Ultratech Cement Working Template
Ultratech Cement Working Template
Ultratech Cement
Balance Sheet
INR Crore FY13 FY14 FY15
EQUITY AND LIABILITIES
Shareholder's Funds
Share capital 274 274 274
Other equity 14,961 16,823 18,583
15,235 17,098 18,858
Non - Current Liabilities
Long term Borrowings 3,894 4,494 4,614
Other Financial Liabilities
Deferred Tax Libilities (Net) 1,906 2,296 2,792
Other Long term liabilities 2 2 1
Long Term Provisions 134 138 163
5,936 6,930 7,570
Current Liabilities
Short Term Borrowings 569 379 1,898
Other Financial iabilities
Trade Payables 2,173 2,424 1,553
Other Current Liabilities 2,561 2,088 4,196
Short Term Provisions 935 835 1,140
Current Tax Liabilities
6,238 5,727 8,787
TOTAL 27,409 29,754 35,215
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 13,074 15,781 20,879
Intangible Assets 48 91 69
Capital work-in-progress 3,505 2,038 2,069
Intangible Assets under development 0 3 5
16,628 17,913 23,022
Current Assets
Current Investments 3,127 3,729 2,523
Inventories 2,350 2,368 2,751
Trade Receivables 1,017 1,281 1,203
Cash and Bank balances 143 278 201
Short term loans and advances 1,173 1,312 1,110
Other current assets 6 16 16
7,816 8,984 7,804
TOTAL 27,409 29,754 35,215
Check - 2,522.64 -
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
22,377 22,898
38793 40473 41433 42397 43367 43372
311 334
1,414 878 878 878 878 878 878 878
1 1 1 1 1 1 1 1
24,104 24,111 39,672 41,352 42,312 43,276 44,246 44,251
(1)
FinShiksha
Profit & Loss Account
INR Crore FY13 FY14 FY15
Income
Revenue from Operations 22,705 22,803 25,710
Less: Excise Duty 2,682 2,725 3,063
Sales net 20,023 20,078 22,648
Other operating revenues 157 202 279
Revenue from Operations (net) 20,180 20,280 22,927
Other Income 305 329 371
Total Revenue 20,485 20,609 23,298
Expenses
Cost of materials consumed 2,792 2,911 3,281
Purchase of Stock-in-trade goods 236 309 389
Changes in Inventories (118) 107 (110)
employee benefit expenses 968 1,015 1,218
power and fuel 4,299 4,135 4,743
freight and forwarding expenses 4,224 4,581 5,393
other expenses 3,149 3,436 3,859
less: captive consumption for cement (45) (32) (42)
3,551 3,468
440 484 5408.253 5624.3362 6210.6231 6927.6932 7706.6225 8379.2005
(18) 73
1,343 1,413 1964 2149 2311 2484 2668 2807
4,241 3,927 5171 5270 5708 6244 6813 7265
5,935 5,845 7854 8004 8499 9480 10546 11466
3,590 3,713 5089 5398 5846 6396 6978 7441
623 807
1150 1608 1999 2332 2678 2714
304 341
0
2,371 2,627 2,683 3,937 5,141 6,304 7,623 8,142
79
79
Revenue Drivers
Revenue in INR Crore 22,705 22,803
Cement Realizations INR Per Tonne (Per 1000 kg) 5,445 5,365
Cement Realizations INR Per Bag (Per 50 kg) 272 268
Cement Realizations Change in % -1.5%
Cost Drivers
Current Assets
Inventories INR Crore 2,350 2,368
Trade Receivables INR Crore 1,017 1,281
Short term loans and advances INR Crore 1,173 1,312
Other current assets INR Crore 6 16
279 -
1.1% 0.0%
27 32 14 14 14 14 14 14
22 21 23 23 23 23 23 23
60 43 45 45 45 45 45 45
16 2 2 2 2 2 2 2
- 6 8 8 8 8 8 8
39 31 30 30 30 30 30 30
17 19 17 17 17 17 17 17
16 2 2 2 2 2 2 2
0 10 13 11 9 7 5 5
97.1
0
89.3
89.3
92.00%
510
415
81.4%
58,830
6,586
329
2.00%
12.0%
8,379
2,773
7,265
11,466
7,441
8,379
938
4%
2,773
285.6
5%
7,265
813
2%
11,466
1,284
4%
7,441
833
2%
2714
25.00%
2201
3712
7191
344
1211
0
0
4819
2764
269
806
14
23
45
2
8
30
17
2
5
(6,002)
(373)
FinShiksha
Debt Schedule
INR Crore FY13 FY14 FY15 FY16 FY17 FY18
Long Term Debt/ Equity 0.26 0.26 0.24 0.29 0.23 0.67
Long Term Debt/Capital 0.20 0.21 0.20 0.22 0.19 0.40
Total Interest Bearing Debt 4462.68 4872.88 6511.83 8597.07 6537 19113.47
Interest Cost 209.71 319.17 547.45 512.00 571.00 1529
Cost of Debt 4.70% 6.55% 8.41% 5.96% 8.73% 8%
FY19 FY20 FY21 FY22 FY23
Capex needed
On account of new capacity
On account of wear and tear
Total Capex needed
16189
4189
FinShiksha
17-Jul-17
Cash Flow 31-Mar-18 31-Mar-19
INR Crore FY18 FY19
WACC Calculations
WACC 12.81%
2564.293 1% 1.50%
75%
76%
77%
78%
79%
80%
31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23
FY20 FY21 FY22 FY23
earlier 6.96, now less as interest will Yield on zero coupon bond 10 years
was earlier 1.16 from beta heet longer term average
mkt like india where ppl want growth, dcf will show overvalue coz market overpays for growth and dcf is overconservative
2% 2.50% 3%
31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28
FY24 FY25 FY26 FY27 FY28 Terminal
Terminal value
last year CF(1+G)/(R+G)
Capacity FY18(MT) 94 33 30 25
P/E FY17 42 51 54 49
P/E FY18E 42 35 36 41
P/E FY19E 28 27 32 33
EV/EBITDA FY17 22 24 30 28
EV/EBITDA FY18E 17 21 27 23
EV/EBITDA FY19E 14 16 22 18
Ultratech Valuation
Based on Sector AVG
Based on 2019 P/E 4359
Based on 2019 EV/EBITDA 5731
Average
119884.7 4359
30
19
FinShiksha
Ultratech Cement
Returns
Date Ultratech Cement NIFTY Ultratech NIFTY
1.16