Fundamental Analysis

Gaurav Dewan
Pooja Ninan
Rajan
Ravi Thakkar
Subin Babu
Agenda or Summary Layout
A second line of text could go here
1
2
3
4
Discussion Item Two
Add a second line of text here
Discussion Item Three
Add a second line of text here
Discussion Item Four
Add a second line of text here
5
Discussion Item Five
Add a second line of text here
Ultra Tech Cement
Ultra Tech Cement
Industry Analysis
Cement Demand
0 50 100 150 200 250 300 350 400
FY17
FY16
FY15
FY14
FY13
FY12
398
359
324
293
265
242
Domestic Consumption - CAGR 10.2 %
In MT

Most geographically diversified
cement company
Capacity of 62 MT out of total
demand of 324 MT
Capacity expansion at 23%
CAGR as compared to
industrial CAGR of 13%
Power installation to run its
plant - 709 MW
Company aims to reach total
capacity of 70MT by 2016
Highest EBIDTA/tonn due to
pan India presence
Coal linkage with CIL
Ultra Tech The company
UltraTech Cement: A compelling growth story


2000

Bulk cement terminals established at
Mangalore, Navi Mumbai and Colombo
2004
Acquisition of L&Ts Cement Business:
UltraTech Cement Ltd

2006

Narmada Cement Company Ltd
amalgamated with UltraTech

2010

Samruddhi Cement Ltd amalgamated
with UltraTech Cement Ltd

2012
Acquisition of Adhunik Cements
Meghalaya plant

2014
Acquisition of Gujarat unit of JP Cement
Ultra Tech
Technical Snapshot
Key Technical Data
Recommended Price 2650-2610
Price Target 3100
Stoploss 2435
52 Week High 2872
52 Week Low 1633
50 Days EMA 2597
200 Days EMA 2305
Ultra Tech
Shareholding Pattern
FII
DII
Others
Promoters
Ultra Tech
Financial Highlights
2013 2014 2015E 2016E
Net Sales 20020 20077 24466 28566
EBITDA 4522 3616 4468 5631
Net Profit 2655 2144 2530 3214
EPS 96.8 78.2 92.3 117.2
Rs. Crore
17%
83%
Market share
Others
U Tech
Rank
1
2 3
Net Profit
Total Assets
Market Cap
Net worth
FCFF
ROA
Name Last
Price
Market
Cap.
Sales Net
Profit
Net Profit
margin
(Rs. cr.) Turnover
UltraTechCement 2,630.65 72,190.72 20,279.80 2,144.47 10.574414
Ambuja Cements 212.05 32,836.56 9,160.35 1,294.57 14.13232
ACC 1,430.20 26,880.61 11,168.94 1,095.76 9.8107788
Ramco Cements 324.9 7,731.63 3,761.18 137.7 3.6610851
JK Lakshmi Cem 344.95 4,059.03 2,056.60 93 4.5220266
J. K. Cement 539.35 3,771.53 2,795.85 97.03 3.4705009
Birla Corp 480.8 3,702.42 3,016.35 129.76 4.301888
India Cements 115.8 3,557.13 4,496.81 -35.85 -0.797232
Ultra Tech
Competition
Ultra Tech
Stock return
-20
0
20
40
60
80
100
120
140
1 M 3 M 6 M 12 M
ACC
Ambuja Cement
Shree Cement
Ultra Tech
%
Ultra Tech
Competition
A placeholder for text for the first
picture
More information can be
added here by changing
this text.
Two Picture Page Layout
A second line of text here
A placeholder for the second picture
More information can be
added here by changing
this text.
Make changes to this text.
Three Picture Page Layout
A second line of text may go here.
A description of the
first picture. You may
change this text.
A description of the
second picture. You
may change this text.

This is a text
placeholder, you may
change or delete this
text.
A description of the
third picture. You may
change this text.

This is a text
placeholder, you may
change or delete this
text.

Here is the description of the
table. You may change or
delete this text as you wish.

This chart is compatible with
PowerPoint 97 to 2007.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.

Table Page Layout
A second line of text can go here.
Geographic Region Q1 Q2 Q3 Q4
United States 1254 1254 1254 1254
Europe and Asia 324 324 324 324
Australia 32 32 32 32
South America 2 2 2 2
Canada 1 1 1 1
Mexico 1 1 1 1
TOTALS 1614 1614 1614 1614
Quarter North America Asia Europe Australia
Q1 2009 123 34 45 10
Q2 2009 134 35 44 12
Q3 2009 150 45 50 14
Q4 2009 201 55 60 18
Q1 2010 175 44 47 13
Q2 2010 180 48 52 14
Q3 2010 204 55 60 16
Q4 2010 250 62 70 20
Quarter North America Asia Europe Australia
Q1 2009 123 34 45 10
Q2 2009 134 35 44 12
Q3 2009 150 45 50 14
Q4 2009 201 55 60 18
Q1 2010 175 44 47 13
Q2 2010 180 48 52 14
Q3 2010 204 55 60 16
Q4 2010 250 62 70 20
Comparison Table Layout
A second line of text can go here.
Here is the description of the table. You may change or
delete this text as you wish. This table is compatible
with PowerPoint 97 to 2007.

2000 Bulk cement terminals established at
Mangalore, Navi Mumbai and Colombo
2004 Acquisition of L&Ts Cement Business:
UltraTech Cement Ltd
2006 Narmada Cement Company Ltd
amalgamated with UltraTech
2010 Samruddhi Cement Ltd amalgamated with
UltraTech Cement Ltd
2012 Acquisition of Adhunik Cements Meghalaya
plant
Category
1
Category
2
Category
3
Category
4
4.3
2.5
3.5
4.5
2.4
4.4
1.8
2.8
2
2
3
5
Chart Title
Series 1 Series 2 Series 3
Here is the description of the
chart. You may change or
delete this text as you wish.

This chart is compatible with
PowerPoint 97 to 2007.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.
Bar Graph Page Layout
A Second Line of text may go here
Here is the description of the
chart. You may change or
delete this text as you wish.

This chart is compatible with
PowerPoint 97 to 2007.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.
Pie Graph Page Layout
PowerPoint 97 through 2007 Compatible
1st Qtr
58%
2nd Qtr
23%
3rd Qtr
10%
4th Qtr
9%
Chart Title Here
Star
Burst!
0
1
2
3
4
5
6
Category 1 Category 2 Category 3 Category 4
Chart Title
Series 1 Series 2 Series 3
Here is the description of the
chart. You may change or
delete this text as you wish.

This chart is compatible with
PowerPoint 97 to 2007.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.
Pie Graph Page Layout
PowerPoint 97 through 2007 Compatible
Star
Burst!
0
1
2
3
4
5
Category 1
Category 2
Category 3
Category 4
Chart Title
Series 1 Series 2 Series 3
Here is the description of the
chart. You may change or
delete this text as you wish.

This chart utilizes features
only available with 2007.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.
Bar Graph Page Layout
PowerPoint 2007 Enhanced Version
Here is the description of the
chart. You may change or
delete this text as you wish.

This chart utilizes features
only available with 2007.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.
Pie Graph Page Layout
PowerPoint 2007 Enhanced Version
58%
23%
10%
9%
Chart Title
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Stage 1
Stage 2
Stage 3
Stage 4
Stage 5
Stage 6
This chart utilizes Smart Art
which is feature in PowerPoint
2007. If you wish to make
charts like this and dont have
PPT 2007, we have provided
the graphical elements to
help you build this yourself.

Here is the description of the
chart. You may change or
delete this text as you wish.

Here is a placeholder for
more text and description of
the chart. Changing this text
will not interfere with the
formatting of this template.
Smart Art Page Layout
PowerPoint 2007 Enhanced Version

Process 1

Process 2

Process 3


Process 4


Process 5

This chart utilizes Smart Art
which is feature in PowerPoint
2007. If you wish to make
charts like this and dont have
PPT 2007, we have provided
the graphical elements to
help you build this yourself.

Here is the description of the
chart. You may change or
delete this text as you wish.

Smart Art Page Layout
PowerPoint 2007 Enhanced Version
Picture Page Layout
Here is a place holder for the text. The earth flower on
this page can be removed. You may delete this text.
Picture by PresenterMedia.com