been audited by one of the joint consolidated financial statements have been kept so far as it appears from our examination of those books
auditors of the Parent. The independent auditor’s report on the financial statements of these entities have been and the reports of the one of the joint auditors of the Parent and other auditors except for the matters stated
furnished to us by the management and our opinion on the financial statements, in so far as it relates to the in the paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
amounts and disclosures included in respect of these entities, is based solely on the report of one of the joint
auditors of the parent and the procedures performed by us as stated in the paragraph above. c. The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated statement of cash flows
The consolidated annual financial statements also include the audited financial statement of one Trust, whose dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of
financial statements reflect total assets (before consolidation adjustments) of ` 419.89 Crores as at 31 March 2025, preparation of the consolidated financial statements.
total revenue (before consolidation adjustments) of ` Nil Crores and total net profit after tax (before consolidation
adjustments) of ` 8.49 Crores, and net cash outflows (before consolidation adjustments) of d. In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section
` 22.86 Crores for the year ended on that date, as considered in the consolidated annual financial statements, 133 of the Act read with the overriding effect of the Scheme approved by NCLT as described in Emphasis of
which have been audited by one of the joint auditors of the Company. The independent auditor’s report on Matter paragraph above.
the financial statements of this entity has been furnished to us by the management and our opinion on the e. On the basis of the written representations received from the directors of the Holding Company as on 1 April
consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of 2025 and 7 April 2025 taken on record by the Board of Directors of the Holding Company and the reports
this entity, is based solely on the report of such an auditor and the procedures performed by us as stated in the of the statutory auditors of its subsidiaries, associates and joint venture incorporated in India, none of the
paragraph above. directors of the Group, its associate companies and joint venture incorporated in India are disqualified as on 31
March 2025 from being appointed as a director in terms of Section 164(2) of the Act.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the f. the modification relating to the maintenance of accounts and other matters connected therewith are as stated
reports of one of the joint auditors of the Parent and the other auditors. in the paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
c. The financial statements/financial information of 4 subsidiaries and 2 entities which were subsidiaries until
28 March 2025, whose financial statements/financial information reflects total assets (before consolidation g. With respect to the adequacy of the internal financial controls with reference to financial statements of the
adjustments) of ` 143.18 crores as at 31 March 2025, total revenue (before consolidation adjustments) of Holding Company and its subsidiaries, associate companies and joint venture incorporated in India and the
` 22.09 crores and net cash inflows (before consolidation adjustments) amounting to ` 0.13 crores for the year operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
ended on that date, as considered in the consolidated financial statements, have not been audited either by us or
by other auditors. The consolidated financial statements also include the Group’s share of net loss after tax (before B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
consolidation adjustments) of ` 7.53 crores for the year ended 31 March 2025, as considered in the consolidated Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the
financial statements, in respect of 2 associates and 3 entities which were associates until 28 March 2025, whose explanations given to us and based on the consideration of the reports of one of the joint auditors of the Parent
financial statements/financial information have not been audited by us or by other auditors. These unaudited and other auditors on separate/ consolidated financial statements of the subsidiaries, associates and joint venture
financial statements/unaudited financial information have been furnished to us by the Management and our as noted in the “Other Matters” paragraph:
opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in a. The consolidated financial statements disclose the impact of pending litigations as at 31 March 2025 on the
respect of these subsidiaries and associate, and our report in terms of sub-section (3) of Section 143 of the Act in so consolidated financial position of the Group, its associates and joint venture. Refer Note 37 to the consolidated
far as it relates to the aforesaid subsidiaries and associate, is based solely on such unaudited financial statements/ financial statements.
financial information. In our opinion and according to the information and explanations given to us by the
Management, these financial statements/financial information are not material to the Group. b. Provision has been made in the consolidated financial statements, as required under the applicable law or Ind
AS, for material foreseeable losses, on long-term contracts including derivative contracts. Refer Note 54 to the

406 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 407
 Financial statements

Independent Auditor’s Report (Contd.)

consolidated financial statements in respect of such items as it relates to the Group, its associates and joint i) In respect of Holding Company, for one of the accounting software the feature of audit trail (edit log
venture. facility) was not enabled at the database level to log any direct data changes upto 9 August 2024.

c. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Holding ii) In respect of business acquired by the Holding Company, for one of the accounting software relating to
Company or its subsidiaries, associate companies and joint venture incorporated in India during the year ended that business, the feature of audit trail (edit log facility) was not enabled at the application level and at
31 March 2025. the database level to log any direct data changes upto 28 February 2025

d (i) The respective management of the Holding Company and its subsidiaries, associate companies and joint iii) In respect of six associates, for one of the accounting software, the feature of audit trail (edit log facility)
venture incorporated in India whose financial statements/financial information have been audited under was not enabled at the database level, specifically to capture direct data changes, was implemented only
the Act have represented to us, one of the joint auditors of the Parent and the other auditors of such from 18 January 2025. Although controls restricting database administrator access were in place, audit
subsidiaries, associates and joint venture respectively that, to the best of their knowledge and belief, as logs for the period from 01 April 2024 to 17 January 2025 were not available to evidence any changes
disclosed in the Note 64(vi) to the consolidated financial statements, no funds have been advanced or made directly at the database level or modifications to administrative privileges during the period.
loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Holding Company or any of such subsidiaries, associates and joint venture to or in any other Further for the periods where audit trail (edit log) facility was enabled and operated throughout the year, we
person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether did not come across any instance of the audit trail feature being tampered with. Additionally, other than for the
recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other softwares where audit trail (edit log) facility was not enabled in the previous year, the audit trail has been preserved
persons or entities identified in any manner whatsoever by or on behalf of the Holding Company or any by the Holding Company, subsidiaries, associates and joint venture as per the statutory requirements for record
of such subsidiaries, associates and joint venture (“Ultimate Beneficiaries”) or provide any guarantee, retention.
security or the like on behalf of the Ultimate Beneficiaries.
C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
(ii) The respective management of the Holding Company and its subsidiaries, associate companies and joint
In our opinion and according to the information and explanations given to us and based on the reports of the
venture incorporated in India whose financial statements/financial information have been audited under
statutory auditors of such subsidiaries, associates and joint venture incorporated in India which were not audited by
the Act have represented to us, one of the joint auditors of the Parent and the other auditors of such
us, the remuneration paid during the current year by the Holding Company and its subsidiaries, associates and joint
subsidiaries, associates and joint venture respectively that, to the best of their knowledge and belief,
venture to its directors is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any
as disclosed in the Note 64(vii) to the consolidated financial statements, no funds have been received
director by the Holding Company and its subsidiaries, associates and joint venture is not in excess of the limit laid
by the Holding Company or any of such subsidiaries, associates and joint venture from any person(s) or
down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section
entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in
197(16) of the Act which are required to be commented upon by us.
writing or otherwise, that the Holding Company or any of such subsidiaries, associates and joint venture
shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries. For B S R & Co. LLP For KKC & Associates LLP
Chartered Accountants (formerly Khimji Kunverji & Co LLP)
(iii) Based on the audit procedures that have been considered reasonable and appropriate in the Firm’s Registration No.: 101248W/W-100022 Chartered Accountants
circumstances by us and that performed by the auditors of the subsidiaries, associates and joint venture Firm’s Registration No.: 105146W/W100621
incorporated in India whose financial statements/financial information have been audited under
the Act nothing has come to our or one of the joint auditors of the Parent or other auditors notice
that has caused us or one of the joint auditors of the Parent or the other auditors to believe that the Vikas R Kasat Hasmukh B Dedhia
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any Partner Partner
material misstatement. Membership No: 105317 Membership No: 033494
ICAI UDIN: 25105317BMOOEH6504 ICAI UDIN: 25033494BMJKDJ665
e. The final dividend paid by the Holding Company and its subsidiaries, associate companies and joint venture
Company incorporated in India during the year, in respect of the same declared for the previous year, is in
Mumbai Mumbai
accordance with Section 123 of the Act to the extent it applies to payment of dividend.
28 April 2025 28 April 2025
As stated in Note 55 to the consolidated financial statements, the respective Board of Directors of the Holding
Company have proposed final dividend for the year which is subject to the approval of the respective members
at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to
the extent it applies to declaration of dividend.

f. Based on our examination which included test checks and that performed by the respective auditors of the
subsidiaries, associate companies and joint venture incorporated in India whose financial statements have been
audited under the Act, except for the instances mentioned below, the Holding Company and its subsidiaries,
associate companies and joint venture have used an accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year
for all relevant transactions recorded in the software.

408 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 409
 Financial statements

Annexure A to the Independent Auditor’s Report on the Consolidated Financial Annexure A to the Independent Auditor’s Report on the Consolidated Financial Statements of
Statements of UltraTech Cement Limited for the year ended 31 March 2025 UltraTech Cement Limited for the year ended 31 March 2025 (Contd.)

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our The above does not include comments, if any, in respect of the following entities as the CARO report relating to them
report of even date) has not been issued by its auditor till the date of principal auditor’s report.
Name of the entities CIN Subsidiary/ Associate
(xxi) In our opinion and according to the information and explanations given to us, following companies incorporated
in India and included in the consolidated financial statements, have unfavourable remarks, qualification or adverse Letein Valley Cement Limited U23941ML2024PLC014073 Subsidiary
remarks given by the respective auditors in their reports under the Companies (Auditor’s Report) Order, 2020
Madanpur (North) Coal Company Private Limited U10101CT2007PTC020161 Associate
(CARO):

Holding Company/ Clause number of the CARO

Sr.
Name of the entities CIN Subsidiary/Joint report which is unfavourable
No.
Venture/ Associate or qualified or adverse
For B S R & Co. LLP For KKC & Associates LLP
1. Bhagwati Limestone Company Private U14101RJ1993PTC007788 Subsidiary Clause xvii
Chartered Accountants (formerly Khimji Kunverji & Co LLP)
Limited
Firm’s Registration No.: 101248W/W-100022 Chartered Accountants
2. Harish Cement Limited U26941HP1996PLC019173 Subsidiary Clause xvii Firm’s Registration No.: 105146W/W100621

3. Aditya Birla Renewables SPV 1 Limited U40300MH2017PLC296313 Associate Clause i(a)

4. ABRel (RJ) Project Limited U40300MH2022PLC393282 Associate Clause ix(d), xvii

5 Aditya Birla Renewables Energy U40100MH2020PLC339362 Associate Clause i(a), ix(d) Vikas R Kasat Hasmukh B Dedhia
Limited Partner Partner
Membership No: 105317 Membership No: 033494
6 ABRel (MP) Renewables Limited U40106MH2022PLC384701 Associate Clause ix(d), xvii ICAI UDIN: 25105317BMOOEH6504 ICAI UDIN: 25033494BMJKDJ665
7. ABRel Green Energy Limited U40200MH2022PLC385194 Associate Clause i(a), ix(d), xvii
Mumbai Mumbai
8. ABReL (Odisha) SPV Limited U40109MH2022PLC384633 Associate Clause i(a), vii(a), xvii 28 April 2025 28 April 2025
9. Bhaskarpara Coal Company Limited U10100CT2008PLC020943 Joint Venture Clause i(c)

10. The India Cements Limited L26942TN1946PLC000931 Subsidiary Clause ii(b), iii(c), iii(f),
ix(a), xvii

11. India Cements Infrastructures Limited U74999TN2013PLC089487 Subsidiary Clause i(c), ix(a), xvii

12. ICL International Limited U51909TN1993PLC026057 Subsidiary Clause xvii

13. ICL Securities Limited U65993TN1994PLC029713 Subsidiary Clause iii(c), iii(f), xvi(c)

14. ICL Financial Services Limited U65991TN1993PLC026056 Subsidiary Clause iii(c), iii(f), xvi(c)

15. Industrial Chemical & Monomers U24111TN1979PLC007911 Subsidiary Clause xvii, xix
Private Limited

410 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 411
 Financial statements

Annexure B to the Independent Auditor’s Report on the consolidated financial Annexure B to the Independent Auditor’s Report on the consolidated financial statements of
statements of UltraTech Cement Limited for the year ended 31 March 2025 UltraTech Cement Limited for the year ended 31 March 2025 (Contd.)

Report on the internal financial controls with reference to the aforesaid consolidated financial statements Meaning of Internal Financial Controls with Reference to Financial Statements
under Clause (i) of Sub-section 3 of Section 143 of the Act
A company’s internal financial controls with reference to financial statements is a process designed to provide
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
report of even date) external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls
with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of
Opinion records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
In conjunction with our audit of the consolidated financial statements of UltraTech Cement Limited (hereinafter referred
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
to as “the Holding Company”) as of and for the year ended 31 March 2025, we have audited the internal financial
of the company are being made only in accordance with authorisations of management and directors of the company;
controls with reference to financial statements of the Holding Company and such companies incorporated in India
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
under the Act which are its subsidiaries, its associates and joint venture company, as of that date.
disposition of the company’s assets that could have a material effect on the financial statements.
In our opinion and based on the consideration of the reports of the one of the joint auditors of the Parent and other
auditors on internal financial controls with reference to financial statements/financial information of subsidiaries and Inherent Limitations of Internal Financial Controls with Reference to Financial Statements
associates, as were audited by the one of the joint auditors of the Parent and other auditors, the Holding Company
Because of the inherent limitations of internal financial controls with reference to financial statements, including the
and such companies incorporated in India which are its subsidiaries, associates and joint venture, have, in all material
possibility of collusion or improper management override of controls, material misstatements due to error or fraud
respects, adequate internal financial controls with reference to financial statements and such internal financial controls
may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference
were operating effectively as at 31 March 2025, based on the internal financial controls with reference to financial
to financial statements to future periods are subject to the risk that the internal financial controls with reference to
statements criteria established by such companies considering the essential components of such internal controls
financial statements may become inadequate because of changes in conditions, or that the degree of compliance with
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
the policies or procedures may deteriorate.
Chartered Accountants of India (the “Guidance Note”).
Other Matters
Management’s and Board of Directors’ Responsibilities for Internal Financial Controls

The respective Company’s Management and the Board of Directors are responsible for establishing and maintaining Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
internal financial controls based on the internal financial controls with reference to financial statements criteria financial controls with reference to financial statements/financial information insofar as it relates to nine subsidiaries
established by the respective company considering the essential components of internal control stated in the Guidance and six associates and a joint venture, which are companies incorporated in India, is based on the corresponding reports
Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls of the auditors of such companies incorporated in India.
that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Our opinion is not modified in respect of above matters.
the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Act.
For B S R & Co. LLP For KKC & Associates LLP
Auditor’s Responsibility Chartered Accountants (formerly Khimji Kunverji & Co LLP)
Firm’s Registration No.: 101248W/W-100022 Chartered Accountants
Our responsibility is to express an opinion on the internal financial controls with reference to financial statements based Firm’s Registration No.: 105146W/W100621
on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed
under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to
financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with
reference to financial statements were established and maintained and if such controls operated effectively in all Vikas R Kasat Hasmukh B Dedhia
material respects. Partner Partner
Membership No: 105317 Membership No: 033494
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
ICAI UDIN: 25105317BMOOEH6504 ICAI UDIN: 25033494BMJKDJ665
with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with
reference to financial statements included obtaining an understanding of internal financial controls with reference
Mumbai Mumbai
to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and
28 April 2025 28 April 2025
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by one of the joint auditors of the
Parent and other auditors of the relevant subsidiaries, associates and joint venture in terms of their reports referred to in
the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal
financial controls with reference to financial statements.

412 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 413
 Financial statements

Consolidated Balance Sheet Consolidated Statement of Profit and Loss

as at March 31, 2025 for the Year ended March 31, 2025

` in Crores ` in Crores
As at Year ended Year ended
Particulars Note No. As at March 31, 2025 Particulars Note No.
March 31, 2024 March 31, 2025 March 31, 2024
ASSETS
Non-Current Assets Revenue from Operations 25 75,955.13 70,908.14
Property, Plant and Equipment 2 76,015.19 50,126.09 Other Income 26 744.17 616.95
Capital Work-in-Progress 2 6,188.27 6,782.77
Goodwill 2 7,681.78 6,345.49 Total Income (I) 76,699.30 71,525.09
Other Intangible Assets 2 10,031.52 5,489.76 Expenses
Intangible Assets under development 2 45.92 28.41
Right of Use Assets 3(A) 835.73 916.27 Cost of Materials Consumed 27 11,821.72 10,252.41
1,00,798.41 69,688.79 Purchases of Stock-in-Trade 28 1,869.74 1,733.86
Investments Accounted using Equity Method 4 300.12 968.94
Financial Assets Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 29 12.27 (83.35)
Investments 5 1,997.28 1,795.21 Employee Benefits Expense 30 3,604.59 3,037.58
Loans 6 16.21 8.31
Other Financial Assets 7 2,933.16 1,457.23
Finance Costs 31 1,650.54 968.00
4,946.65 3,260.75 Depreciation and Amortisation Expense 32 4,014.95 3,145.30
Deferred Tax Assets (Net) 8 65.09 4.90 Power and Fuel Expense 18,419.15 18,283.32
Income Tax Assets (Net) 857.91 456.03
Other Non-Current Assets 9 2,991.77 3,264.23 Freight and Forwarding Expense 33 17,459.83 15,880.67
Total Non-Current Assets 1,09,959.95 77,643.64 Other Expenses 34 10,210.38 8,835.09
Current Assets
Inventories 10 9,562.98 8,329.74 Total Expenses (II) 69,063.17 62,052.88
Financial Assets Profit before Exceptional Items, Share in Profit / (Loss) of Associates and Joint 7,636.13 9,472.21
Investments 11 2,859.07 5,484.80
Trade Receivables 12 5,890.25 4,278.16 Venture and Tax expense (I)-(II)
Cash and Cash Equivalents 13 467.21 553.58 Exceptional Items
Bank Balances other than Cash and Cash Equivalents 14 1,206.11 229.63
Loans 6 10.00 8.91 Stamp duty on Business Combination 40 & 43 88.08 72.00
Other Financial Assets 7 1,298.68 2,310.35 Impairment on Asset held for Sale 9.35 -
11,731.32 12,865.43
Income Tax Assets (Net) 58.00 0.07 Profit before Share in Profit / (Loss) of Associates and Joint Venture and Tax 7,538.70 9,400.21
Other Current Assets 15 2,247.21 1,948.23 Expense
Total Current Assets 23,599.51 23,143.47 Share in Profit / (Loss) of Associate and Joint Venture (net of Tax expense) (10.57) 22.01
Assets held for sale 59 137.69 14.90
TOTAL ASSETS 1,33,697.15 1,00,802.01 Profit before Tax Expense 7,528.13 9,422.22
EQUITY AND LIABILITIES Tax Expense:
EQUITY
Equity Share Capital 16 (a) 294.68 288.69 Current Tax Charge 828.29 2,218.48
Other Equity 16 (b) 70,411.53 59,938.78 Deferred Tax Charge 8 & 20 660.20 199.78
Non-Controlling Interest 3,186.59 55.94
73,892.80 60,283.41 Total Tax Expense 1,488.49 2,418.26
Share Application Money Pending Allotment 0.56 0.01 Profit for the period (III) 6,039.64 7,003.96
LIABILITIES
Non-Current Liabilities Profit / (Loss) attributable to Non-Controlling Interest 0.53 (1.04)
Financial Liabilities Profit attributable to Owners of the Parent 6,039.11 7,005.00
Borrowings 17 15,780.77 5,307.78
Lease Liabilities 3(B) 868.21 942.11 Other Comprehensive Income/(Loss) 35
Other Financial Liabilities 18 287.82 240.86 A (i) Items that will not be reclassified to Profit or Loss 701.86 (42.12)
16,936.80 6,490.75 (ii) Income Tax Relating to Items that will not be reclassified to Profit or Loss (98.83) 10.45
Provisions 19 892.09 670.57
Deferred Tax Liabilities (Net) 20 9,579.44 6,447.78 B (i) Items that will be reclassified to Profit or Loss 80.64 61.60
Other Non-Current Liabilities 21 30.49 3.53 (ii) Income Tax Relating to Items that will be reclassified to Profit or Loss (11.86) 4.56
Total Non-Current Liabilities 27,438.82 13,612.63
Current Liabilities Other Comprehensive Income/ (Loss) for the Year (IV) 671.81 34.49
Financial Liabilities Other Comprehensive Income/ (Loss) attributable to Non-Controlling Interest 33.54 1.35
Borrowings 22 7,250.22 4,990.61
Lease Liabilities 3(B) 202.98 162.45 Other Comprehensive Income/ (Loss) attributable to Owners of the Parent 638.27 33.14
Trade Payables Total Comprehensive Income for the Year (III+IV) 6,711.45 7,038.45
Total outstanding dues of Micro and Small Enterprises 23 272.52 254.19
Total outstanding dues of other than Micro and Small Enterprises 23 9,054.96 8,224.14 Total Comprehensive Income/ (Loss) attributable to Non-Controlling Interest 34.07 0.31
Other Financial Liabilities 18 6,552.32 5,326.92 Total Comprehensive Income attributable to Owners of the Parent 6,677.38 7,038.14
23,333.00 18,958.31
Other Current Liabilities 24 6,692.18 5,706.68 Earnings Per Equity Share (Face Value ` 10 each) 48
Provisions 19 350.21 257.50 Basic (in `) 205.30 243.05
Current Tax Liabilities (Net) 1,989.58 1,983.47
Total Current Liabilities 32,364.97 26,905.96 Diluted (in `) 205.13 242.87
TOTAL EQUITY AND LIABILITIES 1,33,697.15 1,00,802.01 Material Accounting Policies 1
Material Accounting Policies 1
The accompanying notes form an integral part of the Consolidated Financial Statements.
The accompanying notes form an integral part of the Consolidated Financial Statements.
In terms of our report of even date attached.
In terms of our report of even date attached.
For B S R & Co. LLP For KKC & Associates LLP For and on behalf of the Board of Directors For B S R & Co. LLP For KKC & Associates LLP For and on behalf of the Board of Directors
(Formerly known as Khimji Kunverji & Co LLP) (Formerly known as Khimji Kunverji & Co LLP)
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621 Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621

VIKAS R KASAT HASMUKH B DEDHIA K.C.JHANWAR VIVEK AGRAWAL VIKAS R KASAT HASMUKH B DEDHIA K.C.JHANWAR VIVEK AGRAWAL
Partner Partner Managing Director Wholetime Director Partner Partner Managing Director Wholetime Director
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212 Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212

ATUL DAGA S.K. CHATTERJEE ATUL DAGA S.K. CHATTERJEE

Mumbai: April 28, 2025 Chief Financial Officer Company Secretary Mumbai: April 28, 2025 Chief Financial Officer Company Secretary

414 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 415
 Financial statements

Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity

for the Year ended March 31, 2025 for the Year ended March 31, 2025

A. Equity Share Capital For the year ended March 31, 2024 ` in Crores
For the year ended March 31, 2025 ` in Crores Particulars Attributable to Owners of the Parent Attributable Total Other
Reserves & Surplus Other Comprehensive Income Total Other to Non Equity
Balance as at April 01, 2024 Changes in Equity Share Capital during the year Balance as at March 31, 2025 Equity Controlling
Capital Securities Debenture General Share Option Treasury Retained Cash Flow Equity Exchange
Reserve Premium Redemption Reserve Outstanding Shares Earnings Hedge instruments differences on Attributable Interest
288.69 5.99 294.68 to Owners of
Reserve Reserve # @@ Reserve through Other translating
Comprehensive the financial the Parent
Income statements
For the year ended March 31, 2024 ` in Crores of foreign
operations
Balance as at April 01, 2023 Changes in Equity Share Capital during the year Balance as at March 31, 2024 Balance as at April 01, 2023 170.72 5,484.44 37.50 39,324.73 80.18 (256.86) 9,046.30 (160.79) - 309.63 54,035.85 55.63 54,091.48
Profit for the year - - - - - - 7,005.00 - - - 7,005.00 (1.04) 7,003.96
288.69 -* 288.69
Other Comprehensive
- - - - - - - - - - - - -
* Equity Share Capital of ` 56,600 increased in the previous year Income / (Loss) for the year
Remeasurement gain / (loss)
- - - - - - (31.59)* - - - (31.59) (0.08) (31.67)
B. Other Equity on defined benefit plan
For the year ended March 31, 2025 ` in Crores Effective portion of gains /
(loss) on hedging instruments - - - - - - - (14.61)@ - 41.09 26.48 1.43 27.91
Particulars Attributable to Owners of the Parent Attributable Total Other and FCTR
Reserves & Surplus Other Comprehensive Income Total Other to Non Equity
Effective portion of gains
Capital Securities Debenture General Share Option Treasury Retained Cash Flow Equity Exchange Equity Controlling
/ (loss) on Net investment - - - - - - - - - 38.25 38.25 - 38.25
Reserve Premium Redemption Reserve Outstanding Shares Earnings Hedge instruments through differences on Attributable to Interest
hedging
Reserve Reserve # @@ Reserve Other Comprehensive translating Owners of the
Income/ Associates the financial Parent Total Comprehensive
- - - - - - 6,973.41 (14.61) - 79.34 7,038.14 0.31 7,038.45
Share of OCI statements Income / (Loss) for the year
of foreign Purchase of Treasury Shares - - - - - (100.41) - - - - (100.41) - (100.41)
operations Issue of Treasury Shares - - - - 0.47 15.61 - - - - 16.08 - 16.08
Balance as on April 1, 2024 170.72 5,487.36 37.50 44,324.73 121.96 (341.66) 9,924.60 (175.40) - 388.97 59,938.78 55.94 59,994.72 Contribution by and
Profit for the year - - - - - - 6,039.11 - - - 6,039.11 0.53 6,039.64 - - - - - - - - - - - - -
Distribution to Owners
Other Comprehensive Dividend - - - - - - (1,095.11)## - - - (1,095.11) - (1,095.11)
Income / (Loss) for the year
Transfer to Retained Earnings - - - 5,000.00 - - (5,000.00) - - - - -
Remeasurement gain /
(loss) on defined benefit - - - - - - 19.44* - - - 19.44 - 19.44 Employees Stock Options
- 2.92 - - (1.06) - - - - - 1.86 - 1.86
plan Exercised
Effective portion of Employees Stock Options
- - - - 42.37 - - - - - 42.37 - 42.37
gains / (loss) on hedging - - - - - - - 2.90** 550.05@ 64.02 616.97 33.54 650.51 Granted (Net of Lapses)
instruments and FCTR Total Contribution by and
- 2.92 - 5,000.00 41.31 - (6,095.11) - - - (1,050.88) - (1,050.88)
Effective portion of gains Distribution to Owners
/ (loss) on Net investment - - - - - - - - 1.86 1.86 - 1.86 Balance as at March 31, 2024 170.72 5,487.36 37.50 44,324.73 121.96 (341.66) 9,924.60 (175.40) - 388.97 59,938.78 55.94 59,994.72
hedging
# Net of Deferred Employees Compensation Expenses ` 51.19 Crores.
Gain/(Loss) of Equity
Instruments designated @@
as FVTOCI transfered - - - - - - 561.80 (561.80) - - - - The Company has formed an Employee Welfare Trust for purchasing Company’s share to be alloted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018).
to Retained Earnings / As per Ind AS 32 - Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and deducted from equity.
Associates Share of OCI * Net of Tax amounting to ` 10.45 Crores.
Total Comprehensive @ Net of Tax amounting to ` 4.56 Crores.
- - - - - - 6,620.35 2.90 (11.75) 65.88 6,677.38 34.07 6,711.45
Income / (Loss) for the year ## Dividend of ` 38/- per share
Purchase of Treasury
- - - - - (100.29) - - - - (100.29) - (100.29)
Shares Material Accounting Policies Note 1
Issue of Treasury Shares - - - - 6.26 25.05 - - - - 31.31 - 31.31
Contribution by and
Distribution to Owners
Dividend - - - - - - (2,017.40)## - - (2,017.40) - (2,017.40)
Issue of Debentures at The accompanying notes form an integral part of the Consolidated Financial Statements.
- 0.76 - - - - - - - - 0.76 - 0.76
premium
Issue of Shares pursuant to In terms of our report of even date attached.
Composite Scheme (Refer - 5,818.46 - - - - - - - - 5,818.46 - 5,818.46
Note 37)
For B S R & Co. LLP For KKC & Associates LLP For and on behalf of the Board of Directors
Transfer from Retained (Formerly known as Khimji Kunverji & Co LLP)
- - - 3,500.00 - - (3,500.00) - - - - - -
Earnings Chartered Accountants Chartered Accountants
Employees Stock Options Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621
- 4.43 - - (3.00) - - - - - 1.43 - 1.43
Exercised
Employees Stock Options
Granted (Net of Lapses)
- - - - 49.24 - - - - - 49.24 - 49.24 VIKAS R KASAT HASMUKH B DEDHIA K.C.JHANWAR VIVEK AGRAWAL
Total Contribution by and Partner Partner Managing Director Wholetime Director
- 5,823.65 - 3,500.00 46.24 - (5,517.40) - - - 3,852.49 - 3,852.49
Distribution to Owners Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212
Changes in Ownership
Interests ATUL DAGA S.K. CHATTERJEE
Acquisition of subsidiary Mumbai: April 28, 2025
- - - - - - - - - - - 6,581.74 6,581.74 Chief Financial Officer Company Secretary
with NCI (Refer note 41 & 42)
Additional stake acquired
without loosing control - - - - - - 11.86 - - - 11.86 (3,485.17) (3,473.31)
(Refer note 41 & 42)
Balance as on
170.72 11,311.01 37.50 47,824.73 174.46 (416.90) 11,039.41 (172.50) (11.75) 454.85 70,411.53 3,186.59 73,598.12
March 31, 2025
# Net of Deferred Employees Compensation Expenses ` 63.23 Crores.
@@ The Company has formed an Employee Welfare Trust for purchasing Company’s share to be alloted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As per Ind AS
32 - Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and deducted from equity.
* Net of Tax amounting to ` 7.04 Crores.
** Net of Deferred Tax amounting to ` 11.24 Crores.
@ Net of Deferred Tax amouting to ` 91.79 Crores.
## Dividend of ` 70 /- per share

416 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 417
 Financial statements

Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows

for the year ended March 31, 2025 for the year ended March 31, 2025

` in Crores ` in Crores

Year ended Year ended Year ended Year ended

Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
(A) Cash Flows from Operating Activities: (C) Cash Flows from Financing Activities:
Profit Before tax 7,528.13 9,422.22 Proceeds from Issue of Share Capital on exercise of ESOS 2.00 1.87
Adjustments for: Purchase of Treasury Shares (100.29) (100.41)
Depreciation and Amortisation Expense (Refer Note 32) 4,014.95 3,145.30 Proceeds from Issue of Treasury Shares 31.31 16.08
Gain on Fair Valuation of Investments (111.91) (206.06) Repayment of Non-Current Borrowings (550.31) (1,068.71)
Gain on Fair Valuation of SGST / VAT Deferment Loan (48.50) (13.42) Proceeds from Non-Current Borrowings 7,341.32 439.63
Unrealised Exchange (Gain)/ Loss 58.29 15.05 Proceeds from Current Borrowings (net) 2,068.25 958.99
Share in (Profit) / Loss on equity accounted investment 10.57 (22.01) Repayment of Lease Liabilities (165.10) (161.99)
Compensation Expenses under Employees Stock Options Scheme 51.56 43.06 Payment of Interest on Lease Liabilities (60.78) (63.22)
Allowances for credit losses on Advances / debts (net) 46.86 22.65 Interest Paid (1,478.99) (853.46)
Bad Debts Written-off 1.22 2.05 Dividend Paid (2,011.65) (1,094.43)
Excess Provision / unclaimed liabilities written back (net) (61.14) (82.76) Net Cash used in Financing Activities (C) 5,075.76 (1,925.65)
Provision for Stamp Duty on Business Combination (Refer Note 43) 88.08 72.00 (D) Net Increase in Cash and Cash Equivalents (A + B + C) (755.26) 183.77
Impairment in value of Investments - 2.50
(E) Cash and Cash Equivalents at the Beginning of the Year (Refer Note 13) 553.58 370.37
Interest Income (293.16) (240.91)
(F) Cash and Cash Equivalents acquired from Ras Al Khaimah Co. for White Cement & 1.89 -
Finance Costs 1,650.54 968.00 Construction Materials P.S.C. (RAKWCT) (Refer Note 42)
Profit on Sale / Retirement of Property, Plant and Equipment (56.38) (0.67) (G) Cash and Cash Equivalents transferred from Kesoram Industries Limited (KIL) (Refer 76.76 -
Profit on Sale of Current and Non-Current Investments (net) (233.98) (97.89) Note 40)

12,645.13 13,029.11 (H) Cash and Cash Equivalents transferred from The India Cements Limited (ICEM) (Refer 586.45 -
Note 41)
Movements in working capital:
(I) Effect of Exchange rate fluctuation on Cash and Cash Equivalents 3.79 (0.56)
Decrease/ (Increase) in Trade payables and other Liabilities (475.55) 1,959.00
(J) Cash and Cash Equivalents at the End of the Year (Refer Note 13) (D + E + F+G+H+I) 467.21 553.58
Decrease in Provisions (33.77) (29.39)
Increase in Trade receivables (607.54) (420.96) Notes:
Increase in Inventories (316.93) (1,711.53)
1. Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of
(Decrease)/ Increase in Financial and Other Assets 762.72 (278.17)
the Act.
Cash generated from Operations 11,974.06 12,548.06
Taxes paid (net of refund) (1,300.63) (1,650.52) 2. Purchase of Property, Plant and Equipment includes movements of capital work-in-progress (including capital
Net Cash generated from Operating Activities (A) 10,673.43 10,897.54 advances) during the year.
(B) Cash Flows from Investing Activities: 3. For the year ended March 31, 2025, the Composite Scheme of Arrangement with Kesoram Industries Limited does not
Purchase of Property, Plant and Equipment (9,129.33) (9,005.59) involve any cash outflow and the consideration has been discharged through issue of equity shares and preference
Proceeds from Sale of Property, Plant and Equipment 178.70 121.54 shares. (Refer Note 40)
Redemption/ (Purchase) of Liquid Investment (net) 1,142.62 (425.58)
Purchase of Investments (15,005.74) (7,203.74)
Proceeds from Sale of Investments 17,972.72 7,163.67
(Investment)/ Redemption of Non-Current Fixed Deposits with Bank and Others (612.85) 0.43
Investment in Joint Venture and Associates (149.37) (60.37)
Acquisition of Equity Shares in Subsidiary and Step-down Subsidiary (Refer Note 41 and 42) (10,112.85) -
(Investment)/ Redemption in Other Bank deposits and Others (288.03) 580.92
Investment in Other Non-Current Equity Investments (Net) (879.44) (120.80)
Proceeds from Liquidation of Step-down Subsidiaries 36.27 -
Dividend Received 0.81 0.16
Interest Received 342.03 161.24
Net Cash used in Investing Activities (B) (16,504.45) (8,788.12)

418 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 419
 Financial statements

Consolidated Statement of Cash Flows Notes

for the year ended March 31, 2025 to Consolidated Financial Statements

4. Changes in liabilities arising from financing activities Note 1: Company Overview and Material (iv) Employee’s Defined Benefit Plan as per
` in Crores actuarial valuation.
Accounting Policies:
Transferred
Non Cash (v) Assets and liabilities acquired under Business
As at
on Acquisition
changes/ Impact As at 1 (A) Company Overview
Particulars / Composite Cashflows Combination measured at fair value; and
March 31, 2024 of Foreign March 31, 2025
Scheme of
Exchange rates
UltraTech Cement Limited (“the Holding Company”) is
Arrangement
a Public Limited Company incorporated in India having (vi) Employee share based payments measured at
Non-Current Borrowing (including 5,857.16 3,559.04 6,791.01 166.99 16,374.20 its registered office at Mumbai, Maharashtra, India. fair value.
current maturities of Non-Current The Holding Company and its subsidiaries are engaged
Borrowing) Fair value is the price that would be received to
in the manufacture and sale of Cement and Cement
Current Borrowing 4,441.23 113.51 2,068.25 33.80 6,656.79 related products. The Holding Company, its subsidiaries, sell an asset or paid to transfer a liability in an
10,298.39 3,672.55 8,859.26 200.79 23,030.99 associates, and joint venture together referred to as orderly transaction between market participants
“the Company” or “the Group”. The Holding Company’s at the measurement date under current market
shares are listed on the Bombay Stock Exchange (BSE), conditions, regardless of whether that price is
Non Cash
As at changes/ Impact As at India, and the National Stock Exchange (NSE), India, directly observable or estimated using another
Particulars Cashflows
March 31, 2023 of Foreign March 31, 2024 valuation technique. In determining the fair value of
Exchange rates
Global Depository Receipts are listed on the Luxembourg
Stock Exchange and Sustainability Linked Bonds are an asset or a liability, the Group takes into account
Non-Current Borrowing (including 6,423.53 (629.08) 62.71 5,857.16 the characteristics of the asset or liability if market
current maturities of Non-Current listed on the Singapore Exchange Securities Trading
Borrowing) Limited. participants would take those characteristics into
account when pricing the asset or liability at the
Current Borrowing 3,477.25 958.99 4.99 4,441.23
1 (B) Material Accounting Policies measurement date.
9,900.78 329.91 67.70 10,298.39
(a) Statement of Compliance & Basis of
Functional and Presentation Currency
5. Cashflow from Operating Activities includes ` 618.84 Crores (March 31, 2024 ` 440.32 Crores) towards short-term lease Preparation and Presentation:
payments, payments for leases of low-value assets and variable lease payments not included in the measurement of (i) The financial statements are presented in Indian
These consolidated financial statements
the lease liability. Rupees, which is also the functional currency of the
(hereinafter referred to as “financial statements”)
Holding Company and the currency of the primary
are prepared in accordance with the Indian
6. Refer note 3(B) for cash outflows of Lease Liabilities economic environment in which the Holding
Accounting Standards (“Ind AS”) as per the
Company operates.
Material Accounting Policies Note 1 Companies (Indian Accounting Standards) Rules,
2015 and presentation requirements of Division II of (ii) Figures less than ` 50,000 have been shown
Schedule III notified under Section 133 of Companies at actual, wherever statutorily required to be
The accompanying notes form an integral part of the Consolidated Financial Statements. Act, 2013 (“the Act’’) and amendments thereto, disclosed, all other figures have been rounded off in
In terms of our report of even date attached. other relevant provisions of the Act and guidelines decimals to the nearest ` in lakhs, unless otherwise
For B S R & Co. LLP For KKC & Associates LLP For and on behalf of the Board of Directors issued by the Securities and Exchange Board of stated.
(Formerly known as Khimji Kunverji & Co LLP)
India (“SEBI”), as applicable.
Chartered Accountants Chartered Accountants
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621 Classification of Assets and Liabilities into Current/
The financial statements were authorised for issue Non-Current
VIKAS R KASAT HASMUKH B DEDHIA K.C.JHANWAR VIVEK AGRAWAL by the Board of Directors of the Company at their
Partner Partner Managing Director Wholetime Director The Group has ascertained its operating cycle as twelve
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212
meeting held on April 28, 2025.
months for the purpose of Current / Non-Current
ATUL DAGA S.K. CHATTERJEE Basis of Preparation classification of its Assets and Liabilities.
Mumbai: April 28, 2025 Chief Financial Officer Company Secretary
The financial statements have been prepared on a For the purpose of Balance Sheet, an asset is classified as
historical cost basis, except for the following assets current if:
and liabilities:
(i) It is expected to be realised, or is intended to be
(i) Derivative Financial Instruments measured at sold or consumed, in the normal operating cycle; or
fair value
(ii) It is held primarily for the purpose of trading; or
(ii) Certain financial assets and liabilities measured
(iii) It is expected to realise the asset within twelve
at fair value (refer accounting policy regarding
months after the reporting period; or
financial instruments)
(iv) The asset is a cash or cash equivalent unless it is
(iii) Assets held for sale – measured at the lower of
restricted from being exchanged or used to settle
its carrying amount and fair value less costs on
a liability for at least twelve months after the
disposal of assets and its value in use.
reporting period.

420 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 421
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

All other assets are classified as non-current. as specified in Ind AS 16 – Property, Plant and Such classes of assets and their estimated useful • Intangible Assets acquired separately:
Equipment. lives are as under:
Similarly, a liability is classified as current if: Intangible assets acquired separately are
Any gain or loss on disposal of an item of PPE is measured on initial recognition at cost. Cost
No Nature Estimated Useful life
(i) It is expected to be settled in the normal operating recognised in the Statement of Profit and Loss. comprises the purchase price (net of tax/duty
cycle; or 1 Buildings 3-60 Years credits availed wherever applicable) and any
PPE except freehold land are stated at their cost 2 Leasehold land Over the lease term directly attributable cost of bringing the assets
(ii) It is held primarily for the purpose of trading; or of acquisition/installation or construction net of 3 Plant & Equipment 8-50 Years to its working condition for its intended use.
(iii) It is due to be settled within twelve months after accumulated depreciation, and impairment losses, if Intangible assets with finite useful lives that
4 Railway Sidings 4-30 Years
the reporting period; or any. Freehold land is stated at cost less impairment are acquired separately are carried at cost less
losses, if any. 5 Office Equipment 4-7 Years
accumulated amortisation and accumulated
(iv) The Group does not have an unconditional right 6 Furniture and Fixtures 7-12 Years impairment loss, if any. Amortisation amount
to defer the settlement of the liability for at least The Company had opted for deemed cost
7 Mobile Phones 3 Years for intangible asset is the cost less estimated
twelve months after the reporting period. Terms exemption under Ind AS 101 on transition of Ind AS.
8 Company Vehicles residual values using straight line method over
of a liability that could result in its settlement by their estimated residual useful lives. The Group
Expenditure during construction period: (other than those
the issue of equity instruments at the option of the 5-12 Years determines the amortisation period as the
Expenditure/ Income during construction period provided to the
counterparty does not affect this classification. period over which the future economic benefits
(including financing cost related to borrowed funds employees)
will flow to the Group after taking into account
All other liabilities are classified as non-current. for construction or acquisition of qualifying PPE) 9 Motor Cars given to
all relevant facts and circumstances. The
is included under Capital Work-in-Progress and the employees as per 4-5 Years
Deferred tax assets and liabilities are classified as estimated useful life and amortisation method
the same is allocated to the respective PPE on the Group’s Scheme
non-current only. are reviewed periodically, with the effect of any
the completion of their construction. Advances 10 Servers and Networks 3 Years changes in estimate being accounted for on
(b) Property, Plant and Equipment (PPE): given towards acquisition or construction of PPE 11 Stores and Spares in a prospective basis. Class of intangible assets
outstanding at each reporting date are disclosed as 8-30 Years
The cost of an item of PPE is recognised as an asset the nature of PPE and their estimated useful lives / basis of
Capital Advances under “Other non-current Assets”. amortisation are as under:
if it is probable that future economic benefits 12 Assets individually
Fully Depreciated in
associated with the item will flow to the Company (c) Depreciation: costing less than or
the year of purchase Estimated Useful life / Basis of
and the cost of the item can be measured reliably. equal to ` 10,000 No Nature
Depreciation is the systematic allocation of the amortization
depreciable amount of PPE over its useful life and Depreciation on additions is provided on a pro- 1 Jetty Rights Over the period of the
The initial cost of PPE comprises its purchase price,
is provided on a straight-line basis over the useful rata basis from the month of installation or relevant agreement such that
net of any trade discounts and rebates, including
lives as prescribed in Schedule II to the Act or as per acquisition and in case of projects from the date the cumulative amortisation
import duties and non-refundable purchase taxes,
technical assessment. Freehold Land with indefinite of commencement of commercial production. is not less than the cumulative
and any directly attributable costs of bringing an
life is not depreciated. Depreciation on deductions/disposals is provided rebate availed by the Group.
asset to working condition and location for its
on a pro-rata basis up to the month preceding the
intended use, including relevant borrowing costs Depreciable amount for PPE is the cost of PPE less 2 Mining Rights Over the period of the
month of deduction/disposal.
and any expected costs of decommissioning. its estimated residual value. The useful life of PPE respective mining agreement.
is the period over which PPE is expected to be (d) Intangible Assets and Amortisation: 3 Mining On the basis of mineral
Subsequent costs incurred are included in the
available for use by the Group, or the number of Reserve material extraction
asset’s carrying amount or recognized as a separate • Internally generated Intangible Assets:
production or similar units expected to be obtained (proportion of mineral
asset, as appropriate, only when it is probable that Expenditure pertaining to research is expensed
from the asset by the Group. material extracted per annum
future economic benefits associated with the item out as and when incurred. Expenditure incurred to total estimated mining
will flow to the Group and the cost of the item In case of certain classes of PPE, the Group uses on development is capitalised as an asset if reserve)
can be measured reliably. All other repairs and different useful lives than those prescribed in it is probable that future economic benefits
maintenance cost are charged to the Statement of 4 Surface Over the period of the
Schedule II to the Act. The useful lives have been associated with the item will flow to the
Profit and Loss during the period in which they were Rights respective mining agreement
assessed based on technical advice, taking into company and cost can be measured reliably,
incurred. account the nature of the PPE and the estimated otherwise such expenditure is charged to the 5 Software 3 Years
usage of the asset on the basis of management’s Statement of Profit and Loss. 6 Brand Rights 18 months- 7 years
If significant parts of an item of PPE have different
useful lives, then they are accounted for as separate best estimation of obtaining economic benefits 7 Distribution
from those classes of assets. The estimated Subsequent costs incurred are capitalized, 7 years
items (major components) of PPE. Network
useful lives, residual values and the depreciation only when it increase the future economic
Material items such as spare parts, stand-by method are reviewed at the end of each reporting benefits associated with the item will flow to An intangible asset is derecognised on disposal, or
equipment and service equipment are classified period, with the effect of any changes in estimate the Company and the cost of the item can be when no future economic benefits are expected
as PPE when they meet the definition of PPE accounted for on a prospective basis. measured reliably. from its use or disposal. Gains or losses arising
from derecognition of an item of intangible asset

422 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 423
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

are measured as the difference between the net value in use, the estimated future cash flows are • Waste / Scrap: (j) Borrowing Costs:
disposal proceeds and the carrying amount of such discounted to their present value using a pre-
Waste / Scrap inventory is valued at NRV. General and specific borrowing costs that are
item of intangible asset and are recognised in the tax discount rate that reflects current market
attributable to the acquisition, construction or
Statement of Profit and Loss when the asset is assessments of the time value of money and the Net realisable value for inventories is the estimated production of a qualifying asset are capitalised as
derecognised. risks specific to the asset for which the estimates of selling price in the ordinary course of business, part of the cost of such asset till such time the asset
future cash flows have not been adjusted. less the estimated costs of completion and the
(e) Assets/ Disposal Group classified as held for is ready for its intended use and borrowing costs are
estimated costs necessary to make the sale. being incurred. A qualifying asset is an asset that
sale: If the recoverable amount of an asset (or cash-
generating unit) is estimated to be less than its (h) Employee Share based payments: necessarily takes a substantial period of time to get
The Group classifies assets as held for sale if their ready for its intended use. All other borrowing costs
carrying amount, the carrying amount of the asset
carrying amounts will be recovered primarily Equity-settled share-based payments to employees are recognised as an expense in the period in which
(or cash-generating unit) is reduced to its recoverable
through a sale transaction rather than through are measured at the fair value of the employee they are incurred.
amount. An impairment loss is recognised
continuing use. This condition is regarded as met stock options at the grant date using an appropriate
immediately in Statement of Profit and Loss.
only when the asset is available for immediate sale valuation model. Borrowing cost includes interest expense,
in its present condition subject only to terms that When an impairment loss subsequently reverses, the amortization of discounts, hedge related cost
are usual and customary for sales of such asset and The fair value determined at the grant date of the incurred in connection with foreign currency
carrying amount of the asset (or a cash-generating
its sale is highly probable. Such assets or group of equity-settled share-based payments is amortised borrowings, ancillary costs incurred in connection
unit) is increased to the revised estimate of its
assets / liabilities are presented separately in the over the vesting period, based on the Group’s with borrowing of funds and exchange difference
recoverable amount, but so that the increased
Balance Sheet, in the line “Assets/ Disposal Group estimate of equity instruments that will eventually arising from foreign currency borrowings to the
carrying amount does not exceed the carrying
held for sale” and “Liabilities/ Disposal Group vest, with a corresponding increase in equity. extent they are regarded as an adjustment to the
amount that would have been determined had no
held for sale” respectively. Once classified as held impairment loss been recognised for the asset (or At the end of each reporting period, the Group Interest cost.
for sale, intangible assets and PPE are no longer cash-generating unit) in prior years. A reversal of an revises its estimate of the number of equity
amortised or depreciated. (k) Government Grants:
impairment loss is recognised immediately in the instruments expected to vest. The impact of
Statement of Profit and Loss. the revision of the original estimates, if any, is Government grants are not recognised until there is
Such assets or disposal groups held for sale are reasonable assurance that the Company will comply
stated at the lower of carrying amount and fair recognised in the Statement of Profit and Loss such
(g) Inventories: that the cumulative expense reflects the revised with the conditions attached to them and that the
value less costs to sell. grants will be received.
Inventories are valued as follows: estimate, with a corresponding adjustment to the
(f) Impairment of Non-Financial Assets equity-settled employee benefits reserve. Government grants related to expenses, are
• Raw materials, fuel, stores & spares and
At the end of each reporting period, the Group packing materials: For Stock Appreciation Rights (“SARs”) which are recognised in the Statement of Profit and Loss on
reviews the carrying amounts of non-financial cash-settled share-based payments, the fair value a systematic basis over the periods in which the
assets to determine whether there is any Valued at lower of cost and net realisable value Company recognises the related costs for which the
(NRV). However, these items are considered to of liability is recognised for the services acquired
indication that those assets have suffered an over the period that the employees unconditionally grants are intended to compensate.
impairment loss. If any such indication exists, the be realisable at cost, if the finished products,
in which they will be used, are expected to become entitled to the payment. At the end of each Government grants related to income under State
recoverable amount of the asset is estimated in reporting period until the liability is settled, and at
order to determine the extent of the impairment be sold at or above cost. Cost is determined Investment Promotion Scheme linked with Value
on weighted average basis which includes the date of settlement, the liability is re-measured Added Tax (VAT) / Goods & Services Tax (GST)
loss (if any). When it is not possible to estimate based on fair value of the SAR’s and any changes
the recoverable amount of an individual asset, expenditure incurred for acquiring inventories payment, are recognised in the Statement of Profit
like purchase price, import duties, taxes (net of in fair value of the liability are recognised in the and Loss on the event they become receivable.
the Group estimates the recoverable amount Statement of Profit and Loss.
of the cash-generating unit to which the asset tax credit) and other costs incurred in bringing
the inventories to their present location and Where the grant relates to an asset, it is recognised
belongs. When a reasonable and consistent basis (i) Treasury Shares: as income in equal amounts over the expected
of allocation can be identified, corporate assets condition.
The Holding Company has formed an Employee useful life of the related asset.
are also allocated to individual cash-generating • Work-in- progress (WIP), finished goods, Welfare Trust for purchasing its shares to be
units, or otherwise they are allocated to the stock-in-trade and trial run inventories: allotted to eligible employees under Employee The benefit of a government loan at a below-market
smallest group of cash-generating units for which Stock Options Scheme, 2018. The Holding Company rate of interest is treated as a government grant,
a reasonable and consistent allocation basis can be Valued at lower of cost and NRV. Cost of Finished measured as the difference between proceeds
goods and WIP includes cost of raw materials, has considered the said Employee Welfare Trust
identified. as its extension and shares held by the Trust is received and the fair value of the loan based on
cost of conversion and other costs incurred in prevailing market interest rates. and is being
Intangible assets with indefinite useful lives and bringing the inventories to their present location treated as Treasury Shares. As per Ind AS 32, the
consideration paid for treasury shares including any recognised in the Statement of Profit and Loss.
intangible assets not yet available for use are tested and condition. Cost of stock-in-trade includes
for impairment at least annually or whenever there cost of purchase and other costs incurred in directly attributable incremental cost is presented (l) Provisions, Contingent Liabilities and
is an indication that the asset may be impaired. bringing the inventories to the present location as a deduction from total equity, until they are Contingent Assets:
and condition. Cost of inventories is computed cancelled, sold or reissued.
Recoverable amount is the higher of fair value Provisions are recognised when the Group has a
on weighted average basis. present obligation (legal or constructive) as a result
less costs of disposal and value in use. In assessing

424 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 425
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

of a past event and it is probable that an outflow the discount on the provision. The cost is reviewed such as goods and services tax, etc. The (o) Dividend and Interest Income
of resources, that can be reliably estimated, will be periodically and are adjusted to reflect known Company accrues for such discounts,
• Dividend income is accounted for when the
required to settle such an obligation. developments which may have an impact on the price concessions and rebates based
right to receive the income is established.
cost or life of operations. The cost of the related on historical experience and specific
If the effect of the time value of money is material, asset is adjusted for changes in the provision contractual terms with the customer • Interest income is recognised using the Effective
provisions are determined by discounting the due to factors such as updated cost estimates, Interest Method.
expected future cash flows to net present value new disturbance, and revisions to discount rates. • Significant financing component -
using an appropriate pre-tax discount rate that The adjusted cost of the asset is depreciated Generally, the Company receives short- (p) Lease:
reflects current market assessments of the time prospectively over the lives of the assets to which term advances from its customers. Using
The Group assesses whether a contract contains a
value of money and, where appropriate, the risks they relate. The unwinding of the discount is shown the practical expedient in Ind AS 115, the
lease, at the inception of the contract. A contract is,
specific to the liability. Unwinding of the discount as a finance cost in the Statement of Profit and Company does not adjust the promised
or contains, a lease if the contract conveys the right
is recognised in the Statement of Profit and Loss Loss. amount of consideration for the effects
to control the use of an identified asset for a period
as a finance cost. Provisions are reviewed at each of a significant financing component if
of time in exchange for consideration. To assess
reporting date and are adjusted to reflect the (n) Revenue Recognition from Contracts with it expects, at contract inception, that
whether a contract conveys the right to control
current best estimate. Customers: the period between the transfer of the
the use of an identified asset, the Group assesses
promised good or service to the customer
A present obligation that arises from past events (i) Sale of Goods whether
and when the customer pays for that good
where it is either not probable that an outflow of • Revenue is recognized on the basis of or service will be one year or less. (i) the contract involves the use of identified
resources will be required to settle or a reliable approved contracts regarding the transfer asset;
estimate of the amount cannot be made, is of goods or services to a customer for an (ii) Rendering of Services
disclosed as a contingent liability. Contingent amount that reflects the consideration (ii) the Group has substantially all of the economic
Revenue from services rendered are recognized
liabilities are also disclosed when there is a possible to which the entity expects to be entitled benefits from the use of the asset through the
over the time as the services are performed
obligation arising from past events, the existence in exchange for those goods or services. period of lease and;
based on agreements/arrangements with the
of which will be confirmed only by the occurrence Revenue from sale of goods is recognised customers. (iii) the Group has the right to direct the use of the
or non-occurrence of one or more uncertain future at the point in time when control of the
events not wholly within the control of the Group. goods is transferred to the customer, which (iii) Operating Revenue asset.
is generally on dispatch/ delivery of the Operating revenue would include revenue As a lessee:
Claims against the Group where the possibility of
goods. arising from company’s operating activity
any outflow of resources in settlement is remote, The Group recognizes a right-of-use asset (“ROU”)
are not disclosed as contingent liabilities. • Revenue towards satisfaction of a i.e either its principal or ancillary revenue and a lease liability at the lease commencement
performance obligation is measured at generating activities but which is not revenue date. The ROU is initially measured at cost, which
Contingent assets are not recognised in financial activity from sale of goods or rendering of
the amount of transaction price (net of comprises the initial amount of the lease liability
statements since this may result in the recognition services.
variable consideration) allocated to that adjusted for any lease payments made at or before
of income that may never be realised. However,
performance obligation. The transaction • Contract balances: the commencement date, plus any initial direct
when the realisation of income is virtually certain,
price of goods sold and services rendered is costs incurred and an estimate of costs to dismantle
then the related asset is not a contingent asset and Ø Trade Receivables and Contract Assets
net of variable consideration and outgoing and remove the underlying asset or to restore the
is recognised. A contingent asset is disclosed, in
taxes on sale. A trade receivable is recognised when the underlying asset or the site on which it is located,
financial statements, where an inflow of economic
products are delivered to a customer and less any lease incentives received.
benefits is probable. • Variable consideration - This includes consideration becomes unconditional.
incentives, volume rebates, discounts Contract assets are recognized when Certain lease arrangements include the option
(m) Mines Restoration Provision: etc. It is estimated at contract inception to extend or terminate the lease before the end
the company has a right to receive
An obligation for restoration, rehabilitation and considering the terms of various schemes consideration that is conditional other of the lease term. The right-of-use assets and
environmental costs arises when environmental with customers and constrained until it is than the passage of time. lease liabilities include these options when it is
disturbance is caused by the development or highly probable that a significant revenue reasonably certain that the option will be exercised.
ongoing extraction from mines. Costs arising from reversal in the amount of cumulative Ø Contract liabilities
restoration at closure of the mines and other site revenue recognised will not occur when the The ROU is subsequently depreciated using the
Contract liabilities are Company’s straight-line method from the commencement
preparation work are provided for based on their associated uncertainty with the variable obligation to transfer goods or services to
discounted net present value, with a corresponding consideration is subsequently resolved. It is date to the earlier of the end of the useful life
a customer which the entity has already of the ROU asset or the end of the lease term,
amount being capitalised at the start of each reassessed at end of each reporting period. received consideration. Contract liabilities
project. The amount provided for is recognised, as but if ownership of the leased asset transfers to
• Revenue is measured after deduction are recognised as revenue when the the Company at the end of the lease term or the
soon as the obligation to incur such costs arises. company performs under the contract.
These costs are charged to the Statement of Profit of any discounts, price concessions, cost reflects the exercise of a purchase option,
and Loss over the life of the operation through volume rebates and any taxes or duties depreciation is calculated using the estimated
the depreciation of the asset and the unwinding of collected on behalf of the government useful life of the asset. In addition, the ROU asset

426 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 427
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

is periodically reduced by impairment losses, if any, Lease payments have been classified as financing benefits such as gratuity, pension and provident Defined contribution plans:
and adjusted for certain remeasurements of the activities in the Statement of Cash Flows. fund to its employees which are treated as defined
A defined contribution plan is a post employment
lease liability. benefit plans.
Short-term leases and leases of low-value assets benefit plan where the Company’s legal or
Asset Class Term (in years) Gratuity contributed obligation is limited to the amount
The Group has elected not to recognise ROU and that it contributes to a separate legal entity.
Land 2-50 lease liabilities for short term leases that have a The gratuity, a defined benefit plan, payable to Contributions to defined contribution plans
Building 3-11 lease term of 12 months or lower and leases of the employees is based on the Employees’ service are recognised as expense when employees
Plant & Machinery 2-20 low value assets. The Company recognises the and last drawn salary at the time of the leaving of have rendered services entitling them to such
Ships 8-17 lease payments associated with these leases as the services of the Group and is in accordance with benefits. The Group provides benefits such as
an expense over the lease term. The related cash the Rules of the Group for payment of Gratuity. superannuation, provident fund (other than Group
The ROU is subsequently depreciated using the flows are classified as Operating activities in the Past service cost is recognised in the Statement of managed fund) to its employees which are treated
straight-line method from the commencement date Statement of Cash Flows. Profit and Loss in the period of a plan amendment. as defined contribution plans.
to the end of the lease term. Interest is calculated by applying the discount rate
As a lessor: at the beginning of the period to the net defined Superannuation
The lease liability is initially measured at the When the Group is an intermediate lessor, it benefit liability or asset and is recognised in the Certain employees of the Group are eligible
present value of the lease payments that are not accounts for its interests in the head lease and the Statement of Profit and Loss. Defined benefit costs for participation in defined contribution plans
paid at the commencement date, discounted using sublease separately. The sublease is classified as a are categorised as follows: such as superannuation and national pension
the interest rate implicit in the lease or, if that finance or operating lease by reference to the right
• service cost (including current service cost, fund. Contributions towards these funds are
rate cannot be readily determined, the Group’s of use asset arising from the head lease.
past service cost, as well as gains and losses on recognized as an expense periodically based on the
incremental borrowing rate. Generally, the Group
The Group recognize lease payment received under curtailments and settlements); contribution by the Group, since the Group has no
uses its incremental borrowing rate as the discount
operating leases as income on a straight line basis further obligation beyond its periodic contribution.
rate.
over the lease term. • net interest expense or income; and
Other employee benefits:
Lease payments included in the measurement of the
(q) Employee benefits: • re-measurement A liability is recognised for benefits accruing to
lease liability comprises fixed payments, including
in-substance fixed payments, amounts expected Defined Benefit Plans: The present value of the defined benefit plan employees in respect of wages and salaries, annual
to be payable under a residual value guarantee liability is calculated using a discount rate which is leave and sick leave in the period the related service
For defined benefit plans, the cost of providing is rendered.
and the exercise price under a purchase option determined by reference to market yields at the end
benefits is determined using the Projected Unit
that the Group is reasonably certain to exercise, of the reporting period on government bonds.
Credit Method, with actuarial valuations being Liabilities recognised in respect of short-
lease payments in an optional renewal period if the
carried out by a qualified independent actuary The defined benefit obligation recognised in the term employee benefits are measured at the
Group is reasonably certain to exercise an extension
at the end of each annual reporting period. Re- Balance Sheet represents the actual deficit or undiscounted amount of the benefits expected to
option.
measurement, comprising actuarial gains and surplus in the Group’s defined benefit plans. Any be paid in exchange for the related service.
The lease liability is subsequently measured losses, the effect of the changes to the asset surplus resulting from this calculation is limited
ceiling (if applicable) and the return on plan assets Liabilities recognised in respect of other long-term
at amortised cost using the effective interest to the present value of any economic benefits
(excluding net interest), is reflected immediately employee benefits are measured using the Projected
method, except those which are payable other than available in the form of refunds from the plans or
in the Balance Sheet with a charge or credit Unit Credit method by a qualified independent
functional currency which is measured at fair value reductions in future contributions to the plans.
recognised in Other Comprehensive Income (OCI) actuary at the end of each annual reporting period,
through profit or loss. It is remeasured when there
in the period in which they occur. Past service Provident Fund at the present value of the estimated future cash
is a change in future lease payments arising from
cost, both vested and unvested, is recognised as outflows expected to be made by the Group in
a change in an index or rate, if there is a change The eligible employees of the Group are entitled
an expense on the plan amendment or when the respect of services provided by employees up to the
in the Group’s estimate of the amount expected to receive benefits in respect of provident fund,
curtailment or settlement occurs. The gain or reporting date. With reference to some employees,
to be payable under a residual value guarantee, which is a defined benefit plan, for which both
loss on curtailment or settlement, is recognized liability of other fixed long-term employee benefits
or if Group changes its assessment of whether it the employees and the Group make monthly
immediately in the Statement of Profit and Loss is recognised at the present value of the future cash
will exercise a purchase, extension or termination contributions at a specified percentage of the
when the plan amendment or when a curtailment outflows expected to be made by the Group.
option. covered employees’ salary. The contributions as
or settlement occurs. specified under the law are made to the approved Remeasurement gains / losses are recognised in the
When the lease liability is remeasured in this way, a
The retirement benefit obligations recognised in provident fund which is set up and administered Statement of Profit and Loss in the period in which
corresponding adjustment is made to the carrying
the balance sheet represents the present value by the Group. The Group is liable for annual they arise.
amount of the ROU or is recorded in Statement of
of the defined benefit obligations reduced by the contributions and any shortfall in the fund assets
Profit or Loss if the carrying amount of the right-of- (r) Income Taxes:
fair value of scheme assets. Any asset resulting based on the government specified minimum rates
use asset has been reduced to zero.
from this calculation is limited to the present of return and recognises such contributions and Income Tax expenses comprise current tax and
‘Lease Liabilities’ and ‘Right of Use Assets’ have value of available refunds and reductions in future shortfall, if any, as an expense in the year incurred. deferred tax charge or credit.
been presented separately in the Balance Sheet. contributions to the scheme. The Group provides

428 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 429
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Current Tax is measured on the basis of estimated Deferred tax assets are reviewed at each reporting Exchange differences on monetary items are Initial Recognition:
taxable income for the current accounting period date and are recognised / reduced to the extent recognised in the Statement of Profit and Loss in
Financial assets and financial liabilities are initially
in accordance with the applicable tax rates and the that it is probable / no longer probable respectively the period in which they arise except for:
measured at fair value. Transaction costs that are
provisions of the Income-tax Act, 1961 and other that the related tax benefit will be realised. • exchange differences on foreign currency directly attributable to the acquisition or issue of
applicable tax laws. borrowings relating to assets under
The Government of India, on September 20, 2019, financial assets and financial liabilities (other than
Deferred tax liabilities are recognised for taxable vide the Taxation Laws (Amendment) Ordinance construction for future productive use, which financial assets and financial liabilities at fair value
temporary differences and deferred tax asset are 2019, inserted a new Section 115BAA in the Income are included in the cost of those assets when through profit or loss and ancillary costs related to
recognised for deductible temporary differences, Tax Act, 1961, which provides an option to the they are regarded as an adjustment to interest borrowings) are added to or deducted from the fair
carry forward of unused tax losses, carry forward of Holding Company for paying Income Tax at reduced costs on those foreign currency borrowings; value of the financial assets or financial liabilities, as
unused tax credits at the reporting date. Deferred rates as per the provisions/conditions defined in the • exchange differences relating to qualifying appropriate, on initial recognition. Transaction costs
tax assets and liabilities are measured at the said section (“New Tax Regime”). In the previous effective cash flow hedges and qualifying net directly attributable to the acquisition of financial
tax rates that are expected to be applied to the financial year ended March 31, 2024 the Company investment hedges in foreign operations which assets or financial liabilities at fair value through
temporary differences when they reverse, based on has opted for the New Tax Regime and accordingly are recognised in OCI. profit or loss are charged to the Statement of Profit
the laws that have been enacted or substantively the provision of tax and deferred tax liabilities has and Loss over the tenure of the financial assets or
enacted at the reporting date. Tax relating to items been recognized as per New Tax Regime. (u) Foreign operations: financial liabilities. However, trade receivables that
recognised directly in equity or OCI is recognised in The assets and liabilities of foreign operations do not contain a significant financing component
equity or OCI and not in the Statement of (s) Earnings Per Share: including goodwill and fair value adjustments are measured at transaction price (net of variable
Profit and Loss. Basic Earnings Per Share (“EPS”) is computed by arising on acquisition are translated into INR, the consideration).
dividing the net profit / (loss) after tax for the functional currency of the Holding Company, at the Classification and Subsequent Measurement:
Current tax assets and current tax liabilities are
year attributable to the equity shareholders by exchange rates at the reporting date. The income Financial Assets
offset when there is a legally enforceable right
the weighted average number of equity shares and expenses of foreign operations are translated
to set off the recognised amounts and there is On initial recognition, the Group classifies and
outstanding during the year. The weighted average into INR at the exchange rates at the dates of the
an intention to settle the asset and the liability measures financial assets at amortized cost, Fair
number of equity shares outstanding during the transactions or an average rate if the average rate
on a net basis. Deferred tax assets and deferred Value through Other Comprehensive Income
year is adjusted for treasury shares. approximates the actual rate at the date of the
tax liabilities are offset when there is a legally (“FVOCI”) or Fair Value through Profit or Loss
transaction. Exchange differences are recognized
enforceable right to set off current tax assets For the purpose of calculating diluted earnings (“FVTPL”) on the basis of following:
in OCI and accumulated in equity (as exchange
against current tax liabilities; and the deferred per share, net profit / (loss) after tax for the year differences on translating the financial statements • the entity’s business model for managing the
tax assets and the deferred tax liabilities relate to attributable to the equity shareholders is divided of a foreign operation), except to the extent that financial assets and
income taxes levied by the same taxation authority. by the weighted average number of equity shares the exchange differences are allocated to NCI.
which could have been issued on the conversion of • the contractual cash flow characteristics of the
A deferred tax asset is recognised to the extent When a foreign operation is disposed of in its
all dilutive potential equity shares and is adjusted financial asset.
that it is probable that future taxable profits will be entirety or partially such that control, significant
for the treasury shares held by the Holding
available against which the temporary difference influence or joint control is lost, the cumulative
Company to satisfy the exercise of the share options Amortised Cost:
can be utilized except: amount of exchange differences related to that
by the employees. A financial asset shall be classified and measured at
foreign operation recognized in OCI is reclassified to
a) When the deferred tax asset relating to amortised cost if both of the following conditions
(t) Foreign Currency transactions: Statement of Profit and Loss as part of the gain or
the deductible temporary difference arises are met:
Transactions in currencies other than the Holding loss on disposal. If the Group disposes of part of its
from the initial recognition of an asset
Company’s functional currency (i.e. foreign interest in a subsidiary but retains control, then the • the financial asset is held within a business
or liability in a transaction that is not a
currencies) are recognised at the rates of exchange relevant proportion of the cumulative amount is re- model whose objective is to hold financial assets
business combination and, at the time of the
prevailing at the dates of the transactions. At the allocated to NCI. When the Group disposes of only a in order to collect contractual cash flows and
transaction, affects neither the accounting
end of each reporting period, monetary items part of its interest in an associate or a joint venture
profit nor taxable profit or loss; and
denominated in foreign currencies are translated while retaining significant influence or joint control, • the contractual terms of the financial asset give
b) In respect of deductible temporary differences at the rates prevailing at that date. Non-monetary the relevant proportion of the cumulative amount rise on specified dates to cash flows that are
associated with investments in subsidiaries, items carried at fair value that are denominated is reclassified to Statement of Profit and Loss. solely payments of principal and interest on the
associates and interests in joint ventures, in foreign currencies are translated at the rates principal amount outstanding.
(v) Financial Instruments:
deferred tax assets are recognised only to the prevailing at the date when the fair value was
A financial instrument is any contract that gives In case of financial assets classified and measured
extent that it is probable that the temporary determined. Non-monetary items that are measured
rise to a financial asset of one entity and a at amortised cost, any interest income, foreign
differences will reverse in the foreseeable in terms of historical cost in a foreign currency are
financial liability or equity instrument of another exchange gains or losses and impairment are
future and taxable profit will be available translated using the exchange rate as at the date of
entity. Financial assets and financial liabilities are recognised in the Statement of Profit and Loss.
against which the temporary differences initial transactions.
can be utilised. recognised when a Company becomes a party to Fair Value through OCI (FVTOCI):
the contractual provisions of the instruments.
A financial asset shall be classified and measured

430 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 431
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

at fair value through OCI if both of the following Other Financial Liabilities: transferred asset, the Group recognises its retained • Equity instruments
conditions are met: interest in the asset and an associated liability for
Other financial liabilities (including borrowings An equity instrument is any contract that
amounts it may have to pay. If the Group retains
• the financial asset is held within a business and trade and other payables) are subsequently evidences a residual interest in the assets of
substantially all the risks and rewards of ownership
model whose objective is achieved by both measured at amortised cost using the effective an entity after deducting all of its liabilities.
of a transferred financial asset, the Group continues
collecting contractual cash flows and selling interest method. Equity instruments issued by a Company are
to recognise the financial asset and recognises an
financial assets and recognised at the proceeds received.
The effective interest rate is the rate that exactly associated liability for amounts it has to pay.
• the contractual terms of the financial asset give discounts estimated future cash payments (y) Derivative financial instruments:
rise on specified dates to cash flows that are On derecognition of a financial asset, the difference
(including all fees and points paid or received that The Group enters into derivative financial
solely payments of principal and interest on the between the asset’s carrying amount and the sum
form an integral part of the effective interest rate, instruments viz. foreign exchange forward
principal amount outstanding. of the consideration received and receivable and the
transaction costs and other premiums or discounts) contracts, interest rate swaps and cross currency
cumulative gain or loss that had been recognised in
through the expected life of the financial liability, swaps to manage its exposure to interest rate,
Fair Value through Profit or Loss (FVTPL): OCI and accumulated in equity is recognised in the
or (where appropriate) a shorter period, to the foreign exchange rate risks and commodity prices.
Statement of Profit and Loss.
A financial asset shall be classified and measured at amortised cost on initial recognition. The Group does not hold derivative financial
fair value through profit or loss unless it is measured The Group de-recognises financial liabilities instruments for speculative purposes.
at amortised cost or at fair value through OCI. Interest expense (based on the effective interest
when and only when, the Group’s obligations
method), foreign exchange gains and losses, and Derivatives are initially recognised at fair value at
For financial assets at FVTPL, net gains or losses, are discharged, cancelled or have expired. The
any gain or loss on derecognition is recognised in the date the derivative contracts are entered into
interest or dividend income, are recognised in the difference between the carrying amount of
the Statement of Profit and Loss. and are subsequently remeasured to their fair value
Statement of Profit and Loss. the financial liability de-recognised and the
Impairment of financial assets: consideration paid and payable is recognised in the at the end of each reporting period. The resulting
All recognised financial assets are subsequently Statement of Profit and Loss. gain or loss is recognised in the Statement of
Expected credit losses are recognized for all Profit and Loss immediately excluding derivatives
measured in their entirety either at amortised cost
financial assets subsequent to initial recognition Financial Guarantee Contract Liabilities designated as cashflow hedge or used in a net
or fair value, depending on the classification of the
other than financials assets in FVTPL category. For investment hedge.
financial assets. Financial assets are not reclassified Financial Guarantee Contract Liabilities are
financial assets other than trade receivables, as per
subsequent to their initial recognition unless the disclosed in financial statements in accordance with
Ind AS 109, the Group recognises 12 month expected (z) Hedge accounting:
Group changes its business model for managing Ind AS 109, Financial Instruments.
credit losses for all originated or acquired financial The Group designates certain hedging instruments
financial assets, in which case all affected financial
assets if at the reporting date the credit risk of the Offsetting of Financial Instruments in respect of foreign currency risk, interest rate
assets are reclassified on the first day of the first
financial asset has not increased significantly since risk and commodity price risk as cash flow hedges.
reporting period following the change in the Financial assets and financial liabilities are offset
its initial recognition. The expected credit losses are At the inception of the hedge relationship, the
business model. and the net amount presented in the balance sheet
measured as lifetime expected credit losses if the entity documents the relationship between the
credit risk on financial asset increases significantly when, and only when, the Group currently has a
On initial recognition of an equity investment hedging instrument and the hedged item, along
since its initial recognition. legally enforceable right to set off the amounts
that is not held for trading, the company may with its risk management objectives and its strategy
and it intends either to settle them on a net basis
irrevocably elect to present subsequent changes for undertaking various hedge transactions.
The Group’s trade receivables do not contain or to realise the asset and settle the liability
in the investment fair value in OCI. This election is Furthermore, at the inception of the hedge and on
significant financing component and as per simultaneously.
made on an investment by investment basis. an ongoing basis, the Group documents whether
simplified approach, loss allowances on trade
receivables are measured using provision matrix at (w) Cash and cash equivalents: the hedging instrument is highly effective in
Classification and Subsequent Measurement: offsetting changes in fair values or cash flows of the
Financial liabilities an amount equal to life time expected losses i.e. Cash and cash equivalents comprise of cash at bank
expected cash shortfall. and in hand and short-term deposits with banks hedged item attributable to the hedged risk.
Financial liabilities are classified as either Financial that are readily convertible into cash which are
Liabilities at FVTPL or Other Financial Liabilities. The impairment losses and reversals are recognised The effective portion of changes in the fair value of
subject to insignificant risk of changes in value and the designated portion of derivatives that qualify
in Statement of Profit and Loss. are held for the purpose of meeting short-term cash
Financial Liabilities at FVTPL: as cash flow hedges is recognised in OCI and
Derecognition of financial assets and financial commitments. accumulated under equity. The gain or loss relating
Financial liabilities are classified as at FVTPL
when the financial liability is held for trading or liabilities: (x) Financial liabilities and equity instruments: to the ineffective portion is recognised immediately
is a derivative (except for effective hedge) or are The Group derecognises a financial asset when the in profit or loss.
• Classification as debt or equity
designated upon initial recognition as FVTPL. contractual rights to the cash flows from the asset Amounts previously recognised in OCI and
expire, or when it transfers the financial asset and Debt and equity instruments issued by the
Gains or Losses, including any interest expense on Group are classified as either financial liabilities accumulated in equity relating to effective portion
substantially all the risks and rewards of ownership as described above are reclassified to Statement
liabilities held for trading are recognised in the or as equity in accordance with the substance
of the asset to another party. If the Group neither of Profit or Loss in the periods when the hedged
Statement of Profit and Loss. of the contractual arrangements and the
transfers nor retains substantially all the risks and item affects the Statement of Profit or Loss, in
rewards of ownership and continues to control the definitions of a financial liability and an equity
instrument. the same line as the recognised hedged item.

432 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 433
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

However, when the hedged forecast transaction (bb) Goodwill: Intangible Assets acquired in a Business Combination combination as a bargain purchase, the Group
results in the recognition of a non-financial asset or and recognised separately from Goodwill are initially recognises the gain, after reassessing and reviewing,
Goodwill arising on the acquisition of subsidiaries
a non-financial liability, such gains and losses are recognised at their fair value at the acquisition date directly in equity as Capital Reserve.
is measured at cost less accumulated impairment
transferred from equity and included in the initial (which is regarded as their cost).
losses. When a business combination is achieved in stages,
measurement of the cost of the non-financial asset
or non-financial liability. Subsequent to initial recognition, intangible the Group’s previously held equity interest in the
(cc) Cash Flow Statement:
Assets acquired in a Business Combination are acquiree is re-measured to its acquisition-date
Hedge accounting is discontinued prospectively Cash flows are reported using the indirect method, reported at cost less accumulated amortisation and fair value and the resulting gain or loss, if any, is
when the hedging instrument expires or is sold, whereby the net profit before tax is adjusted for accumulated impairment losses, on the same basis recognized in Other Comprehensive Income or
terminated, or exercised, or when it no longer the effects of transactions of a non-cash nature, as intangible assets that are acquired separately. Statement of Profit or Loss as appropriate.
qualifies for hedge accounting. Any gain or loss any deferrals or accruals of past or future operating
recognised in OCI and accumulated in equity at cash receipts or payments and item of income or Goodwill is measured as the excess of the aggregate Contingent consideration is classified either as
that time remains in equity and is recognised when expenses associated with investing or financing cash of the consideration transferred and the amount equity or financial liability. Amount classified as
the forecast transaction is ultimately recognised in flows. The cash flows from operating, investing and recognised for non-controlling interests, and any financial liability are subsequently re-measured to
the Statement of Profit and Loss. When a forecast financing activities of the Group are segregated. previous interest held, over the net identifiable fair value with changes in fair value recognised in
transaction is no longer expected to occur, the assets acquired and liabilities assumed. A cash statement of profit and loss.
(dd) Business Combination and Goodwill: generating unit (CGU) to which goodwill has been
gain or loss accumulated in equity is recognised
The Group applies the acquisition method in allocated is tested for impairment annually, or more (ee) Discontinued Operations:
immediately in the Statement of Profit and Loss.
accounting for business combinations. The frequently when, there is an indication that the A discontinued operation is a component of the
The Group also hedges its risk of change in foreign consideration transferred by the Group to obtain unit may be impaired. If the recoverable amount Group’s business, the operations and cashflows of
exchange rates associated with net investment control of a business is calculated as the sum of the of the CGU is less than its carrying amount, the which can be clearly distinguished from those of the
in certain foreign subsidiaries with a different fair values of assets transferred, liabilities incurred impairment loss is allocated first to reduce the rest of the Group and which represents a separate
functional currency than the Group’s functional and the equity interests issued by the Group as at carrying amount of any goodwill allocated to major line of business or geographical area of
currency. Net investment hedges are accounted the acquisition date i.e. date on which it obtains the unit and then to the other assets of the unit operations and
for similar to cash flow hedges and accordingly, control of the acquiree which includes the fair value pro-rata based on the carrying amount of each
any foreign exchange differences on the hedging of any asset or liability arising from a contingent asset in the unit. Any impairment loss for goodwill (i) Is a part of single coordinated plan to dispose
instrument relating to the effective portion of the consideration arrangement. Acquisition-related is recognised in profit or loss. An impairment of a separate major line of business or
hedge is recognised in other comprehensive income costs are recognised in the Statement of Profit and loss recognised for goodwill is not reversed in geographical area of operations; or
as foreign currency translation reserve (‘FCTR’) Loss as incurred, except to the extent related to the subsequent periods.
(ii) Is a subsidiary acquired exclusively with a view
so as to offset the change in the value of the net issue of debt or equity securities.
Where goodwill has been allocated to a CGU and to re-sale.
investment being hedged. The ineffective portion
of the gain or loss on these hedges is immediately A business combination involving entities or part of the operation within that unit is disposed
Classification as a discontinued operation occurs
recognised in the Statement of Profit and Loss. The businesses under common control is a business of, the goodwill associated with the disposed
upon disposal or when the operation meets the
amounts accumulated in equity are included in combination in which all of the combining entities operation is included in the carrying amount of the
criteria to be classified as held for sale, if earlier.
the Statement of Profit and Loss when the foreign or businesses are ultimately controlled by the operation when determining the gain or loss on
operation is disposed or partially disposed. same party or parties both before and after the disposal. Goodwill disposed in these circumstances When an operation is classified as a discontinued
business combination and the control is not is measured based on the relative values of the operation, the comparative Statement of Profit and
(aa) Segment Reporting: Identification of transitory. The transactions between entities under disposed operation and the portion of the CGU Loss is represented as if the operation had been
Segments: common control are specifically covered by Ind retained. If the fair value of the net assets acquired is discontinued from the start of the comparative
AS 103. Such transactions are accounted for using in excess of the aggregate consideration transferred, period.
An operating segment is a component of the
the pooling-of-interest method. The assets and the excess is termed as bargain purchase.
Company that engages in business activities from (ff) Material accounting policy information:
which it may earn revenues and incur expenses, liabilities of the acquired entity are recognised
In case of a bargain purchase, before recognizing
whose operating results are regularly reviewed at their carrying amounts of the Company’s The Group adopted Disclosure of accounting
a gain in respect thereof, the Group determines
by the company’s Chief Operating Decision Maker financial statements. The components of equity policies (Amendments to Ind AS 1) from 1 April
whether there exists clear evidence of the
(“CODM”) to make decisions for which discrete of the acquired companies are added to the same 2023. Although the amendments did not result in
underlying reasons for classifying the business
financial information is available. Based on the components within the Company’s equity. The any changes in the accounting policies themselves,
combination as a bargain purchase thereafter, the
management approach as defined in Ind AS 108, the financial statements in respect of prior periods they impacted the accounting policy information
Group reassesses whether it has correctly identified
CODM evaluates the Company’s performance and have been restated as if the business combination disclosed in the financial statements.
all the assets acquired and liabilities assumed and
allocates resources based on an analysis of various had occurred from the beginning of the preceding
recognises any additional assets or liabilities that The amendments require the disclosure of
performance indicators by business segments and period in the financial statements.
are so identified, any gain thereafter is recognised “material” rather than “significant” accounting
geographic segments. Identifiable assets acquired and liabilities assumed in OCI and accumulated in equity as Capital policies. The amendments also provide guidance
in a business combination are measured initially at Reserve. If there does not exist clear evidence of on the application of materiality to disclosure of
their fair values on acquisition-date. the underlying reasons for classifying the Business accounting policies, assisting entities to provide

434 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 435
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

useful, entity-specific accounting policy information judgement to determine the amount of transactions requires determination of the method estimates the value as the present
that users need to understand other information in deferred tax liability / asset that can be most appropriate valuation model, which is value of the after-tax projected revenues
the financial statements. recognised, based upon the likely timing and dependent on the terms and conditions of the cash flows attributable to the Brand value.
the level of future taxable profits and business grant.
Note 1(C) Use of Estimates and Judgements: developments. The resulting post-tax cash flows for
This estimate also requires determination of each of the years are recognised at their
­­­­­­­The preparation of the Groups financial statements
(iii) Fair value measurement of financial the most appropriate inputs to the valuation present value using a Weighted Average
requires management to make judgements,
instruments: model including the expected life of the Cost of Capital (‘WACC’) / Weighted
estimates and assumptions that affect the reported
share option, volatility and dividend yield and Average Return on Assets (‘WARA’)
amounts of revenues, expenses, assets and When the fair values of financial assets and
making assumptions about them. relating to the risk associated with the
liabilities, and the accompanying disclosures, and financial liabilities recorded in the balance
Brand Name, which is higher than the
the disclosure of contingent liabilities. Uncertainty sheet cannot be measured based on quoted The assumptions and models used for overall business.
about these assumptions and estimates could result prices in active markets, their fair value is estimating fair value for share-based payment
in outcomes that require a material adjustment to measured using valuation techniques including transactions are disclosed in Note 52. Distribution Network:
the carrying amount of assets or liabilities affected the Discounted Cash Flow model. The inputs
The Group has used ”Incremental
in future periods. to these models are taken from observable (vii) Litigation and contingencies:
Distribution Network” method for value
markets where possible, but where this is not The Group has ongoing litigations with various
The key assumptions concerning the future and analysis of Distribution Network. The
feasible, a degree of judgement is required in regulatory authorities. Where an outflow of
other key sources of estimation uncertainty at method estimates the value as the present
establishing fair values. Judgements include funds is believed to be probable and a reliable
the reporting date, that have a significant risk value of the after-tax projected revenues
considerations of inputs such as liquidity risk, estimate of the outcome of the dispute can
of causing a material adjustment to the carrying cash flows attributable to the Distribution
credit risk and volatility. be made based on management’s assessment
amounts of assets and liabilities within the next Network value.
financial year, are described below. The Group (iv) Defined benefit plans: of specific circumstances of each dispute and
relevant external advice, management provides The resulting post-tax cash flows for
based its assumptions and estimates on parameters The cost of the defined benefit gratuity plan, for its best estimate of the liability. Such each of the years are recognised at their
available when the financial statements were provident fund and other post-employment accruals are by nature complex and can take present value using a Weighted Average
prepared. Existing circumstances and assumptions medical benefits and the present value of the number of years to resolve and can involve Return on Assets (‘WARA’).
about future developments, however, may change gratuity and provident fund obligation are
due to market changes or circumstances arising that estimation uncertainty. Information about such
determined using actuarial valuations. An litigations is provided in notes to the financial (b) Fair Valuation of Tangibles:
are beyond the control of the Group. Such changes actuarial valuation involves making various
are reflected in the assumptions when they occur. statements. Freehold land:
assumptions that may differ from actual
developments in the future. These include (viii) Business Combination: Freehold land was valued using the sales
Estimates: comparison method using prevailing
the determination of the discount rate, future (a) Fair Valuation of Intangibles:
(i) Useful lives of Property, Plant & Equipment salary increases and mortality rates. Due to the rates of similar plots of land, circle rates
and Intangible Assets: complexities involved in the valuation and its Mining Reserves: provided by department of revenue and
The Group uses its technical expertise along long-term nature, a defined benefit obligation The Group has used royalty saved method general market intelligence based on size
with historical and industry trends for is highly sensitive to changes in these for value analysis of limestone mining of land parcel.
determining the economic life of an asset/ assumptions. All assumptions are reviewed at rights. The method estimates the value Leasehold land:
component of an asset. The useful lives are each reporting date. of future savings in royalty payments
reviewed by management periodically and over the life of the mine accruing to the Leasehold land was valued basis the
revised, if appropriate. In case of a revision, the (v) Mines Restoration Obligation: Group, by virtue of the transaction instead leasehold interest for the remaining
unamortised depreciable amount is charged In determining the fair value of the Mines of obtaining the mining rights via the duration of the lease.
over the remaining useful life of the assets. In Restoration Obligation, assumptions and Government e-auction process. Other Assets:
case of certain mining rights, the amortisation estimates are made in relation to discount
is based on the extracted quantity to the total rates, the expected cost of mines restoration The resulting post-tax cash flows for The cost approach has been adopted for
mineral reserve. and the expected timing of those costs. each of the years are recognised at their fair valuing all the fixed assets except
present value using a Weighted Average vehicles which have been measured at the
(ii) Recognition and measurement of deferred (vi) Share-based payments: Cost of Capital (‘WACC’) / Weighted old book values less depreciation.
tax assets and liabilities: The Group measures the cost of equity-settled Average Return on Assets (‘WARA’)
relating to the risk of achieving the mine’s The cost approach includes calculation
Deferred tax assets and liabilities are transactions and cash settled transactions with of depreciated replacement cost using
recognised for deductible temporary employees using either Black-Scholes model projected savings.
price trends applied to historical cost and
differences and unused tax losses for which or binomial tree model to determine the fair Brand: capitalisation of all the indirect cost, these
there is probability of utilisation against value of the liability incurred on the grant date. trends are on the basis of price indices
the future taxable profit. The Group uses Estimating fair value for share-based payment The Group has used relief from royalty
method for value analysis of Brand. The obtained from recognized sources such

436 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 437
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

as the Reserve Bank of India (RBI)/ Office Judgement: Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill,
of Economic Adviser (OEA) or market
intelligence. In the case of buildings in
Classification of Lease Ind AS 116: Other Intangible Assets and Intangible Assets under development: ` in Crores

cement plants, appropriate weightages Ind AS 116 Leases requires a lessee to determine Gross Block Depreciation and Amortisation Net Block

have been applied to cement, iron & the lease term as the non-cancellable period of As at Additions on Other Additions Deductions/ As at As at Other For the Deductions/ As at As at

steel and labour indices to arrive at the a lease adjusted with any option to extend or Particulars April 1, Acquisition Adjustments* Held for March 31, April 1, Adjustments* year Held for March 31, March 31,
2024 / Scheme of disposal/ 2025 2024 disposal/ 2025 2025
escalation factor and depreciating the terminate the lease, if the use of such option Arrangement (Refer Adjustments Adjustments
Note 40, 41 & 42)
same for past usage based on estimated is reasonably certain. The Group makes an
assessment on the expected lease term on lease (A) Tangible Assets@
total and remaining useful life of the asset.
by lease basis and thereby assesses whether Land:
(ix) Disposal Groups: it is reasonably certain that any options to Freehold Land 7,515.53 9,415.39 2.38 558.35 (57.08) 17,434.57 - - - - - 17,434.57
extend or terminate the contract will be Leasehold Land 1,383.22 698.45 (0.01) 20.66 - 2,102.32 362.59 (0.01) 89.23 - 451.81 1,650.51
The Group has used comparable market multiple
exercised. In evaluating the lease term, the
approach to assess the fair value of the disposal Buildings 6,604.58 1,870.74 (5.32) 652.35 (21.21) 9,101.14 1,759.88 (11.70) 306.54 (5.39) 2,049.33 7,051.81
Group considers factors such as any significant
group. Railway Sidings 1,087.53 74.45 0.01 143.21 - 1,305.20 439.20 0.01 73.61 - 512.82 792.38
leasehold improvements undertaken over the
Plant and Equipment:
Under the market multiple approach, enterprise lease term, costs relating to the termination
Own 51,061.11 7,190.92 49.11 8,536.78 (138.26) 66,699.66 15,362.39 (5.29) 2,926.79 (125.42) 18,158.47 48,541.19
value of a company is determined by using of lease and the importance of the underlying
lease to the Group’s operations taking into Given on Lease 32.90 - - - - 32.90 9.10 - 1.26 - 10.36 22.54
multiples derived from valuations of comparable
companies, as manifested through stock market account the location of the underlying asset Office Equipment 465.73 8.78 0.17 100.94 (20.39) 555.23 295.55 0.16 74.86 (20.19) 350.38 204.85

valuations of listed companies considering and the availability of the suitable alternatives. Furniture and 154.35 6.94 0.39 59.07 (1.62) 219.13 100.96 0.24 19.48 (1.61) 119.07 100.06
Fixtures
Enterprise Value/ Revenue and Enterprise value/ The lease term in future periods is reassessed to
ensure that the lease term reflects the current Vehicles 259.86 14.46 0.41 120.11 (40.98) 353.86 109.05 0.22 55.15 (27.83) 136.59 217.27
EBITDA multiples based on their market price
and latest published financial information. economic circumstances. The discount rate is Total Tangible Assets 68,564.81 19,280.13 47.14 10,191.47 (279.54) 97,804.01 18,438.72 (16.37) 3,546.92 (180.44) 21,788.83 76,015.18
generally based on the incremental borrowing (B) Other Intangible Assets
Appropriate adjustments are made (e.g. for debt rate specific to the lease being evaluated or for Software 194.77 26.61 0.10 58.15 (0.70) 278.93 144.32 (0.19) 39.95 (0.70) 183.38 95.55
and surplus assets) to arrive at the equity value a portfolio of leases with similar characteristics. Mining Rights 328.61 2,636.43 - 47.58 0.59 3,013.21 91.85 - 19.36 (34.04) 77.17 2,936.04
of the disposal group.
Surface Rights 109.55 - - 23.45 - 133.00 7.93 - 3.69 - 11.62 121.38
Mining Reserve 5,652.72 1,455.95 23.64 - (17.70) 7,114.61 759.04 0.07 172.07 34.04 965.22 6,149.39
Jetty Rights 250.90 - - 27.63 - 278.53 76.89 0.01 14.35 - 91.25 187.28
Power Line Rights 67.57 - (0.69) - - 66.88 34.33 0.84 2.58 - 37.75 29.13
Brand 155.21 421.44 5.22 - (155.21) 426.66 155.21 - 30.92 (155.21) 30.92 395.74
Distribution - 136.52 - - - 136.52 - - 19.50 - 19.50 117.02
Network
Total Intangible 6,759.33 4,676.95 28.27 156.81 (173.02) 11,448.33 1,269.57 0.73 302.42 (155.91) 1,416.81 10,031.53
Assets
Total Assets (A+B) 75,324.14 23,957.08 75.41 10,348.28 (452.56) 1,09,252.35 19,708.29 (15.64) 3,849.34 (336.35) 23,205.64 86,046.71

@ Net Block of Tangible Assets, amounting to ` 6,092.11 Crores (March 31, 2024 ` 5,849.01 Crores) were pledged as security against the Secured Borrowings.

438 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 439
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill,
Other Intangible Assets and Intangible Assets under development: (Contd.) ` in Crores
Other Intangible Assets and Intangible Assets under development: (Contd.)
Gross Block Depreciation and Amortisation Net Block
4. Title of immovable properties having Gross Block of ` 4,003.56 Crores (March 31, 2024 ` 1,485.86 Crores) and
Net Block of ` 3,928.88 Crores (March 31, 2024 ` 1,439.19 Crores) is yet to be transferred in the name of the
As at Other Additions Deductions/ As at As at Other For the Deductions/ As at As at
Particulars April 1, Adjust- Held for March 31, April 1, Adjustments* year Held for March 31, March 31, Company.
2023 ments* disposal/ 2024 2023 disposal/ 2024 2024
Adjust- Adjustments 5. The amount of expenditures recognised in the carrying amount of an item of PPE in the course of its
ments
construction: ` in Crores
(A) Tangible Assets
Year ended Year ended
Land: Particulars
March 31, 2025 March 31, 2024
Freehold Land 6,981.11 0.08 538.61 (4.27) 7,515.53 - - - - - 7,515.53 Pre-operative expenses pending allocation:
Leasehold Land 1,150.07 - 23.08 210.07 1,383.22 290.52 - 62.01 10.06 362.59 1,020.63 Raw Materials Consumed 19.77 4.75
Buildings 6,184.13 3.89 496.67 (80.11) 6,604.58 1,539.83 1.17 247.89 (29.01) 1,759.88 4,844.70 Power and Fuel Consumed 16.66 13.74
Railway Sidings 1,008.07 - 68.37 11.09 1,087.53 374.67 - 64.66 (0.13) 439.20 648.33
Salary, Wages, Bonus, Ex-gratia and Provisions 69.98 91.17
Insurance 0.48 0.33
Plant and Equipment
Depreciation on ROU - 1.26
Own 46,017.93 28.37 4,915.16 99.65 51,061.11 13,043.39 10.64 2,307.47 0.89 15,362.39 35,698.72
Depreciation and Amortisation 10.73 10.62
Given on Lease 199.05 - - (166.15) 32.90 85.78 - 1.61 (78.29) 9.10 23.80 Finance Costs 68.34 0.62
Office Equipment 386.81 0.07 93.88 (15.03) 465.73 252.50 0.06 56.41 (13.42) 295.55 170.18 Miscellaneous expenses 138.86 186.48
Furniture and Fixtures 122.32 0.22 37.59 (5.78) 154.35 92.86 0.15 12.01 (4.06) 100.96 53.39 Total Pre-operative expenses 324.82 308.97
Vehicles 199.92 0.16 90.28 (30.50) 259.86 89.58 0.12 39.35 (20.00) 109.05 150.81 Less: Sale of Products / Other Income (20.24) (1.17)
Total Tangible Assets 62,249.41 32.79 6,263.64 18.97 68,564.81 15,769.13 12.14 2,791.41 (133.96) 18,438.72 50,126.09 Less: Trial Run production transferred to Inventory (19.55) (14.05)
Add: Brought forward from Previous Year 330.96 177.79
(B) Other Intangible Assets
Less: Capitalised / Charged during the Year (305.44) (140.58)
Software 156.78 - 45.30 (7.31) 194.77 118.69 - 25.16 0.47 144.32 50.45
Balance included in Capital Work-in-Progress 310.55 330.96
Mining Rights 280.17 - 48.06 0.38 328.61 110.03 - 44.88 (63.06) 91.85 236.76
Brand 155.21 - - - 155.21 155.21 - - - 155.21 - 6. Capital-work-in progress (CWIP) and Other Intangible assets under development : ` in Crores

Surface Rights 84.52 - 25.03 - 109.55 5.14 - 2.79 - 7.93 101.62 Intangible
Capital
Particulars assets under
Mining Reserve 5,635.02 - - 17.70 5,652.72 586.02 - 108.11 64.91 759.04 4,893.68 Work-in-progress
development
Jetty Rights 275.58 - 8.20 (32.88) 250.90 66.12 - 14.84 (4.07) 76.89 174.01 Balance as on April 01, 2023 4,034.91 5.48
Power Line Rights 64.35 3.22 - - 67.57 31.32 0.48 2.53 - 34.33 33.24 Add: Additions 8,889.83 65.83
Total Intangible Assets 6,651.63 3.22 126.59 (22.11) 6,759.33 1,072.53 0.48 198.31 (1.75) 1,269.57 5,489.76 Less: Deletions/ Capitalisation (6,142.14) (42.90)
Total Assets (A+B) 68,901.04 36.01 6,390.23 (3.14) 75,324.14 16,841.66 12.62 2,989.72 (135.71) 19,708.29 55,615.85 Less: Translation Reserve 0.17 -
Balance as on March 31, 2024 6,782.77 28.41
* On account of Foreign Currency Translation
Add: Additions 9,127.84 61.62
` in Crores
Add: Additions on Acquisition / Scheme of Composite Arrangement 211.54 -
Year ended Year ended Less: Deletions/ Capitalisation (9,946.25) (44.11)
Particulars
March 31, 2025 March 31, 2024
Less: Translation Reserve 12.37 -
(A) Depreciation and Amortisation 3,849.34 2,989.72
Balance as on March 31, 2025 6,188.27 45.92
Less: Depreciation transferred to Pre-operative Expenses (10.73) (10.62)
Add: Depreciation on ROU (Refer Note 3) 176.34 166.20 7. Ageing schedule of capital-work-in progress (CWIP) : ` in Crores
Amount in CWIP for a period of
Depreciation and Amortisation as per Statement of Profit and Loss 4,014.95 3,145.30 Total
Less than 1 year 1-2 years 2-3 years More than 3 years

(B) 1. Tangible Assets include assets for which ownership is not in the name of the Company - Gross Block of As at March 31, 2025
` 562.04 Crores (March 31, 2024 ` 478.76 Crores) were pledged as security against the Secured Borrowings. Projects in progress 5,388.82 603.60 64.97 130.84 6,188.23
Projects temporarily suspended 0.02 - - 0.02 0.04
2. Buildings include ` 12.13 Crores (March 31, 2024 ` 12.13 Crores) being cost of Debentures and Shares in a
company entitling the right of exclusive occupancy and use of certain premises. Total 5,388.84 603.60 64.97 130.86 6,188.27
As at March 31, 2024
3. Opening Gross Block includes Research and Development Assets (Building, Plant and Equipment, Furniture
Projects in progress 5,632.54 991.67 105.41 53.15 6,782.77
and Fixtures, Office Equipment and Intangible Assets) of ` 50.30 Crores (March 31, 2024 ` 50.79 Crores) and
Net Block of ` 23.05 Crores (March 31, 2024 ` 20.74 Crores). Addition for the Research and Development Assets Projects temporarily suspended
during the year is ` 5.21 Crores (March 31, 2024 ` 5.11 Crores). Total 5,632.54 991.67 105.41 53.15 6,782.77

440 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 441
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 2 - Property, Plant and Equipment, Capital Work-in-Progress, Goodwill, Note 3: Leases:
Other Intangible Assets and Intangible Assets under development: (Contd.) (A) Right of Use Assets:
8. Ageing schedule of Intangible assets under development: ` in Crores
As a lessee:
Amount in Intangible assets under development for a period of
Following are the carrying value of Right of Use Assets as at March 31, 2025: ` in Crores
Total
Less than 1 year 1-2 years 2-3 years More than 3 years Gross Block Accumulated Depreciation Net Block

As at March 31, 2025 Transferred on

As at April Acquisition / As at As at As at As at
Particulars Other Deductions/ Other For the Deductions/
Projects in progress 25.60 20.32 - - 45.92 1, 2024 Composite Scheme Additions March 31, April 1, March 31, March 31,
Adjustments* Adjustments Adjustments* year Adjustments
Total 25.60 20.32 - - 45.92 of Arrangement 2025 2024 2025 2025
(Refer Note 41)
As at March 31, 2024
Leasehold Land 360.36 9.30 2.45 2.63 (39.94) 334.80 103.73 0.69 19.95 (4.78) 119.59 215.21
Projects in progress 27.54 0.71 0.16 - 28.41
Leasehold Building 167.51 - - 92.56 - 260.07 75.05 - 33.42 - 108.47 151.60
Total 27.54 0.71 0.16 - 28.41
Plant and Machinery 281.51 - 4.49 24.39 - 310.39 167.46 3.93 48.02 - 219.41 90.98
C) Goodwill Ships 801.49 - (7.75) - (2.02) 791.72 348.36 (9.53) 74.95 - 413.78 377.94

(i) Movement of Goodwill ` in Crores Total 1,610.87 9.30 (0.81) 119.58 (41.96) 1,696.98 694.60 (4.91) 176.34 (4.78) 861.25 835.73
As at As at
Particulars
March 31, 2025 March 31, 2024 As at March 31, 2024 ` in Crores
Opening Balance 6,345.49 6,329.26 Gross Block Accumulated Depreciation Net Block
As at
Add: Exchange difference recognised in foreign currency translation reserve 38.96 16.23 Particulars April 01, As at As at As at As at
Other Deductions/ Other For the Deductions/
Add: Goodwill recognised on account of Business Combination (Refer Note 40,41 & 42) 1,297.33 - 2023 Additions March 31, April 01, March 31, March 31,
Adjustments* Adjustments Adjustments* year Adjustments
2024 2023 2024 2024
Closing Balance 7,681.78 6,345.49
Leasehold Land 578.01 1.11 3.42 (222.18) 360.36 94.87 0.40 21.75 (13.29) 103.73 256.63

(ii) Impairment testing of goodwill Leasehold Building 103.31 - 65.84 (1.64) 167.51 54.70 - 21.14 (0.79) 75.05 92.46
Plant and Machinery 251.93 2.73 32.01 (5.16) 281.51 118.13 2.23 49.95 (2.85) 167.46 114.05
Goodwill acquired in business combinations has been allocated to the following Segments/Cash Generating
Ships 793.22 8.27 - - 801.49 268.41 5.33 74.62 - 348.36 453.13
Units (CGUs): ` in Crores
As at As at Total 1,726.47 12.11 101.27 (228.98) 1,610.87 536.11 7.96 167.46 (16.93) 694.60 916.27
Particulars
March 31, 2025 March 31, 2024 Less: Depreciation transferred to CWIP 1.26
UltraTech Cement Limited 5,889.70 5,133.94
Net Depreciation Charged to Statement of Profit & Loss 166.20
The India Cements Limited 12.33 -
* On account of Foreign Currency Translation
UltraTech Cement Middle East Investments Limited 1,604.83 1,036.93
Others 174.92 174.62
(B) Lease Liabilities:
Total Goodwill 7,681.78 6,345.49
(i) Movement in Lease Liabilities: ` in Crores

Goodwill is tested for impairment annually or when events or circumstances indicate that the implied fair As at As at
Particulars
value of goodwill is less than its carrying amount. CGUs to which goodwill has been allocated are tested for March 31, 2025 March 31, 2024
impairment annually. Opening Lease Liabilities 1,104.56 1,156.96
Addition on Acquisition of ICEM/ RAKWCT (Refer Note 41 and 42) 10.25 -
Potential impairment is identified by comparing the recoverable value of a CGU to its carrying value. The
recoverable amount has been determined based on value in use. Value in use has been determined based on Addition during the year 121.90 101.27
future cash flows, after considering current economic conditions, industry trends, estimated future operating Interest accrued during the year 60.78 63.22
results, growth rates and anticipated future economic conditions. As at March 31, 2025, the estimated cash Payment of Lease Liabilities (Including Interest) (225.88) (225.21)
flows for a period of 5 years were developed using internal forecasts, and a weighted average cost of capital Loss on revaluation 11.76 4.32
of ~12% (March 31, 2024: ~ 12%). The cash flows beyond 5 years have been extrapolated assuming nil long-term
Translation Reserve (8.13) 8.41
growth rates. While determining the cashflows, company has considered the factors such as cement sales
volume growth, price per bag, input cost expectation etc. As per the current business operation, company Lease Modification (4.05) (4.41)
expects stable state on the factors and same is supported by the cement industry outlook. Closing Lease Liabilities 1,071.19 1,104.56
- Non Current 868.21 942.11
During the current year, the Company has carried out the Impairment testing of Goodwill allocated to CGUs.
- Current 202.98 162.45
Based on the impairment testing, the recoverable amount of the CGU’s exceeds its carrying amount including
goodwill. Therefore, no impairment loss was recognized during the year ended March 31, 2025. Sensitivity
analysis with 1% change in growth rate and weighted average cost of capital also indicates that no impairment
required on carrying amount of goodwill.

442 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 443
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 3: Leases: (Contd.) Note 4 - Investments accounted for using Equity method: ` in Crores

(ii) Lease Expenses recognized in Statement of Profit and Loss, not included in the measurement of lease liabilities: Particulars As at March 31 2025 As at March 31, 2024

` in Crores Nos. Amount Nos. Amount

Year Ended Year Ended Unquoted:

Particulars
March 31, 2025 March 31, 2024
Equity Instruments:
Variable lease payments 312.74 124.87
Associates:
Expenses relating to short-term leases 283.46 271.31
Face value of ` 10 each fully paid:
Expenses relating to leases of low-value assets, excluding short-term leases of low value assets 38.90 44.14
Madanpur (North) Coal Company Private Limited 11,52,560 1.11 11,52,560 1.10

(iii) Maturity analysis of lease liabilities– contractual undiscounted cash flows: Add: Share in Profit / (Loss) of Associate 0.01 0.01
` in Crores Less: Provision for impairment in value of Investment (0.22) (0.22)

Particulars
As at As at 0.90 0.89
March 31, 2025 March 31, 2024
Aditya Birla Renewables SPV 1 Limited 1,62,78,663 17.26 1,62,78,663 18.52
Less than one year 240.25 215.58
Add/(Less) : Share in Profit / (Loss) of Associate net of 0.08 (1.26)
One to five years 659.95 702.65 distributions
More than five years 551.01 623.26 17.34 17.26
Total undiscounted lease liabilities 1,451.21 1,541.49 Aditya Birla Renewables Energy Limited (Investment 2,73,86,190 30.01 2,73,86,190 30.10
made during LY: ` 24.98 crores)
(iv) Income from subleasing of Right to use assets is for the year ended March 31, 2025 is ` 101.22 Crores (March 31,
Add: Share in Profit / (Loss) of Associate (2.06) (0.09)
2024 ` 96.94 Crores).
27.95 30.01
(C) Group as a Lessor: ABReL (MP) Renewables Limited (Investment made 3,53,91,200 34.95 3,53,91,200 35.39
during LY: ` 35.39 crores)
The Group has subleased its Leased Ships as an Intermediate lessor which is shown in Note 3 (A) Right of Use
Add: Share in Profit / (Loss) of Associate (1.84) (0.44)
Assets. Also, the Group has leased Owned Railway wagons to Railways on rent, the wagons were recognised as
33.11 34.95
assets in “Property, Plant and Equipment” Schedule in Note 2. Both the arrangements qualifies to be recognised
as Operating lease arrangement. ABReL Green Energy Limited 2,38,60,434 24.51 2,38,60,434 23.76
Add/ (Less): Share in Profit / (Loss) of Associate (0.57) 0.75
The period for such leases ranges from 1 year to 5 years depending upon terms and conditions of each lease
arrangements. 23.94 24.51
ABReL (Odisha) SPV Limited 50,13,879 3.89 50,13,879 4.95
Future minimum lease payments receivable under the operating lease is as below: Add/ (Less): Share in Profit / (Loss) of Associate (1.63) (1.06)
` in Crores
2.26 3.89
As at As at
Particulars ABReL (RJ) Projects Limited (LY: ` 26,000) 14,93,72,600 149.37 2,600 -
March 31, 2025 March 31, 2024

Not Later than one year 37.75 51.11 Add/ (Less): Share in Profit / (Loss) of Associate (0.38) -

Later than one year and not later than five years 0.06 0.16 148.99 -

Total 37.81 51.27 Ras Al Khaimah Co. for White Cement & Construction 14,90,16,781 853.36 14,90,16,781 816.23
Materials P.S.C U.A.E (Refer Note 42)
Total operating lease rental income recognised in the Statement of Profit and Loss during the Year ended March Add/(Less): Share in Profit / (Loss) of Associate 1.38 24.55
31, 2025 is ` 101.66 Crores (March 31, 2024 ` 97.05 Crores).
Less: Exchange differences on translating the Associate - 12.58
Income
Less: Step acquisition and treated as a subsidiary w.e.f (854.74) -
July 10, 2024
- 853.36
Pt Mitra Setiah Tanah Bumbu 2,695 48.88
Add/ (Less): Share in Profit / (Loss) of Associate (7.54)
41.34 -
295.83 964.87

444 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 445
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 4 - Investments accounted for using Equity method: (Contd.) ` in Crores Note 5 - Non- Current Investments: (Contd.) ` in Crores

Particulars As at March 31 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024
Particulars
Nos. Amount Nos. Amount Nos. Amount Nos. Amount
Joint Venture: NUPower Wind Farms Limited (CY: ` 1,000 and 100 - 100 -
Face value of ` 10 each fully paid: LY: ` 1,000))

Bhaskarpara Coal Company Limited 81,41,050 8.22 81,41,050 8.20 Ostro Alpha Wind Private Limited 69,66,635 8.36 69,66,635 8.36

Add: Share in Profit of Joint Venture 0.22 0.02 Rajmahal Coal Mining Limited 10,00,000 1.00 10,00,000 1.00

Less: Provision for impairment in value of Investment (4.15) (4.15) Renew Surya Spark Private Limited 71,60,946 7.16 71,60,946 7.16
(Refer Note 46) Solbridge Energy Private Limited 17,38,490 2.21 17,38,490 2.21
4.29 4.07 Sunroot Energy Private Limited 86,06,393 8.61 86,06,393 8.61
300.12 968.94 Veh Radiant Energy Private Limited 88,10,000 17.62 88,10,000 17.62
Aggregate Book Value of: VSV Offsite Private Limited 3,88,890 0.53 3,88,890 0.53
Unquoted Investments 300.12 968.94 VSV Onsite Private Limited 87,16,450 11.32 87,16,450 11.32
Aggregate amount of impairment in value of investments 4.37 4.37 Watsun Infrabuild Private Limited 8,09,295 0.81 6,42,600 0.64
Amplus Iru Private Limited 3,00,02,997 30.00 - -
Note 5 - Non- Current Investments: ` in Crores
Continuum MP Windfarm Development Private 2,43,51,600 24.35 - -
As at March 31, 2025 As at March 31, 2024
Limited
Particulars
Nos. Amount Nos. Amount Clean Max Sapphire Private Limited 2,40,88,421 45.77 - -

(A) Investments measured at Fair Value through OCI: O2 Reneweable Energy XXII Private Limited 2,13,85,586 21.39 - -

Quoted: Amplus Omega Solar Private Limited 2,78,05,947 27.81 - -

Equity Instruments: Coromandel Electric Company Limited 44,000 3.50 - -

Face value of ` 10 each fully paid: Coromandel Electric Company Limited (Non- 51,000 4.06 - -
dividend bearing equity shares)
Star Cement Limited 3,40,27,714 731.60 - -
401.32 244.27
Equity Shares, Quoted - UAE 8,38,32,878 139.30 - -
Other Investments Fully paid shares of ` 50 each of
Equity Shares, Quoted - GCC Countries 14,44,728 10.80 - -
Co-operative Societies :
881.70 -
The India Cements Employees Co-operative Stores 2,500 0.01 - -
Limited, Sankari
(B) Investments measured at Fair value through Profit or Loss: Other Investments Fully paid shares of ` 10 each of
Co-operative Societies :
Unquoted:
The India Cements Employees Co-operative Stores 5,000 0.01 - -
Equity Instruments:
Limited, Sankari
Face value of ` 10 each fully paid:
The India Cements Mines Employees Co-operative 5,300 0.01 - -
Amplus Ages Private Limited 4,82,72,246 48.27 4,82,72,246 48.27 Stores Limited, Sankari
Amplus Alpha Solar Private Limited 70,98,864 7.10 70,98,864 7.10 0.02 -
Amplus Coastal Power Private Limited 17,12,279 1.76 17,12,279 1.76 Preference Shares:
Amplus Dakshin Private Limited 2,64,87,381 26.49 2,64,87,381 26.49 7% Non-Cumulative Non-Convertible Redeemable
Preference Shares of ` 100 each fully paid
Amplus Helios Private Limited 43,21,728 4.32 43,21,728 4.32
Aditya Birla Health Services Limited 20,00,000 18.16 20,00,000 18.03
Amplus Sunshine Private Limited 38,67,848 4.80 38,67,848 4.80
Units of Debt schemes of Various Mutual Funds 10.36 45.43
Clean Max Terra Private Limited 1,51,00,000 27.18 1,51,00,000 27.18
Quoted:
Clean Max Theia Private Limited 2,28,91,488 41.20 2,28,91,488 41.20
Taxable Corporate Bonds 635.57 1,487.48
Dalavaipuram Renewables Private Limited 57,15,631 5.72 57,15,631 5.72
Equity Instruments:
Greenyana Sunstream Private Limited 16,07,692 2.09 16,07,692 2.09
Face value of ` 10 each fully paid:
Green Infra Wind Power Generation Limited 1,92,000 0.19 1,92,000 0.19
IDBI Bank Limited 5,915 0.05 - -
Lalganj Power Private Limited 1,33,89,522 17.70 1,33,89,522 17.70
1,065.49 1,795.21

446 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 447
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 5 - Non- Current Investments: (Contd.) ` in Crores Note 7 - Other Financial Assets: ` in Crores

As at March 31, 2025 As at March 31, 2024 Non-current Current

Particulars Particulars
Nos. Amount Nos. Amount As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
(C) Investments measured at Cost: Derivative Assets 830.07 425.84 10.97 93.24
Unquoted
Interest Accrued on Deposits and Investments - - 61.03 110.71
Debentures:
Fixed Deposits with Bank with maturity greater than twelve 613.27 0.42 - -
Zero% Unsercured Convertible Debentures Of 35,50,000 15.18 - months*
Coromandel Sugars Limited
Government grants receivable 1,009.43 725.98 757.99 828.76
Compulsory Convertible Debentures of Coromandel 23,95,302 34.89 -
Advances to Body Corporate - 0.04 - 755.19
Electric Company Limited
50.07 - Security Deposits (Refer Note 46) 480.39 304.95 226.03 195.02

Government & Trustee Securities: Others (Includes Insurance Claims and Other Receivables) - - 242.66 327.43

National Savings Certificates 0.03 - 2,933.16 1,457.23 1,298.68 2,310.35

Indira Vikas Patra Certificates (CY: ` 2,000) - - * Lodged as Security for various other purposes - ` 1.17 Crores (March 31, 2024 ` 0.16 Crores).
0.03 -
50.10 -
Note 8 - Deferred Tax Assets (Net): ` in Crores

Investments (A + B + C) 1,997.29 1,795.21 Transferred on Recognised in

As at As at Recognised
Particulars Acquisition / Scheme Statement of Profit Others
Aggregate Book Value of: March 31, 2025 March 31, 2024 in OCI
of Arrangement and Loss
Quoted Investments 1,527.68 1,795.21 Deferred Tax Assets:
Unquoted Investments 469.60 - Others 56.85 6.67 - (1.63) 0.03 51.78
1,997.28 1,795.21 56.85 6.67 - (1.63) 0.03 51.78
Aggregate Market Value of Quoted Investments 1,527.68 1,795.21 Deferred Tax Liabilities:
Others 8.24 (1.77) - 0.45 - 9.56
Note 6 - Loans: ` in Crores
8.24 (1.77) - 0.45 - 9.56
Non-current Current Net Deferred Tax Assets 65.09 4.90 - (1.18) 0.03 61.34
Particulars As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
As at As at Recognised in Statement of
Considered good, Secured: Particulars Recognised in OCI Others
March 31, 2024 March 31, 2023 Profit and Loss
Loans to Employees 8.20 - - - Deferred Tax Assets:
Considered good, Unsecured: Others 6.67 8.58 (2.65) 0.74 -
Loans to Employees 8.01 8.31 10.00 8.91 6.67 8.58 (2.65) 0.74 -
16.21 8.31 10.00 8.91 Deferred Tax Liabilities:
Others (1.77) (2.02) 0.46 (0.21) -
Note 6.1 - No loans are due from directors or other officers of the Company or any of them either severally or jointly
(1.77) (2.02) 0.46 (0.21) -
with any other person. Further, no loans are due from firms or private companies in which any director is a partner, a
Net Deferred Tax Assests 4.90 6.56 (2.19) 0.53 -
director or a member.

Note 9 - Other Non-Current Assets: ` in Crores

As at As at
Particulars
March 31, 2025 March 31, 2024

Capital Advances 2,418.17 2,697.29

Less: Provision for Impairment (14.73) (12.36)
2,403.44 2,684.93
Balance with Government Authorities 528.48 557.74
Prepaid Expenses 59.85 21.56
2,991.77 3,264.23

448 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 449
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 10 - Inventories: (Valued at lower of cost and net realisable value, unless Note 12 - Trade Receivables: ` in Crores

otherwise stated) ` in Crores As at As at

Particulars
As at As at March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 Considered good, Secured 1,238.00 963.24
Raw Materials {includes in transit ` 61.42 Crores, (March 31, 2024: ` 25.67 Crores)} 1,135.75 789.08 Considered good, Unsecured 4,770.42 3,339.44
Work-in-progress 1,575.03 1,426.20 Credit impaired, Unsecured 129.27 96.83
Finished Goods {includes in transit ` 148.45 Crores, (March 31, 2024: ` 140.23 Crores)} 819.36 687.49
6,137.69 4,399.51
Stock-in-trade {includes in transit ` 5.73 Crores, (March 31, 2024: ` 4.96 Crores)} 39.82 15.41
Less: Allowances (247.44) (121.35)
Stores & Spares {includes in transit ` 11.91 Crores, (March 31, 2024: ` 22.51 Crores)} 2,182.91 1,766.97
5,890.25 4,278.16
Fuel {includes in transit ` 1,879.36 Crores, (March 31, 2024: ` 2,071.97 Crores)} 3,631.47 3,493.33
Packing Materials {includes in transit ` 1.97 Crores, (March 31, 2024: ` 0.65 Crores)} 158.65 138.71 Note 12.1 - No trade receivable are due from directors or other officers of the Company or any of them either severally
Scrap (valued at net realisable value) 19.99 12.55 or jointly with any other person. Further, no trade receivable are due from firms or private companies, respectively in
9,562.98 8,329.74 which any director is a partner, a director or a member.

` 14.34 Crores (March 31, 2024 ` 17.64 Crores) has been recognised in the statement of profit and loss towards write Note 12.2 - Trade Receivables due from Related Parties included above ` 4.27 Crores (March 31, 2024 ` 3.20 Crores).
down of inventories considered obselete. The Company follows suitable provisioning norms for writing down the value (Refer Note 46)
of Inventories towards slow moving, non-moving and surplus inventory. Provision as on date is ` 52.07 Crores (March 31,
2024 ` 44.31 Crores). Note 12.3: Trade Receivables Ageing Schedule ` in Crores

Outstanding from due date of Payment

Note 11 - Current Investments: ` in Crores
Particulars
Receivable
Total
but not due Less than 6 months- More than
1-2 years 2-3 years
As at As at 6 Months 1 year 3 years
Particulars
March 31, 2025 March 31, 2024
As at March 31, 2025:
Quoted:
(i) Undisputed Trade receivables – 3,675.13 2,025.83 101.60 83.12 33.45 47.86 5,966.99
Investments measured at Fair value through Profit or Loss considered good
Taxable Corporate Bonds 293.62 298.77 (ii) Undisputed Trade Receivables – - - - 36.19 8.13 30.64 74.96
Government Securities - 1.81 credit impaired

Unquoted: (iii) Disputed Trade Receivables – - 1.51 0.55 5.43 3.91 30.03 41.43
considered good
Investments measured at amortised Cost:
(iv) Disputed Trade Receivables – - - - 0.05 4.65 49.61 54.31
Fixed Deposits with Financial Institution with Maturity less than twelve months 50.00 350.00 credit impaired
Investments measured at Fair value through Profit or Loss: Total 3,675.13 2,027.34 102.15 124.79 50.14 158.14 6,137.69
Units of Debt Schemes of Various Mutual Funds 2,515.45 4,834.22 As at March 31, 2024:
2,859.07 5,484.80 (i) Undisputed Trade receivables – 3,159.81 1,070.42 42.49 18.36 0.20 2.99 4,294.27
Aggregate Book Value of: considered good
Quoted Investments 293.62 300.58 (ii) Undisputed Trade Receivables – - - 0.24 22.52 6.51 19.99 49.26
credit impaired
Unquoted Investments 2,565.45 5,184.22
(iii) Disputed Trade Receivables – - 0.01 0.13 2.57 - 5.70 8.41
2,859.07 5,484.80
considered good
Aggregate Market Value of Quoted Investments 293.62 300.58
(iv) Disputed Trade Receivables – - - - 2.27 8.96 36.34 47.57
credit impaired
Total 3,159.81 1,070.43 42.86 45.72 15.67 65.02 4,399.51

There are no unbilled trade receivables, hence the same is not disclosed in the ageing schedules.

450 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 451
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 13 - Cash and Cash Eqivalents: ` in Crores

` in Crores

As at March 31, 2025 As at March 31, 2024

As at As at Particulars
Particulars
March 31, 2025 March 31, 2024 No. of Shares Amount No. of Shares Amount

Balance with banks (Current Account) 452.59 537.74 (b) Shares held by Holding Company
Cheques on hand 11.46 14.07 Grasim Industries Limited 16,53,35,150 165.34 16,53,35,150 165.34
Cash on hand 3.16 1.77 (c) List of shareholders holding more than 5% of No. of Shares % Holding No. of Shares % Holding
Paid-up Equity Share Capital
467.21 553.58
Grasim Industries Limited 16,53,35,150 56.11% 16,53,35,150 57.27%
(d) Equity Shares of ` 10 each reserved for issue 4,901 0.01 18,223 0.02
Note 14 - Bank Balances Other than Cash and Cash Equivalents: ` in Crores under ESOS
As at As at (e) Aggregate number of Shares issued for
Particulars
March 31, 2025 March 31, 2024 consideration other than cash during
the period of five years immediately
Fixed Deposits with Banks* (Maturity more than three months and upto twelve months) 1,195.54 214.90
preceding the reporting date
Earmarked Balance with Bank for Unpaid Dividends 10.57 14.73
Equity Shares of ` 10 each issued in current 59,74,301 5.97 - -
1,206.11 229.63 financial year as fully paid up to the
shareholders of KIL, pursuant to the
*Lodged as security for various purposes ` 0.70 Crores (March 31, 2024 ` 0.09 Crores). Earmarked for specific purpose ` 208.08 Crores (March 31, Composite Scheme of Arrangement
2024 ` 177.13 Crores). (Refer Note 40)

Note 15 - Other Current Assets: ` in Crores (f) Rights, preferences and Restrictions attached to shares:
The Company has only one class of Equity Shares having a par value of ` 10 per share. Each shareholder is eligible
As at As at
Particulars for one vote per share held except for Global Depository Receipts. The dividend proposed by the Board of
March 31, 2025 March 31, 2024

Advances to related parties (Refer Note 46) 2.76 20.29

Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets
Balance with Government Authorities 705.95 851.97
of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Advances to suppliers 1,077.88 870.56
Prepaid Expenses 110.45 85.65 (g) Shares held by Promoters:
Others (Balance with Gratuity Trust & Other Receivables) 350.17 119.76 As at March 31, 2025 As at March 31, 2024 % change during
Promoter Name
2,247.21 1,948.23 No of Shares % of total shares No of Shares % of total shares the year

Mr. Kumar Mangalam Birla 2,84,390 0.097% 1,80,132 0.06% 0.03%

Note 16 (a) - Equity Share Capital: ` in Crores Grasim Industries Limited 16,53,35,150 56.107% 16,53,35,150 57.27% -1.16%

As at March 31, 2025 As at March 31, 2024 Total 16,56,19,540 56.204% 16,55,15,282 57.33% -1.13%
Particulars
No. of Shares Amount No. of Shares Amount

Authorised As at March 31, 2024 As at March 31, 2023 % change during

Promoter Name the year
No of Shares % of total shares No of Shares % of total shares
Equity Shares of ` 10 each 4,79,01,50,000 4,790.15 78,00,00,000 780.00
Issued, Subscribed and Fully Paid-up Mr. Kumar Mangalam Birla 1,80,132 0.06% 1,80,132 0.06% 0%

Equity Shares of ` 10 each fully paid-up 29,46,77,410 294.68 28,86,92,005 288.69 Grasim Industries Limited 16,53,35,150 57.27% 16,53,35,150 57.27% 0%

(a) Reconciliation of the Shares Outstanding at the Total 16,55,15,282 57.33% 16,55,15,282 57.33% 0%
beginning and at the end of the year
Outstanding at the beginning of the year 28,86,92,005 288.69 28,86,86,345 288.69
Add: Shares issued under Employees Stock Options 11,104 0.02 5,660 -
Scheme (ESOS) ( LY: Equity Share Capital of
` 56,600)
Add: Shares issued to the shareholders of Kesoram 59,74,301 5.97 -
Industries Limited pursuant to the Scheme of
Demerger (Refer Note 40)
Outstanding at the end of the year 29,46,77,410 294.68 28,86,92,005 288.69

452 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 453
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 16 (b) - Other Equity: ` in Crores i) Exchange differences on translating the financial statements of foreign operations: Exchange variation in
Opening Equity Share Capital, Reserves and Surplus, Assets and Liabilities of UltraTech Cement Lanka (Pvt.)
As at As at
Particulars Ltd, UltraTech Cement Middle East Investments Ltd, PT UltraTech Mining Indonesia and PT UltraTech Investment
March 31, 2025 March 31, 2024
Indonesia is accounted under this reserve.
Capital Reserve 170.72 170.72
Securities Premium 11,311.01 5,487.36 Note 17 - Non-Current Borrowings: ` in Crores
Debenture Redemption Reserve 37.50 37.50 Non - Current Current Maturities of Long-Term debts *
General Reserve 47,824.73 44,324.73 Particulars As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Share Option Outstanding Reserve 174.46 121.96
Secured:
Treasury Shares (416.90) (341.66)
Non-Convertible Debentures - Note (a1) 500.00 500.00 - -
Retained Earnings 11,039.41 9,924.60
Term Loans from Banks:
Cash Flow Hedge Reserve (172.50) (175.40) In Local Currency - Note (e1) 1,032.87 - 38.28 -
Equity instruments through Other Comprehensive Income (11.75) - Sales Tax/VAT/GST Deferment Loan - Note (b1) 221.62 172.48 - 17.48
Exchange differences on translating the financial statements of foreign operations 454.85 388.97 Vehicle Loan (g) 0.79 - 0.40 -
Total Other Equity 70,411.53 59,938.78 1,755.28 672.48 38.68 17.48
Unsecured:
The Description of the nature and purpose of each reserve within equity is as follows:
Non-Convertible Debentures - Note (a2) 3,000.00 - - 500.00
a) Capital Reserve: Company’s capital reserve is mainly on account of acquisition of cement business of Larsen Foreign Currency Bonds- Note (c) 3,419.00 3,336.20 -
& Toubro Ltd., Gujarat Units of Jaypee Cement Corporation Ltd (JCCL) and cement capacities of 21.2 MTPA of Term Loans from Banks:
Jaiprakash Associates Ltd (JAL) and JCCL, being excess of the net assets acquired over the consideration paid. In Foreign Currency - Note (d) 5,555.81 1,251.24 427.38 -
In Local Currency - Note (e2) 2,000.00
b) Securities Premium: Securities premium is credited when shares are issued at premium. It is utilised in accordance
Public Deposits - Note (f) 3.14 70.68
with the provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares or
debentures, equity related expenses like underwriting costs, etc. Sales Tax/VAT/GST Deferment Loan - Note (b2) 47.54 47.86 56.69 31.90
14,025.49 4,635.30 554.75 531.90
c) Debenture Redemption Reserve (DRR): The Company has issued redeemable non-convertible debentures. Total 15,780.77 5,307.78 593.43 549.38
Accordingly, the Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the company to
* Amount disclosed under the head ‘ Current Borrowings’ (Refer Note 22).
create DRR out of profits of the company available for payment of dividend. DRR is required to be created for an
` in Crores
amount which is equal to 25% of the value of debentures issued. However, this requirement is no more applicable
As at As at
w.e.f. April 1, 2018 as per the amendment in the Companies (Share capital and Debentures) Rules, 2014 vide dated Particulars Repayment Terms
March 31, 2025 March 31, 2024
August 16, 2019; accordingly the Company has not made any new addition in the said reserve and accounted the (a1)   Non-Convertible Debentures (NCDs)
reversal of outstanding reserve linked to payment of specific non-convertible debentures.
Secured:
d) General reserve: The Company has transferred a portion of the net profit of the Company before declaring 7.53% NCDs Redeemable at par on August 21, 2026 500.00 500.00
dividend to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to general Total 500.00 500.00
reserve is not required under the Act.
The NCDs are secured by way of first charge, having pari passu rights, on the Company’s fixed assets (save and except
e) Shares Options Outstanding Reserve: The Company has three share option schemes under which options to stocks and book debts), both present and future, situated at certain locations, in favour of Debenture Trustees. Interest
subscribe for the Company’s shares have been granted to certain executives and senior employees. The share-based on the NCDs is payable annually.
payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, ` in Crores
including key management personnel, as part of their remuneration. As at As at
Particulars Repayment Terms
March 31, 2025 March 31, 2024
f) Treasury Shares : The Company has formed an Employee Welfare Trust for purchasing Company’s shares to be
(a2) Non-Convertible Debentures (NCDs)
allotted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As per Ind AS 32 - Financial
Unsecured:
Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and deducted from
7.22% NCDs Redeemable at par on November 24, 2034 1,000.00 -
equity.
7.34% NCDs Redeemable at par on March 05, 2030 1,000.00 -
g) Cashflow Hedge Reserve: The Company has designated its hedging instruments as cash flow hedges and any 7.34% NCDs Redeemable at par on March 03, 2028 1,000.00 -
effective portion of cashflow hedge is maintained in the said reserve. In case the hedging becomes ineffective, the 6.68% NCDs Redeemed at par on February 20, 2025 - 250.00
amount is recognised to the Statement of Profit and Loss. 7.64% NCDs Redeemed at par on June 04, 2024 - 250.00

h) Equity Instruments Fair Valued Through Other Comprehensive Income: It represents the cumulative gains/ 3,000.00 500.00
(losses) arising on the fair valuation of Equity Shares measured at Fair Value through Other Comprehensive Income, Less: Current Portion of NCDs shown under Current Borrowings - (500.00)
net of amounts reclassified to Retained Earnings on disposal/transfer of such investments. Total 3,000.00 -

454 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 455
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

` in Crores ` in Crores
As at As at As at As at
Particulars Repayment Terms Particulars Repayment Terms
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

(b1) Sales Tax/VAT/GST Deferment Loan: (d) Term Loan - in Foreign Currency:

Secured: Unsecured:

Department of Industries and Commerce, Varied Annual Payments from August 2032 State Bank of India, Gift City ^(US Dollar: Two Equal Payments in March 2026 and
221.62 172.48 854.75 417.03
Karnataka to August 2036 10.00 Crores; March 31, 2024: 5.00 Crores) September 2026
Sustainability Linked Loan*(US Dollar: Two Equal Payments in August 2027 and
Uttar Pradesh Financial Corporation Repaid in December 2024 - 17.48 4,273.75 -
50.00 Crores; March 31, 2024: Nil) October 2027
221.62 189.96
Sumitomo Mitsui Banking Corporation Bullet Payment in June 2027
Less: Current Portion shown under Singapore Branch $(US Dollar: 10.00 854.69 834.21
- (17.48) Crores; March 31, 2024: 10.00 Crores)
Current Borrowings
Total 221.62 172.48 5,983.19 1,251.24
Less: Current Portion of Sales Tax/VAT/
Sales Tax/ VAT/ GST Deferment Loan is secured by bank guarantee and corporate guarantees. GST Deferment Loan loan shown under (427.38) -
` in Crores Current Borrowings
As at As at Total 5,555.81 1,251.24
Particulars Repayment Terms
March 31, 2025 March 31, 2024
^ Interest on the above term loan is payable semi-annually linked to Compounded Secured Overnight Financing Rate (SOFR) + Spread
(b2) Sales Tax/VAT/GST Deferment Loan: *The Company has raised unsecured US dollar denominated loan (in the form of “Sustainability Linked Loan”-SLL) aggregating to USD 500 million,
due on August 2027 & October 2027. The loan is linked to ‘Sustainability Performance Target’ (SPT) on Key Performance Indicator (KPI) 2 of company’s
Unsecured:
sustainability linked financing framework. This KPI is about share of green energy on company’s total power consumption. The annual targets
Commercial Tax Department, Hyderabad Varied Annual payments upto October 2026 47.90 79.76 committed are 30% for FY 2025, 45% for FY 2026 & 55% for FY 2027 to be observed in last quarter of respective financial years. If SPTs are not achieved
in respective observation periods, there shall be an increase in interest cost by 5 bps, 10 bps & 15 bps respectively for FY 2025, FY 2026 & FY 2027.
Commercial Tax Department, Andhra Pradesh Annual Payments upto March 2028 56.33 - Interest rate on above loan is payable semi-annually linked to Compounded Overnight SOFR + Spread.
$ Interest payable annually is linked to Compounded Secured Overnight Financing Rate (SOFR)
104.23 79.76
Less: Current Portion of Sales Tax/VAT/ ` in Crores
GST Deferment Loan loan shown under (56.69) (31.90) As at As at
Particulars Repayment Terms
Current Borrowings March 31, 2025 March 31, 2024

Total 47.54 47.86 (e1) Term Loan - in Local Currency:

Secured:
` in Crores Axis Bank@ Quarterly Payments upto February 2031 671.76 -
As at As at State Bank of India# Quarterly Payments upto January 2029 131.41 -
Particulars Repayment Terms
March 31, 2025 March 31, 2024
State Bank of India# Quarterly Payments upto December 2031 267.98 -
(c) Foreign Currency Bonds: 1,071.15 -
Unsecured: Less: Current Portion shown under Current
(38.28) -
2.80% Sustainability Linked Bonds Bullet payment in February 2031 Borrowings
(US Dollar: 40.00 Crores; March 31, 2024: 3,419.00 3,336.20 Total 1,032.87 -
US Dollar: 40.00 Crores)
Term Loans are secured by way of Pari Passu First Charge on the entire movable fixed assets of The India Cements Limited, both present and Future.
Total 3,419.00 3,336.20
@ Interest rate on above loan is payable monthly linked to Repo rate + Spread.
# Interest rate on above loan is payable monthly linked to 91 day Treasury Bill + Spread.
The Company had issued unsecured fixed rate US Dollar denominated notes (in the form of “Sustainability Linked ` in Crores
Bonds”), aggregating to USD 400 million, due on February 16,2031, bearing coupon of 2.80% per annum payable
As at As at
semi-annually. The Bonds are linked to ‘Sustainability Performance Target (SPT) of reducing Scope 1 GHG emissions by Particulars Repayment Terms
March 31, 2025 March 31, 2024
22.2% from a 2017 baseline. If SPT is not achieved by observation date in 2030, the coupon will step-up by 0.75% for
(e2) Term Loan - in Local Currency:
last two coupons.The Bonds are listed on the Singapore Exchange Securities Trading Limited.
Unsecured:
State Bank of India, Mumbai $ Bullet Repayment in November 2027 2,000.00 -
Total 2,000.00 -

$ Interest rate on above loan is payable monthly linked to 3 Month Treasury Bill + Spread.

456 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 457
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

` in Crores
Note 19 - Provisions: ` in Crores
As at As at
Particulars Repayment Terms
March 31, 2025 March 31, 2024 Non-current Current
Particulars As at As at As at As at
(f) Public Deposits:
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Unsecured:
For Employee Benefits (Leave encashment, pension and
Public Deposits Payments from June 2025 to June 2026 73.82 - 410.85 290.66 83.69 74.13
other retiral benefits) (Refer Note 44)
Less: Current Portion shown under Current Others:
(70.68) -
Borrowings
For Mines Restoration Expenditure * 481.24 379.91 - -
Total 3.14 -
For Cost of transfer of Assets - - 266.52 183.37
Public Deposits are taken over from KIL under the Composite Scheme of Arrangement, carrying a rate of interest of 892.09 670.57 350.21 257.50
12.50% for KIL shareholders and 12.25% for others.
Note 19.1 - Movement of provisions during the year as required by Ind AS - 37 “Provisions, Contingent Liabilities and
` in Crores
Contingent Assets” specified under Section 133 of the Companies Act, 2013:
As at As at
Particulars Repayment Terms ` in Crores
March 31, 2025 March 31, 2024
As at As at
(g) Vehicle Loans:
March 31, 2025 March 31, 2024
Secured:
(a) Mines Restoration Expenditure: Non-Current
Vehicle Loans (Secured against Vehicles Monthly installments upto October 2027
1.19 - Opening Balance 379.91 355.74
purchased) $
Add: Additions on Acquisition / Composite Scheme of Arrangement 77.46 -
Less: Current Portion shown under Current
(0.40) - Add: Provision / (Reversal) during the year 0.28 3.85
Borrowings
Total 0.79 - Add: Unwinding of discount on Mine Restoration Provision 23.91 20.54

$ Interest rate is 10.65% Less: Utilisation during the year (0.32) (0.22)
Closing Balance 481.24 379.91
Note 18 - Other Financial Liabilities: ` in Crores * Mines Restoration Expenses are incurred on an ongoing basis until the respective mines are not fully restored, in accordance with the requirements of
the mining agreement. The actual expenses may vary based on the nature of restoration and the estimate of restoration expenses.
` in Crores
Non-current Current
Particulars As at As at
As at As at As at As at
March 31, 2025 March 31, 2024
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

Interest Accrued but not due - - 187.77 90.07 (b) Provision for Cost of Transfer of Assets: Current

Deferred Premium Payable 287.36 240.71 79.42 32.39 Opening Balance 183.37 132.05

Liability for Capital Goods (Refer Note 61) - 1,932.00 1,819.74 Add: Provision during the year (Refer Note 40 & 43) 120.58 72.00

Security Deposit - 3,125.29 2,298.27 Less: Utilisation / Reversal during the year (Refer Note 43) (37.43) (20.68)

Salary, Wages, Bonus and Other Employee Payables 349.28 373.70 Closing Balance 266.52 183.37

Investor Education and Protection Fund, will be credited

with following amounts (as and when due):
Note 20 - Deferred Tax Liabilities (Net): ` in Crores

Unpaid Dividends - 94.11 14.74 As at As at

Transferred on Recognised in
Recognised
Particulars Acquisition / Scheme Statement of Others
Unpaid Fractional liability on issue of shares pursuant March 31, 2025 March 31, 2024 in OCI
- 0.40 0.41 of Arrangement Profit and Loss
to scheme of Demerger
Deferred Tax Assets:
Others (Retention money, Liquidated Damages, etc.) 0.46 0.15 784.05 697.60
Provision allowed under tax on (139.52) (269.68) (9.38) 139.54 - -
287.82 240.86 6,552.32 5,326.92 payment basis
Others (351.06) (205.39) (395.81) 95.48 103.03 51.62
(490.58) (475.07) (405.18) 235.02 103.03 51.62
Deferred Tax Liabilities:
Tangible and Intangible Assets 9,981.24 6,826.34 2,682.23 453.33 - 19.34
Fair valuation of Investments 39.76 54.11 - (14.35) - -
Others 49.02 42.40 19.00 (12.62) - 0.25
10,070.02 6,922.85 2,701.23 426.36 - 19.59
Net Deferred Tax Liabilities 9,579.44 6,447.78 2,296.04 661.38 103.03 71.21

458 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 459
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

` in Crores Note 23 - Trade Payables: ` in Crores

Recognised in
As at As at Recognised As at As at
Particulars Statement of Others Particulars
March 31, 2024 March 31, 2023 in OCI March 31, 2025 March 31, 2024
Profit and Loss

Deferred Tax Assets: Total Outstanding dues of Micro and Small Enterprises 272.52 254.19
Provision allowed under tax on payment basis (269.68) (237.13) (32.55) - - Total Outstanding dues of other than Micro and Small Enterprises
Others (205.39) (181.88) (13.59) (9.92) - Supplier’s Credit 1,905.93 1,989.83
(475.07) (419.01) (46.14) (9.92) - Due to Related Party (Refer Note 46) 79.55 33.69
Deferred Tax Liabilities: Other Trade Payables 7,069.48 6,200.62
Tangible and Intangible Assets 6,826.34 6,624.18 202.16 - - 9,054.96 8,224.14
Fair valuation of Investments 54.11 12.45 41.66 - - 9,327.48 8,478.33
Others 42.40 42.49 (0.09) - -
Note 23.1: Supplier’s Credit
6,922.85 6,679.12 243.73 - -
Net Deferred Tax Liabilities 6,447.78 6,260.11 197.59 (9.92) - Supplier’s Credit represents the extended interest bearing credit offered by the supplier which is secured against
Usance Letter of Credit (LC). Under this arrangement, the supplier is eligible to receive payment from negotiating with
bank prior to the expiry of the extended credit period. The interest of the extended credit period payable to the bank
Note 21 - Other Non-Current Liabilities: ` in Crores
on maturity of the LC has been presented under Finance Cost. As on March 31, 2025, confirmed supplier’s invoice that
As at As at are outstanding and subject to the above arrangement included in Other Trade Payables is ` 902.87 Crores (March 31,
Particulars
March 31, 2025 March 31, 2024 2024 ` 1,046.29 Crores).
Deferred Income on Government Grants - 3.50
Note 23.2: Trade Payables Ageing Schedule
Others 30.49 0.03
` in Crores
Total 30.49 3.53
Outstanding for the following periods
Outstanding from the due date of payment
Particulars Unbilled Total
Note 22 - Current Borrowings: ` in Crores but not due Less than
1-2 years 2-3 years
More than
1 year 3 years
As at As at
Particulars As at March 31, 2025:
March 31, 2025 March 31, 2024
(i) Micro and Small Enterprises - 257.51 14.85 0.04 0.12 - 272.52
Secured:
(ii) Other than Micro and Small Enterprises 2,027.58 3,358.09 3,631.61 18.02 12.05 7.61 9,054.96
Current Maturities of Long Term debts (Refer Note 17) 38.68 17.48
(iii) Disputed- Micro and Small Enterprises - - - - - - -
Loans repayable on demand: From Banks - Cash Credits / Working Capital Borrowings 31.62 -
(iv) Disputed Dues- Others - - - - - - -
70.30 17.48
Total as on March 31, 2025 2,027.58 3,615.60 3,646.46 18.06 12.17 7.61 9,327.48
Unsecured:
As at March 31, 2024:
Current Maturities of Long Term debts (Refer Note 17) 554.75 531.90
(i) Micro and Small Enterprises - 253.89 0.30 - - - 254.19
7.3% Non-Convertible Redeemable Preference Shares 63.51 -
(ii) Other than Micro and Small Enterprises 1,556.64 3,747.60 2,914.16 5.74 - - 8,224.14
Loans repayable on demand: From Banks - Cash Credits / Working Capital Borrowings 5,023.22 3,064.38
(iii) Disputed- Micro and Small Enterprises - - - - - - -
Foreign Currency Term Loan from Banks 1,538.44 1,376.85
(iv) Disputed Dues- Others - - - - - - -
7,179.92 4,973.13
Total as on March 31, 2024 1,556.64 4,001.49 2,914.46 5.74 - - 8,478.33
7,250.22 4,990.61

Note: Note 24 - Other Current Liabilities: ` in Crores

(a) Pursuant to the Composite Scheme of Arrangement with KIL, the Company has issued 63,50,883 fully paid up As at As at
Particulars
7.3% Non-Convertible Redeemable Preference Shares of ` 100 each redeemable at par after 3 months from the March 31, 2025 March 31, 2024

date of allotment i.e from the Effective Date March 13, 2025 to the preference shareholders of KIL. Advance from Customers and Others 541.06 526.59
Deferred Income on Government Grants - 0.17
(b) Cash Credit and Working Capital Borrowings : tenure is less than twelve months bearing an average interest rate
Statutory Liabilities 2,607.50 2,267.36
for March 31, 2025: 5.36% - 8.50% (March 31, 2024 : 4.88% - 6.59%).
Others (includes Rebate to Customers & Others ) 3,543.62 2,912.56
6,692.18 5,706.68

460 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 461
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 25 - Revenue from Operations (Refer Note 60): ` in Crores Note 27 - Cost of Materials Consumed: ` in Crores

Year ended Year ended Year ended Year ended

Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

Revenue from Contract with Customers Opening Stock 789.08 820.07

Sale of Products and Services Add: Exchange rate fluctuation on account of average rate transferred to currency translation
3.89 0.51
reserve
Sale of Manufactured Products 72,148.79 67,706.47
Add: Transferred on Acquisition / Scheme of Composite Arrangement (Refer Note 40,41, 42) 85.85
Sale of Traded Products 2,767.96 2,098.77
Purchases 12,077.69 10,220.39
Sale of Services 19.70 4.29 12,956.51 11,040.97
74,936.45 69,809.53 Less: Exchange rate fluctuation on account of average rate transferred to currency translation
(0.96) (0.52)
Other Operating Revenues reserve

Scrap Sales 117.12 130.79 Less: Closing Stock 1,135.75 789.08

11,821.72 10,252.41
Lease Rent 0.44 0.11
Insurance Claim 39.93 57.92
Provision no longer required written back 7.03 36.21
Note 28 - Purchases of Stock-in-Trade: ` in Crores

Unclaimed Liabilities written back 54.11 46.55 Year ended Year ended
Particulars
March 31, 2025 March 31, 2024
Government Grants (Refer Note 58) 695.28 698.14
Grey Cement (including Ready Mix Concrete) 1,642.10 1,399.61
Sub-lease income on Ships 78.62 96.94 Other Products 227.64 334.25
Miscellaneous Income / Receipts 26.15 31.95 1,869.74 1,733.86
1,018.68 1,098.61
Total Revenue from Operations 75,955.13 70,908.14 Note 29 - Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade: ` in Crores
Note 26 - Other Income: ` in Crores
Year ended Year ended
Particulars
Year ended Year ended March 31, 2025 March 31, 2024
Particulars
March 31, 2025 March 31, 2024 Closing Inventories
Interest Income on Work-in-progress 1,575.03 1,426.20
Investments measured at Fair Value through Profit or Loss 78.13 6.19 Finished Goods 819.36 687.49
Investments measured at Amortised Cost 114.87 7.28 Stock in Trade 39.82 15.41

Bank and Other Accounts 99.35 227.28 Add / (Less): Exchange rate fluctuation on account of average rate transferred to currency
(1.08) (1.82)
translation reserve
292.35 240.75
2,433.13 2,127.28
Dividend Income on Opening Inventories
Current Investments - Mutual Fund 0.81 0.16 Work-in-progress 1,426.20 1,330.39
Exchange Gain (net) 38.45 55.29 Finished Goods 687.49 674.47
Profit on Sale of Property, Plant & Equipment (net) 56.38 0.67 Stock in Trade 15.41 24.19
Gain on Fair valuation of Investments through Profit or loss 111.91 206.06 Add / (Less): Exchange rate fluctuation on account of average rate transferred to currency
10.88 0.83
translation reserve
Profit on Sale of Current and Non-Current Investments 233.98 97.89
2,139.98 2,029.88
Others 10.29 16.13 (Increase) / Decrease in Inventories
744.17 616.95 Work-in-progress (148.83) (95.81)
Finished Goods (131.87) (13.02)
Stock in Trade (24.41) 8.78
Add / (Less): Exchange rate fluctuation on account of average rate transferred to currency
11.96 2.65
translation reserve
(293.15) (97.40)
Add: Transferred on Acquisition / Scheme of Composite Arrangement (Refer Note 40,41, 42) 285.87 -
Add: Stock Transfer from Pre-Operative Account 19.55 14.05
12.27 (83.35)

462 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 463
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 30 - Employee Benefits Expense: ` in Crores Note 34 - Other Expenses: ` in Crores

Year ended Year ended Year ended Year ended

Particulars Particulars
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

Salaries, Wages and Bonus 3,099.90 2,669.75 Consumption of Stores, Spare Parts and Components 1,604.33 1,491.27
Contribution to Provident and Other Funds Consumption of Packing Materials 2,192.72 1,927.94
- Contribution to Gratuity Fund and Other Defined Benefit Plans (Refer Note 44) 193.41 160.83 Repairs to Plant and Machinery, Building and Others 1,677.56 1,478.96
- Contribution to Superannuation, National Pension Scheme and Other Defined 38.55 33.11 Insurance 137.86 181.93
Contribution Plan (Refer Note 44) Rent 177.49 172.39
Expenses on Employees Stock Options Scheme (Refer Note 52) 51.56 43.06 Rates and Taxes 268.54 235.48
Staff Welfare Expenses 221.17 130.83 Directors’ Fees 0.66 0.41
3,604.59 3,037.58 Directors’ Commission 14.00 14.00
Contribution to General Electoral Trust/ Electoral Bonds* 250.00 10.00
Note 31 - Finance Costs: ` in Crores
Advertisement 544.24 643.90
Year ended Year ended Sales Promotion and Other Selling Expenses 971.54 943.81
Particulars
March 31, 2025 March 31, 2024
Miscellaneous Expenses 2,472.36 1,830.86
Interest Expense:
10,311.30 8,930.95
On Borrowings (at amortised cost) 1,286.31 639.39
Less: Captive Consumption of Cement (100.92) (95.86)
Others (including interest on deposits from Dealers, Contractors, LC discounting and 308.61 223.28
Supplier’s Credit) 10,210.38 8,835.09
Interest on Sales Tax/VAT/GST Deferrment Loan 14.68 13.97 *During the previous year ended March 31, 2024: Contribution to Bharatiya Janata Party
Interest on Lease Liabilities 60.78 63.22
Unwinding of discount on Mine Restoration Provision 23.91 20.54 Note 35 - Other Comprehensive Income: ` in Crores

1,694.29 960.40 Particulars

Year ended Year ended
March 31, 2025 March 31, 2024
Exchange Loss on revaluation of Lease Liabilities 11.76 4.32
Items that will not be reclassified to Profit or Loss:
Other Borrowing Cost (Finance Charges) 12.83 3.90
Remeasurment gain/(loss) on Defined Benefit Plan 26.49 (42.10)
Less: Finance Costs Capitalised (68.34) (0.62)
Net changes in Fair value of investments at FVTOCI 677.13
1,650.54 968.00
Share of Other Comprehensive Income of Associate and Joint Venture Companies accounted
(1.76) (0.02)
Borrowing costs are capitalised using rates based on specific borrowings at 6.98 % per annum. (For the year ended for using Equity Method of Accounting
March 31, 2024 : 6.93 %). Income Tax relating to items that will not be reclassified to Profit or Loss (98.83) 10.45
603.03 (31.67)
Note 32 - Depreciation and Amortisation Expense: ` in Crores
Items that will be reclassified to Profit or Loss:
Year ended Year ended Exchange Difference in translating the Financial Statements of Foreign Operations 64.02 42.52
Particulars
March 31, 2025 March 31, 2024
Effective Portion of Derivative Instruments designated as Net Investment Hedge 2.48 51.12
Depreciation of Property, Plant and Equipment (Refer Note 2) 3,542.69 2,780.79
Effective Portion of Derivative Instruments designated as Cash Flow Hedge 14.14 (33.79)
Depreciation on Right of Use Assets (ROU) (Refer Note 3) 176.34 166.20
Share of Other Comprehensive Income of Associate and Joint Venture Companies accounted
Amortisation of Intangible Assets (Refer Note 2) 295.92 198.31 - 1.75
for using Equity Method of Accounting
4,014.95 3,145.30 Income Tax relating to items that will be reclassified to Profit or Loss (11.86) 4.56
68.78 66.16
Note 33 - Freight and Forwarding Expense: ` in Crores
671.81 34.49
Year ended Year ended
Particulars
March 31, 2025 March 31, 2024

On Finished Products 14,865.41 13,370.19

On Clinker Transfer 2,594.42 2,510.48
17,459.83 15,880.67

464 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 465
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 36 - Principles of Consolidation: The Consolidated Financial Statements are comprised of the financial statements of the members of the Group as
These financial statements are prepared on the following basis in accordance with Ind AS on “Consolidated Financial under:
Statements” (Ind AS – 110), “Investments in Associates and Joint Ventures” (Ind AS – 28) and “Disclosure of interests in Sr Principal Place of
% Shareholding and Voting Power
Name of the Company As at As at
other entities” (Ind AS – 112), specified under Section 133 of the Companies Act, 2013. No Business
March 31, 2025 March 31, 2024
(i) Subsidiary Companies:
(i) Subsidiaries
(a) UltraTech Cement Lanka Private Limited (UCLPL) Sri Lanka 80% 80%
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has
(b) Harish Cement Limited India 100% 100%
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
(c) Bhagwati Limestone Company Private Limited (BLCPL) India 100% 100%
its power over the entity. The financial statements of subsidiaries are included in these consolidated financial
(d) Gotan Limestone Khanij Udyog Private Limited India 100% 100%
statements from the date on which controls commences until the date on which control ceases.
(e) UltraTech Cement Middle East Investments Limited
United Arab Emirates 100% 100%
(UCMEIL)
(ii) Non-controlling interest (NCI)
(f) Star Cement Co. LLC, Dubai 1 United Arab Emirates 100% 100%
NCI are measured at fair value. Changes in the Group’s equity interest in a subsidiary that do not result in a loss
(g) Star Cement Co. LLC, Ras-Al-Khaimah 1 United Arab Emirates 100% 100%
of control are accounted for as equity transactions.
(h) Al Nakhla Crusher LLC, Fujairah 1 United Arab Emirates 100% 100%

(iii) Loss of control (i) Arabian Cement Industry LLC, Abu Dhabi 1 United Arab Emirates 100% 100%
(j) UltraTech Cement Bahrain Company WLL, Bahrain 1 Bahrain 100% 3 100% 3
When the Company loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and
any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at (k) Star Super Cement Industries LLC (SSCILLC) 1 United Arab Emirates 100% 2 100% 2

fair value at the date the control is lost. Any resulting gain or loss is recognized in the Statement of Profit or Loss. (l) Binani Cement Tanzania Limited 6 Tanzania 100% 100%
(m) BC Tradelink Limited., Tanzania 6 Tanzania 100% 100%
(iv) Equity accounted investees (n) Binani Cement (Uganda) Limited 6 Uganda 100% 100%
The Group’s interests in equity accounted investees comprise interest in associates and joint venture. (o) Bhumi Resources PTE Limited (BHUMI) Singapore 100% 100%
(p) Duqm Cement Project International, LLC, Oman 1 Oman 70% 70%
An associate is an entity in which the Group has significant influence, but not control or joint control, over the
(q) PT Anggana Energy Resources, Indonesia 4 Indonesia 100% 100%
financial and operating policies. A joint venture is an arrangement in which the Group has joint control and has
rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. (r) Letein Valley Cement Limited (w.e.f. January 16, 2024) India 100% 100%
(s) Ras Al Khaimah Co. for White Cement & Construction
United Arab Emirates 66.34% 29.79%
Interests in associates and joint ventures are accounted for using equity method. They are initially recognized at Materials P.S.C, U.A.E (RAKWCT) (w.e.f. July 10, 2024) 12
cost which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements (t) Modern Block Factory Establishment (w.e.f. July 10,
United Arab Emirates 100% 100%
include the Group’s share of profit or loss and OCI of equity accounted investees until the date on which 2024) 5
significant influence or joint control ceases. (u) Ras Al Khaimah Lime Co, Noora LLC (w.e.f. July 10,
United Arab Emirates 100% 100%
2024) 5
(v) Transactions eliminated on consolidation (v) The India Cements Limited (ICEM) 7 India 81.49% NA
(w) Coromandel Electric Company Limited 14 India - NA
The financial statements of the Company, its Subsidiaries, Joint Venture and Associates used in the consolidation
procedure are drawn upto the same reporting date i.e. March 31, 2025. (x) Coromandel Travels Limited 14 India - NA
(y) ICL Financial Services Limited (ICLFSL) 8 India 100% NA
The consolidated financial statements of the Group and its subsidiary companies are combined on a line-by-line
(z) India Cements Infrastructures Limited 8 India 100% NA
basis by adding together the book values of like items of assets, liabilities, income and expenses. Intra-group
(aa) Industrial Chemicals & Monomers Limited 8 India 98.59% NA
balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are
eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that (ab) ICL International Limited 8 India 100% NA

there is no evidence of impairment. The Group follows uniform accounting policies for like transactions and other (ac) ICL Securities Limited 8 India 100% NA
events in similar circumstances. (ad) Coromandel Minerals Pte Ltd (CMP) 8 Singapore 100% NA
(ae) PT Coromandel Mineral Resources (CMR) 9 Indonesia 100% NA
(af) Raasi Minerals Pte Ltd (RMP) 10 Singapore 100% NA
(ag) PT Adcoal Energindo (AEI) 11 Indonesia 100% NA
(ii) Joint Venture:
Bhaskarpara Coal Company Limited (BCCL) India 47.37% 47.37%

466 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 467
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Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Sr Principal Place of
% Shareholding and Voting Power Note 37 - Contingent Liabilities (to the extent not provided for) (Ind AS 37):
Name of the Company As at As at
No Business (a) Claims against the Group not acknowledged as debt: ` in Crores
March 31, 2025 March 31, 2024
(iii) Associate: Sr As at As at
Particulars Brief Description of Matter
(a) Madanpur (North) Coal Company Private Limited No. March 31, 2025 March 31, 2024
India 11.17% 11.17%
(MNCCPL) (a) Excise Duty and Related to valuation matter (Rule 8 vs. Rule 4), Denial of 1,345.58 1,552.20
(b) Aditya Birla Renewables Energy Limited India 26.00% 26.00% Service Tax Matters Cenvat credit on Input Service Distributor and others
(c) Aditya Birla Renewables SPV 1 Limited India 26.00% 26.00% (b) GST/ Sales-tax / VAT / Related to stock transfer treated as interstate sales, Input
Entry Tax Matters Tax Credit, Demand on freight component and levy of
(d) ABReL (MP) Renewables Limited India 26.00% 26.00% 1,526.81 1,152.44
purchase tax on exempted supply, Demand of Entry Tax
(e) ABReL Green Energy Limited India 26.00% 26.00% and others
(f) ABReL (Odisha) SPV Limited India 26.00% 26.00% (c) Royalty on Limestone/ Based on fixed conversion factor on limestone, royalty rate 366.58 390.78
(g) ABReL (RJ) Projects Limited (w.e.f. June 22, 2023) India 26.00% 26.00% Marl / Shale difference on Marl and additional royalty on mines transfer
(h) Coromandel Sugars Company Limted 15 India - - (d) Land Related Matters Demand of Higher Compensation 278.81 280.79
(i) Raasi Cement Limited 15 India - - (e) Electricity Duty / Related to electricity duty, Minimum power consumption,
(j) Unique Receivable Management Private Limited 15 India - - Energy Development Energy development cess and denial of electricity duty 433.45 285.23
Cess exemption
(k) PT Mitra Setia Tanah Bumbu 13 Indonesia 49% -
1. Subsidiaries of UCMEIL
(f) Customs Related to classification dispute 384.06 300.72
2. 51% held by nominee as required by local law for beneficial interest of the Company (g) Stamp duty Related to stamp duty on name change 364.75 346.63
3. 1 share held by employee as nominee for the beneficial interest of the Company
4. Wholly owned subsidiary of BHUMI (h) Others Related to Fly ash matters, claim raised by vendor/ supplier, 627.21 439.43
5. Wholly owned subsidiaries of RAKWCT Road Tax matter, Income Tax matters and others
6. Wholly owned subsidiary of SSCILLC
7. With Effect from December 24, 2024 Cash outflows for the above are determinable only on receipt of judgments pending at various forums /
8. Subsidiaries of The India Cements Limited
9. 98% held by The India Cements Limited and 2% held by ICLFSL authorities.
10. 100% holding by Coromandel Minerals Pte Ltd
11. 71.9% Holding by Raasi Minerals Pte Ltd and 28.1% by PT Coromandel Minerals Resources, Indonesia
12. Associate upto July 9, 2024 and RAKWCT became a subsidiary of UCMEIL with effect from July 10, 2024. (b) The Company (including erstwhile UltraTech Nathdwara Cement Limited and The India Cements Limited) had
13. Associate of ICEM. filed appeals against the orders of the Competition Commission of India (CCI) dated August 31, 2016 (Penalty of
14. Subsidiaries of ICEM upto March 28, 2025.
15. Associates of ICEM upto March 28, 2025. ` 1,804.31 Crores) and January 19, 2017 (Penalty of ` 68.30 Crores). Upon the National Company Law Appellate
Tribunal (“NCLAT”) disallowing its appeals against the CCI order dated August 31, 2016, the Company filed
(vi) The Group holds more than 20% in the companies listed below. However, the Group does not exercise significant influence
appeals before the Hon’ble Supreme Court which has, by its order dated October 5, 2018, granted a stay against
or control on decisions of the investees. Hence, they are not being construed as associate companies. These investments are
the NCLAT order. Consequently, the Company has deposited an amount of ` 180.43 Crores equivalent to 10% of
included in “Note 5: Investments” under Investment measured at fair value through profit & loss in the financial statements.
the penalty of ` 1,804.31 Crores. The Company, backed by legal opinions, believes that it has a good case in the
% Shareholding matters and accordingly no provision has been recognised in the results.
Sr Principal Place of
Name of the Investee As at As at
No Business
March 31, 2025 March 31, 2024
(c) Guarantees:
(a) Amplus Sunshine Private Limited India 34.95% 34.95%
(b) VSV Onsite Private Limited India 26.55% 26.61% The Company has issued corporate guarantee in favour of the Banks / Lenders on behalf of its Joint Venture (JV),
(c) Amplus Dakshin Private Limited India 26% 26% as mentioned below, for general corporate purposes:
(d) Amplus Coastal Power Private Limited India 35% 35%
- Bhaskarpara Coal Company Limited (JV) ` 1.70 Crores (March 31, 2024 ` 1.70 Crores).
(e) VSV Offsite Private Limited India 26.87% 27%
(f) Sunroot Energy Private Limited India 26% 26%
(d) In one of the case, UltraTech Cement Lanka (Pvt) Limited (UCLPL) filed the appeal against the Director General
(g) Ostro Alpha Wind Private Limited India 26% 26% of Customs and the inquiring officer appointed in terms of the Customs Ordinance for the customs case No
(h) Renew Surya Spark Private Limited India 26% 26% PCAD/HQO/091/2016 initiated at the Sri Lankan customs, on the alleged basis that UCLPL has not declared the
(i) Clean Max Theia Private Limited India 26% 26% unloading charges (stevedoring charges) paid to the Sri Lanka Ports Authority in relation to imported cement.
(j) Clean Max Terra Private Limited India 26% 26% The Company has filed a case in the Court of Appeal and the matter is scheduled for argument.
(k) Veh Radiant Energy Private Limited India 26% 26%
(l) Amplus Ages Private Limited India 26% 26%
Note 38 - Capital and other commitments:
(m) Amplus Alpha Solar Private Limited India 26% 26%
Estimated amount of contracts remaining to be executed on capital account, not provided for (net of advances)
(n) O2 Reneweable Energy XXII Private Limited (w.e.f December 18, 2024) India 26% -
` 4,193.79 Crores (March 31, 2024 ` 4,771.07 Crores).
(o) Amplus Omega Solar Private Limited (w.e.f July 17, 2024) India 26% -
(p) Clean Max Sapphire Private Limited (w.e.f December 23, 2024) India 26% -

468 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 469
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Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 39 (b) Issue of 54,86,608 (Fifty Four Lakhs Eighty Six Thousand Six Hundred Eight) fully paid up 7.3% Non-Convertible
Redeemable Preference Shares (RPS) of ` 100 each amounting to ` 54.87 Crores for 90,00,000 5% Cumulative
The Supreme Court of India has allowed an appeal filed by the State of Rajasthan in a matter relating to transfer of
Non-Convertible Redeemable Preference Shares (NCRPS) of ` 100 each of KIL held by the preference
mining lease in the name of the Company’s wholly-owned subsidiary, Gotan Lime Stone Khanij Udyog Private Limited
shareholders of KIL. The RPS are redeemable after three months from the date of allotment.
(“GKUPL”) and has directed the State of Rajasthan to frame and notify its policy relating to transfer of mining lease and
thereafter pass appropriate order in respect of the mining lease of GKUPL. State Government has notified the new policy (c) Issue of 8,64,275 (Eight Lakhs Sixty Hour Thousand Two Hundred Seventy Five) fully paid up 7.3%
related to transfer of new mining lease, based on which the Company has requested the State Government to consider Non-Convertible Redeemable Preference Shares (RPS) of ` 100 each amounting to ` 8.64 Crores for 19,19,277
reinstatement of the mines in its favour. Zero % Optionally Convertible Redeemable Preference Shares (OCRPS) of ` 100 each of KIL held by the
preference shareholders of KIL. The RPS are redeemable after three months from the date of allotment.
Note 40 - Composite Scheme of Arrangement of Cement Business of Kesoram
Industries
C. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date: ` in Crores
A. The National Company Law Tribunal, Kolkata and Mumbai Benches (“NCLT”) have approved the Composite Scheme
As at
of Arrangement between Kesoram Industries Limited (“Kesoram”/ “KIL”), the Company and their respective Particulars
Acquisition date
shareholders and creditors, in compliance with sections 230 to 232 and other applicable provisions of the Property, Plant and Equipment 6,368.41
Companies Act, 2013 (“Scheme”) by its Order dated November 14, 2024 and November 26, 2024 respectively. Capital Work-in- Progress 25.14
The Scheme is made effective from March 01, 2025, and the Appointed date of the Scheme is April 01, 2024. Intangible Assets 1,814.16
Upon the Scheme becoming effective and with effect from the Appointed Date, the Cement Business Division of
Other Non-current financial assets 10.03
Kesoram (“the Demerged Undertaking”) as defined in the Scheme stands transferred to and vested in the
Other Non-Current Assets 11.63
Company as a going concern.
Deferred Tax Assets 242.56
Consequently, the Company has included the financial statements/ information of the Demerged Undertaking in Inventories 238.33
its standalone financial statements with effect from April 01, 2024 (which is deemed to be the acquisition date for Trade and Other receivables 441.66
purpose of Ind AS 103 – Business Combinations) to include the financial results/ information of the acquired Cash and Cash Equivalents 76.76
Cement Business Division of KIL (“the Demerged Undertaking”). Therefore, financial statements for the year ended Other bank balances 83.73
March 31, 2025 are not strictly comparable with the previous year’s financial statement.
Other Financial Assets and Loans 60.18

The Assets of Cement Business of KIL consists of two integrated cement units at Sedam (Karnataka) and Other Current Assets 102.50
Basantnagar (Telangana) with a total installed capacity of 10.75 MTPA and 0.66 MTPA packing plant at Solapur, Total Assets acquired (A) 9,475.09
Maharashtra at a purchase consideration of ` 5,887.95 Crores based on Appointed date of the Scheme i.e. Non-Current & Current Borrowing 2,037.59
April 01, 2024. Non-Current Provision 27.51
Non-Current Financial Liabilities 80.93
As per Ind AS 103 - Business Combinations, if effective date i.e. March 01, 2025 is considered as acquisition date, the
Deffered Tax Liability 1,209.88
purchase consideration increases by ` 226.50 Crores.
Trade Payables 583.32
The acquisition of the Demerged undertaking creates value for shareholders as the acquisition provides ready to use Other Financial Liabilities 90.65
assets to create operational efficiencies and support the Company to further strengthen its presence in the Western Other Current Provisions 13.19
& the Southern markets. It also provide synergies in manufacture and distribution process and logistics alignment Other Current Liabilities 299.83
leading to economies of scale and creation of efficiency by reducing time to market and benefiting customers. Total Liabilties assumed (B) 4,342.90
Total Fair Value of the Net Assets (A- B) 5,132.19
B. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date:
D. Amount recognised as Goodwill: ` in Crores
As per Ind AS 103 – Business Combinations, purchase consideration has been allocated on provisional basis of
fair valuation determined by an independent valuer. Against the total enterprise value of ` 7,765.05 Crores, the Particulars Amount

Company has taken over borrowings of ` 2,037.59 Crores from KIL. Purchase Consideration 5,887.95
Less: Fair Value of Net Assets Takenover 5,132.19
After taking these liabilities into account, effective purchase consideration of ` 5,887.95 Crores had been discharged
Goodwill 755.76
on March 13, 2025, being the Record Date in terms of the Scheme by:
This goodwill is attributed to the expected synergies in cement prices and in costs, as described in paragraph (A)
(a) Issue of 1 (one) equity share of the Company of face value ` 10/- each for every 52 (Fifty- Two) equity shares of above.
KIL of face value ` 10/- each to the shareholders of KIL. The Fair value of the shares issued is ` 5,824.44 Crores
which had been determined based on the last closing price prior to the Appointed Date.

470 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 471
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Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

E. Acquired Receivables: equity interest of 22.77% in ICEM at its acquisition date fair value and recognised the resulting gain in OCI. Total
accumulated fair value gain net of tax in OCI of ` 587.92 crores is transferred to retained earnings from OCI.
As on the date of acquisition, gross contractual amount of the acquired Trade and other Receivables was ` 441.66
Crores against which no provision had been considered since fair value of the acquired receivables were equal to India Cements has a total capacity of 14.45 mtpa of grey cement. Of this, 12.95 mtpa is in the South and 1.5 mtpa
carrying value as on the date of acquisition. is in Rajasthan. The acquisition of controlling stake in ICEM provides the Company an opportunity to extend its
footprint and presence in the highly fragmented, competitive and fast-growing Southern market in the country.
F. Contingent Liabilities:
This will also create value for shareholders on account of operational efficiencies arising out of ready to use assets
The Company has assumed all the contingent liabilities of the Demerged Undertaking as per the Scheme. Total reducing time to markets, availability of land and mining leases leading to overall operating costs advantage.
contingent liability transferred to the Company was ` 266.14 Crores.
Pursuant to completion of the Open Offer, the shareholding of the public shareholders in ICEM has fallen below
G. Acquisition related costs: the minimum public shareholding requirement as per Rule 19A of the SCRR read with SEBI (LODR) Regulations.
The Company will ensure that ICEM satisfies the minimum public shareholding set out in Rule 19A of the SCRR in
Acquisition related costs of ` 13.92 Crores had been recognised under Miscellaneous Expenses and Rates and Taxes
compliance with applicable laws, within a period of 12 (twelve) months from the completion of the Open Offer.
in the Statement of Profit and Loss.
The Consolidated financial statements include the financial results for ICEM w.e.f. December 24, 2024 and hence the
The stamp duty paid / payable on transfer of the assets amounting to ` 120.58 Crores had been charged to the figures for the year ended March 31, 2025 are not comparable with the previous corresponding period.
Statement of Profit and Loss and shown as an exceptional item. Pursuant to obtaining control, the Company has accounted on provisional basis the fair value of the assets acquired
and liabilities as at the acquisition date as per the requirements of Ind AS 103.
H. Impact of acquisition on the financial statements:

Since the acquisition date i.e April 1, 2024, the Company has recognised Revenue from Operations of ` 2,890.03 B. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date: ` in Crores
Crore and Profit/(Loss) Before Tax of ` (514.89) Crore has been included in the statement of profit and loss. As at
Particulars
Acquisition date

Note 41 - Acquisition of The India Cements Limited (ICEM) - Ind AS 103: Property, Plant and Equipment 11,603.22
Capital Work-in- Progress 178.55
A. On December 24, 2024, the Company completed the acquisition of control over India Cements Limited (ICEM)
through a step acquisition. Initially, on June 27, 2024, the Company acquired a non-controlling stake of 7,05,64,656 Intangible Assets 2,657.79
equity shares representing 22.77% of the equity share capital of ICEM for a cash consideration of ` 1,942.86 Crores. Right of Use Assets 5.05
Subsequently on December 24, 2024, the Company acquired an additional 10,13,91,231 equity shares representing Other Non-current financial assets 201.16
32.72% of the equity share capital of ICEM for a cash consideration of ` 3,954.26 crores; thereby the Company’s total Other Non-Current Assets 48.27
shareholding increased to 17,19,55,887 equity shares representing 55.49% of ICEM’s equity share capital, resulting in Inventories 442.37
ICEM becoming a subsidiary of the Company with effect from December 24, 2024. The Company also has become Trade and Other receivables 527.66
the promoter of ICEM in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, Cash and Cash Equivalents 586.45
2015.
Other bank balances 12.45
Other Financial Assets and Loans 288.60
As required under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Current Tax Assets 52.24
Regulations, 2011 (“SEBI Takeover Regulations”), following the acquisition of control, the Company was obligated
to make a public open offer to the remaining shareholders of ICEM. The open offer was successfully completed on Other Current Assets 271.91
January 21, 2025, with a final acquisition of 8,05,73,273 equity shares representing 26% of the shares of ICEM under Assets Held for Disposal/Sale 183.57
the open offer at price of ` 390/- per share. Total Assets acquired (A) 17,059.29
Non-Controlling Interest in the books of ICEM 2.07
Total shareholding of the Company in ICEM post-acquisition of shares from public shareholders through open offer Non-Current & Current Borrowing 1,571.45
accumulates to 25,25,29,160 equity shares representing 81.49%. Total purchase consideration as per Ind AS 103 is Lease Liabilities 6.56
` 9,725.51 crores.
Non-Current & Current Provision 171.30
Non-Current Liabilities 436.62
For the non-controlling stake of 22.77% acquired on June 27, 2024, the Company did not execute significant
Deferred Tax Liability 1,281.00
influence or control over decision of ICEM so it was not being construed as an Associate company. Thus, the
Company measured this equity investment as per Indian Accounting Standard 109 – Financial Instruments (Ind Trade Payables 1,119.27
AS 109) and at initial recognition, made an irrevocable election to present in Other Comprehensive Income (OCI) Other Financial Liabilities 69.96
subsequent changes in its fair value. Current tax liabilities (Net) 354.99
Other current liabilities 195.64
As per Para 42 of Ind AS 103, since the Business combination was achieved in stages when the company acquired Total Liabilties assumed (B) 5,208.86
additional 32.72% controlling stake in ICEM on December 24, 2024; the company had remeasured its previously held Total Fair Value of the Net Assets (A- B) 11,850.43

472 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 473
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Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

C. Goodwill arising on acquisition has been determined as follows: ` in Crores Note 42 - Acquisition of Ras Al Khaimah Co. for White Cement & Construction
Particulars Amount
Materials P.S.C. (RAKWCT):
Purchase consideration:
A. On July 10, 2024, UltraTech Cement Middle East Investments Limited (UCMEIL), a wholly owned subsidiary of the
Fair Value of Purchase Consideration 7,096.62 Company has acquired 12,50,39,250 equity shares representing 25% of the equity share capital of RAKWCT under
Add: Fair Value of existing investment on the date of acquisition 2,628.89 the partial conditional cash offer announced by UCMEIL on May 27, 2024. Together with the existing shareholding
Subtotal (A) 9,725.51 of 29.79% in RAKWCT, UCMEIL’s aggregate shareholding in RAKWCT stands increased to 54.79%. Consequently,
RAKWCT became a subsidiary of UCMEIL with effect from July 10, 2024.
Non controlling Interest (B) 2,137.25
Fair Value of Net Assets acquired (C) 11,850.43 Since the Business combination was acheived in stages, UCMEIL has remeasured its previously held equity interest
Goodwill (A+B-C) 12.33 of 29.79% in RAKWCT at its acquisition date fair value and recognised the resulting gain in Statement of Profit
or Loss. Total accumulated loss in OCI of ` 26.12 crores is transferred to retained earnings from OCI. Pursuant to
As per Ind AS 103, purchase consideration has been allocated on the basis of fair valuation determined by an obtaining control, UCMEIL has accounted the fair value of the assets acquired and liabilities as at the acquisition
independent Valuer. date as per the requirements of Ind AS 103.

Remeasurement of previously held interest in ICEM: ` in Crores Further on November 6, 2024, UCMEIL increased its shareholding in RAKWCT with the acquisition of 5,77,74,407
Particulars Amount equity shares representing 11.55% of the share capital of RAKWCT. Together with the existing shareholding in
RAKWCT, UCMEIL‘s aggregate shareholding in RAKWCT stands increased to 66.34%.
Fair Value of previously held interest 2,628.89
Less: Carrying value of Investment on acquisition date As per Ind AS 110, UCMEIL has recognised ` 11.86 crores directly in equity as the difference between the amount by
Cost of acquisition on 27.06.2024 1,942.86 which the non-controlling interests are adjusted and the fair value of the consideration paid.
Gain recognised in OCI till 24.12.2024 (Investment measured at FVOCI) 686.03
The acquisition creates value for shareholders as the acquisition provides ready to use assets to create operational
Carrying value of Investment on acquisition date 2,628.89 efficiencies and support the Company to further strengthen its presence in the UAE & Indian markets.

D. Non controlling interest measured at Fair Value: ` in Crores It also provide synergies in manufacture and distribution process and logistics alignment leading to economies of
Particulars Amount scale and creation of efficiency by reducing time to market and benefiting customers.
No. of shares held by NCI 5,73,68,041
B. The Fair Value of identifiable assets acquired, and liabilities assumed as on the acquisition date: ` in Crores
Closing rate as on 24.12.2024 372.55
Non Controlling interest 2,137.25 As at
Particulars
Acquisition date
As per Ind As 113, the fair value for quoted instruments is the closing price on the measurement date from a Property, Plant and Equipment 1,308.50
recognized stock exchange. Capital Work-in- Progress 7.85
Intangible Assets 205.00
D. Acquired Receivables:
Other non-current financial assets 137.13
As on the date of acquisition, gross contractual amount of the acquired Trade and other Receivables was ` 527.66 Inventories 224.35
Crores against which no provision had been considered since fair value of the acquired receivables were equal to
Trade and Other receivables 135.98
carrying value as on the date of acquisition.
Cash and Cash Equivalents 1.89
E. Contingent Liabilities: Other bank balances 5.99
Right of use Assets 4.25
The Company has assumed all the contingent liabilities of ICEM amounting to ` 556.09 Crores.
Other Financial Assets and Loans 589.49
F. Acquisition related costs: Total Assets acquired (A) 2,620.43

During the year ended March 31, 2025, acquisition related costs of ` 24.56 Crores had been recognised under Deferred Tax Liability 47.72
Miscellaneous Expenses and Rates and Taxes in the Statement of Profit and Loss. Trade Payables 128.50
Lease Liabilities 3.69
G. Impact of acquisition on the financial statements: Other Current Liabilities 93.71
Since the acquisition date, Revenue from Operations of ` 1,277.90 Crores and Profit after Tax of ` 14.62 Crores has Total Liabilties assumed (B) 273.62
been included in the consolidated statement of profit and loss. Total Fair Value of the Net Assets (A- B) 2,346.81

If the acquisition had occurred on April 01, 2024, consolidated Revenue from Operations and consolidated Profit
after Tax for the year ended March 31, 2025 would have been ` 77,919.92 Crores and ` 5,986.97 Crores respectively.

474 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 475
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C. Goodwill arising on acquisition has been determined as follows: ` in Crores Note 43 - Merger of UltraTech Nathdwara Cement Limited (UNCL) (a wholly-owned
Particulars Amount subsidiary of the Company) and its wholly-owned subsidiaries viz. Swiss Merchandise
Purchase consideration: Infrastructure Limited and Merit Plaza Limited (Ind AS 103):
Fair Value of Purchase Consideration 2,876.05 The National Company Law Tribunal (“NCLT”), Mumbai and Kolkata Benches have by their order dated December
Fair Value of Net Assets acquired 2,346.81 18, 2023 and April 3, 2024 approved the Scheme of Amalgamation (“Scheme”) of UltraTech Nathdwara Cement
Limited (UNCL) (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiaries viz. Swiss Merchandise
Goodwill (A-B) 529.24 Infrastructure Limited (“Swiss”) and Merit Plaza Limited (“Merit”) with the Company. The Appointed date of the Scheme
was April 01, 2023. The said scheme has been made effective from April 20, 2024. Consequently, the above mentioned
D. Gain on remeasurement of previously held interest in RAKWCT: ` in Crores wholly owned subsidiaries of the Company stand dissolved without winding up.

Particulars Amount Since the amalgamated entities are under common control, the accounting of the said amalgamation in the Standalone
Fair Value of previously held interest (A) 856.78 Financials has been done applying Pooling of Interest method as prescribed in Appendix C of Ind AS 103 ‘Business
Combinations’. While applying Pooling of Interest method, the Company has recorded all assets, liabilities and reserves
Less: Carrying value of Investment on acquisition date
attributable to the wholly owned subsidiaries at their carrying values as appearing in the consolidated financial
Carrying value on 01.04.2024 874.31 statements of the Company.
Share of Profit and OCI upto 30.06.2024 1.38
The aforesaid scheme has no impact on the Consolidated Financial Statements of the Group since the scheme of
Carrying value of Investment on acquisition date (B) 875.69 amalgamation was within the parent company and wholly owned subsidiaries.
Gain on previously held interest in RAKWCT (A-B) (18.91)
Consequent to the amalgamation of the wholly owned subsidiaries into the Company, the Company has recognized
E. Non controlling interest measured at Fair Value: ` in Crores Deferred Tax Assets on the unabsorbed Depreciation, business losses and other temporary differences in the current year
since the scheme has been made effective from April 20, 2024. Costs related to amalgamation (including stamp duty on
Particulars Amount assets transferred) have been charged to Statement of Profit and Loss, shown under exceptional item.
Enterprise Value 2,875.86

% Held by NCI 33.66%

Note 44 - Employee Benefit (Ind AS 19):
Non Controlling interest 968.02 A Defined Benefit Plan:
(a) Gratuity:
F. Acquired Receivables:
The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of leaving
As on the date of acquisition, gross contractual amount of the acquired Trade and other Receivables was the services of the Company and is in accordance with the Rules of the Company for payment of gratuity.
` 139.38 Crores against which no provision had been considered since fair value of the acquired receivables were
Inherent Risk
equal to carrying value as on the date of acquisition.
The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
G. Acquisition related costs: pertaining to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary growth,
change in demographic experience, inadequate return on underlying plan assets. This may result in an increase in
During the year ended March 31, 2025, acquisition related costs of ` 6.42 Crores had been recognised under cost of providing these benefits to employee in future. Since the benefits are lump sum in nature the plan is not
Miscellaneous Expenses and Rates and Taxes in the Statement of Profit and Loss. subject to any longevity risks.

H. Impact of acquisition on the financial statements: (b) Pension:

Since the acquisition date, revenue of ` 489.53 Crores and profit after tax of ` 46.77 Crores has been included in the The Company considers pension for some of its employees at senior management based on the period of service
consolidated statement of profit and loss. and contribution for the Company. There is no material risk associated with this plan.

(c) Post-Retirement Medical Benefits:

The Company provides post-retirement medical benefits to certain ex-employees who were transferred under the
Scheme of arrangement for acquiring Larsen & Toubro cement business and eligible for such benefits from earlier
Company. There is no material risk associated with this plan.

476 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 477
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

` in Crores ` in Crores

As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024
Gratuity Post- Gratuity Post - Gratuity Post- Gratuity Post -
Sr No Particulars Retirement Retirement Sr No Particulars Retirement Retirement
Pension Pension Pension Pension
Funded Others Medical Funded Others Medical Funded Others Medical Funded Others Medical
Benefits Benefits Benefits Benefits
Change in defined benefit obligation (v) Expenses recognised in the Consolidated
Statement of Profit and Loss
(i) Balance at the beginning of the year 859.06 29.86 4.88 0.50 777.29 26.46 5.05 0.51
Current Service Cost 64.01 4.08 0.00 0.00 55.49 2.51 - -
Transferred on Acquisition / Composite 111.22 24.79 33.30 - - - - -
Scheme of Arrangement Interest Cost 61.09 2.29 1.97 0.03 53.70 1.34 0.36 0.04

Adjustment of: Expected Return on Plan Assets (59.94) - - - (59.54) - - -

Current Service Cost 64.01 4.08 - - 55.49 2.51 - - Transferred to Pre-Operative Expenses (0.64) - - - (0.65) - - -

Interest Cost 61.09 2.29 1.97 0.03 53.52 1.34 0.36 0.04 Amount charged to the Consolidated 64.52 6.37 1.97 0.03 49.00 3.85 0.36 0.04
Statement of Profit and Loss
Actuarial (gains) losses recognised in Other
Comprehensive Income: (vi) Re-measurements recognised in Other
Comprehensive Income (OCI):
- Change in Financial Assumptions 18.52 2.00 7.69 0.01 17.88 0.02 0.03 0.01
Changes in Financial Assumptions 18.52 2.00 7.69 0.01 17.88 0.02 0.03 0.01
- Change in Demographic Assumptions (76.91) - - - - - - -
Changes in Demographic Assumptions (76.91) - - - - - - -
- Experience Changes 39.99 0.34 (5.16) (0.01) 27.98 1.33 0.35 (0.02)
Experience Adjustments 39.99 0.34 (5.16) (0.01) 27.98 1.33 0.35 (0.02)
Benefits Paid (86.44) (5.81) (9.11) (0.04) (73.10) (2.30) (0.91) (0.04) Actual return on Plan assets less interest
(8.17) - (4.79) - (2.80) - - -
Foreign Currency Fluctuation - (2.70) - - - 0.50 - - on plan assets

Balance at the end of the year 990.54 54.85 33.57 0.49 859.06 29.86 4.88 0.50 Adjustment to recognise the asset ceiling - - - - (2.68) - - -
impact
(ii) Change in Fair Value of Assets
Amount recognised in Other (26.57) 2.34 (2.26) 0.00 40.38 1.35 0.38 (0.01)
Balance at the beginning of the year 856.92 - - - 858.07 - - - Comprehensive Income (OCI)
Transferred on Acquisition / Composite 57.42 - 36.59 - - - - - (vii) Maturity profile of defined benefit
Scheme of Arrangement obligation:
Expected Return on Plan Assets 59.94 - - - 59.54 - - - Within the next 12 months 151.54 8.03 0.91 0.06 122.08 3.72 1.01 0.06
Re measurements due to: 0.00 - - - Between 1 and 5 years 371.44 12.42 2.64 0.23 291.24 7.39 2.95 0.23
Actual Return on Plan Assets less interest 8.17 - (4.79) - 2.80 - - - Between 5 and 10 years 326.81 20.72 1.90 0.19 295.67 13.17 1.83 0.20
on Plan Assets 10 Years and above 944.72 63.58 1.33 0.26 1,168.85 39.55 1.39 0.29
Contribution by the employer 76.45 - - - 9.61 - - - (viii) Sensitivity analysis for significant
Benefits Paid (78.24) - - - (73.10) - - - assumptions: *

Balance at the end of the year 980.66 - 31.80 - 856.92 - - - Increase/(Decrease) in present value of
defined benefits obligation at the end of
(iii) Net Asset / (Liability) recognised in the the year
Balance Sheet
1% increase in discount rate (118.96) (4.23) 27.47 (0.02) (67.72) (2.23) (0.25) (0.02)
Present value of Defined Benefit Obligation (990.54) (54.85) (33.57) (0.49) (859.06) (29.86) (4.88) (0.50)
1% decrease in discount rate 132.91 4.85 26.43 0.03 78.64 2.56 0.28 0.03
Fair Value of Plan Assets 980.66 - 31.80 - 856.92 - - -
1% increase in salary escalation rate 132.98 4.75 - - 76.43 2.21 - -
Net Asset / (Liability) in the Consolidated (9.88) (54.85) (1.77) (0.49) (2.14) (29.86) (4.88) (0.50)
1% decrease in salary escalation rate (118.91) (4.22) - - (67.30) (2.16) - -
Balance Sheet
1% increase in employee turnover rate (36.35) 0.90 - - (28.24) 0.52 - -
(iv) Change in Asset Ceiling
1% decrease in employee turnover rate 40.57 (1.01) - - 33.36 (0.58) - -
Balance at the beginning of the year - - - - 2.50 - - -
(ix) The major categories of plan assets as a
Interest - - - - 0.18 - - - percentage of total plan @
Remeasurement due to change in surplus/ Insurer Managed Funds 95% N.A N.A N.A 98% N.A N.A N.A
- - - - (2.68) - - -
deficit
Debt, Equity and Other Instruments 5% N.A N.A N.A 2% N.A N.A N.A
Balance at the end of the year - - - - 0.00 - - -

478 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 479
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

` in Crores (xv) The Group’s expected contribution during next year is Nil (March 31, 2024 ` 1.94 Crores).
As at March 31, 2025 As at March 31, 2024
(d) Provident Fund:
Gratuity Post- Gratuity Post -
Sr No Particulars Retirement Retirement The Company is liable for any shortfall in the fund assets based on the Government specified rate of return. Such
Pension Pension
Funded Others Medical Funded Others Medical
Benefits Benefits
shortfall, if any, is recognised in the Statement of Profit and Loss as an expense in the year of incurring the same.

(x) Actuarial Assumptions: Amount recognized as an expense under the head “Contribution to Provident and other Funds” of Statement of
Discount Rate (p.a.) 6.49% - 4.55% - 6.50% - 6.80% 7.2% - 4.55% - 7.20% 7.20% Profit and Loss ` 127.81 Crores (March 31, 2024 ` 107.98 Crores).
7.01% 11.00% 6.80% 7.21% 12.00%
Turnover Rate 5 % -12% 1% - 11% - - 2.5 % 1% - 11% - - The actuary has provided for a valuation and based on the below provided assumptions there is Nil shortfall as at
-12% March 31, 2025 (March 31, 2024 : Nil).
Mortality tables Indian UK Indian GA 1983 ` in Crores
Assured Mortality Assured Mortality As at As at
Lives Table Lives table Sr March 31, 2025 March 31, 2024
Particulars
Mortality AM92 IALM(2006-08) Mortality / UK No Provident Fund Provident Fund
(2006-08)/ [UK] & Ultimate/ S1PA (2012-14) Mortality S1PA mortality table (Funded) (Funded)
Indian GA 1983 Mortality table adjusted Table adjusted suitably (i) Change in defined benefit obligation
Assured Mortality suitably AM92
Lives Table [UK] Balance at the beginning of the year 2,578.35 2,317.57
Mortality Adjustment of:
(2012-14)
Current Service Cost 71.53 70.43
Salary Escalation Rate (p.a.) 2% - 5% 2.5%-11% - - 8% 2.5% - 11% - -
Employee Contribution 112.87 104.40
Retirement age 58-60 Yrs 58-60 Yrs 60 Yrs - 58-60 Yrs 58-60 Yrs - -
Benefits Paid/Settlements/Withdrawals (incl. Transfer In/Out) (214.44) (209.29)
(xi) Weighted Average duration of Defined 7.37 - 8.32 6.38-9.70 5.3 Yrs 5.2 Yrs 8.5 - 9.0 6.09 - 5.4 Yrs 5.2 Yrs
Actuarial (Gains)/Losses 80.54 112.08
benefit obligation Yrs Yrs Yrs 11.32 Yrs
Interest cost 207.25 183.16
* These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in
market conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the Balance at the end of the year 2,836.10 2,578.35
sensitivity analyses.
(ii) Change in Book Value of Assets
@ The plan does not invest directly in any property occupied by the Group nor in any financial securities issued by the Group. Balance at the beginning of the year 2,586.90 2,317.62
Employer Contribution 71.53 70.43
(xii) Discount Rate:
Employee Contribution 112.87 104.40
The discount rate is based on the prevailing market rates of Indian government securities for the estimated term of Benefits Paid/Settlements/Withdrawals (incl. Transfer In/Out) (214.44) (209.29)
obligations. Actuarial (Gains)/Losses 98.37 129.48

(xiii) Salary Escalation Rate: Expected Return on Plan Assets 184.02 174.26
Balance at the end of the year 2,839.26 2,586.90
The estimates of future salary increases are considered taking into account inflation, seniority, promotion and other
(iii) Net Asset / (Liability) recognized in the Balance Sheet
relevant factors.
Present value of Defined Benefit Obligation (2,836.10) (2,578.35)
(xiv) Asset Liability matching strategy: Book Value of Plan Assets 2,839.26 2,586.90
Surplus/(Deficit) available 3.16 8.55
The money contributed by the Group to the Gratuity fund to finance the liabilities of the plan has to be invested.
(iv) Actuarial Assumptions:
The trustees of the plan have outsourced the investment management of the fund to an insurance Company. The Govt of India - Bond Yield for the outstanding term of liabilitites 6.80% 7.20%
insurance Company in turn manages these funds as per the mandate provided to them by the trustees and the Discount Rate for the remaining term of the maturity of Investment Portfolio 8.01% 7.98%
asset allocation which is within the permissible limits prescribed in the insurance regulations. Due to the restrictions Mortality tables Indian Assured Indian Assured
in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset liability Lives Mortality Lives Mortality
(2012-14) Ult. (2012-14) Ult.
matching strategy.
Expected Guaranteed Interest Rate 8.25% 8.25%
There is no compulsion on the part of the Group to fully prefund the liability of the Plan. The Group’s philosophy is Retirement age Management: Management:
to fund these benefits based on its own liquidity and the level of underfunding of the plan. 60 Years and 60 Years and
Non- Non-
Management + Management +
WB: 58 Years WB: 58 Years
(v) Weighted Average duration of Defined benefit obligation 10.06 Yrs 13.14 Yrs

480 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 481
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

(e) Contribution to Other Funds: Name of Related Party Relationship

Amount recognized as an expense under the head “Contribution to Other Funds” of Statement of Profit and Loss ABReL Green Energy Limited Associate
` 38.55 Crores (March 31, 2024: ` 33.11 Crores).
ABReL (Odisha) SPV Limited Associate

(B) Amount recognized as an expense in respect of Compensated Absences is ` 63.41 Crores (March 31, 2024: ABReL (RJ) Projects Limited Associate
` 58.53 Crores). Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C U.A.E Associate upto July 9, 2024
(RAKW)
(C) Amount recognized as an expense for other long- term employee benefits is ` 1.71 Crores (March 31, 2024:
Bhaskarpara Coal Company Limited Joint Venture
` 1.42 Crores).
UltraTech Cemco Provident Fund Post-Employment Benefit Plan

Note 45 - Operating Segments (Ind AS 108): India Cements Gratuity Fund (w.e.f December 24, 2024) Post-Employment Benefit Plan

The India Cements Empoyees Provident Fund,Chilamkur Post-Employment Benefit Plan

The Group is exclusively engaged in the business of cement and cement related products. As per Ind AS 108 (w.e.f December 24, 2024)
“Operating Segments”, the Group has only one reportable segment.
The India Cements Empoyees Provident Fund,Yerraguntla Post-Employment Benefit Plan
(w.e.f December 24, 2024)
The Group’s revenue from continuing operations from external customers by location of operations and information
about its non-current assets by location of assets are detailed below. Aditya Birla Management Corporation Private Limited Other related party in which Directors are interested

Aditya Birla Science and Technology Company Private Limited Other related party in which Directors are interested
Geographic Information ` in Crores
G.D. Birla Medical Research & Education Foundation Other related party in which Directors are interested
Revenue from External Customers Non-Current Assets
Particulars Aditya Birla Sun Life Pension Management Limited Fellow Subsidiary
Year Ended Year Ended Year Ended Year Ended
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024 Sri Saradha Logistics Private Limited (w.e.f December 24, 2024) Related Party of Subsidiary
India (Country of Domicile) 71,650.92 67,324.32 99,082.19 70,266.44
Coromandel Sugars Limited (w.e.f December 24, 2024 till Associate
Others 3,285.53 2,485.21 4,707.99 2,686.20 28th March, 2025)
Total 74,936.45 69,809.53 1,03,790.18 72,952.64 Mr. Kumar Mangalam Birla – Non-Executive Chairman Key Management Personnel (KMP)

Mrs. Rajashree Birla – Non-Executive Director Key Management Personnel (KMP)

Note 46 - Related party disclosures (Ind AS 24): Mr. K.K. Maheshwari – Vice Chairman and Non-Executive Director Key Management Personnel (KMP)

Names of Related Parties with whom transactions were carried out during the year: Mr. Arun Adhikari – Independent Director ( upto July 17, 2024) Key Management Personnel (KMP)

Name of Related Party Relationship Mrs. Alka Bharucha - Independent Director Key Management Personnel (KMP)

Grasim Industries Limited Holding Company Mrs. Sukanya Kripalu - Independent Director (upto October 10, 2024) Key Management Personnel (KMP)

Samruddhi Swastik Trading and Investments Limited Fellow Subsidiary Mr. S.B. Mathur - Independent Director (upto July 17, 2024) Key Management Personnel (KMP)
Aditya Birla Sun Life Insurance Company Limited Fellow Subsidiary Ms. Anita Ramachandran - Independent Director (w.e.f July 17, 2024) Key Management Personnel (KMP)
Aditya Birla Health Insurance Limited Associate of Holding Company Mr. Anjani Kumar Agrawal - Independent Director (w.e.f July 17, 2024) Key Management Personnel (KMP)
Aditya Birla Housing Finance Limited Fellow Subsidiary
Dr. Vikas Balia - Independent Director (w.e.f October 10, 2024) Key Management Personnel (KMP)
ABNL Investment Limited Fellow Subsidiary
Mr. Sunil Duggal – Independent Director Key Management Personnel (KMP)
Aditya Birla Finance Limited (Merged with Aditya Birla Capital Limited w.e.f Fellow Subsidiary
March 31, 2025) Mr. K.C. Jhanwar – Managing Director Key Management Personnel (KMP)
Aditya Birla Money Limited Fellow Subsidiary Mr. Atul Daga - Chief Financial Officer (CFO) (Whole-time Director upto June Key Management Personnel (KMP)
8, 2024)
ABReL Renewables EPC Limited Fellow Subsidiary
Aditya Birla Renewables Limited Fellow Subsidiary Mr. Vivek Agrawal - Whole-time Director (w.e.f June 9, 2024) Key Management Personnel (KMP)

Greenyana Sunstream Private Limited (ceased to be Associate Associate of Holding Company Mrs. Kritika Daga Close Member of KMP (Wife of Mr. Atul Daga)
w.e.f. July 1, 2024)
Amelia Coal Mining Limited Subsidiary of Holding Company’s Joint Venture
Aditya Birla Renewables SPV 1 Limited Associate
Aditya Birla Solar Limited (Merged with Aditya Birla Renewables Limited w.e.f Associate
July 24, 2023)
ABReL (MP) Renewables Limited Associate

482 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 483
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

(a) The following transactions were carried out with the related parties in the ordinary course of business: ` in Crores
` in Crores Year Ended Year Ended
Nature of Transaction/Relationship
March 31, 2025 March 31, 2024
Year Ended Year Ended
Nature of Transaction/Relationship
March 31, 2025 March 31, 2024 Aditya Birla Renewables SPV 1 Limited (CY: ` 1,060) 0.00 -
Sale of Goods: Aditya Birla Renewables Energy Limited 2.19 -
Grasim Industries Limited 22.22 21.98 Aditya Birla Money Limited 0.40 -
Aditya Birla Management Corporation Private Limited 0.02 1.47 Sri Saradha Logistics Private Limited 4.77
Amelia Coal Mining Limited 2.78 - Total 843.51 524.77
G.D. Birla Medical Research & Education Foundation - 0.05 Services rendered to:
Total 25.02 23.50 Grasim Industries Limited 25.17 24.26
Purchase of Goods: Aditya Birla Housing Finance Limited - 0.01
Grasim Industries Limited 12.05 9.44 Aditya Birla Renewables SPV 1 Limited (CY: ` 11,178) 0.00 -
Aditya Birla Renewables Energy Limited 16.02 8.37 Aditya Birla Renewables Limited 0.14 -
Aditya Birla Renewables SPV 1 Limited 40.32 38.62 Total 25.31 24.27
ABReL (Odisha) SPV Limited 8.43 1.86 Dividend Paid:
Greenyana Sunstream Private Limited 0.92 3.05 Grasim Industries Limited 1,157.35 628.27
Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C, UAE 15.49 105.20 Dividend Received:
Total 93.23 166.54 Aditya Birla Renewables Energy Limited - 0.23
Sale of Property, Plant and Equipment: Aditya Birla Renewables SPV 1 Limited - 0.98
Grasim Industries Limited 0.23 0.29 Total - 1.21
Aditya Birla Sun Life Insurance Company Limited 0.20 - Interest Income:
Aditya Birla Renewables Energy Limited 0.06 - Aditya Birla Science and Technology Company Private Limited 0.90 1.12
Aditya Birla Science and Technology Company Private Limited (CY: ` 12,106) 0.00 - Coromandel Sugars Limited 17.79
Aditya Birla Solar Limited - 0.01 Total 18.69 1.12
Aditya Birla Management Corporation Private Limited 0.22 - Loans repaid by:
Total 0.71 0.30 Bhaskarpara Coal Company Limited - 2.49
Purchase of Property, Plant and Equipment: Aditya Birla Science and Technology Company Private Limited 14.04 2.86
Grasim Industries Limited 0.37 0.20 Purchase of Equity Shares from:
Aditya Birla Renewables Energy Limited 0.06 - Aditya Birla Renewables Limited (LY: ` 26,000) - 0.00
Aditya Birla Management Corporation Private Limited 0.07 - Contribution to:
Total 0.50 0.20 Post-Employment Benefit Plan
Services received from: UltraTech Cemco Provident Fund 78.12 70.43
Grasim Industries Limited 0.98 0.61 India Cements Gratuity Fund - -
Samruddhi Swastik Trading and Investments Limited 1.50 1.22 The India Cements Empoyees Provident Fund,Chilamkur 0.02 -
Aditya Birla Sun Life Pension Management Limited 15.18 The India Cements Empoyees Provident Fund,Yerraguntla 0.02 -
ABReL Renewables EPC Limited 8.72 Total 78.16 70.43
Aditya Birla Science and Technology Company Private Limited 11.62 11.37 Post-Employment Benefit Plan - Aditya Birla Sun Life Insurance Company Limited 15.18 62.41
ABNL Investment Limited 3.84 3.63 Investments:
Aditya Birla Finance Limited 161.46 7.74 ABReL (MP) Renewables Limited - 35.39
Aditya Birla Sun Life Insurance Company Limited 22.37 4.66 Aditya Birla Renewables Energy Limited - 24.98
KMP (including director sitting fees and director commission) 63.31 45.56 ABReL (RJ) SPV Limited (LY: ` 26,000) 149.37 0.00
Aditya Birla Management Corporation Private Limited 547.16 449.97 Total 149.37 60.37
Close Member of KMP 0.01 0.01

484 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 485
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

(b) Outstanding balances: ` in Crores (c) Compensation of KMP of the Company: ` in Crores

As at As at Year Ended Year Ended

Nature of Transaction/Relationship Nature of transaction
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024

Loans and Advances: Short-term employee benefits 47.25 27.85

Grasim Industries Limited 0.34 0.18 Post-employment benefits 3.40 3.40

Samruddhi Swastik Trading and Investments Limited 0.76 0.81 Share based payment 18.22 8.95
Aditya Birla Management Corporation Private Limited - 18.05 Total compensation paid to KMP 68.87 40.20
Aditya Birla Health Insurance Limited - 0.03
Aditya Birla Sun Life Insurance Company Limited 1.66 0.66 Based on the recommendation of the Nomination, Remuneration and Compensation Committee, all decisions
Amelia Coal Mining Limited - 0.31
relating to the remuneration of the Directors are taken by the Board of Directors of the Company, in accordance
with shareholder’s approval, wherever necessary.
Aditya Birla Housing Finance Limited (LY: ` 39,793) - 0.00
Aditya Birla Renewable SPV 1 Limited (CY: ` 9,284) 0.00 0.25
Terms and Conditions of transactions with Related Parties:
Total 2.76 20.29
Trade Receivables: The sales to and purchases from related parties are made in the normal course of business and on terms
Grasim Industries Limited 4.27 3.20 equivalent to those that prevail in arm’s length transactions. Outstanding balances at the end of the period are
Trade Payables: unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received
for any related party receivables or payables.
Grasim Industries Limited 2.02 2.87
Aditya Birla Renewables Energy Limited 3.69 0.37
During the previous year ended March 31, 2024, the Group had recorded an impairment of ` 2.50 Crores on
ABReL (Odisha) SPV Limited 1.44 0.57
investment done in Bhaskarpara Coal Company Limited (BCCL), a Joint Venture. This assessment is undertaken
Aditya Birla Renewables SPV 1 Limited 7.52 4.32 each financial year through examining the financial position of the related party and the market in which the
ABReL Renewables EPC Limited 7.22 - related party operates.
Amelia Coal Mining Limited 0.73 -
Aditya Birla Management Corporation Private Limited 9.37 - Note 47 - Income Taxes (Ind AS 12):
Sri Saradha Logistics Private Limited 47.56
(i) Reconciliation of effective tax rate: In %
Aditya Birla Sun Life Insurance Company Limited (CY: ` 28,697 and LY: 0.00 0.00
Year Ended Year Ended
` 14,304 ) Particulars
March 31, 2025 March 31, 2024
Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C, UAE - 24.57
Applicable tax rate 25.17% 25.17%
Aditya Birla Health Insurance Limited (LY: ` 1,044) - 0.00
Effect of Tax Exempt Income - (0.01%)
ABNL Investment Limited - 0.25
Effect of Non-Deductible expenses 2.19% 0.71%
Aditya Birla Housing Finance Limited (LY: ` 4,033) - 0.00
Effect of Allowances for tax purpose 0.02% (0.01%)
Aditya Birla Science and Technology Company Private Limited - 0.06
Effect of Tax paid at a lower rate - (0.00%)
Greenyana Sunstream Private Limited - 0.60
Effect of Losses absorption due to Scheme of Merger/Demerger/Arrangement (Refer
Samruddhi Swastik Trading and Investments Limited - 0.08 (8.00%) -
Note 43)
Total 79.55 33.69 Effect of Lower Jurisdiction Tax Rate (0.07%) (0.44%)
Other Liabilities:
Others 0.47% 0.25%
Post-Employement Benefit Plan - UltraTech Cemco Provident Fund 22.05 20.08
Effective Tax Rate 19.77% 25.67%
Deposit:
Close Member of KMP 5.00 5.00 (ii) At March 31, 2025 a deferred tax liability of ` 108.51 Crores (March 31, 2024: ` 130.82 Crores) in respect of
temporary differences related to undistributed profit in subsidiaries has not been recognized because the Group
ABNL Investment Limited 2.32 2.32
controls the dividend policy of its subsidiaries and management is satisfied that they are not expecting to
Aditya Birla Science and Technology Company Private Limited - 14.04
distribute profit in the foreseeable future.
Grasim Industries Limited 0.36 0.36
Samruddhi Swastik Trading and Investments Limited 0.01 -
Total 7.69 21.72
Corporate Guarantees:
Bhaskarpara Coal Company Limited 1.70 1.70

486 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 487
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Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 48 - Earnings per Share (EPS) (Ind AS 33): ` in Crores Note 49 (B) - Summarised Financial information of individually immaterial Associates
Sr
Particulars
Year Ended Year Ended and Joint Ventures:
No. March 31, 2025 March 31, 2024
The Group’s interests in below mentioned associates and joint venture are accounted for using the equity method
(i) Net Profit attributable to Equity Shareholders 6,039.11 7,005.00
in the consolidated financial statements. The summarized financial information below represents amounts shown in
(A) Basic EPS: the associate’s financial statements prepared in accordance with Ind AS adjusted by the Group for equity accounting
(i) Weighted average number of Equity Shares outstanding (Nos.) 29,46,72,240 28,86,95,631 purposes:
(ii) Less: Treasury Shares acquired by the Company under Trust (Nos.) (5,17,538) (4,83,531)
Madanpur (North) Coal Company Private Limited: ` in Crores
(iii) Weighted average number of Equity Shares outstanding for calculation of Basic EPS 29,41,54,702 28,82,12,100
Year Ended Year Ended
(Nos.) (Face Value ` 10/Share) Particulars
March 31, 2025 March 31, 2024
Basic EPS (` ) – Continuing Operations {(i)/A(iii)} 205.30 243.05 Profit or Loss from continuing Operations 0.01 0.01
(B) Diluted EPS: Other Comprehensive Income - -
(i) Weighted average number of Equity Shares Outstanding (Nos.) 29,41,54,702 28,82,12,100 Total Comprehensive Income 0.01 0.01
(ii) Add: Potential Equity Shares on exercise of options (Nos.) 2,45,098 2,17,718
(iii) Weighted average number of Equity Shares Outstanding for calculation of Dilutive 29,43,99,800 28,84,29,818 Aditya Birla Renewables SPV 1 Limited: ` in Crores
EPS (i+ii) (Nos.) (Face Value ` 10/Share)
Year Ended Year Ended
Particulars
Basic EPS (` ) – Continuing Operations {(i)/B(iii)} 205.13 242.87 March 31, 2025 March 31, 2024

Profit or Loss from continuing Operations 0.08 (0.38)

Note 49 (A) - Summarised Financial information of individually materially partly Other Comprehensive Income - 0.10

owned subsidiaries Financial information of subsidiaries with material Total Comprehensive Income 0.08 (0.28)

non-controlling interest: ` in Crores Aditya Birla Renewables Energy Limited: ` in Crores

As on Year Ended Year Ended

Particulars
March 31, 2025 March 31, 2025 March 31, 2024

The India Cements Profit or Loss from continuing Operations (2.06) 0.12
Limited Other Comprehensive Income - 0.02
Proportion of Interest held by Non Controlling Entities 18.51% Total Comprehensive Income (2.06) 0.14
Non Controlling Interest 2,119.94
Summarised Financial Information of Consolidated Balance Sheet: Bhaskarpara Coal Company Limited: ` in Crores
Non-Current Assets 14,649.87 Year Ended Year Ended
Particulars
March 31, 2025 March 31, 2024
Current Assets 1,590.94
Non-Current Liabilities 3,047.08 Profit or Loss from continuing Operations 0.22 0.02

Current Liabilities 1,535.08 Other Comprehensive Income - -

` in Crores Total Comprehensive Income 0.22 0.02
Year Ended
31st March 2025 ABReL (MP) Renewables Limited: ` in Crores
Profit/(Loss) Allocated to Non-Controlling Interest (16.62) Year Ended Year Ended
Particulars
March 31, 2025 March 31, 2024
Summarised Financial Information for the Consolidated Statement of Profit and Loss:
Revenue from Operations 1,277.90 Profit or Loss from continuing Operations (1.84) (0.44)

Profit for the Year (94.66) Other Comprehensive Income - -

Other Comprehensive Income/(Loss) 4.88 Total Comprehensive Income (1.84) (0.44)

Total Comprehensive Income (89.78)
ABReL Green Energy Limited: ` in Crores
Summarised Financial Information for the Consolidated Cashflows:
Year Ended Year Ended
Net Cash Generated from Operating Activities (287.27) Particulars
March 31, 2025 March 31, 2024
Net Cash Used in Investing Activities 247.30
Profit or Loss from continuing Operations (0.57) 0.75
Net Cash Used in Financing Activities (454.80)
Other Comprehensive Income - -
Net Cash Inflow (494.77)
Total Comprehensive Income (0.57) 0.75
The financial numbers mentioned above are before inter-company eliminations and for the period December 24, 2024
to March 31, 2025

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Notes Notes
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ABReL (Odisha) SPV Limited: ` in Crores Note 51

Year Ended Year Ended The following expenses are included in the different heads of expenses in the Consolidated Statement of Profit and Loss:
Particulars
March 31, 2025 March 31, 2024
` in Crores
Profit or Loss from continuing Operations (1.63) (1.06)
Year Ended March 31, 2025 Year Ended March 31, 2024
Other Comprehensive Income - -
Particulars Raw Materials Power and Fuel Raw Materials Power and Fuel
Total Comprehensive Income (1.63) (1.06) Total Total
Consumed Consumed Consumed Consumed

Stores and Spares Consumed 241.75 81.07 322.82 209.41 86.65 296.06
Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C U.A.E (RAKW): ` in Crores
Royalty and Cess 1,275.37 - 1,275.37 1,228.70 - 1,228.70
Year Ended Year Ended
Particulars
March 31, 2025 March 31, 2024

Profit or Loss from continuing Operations 3.14 22.99 Note 52 - Share Based Payments (Ind AS 102):
Other Comprehensive Income (1.76) 1.56
The Company has granted 1,16,483 options (including Restricted Stock units) during the current year to its eligible
Total Comprehensive Income 1.38 24.55
employees in various ESOS Schemes, details are as under:

ABReL (RJ) Projects Limited ` in Crores (A) Employee Stock Option Scheme (ESOS 2013) including Stock options and Restricted Stock Units (RSU):
Year Ended Year Ended Tranche V Tranche VI
Particulars
March 31, 2025 March 31, 2024 Particulars
RSU Stock Options RSU Stock Options
Profit or Loss from continuing Operations (0.38) -
Other Comprehensive Income - - Nos. of Options 5,313 15,042 10,374 29,369

Total Comprehensive Income (0.38) - Vesting Plan 100% on Graded Vesting - 25% 100% on Graded Vesting - 25%
13.04.2019 every year after 1 year 27.01.2020 every year after 1 year
from date of grant, from date of grant,
PT Mitra Setia Tanah Bumbu: ` in Crores
subject to achieving subject to achieving
Particulars
Year Ended Year Ended performance targets performance targets
March 31, 2025 March 31, 2024
Exercise Period 5 Years from the 5 Years from the date of 5 Years from the 5 Years from the date of
Profit or Loss from continuing Operations (7.54) -
date of Vesting Vesting date of Vesting Vesting
Other Comprehensive Income - -
Grant Date 13.04.2016 13.04.2016 27.01.2017 27.01.2017
Total Comprehensive Income (7.54) -
Exercise Price (` per share) 10 3,167 10 3,681

Fair Value on the date of Grant of 3,108 1,810 3,608 2,080

Note 50 – Auditor’s remuneration including remuneration for Subsidiaries Auditors Option (` per share)
(excluding GST) and expenses: ` in Crores Method of Settlement Equity Equity Equity Equity
Year Ended Year Ended
Particulars (B) Employee Stock Option Scheme (ESOS 2018) including Stock options, Restricted Stock Units (RSU) and Stock
March 31, 2025 March 31, 2024

(a) Statutory Auditors: Appreciation Rights Scheme – 2018 (SAR 2018) including Stock options and RSU
Audit fees (including Quarterly Limited Reviews) 10.89 7.54 Tranche I (ESOS, 2018) Tranche II (ESOS, 2018) Tranche III (ESOS, 2018)
Particulars
Tax audit fees 0.35 0.31 RSU Stock Options RSU Stock Options RSU Stock Options

Fees for other services 0.36 0.26 Nos. of Options 43,718 1,58,304 917 3,320 3,482 12,620
Expenses reimbursed 0.37 0.22 Vesting Plan 100% on Graded Vesting 100% on Graded Vesting-25% 100% on Graded Vesting-25%
18.12.2021 - 25% every year 23.12.2022 every yearafter 04.03.2023 every yearafter
(b) Cost Auditors:
after 1 year from 1 year from date 1 year from date
Audit fees 0.48 0.43 date of grant, of grant,subject of grant,subject
Expenses reimbursed (CY: ` 48,187) - 0.01 subject to achieving to achieving to achieving
performance performance performance
targets targets targets
Exercise Period 5 Years 5 Years from the 5 Years 5 Years from the 5 Years 5 Years from the
from the date of Vesting from the date of Vesting from the date of Vesting
date of date of date of
Vesting Vesting Vesting
Grant Date 18.12.2018 18.12.2018 23.12.2019 23.12.2019 04.03.2020 04.03.2020
Exercise Price 10 4,009.30 10 4,120.45 10 4,299.90
(` per share)

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Notes Notes
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Tranche I (ESOS, 2018) Tranche II (ESOS, 2018) Tranche III (ESOS, 2018) Tranche VIII (ESOS, 2018) Tranche IX (ESOS, 2018)
Particulars Particulars
RSU Stock Options RSU Stock Options RSU Stock Options RSU Stock Options RSU Stock Options
Fair Value on the date 3,942 1,476 4,080 1,865 4,258 1,939
Nos. of Options 48,089 99,879 4,733 39,963
of Grant of Option
(` per share) Vesting Plan 100% on Graded Vesting - 33% every 100% on Graded Vesting - 33% every
22.07.2025 year after 1 year from date 19.10.2025 year after 1 year from date
Method of Settlement Equity Equity Equity Equity Equity Equity
of grant of grant

Exercise Period 5 Years from the 5 Years from the date of 5 Years from the 5 Years from the date of
Tranche IV (ESOS, 2018) Tranche V (ESOS, 2018)
Particulars
date of Vesting Vesting date of Vesting Vesting
RSU Stock Options RSU Stock Options
Grant Date 22.07.2022 22.07.2022 19.10.2022 19.10.2022
Nos. of Options 594 2,152 564 2,040
Exercise Price (` per 10 6,130.70 10 6,346.75
Vesting Plan 100% on Graded Vesting - 25% 100% on Graded Vesting - 25% share)
21.10.2023 every year after 1 year 27.03.2024 every year after 1 year
Fair Value on the date of 6,027 2,100 6,249 2,235
from date of grant, from date of grant,
Grant of Option (` per
subject to achieving subject to achieving
share)
performance targets performance targets
Method of Settlement Equity Equity Equity Equity
Exercise Period 5 Years from the 5 Years from the date 5 Years from the 5 Years from the date
date of Vesting of Vesting date of Vesting of Vesting
(C) Employee Stock Option Scheme (ESOS 2022) including Stock options and Performance Stock Units (PSU)
Grant Date 21.10.2020 21.10.2020 27.03.2021 27.03.2021
Tranche I (ESOS, 2022) Tranche II (ESOS, 2022) Tranche III (ESOS, 2022)
Exercise Price (` per share) 10 4,544.35 10 6,735.25 Particulars
PSU Stock Options PSU Stock Options PSU Stock Options
Fair Value on the date of Grant of 4,500 1,943 6,673 2,903
Option (` per share) Nos. of Options 13,857 1,17,423 382 3,243 30,067 81,591

Method of Settlement Equity Equity Equity Equity Vesting Plan 100% on Graded Vesting: 100% on Graded Vesting: 100% on Graded Vesting:
21.07.2026 33% every year 06.05.2027 33% every year 19.07.2027 33% every year
after 1 year from after 1 year from after 1 year from
Tranche VI (ESOS, 2018) Tranche VII (ESOS, 2018) date of grant date of grant date of grant
Particulars
RSU-FY22 Plan RSU-FY21 Plan Stock Options RSU-FY22 Plan RSU-FY21 Plan Stock Options Exercise Period 5 Years from 5 Years from the 5 Years from 5 Years from the 5 Years from 5 Years from the
the date of date of Vesting the date of date of Vesting the date of date of Vesting
Nos. of Options 7,299 11,570 63,684 3,838 4,700 33,525
Vesting Vesting Vesting
Vesting Plan 100% on Graded Vesting Graded Vesting 100% on Graded Vesting Graded Vesting
Grant Date 21.07.2023 21.07.2023 06.05.2024 06.05.2024 19.07.2024 19.07.2024
22.07.2024 - 50% every year - 33% every year 27.10.2024 - 50% every year - 33% every year
after completion after 1 year after completion after 1 year Exercise Price 10 8,224.15 10 9,816.30 10 11,647.25
of 1 year form from date of of 1 year form from date of (` per share)
date of grant grant, subject date of grant grant, subject
to achieving to achieving Fair Value on the date 8,078 2,775 9,559 3,166 11,386 3,776
performance performance of Grant of Option (`
targets targets per share)

Exercise Period 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the 5 Years from the Method of Settlement Equity Equity Equity Equity Equity Equity
date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting date of Vesting

Grant Date 22.07.2021 22.07.2021 22.07.2021 27.10.2021 27.10.2021 27.10.2021 Tranche IV (ESOS, 2022)
Particulars
PSU Stock Options
Exercise Price (` 10 10 7,424.70 10 10 7,269.10
per share) Nos. of Options 125 1,075
Fair Value on 7,373 7,379 2,357 7,194 7,211 2,309 Vesting Plan 100% on 28.10.2027 Graded Vesting: 33% every year after 1
the date of year from date of grant
Grant of Option
Exercise Period 5 Years from the date of 5 Years from the date of Vesting
(` per share)
Vesting
Method of Equity Equity Equity Equity Equity Equity Grant Date 28.10.2024 28.10.2024
Settlement
Exercise Price (` per share) 10 10,995.20
Fair Value on the date of Grant of Option (` per share) 10,604 3,461
Method of Settlement Equity Equity

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Notes Notes
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Tranche I (SAR, 2018) Tranche II (SAR, 2018) (E) Fair Valuation:

Particulars
RSU Stock Options RSU-FY22 Plan RSU-FY21 Plan Stock Options 1,16,483 share options were granted during the year. Weighted Average Fair value of the options granted during the
Nos. of Options 1,084 3,924 159 320 1,398 year is ` 5,746.70 per share (March 31, 2024 ` 3,334.54 per share).
Vesting Plan 100% on Graded Vesting 100% on Graded Vesting Graded Vesting
18.12.2021 - 25% every year 22.07.2024 - 50% every - 33% every year The fair value of option has been done by an independent firm of Chartered Accountants on the date of grant using
after 1 year from year after after 1 year from the Black-Scholes Model / Binomial Model.
date of grant, completion date of grant,
subject to achieving of 1 year form subject to achieving The Key assumptions in the Black-Scholes Model for calculating fair value as on the date of grant:
performance targets date of grant performance targets
Exercise Period 3 Years from 3 Years from the date 3 Years from 3 Years from 3 Years from the date (a) For ESOS 2013:
the date of of Vesting the date of the date of of Vesting 1 Risk Free Rate - 7.6% (Tranche V), 6.7% (Tranche VI)
Vesting Vesting Vesting
2 Option Life - (a) For Options - Vesting period (1 Year) + Average of exercise period
Grant Date 18.12.2018 18.12.2018 22.07.2021 22.07.2021 22.07.2021
(b) For RSU – Vesting period (3 Years) + Average of exercise period
Exercise Price (` per share) 10 4,009.30 10 10 7,424.70
3 Expected Volatility* - Tranche–V: 0.60, Tranche–VI: 0.61
Fair Value on the date of 3,946 1,539 6,837 7,160 1,387
4 Expected Growth in Dividend - Tranche-V: 5%,Tranche-VI: 5%
Grant of Option (` per share)
Method of Settlement Cash Cash Cash Cash Cash (b) For ESOS 2018:
1 Risk Free Rate - 7.47% (Tranche I); 5.69% (Tranche VI); 5.62% (Tranche VII); 7.04% (Tranche VIII);
Tranche III (SAR, 2018) 7.36% (Tranche IX)
Particulars
RSU Stock Options 2 Option Life - (a) For Options - Vesting period (1 Year) + Average of exercise period

Nos. of Options 793 2,001 (b) For RSU under FY21 plan – Vesting Period (2 years) + Average of exercise period

Vesting Plan 100% on 22.07.2025 Graded Vesting: 33% every year For other RSU – Vesting period (3 Years) + Average of exercise period
after 1 year from date of grant, 3 Expected Volatility* - Tranche-I: 0.24; Tranche-VI: 0.25 ; Tranche-VII & VIII: 0.26; Tranche IX: 0.27
subject to achieving performance
4 Dividend Yield - Tranche -I: 0.46%; Tranche – VI : 0.19%, Tranche VII: 0.20%, Tranche VIII & IX:
targets
0.30%
Exercise Period 3 Years from the date of Vesting 3 Years from the date of Vesting
(c) For ESOS- SAR 2018:
Grant Date 22.07.2022 22.07.2022
1 Risk Free Rate - 5.31% (Tranche II); 7.15% (Tranche III)
Exercise Price (` per share) 10 6,130.70
2 Option Life - (a) For Options - Vesting period (1 Year) + Average of exercise period
Fair Value on the date of Grant of Option (` per share) 7,536 2,774
(b) For RSU under FY21 plan- Vesting Period (2 years) + Average of exercise period
Method of Settlement Cash Cash
For other RSU – Vesting period (3 Years) + Average of exercise period

(D) Movement of Options Granted including RSU along with weighted average exercise price (WAEP): 3 Expected Volatility* - Tranche-II: 0.25, Tranche-III: 0.26
4 Dividend Yield - Tranche- II: 0.19%, Tranche-III: 0.26%
As at March 31, 2025 As at March 31, 2024
Particulars
Nos. WAEP (` ) Nos. WAEP (` ) (d) For ESOS 2022:
Outstanding at the beginning of the year 4,99,348 5,154.95 4,41,622 4,408.85 1 Risk Free Rate - 7.07% (Tranche I) ; 7.24% (Tranche II) ; 7.10% (Tranche III) ; 6.86% (Tranche IV)

Granted during the year 1,16,483 8,535.76 1,31,280 7,357.12 2 Option Life - (a) For Options - Vesting period (1 Year) +1/2 Exercise Period

Exercised during the year (71,579) 4,498.98 (46,120) 4,001.16 (b) For PSU - Vesting Period (3 years) + 1/2 Exercise Period
3 Expected Volatility* - Tranche-I: 0.25; Tranche-II: 0.24; Tranche-III: 0.24; Tranche-IV: 0.24
Forfeited during the year (13,148) 3,521.35 (27,434) 5,622.21
4 Dividend Yield - Tranche- I: 0.43%; Tranche- II: 0.85%; Tranche- III: 0.73%; Tranche- IV: 0.78%
Outstanding at the end of the year 5,31,104 6,025.29 4,99,348 5,154.95
*Expected volatility on the Company’s stock price on National Stock Exchange based on the data commensurate with the expected life of
Options exercisable at the end of the year 2,26,968 5,916.94 1,79,204 4,818.67 the options/RSU’s up to the date of grant.

The weighted average share price at the date of exercise for options was ` 11,047.17 per share (March 31, 2024 The Key assumptions in the Binomial Tree Model for calculating fair value as on the date of grant:
` 8,817.54 per share) and weighted average remaining contractual life for the share options outstanding as at (a) For ESOS – SAR - 2018:
March 31, 2025 was 4.50 years (March 31, 2024: 4.46 years). 1 Risk Free Rate - 7.08% (Tranche I);
2 Option Life - (a) For Options - Vesting period (1 Year) + Average of exercise period
The weighted average remaining contractual life for SAR is 1.09 years (March 31, 2024 2.06 years).
(b) For RSU – Vesting period (3 Years) + Average of exercise period
The exercise price for outstanding options and SAR is ` 10 per share for RSU’s and ranges from ` 2,955.00 per 3 Expected Volatility* - Tranche-I: 0.25,
share to ` 11,647.25 per share for options. 4 Dividend Yield - Tranche -I: 0.46%

494 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 495
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Notes Notes
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(b) For ESOS 2018: Note 53 (B) - Fair Value Measurements (Ind AS 113):
1 Risk Free Rate - 6.78% (Tranche II), 6.72% (Tranche III), 5.84% (Tranche IV & V)
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
2 Option Life - (a) For Options - Vesting period (1 Year) + Average of exercise period
exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the
(b) For RSU – Vesting period (3 Years) + Average of exercise period
current market condition regardless of whether that price is directly observable or estimated using other valuation
3 Expected Volatility* - Tranche-II: 0.26, Tranche- III: 0.26, Tranche-IV & V: 0.26 techniques.
4 Dividend Yield - Tranche -II & III: 0.27%; Tranche IV & V: 0.27%
*Expected volatility on the Company’s stock price on National Stock Exchange based on the data commensurate with the expected life of The Group has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to
the options/RSU’s up to the date of grant. valuation techniques used to measure fair value of financial instruments are:

(F) Details of Liabilities arising from Company’s cash settled share based payment transactions: ` in Crores Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair value
As at As at of all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as at the
Particulars
March 31, 2025 March 31, 2024 reporting date.
Other Financial liabilities- Non current 0.46 0.15
Other Financial liabilities- Current 0.81 0.11 Level 2: The fair value of financial instruments that are not traded in an active market (For example traded bonds,
over the counter derivatives) is determined using valuation techniques which maximize the use of observable market
Total carrying amount of liabilities 1.27 0.26
data and rely as little as possible on company specific estimates. The mutual fund units are valued using the closing
Net Asset Value. If all significant inputs required to fair value an instrument are observable, the instrument is included
Note 53 (A) - Classification and Measurment of Financial Assets and Liabilities
in Level 2.
(Ind AS 107): ` in Crores
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
As at March 31, 2025 As at March 31, 2024
Particulars Level 3.
Carrying Value Fair Value Carrying Value Fair Value
` in Crores
Financial Assets at amortised cost:
Fair Value
Trade Receivables 5,890.25 5,890.25 4,278.16 4,278.16 Particulars As at As at
Loans 26.21 26.21 17.22 17.22 March 31, 2025 March 31, 2024

Investments 100.10 100.10 350.00 350.00 Financial Assets at fair value through OCI
Cash and Bank Balances 1,673.32 1,673.32 783.21 783.21 Investments – Level 1 881.70 -
Other Financial Assets 3,390.80 3,390.80 3,248.50 3,248.50 Financial Assets at fair value through profit or loss
Financial Assets at fair value through OCI: Investments – Level 2 3,505.05 6,667.71
Investments 881.70 881.70 - - Investments – Level 3 419.51 262.30
Financial Assets at fair value through profit or loss: Fair value Hedge Instruments
Investments 3,924.56 3,924.56 6,930.01 6,930.01 Derivative Assets – Level 2 841.04 519.08
Fair Value Hedging Instruments: Total 4,765.60 7,449.09
Derivative Assets 841.04 841.04 519.08 519.08
The management assessed that the carrying amounts of cash and bank balances, trade receivables, loans, trade
Total 16,727.98 16,727.98 16,126.18 16,126.18 payables, cash credits, commercial papers and other financial assets and liabilities approximate their fair values
Financial liabilities at amortised cost: largely due to the short-term maturities of these instruments.
Non-Convertible Debentures 3,500.00 3,520.91 1,000.00 996.03
The following methods and assumptions were used to estimate the fair values:
Term Loan from Banks 3,071.15 3,071.15 - -
Public Deposits 73.82 73.82 - - (a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset
Cash Credits / Working Capital Borrowing 5,054.84 5,054.84 3,064.38 3,064.38 value at the reporting date.
Sales Tax Deferment Loan 325.85 325.85 269.72 269.72
(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
Redeemable Preference Shares 63.51 63.51 - - on observable yield curves and an appropriate discount factor.
Vehicle Loans 1.19 1.19 - -
(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward
Trade Payables 9,327.48 9,327.48 8,478.33 8,478.33
exchange rates and interest rate curve of the respective currencies.
Other Financial Liabilities 6,840.14 6,840.14 5,567.78 5,567.78
Foreign Currency Borrowings 7,521.63 7,521.63 2,628.09 2,628.09 (d) The fair value of currency swap is calculated as the present value determined using forward exchange rates,
Foreign Currency Bonds 3,419.00 3,010.26 3,336.20 2,818.59 currency basis spreads between the respective currencies, interest rate curves and an appropriate discount factor.
Total 39,198.61 38,810.78 24,344.50 23,822.92

496 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 497
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Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

(e) The fair value of foreign currency option contracts is determined using the Black Scholes valuation model. The several sources of risks which the Group is exposed to and their management are given below:

(f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The Risk Exposure Arising From Measurement Management
discount rates used is based on management estimates. I) Market Risk

The significant unobservable inputs used in the fair value measurement of the fair value hierarchy together with a A) Foreign Committed commercial Cash Flow Forecasting (a) Forward foreign exchange
Currency Risk transaction Financial Sensitivity Analysis contracts
quantitative sensitivity analysis as at March 31, 2025 and March 31, 2024 are as shown below: asset and Liabilities not (b) Foreign currency options
denominated in INR (c) Principal only/Currency swaps
Description of significant unobservable inputs to valuation:
B) Interest Rate Long Term Borrowings at Sensitivity Analysis, Interest (a) Interest Rate swaps, Coupon Only
Particulars Valuation Significant Discounting Rate Sensitivity of the input to fair value
Risk variable rates Investments rate movements swaps
Technique unobservable inputs
in Debt Schemes of Mutual (b) Portfolio Diversification
Investments in Unquoted DCF method Average Cost of March 31, 2025 0.50% (March 31, 2024: 0.50%) Funds and Other Debt
instruments accounted for as fair Borrowings to arrive 8.50% increase / (decrease) would result in Securities
value through Profit and Loss at discount rate. March 31, 2024 increase / (decrease) in fair value by
C) Commodity Movement in prices of Sensitivity Analysis, (a) Commodity Fixed Prices
8.50% ` (0.56) Crores (March 31, 2024:
Risk commodities mainly Commodity price tracking (b) Swaps/Options
` (0.60) Crores)
Imported Thermal Coal and
Pet Coke
Reconciliation of Level 3 Fair Value Measurements: ` in Crores
II) Credit Risk Trade receivables, Ageing analysis, Credit (a) Diversification of mutual fund
Balance as at March 31, 2023 141.38 Investments, Derivative Rating investments,
financial instruments, Loans (b) Credit limit & credit worthiness
Add: Change in Value of Investment in Preference Shares measured at FVTPL 0.12 and Bank balances monitoring,
Add: Purchase of Investment during the year 122.71 (c) Criteria based approval process,
receivable factoring
Less: Sale of Investment during the year (1.91)
III) Liquidity Risks Borrowings and Other Rolling cash flow forecasts (a) Adequate unused credit lines and
Balance as at March 31, 2024 262.30 Liabilities and Liquid Broker Quotes borrowing facilities
Add: Transferred on Acquisition of The India Cements Limited (Refer Note 41) 7.59 Investments (b) Portfolio Diversification

Add: Change in Value of Investment in Preference Shares measured at FVTPL 0.13

The Group has standard operating procedures and investment policy for deployment of surplus liquidity, which
Add: Purchase of Investment during the period 149.49
allows investment in debt securities, fixed deposits and mutual fund schemes of debt categories only and restricts the
Less: Sale of Investment during the period -
exposure in equity markets.
Balance as at March 31, 2025 419.51
Compliances of these policies & principles are reviewed by the internal auditors on periodical basis.
Note 54 - Financial Risk Management Objectives (Ind AS 107): The Corporate Treasury team updates the Audit Committee on a quarterly basis about the implementation of the
The Group’s principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. above policies. It also updates the Risk Management Committee of the Group on periodical basis about the various
The main purpose of these financial liabilities is to finance the Group’s operations. The Group’s principal financial risks to the business and status of various activities planned to mitigate the risks.
assets, other than derivatives include trade and other receivables, investments and cash and cash equivalents that
derive directly from its operations. I) Market Risk:
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change
The Group’s activities expose it to market risk, liquidity risk and credit risk. The Group’s overall risk management
in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes
performance of the group. The group uses derivative financial instruments, such as foreign exchange forward
that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
contracts, foreign currency option contracts, principal only swaps, cross currency swaps that are entered to hedge
instruments including investments and deposits, foreign currency receivables, payables and borrowings.
foreign currency risk exposure, interest rate swaps, coupon only swaps to hedge variable interest rate exposure and
commodity fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for hedging purposes A) Foreign Currency Risk:
and not as trading or speculative instruments.
Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign
currency, which fluctuate due to changes in foreign exchange rates. The Group’s exposure to the risk of
changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels,
raw materials & spare parts, capital expenditure, exports of cement and the Company’s net investments in
foreign subsidiaries.

When a derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those
derivatives to match the terms of the hedged exposure.

498 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 499
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

The Group evaluates exchange rate exposure arising from foreign currency transactions. The Group follows Interest rate sensitivities for unhedged exposure (impact on profit before tax and equity due to increase in
established risk management policies and standard operating procedures. It uses derivative instruments like 100 bps): ` in Crores
foreign currency swaps and forwards to hedge exposure to foreign currency risk.
As at As at
in Crores Particulars
March 31, 2025 March 31, 2024
Outstanding foreign currency exposure (Gross) as at March 31, 2025 March 31, 2024 INR (30.32) (2.40)
Trade Receivables USD (3.61) (22.11)
USD 0.89 0.45
Note: If the rate is decreased by 100 bps profit will increase by an equal amount.
Trade Payables
USD 101.56 40.61 Interest rate sensitivity has been calculated assuming the borrowings outstanding at reporting date have been
Euro 0.43 0.15 outstanding for the entire reporting period.
Borrowings Foreign Currency and Interest Rate Risk Management:
USD 128.00 69.00
Forward Exchange and Interest Rates Swaps Contracts:
Investments
USD 20.92 20.92 (A) Derivatives for hedging currency and interest rates, outstanding are as under: in Crores

LKR 40.00 40.00 As at As at

Particulars Hedged item Currency Cross Currency
March 31, 2025 March 31, 2024

Foreign currency sensitivity on unhedged exposure: a. Forward Contracts Imports USD 48.06 53.85 INR
Imports CNH 0.00 4.46 USD
100 bps increase in foreign exchange rates will have the following impact on profit before tax. ` in Crores
Imports Euro 2.40 3.13 USD
As at As at
Particulars
March 31, 2025 March 31, 2024 Imports JPY 8.86 5.04 USD
USD 0.66 0.23 Investment USD 32.60 30.50 INR
LKR 0.02 0.02 Investment AED 32.51 111.96 USD
b. Options: Imports USD 18.61 1.41 INR
Note: If the rate is decreased by 100 bps profit will decrease by an equal amount.
c. Other Derivatives:
B) Interest rate risk: i. Currency Options FCB** USD 57.50 25.00 INR

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate ii. Principal only Swap FCB** USD 42.50 20.00 INR
because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest iii. Interest Rate Swap ECB* USD 60.00 29.00 AED
rates relates primarily to the Group’s short term borrowing (excluding commercial paper) with floating ** Foreign Currency Bonds/ Loans
interest rates. For all long-term borrowings with floating rates, the risk of variation in the interest rates is
*External Commercial Borrowings
mitigated through interest rate swaps. The Group constantly monitors the credit markets and rebalances its
financing strategies to achieve an optimal maturity profile and financing cost. (B) Cash Flow Hedges:
Interest rate exposure ` in Crores
The Group has raised foreign currency external commercial borrowings and to mitigate the risk of foreign
Particulars
Total borrowings Floating rate Fixed rate borrowings Non-Interest bearing currency and floating interest rates the Group has taken forward contracts, currency swaps, interest rates
borrowings borrowings
swaps and principal only swaps. The Group is following hedge accounting for all the foreign currency
INR - Borrowings 12,071.26 3,031.62 8,713.79 325.85 borrowings raised on or after April 01, 2015 based on qualitative approach.
USD - Borrowings 10,959.73 360.98 10,598.75 -
Total as at March 31, 2025 23,030.99 3,392.60 19,312.54 325.85 The Group assesses hedge effectiveness based on following criteria:
INR - Borrowings 4,334.10 240.00 3,824.38 269.72
(i) an economic relationship between the hedged item and the hedging instrument;
USD - Borrowings 5,964.29 2,211.06 3,753.23 -
Total as at March 31, 2024 10,298.39 2,451.06 7,577.61 269.72 (ii) the effect of credit risk; and
Note: Interest rate risk hedged for foreign currency borrowings has been shown under Fixed Rate borrowings.
(iii) assessment of the hedge ratio

The Group designates the derivatives to hedge its currency risk and generally applies a hedge ratio of 1:1.
The Group’s policy is to match the critical terms of the forward exchange contracts to match with the
hedged item.

500 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 501
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Foreign currency cash flows: There is an economic relationship between the hedged item and the hedging instrument as the net investment
creates a translation risk that will match the foreign exchange risk on the forward contracts.
Nominal Foreign Fair Value Assets
Average Exchange
Particulars As at Currency (Liabilities)
Rate (USD/INR) Particulars March 31, 2025 March 31, 2024
USD Crores ` in Crores
Currency exchange risk hedged AED to INR AED to INR
Buy Currency: (USD) March 31, 2025
Nominal amount of hedging instruments AED 1,193.84 Mn AED 1,120.31 Mn
- for External Commercial Borrowings 83.90 22.50 1.08
Maturity date March 2025 to March 2025 to
- for Foreign Currency Bonds 77.61 20.00 73.30
March 2033 March 2033
Buy Currency : (USD) March 31, 2024
Carrying value of hedging instruments (Derivative Assets) ` 69.88 Cr ` 27.51 Cr
- for External Commercial Borrowings 83.35 5.00 (0.01)
Change in the fair value of the hedging instrument during the year ` 69.88 Cr ` 27.51 Cr
- for Foreign Currency Bonds 72.50 20.00 18.78
Fair value gain on effective hedge ` 69.88 Cr ` 27.51 Cr

Interest rates outstanding on Receive Floating and Pay Fix contracts: The hedging gain recognised in OCI before tax is equal to the change in fair value used for measuring
Fair Value Assets effectiveness. There is no ineffectiveness recognised in the Statement of Profit or Loss.
Average contracted Nominal Amount
Particulars As at (Liabilities)
fixed interest rates* USD Crores
` in Crores (D) Commodity price risk management:
0 to 2 years March 31, 2025 5.00% 10.00 (6.05)
2 to 5 years March 31, 2025 4.00% 50.00 49.76 Commodity price risk for the Group is mainly related to fluctuations in coal and pet coke prices linked to
0 to 2 years March 31, 2024 5.39% 5.00 0.30
various external factors, which can affect the production cost of the Group. Since the Energy costs is one
of the primary costs drivers, any fluctuation in fuel prices can lead to drop in operating margin. To manage
2 to 5 years March 31, 2024 4.68% 24.00 36.86
this risk, the Group enters into forward covers for imported coal, enter into long-term supply agreement
for pet coke, identifying new sources of supply etc. While forward covers are prevailing in the markets for
Currency Options:
coal but in case of pet coke no such derivative is available; it has to be procured at spot prices. Additionally,
Fair Value Assets processes and policies related to such risks are reviewed and controlled by senior management and fuel
Average Exchange Nominal Amount
Particulars As at (Liabilities)
Rate (USD/INR) USD Crores
` in Crores requirement are monitored by the central procurement team.
0 to 2 years March 31, 2025 83.42 10.00 28.30
0 to 2 years March 31, 2024 II) Credit Risk Management:
2 to 10 years March 31, 2025 79.14 47.50 125.47
Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument
2 to 10 years March 31, 2024 72.52 20.00 435.55
or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities
*Includes weighted average rate for Cross Currency Interest Rate Swaps, Principal Only Swap and Coupon Swaps. (primarily trade receivables) and from its financing / investing activities, including deposits with banks/financial
institutions, mutual fund investments, and investments in debt securities, foreign exchange transactions and
The above Hedging Instruments are included in the Balance Sheet under the head “Other Financial Assets”/
financial guarantees. The Group has no significant concentration of credit risk with any counterparty.
“Other Financial Liabilities”. Refer Statement of Changes in Equity for movement on OCI.
Trade receivables
Recognition of gains / (losses) under forward exchange, currency options and interest rates swaps
contracts designated under cash flows hedges: ` in Crores Trade receivables are consisting of a large number of customers. The Group has credit evaluation policy for each
As at March 31, 2025 As at March 31, 2024
customer and based on the evaluation credit limit of each customer is defined. Wherever the Group assesses the
Particulars credit risk as high the exposure is backed by either bank guarantee / letter of credit or security deposits.
Effective Hedge Ineffective Hedge Effective Hedge Ineffective Hedge
(OCI) (Profit and Loss) (OCI) (Profit and Loss)
Total Trade receivables as on March 31, 2025 is ` 4,414.21 Crores (March 31, 2024: ` 4,278.16 Crores).
Gain/(Loss) 14.14 - (33.79) -
The Group does not have higher concentration of credit risks to a single customer. Single largest customer has
(C) Hedge of net investments in foreign operations: total exposure in sales of 1.41% (March 31, 2024: 2.50%) and in receivables of 2.91% (March 31, 2024: 4.70%).
Derivative asset as at March 31, 2025 includes forward contracts of AED 1,193.84 Mn (March 31, 2024 AED 1,120.31
Mn) which has been designated as a hedge of the net investment in the Company’s subsidiary UltraTech As per simplified approach, the Group makes provision of expected credit losses on trade receivables using a
Cement Middle East Investments Limited (UCMEIL). This derivative is being used to hedge the Group’s exposure provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date
to AED foreign exchange risk on these investments. Gains or losses on the retranslation of these derivatives are wherever outstanding is for longer period and involves higher risk.
transferred to OCI to offset any gains or losses on translation of the net investments in the subsidiaries. There
is no ineffectiveness during the year ended March 31, 2025. As per policy receivables are classified into different buckets based on the overdue period ranging from 6 months
– one year to more than two years. There are different provisioning norms for each bucket which are ranging
from 25% to 100%.

502 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 503
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Movement of allowances for credit losses: ` in Crores

As at March 31, 2024 Less than 1 Years 1 to 5 Years More than 5 Years Total Carrying Value
Particulars March 31, 2025 March 31, 2024
Borrowings (including current
Opening provision 121.35 98.70 4,747.39 2,882.29 4,241.89 11,871.57 10,298.39
maturities of long-term debts)
Add: Provision transferred on Acquisition/ Composite Scheme of Arrangement 79.23 0.00
Trade Payables 8,478.33 - - 8,478.33 8,478.33
Add: Provided during the year 52.03 24.79
Interest accrued but not due on
Less: Utilised during the year (5.78) (2.38) 90.07 - - 90.07 90.07
borrowings
Add: Effect of Foreign Currency Conversion 0.61 0.24 Lease Liability 215.58 702.65 623.26 1,541.49 1,104.56
Closing Provision 247.44 121.35 Other Financial Liabilities
(excluding Deferred Premium 5,204.61 - - 5,204.61 5,204.61
Payable and Derivative Liabilities)
Investments, Derivative Instruments, Cash and Cash Equivalent and Deposits with Bank/Financial Institutions
Deferred Premium Payable 47.81 191.20 95.44 334.45 273.10
Credit Risk on cash and cash equivalent, deposits with the banks / financial institutions is generally low as the
Investments 5,484.80 282.02 1,250.89 7,017.71 7,017.71
said deposits have been made with the banks / financial institutions who have been assigned high credit rating
by international and domestic rating agencies.
Note 55 - Distribution made and proposed dividend (Ind AS 1): ` in Crores
Credit Risk on Derivative Instruments is generally low as Group enters into the Derivative Contracts with the
reputed Banks and Financial Institutions. Year Ended Year Ended
Particulars
March 31, 2025 March 31, 2024

Investments of surplus funds are made only with approved Financial Institutions / Counterparty. Investments Proposed dividends on Equity shares:
primarily include investment in units of mutual funds, quoted Bonds, Non-Convertible Debentures issued by Final dividend for the year ended on March 31, 2025: ` 77.50 per share 2,283.75 2,020.84
Government / Semi Government Agencies / PSU Bonds / High Investment grade corporates etc. These Mutual (March 31, 2024: ` 70 per share)
Funds and Counterparties have low credit risk.
Total Dividend proposed 2,283.75 2,020.84
Total Non-current and current investments as on March 31, 2025 is ` 3,505.05 Crores (March 31, 2024 ` 7,017.71 Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as
Crores). a liability as at March 31.

Financial Guarantees:
Note 56 - Capital Management (Ind AS 1):
The Group has given corporate guarantees of ` 1.70 crores. (Refer Note 37(c)).
The capital management of the Group is to (a) maximise shareholder value and provide benefits to other stakeholders
and (b) maintain an optimal capital structure to reduce the cost of capital.
III) Liquidity risk management:
Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or For the purposes of the Group’s capital management, capital includes issued equity share capital, share premium and
at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable all other equity.
securities and the availability of funding through an adequate amount of credit facilities to meet obligations
The Group monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits
when due. The Group’s treasury team is responsible for liquidity, funding as well as settlement management. In
divided by total equity.
addition, processes and policies related to such risks are overseen by senior management. Management monitors
` in Crores
the Group’s liquidity position through rolling forecasts on the basis of expected cash flows.
As at As at
Particulars
March 31, 2025 March 31, 2024
The table below provides details regarding the remaining contractual maturities of financial liabilities and
investments held for managing the risk at the reporting date based on contractual undiscounted payments. Total Debt (Bank and other Borrowings) 23,030.99 10,298.39
` in Crores Equity 70,706.21 60,227.47
As at March 31, 2025 Less than 1 Years 1 to 5 Years More than 5 Years Total Carrying Value Liquid Investments and bank deposits 5,592.68 7,232.61
Borrowings (including current Debt to Equity (Net) 0.25 0.05
8,136.30 13,862.54 5,745.35 27,744.19 23,030.99
maturities of long-term debts)
Trade Payables 9,327.48 - - 9,327.48 9,327.48 In addition, the Group has financial covenants relating to the borrowing facilities that it has taken from the lenders to
manage interest coverage service ratio, Debt to EBITDA, etc. which is maintained by the Group.
Interest accrued but not due 187.77 - - 187.77 187.77
Lease Liabilities 214.73 569.61 451.09 1,235.43 1,071.19
Other Financial Liabilities Note 57 - Research and Development:
(excluding Deferred Premium 6,285.59 - - 6,285.59 6,285.59 Revenue expenditure on Research and Development included in different heads of expenses in the Statement of Profit
Payable and Derivative Liabilities)
and Loss is ` 15.13 Crores (March 31, 2024 ` 15.37 Crores).
Deferred Premium Payable 99.27 324.09 - 423.36 366.78
Investments 2,859.12 145.13 500.80 3,505.05 3,505.05

504 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 505
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Note 58 - Government Grant (Ind AS 20): Note 61

(a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion In terms of a Scheme of Arrangement between Jaiprakash Associates Limited (JAL); Jaypee Cement Corporation
Scheme of ` 646.78 Crores (March 31, 2024 ` 684.72 Crores). Limited (JCCL), the Company (“the Parties”) and their respective shareholders and creditors, sanctioned by the
National Company Law Tribunal, Mumbai and Allahabad bench, together with necessary approvals from the stock
(b) Sales Tax deferment loan granted under State Investment Promotion Scheme has been considered as a exchanges, Securities and Exchange Board of India (SEBI), and the Competition Commission of India; the Company
government grant and the difference between the fair value and nominal value as on date is recognised as an had on June 27, 2017, issued Series A Redeemable Preference Shares of ` 1,000 crores to JAL (Series A RPS) for a period
income. Accordingly, an amount of ` 48.50 Crores (March 31, 2024 ` 13.42 Crores) has been recognised as an of 5 years or such longer period as may be agreed by the Parties (the “Term”). The Series A RPS were held in escrow
income. Every year change in fair value is accounted for as an interest expense. until satisfaction of certain conditions precedent in relation to the Dalla Super Plant and mines situated in the state
of Uttar Pradesh (Earlier known as JP Super), to be redeemed post the expiry of the Term as per the agreement
between the Parties. Upon expiry of the Term, the Company offered redemption of the Series A RPS within the
Note 59 - Asset Held for Sale (Ind AS 105):
stipulated number of days, post adjustment of certain costs pertaining to the conditions precedent, as per the terms
(a) The Group has identified certain assets which are not useful anymore as they are not productive and are not of the agreement entered into between the Parties. Redemption of the Series A RPS was subject to issuance of a joint
giving the desired results like few parcel of Land, Diesel Generator Sets, Ships etc. which are available for sale in its notice to the escrow agent. The Series A RPS could not be redeemed due to inaction on the part of JAL in signing
present condition. The Group is committed to plan the sale of asset and an active programme to locate a buyer and the joint instruction notice. This matter has since been referred to arbitration and the proceedings are pending. The
complete the plan have been initiated. The Group expects to dispose off these assets in the due course. company has classified the Series A RPS to Other Financial Liabilities as Liability for Capital Goods.

(b) UCMEIL has identified one of the assets “Waste Heat Recovery System” (WHRS) which is not useful anymore as it is
not productive and not giving the desired result. The realizable value after considering the impairment, scrap and Note 62 - Transactions with Companies Struck Off under section 248 of the
dismantling cost is reclassified as assets for disposal. UCMEIL is committed to plan the sale of this asset, is in the
Companies Act, 2013:
process of discussion with vendors and contractor, and expects the same to be disposed off within the due course.
Opening Closing
Name of the
Sr. Transaction Nature of Balance as on Balance as on
struck off CIN Relationship
No. Entered by Transactions April 01,2024 March 31, 2025
Note 60 - Revenue From Contract with Customer (Ind AS 115): company
Debit/(Credit) Debit/(Credit)

(A) The Company is primarily in the Business of manufacture and sale of cement and cement related products. The 1. UltraTech ASAR U45200BR2015PTC023770 Receivables Not Related ` 27,184 ` 10,000
product shelf life being short, all sales are made at a point in time and revenue recognised upon satisfaction Cement Ltd CONSTRUCTION
PVT.LTD
of the performance obligations which is typically upon dispatch/delivery. The Company has a credit evaluation
policy based on which the credit limits for the trade receivables are established, the Company does not give
significant credit period resulting in no significant financing component. The credit period on an average ranges Note 63 -Additional Information as required by Paragraph 2 of Part III - General
from 7 days to 180 days.
Instruction for Preparation of Consolidated Financial Statement of Schedule III of the
(B) Reconciliation of revenue recognised from Contract liability: ` in Crores
Companies Act, 2013:
As at As at Share in Other
Particulars Net Assets i.e. total assets Share in Total Comprehensive
March 31, 2025 March 31, 2024 Share in profit or loss Comprehensive Income
minus total liabilities Income (TCI)
Name of the (OCI)
Closing Contract liability-Advances from Customers 441.98 521.02 Sr.
entity in the Net Assets i.e.
No As % of As % of As % of
group total assets Amount Amount Amount Amount
The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year consolidated consolidated consolidated
minus total (` Crores) (` Crores) (` Crores) (` Crores)
profit / loss OCI TCI
ended March 31, 2025. Contract liability of current year will be recognised as revenue in coming twelve months. liabilities

1 Parent 93.93% 69,408.58 102.53% 6,192.63 89.29% 599.87 101.21% 6,792.50

(C) Reconciliation of revenue as per contract price and as recognised in statement of profit and loss: 2 Subsidiaries
` in Crores Indian
Year Ended Year Ended (i) Harish Cement 0.21% 155.26 0.00% 0.00 0.00% 0.00 0.00% 0.00
Particulars
March 31, 2025 March 31, 2024 Limited
Revenue as per Contract price 89,545.43 79,835.75 (ii) Bhagwati 0.00% 0.58 (0.01)% (0.31) 0.00% 0.00 (0.00)% (0.31)
Limestone
Less: Discounts and incentives (14,608.98) (10,026.22)
Company Private
Revenue as per statement of profit and loss 74,936.45 69,809.53 Limited
(iii) Gotan Lime 0.02% 17.90 0.00% 0.01 0.00% 0.00 0.00% 0.01
Stone Khanij
Udyog Private
Limited
(iv) Letein Valley 0.01% 6.26 0.00% 0.00 0.00% 0.00 0.00% 0.00
Cement Limited

506 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 507
 Financial statements

Notes Notes
to Consolidated Financial Statements to Consolidated Financial Statements

Share in Other Share in Other

Net Assets i.e. total assets Share in Total Comprehensive Net Assets i.e. total assets Share in Total Comprehensive
Share in profit or loss Comprehensive Income Share in profit or loss Comprehensive Income
minus total liabilities Income (TCI) minus total liabilities Income (TCI)
Name of the (OCI) Name of the (OCI)
Sr. Sr.
entity in the Net Assets i.e. entity in the Net Assets i.e.
No As % of As % of As % of No As % of As % of As % of
group total assets Amount Amount Amount Amount group total assets Amount Amount Amount Amount
consolidated consolidated consolidated consolidated consolidated consolidated
minus total (` Crores) (` Crores) (` Crores) (` Crores) minus total (` Crores) (` Crores) (` Crores) (` Crores)
profit / loss OCI TCI profit / loss OCI TCI
liabilities liabilities

(v) The India 10.87% 8,032.85 0.39% 23.79 0.14% 0.96 0.41% 24.75 (v) ABReL (Odisha) 0.00% 2.27 (0.03)% (1.63) 0.00% - (0.02)% (1.63)
Cements Limited SPV Limited
Foreign (vi) ABReL (MP) 0.04% 33.11 (0.03)% (1.84) 0.00% - (0.03)% (1.84)
(i) UltraTech (0.00)% (2.82) (0.56)% (34.05) 0.09% 0.59 (0.50)% (33.46) Renewables
Cement Lanka Limited
(Private) Limited (vii) ABReL (RJ) 0.20% 148.99 (0.01)% (0.38) 0.00% - (0.01)% (0.38)
(ii) UltraTech 3.54% 2,618.47 (0.34)% (20.57) 4.85% 32.57 0.18% 12.00 Projects Limited
Cement Middle 6 Associate-
East Investments Foreign
Limited
(x) Ras Al Khaimah 0.00% - 0.05% 3.14 (0.26)% (1.76 ) 0.02% 1.38
3 Non-Controlling Co. for White
Interests in Cement &
Subsidiaries Construction
and Step- Down Materials P.S.C
Subsidiaries U.A.E (RAKW)
Indian (xi) PT Mitra Setia 0.06% 41.34 (0.12)% (7.54 ) 0.00% - (0.11)% (7.54)
Tanah Bumbu
(i) The India 2.87% 2,119.94 0.02% 1.00 0.03% 0.22 0.02% 1.22
Cements Limited Consolidation (13.31)% (9,831.52) (0.18)% (130.33) 0.01% 6.03 (0.17)% (124.30)
Adjustments
(ii) Industrial 0.00% 2.07 0.06% 3.42 0.00% 0.00 0.05% 3.42
Chemicals & Total 100.00% 73,893.36 101.98% 6,039.64 99.11% 671.81 101.72% 6,711.45
Monomers
Limited
Note 64 -Other Statutory Information:
Foreign
(i) UltraTech (0.00)% (0.71) (0.14)% (8.51) 0.02% 0.15 (0.12)% (8.36) (i) As on March 31, 2025 there is no untilised amounts in respect of any issue of securities and long term borrowings
Cement Lanka from banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which
(Private) Limited the funds were raised.
(ii) Duqm Cement 0.06% 48.01 (0.00)% (0.27) 0.00% - (0.00)% (0.27)
project (ii) The Group does not have any charges or satisfaction, which is yet to be registered with Registrar of Companies
International, (ROC) beyond the statutory period.
LLC, Oman
4 Joint Venture- (iii) The Group is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies
Indian Act read with the Companies (Restriction on number of Layers) Rules, 2017.
Bhaskarpara 0.01% 6.54 0.00% 0.22 0.00% 0.00 0.00% 0.22
(iv) The Group does not have any Benami property, where any proceeding has been initiated or pending against the
Coal Company
Limited Group for holding any Benami property.
5 Associate- (v) The Group have not traded or invested in Crypto currency or Virtual Currency during the financial year.
Indian
(i) Madanpur 0.00% 0.25 0.00% 0.01 0.00% - 0.00% 0.01 (vi) The Group has not advanced or loaned or invested funds (either from borrowed funds or share premium
(North) Coal or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities
Company Private
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:
Limited
(ii) Aditya Birla 0.02% 17.32 0.00% 0.08 0.00% 0.00 0.00% 0.08 (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
Renewables SPV behalf of the Company (“Ultimate Beneficiaries”); or
1 Limited
(iii) Aditya Birla 0.04% 27.71 (0.03)% (2.06) 0.00% 0.00 (0.03)% (2.06) (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Renewables
Energy Limited
(iv) ABReL Green 0.03% 23.94 (0.01)% (0.57) 0.00% - (0.01)% (0.57)
Energy Limited

508 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 509
 Annexures

Notes Sustainability Scorecard

to Consolidated Financial Statements

(vii) The Group has not received any funds from any person(s) or entity(ies), including foreign entities (“Funding UltraTech UltraTech Consolidated
Parties”), with the understanding, whether recorded in writing or otherwise, that the Group shall: FY 2024-25 FY 2024-25
Sr. Particulars
Value in Value in Share of Value in Value in Share of
(a) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Parties (“Ultimate Beneficiaries”); or K Billion K per Bag Total Value K Billion K per Bag Total Value
1 Revenues 857.90 336 100.0% 904.91 333 100.0%
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. 2 Operating Costs 520.72 204 60.7% 553.25 204 61.1%

(viii) The Group has not surrendered or disclosed any such transaction which is not recorded in the books of accounts 3 Govt Taxes including Excise /VAT/ 194.54 76 22.7% 198.56 73 21.9%
Income Tax/ Other Levies
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
4 Depreciation 37.39 15 4.4% 40.15 15 4.4%
other relevant provisions of the Income Tax Act, 1961).
5 Employees, Welfare and Community 32.99 13 3.8% 36.05 13 4.0%
Development
6 Payment to Lenders 14.65 6 1.7% 16.51 6 1.8%
Note 65 - Changes in Indian Accounting Standards w.e.f April 1, 2025:
7 Proportionate Dividend to Shareholders 22.84 9 2.7% 22.84 8 2.5%
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
8 Retained Earnings for Reinvestment / 34.77 14 4.1% 37.56 14 4.2%
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, Modernization
MCA has notified Ind AS-117 Insurance Contracts. The Company has reviewed the new pronouncements and based on
its evaluation has determined that it does not have significant impact in its financial statements LA 2 -Benefits provided to full-time employees, which are not provided to temprary or part - time employees.

Signatures to Note ‘1’ to ‘65’ Sr

State minimum benefits that are standard for full-time employees Unit FY 2024-25
No
of the organisation, but are not furnished to temprary or part time employees
As per our report of even date attached. 1 Leave Encashment 5,840.84
I lacs
For B S R & Co. LLP For KKC & Associates LLP For and on behalf of the Board of Directors
2 HRA I lacs 23,729.14
(Formerly known as Khimji Kunverji & Co LLP)
Chartered Accountants Chartered Accountants
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W/W-100621
1 Significant financial assistance received from Government I lacs 8.21
VIKAS R KASAT HASMUKH B DEDHIA K.C.JHANWAR VIVEK AGRAWAL 2 Benefits received under State Investment Promotion Schemes 73,902.88
I lacs
Partner Partner Managing Director Wholetime Director
Membership No: 105317 Membership No: 033494 DIN: 01743559 DIN: 10599212

ATUL DAGA S.K. CHATTERJEE Capacity Utilisation (%) of Installed Capacity at CFS level % 78%
Mumbai: April 28, 2025 Chief Financial Officer Company Secretary
Environment Performance - Cement
Material Consumption
Parameters Units 2022-23 2023-24 2024-25
Natural raw materials Million Tonnes 108.32 123.55 138.48
Associated materials Tonnes 38,509.00 1,13,093.03 8,02,878.63
Semi manufactured goods Tonnes 8,243.00 9,667.86 18,635.45
Packaging materials (Plastic and paper bags) Tonnes 1,26,844.00 1,38,038.62 1,55,546.30

Recycled materials used by weight

Parameters Units 2022-23 2023-24 2024-25
Fly ash Tonnes 2,25,30,648.95 2,31,43,840.91 2,98,17,849.34
Slag Tonnes 21,17,383.00 33,56,963.74 55,20,523.21
Waste Materials as gypsum (Also includes Chemical and Tonnes 16,16,463.00 18,76,694.46 16,24,234.13
Marine Gypsum)
Silica Fume Tonnes - - -
Other industrial wastes Tonnes 17,06,305.84 41,63,225.08 17,58,421.60
Total recycled material used Tonnes 2,79,70,800.79 3,25,40,724.18 3,87,21,028.28

510 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 511
 Annexures

Sustainability Scorecard

Direct energy consumption - for production Biodiversity

Parameters Units 2022-23 2023-24 2024-25 Parameters Units 2022-23 2023-24 2024-25
Coal and Lignite PJ 107.02 139.01 131.75 Total number of saplings planted Number 3,71,799.00 4,07,322.00 4,66,500.00
Petcoke PJ 87.38 96.84 134.92 Saplings survival rate % 84.87 87.34 85.82
Alternative Fuel & Biomass PJ 9.73 12.70 16.19
Others (Includes Diesel oil, furnace oil, LDO and other fuel) PJ 0.42 0.46 0.67 GHG & ODS emissions
Mining and Transportation PJ 1.86 2.29 2.50 Parameters Units 2022-23 2023-24 2024-25
Direct CO2 (Includes CPP) Thousand tCO2/year 62,530.00 71,237.86 81,107.85
Direct energy consumption - for captive power plant Indirect CO2 (External power) Thousand tCO2/year 1,695.03 1,884.39 1,884.21
Parameters Units 2022-23 2023-24 2024-25 Scope 3 Emissions Thousand tCO2/year 4,204.90 8,250.58 12,711.29
Coal and lignite PJ 70.39 45.68 51.82 Category 1 - Purchased Goods and Services Thousand tCO2/year - 1,030.79 5,279.66
Pet coke PJ 2.39 1.00 1.01 Category 2 - Capital goods Thousand tCO2/year - 276.21 229.32
Others (Includes Diesel oil, furnace oil, LDO and other fuel) PJ 1.89 1.30 0.13 Category 3 - Fuel & energy related activities Thousand tCO2/year 2,162.55 4,877.65 5,306.07
Alternative Fuel & Biomass PJ 3.81 4.21 Category 4 - Upstream transportation & distribution Thousand tCO2/year 1,965.31 2,013.61 1,819.48
Category 5 - Waste generated in operations Thousand tCO2/year 12.81 0.82 0.22
Green Energy produced
Category 6 - Business travel Thousand tCO2/year 3.39 14.09 1.62
Parameters Units 2022-23 2023-24 2024-25 Category 7 - Employee Commuting Thousand tCO2/year - - 6.96
Waste Heat Recovery System TJ 3,800.28 4,762.08 6,020.88 Category 8 - Upstream leased assets Thousand tCO2/year - - -
Wind Energy TJ 5.95 - - Category 9 - Downstream transportation & distribution Thousand tCO2/year 60.85 37.42 67.95
Solar Energy TJ 53.27 27.96 18.24 Category 10 - Processing of sold products Thousand tCO2/year - - -
Category 11 - Use of sold products Thousand tCO2/year - - -
Indirect energy consumption
Category 12 - End-of-life treatment of sold products Thousand tCO2/year - - -
Parameters Units 2022-23 2023-24 2024-25 Category 13 - Downstream leased assets Thousand tCO2/year - - -
Electricity purchased TJ 7,467.00 9,962.96 9,894.06 Category 14 - Franchises Thousand tCO2/year - - -
Electricity Purchased -Renewables TJ 1,244.90 2,104.82 4,056.96 Category 15 - Investments Thousand tCO2/year - - -
ODS Tonnes/year 0.47 0.03
Alternate Fuel Rate
LPG tCO2/year - - 4.03
Parameters Units 2022-23 2023-24 2024-25 Fire Extinguisher tCO2/year - - 6.74
Total Alternative Fuel Rate % of thermal 5.20 5.14 5.70
energy Specific GHG Emissions - Cement
consumption
Parameters Units 2022-23 2023-24 2024-25

Energy Intensity Specific Direct GHG Emissions - Net kg CO2 per tonne of 557.00 556.00 549.40
cementitious material
Parameters Units 2022-23 2023-24 2024-25 produced
Specific Thermal Energy kcal/kg of clinker 719.86 714.52 725.60 Specific Indirect GHG emission kg CO2 per tonne of 16.31 15.93 13.89
Specific Electrical Energy kWh/ ton of 73.77 73.62 74.94 cementitious material
cement produced

Total water withdrawal Other air emissions

Parameters Units 2022-23 2023-24 2024-25
Parameters Units 2022-23 2023-24 2024-25
SPM Tonnes/year 3,227.46 8,126.06 8,336.53
Surface water Million m3 6.73 5.04 4.08
SOx Tonnes/year 13,145.82 29,332.67 28,633.96
Ground water Million m3 5.06 5.66 6.92
NOx Tonnes/year 84,169.12 91,993.86 92,709.30
Rainwater Million m3 14.91 15.42 18.73
Water from municipality Million m3 0.31 0.48 0.60
Sea water / desalinated water Million m3 1.01 1.17 1.12
Water recycled and reused % of water 10.82 10.46 11.09
withdrawn

512 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 513
 Annexures

Sustainability Scorecard

Other air emissions Energy Consumed in DG set

2024-25 Parameters Units 2022-23 2023-24 2024-25
Parameters Units 2022-23 2023-24
Disposed Generation Others (Includes Diesel oil, furnace oil, LDO and other PJ 0.02 0.01 0.01
Hazardous waste (solid) Tonnes 645.92 749.77 636.13 730.46 fuel)

Hazardous waste (liquid) Tonnes 750.11 833.44 960.87 905.09

Indirect energy consumption
Non-hazardous waste (solid) Tonnes 56,348.91 27,08,812.87 29,01,396.45 29,21,618.77
Total Hazardous Waste Tonnes 1,396.04 1,583.21 1,597.00 1,635.55 Parameters Units 2022-23 2023-24 2024-25

Waste reused/recycle/sold Tonnes 57,744.94 27,11,977.17 29,02,991.18 29,23,260.32 Electricity purchased TJ 36.92 40.11 41.94
Waste Mangement system Data Coverage % 100.00 100.00 100.00 100.00
Energy Intensity
Co-processed Waste (AF Used) Tonnes 5,69,000.00 15,57,457.60 20,93,971.00 -
Parameters Units 2022-23 2023-24 2024-25
Total Waste Derived Resource Consumed Tonnes 2,85,39,800.79 3,51,36,489.17 4,62,66,776.34 -
(Alternative fuels, raw and recycled material) Specific Thermal Energy GJ/100 m3 concrete 1.74 0.80 1.52
produced
Environment Performance - RMC
Total water withdrawal
Material Consumption
Parameters Units 2022-23 2023-24 2024-25
Parameters Units 2022-23 2023-24 2024-25
Surface water Million m3 - - -
Natural raw materials Million Tonnes 8.60 9.29 9.82
Ground water Million m3 0.59 0.73 0.64
Associated materials Tonnes 28.23 29.04 33.20
Rainwater Million m3 - - 0.00
Semi manufactured goods Tonnes 13,54,880.34 14,59,010.79 15,45,709.74
Water from municipality Million m3 0.78 0.75 0.89
Total material Consumption Tonnes 99,54,908.57 1,07,47,707.20 1,13,66,658.84
Water recycled and reused % of water withdrawn 1.42 1.08 1.03
Recycled materials used by weight
Biodiversity
Parameters Units 2022-23 2023-24 2024-25
Parameters Units 2022-23 2023-24 2024-25
Fly ash Tonnes 3,18,870.00 3,50,126.96 3,70,712.53
Total number of saplings planted % 1,763.00 2,455.00 2,422.00
Slag Tonnes 1,24,797.60 1,50,249.96 1,45,867.84
Saplings survival rate % 76.87 81.95 84.72
Waste Materials as gypsum (Also includes Chemical and Tonnes 5,622.79 2,952.00 -
Marine Gypsum)
Silica Fume Tonnes 1,344.37 9,858.12 2,860.83
GHG Emissions
Other industrial wastes Tonnes 2,692.29 3,869.61 3,720.80 Parameters Units 2022-23 2023-24 2024-25

Recycled material used Tonnes 4,53,327.04 5,17,056.67 5,23,162.00 Direct CO2 (Includes CPP) Thousand tCO2/year 2.85 2.55 2.83
Indirect CO2 (External power) Thousand tCO2/year 8.38 7.91 8.35
Specific GHG Emissions - RMC
Parameters Units 2022-23 2023-24 2024-25 Waste Management and Recycling
Specific Direct GHG Emissions kg CO2 per m3of 0.61 0.51 0.55 Parameters Units 2022-23 2023-24 2024-25
concrete produced
Hazardous waste (solid) Tonnes 2.95 0.17 -
Specific Indirect GHG emission kg CO2 per m3 of 2.13 1.58 1.62
concrete produced Hazardous waste (liquid) Tonnes 0.40 0.48 -
Non-hazardous waste (solid) Thousand Tonnes 105.90 114.31 85.84
Direct Energy Consumed for concrete production
Parameters Units 2022-23 2023-24 2024-25
Others (Includes Diesel oil, furnace oil, LDO and other PJ 0.02 0.02 0.02
fuel)

514 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 515
 Annexures

Sustainability Scorecard

Employees Safety performance

FY 2024-25 FY 2023-24 FY 2022-23 Category FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22
Workforce Gender Age Gender Age Gender Age Number of fatalities directly employed 2 0 0 2
M F <30 30-50 >50 M F <30 30-50 >50 M F <30 30-50 >50
Number of fatalities per 10,000 directly employed 1.03 0 0 1.3
Permanent Workforce
Number of Fatalities, Indirectly Employed 6 5 1 5
Permanenet employees 20,066 1,390 4554 13266 3636 16757 1160 3421 11435 3061 15860 706 2439 11018 3109
Lost Time Injuries (LTIs) per million man-hours 0.21 0.12 0.21 0.3
Permanent Workers 6,452 22 53 3771 2650 5740 13 45 3531 2177 6085 13 58 3802 2238 (directly employed) (LTI Frequency Rate Directly Employed
Non -Permanent Workforce (per million manhours)
Contract labour & others 53,774 1,335 16345 31699 7065 49127 1089 14189 29913 6114 38120 1052 16046 20986 1949 Lost Time Injuries (LTIs) per million man-hours 0.19 0.07 0.07 0.16
offrols 6,725 403 4339 2459 330 5925 377 3909 2187 206 7639 349 4634 3206 148 (indirectly employed) (LTI Frequency Rate Indirectly Employed
(per million manhours)
Number of Fatalities (Involving Third Parties) 0 2 0 0
Employee turnover
FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 Maternity Leave
Gender Age Gender Age Gender Age Gender Age
Turnover FY 2024-25 FY 2023-24 FY 2022-23
30- 30- 30- 30-
M F <30 >50 M F <30 >50 M F <30 >50 M F <30 >50 Number Number Number Number
50 50 50 50
of female of female of female of female
1839 198 635 1028 374 2000 163 529 973 661 1887 125 428 970 614 251 960 265 1409 67 employees employees employees employees
Number Total who took who took Number Total who took Total who took
of female number of maternal maternal of female number of maternal number of maternal
New employees hired Number
of female
employees
who
employees
returning
leave in
FY 2023-
Number
of female
leave in
FY 2022-
Number
of female
employees
who
employees
returning
leave in
FY 2021-
employees
returning
leave in
FY 2020-
Category employees returned from 24, who employees 23, who employees returned from 22, who from 21, who
FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 who took to work maternal returned who took returned who took to work maternal returned maternal returned
New maternal after leave in to work maternal to work maternal after leave in to work leave in to work
Gender Age Gender Age Gender Age Gender Age
employees leave maternal the prior and were leave and were leave maternal the prior and were the prior and were
hired 30- 30- 30- 30- leave returning employed employed leave returning employed returning employed
M F <30 >50 M F <30 >50 M F <30 >50 M F <30 >50
50 50 50 50 ended period for 12 for 12 ended period for 12 period for 12
months months months months
2773 359 1761 1349 22 2595 510 1845 1245 15 2629 379 1527 1455 26 773 1369 113 2131 124 after after after after
return return return return

Average training hours per person per year* Number of

employees
24 24 22 15 11 11 26 20 20 19 20 17

FY 2024-25 FY 2023-24 FY 2022-23 Rate 68 77 85

Category Gender Gender Gender

M F M F M F Ratio of basic salary for women to men
Total training hours 419967 33610 339270 298154 MANAGEMENT LEVELS* Ratio
Training hours per 20.93 24.18 19 18 Top Management 0.00
employee
Senior Management 1.29
*For permanent employees only Middle Management 0.94
Junior Management 0.82

516 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 517
 Annexures

GCCA KPIs GRI content index

Basic Parameters Unit

UltraTech Cement
(Consolidated) +
GRI content index
India Cement
Statement of Use UltraTech has reported with reference to the GRI Standards for the period between
Clinker production million tonnes/year 93.03 1st April, 2024 to 31st March, 2025.
CO2 emissions GRI 1 used GRI 1: Foundation 2021
Total direct CO2 emissions – gross million tonnes/year 81.11 Applicable GRI Sector Standard(s) None
Total direct CO2 emissions – net million tonnes/year 74.85
Location
Specific direct CO2 emissions – gross kg/tonne of cementitious material 595 GRI Standard No. Disclosure
Section Sub-section Page No.
Specific direct CO2 emissions – net kg/tonne of cementitious material 549 GRI 2: General disclosures 2021
The organisation 2-1 Organisational details About UltraTech, Where we Section A 28-29, 30-
Emissions
and its reporting operate, Business responsibility 31,
Overall coverage rate % 100 practices and sustainability report 252
Coverage rate continuous measurement % 100 2-2 Entities included in the organisation’s sustainability About the Report, Scope and boundary 10,
reporting Business responsibility and and Section A 252
PM Emission Absolute* tonne/year 3,448.31 sustainability report
PM Emission Specific* g/tonne clinker 37.07 2-3 Reporting period, frequency and contact point About the Report, Reporting period and 10-11,
Business responsibility and Section A 252
NOx Emission Absolute* tonne/year 85,481.00
sustainability report
NOx Emission Specific* g/tonne clinker 918.84 2-5 External assurance About the Report, Section A, Assurance 11, 252,
SOx Emission Absolute* tonne/year 13,078.00 Business responsibility statement 523
and sustainability report,
SOx Emission Specific* g/tonne clinker 140.58 Independent assurance
Fuels and Raw Material statement
Activities and 2-6 Activities, value chain and other business relationships About UltraTech Section A 28-29,
Alternative fuel rate (kiln fuels) % 4.3%
workers Where we operate, Product 30-31,
Biomass fuel rate (kiln fuels) % 1.4% Portfolio, Business 32-33, 252
Alternative Raw Materials rate (% ARM) % 21.73 responsibility and
sustainability report
Specific heat consumption for clinker production MJ/tonne 3048 2-7 Employees Business responsibility 253, 516
Safety and sustainability report,
Sustainability score card
Number of fatalities, directly employed Number 2 2-8 Workers who are not employees Business responsibility Section A 253, 516
Number of fatalities, contractors and sub-contractors Number 6 and sustainability report,
Number of fatalities, third parties Number 0 Sustainability score card
Governance 2-9 Governance structure and composition Board of Directors, Section B 36-39, 40,
Number of lost time injuries (LTI), directly employed Number(per million man-hours) 0.21 Management team, 142-143,
Number of lost time injuries (LTI), contractors and sub-contractors Number(per million man-hours) 0.19 Governance structure, 257
Business responsibility and
Water sustainability report
Water Consumption (Total Water withdrawal – Water Discharge) million m3/year 30.65 2-10 Nomination and selection of the highest governance Report on corporate Nomination, 220
body governance remuneration and
Specific Water Consumption L/ tonnes of cementitious material 224.99
compensation
Quarry rehabilitation and biodiversity management committee
Quarries with high biodiversity value where biodiversity management Percentage (%) 92 2-11 Chair of the highest governance body Report on corporate Board composition 208-214
plan is implemented governance
2-12 Role of the highest governance body in overseeing Report on corporate The Board of Directors 208-214
Quarries where rehabilitation plan is implemented Percentage (%) 100 the management of impacts governance
*Data specific to kiln stack emissions 2-14 Role of the highest governance body in sustainability Report on corporate The Board of Directors 208-214
reporting governance
2-15 Conflicts of interest Business responsibility and Principle-1 260-261
sustainability report
2-17 Collective knowledge of the highest governance body Report on corporate The Board of Directors 208-214
governance
2-18 Evaluation of the performance of the highest Report on corporate Board evaluation 217
governance body governance
2-19 Remuneration policies Directors’ Report and Principle 5 222-224,
Management Discussion and 275
Analysis Business responsibility
and sustainability report
2-20 Process to determine remuneration Report on corporate Remuneration of 222-223
governance Directors and Others
2-21 Annual total compensation ratio Report on corporate Remuneration of 222-223
governance, Business Directors and Others, 275
responsibility and Principle 5
sustainability report

518 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 519
 Annexures

GRI content index

Location Location
GRI Standard No. Disclosure GRI Standard No. Disclosure
Section Sub-section Page No. Section Sub-section Page No.
Strategy, policies 2-22 Statement on sustainable development strategy Chairman's message - 2-7 GRI 303: Water 3-3 Management of material topics Environment Water Management 79-81
and practices 2-23 Policy commitments Business responsibility and Section B, Principle 1, 257, 260, and Effluents 303-3 Water withdrawal Business responsibility Principle 6 279, 512
sustainability report Principle 5, Principle 9 276, 291 2018 and sustainability report,
2-24 Embedding policy commitments Business responsibility and Section B, Principle 1, 257, 260, Sustainability score card
sustainability report Principle 5, Principle 9 276, 291 303-4 Water discharge Business responsibility and Principle 6 279
2-27 Compliance with laws and regulations Business responsibility and Principle 1, Section B, 259, 260 sustainability report
sustainability report Principle 6 258, 303-5 Water consumption Business responsibility and Principle 6 279
278-284 sustainability report
Biodiversity
2-28 Membership associations Business responsibility and Principle-7 287 GRI 304: 3-3 Management of material topics Environment Biodiversity and 82-84
sustainability report Biodiversity 2016 land use
Stakeholder 2-29 Approach to stakeholder engagement Stakeholder engagement, Shared perspectives 48-51, 304-1 Operational sites owned, leased, managed in, or Environment, Business Biodiversity and land 82-84,
engagement Business responsibility and Principle 4 271-272 adjacent to, protected areas and areas of high biodiversity responsibility and use, Principle 6 283-284
sustainability report value outside protected areas sustainability report
Material topics 304-2 Significant impacts of activities, products and Environment, Business Climate change; 70-87,
GRI 3: Material 3-1 Process to determine material topics Double, Prioritising what 52-53 services on biodiversity responsibility and Water management; 283-284
Topics 2021 Materiality matters sustainability report Biodiversity and land
3-2 List of material topics Double Prioritising what 55 use; Responsible
Materiality matters mining, Principle 6
3-3 Management of material topics Strategic priorities 56-63 304-3 Habitats protected or restored Omission: Information unavailable.
Economic performance The implementation of restoration plan and collation of the
GRI 201: 201-1 Direct economic value generated and distributed Business responsibility Section A 252, 511 respective data from all the locations are under process.
Economic and sustainability report, 304-4 IUCN Red List species and national conservation list Omission: Information unavailable.
Performance Sustainability score card species with habitats in areas affected by operations The assessments are ongoing.
2016 201-4 Financial assistance received from government Sustainability score card 511 GRI 305: 3-3 Management of material topics Environment Climate change: Energy 70-74
GRI 203: Indirect 3-3 Management of material topics Social Community 121-137 Emissions 2016 and emissions
Economic engagement and 305-1 Direct (Scope 1) GHG emissions Environment, Business Principle 6 72-73, 280,
Impacts 2016 impact responsibility and 513
203-1 Infrastructure investments and services supported Social Community 121-137 sustainability report,
engagement and Sustainability score card
impact 305-2 Energy indirect (Scope 2) GHG emissions Environment, Business Principle 6 72-73, 280,
203-2 Significant indirect economic impacts Social Community 121-137 responsibility and 513
engagement and sustainability report,
impact Sustainability score card
GRI 204: 3-3 Management of material topics Business responsibility and Principle - 8 288-289 305-3 Other indirect (Scope 3) GHG emissions Environment, Business Principle 6 72-73, 280,
Procurement sustainability report responsibility and 513
Practices 2016 204-1 Proportion of spending on local suppliers Business responsibility and Principle -8 288 sustainability report,
sustainability report Sustainability score card
305-5 Reduction of GHG emissions FY 2024-25 highlights, Principle 6 13, 72-73,
GRI 205: Anti- 3-3 Management of material topics Business responsibility and Principle -1 260
Environment, Business 280
corruption 2016 sustainability report
responsibility and
205-2 Communication and training about anti-corruption Business responsibility and Principle -1 260
sustainability report
policies and procedures sustainability report
305-6 Emissions of ozone-depleting substances (ODS) Sustainability score card GHG & ODS emissions 513
205-3 Confirmed incidents of corruption and actions taken Business responsibility and Principle -1 260 305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and Business responsibility Other air emissions, 280, 513
sustainability report other significant air emissions and sustainability report, Principle 6
Environmental Performance Sustainability score card
GRI 301: 3-3 Management of material topics Environment Responsible mining 88-90 GRI 306: 3-3 Management of material topics Environment Circularity 88-90
Materials 2016 301-1 Materials used by weight or volume Business responsibility Material consumption, 511,514, Waste 2020 306-2 Management of significant waste-related impacts Environment Circularity 88-90
and sustainability report, Principle 2 262 306-3 Waste generated Business responsibility Waste management 281,
Sustainability score card and sustainability report, and recycling, Principle 514,515
301-2 Recycled input materials used Business responsibility Recycled materials used 511, 514, Sustainability score card 6
306-4 Waste diverted from disposal Environment, Business Circularity, Principle 88-89,
and sustainability report, by weight, Principle 2 262, 282
responsibility and 6, Waste management 281-282,
Sustainability score card
sustainability report, and recycling 515 -514
GRI 302: 3-3 Management of material topics Environment Climate change: Energy 70-78
Sustainability score card
Energy 2016 and emissions
306-5 Waste directed to disposal Business responsibility and Principle 6 282
302-1 Energy consumption within the organisation Business responsibility Direct Energy 512, 514,
sustainability report
and sustainability report, Consumption, Principle 515, 278 GRI 308: Supplier 3-3 Management of material topics Environment Sustainable 96-97
Sustainability score card 6 Environmental supply chain
302-2 Energy consumption outside of the organisation Sustainability score card Indirect Energy 512, 514, Assessment 2016 308-1 New suppliers that were screened using Environment, Business Sustainable supply 96-97, 287
Consumption 515, 278 environmental criteria responsibility and chain, Principle 6
302-3 Energy intensity Business responsibility Energy intensity, 512, 514, sustainability report
and sustainability report, Principle 6 515, 278
Sustainability score card
302-4 Reduction of energy consumption Environment Energy management 512, 514,
515, 278

520 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 521
 Annexures

GRI content index Independent Assurance Statement

Location Magnum Global Park,

GRI Standard No. Disclosure
Section Sub-section Page No. Floor 21, Archview Drive,
Sector-58, Golf Course Extn
Social Performance Road, Gurgaon, Haryana
GRI 401: 3-3 Management of material topics Social 98-112 INDIA, 122011
Employment 2016 401-1 New employee hires and employee turnover Social, Business responsibility Employee engagement 105,108
and sustainability report, Leadership and 254
Sustainability score card succession planning, 516
Section A Independent Assurance Statement
401-2 Benefits provided to full-time employees that are not Business responsibility and Principle 3 264,517
To,
provided to temporary or part-time employees sustainability report The Board of Directors and Management,
401-3 Parental leave Business responsibility Principle 3 264,517 UltraTech Cement Limited,
and sustainability report, ‘B’ Wing, Ahura Centre, 2nd floor,
Sustainability score card Mahakali Caves Road, Andheri (East), Mumbai-400093
GRI 403: 3-3 Management of material topics Social Enhancing health 113-120
Occupational and safety Independent Assurance Statement to UltraTech Cement Limited on select non-financial disclosures in the Business
Responsibility & Sustainability Report (BRSR) and Integrated and Sustainability Report (IR) for the financial year 2024-25.
Health and Safety 403-1 Occupational health and safety management system Social, Business responsibility Enhancing health and 113-118
2018 and sustainability report safety, Principle 3 267 -268 Introduction and objective of engagement
403-3 Occupational health services Social Enhancing health and 113-118
safety UltraTech Cement Limited (the 'Company') has developed its Business Responsibility and Sustainability Report 2024-25 (‘BRSR’)
including the BRSR Core Indicators1, based on the BRSR reporting guidelines prescribed by SEBI for listed entities. The reporting
403-4 Worker participation, consultation, and communication Social Enhancing health 113-118 criteria have been derived from the Principles of National Guidelines on Responsible Business Conduct, 2018 (NGRBC), Greenhouse
on occupational health and safety and safety Gas (GHG) Protocol - A Corporate Accounting and Reporting Standard, and Global Cement and Concrete Association's Cement CO2
403-5 Worker training on occupational health and safety Social, Business responsibility Enhancing health and 119-120 and Energy Protocol, Version 3.1, developed by the WBCSD Cement Sustainability Initiative (CSI) and European Cement Research
Academy (ECRA). The Company has also developed its Integrated and Sustainability Report 2024-25 (‘IR’) based on the principles of
and sustainability report Safety, Principle 3 266 the Integrated Reporting (<IR>) Framework published by the International Integrated Reporting Council (IIRC) and with reference to
403-8 Workers covered by an occupational health and safety Social Enhancing health 113-118 the Global Reporting Initiative (GRI) Standards. The BRSR would form a part of the IR.
management system and safety BDO India LLP (BDO) was engaged by the Company to provide independent assurance on select non-financial sustainability
403-9 Work-related injuries Business responsibility Safety performance, 268 disclosures in the BRSR and IR (collectively, the ‘Report’) for the period 1st April 2024 to 31st March 2025.
and sustainability report, Principle 3 517
Sustainability score card The Company’s responsibilities
403-10 Work-related ill health Business responsibility and Principle 3 268
sustainability report The content of the Report and its presentation are the sole responsibilities of the Management of the Company. The Company’s
Management is also responsible for the design, implementation, and maintenance of internal controls relevant to the preparation
GRI 404: Training 3-3 Management of material topics Social Learning and 106-107 of the Report, so that it is free from material misstatement.
and Education development
2016 404-1 Average hours of training per year per employee ESG Dashboard, 15 BDO’s responsibilities
How we create value, 34 BDO’s responsibility, as agreed with the Management of the Company, is to provide assurance on the BRSR Core Indicators and those
Social, Sustainability score card 102 of IR as described in the ‘Scope & boundary of assurance’ section below. We do not accept or assume any responsibility for any other
purpose or to any other person or organization. Any reliance a third party may place on the Report is entirely at its own risk.
516
GRI 405: Diversity 3-3 Management of material topics Social Diversity, equity and 110-112 Assurance standard
and Equal inclusion
Opportunity 2016 405-1 Diversity of governance bodies and employees Social, Governance, Business Employee, Section A 111 We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000
(Revised), “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”, and ISAE 3410, “Assurance
responsibility and sustainability 143 Engagements on Greenhouse Gas Statement”, issued by the International Auditing and Standards Board.
report, Score card Sustainability 253-254
score card 516 We applied the criteria of ‘Reasonable’ Assurance for non-financial Core Indicators of BRSR (Business Responsibility &
Sustainability Report), and criteria of ‘Limited’ Assurance for select non-financial information of the IR.
GRI 406: Non- 3-3 Management of material topics Business responsibility and Principle- 5 276
discrimination sustainability report Scope & boundary of assurance
2016 406-1 Incidents of discrimination and corrective actions taken Business responsibility and Principle- 5 276
sustainability report We have assured the BRSR Core Indicators1, and select non-financial indicators in IR (as set out in Appendix 1 to this statement),
GRI 408: Child 3-3 Management of material topics Business responsibility and Principle- 5 276 pertaining to the Company’s non-financial performance for the period 1st April 2024 through 31st March 2025.
Labour 2016 sustainability report The reporting scope and boundary cover the Company’s operations in India and other countries as set out in the Report.
408-1 Operations and suppliers at significant risk for incidents Business responsibility and Principle- 5 276
of child Labour sustainability report Assurance methodology
GRI 409: Forced 409-1 Operations and suppliers at significant risk for incidents Business responsibility and Principle 5 276
Our assurance process entails conducting procedures to gather evidence regarding the reliability of the disclosures covered in the
or Compulsory of forced or compulsory Labour sustainability report assurance scope. Physical verification on a sample basis was carried out at the following locations, in addition to interaction with
Labour 2016 Client’s team at various locations and corporate office as needed:
GRI 413: Local 3-3 Management of material topics Social Community engagement 121-137 ▪ Corporate Office, Mumbai;
▪ Bara Cement Works, Uttar Pradesh;
Communities 2016 and impact ▪ Dankuni Cement Works, West Bengal;
▪ Pune Bulk Terminal, Pune;
▪ Birla White, Rajasthan;
413-1 Operations with local community engagement, impact Social Community engagement 121-137 ▪ Dhar Cement Works, Madhya Pradesh;
▪ Rawan Cement Works, Chhattisgarh;
assessments, and development programs and impact , Principle 8 289 ▪ Kotputli Cement Works, Rajasthan;
▪ Ras Al-Khaimah, UAE;
GRI 414: Supplier 3-3 Management of material topics Environment Sustainable Supply chain 96-97 ▪ Jharsuguda Cement Works, Odisha;
▪ Sri Lanka Bulk Terminal, Sri Lanka;
Social Assessment 414-1 New suppliers that were screened using social criteria Environment Sustainable 96 ▪ Cuttack Cement Works, Odisha;
▪ Sankar Nagar Cement Works, Tamilnadu;
Supply chain ▪ Awarpur Cement Works, Maharashtra;
2016 ▪ Sarala Nagar Cement Works, Tamilnadu

We used our professional judgement as Assurance Provider for selection of sample of the Company’s locations/facilities and non-
financial information for the purpose of verifications.

1
SEBI vide Circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023

522 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 523
 Annexures

Independent Assurance Statement

We conducted a review and verification of data collection, collation, and calculation methodologies, and a general review of the Appendix 1 (to be read as part of ‘Scope and boundary of assurance’)
logic of inclusion/ omission of relevant information/ data in the Report. Our review process included:
The sustainability indicators/disclosures, other than the BRSR Core indicators, considered under the scope of limited assurance are
▪ Evaluation and assessment of the appropriateness of quantification methods used to arrive at the non-financial sustainability presented below:
information of the BRSR Core Indicators and IR; Sr. Indicator Indicator Description
▪ Review of consistency of data/information within the Report as well as between the Report and source; No. Reference
▪ Engagement through discussions with personnel at both corporate and plant/facility levels who are accountable for the data and
information presented in the Report; 1 301-1 Input material used
▪ Execution of an audit trail of claims and data streams, to determine the level of accuracy in collection, transcription, and
aggregation; 2 301-2 Recycled input material used
▪ Review of data collection and management procedures, and related internal controls.
3 305-7 Nitrogen Oxide (NOx), Sulphur Oxide (SOx), and other significant air emissions

Limitations and exclusions: 4 401-1 Employee hire and turnover

There are inherent limitations in an assurance engagement, including, for example, the use of judgement and selective testing of
data. Accordingly, there are possibilities that material misstatements in the Report may remain undetected. 5 401-3 Parental leave

The assurance scope excludes: 6 404-1 Average hours of training per year per employee
▪ Data and information outside the defined reporting period (1st April 2024 to 31st March 2025)
▪ Review of the ‘economic and/or financial performance indicators’ included in the Report or on which reporting is based; we have 7 305-3 Other indirect (Scope 3) GHG emissions
been informed by the Company that these are derived from the Company’s audited financial records; (Category 1, Category 2, Category 3, Category 4, Category 5, Category 6, Category 7 and Category 9)
▪ The Company’s statements and claims related to any topic other than those listed in the ‘Scope & boundary of assurance’; 8 - Claim related to status on plastic negativity
▪ The Company's statements that describe qualitative/quantitative assertions, expression of opinion, belief, inference,
aspiration/targets, expectation, aim or future intention. 9 - Claim related to status on water positivity

10 - Claim related to avoided emissions

Our observations
st st
We have reviewed the disclosures in the Report for the reporting period from 1 April 2024 through 31 March 2025. The disclosures
of the Company, covered under the ‘Scope and boundary of assurance’, are fairly reliable.

Our Conclusions

Based on the scope of our review, we concluded the following:

▪ Reasonable Assurance of BRSR Core indicators: The non-financial sustainability disclosures of the BRSR Core indicators as
mentioned in ‘Scope and boundary of assurance’ reasonably fulfil the criteria of relevance, completeness, reliability,
neutrality, and understandability as per ‘reasonable’ assurance criteria;
▪ Limited Assurance of selected indicators for IR: Based on the procedures performed, nothing has come to our attention that
causes us not to believe that the disclosures of the Company is presented fairly, in all material respects, in accordance with
the relevant reporting guidelines/standards.

Our assurance team and independence

BDO India LLP is a professional services firm providing services in Advisory, Assurance, Tax, and Business Advisory Services, to both
domestic and international organizations across industry sectors. Our non-financial assurance practitioners for this engagement are
drawn from a dedicated Sustainability and ESG Team in the organization. This team is comprised of multidisciplinary professionals,
with expertise across the domains of sustainability, global sustainability reporting standards and principles, and related assurance
standards. This team has extensive experience in conducting independent assurance of sustainability data, systems, and processes
across sectors and geographies. As an assurance provider, BDO India LLP is required to comply with the independence requirements
set out in the International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. Our independence policies
and procedures ensure compliance with the Code.

For BDO India LLP

Indra Guha
Partner | Sustainability & ESG
Business Advisory Services

Gurugram, Haryana
25 July 2025

Page 2 of 3 Page 3 of 3

524 UltraTech Cement Limited Integrated and Sustainability Report 2024-25 525
Notes
UltraTech Cement Limited
B Wing, Ahura Centre, 2nd Floor,
Mahakali Caves Road, Andheri (East),
Mumbai - 400 093
www.ultratechcement.com