HSIL

LEGENDInputsCalculated with formulaeAssumptions

Parameters Units Mar-14 Mar-13PAT INR crores 56.20 99.12Sales INR crores 1,858.20 1,761.27Total Shareholder Funds INR crores 1,028.29 1,026.28Minority Interest INR crores 0 0Net Worth INR crores 1028.29 1026.28ROE Percent 5.47% 9.66%Operating Profit INR crores 271.11 264.11Interest INR crores 71.78 69.39NCL(Debt) INR crores 687.93 719.19Total Assets INR crores 1716.22 1745.47ROCE Percent 7.46% 9.65%

Percent 15% 15%

Percent 10% 10%WACC Percent 13.00% 12.94%EVA INR crores -95.06 -57.35

DU-PONT Analysis

UnitsNet Profit Margin Percent 3.02% 5.63%Total Assets Turnover Ratio 1.08 1.01Total Leverage Ratio 1.67 1.70ROE Percent 5.47% 9.66%

Return on Investment (Return on Assets) Percent 15.80% 15.13%Total Leverage Ratio Ratio 1.67 1.70

Ratio 0.21 0.38Return on Equity Percent 5.47% 9.66%

0.00

Cost of Equity(Ke)

After tax cost of debt (Kd)

1/(Degree of Financial Leverage)

HSIL

Mar-12 Mar-11 Mar-10110.10 87.35 52.43

1,462.82 1,095.55 818.86967.39 671.88 467.29

0 0 0967.3947 671.8793 467.2903

11.38% 13.00% 11.22%258.28 216.59 154.80

41.95 36.45 40.1949636.44 376.01 546.75

1603.8377 1047.8863 1014.03699.48% 11.81% 9.13%

15% 15% 15%

10% 10% 10%13.02% 13.21% 12.30%-56.70 -14.58 -32.14

DU-PONT Analysis

7.53% 7.97% 6.40%0.91 1.05 0.811.66 1.56 2.17

11.38% 13.00% 11.22%

16.10% 20.67% 15.27%1.66 1.56 2.170.43 0.40 0.34

11.38% 13.00% 11.22%

Kajaria Ceramics

LEGENDInputsCalculated with formulaeAssumptions

Parameters Units Mar-14 Mar-13PAT INR crores 124.20 104.51Sales INR crores 1,838.70 1,583.28Total Shareholder Funds INR crores 529.15 360.88Minority Interest INR crores 40.858 27.519Net Worth INR crores 570.009 388.397ROE Percent 21.79% 26.91%Operating Profit INR crores 287.00 247.69Interest INR crores 40.82 45.35NCL(Debt) INR crores 165.30 163.63Total Assets INR crores 735.308 552.025ROCE Percent 22.44% 27.15%

Percent 15% 15%

Percent 10% 10%WACC Percent 13.88% 13.52%EVA INR crores 62.99 75.24

DU-PONT Analysis

UnitsNet Profit Margin Percent 6.75% 6.60%Total Assets Turnover Ratio 2.50 2.87Total Leverage Ratio Ratio 1.29 1.42ROE Percent 21.79% 26.91%

Return on Investment (Return on Assets) Percent 39.03% 44.87%Total Leverage Ratio Ratio 1.29 1.42

Ratio 0.43 0.42Return on Equity Percent 21.79% 26.91%

Cost of Equity(Ke)

After tax cost of debt (Kd)

1/(Degree of Financial Leverage)

Kajaria Ceramics

Mar-12 Mar-11 Mar-1080.883 60.662 35.85

1,312.79 953.28 735.54281.90 222.56 189.34

7.22 1.84 0289.117 224.401 189.3427.98% 27.03% 18.94%207.77 148.95 115.67

48.51 29.94 37.5140.85 160.40 130.43

429.967 384.8 319.76830.09% 23.54% 22.94%

15% 15% 15%

10% 10% 10%13.36% 12.92% 12.96%

71.94 40.90 31.91

DU-PONT Analysis

6.16% 6.36% 4.87%3.05 2.48 2.301.49 1.71 1.69

27.98% 27.03% 18.94%

48.32% 38.71% 36.17%1.49 1.71 1.690.39 0.41 0.31

27.98% 27.03% 18.94%

Ambuja Cement

LEGENDInputsCalculated with formulaeAssumptions arrived from annual reports

Parameters Units 31/12/2013 31/12/2012PAT INR crores 1221.87 1285.11Sales INR crores 9,118.00 9,739.54Total Shareholder Funds INR crores 9461.89 8797.41Minority Interest INR crores 0.71 0.84Net Worth INR crores 9462.6 8798.25ROE Percent 12.91% 14.61%Operating Profit INR crores 1141.98 1898.04Interest INR crores 247.88 256.63NCL(Debt) INR crores 640.86 614.32Total Assets INR crores 10103.46 9412.57ROCE Percent 14.55% 16.38%

Percent 15.70% 16.94%

Percent 7.20% 5.78%WACC Percent 15.17% 16.22%EVA INR crores -62.48 15.39

DU-PONT Analysis

UnitsNet Profit Margin Percent 13% 13%Total Assets Turnover Ratio 0.90 1.03Total Leverage Ratio 1.07 1.07ROE Percent 12.91% 14.61%

UnitsReturn on Investment (Return on Assets) Percent 11% 20%Total Leverage Ratio Ratio 1.07 1.071/(Degree of Financial Leverage) Ratio 107% 68%ROE Percent 12.91% 14.61%

http://www.ambujacement.com/investor-relations/annual-reports/

Cost of Equity(Ke)

After tax cost of debt (Kd)

Ambuja Cement

31/12/2011 31/12/2010 31/12/20091220.75 1251.61 1216.84

8,531.23 7,390.21 7,076.878064.67 7326.46 6467.66

2.46 0 0.248067.13 7326.46 6467.915.13% 17.08% 18.81%

1453.51 1424.46 1568.39164.24 100.3 35.32714.07 595.91 651.548781.2 7922.37 7119.4415.77% 17.06% 17.59%

16.44% 15.74% 16.14%

6.12% 6.45% 5.74%15.61% 15.05% 15.19%

14.66 159.96 170.54

DU-PONT Analysis

14% 17% 17%0.97 0.93 0.991.09 1.08 1.10

15.13% 17.08% 18.81%

17% 18% 22%1.09 1.08 1.1084% 88% 78%

15.13% 17.08% 18.81%

http://www.ambujacement.com/investor-relations/annual-reports/

UltraTech Cement Limited

LEGENDInputsCalculated with formulaeAssumptions

Parameters Units Mar-14 Mar-13PAT INR crores 2213 2688.07Sales INR crores 21443.72 21319.09Total Shareholder Funds INR crores 17181.9 15229.59Minority Interest INR crores -6.75 10.34Net Worth INR crores 17175.15 15239.93ROE Percent 12.88% 17.64%Operating Profit INR crores 4054.49 4839.33Interest INR crores 361 252.34NCL(Debt) INR crores 8461.69 6396.41Total Assets INR crores 25636.84 21636.34ROCE Percent 10.04% 13.59%

Percent 15% 15%

Percent 10% 10%WACC Percent 13.35% 13.52%EVA INR crores -848.44 14.78

DU-PONT Analysis

UnitsNet Profit Margin Percent 10.32% 12.61%Total Assets Turnover Ratio 0.84 0.99Total Leverage Ratio 1.49 1.42ROE Percent 12.88% 17.64%

Return on Investment (Return on Assets) Percent 15.82% 22.37%Total Leverage Ratio Ratio 1.49 1.42

Ratio 0.55 0.56ROE Percent 12.88% 17.65%

Cost of Equity(Ke)

After tax cost of debt (Kd)

1/(Degree of Financial Leverage)

UltraTech Cement Limited

Mar-12 Mar-11 Mar-102397.26 1361.07 1096.8419235.7 13686.88 7168.21

12824.42 10646.6 4619.53-6 -6.28 1.64

12818.42 10640.32 4621.1718.70% 12.79% 23.74%4193.9 2589.33 1992.94256.42 318.29 124.11

5546.02 5540.88 1607.0718364.44 16181.2 6228.24

14.45% 10.38% 19.60%

15% 15% 15%

10% 10% 10%13.49% 13.29% 13.71%176.32 -470.78 367.07

DU-PONT Analysis

12.46% 9.94% 15.30%1.05 0.85 1.151.43 1.52 1.35

18.70% 12.79% 23.74%

22.84% 16.00% 32.00%1.43 1.52 1.350.57 0.53 0.55

18.69% 12.78% 23.74%

Shree Cement Ltd.

LEGENDInputs Source:Calculated with formulaeAssumptions

Parameters Units 31/12/2013 31/12/2012PAT INR crores 1003.97 618.5Sales INR crores 6357.41 6641.55Total Shareholder Funds INR crores 3843.65 2733.93Minority Interest INR crores 0 0Net Worth INR crores 3843.65 2733.93ROE Percent 26.12% 22.62%Operating Profit INR crores 1749.25 1808.54Interest INR crores 193.14 235.36NCL(Debt) INR crores 977.38 961.07Total Assets INR crores 4821.03 3695ROCE Percent 24.83% 23.11%

Percent 15% 15%

Percent 10% 10%WACC Percent 13.99% 13.70%EVA INR crores 522.82 347.66

DU-PONT Analysis

UnitsNet Profit Margin Percent 15.79% 9.31%Total Assets Turnover Ratio 1.32 1.80Total Leverage Ratio Ratio 1.25 1.35ROE Percent 26.12% 22.62%

Return on Investment (Return on Assets) Percent 36.28% 48.95%Total Leverage Ratio Ratio 1.25 1.35

Ratio 0.57 0.34Return on Equity Percent 26.12% 22.62%

http://www.shreecement.in/pdf/financial-highlights2013.pdf

Cost of Equity(Ke)

After tax cost of debt (Kd)

1/(Degree of Financial Leverage)

Shree Cement Ltd.

31/12/2011 31/12/2010 31/12/2009209.7 676.1 577.97

4004.55 4089.92 3130.751986.18 1833.24 1210.02

0 0 01986.18 1833.24 1210.0210.56% 36.88% 47.77%

1009.93 1578.35 992.64175.35 76.58 33.41

1844.29 2007.24 1434.313830.47 3840.48 2644.3310.05% 19.60% 23.12%

15% 15% 15%

10% 10% 10%12.59% 12.39% 12.29%-97.31 276.97 286.45

DU-PONT Analysis

5.24% 16.53% 18.46%1.05 1.06 1.181.93 2.09 2.19

10.56% 36.88% 47.77%

26.37% 41.10% 37.54%1.93 2.09 2.190.21 0.43 0.58

10.56% 36.88% 47.77%

http://www.shreecement.in/pdf/financial-highlights2013.pdf