Ultratech

2013
Operating Revenue 22705.00
Expenses 15504.00
Earnings Before Other Income, Interest, Tax and Depreciation (Operating Profit) 4675.00
Depreciation 945.00
Finance Costs 210.00
Other income 305.00
PBT 3825.00
Tax 1170.00
PAT 2655.00
100%
68%
21%
4%
1%
1%
17%
5%
12%
 2014 2015 2016 2017
22803.00 25990.00 26947.00 27162.00
16462.00 18732.00 19082.00 18922.00
3818.00 4195.22 4627.34 4969.05
1052.00 1133.00 1297.00 1268.00
319.00 547.00 512.00 571.00
329.00 371.78 480.66 659.95
2776.00 2887.00 3299.00 3790.00
632.00 872.00 929.00 1162.00
2144.00 2015.00 2370.00 2628.00
100% 100% 100% 100%
72% 72% 71% 70%
17% 16% 17% 18%
5% 4% 5% 5%
1% 2% 2% 2%
1% 1% 2% 2%
12% 11% 12% 14%
3% 3% 3% 4%
9% 8% 9% 10%
 JK Cements
2013 2014
Operating Revenue 2911.96 2795.84
Expenses 2620.01 2707.50
Earnings Before Other Income, Interest, Tax and Depreciation (Operating Profit) 560.01 374.90
Depreciation 128.25 133.97
Finance Costs 139.81 152.59
Other income 48.67 47.93
PBT 340.62 136.27
Tax 107.08 39.25
PAT 233.54 97.02
100% 100%
90% 97%
19% 13%
4% 5%
5% 5%
2% 2%
12% 5%
4% 1%
8% 3%
2015 2016 2017
3357.16 4131.19 4420.70
3249.36 4046.16 4128.14
463.81 519.88 714.98
136.59 164.11 176.09
219.42 270.74 265.64
51.35 57.10 51.18
159.15 142.13 324.43
2.23 38.81 64.86
156.92 103.32 259.57
100% 100% 100%
97% 98% 93%
14% 13% 16%
4% 4% 4%
7% 7% 6%
2% 1% 1%
5% 3% 7%
0% 1% 1%
5% 3% 6%
Du Pont Analysis ROE = Profit Margin x Asset Turnover Ratio x Equity Multiplier.

Three Factor Analysis

Net profit Margin
Asset turnover ratio
Equity Multiplier (Financial Leverage)
ROE

Five Factor Analysis

Operating Profit Margin
Interest Impact
Tax Impact
Asset Turnover Ratio
Equity Multiplier (Financial Leverage)
ROE

Five Factor Comparision

2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
gi
n ct ct tio
ar pa pa a
m Im rR ve
t M
s tI x ov
e Le
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Pr te u c ia
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Eq
2013 2014 2015 2016 2017
 operating profit margin EBIT/sales
2013 2014 2015 2016 2017 Interest Impact EBT/EBIT
0.13 0.11 0.08 0.09 0.10 Tax Impact EAT/EBT
0.74 0.67 0.72 0.70 0.68
1.80 1.74 1.82 1.77 1.64
0.17 0.13 0.10 0.11 0.11

2013 2014 2015 2016 2017 2017

0.20 0.15 0.13 0.14 0.16 EBT 3776
0.95 0.90 0.84 0.87 0.87 EAT 2627.72
0.69 0.77 0.70 0.72 0.70 EBIT 4361
0.74 0.67 0.72 0.70 0.68
1.80 1.74 1.82 1.77 1.64
0.17 0.13 0.10 0.11 0.11

ve Factor Comparision

ct tio e) E
pa a rag RO
Im rR e
x ov
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Ta rn al
u i
tT a nc
se in
As r(
F
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ti pl
ul
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t
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Eq
13 2014 2015 2016 2017
0.162199
0.865856
0.6959

2016 2015 2014 2013

3299 2887 2775 3825
2370.16 2014.73 2144.47 2655.43
3810 3434 3095 4035
JK Cement 2013 2014 2015 2016
Three Factor Analysis
Net profit Margin 0.08 0.03 0.05 0.03
Asset turnover ratio 0.76 0.55 0.64 0.74
Equity Multiplier (Financial Leverage) 2.30 2.90 3.26 3.29
ROE 0.14 0.06 0.10 0.06

Three Factor Comparision

3.5
3
2.5
2
1.5
1
0.5
0
gi
n o e)
ar ati ag
rr e r
tM ov
e ev
ro fi rn a lL
p t u ci
t t n
Ne se na
As Fi
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Eq
2013 2014 2015 2016 201
 2017

0.06
0.76
3.04
0.14

Three Factor Comparision

o e) E
ati ag RO
e rr e r
ov ev
rn a lL
t u ci
n
na
Fi
r(
lie
tip
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t yM
ui
Eq
2013 2014 2015 2016 2017
Ramco 2013 2014 2015 2016 2017
Three Factor Analysis
Net profit Margin 0.11 0.04 0.07 0.13 0.14
Asset turnover ratio 0.59 0.54 0.52 0.60 0.65
Equity Multiplier (Financial Leverage) 2.73 2.77 2.67 2.23 1.87
ROE 0.17 0.06 0.09 0.18 0.17

3
Three Factor Analy
2.5
2
1.5
1
0.5
0
gi
n o e)
ar ati ag
M e rr e r
t ov L ev
o fi rn al
pr tu i
t t nc
Ne s e
in
a
As F
r(
p lie
u l ti
M
u i ty
Eq
2013 2014 2015 2016 2
 2017 2016 2015 2014 2013
0.142256 0.131252 0.06649 0.037383 0.10537
0.651205 0.599189 0.515523 0.536286 0.59196
1.873281 2.228627 2.672882 2.76726 2.729665
Three Factor Analysis

o e) E
ati ag RO
e rr e r
ov L ev
rn al
tu i
e t
a nc
F in
r(
p lie
u l ti
M
u i ty
Eq
2013 2014 2015 2016 2017
Final ROE Comparision of both companies

ROE 2013 2014 2015 2016 2017

Ultratech Cement 0.17 0.13 0.10 0.11 0.11
JK Cement 0.14 0.06 0.10 0.06 0.14
Ramco 0.17 0.06 0.09 0.18 0.17

ROE Comparisio
0.2
0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
2013 2014 2015
Ul tratech Cement JK Ceme
 ROE Comparision

2014 2015 2016 2017

Ul tratech Cement JK Cement Ramco
 Ratio
Ratios 1 Net Profit Comparison
Liquidity 2 Current Ratio
Ratios 3 Quick Ratio
4 Leverage Ratio
Solvency 5 Times Interest Earned
Ratios
6 Debt/Equity Ratio
7 Return on Invested Capital
8 Return on Equity
9 Earnings per share
Profitability 10 Price/ Earnings Ratio
Ratios
11 Gross Profit Margin
12 Net Profit Margin
13 Return on Asset Before Tax
14 Total Asset Turnover Ratio
Activity 15 Inventory Turnover
Ratios 16 Invested capital turnover
17 Working capital turnover
 Ultratech
Formula 2013 2014 2015 2016
NA 2655.43 2144.47 2014.73 2370.16
Current Assets / Current Liabilities 1.25 1.57 0.93 0.86
Quick Assets / Current Liabilities 0.88 1.15 0.53 0.59
Total Assets/Shareholders Equity 1.80 1.74 1.82 1.77
EBIT / Total Interest Payable 19.24 9.70 6.28 7.44
Long term Liabilities / Shareholders equity 256.65% 246.75% 38.07% 24.78%
EBIT/[Long term liabilities+shareholder equities] 19.06% 12.88% 12.73% 14.12%
Net Income/ Shareholders equity 17.43% 12.54% 10.31% 10.96%
Net income/ No: shares outstanding 96.88 78.21 73.44 86.33
Market price per share / Net Income per share 43.36 53.71 57.21 48.66
Gross Profit / Sales 20.00% 15.41% 13.36% 14.28%
Net Profit / Sales 13.16% 10.68% 7.84% 8.88%
EBIT/Total Assets [ROTA] 14.72% 10.40% 9.67% 9.95%
Sales /Total Assets 0.74 0.67 0.72 0.70
Cost of sales/ Inventory 6.62 6.96 7.10 10.61
Sales / [Long term Liabilities + Shareholder's equity] 0.95 1.36 0.95 0.99
Sales / Working Capital 12.79 6.14 -44.75 -17.07
 JK Cements Ramco Cements
2017 2013 2014 2015 2016 2017 2013 2014 2015 2016
2627.72 233.54 97.03 156.92 104.91 259.89 403.65 137.70 242.35 542.19
1.55 1.14 1.32 1.17 1.10 1.19 0.77 0.73 0.83 0.66
1.16 0.63 0.77 0.54 0.58 0.60 0.40 0.33 0.47 0.39
1.64 2.30 2.90 3.26 3.29 3.04 2.73 2.77 2.67 2.23
7.64 2.50 0.74 0.74 0.52 1.29 3.57 0.87 1.86 4.16
30.42% 76.68% 134.56% 157.77% 161.71% 144.99% 104.95% 108.05% 112.73% 57.28%
13.97% 11.36% 3.30% 3.81% 3.21% 7.31% 12.11% 2.99% 6.33% 13.84%
10.98% 13.76% 5.52% 9.70% 6.21% 13.53% 17.03% 5.55% 9.16% 17.53%
95.90 33.40 10.64 22.44 15.00 37.17 17.00 6.00 10.00 23.00
43.81 125.79 394.98 187.21 280.01 113.03 247.12 700.17 420.10 182.65
16.22% 11.50% 4.87% 4.74% 3.44% 7.78% 15.35% 4.19% 9.78% 16.30%
9.77% 7.89% 3.47% 4.67% 2.54% 5.88% 10.54% 3.74% 6.65% 13.13%
11.10% 8.73% 2.67% 3.02% 2.55% 5.89% 9.09% 2.25% 5.04% 9.77%
0.68 0.76 0.55 0.64 0.74 0.76 0.59 0.54 0.52 0.60
10.81 5.68 5.00 6.37 9.43 8.29 5.52 3.22 3.88 6.46
0.86 0.99 0.68 0.80 0.93 0.94 0.79 0.71 0.65 0.85
6.09 22.85 8.89 17.69 37.47 20.29 -10.26 -8.09 -14.97 -5.93
ents
2017
649.29
0.70
0.42
1.87
7.80
33.33%
17.04%
17.35%
27.00
155.59
18.63%
14.23%
12.13%
0.65
6.53
0.91
-7.58
 1.80
1.60
Current Ratio 1.40
2013 2014 2015 2016 2017 1.20
1.00
UltraTech 1.25 1.57 0.93 0.86 1.55 0.80
JK Cements 1.14 1.32 1.17 1.10 1.19 0.60
Ramco Cements 0.77 0.73 0.83 0.66 0.70 0.40
0.20
0.00
2013 2

1.40
1.20

Quick Ratio 1.00

2013 2014 2015 2016 2017 0.80
UltraTech 0.88 1.15 0.53 0.59 1.16 0.60
JK Cements 0.63 0.77 0.54 0.58 0.60
0.40
Ramco Cements 0.40 0.33 0.47 0.39 0.42
0.20
0.00
2013 2
1.80
1.60
1.40
1.20
1.00 UltraTech
0.80 JK Cements
0.60
Ramco Cements
0.40
0.20
0.00
2013 2014 2015 2016 2017
Current Ratio

1.40
1.20
1.00
0.80
UltraTech
0.60 JK Cements
0.40 Ramco Cements
0.20
0.00
2013 2014 2015 2016 2017
Quick Ratio
 3.50
3.00
Leverage Ratio 2.50
2013 2014 2015 2016 2017
2.00
UltraTech 1.80 1.74 1.82 1.77 1.64
1.50
JK Cements 2.30 2.90 3.26 3.29 3.04
1.00
Ramco Cements 2.73 2.77 2.67 2.23 1.87
0.50
0.00
2013 2

25.00

20.00
Times Interest Earned
2013 2014 2015 2016 2017 15.00
UltraTech 19.24 9.70 6.28 7.44 7.64
10.00
JK Cements 2.50 0.74 0.74 0.52 1.29
Ramco Cements 3.57 0.87 1.86 4.16 7.80 5.00

0.00
2013

Debt Equity Ratio

2013 2014 2015 2016 2017
UltraTech 256.65% 246.75% 38.07% 24.78% 30.42%
JK Cements 76.68% 134.56% 157.77% 161.71% 144.99%
Ramco Cements 104.95% 108.05% 112.73% 57.28% 33.33%
3.50
3.00
2.50
2.00
UltraTech
1.50 JK Cements
1.00 Ramco Cements
0.50
0.00
2013 2014 2015 2016 2017
Leverage Ratio

25.00

20.00

15.00
UltraTech
10.00 JK Cements
Ramco Cements
5.00

0.00
2013 2014 2015 2016 2017
Times Interest Earned

300.00%

250.00%

200.00%

150.00% UltraTech
JK Cements
100.00% Ramco Cements

50.00%

0.00%
2013 2014 2015 2016 2017
Debt Equity Ratio
 25.00%

20.00%
Return on Invested Capital
2013 2014 2015 2016 2017 15.00%
UltraTech 19.06% 12.88% 12.73% 14.12% 13.97%
11.36% 3.30% 3.81% 3.21% 7.31% 10.00%
JK Cements
Ramco Cements 12.11% 2.99% 6.33% 13.84% 17.04% 5.00%

0.00%
2013
R

20.00%
18.00%
16.00%
Return on Equity 14.00%
2013 2014 2015 2016 2017 12.00%
17.43% 12.54% 10.31% 10.96% 10.98% 10.00%
UltraTech
8.00%
JK Cements 13.76% 5.52% 9.70% 6.21% 13.53% 6.00%
Ramco Cements 17.03% 5.55% 9.16% 17.53% 17.35% 4.00%
2.00%
0.00%
2013

Earnings per Share

2013 2014 2015 2016 2017
UltraTech 96.88 78.21 73.44 86.33 95.90
JK Cements 33.40 10.64 22.44 15.00 37.17
Ramco Cements 17.00 6.00 10.00 23.00 27.00
25.00%

20.00%

15.00%
UltraTech
10.00% JK Cements
Ramco Cements
5.00%

0.00%
2013 2014 2015 2016 2017
Return on Invested Capital

20.00%
18.00%
16.00%
14.00%
12.00%
10.00% UltraTech
8.00% JK Cements
6.00% Ramco Cements
4.00%
2.00%
0.00%
2013 2014 2015 2016 2017
Return on Equity

120.00

100.00

80.00

60.00 UltraTech
JK Cements
40.00 Ramco Cements

20.00

0.00
2013 2014 2015 2016 2017
Earnings per Share
 800.00
700.00
Price Earning Ratio 600.00
2013 2014 2015 2016 2017 500.00
UltraTech 43.36 53.71 57.21 48.66 43.81 400.00
JK Cements 125.79 394.98 187.21 280.01 113.03 300.00
Ramco Cements 247.12 700.17 420.10 182.65 155.59 200.00
100.00
0.00
2013

25.00%

20.00%
Gross Profit Margin
2013 2014 2015 2016 2017 15.00%
UltraTech 20.00% 15.41% 13.36% 14.28% 16.22%
10.00%
JK Cements 11.50% 4.87% 4.74% 3.44% 7.78%
Ramco Cements 15.35% 4.19% 9.78% 16.30% 18.63% 5.00%

0.00%
2013

Net Profit Margin

2013 2014 2015 2016 2017
UltraTech 13.16% 10.68% 7.84% 8.88% 9.77%
JK Cements 7.89% 3.47% 4.67% 2.54% 5.88%
Ramco Cements 10.54% 3.74% 6.65% 13.13% 14.23%
800.00
700.00
600.00
500.00
400.00 UltraTech
300.00 JK Cements
200.00 Ramco Cements
100.00
0.00
2013 2014 2015 2016 2017
Price Earning Ratio

25.00%

20.00%

15.00%
UltraTech
10.00% JK Cements
Ramco Cements
5.00%

0.00%
2013 2014 2015 2016 2017
Gross Profit Margin

16.00%
14.00%
12.00%
10.00%
8.00% UltraTech
JK Cements
6.00%
Ramco Cements
4.00%
2.00%
0.00%
2013 2014 2015 2016 2017
Net Profit Margin
 16.00%
14.00%
Return on Total Assets 12.00%
2013 2014 2015 2016 2017 10.00%
UltraTech 14.72% 10.40% 9.67% 9.95% 11.10% 8.00%
JK Cements 8.73% 2.67% 3.02% 2.55% 5.89% 6.00%
Ramco Cements 9.09% 2.25% 5.04% 9.77% 12.13% 4.00%
2.00%
0.00%
2013
16.00%
14.00%
12.00%
10.00%
8.00% UltraTech
6.00% JK Cements
4.00% Ramco Cements
2.00%
0.00%
2013 2014 2015 2016 2017
Return on Total Assets
 0.80
0.70
Total Asset Turnover Ratio 0.60
2013 2014 2015 2016 2017 0.50
UltraTech 0.74 0.67 0.72 0.70 0.68 0.40
JK Cements 0.76 0.55 0.64 0.74 0.76 0.30
Ramco Cements 0.59 0.54 0.52 0.60 0.65 0.20
0.10
0.00
2013 2
To

12.00

10.00
Inventory Turnover Ratio 8.00
2013 2014 2015 2016 2017
6.00
UltraTech 6.62 6.96 7.10 10.61 10.81
JK Cements 5.68 5.00 6.37 9.43 8.29 4.00
Ramco Cements 5.52 3.22 3.88 6.46 6.53
2.00

0.00
2013
In

Invested Capital Turnover

2013 2014 2015 2016 2017
UltraTech 0.95 1.36 0.95 0.99 0.86
JK Cements 0.99 0.68 0.80 0.93 0.94
Ramco Cements 0.79 0.71 0.65 0.85 0.91
0.80
0.70
0.60
0.50
0.40 UltraTech
0.30 JK Cements
0.20 Ramco Cements
0.10
0.00
2013 2014 2015 2016 2017
Total Asset Turnover Ratio

12.00

10.00

8.00

6.00 UltraTech
JK Cements
4.00 Ramco Cements
2.00

0.00
2013 2014 2015 2016 2017
Inventory Turnover Ratio

1.60
1.40
1.20
1.00
0.80 UltraTech
JK Cements
0.60
Ramco Cements
0.40
0.20
0.00
2013 2014 2015 2016 2017
Invested Capital Turnover
 50.00
40.00
Working Capital Turnover Ratio 30.00
2013 2014 2015 2016 2017 20.00
UltraTech 12.79 6.14 -44.75 -17.07 6.09 10.00
0.00
JK Cements 22.85 8.89 17.69 37.47 20.29
-10.00 2013
Ramco Cements -10.26 -8.09 -14.97 -5.93 -7.58 W
-20.00
R
-30.00
-40.00
-50.00

3000

2500
Net Profit 2000
2013 2014 2015 2016 2017
1500
UltraTech 2655.43 2144.47 2014.73 2370.16 2627.72
JK Cements 233.54 97.03 156.92 104.91 259.89 1000
Ramco Cements 403.65 137.7 242.35 542.19 649.29
500

0
2013 2
 50.00
40.00
30.00
20.00
10.00 UltraTech
0.00 JK Cements
-10.00 2013 2014 2015 2016 2017 Ramco Cements
-20.00 Working Capital Turnover
Ratio
-30.00
-40.00
-50.00

3000

2500

2000

1500 UltraTech
JK Cements
1000 Ramco Cements
500

0
2013 2014 2015 2016 2017
Net Profit