Historical Financial Statement - ULTRATECH CEMENT LTD

Year Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

# Income Statement
Sales ₹ 23,306.2 ₹ 25,153.2 ₹ 25,374.9 ₹ 30,978.6 ₹ 41,462.3
Sales Growth 7.93% 0.88% 22.08% 33.84%

COGS ₹ 12,404.3 ₹ 12,397.1 ₹ 12,303.6 ₹ 15,744.2 ₹ 21,729.7

COGS % Sales 53.22% 49.29% 48.49% 50.82% 52.41%

Other Income ₹ 350.1 ₹ 463.8 ₹ 648.1 ₹ 242.0 ₹ 350.1

Gross Profit ₹ 11,252.0 ₹ 13,219.9 ₹ 13,719.4 ₹ 15,476.4 ₹ 20,082.6

Gross Profit % Sales 48.28% 52.56% 54.07% 49.96% 48.44%

Selling & General Expenses ₹ 6,476.4 ₹ 7,855.1 ₹ 7,858.9 ₹ 9,089.4 ₹ 12,385.6

S&G Exp % Sales 27.79% 31.23% 30.97% 29.34% 29.87%

EBIDTA ₹ 4,775.6 ₹ 5,364.8 ₹ 5,860.6 ₹ 6,387.0 ₹ 7,697.0

EBITDA Margins 20.49% 21.33% 23.10% 20.62% 18.56%

Depreciation ₹ 1,203.4 ₹ 1,377.2 ₹ 1,348.4 ₹ 1,847.9 ₹ 2,450.7

Depreciation % Sales 5.16% 5.48% 5.31% 5.97% 5.91%

EBIT ₹ 3,572.1 ₹ 3,987.6 ₹ 4,512.1 ₹ 4,539.1 ₹ 5,246.3

EBIT Margin 15.33% 15.85% 17.78% 14.65% 12.65%

Interest ₹ 586.5 ₹ 566.3 ₹ 640.1 ₹ 1,237.6 ₹ 1,777.9

Interest % Sales 2.52% 2.25% 2.52% 4.00% 4.29%

EBT ₹ 2,985.6 ₹ 3,421.3 ₹ 3,872.0 ₹ 3,301.5 ₹ 3,468.5

EBT Margin 12.81% 13.60% 15.26% 10.66% 8.37%

TAX ₹ 883.5 ₹ 941.7 ₹ 1,158.5 ₹ 1,077.0 ₹ 1,068.1

Tax % Sales 3.79% 3.74% 4.57% 3.48% 2.58%

Earning After Tax ₹ 2,102.1 ₹ 2,479.6 ₹ 2,713.5 ₹ 2,224.5 ₹ 2,400.4

EAT Margin 9.02% 9.86% 10.69% 7.18% 5.79%

No. of Equity Shares 27.44 27.44 27.45 27.46 27.46

Earning per Share ₹ 76.6 ₹ 90.4 ₹ 98.9 ₹ 81.0 ₹ 87.4

EPS Growth % 17.96% 9.39% -18.05% 7.91%

Dividends ₹ 247.0 ₹ 260.7 ₹ 274.5 ₹ 288.3 ₹ 315.8

Dividend per Share ₹ 9.0 ₹ 9.5 ₹ 10.0 ₹ 10.5 ₹ 11.5
Dividend Payout Ratio 11.75% 10.51% 10.12% 12.96% 13.16%
 Retained Earnings ₹ 1,855.1 ₹ 2,218.9 ₹ 2,439.0 ₹ 1,936.1 ₹ 2,084.5
Retained Earnings 88.25% 89.49% 89.88% 87.04% 86.84%

Price ( in INR) ₹ 2,877.9 ₹ 3,228.8 ₹ 3,984.8 ₹ 3,950.0 ₹ 3,998.4

P/E Ratio 37.57 35.73 40.31 48.76 45.74

# Balance Sheet

Equity Share Capital ₹ 274.4 ₹ 274.4 ₹ 274.5 ₹ 274.6 ₹ 274.6

Reserves ₹ 18,766.8 ₹ 21,671.2 ₹ 24,117.4 ₹ 26,106.6 ₹ 33,476.0
Borrowings ₹ 9,829.1 ₹ 10,616.0 ₹ 8,474.5 ₹ 19,480.2 ₹ 25,337.0
Other Liabilities ₹ 9,183.1 ₹ 8,631.5 ₹ 9,342.7 ₹ 11,279.7 ₹ 17,437.7
Total Liabilities ₹ 38,053.4 ₹ 41,193.1 ₹ 42,209.1 ₹ 57,141.1 ₹ 76,525.4

Fixed Assets Net Block ₹ 23,342.9 ₹ 25,309.4 ₹ 25,903.8 ₹ 39,715.3 ₹ 56,644.6

Capital Work in Progress ₹ 2,250.0 ₹ 1,469.1 ₹ 921.5 ₹ 1,511.2 ₹ 1,153.3
Investments ₹ 4,500.0 ₹ 5,095.2 ₹ 6,690.5 ₹ 5,446.9 ₹ 2,921.3

Total Non Current Assets ₹ 30,092.9 ₹ 31,873.7 ₹ 33,515.7 ₹ 46,673.4 ₹ 60,719.3

Receivables ₹ 1,658.8 ₹ 1,928.2 ₹ 1,757.1 ₹ 2,220.6 ₹ 2,787.0

Inventory ₹ 2,949.1 ₹ 2,454.6 ₹ 2,400.6 ₹ 3,267.6 ₹ 4,099.0
Cash & Bank ₹ 370.6 ₹ 2,267.0 ₹ 2,248.8 ₹ 219.1 ₹ 739.7
Other Assets ₹ 2,982.0 ₹ 2,669.7 ₹ 2,286.9 ₹ 4,760.4 ₹ 8,180.4
Total Current Assets ₹ 7,960.5 ₹ 9,319.4 ₹ 8,693.4 ₹ 10,467.7 ₹ 15,806.1

Total Assets ₹ 38,053.4 ₹ 41,193.1 ₹ 42,209.1 ₹ 57,141.1 ₹ 76,525.4

Growth in Assets 8.25% 2.47% 35.38% 33.92%

Check TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement

Operating Activities
Profit from operations 4,464 4,948 5,220 5,986 7,362
Receivables -27 -287 156 -454 -279
Inventory -326 374 54 -623 -15
Payables 383 310 482 346 766
Loans Advances -135 - - - -
Other WC items - 32 -162 -525 -1,167
Working capital changes -104 429 529 -1,255 -696
Direct taxes -169 -852 -744 -843 -710
Other operating items - - - - -
Cash from Operating Activity 4,190 4,525 5,006 3,887 5,957

Investment Activities
Fixed assets purchased -2,722 -2,150 -1,402 -2,103 -1,808
Fixed assets sold 12 18 35 220 160
Investments purchased -602 -2,698 -3,377 -3,960 -1,700
Investments sold 1,263 2,948 2,228 5,588 4,478
Interest received 35 59 47 67 78
Dividends received - - - - 22
Invest in subsidiaries -21 -13 - - -
Investment in group cos - - - -1 -8
Redemp n Canc of Shares - - - - -
Acquisition of companies - - - - -
Other investing items -110 -1,839 -32 2,055 -58
Cash from Investing Activity -2,145 -3,675 -2,501 1,866 1,164

Financing Activities
Proceeds from shares 3 3 7 16 5
Proceeds from borrowings 2,728 2,821 3,656 15,775 9,772
Repayment of borrowings -311 -2,775 -5,272 -19,982 -14,420
Interest paid fin -589 -596 -614 -1,210 -1,685
Dividends paid -253 -297 -312 -334 -346
Financial liabilities - - - - -
Other financing items -3,689 1 - - -83
Cash from Financing Activity -2,111 -843 -2,535 -5,735 -6,757

Net Cash Flow -66 7 -30 18 364

LTRATECH CEMENT LTD
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

₹ 42,429.9 ₹ 44,725.8 ₹ 52,598.8 ₹ 63,240.0 ₹ 70,908.1

2.33% 5.41% 17.60% 20.23% 12.13%

₹ 20,600.9 ₹ 20,847.7 ₹ 26,536.9 ₹ 35,301.9 ₹ 33,223.8

48.55% 46.61% 50.45% 55.82% 46.85%

₹ 651.1 ₹ 618.5 ₹ 669.4 ₹ 507.1 ₹ 567.0

₹ 22,480.1 ₹ 24,496.6 ₹ 26,731.3 ₹ 28,445.2 ₹ 38,251.3

52.98% 54.77% 50.82% 44.98% 53.94%

₹ 12,583.1 ₹ 12,310.2 ₹ 14,547.6 ₹ 17,318.2 ₹ 24,715.8

29.66% 27.52% 27.66% 27.38% 34.86%

₹ 9,897.0 ₹ 12,186.4 ₹ 12,183.8 ₹ 11,127.0 ₹ 13,535.5

23.33% 27.25% 23.16% 17.59% 19.09%

₹ 2,722.7 ₹ 2,700.2 ₹ 2,714.8 ₹ 2,888.0 ₹ 3,145.3

6.42% 6.04% 5.16% 4.57% 4.44%

₹ 7,174.4 ₹ 9,486.2 ₹ 9,469.0 ₹ 8,239.0 ₹ 10,390.2

16.91% 21.21% 18.00% 13.03% 14.65%

₹ 1,991.7 ₹ 1,485.7 ₹ 944.7 ₹ 822.7 ₹ 968.0

4.69% 3.32% 1.80% 1.30% 1.37%

₹ 5,182.7 ₹ 8,000.5 ₹ 8,524.3 ₹ 7,416.3 ₹ 9,422.2

12.21% 17.89% 16.21% 11.73% 13.29%

-₹ 568.2 ₹ 2,538.7 ₹ 1,190.1 ₹ 2,342.9 ₹ 2,418.3

-1.34% 5.68% 2.26% 3.70% 3.41%

₹ 5,750.9 ₹ 5,461.8 ₹ 7,334.3 ₹ 5,073.4 ₹ 7,004.0

13.55% 12.21% 13.94% 8.02% 9.88%

28.86 28.87 28.87 28.87 28.87

₹ 199.3 ₹ 189.2 ₹ 254.0 ₹ 175.7 ₹ 242.6

127.96% -5.06% 34.28% -30.83% 38.05%

₹ 375.2 ₹ 1,068.0 ₹ 1,097.0 ₹ 1,097.0 ₹ 2,020.8

₹ 13.0 ₹ 37.0 ₹ 38.0 ₹ 38.0 ₹ 70.0
6.52% 19.55% 14.96% 21.62% 28.85%
 ₹ 5,375.7 ₹ 4,393.8 ₹ 6,237.3 ₹ 3,976.4 ₹ 4,983.1
93.48% 80.45% 85.04% 78.38% 71.15%

₹ 3,244.9 ₹ 6,738.0 ₹ 6,602.3 ₹ 7,622.2 ₹ 9,749.2

16.28 35.62 25.99 43.37 40.19

₹ 288.6 ₹ 288.7 ₹ 288.7 ₹ 288.7 ₹ 288.7

₹ 38,755.1 ₹ 43,886.0 ₹ 50,146.6 ₹ 54,035.9 ₹ 59,938.8
₹ 23,019.0 ₹ 21,719.4 ₹ 11,298.8 ₹ 11,057.7 ₹ 11,403.0
₹ 17,151.1 ₹ 20,282.3 ₹ 22,077.4 ₹ 25,998.1 ₹ 29,171.6
₹ 79,213.8 ₹ 86,176.3 ₹ 83,811.4 ₹ 91,380.4 ₹ 100,802.0

₹ 57,151.0 ₹ 55,411.6 ₹ 55,487.6 ₹ 59,579.0 ₹ 62,906.0

₹ 919.6 ₹ 1,686.7 ₹ 4,784.7 ₹ 4,040.4 ₹ 6,782.8
₹ 5,928.7 ₹ 12,178.1 ₹ 6,335.8 ₹ 7,297.0 ₹ 8,249.0

₹ 63,999.2 ₹ 69,276.4 ₹ 66,608.0 ₹ 70,916.3 ₹ 77,937.7

₹ 2,383.2 ₹ 2,571.7 ₹ 3,071.6 ₹ 3,867.0 ₹ 4,278.2

₹ 4,183.4 ₹ 4,018.0 ₹ 5,595.6 ₹ 6,611.8 ₹ 8,329.7
₹ 539.9 ₹ 2,007.6 ₹ 359.2 ₹ 1,149.6 ₹ 783.2
₹ 8,108.1 ₹ 8,302.7 ₹ 8,177.1 ₹ 8,835.6 ₹ 9,473.2
₹ 15,214.6 ₹ 16,900.0 ₹ 17,203.4 ₹ 20,464.1 ₹ 22,864.3

₹ 79,213.8 ₹ 86,176.3 ₹ 83,811.4 ₹ 91,380.4 ₹ 100,802.0

3.51% 8.79% -2.74% 9.03% 10.31%

TRUE TRUE TRUE TRUE TRUE

9,348 11,465 11,311 10,530 13,029

473 -201 -495 -752 -421
-64 165 -1,579 -992 -1,712
279 2,868 2,077 1,869 1,959
- - - - -
-172 -505 -476 -461 -308
516 2,326 -473 -337 -481
-891 -1,291 -1,555 -1,124 -1,651
- - - - -
8,973 12,501 9,283 9,070 10,896

-1,766 -1,925 -5,613 -6,200 -9,006

 79 86 73 95 122
-6,086 -12,689 -7,795 -7,260 -7,750
3,443 7,101 13,965 7,156 7,164
89 77 174 283 161
32 - - - -
- - - - -
-6 -3 - - -60
- - - 3 -
- - - -847 -
22 -1,503 1,518 -417 581
-4,193 -8,856 2,322 -7,187 -8,788

3 14 13 13 2
1,510 4,103 175 1,032 1,399
-4,154 -6,499 -10,346 -579 -1,069
-1,950 -1,481 -1,026 -765 -853
-380 -375 -1,065 -1,091 -1,094
-101 -118 -157 -126 -324
-4 - -91 -115 14
-5,076 -4,356 -12,497 -1,631 -1,925

-296 -711 -892 252 183

 Ratio Analysis - ULTRATECH CEME
Year Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Sales Growth 7.93% 0.88% 22.08% 33.84% 2.33%

EBITDA Growth 12.34% 9.24% 8.98% 20.51% 28.58%
EBIT Growth 11.63% 13.15% 0.60% 15.58% 36.75%
Net Profit Growth 17.96% 9.43% -18.02% 7.91% 139.58%
Dividend Growth 5.57% 5.25% 5.00% 9.54% 13.04%

Gross Margin 48.28% 52.56% 54.07% 49.96% 48.44% 52.98%

EBITDA Margin 20.49% 21.33% 23.10% 20.62% 18.56% 23.33%
EBIT Margin 15.33% 15.85% 17.78% 14.65% 12.65% 16.91%
EBT Margin 12.81% 13.60% 15.26% 10.66% 8.37% 12.21%
Net Profit Margin 9.02% 9.86% 10.69% 7.18% 5.79% 13.55%

Sales Expense % Sales 27.79% 31.23% 30.97% 29.34% 29.87% 29.66%

Depreciation % Sales 5.16% 5.48% 5.31% 5.97% 5.91% 6.42%
Operating Income % Sales 15.33% 15.85% 17.78% 14.65% 12.65% 16.91%

Return on Capital Employed % 12.37% 12.25% 13.73% 9.90% 8.88% 11.56%

Retained Earnings % 88.25% 89.49% 89.88% 87.04% 86.84% 93.48%
Return on Equity % 11.04% 11.30% 11.12% 8.43% 7.11% 14.73%
Return on Assets % 5.52% 6.02% 6.43% 3.89% 3.14% 7.26%
Self Sustained Growth Rate 9.74% 10.11% 10.00% 7.34% 6.18% 13.77%
Current Ratio 0.87x 1.08x 0.93x 0.93x 0.91x 0.89x
Quick Ratio 0.55x 0.80x 0.67x 0.64x 0.67x 0.64x
Debt to Equity Ratio 0.52x 0.48x 0.35x 0.74x 0.75x 0.59x
Interest Coverage Ratio 6.09x 7.04x 7.05x 3.67x 2.95x 3.60x

Debtor Turnover Ratio 14.05x 13.04x 14.44x 13.95x 14.88x 17.80x

Creditor Turnover Ratio 2.54x 2.91x 2.72x 2.75x 2.38x 2.47x
Inventory Turnover 7.90x 10.25x 10.57x 9.48x 10.12x 10.14x
Fixed Asset Turnover 1.00x 0.99x 0.98x 0.78x 0.73x 0.74x
Capital Turnover Ratio 1.22x 1.15x 1.04x 1.17x 1.23x 1.09x

Debtor Days 26 28 25 26 25 21
Payable Days 144 125 134 133 154 148
Inventory Days 46 36 35 38 36 36
Cash Conversion Cycle ( in days ) -72 -62 -75 -68 -93 -91

CFO/Sales 17.98% 17.99% 19.73% 12.55% 14.37% 21.15%

CFO/Total Assets 11.01% 10.98% 11.86% 6.80% 7.78% 11.33%
CFO/Total Debt 42.63% 42.62% 59.07% 19.95% 23.51% 38.98%
- ULTRATECH CEMENT LTD
Mar-21 Mar-22 Mar-23 Mar-24 Trend Average Median

5.41% 17.60% 20.23% 12.13% 13.60% 12.13%

23.13% -0.02% -8.67% 21.65% 12.86% 12.34%
32.22% -0.18% -12.99% 26.11% 13.65% 13.15%
-5.03% 34.28% -30.83% 38.05% 21.48% 9.43%
184.53% 2.71% 0.01% 84.21% 34.43% 5.57%

54.77% 50.82% 44.98% 53.94% 51.08% 51.69%

27.25% 23.16% 17.59% 19.09% 21.45% 20.97%
21.21% 18.00% 13.03% 14.65% 16.01% 15.59%
17.89% 16.21% 11.73% 13.29% 13.20% 13.05%
12.21% 13.94% 8.02% 9.88% 10.02% 9.87%

27.52% 27.66% 27.38% 34.86% 29.63% 29.50%

6.04% 5.16% 4.57% 4.44% 5.44% 5.39%
21.21% 18.00% 13.03% 14.65% 16.01% 15.59%

14.40% 15.34% 12.60% 14.51% 12.55% 12.49%

80.45% 85.04% 78.38% 71.15% 85.00% 86.94%
12.36% 14.54% 9.34% 11.63% 11.16% 11.21%
6.34% 8.75% 5.55% 6.95% 5.99% 6.18%
9.95% 12.37% 7.32% 8.27% 9.50% 9.84%
0.83x 0.78x 0.79x 0.78x 0.88x 0.88x
0.64x 0.53x 0.53x 0.50x 0.62x 0.64x
0.49x 0.22x 0.20x 0.19x 0.45x 0.49x
6.39x 10.02x 10.01x 10.73x 6.76x 6.71x

17.39x 17.12x 16.35x 16.57x 15.56x 15.62x

2.21x 2.38x 2.43x 2.43x 2.52x 2.45x
11.13x 9.40x 9.56x 8.51x 9.71x 9.84x
0.81x 0.95x 1.06x 1.13x 0.92x 0.96x
1.01x 1.04x 1.16x 1.18x 1.13x 1.16x

21 21 22 22 24 23
166 153 150 150 146 149
33 39 38 43 38 37
-112 -93 -90 -85 -84 -87

27.95% 17.65% 14.34% 15.37% 17.91% 17.81%

14.51% 11.08% 9.93% 10.81% 10.61% 11.00%
57.56% 82.16% 82.02% 95.55% 54.41% 50.09%
 Common Size Income Statement - ULTRATECH CEMENT LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Raw Material Cost 17.81% 17.64% 17.41% 17.43% 16.73% 16.21% 14.84%
Change in Inventory 0.43% 0.07% -0.30% 0.36% -0.11% 0.84% -1.01%
Power and Fuel 21.95% 18.21% 16.84% 20.45% 22.76% 20.07% 18.63%
Other Mfr. Exp 8.19% 7.69% 7.85% 7.39% 7.24% 7.17% 6.86%
Employee Cost 5.71% 5.83% 6.10% 5.91% 5.57% 5.95% 5.28%
Selling and admin 27.79% 31.23% 30.97% 29.34% 29.87% 29.66% 27.52%
Other Expenses -2.01% 2.60% 2.80% 2.48% 1.98% 3.17% 2.33%
Other Income 1.50% 1.84% 2.55% 0.78% 0.84% 1.53% 1.38%
Depreciation 5.16% 5.48% 5.31% 5.97% 5.91% 6.42% 6.04%
Interest 2.52% 2.25% 2.52% 4.00% 4.29% 4.69% 3.32%
Profit before tax 12.81% 13.60% 15.26% 10.66% 8.37% 12.21% 17.89%
Tax 3.79% 3.74% 4.57% 3.48% 2.58% -1.34% 5.68%
Net profit 9.00% 9.85% 10.70% 7.17% 5.80% 13.56% 12.21%
EBITDA 20.49% 21.33% 23.10% 20.62% 18.56% 23.33% 27.25%

Common Size Balance Sheet - ULTRATECH CEMENT LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Equity Share Capital 0.72% 0.67% 0.65% 0.48% 0.36% 0.36% 0.33%
Reserves 49.32% 52.61% 57.14% 45.69% 43.74% 48.92% 50.93%
Borrowings 25.83% 25.77% 20.08% 34.09% 33.11% 29.06% 25.20%
Other Liabilities 24.13% 20.95% 22.13% 19.74% 22.79% 21.65% 23.54%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Net Block 61.34% 61.44% 61.37% 69.50% 74.02% 72.15% 64.30%
Capital Work in Progress 5.91% 3.57% 2.18% 2.64% 1.51% 1.16% 1.96%
Investments 11.83% 12.37% 15.85% 9.53% 3.82% 7.48% 14.13%
Other Assets 7.84% 6.48% 5.42% 8.33% 10.69% 10.24% 9.63%
Receivables 4.36% 4.68% 4.16% 3.89% 3.64% 3.01% 2.98%
Inventory 7.75% 5.96% 5.69% 5.72% 5.36% 5.28% 4.66%
Cash & Bank 0.97% 5.50% 5.33% 0.38% 0.97% 0.68% 2.33%
T LTD

Mar-22 Mar-23 Mar-24

100.00% 100.00% 100.00%

15.87% 16.18% 16.90%
0.73% 0.82% 0.12%
23.08% 29.24% 25.78%
7.39% 6.87% 0.00%
4.84% 4.35% 4.28%
27.66% 27.38% 34.86%
2.41% 2.31% 34.86%
1.27% 0.80% 0.80%
5.16% 4.57% 4.44%
1.80% 1.30% 1.37%
16.21% 11.73% 13.29%
2.26% 3.70% 3.41%
13.96% 8.01% 9.88%
23.16% 17.59% 19.09%

LTD

Mar-22 Mar-23 Mar-24

100.00% 100.00% 100.00%

0.34% 0.32% 0.29%
59.83% 59.13% 59.46%
13.48% 12.10% 11.31%
26.34% 28.45% 28.94%

100.00% 100.00% 100.00%

66.21% 65.20% 62.41%
5.71% 4.42% 6.73%
7.56% 7.99% 8.18%
9.76% 9.67% 9.40%
3.66% 4.23% 4.24%
6.68% 7.24% 8.26%
0.43% 1.26% 0.78%
 ULTRATECH CEMENT LTD-Sales Forecasting ULTRATECH CEMENT LTD-Selling and admin Forecasting
Year Wt. Year Sales Sales Growth Year Wt. Year Expenses Expenses Growth
1 2015A ₹ 23,306.2 1 2015A ₹ 6,476.4
2 2016A ₹ 25,153.2 7.93% 2 2016A ₹ 7,855.1 21.29%
3 2017A ₹ 25,374.9 0.88% 3 2017A ₹ 7,858.9 0.05%
4 2018A ₹ 30,978.6 22.08% 4 2018A ₹ 9,089.4 15.66%
5 2019A ₹ 41,462.3 33.84% 5 2019A ₹ 12,385.6 36.26%
6 2020A ₹ 42,429.9 2.33% 6 2020A ₹ 12,583.1 1.59%
7 2021A ₹ 44,725.8 5.41% 7 2021A ₹ 12,310.2 -2.17%
8 2022A ₹ 52,598.8 17.60% 8 2022A ₹ 14,547.6 18.17%
9 2023A ₹ 63,240.0 20.23% 9 2023A ₹ 17,318.2 19.05%
10 2024A ₹ 70,908.1 12.13% 10 2024A ₹ 24,715.8 42.72%
11 2025E ₹ 71,129.6 0.31% 11 2025E ₹ 21,637.3 -12.46%
12 2026E ₹ 76,422.6 7.44% 12 2026E ₹ 23,296.1 7.67%
13 2027E ₹ 81,715.7 6.93% 13 2027E ₹ 24,954.9 7.12%
14 2028E ₹ 87,008.7 6.48% 14 2028E ₹ 26,613.6 6.65%
15 2029E ₹ 92,301.8 6.08% 15 2029E ₹ 28,272.4 6.23%
16 2030E ₹ 97,594.8 5.73% 16 2030E ₹ 29,931.2 5.87%
17 2031E ₹ 102,887.9 5.42% 17 2031E ₹ 31,590.0 5.54%
18 2032E ₹ 108,180.9 5.14% 18 2032E ₹ 33,248.8 5.25%
19 2033E ₹ 113,474.0 4.89% 19 2033E ₹ 34,907.5 4.99%
20 2034E ₹ 118,767.0 4.66% 20 2034E ₹ 36,566.3 4.75%
 ULTRATECH CEMENT LTD-Tax Forecasting ULTRATECH CEMENT LTD-Net profit Forecasting
Year Wt. Year Tax Tax Growth Year Wt. Year Net Profit Profit Growth
1 2015A ₹ 883.5 1 2015A ₹ 2,098.3
2 2016A ₹ 941.7 6.58% 2 2016A ₹ 2,478.0 18.10%
3 2017A ₹ 1,158.5 23.03% 3 2017A ₹ 2,714.9 9.56%
4 2018A ₹ 1,077.0 -7.04% 4 2018A ₹ 2,222.2 -18.15%
5 2019A ₹ 1,068.1 -0.83% 5 2019A ₹ 2,403.5 8.16%
6 2020A -₹ 568.2 -153.20% 6 2020A ₹ 5,755.3 139.45%
7 2021A ₹ 2,538.7 -546.83% 7 2021A ₹ 5,463.1 -5.08%
8 2022A ₹ 1,190.1 -53.12% 8 2022A ₹ 7,344.3 34.43%
9 2023A ₹ 2,342.9 96.87% 9 2023A ₹ 5,064.0 -31.05%
10 2024A ₹ 2,418.3 3.22% 10 2024A ₹ 7,005.0 38.33%
11 2025E ₹ 2,189.3 -9.47% 11 2025E ₹ 7,537.6 7.60%
12 2026E ₹ 2,350.1 7.34% 12 2026E ₹ 8,134.5 7.92%
13 2027E ₹ 2,510.8 6.84% 13 2027E ₹ 8,731.4 7.34%
14 2028E ₹ 2,671.6 6.40% 14 2028E ₹ 9,328.2 6.84%
15 2029E ₹ 2,832.4 6.02% 15 2029E ₹ 9,925.1 6.40%
16 2030E ₹ 2,993.1 5.68% 16 2030E ₹ 10,522.0 6.01%
17 2031E ₹ 3,153.9 5.37% 17 2031E ₹ 11,118.8 5.67%
18 2032E ₹ 3,314.7 5.10% 18 2032E ₹ 11,715.7 5.37%
19 2033E ₹ 3,475.5 4.85% 19 2033E ₹ 12,312.6 5.09%
20 2034E ₹ 3,636.2 4.63% 20 2034E ₹ 12,909.4 4.85%
COMPANY NAME ULTRATECH CEMENT LTD
LATEST VERSION 2.10 PLEASE DO N
CURRENT VERSION 2.10

META
Number of shares 28.87
Face Value 10.00
Current Price 9,491.70
Market Capitalization 274,022.83

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 23,306.19 25,153.24 25,374.94 30,978.62
Raw Material Cost 4,151.05 4,436.12 4,416.90 5,399.98
Change in Inventory 100.88 18.61 -75.69 111.20
Power and Fuel 5,115.68 4,579.25 4,271.98 6,334.07
Other Mfr. Exp 1,908.68 1,933.88 1,991.28 2,289.53
Employee Cost 1,329.76 1,466.49 1,547.77 1,831.81
Selling and admin 6,476.42 7,855.14 7,858.88 9,089.40
Other Expenses -467.61 654.67 709.76 769.12
Other Income 350.08 463.81 648.12 241.97
Depreciation 1,203.42 1,377.17 1,348.41 1,847.93
Interest 586.51 566.30 640.10 1,237.60
Profit before tax 2,985.63 3,421.31 3,872.05 3,301.47
Tax 883.52 941.69 1,158.54 1,077.01
Net profit 2,098.34 2,478.04 2,714.92 2,222.17
Dividend Amount 246.96 260.71 274.51 288.34

Quarters
Report Date Dec-21 Mar-22 Jun-22 Sep-22
Sales 12,984.93 15,767.28 15,163.98 13,892.69
Expenses 10,565.55 12,694.53 12,069.11 12,027.54
Other Income 71.26 252.68 109.50 146.26
Depreciation 674.19 703.36 695.19 707.91
Interest 182.31 206.31 215.76 200.31
Profit before tax 1,634.14 2,415.76 2,293.42 1,103.19
Tax -76.00 -197.99 711.40 344.49
Net profit 1,707.72 2,620.43 1,584.08 755.73
Operating Profit 2,419.38 3,072.75 3,094.87 1,865.15

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 274.40 274.43 274.51 274.61
Reserves 18,766.78 21,671.20 24,117.38 26,106.55
Borrowings 9,829.14 10,615.99 8,474.49 19,480.22
Other Liabilities 9,183.09 8,631.49 9,342.73 11,279.71
Total 38,053.41 41,193.11 42,209.11 57,141.09
Net Block 23,342.85 25,309.42 25,903.75 39,715.30
Capital Work in Progress 2,250.01 1,469.09 921.48 1,511.21
Investments 4,500.02 5,095.18 6,690.51 5,446.90
Other Assets 7,960.53 9,319.42 8,693.37 10,467.68
Total 38,053.41 41,193.11 42,209.11 57,141.09
Receivables 1,658.82 1,928.21 1,757.09 2,220.63
Inventory 2,949.12 2,454.58 2,400.64 3,267.59
Cash & Bank 370.60 2,266.96 2,248.78 219.07
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 4,190.18 4,525.51 5,005.02 3,887.72
Cash from Investing Activity -2,143.76 -3,673.35 -2,501.44 1,865.72
Cash from Financing Activity -2,109.82 -844.02 -2,534.98 -5,735.05
Net Cash Flow -63.40 8.14 -31.40 18.39

PRICE: 2,877.90 3,228.75 3,984.75 3,950.00

DERIVED:
Adjusted Equity Shares in Cr 27.44 27.44 27.45 27.46
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

41,462.26 42,429.89 44,725.80 52,598.83 63,239.98 70,908.14
6,936.74 6,875.89 6,635.66 8,348.15 10,233.17 11,986.27
-46.35 357.83 -450.15 383.16 518.21 83.35
9,436.14 8,516.87 8,331.18 12,137.26 18,491.32 18,283.32
3,001.06 3,043.30 3,067.38 3,889.67 4,344.34 0.00
2,309.43 2,522.64 2,363.33 2,545.00 2,751.31 3,037.58
12,385.60 12,583.05 12,310.19 14,547.56 17,318.20 24,715.76
821.80 1,345.73 1,044.17 1,265.34 1,458.60 24,715.76
350.10 651.06 618.52 669.43 507.11 566.96
2,450.73 2,722.66 2,700.23 2,714.75 2,887.99 3,145.30
1,777.86 1,991.65 1,485.65 944.71 822.72 968.00
3,468.45 5,182.72 8,000.55 8,524.32 7,416.25 9,422.22
1,068.07 -568.16 2,538.70 1,190.06 2,342.85 2,418.26
2,403.51 5,755.26 5,463.10 7,344.31 5,063.96 7,005.00
315.84 375.22 1,068.00 1,096.95 1,097.02 2,020.83

Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24

15,520.93 18,662.38 17,737.10 16,012.13 16,739.97 20,418.94
13,185.08 15,339.89 14,687.92 13,461.24 13,485.40 16,305.02
129.87 122.97 177.43 170.62 146.24 72.67
723.23 761.66 749.07 797.83 783.48 814.92
215.25 191.40 210.75 233.94 262.16 261.15
1,527.24 2,492.40 2,266.79 1,689.74 2,355.17 3,110.52
464.66 822.30 576.57 409.36 580.39 851.94
 1,058.20 1,665.95 1,688.45 1,281.45 1,776.98 2,258.12
2,335.85 3,322.49 3,049.18 2,550.89 3,254.57 4,113.92

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

274.64 288.63 288.65 288.67 288.69 288.69
33,476.01 38,755.13 43,886.03 50,146.60 54,035.85 59,938.79
25,337.00 23,018.96 21,719.39 11,298.80 11,057.74 11,402.95
17,437.72 17,151.09 20,282.28 22,077.37 25,998.12 29,171.58
76,525.37 79,213.81 86,176.35 83,811.44 91,380.40 100,802.01
56,644.62 57,150.96 55,411.61 55,487.57 59,579.00 62,906.02
1,153.32 919.59 1,686.68 4,784.67 4,040.39 6,782.77
2,921.33 5,928.69 12,178.11 6,335.77 7,296.95 8,248.95
15,806.10 15,214.57 16,899.95 17,203.43 20,464.06 22,864.27
76,525.37 79,213.81 86,176.35 83,811.44 91,380.40 100,802.01
2,787.03 2,383.22 2,571.73 3,071.61 3,867.02 4,278.16
4,098.96 4,183.35 4,017.97 5,595.58 6,611.83 8,329.74
739.68 539.91 2,007.55 359.18 1,149.59 783.21
### ### ### ### ###

10.00 10.00 10.00 10.00 10.00 10.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

5,956.11 8,972.43 12,500.43 9,283.24 9,068.51 10,897.54
1,165.18 -4,191.95 -8,856.15 2,256.54 -7,187.68 -8,788.12
-6,757.24 -5,075.88 -4,356.47 -12,497.93 -1,631.00 -1,925.65
364.05 -295.40 -712.19 -958.15 249.83 183.77

3,998.35 3,244.85 6,737.95 6,602.30 7,622.15 9,749.15

27.46 28.86 28.87 28.87 28.87 28.87

 Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity - 3,618 3,455 4,190 4,526
Profit from operations 4,848 4,052 4,464 4,948
Receivables -287 -256 -27 -287
Inventory -343 -40 -326 374
Payables 211 444 383 310
Loans Advances -83 -73 -135 0
Other WC items 0 0 0 32
Working capital changes -501 76 -104 429
Direct taxes -726 -669 -169 -852
Other operating items -3 -3 0 0
Cash from Investing Activity - -4,362 -2,342 -2,144 -3,673
Fixed assets purchased -3,365 -2,314 -2,722 -2,150
Fixed assets sold 2 11 12 18
Investments purchased -241 449 -602 -2,698
Investments sold -675 -337 1,263 2,948
Interest received 0 41 35 59
Dividends received 53 0 0 0
Invest in subsidiaries -160 -237 -21 -13
Investment in group cos 0 0 0 0
Redemp n Canc of Shares 0 0 0 0
Acquisition of companies 0 0 0 0
Other investing items 25 44 -110 -1,839
Cash from Financing Activity - 715 -949 -2,110 -844
Proceeds from shares 8 4 3 3
Proceeds from borrowings 1,555 692 2,728 2,821
Repayment of borrowings -220 -905 -311 -2,775
Interest paid fin -373 -449 -589 -596
Dividends paid -220 -250 -253 -297
Financial liabilities 0 0 0 0
Other financing items -36 -42 -3,689 1
Net Cash Flow -30 164 -63 8
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
5,005 3,888 5,956 8,972 12,500 9,283 9,069 10,898
5,220 5,986 7,362 9,348 11,465 11,311 10,530 13,029
156 -454 -279 473 -201 -495 -752 -421
54 -623 -15 -64 165 -1,579 -992 -1,712
482 346 766 279 2,868 2,077 1,869 1,959
0 0 0 0 0 0 0 0
-162 -525 -1,167 -172 -505 -476 -461 -308
529 -1,255 -696 516 2,326 -473 -337 -481
-744 -843 -710 -891 -1,291 -1,555 -1,124 -1,651
0 0 0 0 0 0 0 0
-2,501 1,866 1,165 -4,192 -8,856 2,257 -7,188 -8,788
-1,402 -2,103 -1,808 -1,766 -1,925 -5,613 -6,200 -9,006
35 220 160 79 86 73 95 122
-3,377 -3,960 -1,700 -6,086 -12,689 -7,795 -7,260 -7,750
2,228 5,588 4,478 3,443 7,101 13,965 7,156 7,164
47 67 78 89 77 174 283 161
0 0 22 32 0 0 0 0
0 0 0 0 0 0 0 0
0 -1 -8 -6 -3 0 0 -60
0 0 0 0 0 0 3 0
0 0 0 0 0 0 -847 0
-32 2,055 -58 22 -1,503 1,518 -417 581
-2,535 -5,735 -6,757 -5,076 -4,356 -12,498 -1,631 -1,926
7 16 5 3 14 13 13 2
3,656 15,775 9,772 1,510 4,103 175 1,032 1,399
-5,272 -19,982 -14,420 -4,154 -6,499 -10,346 -579 -1,069
-614 -1,210 -1,685 -1,950 -1,481 -1,026 -765 -853
-312 -334 -346 -380 -375 -1,065 -1,091 -1,094
0 0 0 -101 -118 -157 -126 -324
0 0 -83 -4 0 -91 -115 14
-31 18 364 -295 -712 -958 250 184