ULTRATECH CEMENT

RATIO AND INDUSTRYAnalysis

Submitted to:Prof. Latha Ramesh

Group MembersJoyti Das (1421339)Shikha Tripathi (1421353)Sayon Das (1421328)

ULTRATACH CEMENTLO.1UltraTech Cement Limited(BSE:532538) isIndia's biggest cement companyand Indias largest exporter ofcement clinkerbased inMumbai,India.The company is part of theAditya Birla Groupand division ofGrasim Industries. It has an annual capacity of 62 million tonnes. Industry ProfileThe Indian cement industry is the 2nd largest market accounting for 8% of the total global production. The total capacity of India is over 360 tonnes(MT) in financial year 2013-14. Cement industry has high correlation with the GDP of the country as it has cyclical demand. The housing sector is the biggest demand driver for the cement industry followed by public infrastructure, commercial construction and Industrial construction.

Recently increase in capacity but shallow demand has led to declining capacity utilisation below 70%. This has resulted in pressure on prices due to over capacity and rise in costs of raw materials, logistics, railways and freight.Cement market is growing at a CAGR of 8.96% in 2014-15. It is projected at 421 MT by end of 2017. The per capita income stands at 190kg. 188 cement plants account for 97% of the total installed capacity and micro cement plants account for the rest. According to data by Department of Industrial Policy and Promotion, FDI in cement industry is $3.08 billion from 2000-14.In the 12th Five Year Plan, the government plans to invest $1 trillion in infrastructure which is set to increase industry demand and will increase capacity by 150MT.

The growth of Ultratech is the recent past is shown below taking the criterion of Networth, PAT and Sales.

Growth Story of the Utratech Cement

The above diagram shows the growth of capacity of cement production in MT in Utratech Cement. Presently the annual capacity of the company is 62 MT.The GDP of India is $1.9 Trillion, and PBITD of Ultratech Cement stands at $647 million. The contribution to GDP is 0.34 %.The Top Players with respect to Market Capitalisation in INR cr. is shown in the graph below.

Ultratech Cement has the highest market capitalisation followed by Shree Cements, Ambuja Cements, ACC and Ramco Cements.The market share of leading Cement Productions in India in terms of production in metric tonnes is shown as below.

Regulatory bodies governing Cement Industry & Associations Competition Commission of India (CCI): In order to regulate and monitor the cement industries and prevent formation of CARTEL.It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India. In June 2012, CCI imposed a fine of63.07 billion(US$1.0billion) 11 cement companies forcartelisation. CCI claimed that cement companies met regularly to fix prices, control market share and hold back supply which earned them illegal profits.-Economic Times. 22 June 2012. CMA: Cement Manufacturers Association (CMA), the apex representative body of large cement manufacturers in India was established in 1961. It is a unique body in as much as it has both the private and public sector cement companies as its members. It is a registered body under the Societies Registration Act XXI of 1860. CMA acts as a bridge between Indian cement Industry and the Government.The cement industry ratio can be analysed from the following graph and table. It shows the trend of cement industry from financial year 2011-2014.

Year End2014201320122011

Core EBITDA Margin(%)13.615.917.816.7

EBIT Margin(%)10.312.513.813.6

Pre Tax Margin(%)58.19.49.7

Performance Ratios

ROA(%)4.15.96.86.8

ROE(%)71011.612.3

ROCE(%)19.125.629.127.9

Asset Turnover(x)0.9110.9

Sales/Fixed Asset(x)0.9111

Working Capital/Sales(x)-14.4-33.9-26.1138.7

KEY INDUSTRY RATIOS

Fixed Asset Turnover Ratio: Fixed Asset turnover Ratio will measure the companys ability to generate net sales from fixed investment i.e. plant & equipment. We can measure this by taking comparison between metric tonnes produced by each plant and investment in it. To find out the sales compared to metric tonnes produced we can calculate as : Sales(except income from other sources)/Metric tonnes. This ratio is utilised to measure in cement industry as the purchase of fixed asset is very high, thus this ratio indicates how effective the investment in the fixed asset is. In recent times the industry ratio has decreased due to economic and various other reasons. Employee Utilization efficiency is also an important variable in the cement industry as it is labour oriented industry. Since cement industry is employee intensive, utilisation ratio helps to maximize the efficiency of companies employees. This can be accomplished by various methods as training and development methods. This will lead to higher productivity/employee, lower absenteeism etc. Receivables and Payables Days It is measure used to quantify a firms effectiveness in extending credit as well as collecting debts. Since cement industry involves high debt and payables these ratios are very important to test the efficiency of its activity. By maintaining these ratios the company will maintain its cash reserve which is required for maintaining working capital. Recently due to dwindling IIP and declining projection of production the receivable and payable days are increasing which is a negative sign for the cement industry. ROCE & ROI in the cement industry is high as there is continuous demand for cement in the Indian market. However, the ROCE and ROI in the cement industry have declined. ROCE Is a measure of companies profitability and efficiency with which capital is employed. A higher ROCE indicates more efficient use of capital. Higher ROCE indicates more use of capital and shows the effectiveness with which company is utilising its capital. ROCE trend over the years is an important indicator of performance. Capacity utilization is an important financial parameter in order to analyse utilization efficiency. It a crucial metrics used to measure the rate at which potential output levels are being used. The industry production units are growing at a CAGR of 8.96%. The industry in recent times is operating below capacity as demand has not surged with respect to increase in capacity of production. Thus, there is over production in the market.

LO.2

Ratio Analysis of Top Five Companies Industry

A measurement of a company's operating profitability. It is equal to earnings before interest, tax, depreciation and amortization (EBITDA) divided by total revenue. Because EBITDA excludes depreciation and amortization, EBITDA margin can provide an investor with a cleaner view of a company's core profitability. Core profitability of Ultratech is inconsistent over the years. The performance has declined in the year 2014. Shree Cement has shown tremendous growth for the year 2014 and has been consistent in the performance. Low EBITDA Margin shows high operating expenses leading to lesser profitable operations.

ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings.The ROA figure gives investors an idea of how effectively the company is converting the money it has to invest into net income. The higher the ROA number, the better, because the company is earning more money on less investment. Ultratech has shown less variation in terms of ROA which suggests that the company is managing its assets well and converting these assets into net income. Shree Cement and Ramco have shown decline for the year 2014. Reasons for this decline could be unwise investment on the part of the management, inefficient use of company facilities, machinery etc.

Return on equity signifies net income as the percentage of shareholders equity. We can see that the ability to generate profit from shareholders equity in decreasing over the years. The industry ROE % is 11,6.8,7,10.4,and 7.1 from 2010 -2014. We can see that ROE % is sharply declining for Ramco cement and Shree cement whereas Acc and ambuja cements is consistent in nature in comparison. ROE % of ultratech is also decreasing consistently. When a company's ROE is declining, it signals that customers are no longer willing to pay as much for its products or services as they were in the past or that the products and services have become more expensive to offer. It could be that new competition has forced the company to boost its budget for marketing, advertising, its sales force. A declining ROE generally leads to a decline in the price of the company's stock. It sends out the message that each rupee invested in the company is earning less and less each quarter.

We can see that similar to ROE, industry ROCE is sharply declining. It measures how efficiently a company is generating profit from its capital employed. We can see that Ambuja and Shree cements has highest ROCE followed by ACC. ROCE is a long term profitability ratio and shows how capital is performing in long term.

This ratio is a measure of a companys profitability on sales over a specific time period. Increase in EBIT is mainly due to growth of net revenue, good cost control and strong productivity. Decrease in EBIT largely results from high operating costs. Higher EBIT reflects more efficient cost management or the more profitable business while comparing different companies in the same industry. EBIT margin has decreased over the period of five years for all the five companies. Even though the revenue from operations has increased, the EBIT margin has fallen mainly due to increase in operating costs. Some of the expenses that have increased the total operating expenses for the top five players (as observed from the Statement of Profit and Loss) are- 1. Employee benefit expense2. Freight and forwarding expense3. Other expenses such as stores and spares consumed, packing materials consumed, royalty and cess, advertisement and publicity There is scope for improvement in cost control for all the top five companies Ambuja Cements has remained fairly consistent in EBIT margin in comparison to the other companies. Ultratech and Shree Cements have been fluctuating over the years due to increase and decrease in operating expenses.

This is a company's earnings before tax as a percentage of total sales or revenues. The higher the pre-tax profit margin, the more profitable the company. The trend of the pretax profit margin is as important as the figure itself, since it provides an indication of which way the company's profitability is headed. The main reason for difference in this ratio among the different companies is depreciation charged ( different companies value depreciation with different methods)1. Ultratech- straight line method2. Shree Cements- written down value mathod3. Ambuja- Depreciation on assets, other than Vehicles and Captive Power Plant related assets consisting of Building and Plant & Machinery is provided on the straight line method and Vehicles and CPP assets on the written down value method4. ACC- same as Ambuja Cements5. Ramco- straight line basis Eventhough Pretax margin has decreased during the period of five years due to depreciation and finance costs, Ambuja Cement has remained fairly constant where as Ultratech and Shree Cements have fluctuated Of the five companies, Shree Cements and Ramco have witnessed an all time low.

The asset turnover ratio measures the amount of revenue a company generates for every rupee of assets it owns. Reviewing this ratio for a single year provides limited information, but we can compare it over two or more years which will help us to identify any positive or negative trends in the companys efficiency. All the companies have managed to maintain this ratio at 1 (with negligible variations) i.e. sales is almost equal to the assets owned thereby indicating that assets are efficiently utilized However, there is scope for increasing efficiency such that more sales are generated with the existing assets Ultratech and Shree Cements have utilized available resources most efficiently in comparison to the other top players

This is a ratio of net sales to fixed assets. The fixed-asset turnover ratio measures a company's ability to generate net sales from fixed-asset investments - specifically property, plant and equipment (PP&E) - net of depreciation. A higher fixed-asset turnover ratio shows that the company has been more effective in using the investment in fixed assets to generate revenues.

Asset utilization measures allow investors to understand how well a company uses its assets in operations. Investors will typically track sales to fixed assets over time, looking for long term patterns in this metric. Companies with ratios that are higher than their industry average, or have ratios that increase over time, are desirable Among the top five companies in the industry, Ramco industries has used its assets most efficiently Shree Cements has fluctuated in terms of fixed asset utilization and hence there is scope for improvement in the same Ultratech has remained stable during the period of five years Ambuja and ACC have also fluctuated, however, have managed to remain within 1 and 1.2 thereby projecting more stability compared to Shree Cements Asset utilization measures allow investors to understand how well a company uses its assets in operations. Investors will typically track sales to fixed assets over time, looking for long term patterns in this metric. Companies with ratios that are higher than their industry average, or have ratios that increase over time, are desirable Among the top five companies in the industry, Ramco industries has used its assets most efficiently Shree Cements has fluctuated in terms of fixed asset utilization and hence there is scope for improvement in the same Ultratech has remained stable during the period of five years Ambuja and ACC have also fluctuated, however, have managed to remain within 1 and 1.2 thereby projecting more stability compared to Shree Cements

A company uses working capital (current assets - current liabilities) to fund operations and purchase inventory. These operations and inventory are then converted into sales revenue for the company. This ratio is used to analyze the relationship between the money used to fund operations and the sales generated from these operations. Lower working capital to sales ratio is desirable because it means that the company is generating a lot of sales compared to the money it uses to fund the sales. The top five companies other than Ramco have managed to maintain this ratio at the zero level during the period of five years indicating that the companies are using the available funds effectively and generating greater sales compared to the money used to fund the sales During the period between 2010 and 2012, Ramco industries failed to use its working capital effectively and hence the ratio rose to an all-time high (among the companies considered) of 673.7

LO.3Qualitative Financial RatiosSecurities analysis that uses subjective judgement based on quantifiable information, such as management expertise, industry cycle, strength of research and development and labour relations.This type of analysis technique is different than quantitative analysis as it focuses on qualitative aspects of the companys activity. Employee Utilization efficiency is also an important variable in the cement industry as it is labour oriented industry. Since cement industry is employee intensive, utilisation ratio helps to maximize the efficiency of companies employees. This can be accomplished by various methods as training and development methods. This will lead to higher productivity/employee, lower absenteeism etc.Employee Utilisation efficiency can be achieved by Sales (in Volume)/ No. of Employees Capacity utilization is an important financial parameter in order to analyse utilization efficiency. It a crucial metrics used to measure the rate at which potential output levels are being used. The industry production units are growing at a CAGR of 8.96%.Capacity utilisation can be calculated as (Actual Output- Potential Output)/Potential Output *100. Product Return Ratio: Sales Return to gross sales ratio allows us to understand the extend of product returns and quantity returns using gross sales. ULTRATECHRATIOS

Employee Utilization Efficiency RatioNet Sales/ total employees 2007800000000/13117

Capacity Utilization Ratio79% (page 3 annual report 2014)

ACCRATIOS

Employee Utilization Efficiency Ratio1148100000000/9028

Capacity Utilization Ratio78% (page 15 annual report 2014)

AMBUJARATIOS

Employee Utilization Efficiency Ratio997800000000/58821.696382

Capacity Utilization Ratio74.53% page 7

RamcoRATIOS

Employee Utilization Efficiency Ratio368300000000/1600

Capacity Utilization Ratio72.43% page 7

LO.5CASH FLOW STATEMENT

Cash from Operating Activities1. The top players in the cement industry have had positive cash flow from operating activities which suggests that there is efficiency in the core activities2. Trade payables is positive for all the companies indicating that the companies have a long credit period3. Trade receivables is negative for all the companies indicating that the companies extend credit to its customers4. Credit received and credit extended are the major tools for maintaining working capital stability Cash from Investing Activities1. Most of these top companies have investments in the form of bank deposits and subsidiary companies2. Sale and purchase of fixed assets also affect the cash from investing activities3. Dividend and Interests received are another source of income from investing activities4. Investments made exceed the receipts from such investments. Hence, the cash from these activities is negative5. Negative cash from investing activities is a sign of expansion and is consistent throughout the industry Cash from Financing Activities1. Income is in the form of proceeds from long term and short term borrowings2. Expenses are mainly in the form of repayment of loans and, dividend paid and other financial charges3. For most of the companies, cash from financing activities has been negative throughout the period of five years. This indicates that the top players are consistent in repayment of loans as well as dividend.Despite the negative cash from investing and financing activities, all the top players have had a positive closing cash balance throughout the period of five years This suggests that the companies are efficient in the core activities, hence generating a strong positive cash flow from the same Judging by the performance of the top five players in the industry, we can say that the industry is performing well Also, the negative cash from financing and investing activities indicate expansion tendencies

Annual Report Highlights The acquisition of the 4.8 metric tonne/annum of Gujarat Cement Unit of Jaypee Cement Corporation at cost of US $636 million represents of the company is the west. During the year Ultratech clinkerisation plant with cement grinding capacity of 1.45 metric tonne/annum at cement, 1.6 metric tonne/annum in Odisha and thermal power plant of 30 mega watts and 25 mega watts at rajashree cement works. During the year Ultratech company commissioned a 10,000 Tonnes per day clinkerisation plant together with a cement grinding capacity of 1.45 metric tonne per annum at rajashree cement works, Karnataka; a 1.6 metric tonne per annum cement grinding unit in Odisha and thermal power plants of 30 mega watts at rawan cement works and 25 mega watts each at rajashree cement works and Andhra Pradesh cement works at a total capex of US $ 450 million (` 2,562 crores). Companys installed capacity has been scaled up to nearly 62 million tons. In the next 2 years, we expect it to touch 70 million tons when all of its ongoing projects will be fully commissioned. We continue to fast track our talent from our management cadre comprising of 38,200 colleagues, 13% have been promoted, 20% have changed roles and 12% have moved location during the year. We are recognized as an employer that offers a World of Opportunities and is concerned about the professional growth of its people. Ranked No. 1 in the Nielsen Corporate Image Monitor The Indian cement industry was impacted by these developments. Although the year began with hopes of rise in cement demand on the back of government spending in the run up to the general elections, overall the demand remained sluggish on account of lack of government spending, prolonged monsoon, gloomy political environment including policy matters, shortage of sand in major cement consuming states and low off-take from the infrastructure and housing sectors More capacity addition in the recent past compared to incremental demand continued to plague the industry. This resulted in sector capacity utilisation declining to below 70%. The demand-supply mismatch is expected to stay for some more time. The subdued demand and over-capacity resulted in prices remaining under pressure. Further, logistics and raw material costs continued to rise given the increase in railway freight and high speed diesel prices. Though prices of imported coal softened, the depreciation in rupee negated the benefit. The outlook in the short term continues to remain challenging, demand growth in the long term is likely to be around 8% on the back of housing and infrastructure spends as outlined in the 12th five year plan (2012-17).The total investment in the infrastructure sector in the 12th Five year plan is estimated to be USD 1 Trillion.

Upon commissioning of Cement grinding capacity of 3.05 MMTPA during the year, Ultratech Companys total Cement capacity stands at 53.95 MMTPA in India.Company has produced 40.79 million tonnes of cement, which is marginally up by 2% over the last year, though capacity utilisation declined to 79% due to the lag between the capacity expansion and demand growth.Domestic cement volume grew by 2% over the last year as compared to expected industry growth of around 1%. Cement exports volume remained in line with the last year, though clinker export volume declined to 0.11 million tonnes from 0.33 million tonnes.

The overall net turnover at ` 20,078 crores is on par with the previous year. The impact of increase in sales volume has been negated by the decline in cement sales prices. During the year overall cement prices remained under pressure in the absence of demand pick-up and the over-capacity situation in the sector. This has resulted in decline in domestic cement realisation by 4% at ` 4,097 per tonne against ` 4,253 per tonne in FY13. External factors like the devaluation of the rupee and a regular hike in diesel prices have impacted costs. Ultratech Companys continued focus on controlling cost and optimisation of fuel mix helped in curtailing cost to some extent. (i) Energy cost: The overall energy cost eased by 5% at ` 948/t over the previous year. The gain in cost has been achieved with an ongoing focus on improving efficiencies in consumption and increasing usage of pet coke and alternative fuel. Besides this, the softening in imported coal prices also served to contain the energy cost though the impact was negated with the devaluation in currency. (ii) Input material cost: The mining cost of limestone and landed cost of all major input material have increased in the range of 10-15% compared to the previous year. A larger part of this rise is linked to the regular hike in high speed diesel prices, which grew by more than 20% over the previous year. Packaging material cost also witnessed a substantial increase of around 15% on account of higher PP granule prices (iii) Freight and Forwarding expenses: Freight and forwarding expenses was impacted the most during the year. In the last Railway Budget, freight charges have been linked with the Fuel Adjustment Charges (FAC) and as a result rail freight has amplified by more than 6% from the beginning of the year. Apart from this, regular hike in diesel prices (more than 20%) has impacted the road logistics cost substantially. However with the various cost saving measures undertaken, Ultratech Company could restrict the overall cost increase to 6% from ` 925/t to ` 976/t. (iv) Employee costs: Lower retiral provision restricted the increase in employee cost to 5% over FY13

Net Capital Expenditure: The capex expenditure of 2,228 is in line with Ultratech Companys on-going capex programme. During the year Ultratech Company has invested mainly in brownfield capacity expansion projects in the States of Karnataka, Chhattisgarh and Rajasthan, a packaging terminal in Maharashtra, Thermal Power and Waste Heat Recovery Plants, Jetty Expansion in Gujarat, Ready Mix Concrete Plants and other normal capex. Increase in investments: Ultratech Company has made an additional investment of ` 107 crores in its wholly-owned subsidiary, UltraTech Cement Middle East Investments Limited (UCMEIL) in the UAE for acquiring the balance equity stake in ETA Star cement companies. With this, the ETA Star cement companies have become wholly-owned subsidiaries of UCMEIL. Ultratech Company has also acquired 100% equity of Bhagwati Lime Stone Company Private Limited (Bhagwati) for ` 11 crores. Bhagwati has a limestone mining lease in Rajasthan. Repayment of Borrowings: Ultratech Company has repaid total long-term borrowings of ` 597 crores. Further, Ultratech Company has also raised long-term debt of ` 577 crores mainly in the form of External Commercial Borrowings (ECBs) for the various projects of Ultratech Company. Besides this it has also repaid short term borrowings net of availment for ` 190 crores.During the year the Company has commissioned -1. Clinkerisation plant of 3.30 MMTPA, 25 MW TPP and 1.45 MMTPA cement plant at2. Rajashree Cement Works in Karnataka;3. 1.6 MMTPA cement mill at Jharsuguda Cement Works in Odisha.4. 25 MW TPP in Andhra Pradesh Cement Works;5. 30 MW TPP in Rawan Cement Works in Chhattisgarh and6. 6.5 MW Waste Heat Recovery System at Awarpur Cement Works in Maharashtra7. The Competition Commission of India (CCI) upheld the complaint of alleged cartelisation against certain cement manufacturing companies including Ultratech Company. The CCI has imposed a penalty of ` 1,175.49 crores on Ultratech Company. Ultratech Company has filed an appeal against the Order before the Competition Appellate Tribunal (COMPAT).8. COMPAT has granted stay on the CCI order on condition that Ultratech Company deposit 10% of the penalty, amounting to ` 117.55 crores, which has been deposited.9. Ultratech Company has adequate liquidity and a strong balance sheet. CRISIL has re-affirmed the CRISIL AAA/Stable and CRISIL A1+ rating for Ultratech Companys long term borrowings and bank loan facilities respectively. Ultratech Company has a debt outstanding of ` 5,199 crores, treasury investments of ` 4,841 crores and net debt of ` 358 crores.10. Ultratech Company has raised long term borrowings of ` 571 crores by way of External Commercial Borrowings (ECBs). These are being utilised for financing the various projects of Ultratech Company. All Foreign Currency borrowings outstanding are hedged.11. Ultratech Company has repaid Long Term borrowings (Non-Convertible Debentures and External Commercial Borrowings) amounting to ` 510 crores during the year.

Referenceswww.ibef.orgwww.ultratechcement.comwww.acclimited.comwww.ambujacement.comwww.ramco.comwww.economictimes.comwww.investopedia.comwww.wikipedia.comwww.cci.gov.inwww.cmaindia.org

Sheet1Christ UniversityChrist UniversityFinancial RatiosCompany Name: Ultratech Cement Ltd.NULLYear End201403201303201203201103201003200903200803200703200603200503Operational & Financial RatiosEarnings Per Share (Rs)78.296.889.351.287.878.580.962.818.50.2CEPS(Rs)116.6131.3122.279.2119104.41008135.818.1Adjusted EPS (Rs.)78.296.889.351.287.878.580.962.818.50.2DPS(Rs)998665541.80.8Adjusted DPS(Rs)998665541.80.8Book NAV/Share(Rs)623.3555.5469389370289.2216.6141.783.585.8Adjusted Book Value (Rs)623.3555.5469389370289.2216.6141.783.585.8Tax Rate(%)22.730.627.921.331.228.233.132.919.5108.5Dividend Pay Out Ratio(%)11.59.3911.76.86.46.26.49.5327.4Margin RatiosCore EBITDA Margin(%)16.620.520.217.825.523.827.525.914.69EBIT Margin(%)13.517.617.613.722.120.825.322.89.92.4Pre Tax Margin(%)12.116.716.511.920.5192421.37.5-1.1PAT Margin (%)9.311.611.99.414.113.61614.36.10.1Cash Profit Margin (%)13.915.816.314.519.218.219.818.411.87.3Performance RatiosROA (%)7.510.511.49.913.61418.518.96.30.1ROE (%)13.318.920.818.426.63145.255.821.80.3ROCE (%)14.421.422.719.628.529.240.94314.72.8Asset Turnover(x)0.80.911.1111.21.310.8Inventory Turnover(x)9.810.410.310.810.2111213.511.412.1Debtors Turnover(x)2025.630.136.637.734.931.430.82217.5Sales/Fixed Asset(x)11.11.11.111.21.31.20.80.7Working Capital/Sales(x)714.59.27.84.36.541.48.310.47.7Efficiency RatiosFixed Capital/Sales(x)10.90.90.910.90.80.91.21.4Receivable days18.214.212.1109.710.511.611.816.620.9Inventory Days37.43535.433.935.733.230.327.13230.3Payable days49.748.246.940.748.857.157.939.434.431.1Growth RatioNet Sales Growth(%)0.510.237.588.810.415.912.248.826.615.8Core EBITDA Growth(%)-16.710.260.234.815.7-0.923.5150.2100.4-22.1EBIT Growth(%)-23.311.675.920.514.7-6.426.8233.9412-55.4PAT Growth(%)-19.28.674.228.411.9-328.8240.57961.8-92.7EPS Growth(%)-19.38.574.2-41.611.9-328.8240.27961.8-92.7Financial Stability RatiosTotal Debt/Equity(x)0.30.40.30.40.30.60.60.91.41.4Current Ratio(x)1.61.31.51.42.41.91.11.91.71.9Quick Ratio(x)1.20.9111.71.30.61.311.3Interest Cover(x)9.719.216.27.514.511.819.314.44.20.7Christ University

Sheet2Cash Flows from Different Activities of Top Five Companies of the Cement IndustryCash Flows from Different Activities of the Top Five Companies of the Cement Industryrs. In croresoperatingrs. In crores20142013201220112010OPERATING ACTIVITIES20142013201220112010ultratech3241.573552.423443.42033.921571.93shree1400.681259.731926.281074.431253.98ambuja1675.271200.241857.741533.461874.27Ultratech3241.573552.423443.42033.921571.93acc1331.7107715771571.311950.72Shree1400.681259.731926.281074.431253.98ramco478.11701.4863.79619.16681.35Ambuja1675.271200.241857.741533.461874.27ACC1331.7107715771571.311950.72Ramco478.11701.4863.79619.16681.35investingultratech-2209.56-4282.25-2926.04-1608.06-851.66INVESTING ACTIVITIESshree-1233.94-269.7-1708.85-636.07-1688.45ambuja-460.09-473.57-392.92-448.21-527.29Ultratech-2209.56-4282.25-2926.04-1608.06-851.66acc-1436.69-852.11-310.65-258.24-802.25Shree-1233.94-269.7-1708.85-636.07-1688.45ramco-540.53-382.78-552.24-686.17-566.83Ambuja-460.09-473.57-392.92-448.21-527.29ACC-1436.69-852.11-310.65-258.24-802.25Ramco-540.53-382.78-552.24-686.17-566.83financingultratech-897.17682.91-473.96-431.36-741.03FINANCING ACTIVITIESshree-155.76-981.7-257.19-393.93378.58ambuja-717.14-625.76-504.43-474.79-473.54Ultratech-897.17682.91-473.96-431.36-741.03acc-837.09-860.88-1066.02-768.32-636.73Shree-155.76-981.7-257.19-393.93378.58ramco52.84-288.55-329.2271.49-117.52Ambuja-717.14-625.76-504.43-474.79-473.54ACC-837.09-860.88-1066.02-768.32-636.73Ramco52.84-288.55-329.2271.49-117.52closing cashultratech277.5142.66188.19144.7983.73CLOSING CASH BALANCEshree41.1130.13458.97460.81416.37ambuja4458.713960.673859.762899.372288.91Ultratech277.5142.66188.19144.7983.73acc1556.992499.063035.052830.322387.59Shree41.1130.13458.97460.81416.37ramco40.149.6819.6137.2835.6Ambuja4458.713960.673859.762899.372288.91ACC1556.992499.063035.052830.322387.59Ramco40.149.6819.6137.2835.6