Ultratech Cement Limited · NSE:ULTRACEMCO

Ultratech Cement — Investor Presentation (May 2019)

68 slides from Ultratech Cement's investor presentation, May 21, 2019

  1. Slide 1: Intimation of Investor Meeting and Corporate Dossier

    21 51 May, 2019 BSE Limited The Manager Corporate Relationship Department Listing Department Phiroze Jeejeebhoy Towers, The National Stock Exchange of India Limited Dalal Street "Exchange Plaza", Bandra-Kurla Complex, Mumbai 400 001 Sandra (East), Mumbai 400 051 . Tel: 22721233 / 34 Tel: 022 2659823

  2. Slide 2: UltraTech Investor Meeting on May 21st

    UltraTech Investor Meeting on May 21st Sr.No. Comoanv 1 Government of Sinqapore (GIC) 2 Nomura Asset Management 3 Wellinqton Manaqement Group 4 Point72 Asset Manaqement 5 Avanda Investment Manaqement 6 Fidelity International 7 Fullerton Fund Management 8 Lion Global Investors 9 Balvasnv Asset Manage

  3. Slide 3: India's Largest Cement Company - Corporate Dossier

    INDIA'S LARGEST CEMENT COMPANY CORPORATE DOSSIER STOCK CODE: BSE: 532538 NSE: ULTRACEMCO REUTERS: UTCL.NS BLOOMBERG: UTCEM IS / UTCEM LX

  4. Slide 4: Contents and Glossary

    CONTENTS ADITYA BIRLA OPERATIONAL INDIAN CEMENT ULTRATECH GROUP- AND FINANCIAL SECTOR LANDSCAPE OVERVIEW PERFORMANCE GLOSSARY Mnt - Million Metric tons Lmt - Lakhs Metric tons MTPA - Million Tons Per Annum MW - Mega Watts Q1 - April-June Q2 - July – September Q3 - October - December Q4 - January-Mar

  5. Slide 5: Aditya Birla Group Overview

    ADITYA BIRLA ADITYA BIRLA GROUP OVERVIEW.

  6. Slide 6: Aditya Birla Group - Overview

    ADITYA BIRLA GROUP - OVERVIEW  # 1 cement player  A global metal in India powerhouse  # 3 largest cement  # 1 in aluminum rolling player globally globally PREMIUM GLOBAL (ex - China) CONGLOMERATE  # 1 in VSF globally US$ ~44.3 billion Corporation  # 5 largest producer of  # 1 in carbon black

  7. Slide 7: UltraTech Cement - India's Largest Cement Company

    ULTRATECH CEMENT INDIA’S LARGEST CEMENT COMPANY No. 1 RMC player in India’s Largest Cement India with Market Cap of FY19 Consolidated Selling Brand ~ 110 plants ~ US$ 17 Bn Revenue ~ US$ 5.2 Bn Different Products to provide complete No.1 Player of White Building Solutions Cement & Cement ~ 1,400 mil

  8. Slide 8: Our Vision and Mission

    OUR VISION AND MISSION Vision To be The Leader in Building Solutions Mission To deliver superior value to our stakeholders on the four pillars of Sustainability Customer Innovation Team Centricity Empowerment 6

  9. Slide 9: UltraTech's Journey

    ULTRATECH’S JOURNEY 17x 102.8 mtpa Current (Mkt Cap ~ US$ 17 bn) 7x  Acquired 27.5 mtpa capacity  # 3 global cement player by capacity (ex. China) 52 mtpa Aug'04 Mar'07 Mar'10 Mar'13 Mar'16 Mar'19 Mkt Cap – US$7bn UTCL Share Price Trend BSE Sensex Trend  Organic Capacity addition:15 mtpa 2019  G

  10. Slide 10: Governance

    GOVERNANCE Board of Directors Non-Executive Chairman Independent Directors Executive Directors Mr. KM Birla Mr. GM Dave Mr. KK Maheshwari - MD Mr. SB Mathur Mr. Atul Daga - CFO Non-Executive Directors Mr. Arun Adhikari Mr. K C Jhanwar – Dy MD Mrs. Rajashree Birla Mrs. Renuka Ramnath Mr. OP Puranmalk

  11. Slide 11: Management Team

    MANAGEMENT TEAM Mr. KK Maheshwari Mr. KC Jhanwar Mr. Atul Daga Mr. Vivek Agrawal Mr. Ramesh Mitragotri Managing Director Chief Manufacturing Executive Director & Chief Marketing Officer Chief Human Resource Officer & Dy. MD CFO Officer  He is a Fellow  A bachelor of Chartered Accountant  A Fellow

  12. Slide 12: Shareholding Pattern

    SHAREHOLDING PATTERN 1.6% 9.9% Promoter Group 7.8% Foreign Portfolio Investors As on Mutual Fund, Institutions 31st Mar, 2019 20.0% 60.7% Other Public Holding GDRs Key Foreign Portfolio Investors Key Domestic Mutual Fund & Institutional Investors Name Holding (%) Name Holding (%) Aberdeen 1.99 Life

  13. Slide 13: Indian Cement Sector

    ADITYA BIRLA Indian Cement Sector

  14. Slide 14: Indian Cement Industry - Overview

    INDIAN CEMENT INDUSTRY OVERVIEW Second largest market Globally with installed capacity of ~ 480 mtpa after China ~3000 mtpa 2nd fastest-growing cement market globally: Compounded Average Growth: ~7% (FY 2000 – FY2019) Market Composition* 33% North 22% 19% Central 13% 13% East West South North Centra

  15. Slide 15: Indian Cement Industry - Overview (contd)

    INDIAN CEMENT INDUSTRY OVERVIEW (contd…) Per Capita Cement Consumption at PER CAPITA CEMENT COSNUMPTION (KG) 210 kg lowest among the developing countries; World average ~ 580 Kg 1780 China Turkey Consolidation in industry at regular intervals Vietnam 830 World 660 580 470 Russia Entry of new players

  16. Slide 16: GDP Growth vs Cement Demand Growth

    INDIAN CEMENT INDUSTRY GDP GROWTH V/S CEMENT DEMAND GROWTH Long-term average cement demand growth: 1.2x of GDP +ve co-relation (-) ve Industry achieved demand co-relation growth as per historical GDP multiple in last 2 years post slowdown in preceding 3-4 years Sustained cement consumption growth ~

  17. Slide 17: Demand-Supply Trend

    INDIAN CEMENT INDUSTRY DEMAND-SUPPLY TREND In MnT Incremental Supply - 258 mnt > Demand - 132 mnt S – 50 mnt < D - 92 mnt Industry capacity more than 146 502 517 doubled in last decade 468 480 128 145 417 428 402 389 376 363 Around 65 million tons capacity 360 34 328 334 310 297 added in last 3 year

  18. Slide 18: Demand Growth Drivers

    DEMAND GROWTH DRIVERS  Strong demand from IT / ITES,  Rural demand rising with the historically - like Chennai, improvement in rural economy Bangalore & Hyderabad  Government notified increase  Private sector Capex is slow in Minimum Support Price for Comm. & kharif and rabi crop Ind. Capex  2

  19. Slide 19: Sector Guidance

    SECTOR GUIDANCE  Demand expected to move above the national GDP rate  Government led spending will continue to be a key growth driver:  Government Housing Plan –  Housing for all: 20 ml Houses for urban areas and 40 ml in Rural areas  Pradhan Mantri Awas Yozana – Gramin : about 10 mln houses co

  20. Slide 20: UltraTech Landscape

    ADITYA BIRLA Ultratech Landscape

  21. Slide 21: UltraTech - A Snapshot

    ULTRATECH A SNAPSHOT Particulars UOM Current Growth Capacity  Consolidated capacity at 102.8* Mtpa Grey Cement (Incl. Overseas) Mtpa 102.8*  Proven Capabilities to Grow: Organically White Cement + Wall Care Putty Mtpa 1.5 51 Mtpa and Inorganically 52 Mtpa. RMC Mn. Cub. Mtr. 14.9 Captive Power Plan

  22. Slide 22: UltraTech - India Footprint

    ULTRATECH - INDIA FOOTPRINT  20 Integrated Units (IU)  21 Grinding Units (GU)  6 Bulk Packaging Terminals (Sea+Rail)  2 White Cement & Putty Units  5 Jetties  1 IU, 1 GU & 1 putty plant in-Progress  3 IU and 1 GU under acquisition Zones Zonal Capacity (mtpa) UTCL Cap. UTCL UTCL UTCL Industry

  23. Slide 23: Operational and Financial Performance

    Operational and Financial Performance

  24. Slide 24: Sectoral Update Q4 FY19 - State-wise Performance

    SECTORAL UPDATE Q4 FY19 STATE-WISE PERFORMANCE Vol. State/Region I LCH RH UH C Key drivers Gr. Haryana Urban Housing and Infrastructure Delhi + NCR Infrastructure Punjab Panchayat elections and sand availability Himachal Pradesh Heavy rains & snow Rajasthan Infrastructure North Infrastructure and IH

  25. Slide 25: Sectoral Update Q4 FY19 - State-wise Performance

    SECTORAL UPDATE Q4 FY19 STATE WISE PERFORMANCE State / Region Vol. Gr. I LCH RH UH C Key Drivers West Bengal IHB Bihar Infrastructure and IHB Jharkhand Infrastructure and PMAY Odisha Infrastructure and IHB Chhattisgarh Heavy rains and shortage of funds East Infrastructure, IHB and PMAY Andhra Prades

  26. Slide 26: Acquired Assets - Integration of UltraTech Nathdwara

    ACQUIRED ASSETS KEY STEPS FOR INTEGRATION OF ULTRATECH NATHDWARA (UNCL) Emerged as a sector benchmark by turning around the asset within a quarter Stabilised operations Plants withparameters operational Carried out routine Improved pet coke usage at parcapacity plant or better than UltraTech mainten

  27. Slide 27: Acquired Assets - Integration Steps

    ACQUIRED ASSETS KEY STEPS FOR INTEGRATION OF ULTRATECH NATHDWARA (UNCL) Benchmark safety Step-by-step Kick-start a cost Strengthen dealer Synergize logistics norms to emulate capacity ramp-up to reduction program network to create and procurement UltraTech standards take utilisation to in order to i

  28. Slide 28: UltraTech Updates - Acquisition of Century's cement assets

    ULTRATECH UPDATES Acquisition of Century’s cement assets National Company Final order from Transfer of Likely completion Law Tribunal National limestone mines in Q2 FY20 hearing scheduled Company Law to be concluded on 3rd May 2019, Tribunal likely in after the final following the May / June 2019 or

  29. Slide 29: UltraTech: Balance Sheet Leverage Trend

    UltraTech : Balance Sheet Leverage Trend 98.8@ 98.8 89.0* 89.0 3.44 70.3 2.36 2.09 2.71 (0.04) Mar'17 Sep'17 Mar'18 Dec'18 Mar'19 Consolidated Net Debt EBDITA Consolidated Capacity (mtpa) India Operations : 2.50x * Acquisition of 21.2 mtpa capacity Jun’17 @ Acquisition of 6.25 mtpa capacity in Nov’1

  30. Slide 30: UltraTech Performance - India Operations

    ULTRATECH PERFORMANCE – INDIA OPERATIONS Domestic Volume (million tonnes) Turnover (` Crs) 69.70 35128 57.75 28930 20.47 10299 17.64 17.33 8750 8742 Q4 18 Q3 19 Q4 19 FY 18 FY 19 Q4'18 Q3'19 Q4'19 FY 18 FY 19 Operating EBITDA (` Crs) PAT (` Crs) 6597 2376 5883 988 2282 488 398 2231 1703 1398 Q4'18 Q

  31. Slide 31: Q4 Sales Performance - India Operations

    Q4 SALES PERFORMANCE – INDIA OPERATIONS We deliver what we promise MnT Q4 Annual Particulars CY LY % CY LY % Capacity (mtpa) 94.8 85.0 12 94.8 85.0 12 Domestic sales 20.47 17.64 16 69.70 57.75 21 Exports and others 0.83 0.82 1 3.00 2.90 4 Total 21.30 18.47 15 72.70 60.65 20 A year of robust volume

  32. Slide 32: Logistics Cost Trends

    LOGISTICS COST TRENDS Logistics Costs (`/t) Sequential costs decrease 2 % due to:  Full benefit from axle load relaxation 1,166 1,169  Reduction in diesel prices 7% (Gain: Rs.15/t) 1146  Increased movement through railways  Costs increased somewhat owing to: - A marginal increase in lead distanc

  33. Slide 33: Energy Cost Trends

    ENERGY COST TRENDS Energy Costs (`/t) Q-o-Q costs decrease 4 % due to:  Reduction in blended price of (imports/domestic) 1,105 pet coke by 7% 1057  Share of renewable energy in overall power mix increased : 100 bps 987  Consistent improvement in auxiliary consumption norms of thermal power plant

  34. Slide 34: Raw Materials Cost Trends

    RAW MATERIALS COST TRENDS Raw Materials Costs (`/t) Q-o-Q costs decrease 4% due to:  Savings resulting from a growing share 491 of value-added products 473 472  Increasing usage of low-cost materials Y-o-Y costs remain flat due to:  Impact of additional limestone royalties negated by savings from

  35. Slide 35: Other Costs Trends

    OTHER COSTS TRENDS Other Costs (`/t) Q-o-Q costs decrease due to: 679 595 575  Last quarter included impact of one-time plant improvement cost and annual maintenance cost in some plants  Cost synergies with the acquired capacities Q4 18 Q3 19 Q4 19 Note: Performance represents blended cost for Ind

  36. Slide 36: Q4: Abridged Profit & Loss Statement

    Q4 : ABRIDGED PROFIT & LOSS STATEMENT ` Crs Standalone India Operations* Particulars CY LY % CY LY % Revenues (Net of Taxes) 10334 8750 18 10299 8750 18 Operating Income 167 122 37 168 122 38 Other Income 140 111 27 123 111 11 Total Income 10640 8983 18 10590 8983 18 Expenses : 8287 7169 (16) 8185

  37. Slide 37: Income Statement (Standalone)

    INCOME STATEMENT (STANDALONE) ` Crs Q4 FY 19 Particulars CY LY % CY LY % 10334 8750 18 Revenues (net of taxes) 35105 28930 21 140 106 32 Other Income 471 595 (21) 2353 1814 30 EBITDA 6992 6483 8 23% 21% 2 Margin (%) 20% 22% (2) 371 340 (6) Finance costs 1419 1191 (19) 499 481 (4) Depreciation 2010

  38. Slide 38: Income Statement (India Operations)

    INCOME STATEMENT (INDIA OPERATIONS) ` Crs Q4 FY19 Particulars CY LY % CY LY % 21.30 18.47 15 Sales Volume (MnT) 72.70 60.65 20 10299 8750 18 Revenues (net of taxes) 35128 28930 21 123 106 17 Other Income 442 595 (26) 2406 1814 33 EBITDA 7039 6483 9 23% 21% 3 Margin (%) 20% 22% (2) 426 340 (25) Fin

  39. Slide 39: Income Statement (Consolidated)

    INCOME STATEMENT (CONSOLIDATED) ` Crs Q4 FY 19 Particulars CY LY % CY LY % 22.26 19.45 14 Sales Volume (MnT) 76.38 64.60 18 10739 9168 17 Revenues (net of taxes) 36775 30541 20 126 106 19 Other Income 438 584 (25) 2459 1892 30 EBITDA 7227 6734 7 23% 21% 2 Margin (%) 20% 22% (2) 434 349 (24) Financ

  40. Slide 40: Financial Position

    FINANCIAL POSITION ` Crs Consolidated Standalone Particulars 31.03.19 31.03.18 31.03.19 31.03.18 28401 26397 Shareholder’s funds 27948 25923 22818 19480 Loans 18118 17420 3542 3173 Deferred tax liabilities 3544 3174 54761 49051 Sources of funds 49610 46517 46243 42296 Fixed assets 40193 40782 2847 1

  41. Slide 41: Free Cash Flow FY19

    FREE CASH FLOW FY19 ` Crs Consolidated Particulars Standalone 4978 Operating Cash Profit (Net of Tax) 4852 (817) Change in Working Capital (686) 4161 Cash Flow from Operations (I) 4167 (1660) Capex for Maintenance & Expansion (II)* (1511) (346) Dividend Paid (III) (348) 2155 Cash Surplus (I+II+III)

  42. Slide 42: Financial Indicators

    FINANCIAL INDICATORS Consolidated Standalone Indicators 31.03.19 31.03.18 31.03.19 31.03.18 0.69 0.53 Net Debt: Equity 0.53 0.46 2.71 2.09 Net Debt / EBITDA 2.13 1.85 3.3 4.0 Interest Cover (EBIT / Interest) 3.5 4.0 10.0% 9.7% ROCE 10.4% 9.9% 1034 961 Book Value (Rs/Share) 1018 944 88.7 80.9 EPS (Rs

  43. Slide 43: Historical Performance Trend

    Historical Performance Trend

  44. Slide 44: EBITDA: Rs per Ton (India Operations)

    EBITDA: ` PER TON (INDIA OPERATIONS) 1308 125 1156 1122 1129 1051* 58 1036 128 992 132 979 81 971 968 98 81 1183 57 42 906 61 833* 831 1072 1028 85 990 970 911 939 32 922 929 62 907 801 821 769 FY15 FY16 FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 FY19 Operating Profit Other In

  45. Slide 45: Key Performance Trends (Consolidated)

    KEY PERFORMANCE TRENDS (CONSOLIDATED) Cement production (Million tons) Grey Cement sales volume (Million tons) 71.43 74.97 60.79 63.28 51.00 52.40 50.57 51.33 46.71 48.18 43.60 44.66 FY 14 FY 15 FY 16 FY17 FY18 FY19 FY 14 FY 15 FY 16 FY17 FY18 FY19 43

  46. Slide 46: Key Performance Trends - Revenue and EBITDA

    KEY PERFORMANCE TRENDS (CONSOLIDATED) Revenue * (` Cr) EBIDTA * (` Cr) 36775 7227 30541 6734 24880 25092 5861 24056 5365 21443 4776 4358 FY 14 FY 15 FY 16 FY17 FY18 FY 19 FY 14 FY 15 FY 16 FY17 FY18 FY 19 *Note: Figures of FY15 & prior are reported nos. as per previous Indian Accounting Standards 44

  47. Slide 47: Grey Cement Costs Trends - Energy

    GREY CEMENT COSTS TRENDS (INDIA OPERATIONS) Energy Cost (` / Mt) Comparative Cost (Trend TPP / WHRS ) TPP Rate WHRS Rate 1071 979 951 938 824 763 FY 14 FY 15 FY16 FY17 FY18 FY 19 FY 14 FY 15 FY16 FY17 FY18 FY 19 Fuel Mix - Kiln FY14 FY15 FY16 FY17 FY18 FY 19 Power Mix FY14 FY15 FY16 FY17 FY18 FY 19

  48. Slide 48: Grey Cement Costs Trends - Raw Materials and Logistics

    GREY CEMENT COSTS TRENDS (INDIA OPERATIONS) Raw Materials Cost (` / Mt) Logistics Cost (` / Mt) 1167 491 1124 473 1099 467 464 1075 1074 444 419 976 FY 14 FY 15 FY 16 FY17 FY18 FY 19 FY 14 FY 15 FY16 FY17 FY18 FY 19 Mix FY14 FY15 FY 16 FY17 FY18 FY19 Rail 34% 29% 28% 25% 24% 23% INFLATIONARY COSTS T

  49. Slide 49: Key Inputs: Historical Price Trends

    KEY INPUTS: HISTORICAL PRICE TRENDS Pet coke Price Trend 114 116 109 111 101 98 94 94 88 84 77 56 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Pet coke Price Trend (US$/t) Diesel Price Trend 74 72 69 68 65 61 60 59 59 57 54 55 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'1

  50. Slide 50: Building India's Pride

    ADITYA BIRLA BUILDING INDIA'S PRIDE

  51. Slide 51: Quarterly Performance Trends (Standalone)

    QUARTERLY PERFORMANCE TRENDS (STANDALONE) ` Crs Particulars Q4FY19 Q3FY19 Q2FY19 Q1FY19 Q4FY18 Q3FY18 Q2FY18 Q1FY18 Capacity (MTPA) 88.5 88.5 88.5 88.5 85.0 85.0 85.0 85.0 Capacity Utilisation (%) 85% 76% 67% 77% 80% 69% 59% 78% Grey Sales Volume (MnT) 20.47 17.15 15.43 17.17 18.07 15.52 12.84 12.90

  52. Slide 52: Quarterly Performance Trends (Standalone) contd

    QUARTERLY PERFORMANCE TRENDS (STANDALONE) CONTD… ` Crs Particulars Mar’19 Dec’18 Sep’18 Jun’18 Mar’18 Dec’17 Sep’17 Jun’17 FINANCIAL POSITION Net Fixed Assets incl. CWIP 40193 40282 40529 40628 40782 40705 40531 40550 NWC + Derivative Assets 205 1181 1141 226 (428) 3 268 (709) Shareholders Fund 2794

  53. Slide 53: Quarterly Performance Trends (Consolidated)

    QUARTERLY PERFORMANCE TRENDS (CONSOLIDATED) ` Crs Particulars Q4FY19 Q3FY19 Q2FY19 Q1FY19 Q4FY18 Q3FY18 Q2FY18 Q1FY18 Capacity (MTPA) 98.8 98.8 92.5 92.5 89.0 89.0 89.0 89.0 Capacity Utilisation (%) 83% 75% 68% 77% 81% 70% 60% 78% Grey Sales Volume (MnT) 21.85 18.87 16.24 18.01 19.05 16.56 13.72 13.

  54. Slide 54: Quarterly Performance Trends (Consolidated) contd

    QUARTERLY PERFORMANCE TRENDS (CONSOLIDATED) CONTD… ` Crs Particulars Mar’19 Dec’18 Sep’18 Jun’18 Mar’18 Dec’17 Sep’17 Jun’17 FINANCIAL POSITION Net Fixed Assets incl. CWIP 46243 46693 42160 42195 42296 42298 42172 42178 NWC + Loans + Derivative Assets 1854 3379 1962 1041 266 700 924 (8) Shareholders

  55. Slide 55: Historical Performance Trends (Standalone)

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) ` Crs Particulars FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Capacity (MTPA) 88.5 85.0 66.3 64.7 60.2 54.0 50.9 48.8 48.8 23.1 Capacity Utilisation (%) 76% 71% 72% 76% 75% 79% 82% 83% 81% 88% Grey Cement Volume (MnT) 70.0 59.3 48.9 48.0 44.8 41.5 40.

  56. Slide 56: Historical Performance Trends (Standalone) contd

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) CONTD… ` Crs Particulars Mar’19 Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 FINANCIAL POSITION Net Fixed Assets incl. CWIP 40193 40782 24387 24499 23632 18650 17415 14798 12506 5201 NWC + Derivative Assets 205 (428) (840) 21 223 551 25 16

  57. Slide 57: Free Cash Flow Statement (Standalone)

    FREE CASH FLOW STATEMENT STANDALONE ` Crs Particulars FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Operating Cash Profit (Net of Tax) 4852 5684 4890 4279 4427 3497 4266 3797 2311 1705 Change in Working Capital (686) (608) 289 914 236 21 (229) (143) (118) (87) Cash Flow from Operations (I) 4167

  58. Slide 58: Historical Performance Trends (Consolidated)

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) ` Crs Particulars FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Capacity (MTPA) 98.8 89.0 70.3 67.7 63.2 57.0 53.9 51.8 51.8 23.1 Capacity Utilisation (%) 76% 72% 74% 77% 76% 80% 82% 84% 81% 88% Grey Cement Volume (MnT) 75.0 63.3 52.4 51.3 48.2 44.7 4

  59. Slide 59: Historical Performance Trends (Consolidated) contd

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) CONTD… ` Crs Particulars Mar’19 Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 FINANCIAL POSITION Net Fixed Assets incl. CWIP 46243 42296 26039 26127 25186 20090 18733 15999 13505 5218 NWC + Loans + Derivative Assets 1854 266 (188) 667 780

  60. Slide 60: Income Statement (Standalone) US$ Mn

    INCOME STATEMENT (STANDALONE) US$ Mn Q4 FY19 Particulars CY LY % CY LY % 1466 1241 18 Revenues (net of taxes) 4981 4105 21 20 15 32 Other Income 67 84 (21) 334 257 30 EBITDA 992 920 8 23% 21% 2 Margin (%) 20% 22% 2 53 48 (11) Finance costs 201 169 (19) 71 68 (4) Depreciation 285 250 (14) 210 109 9

  61. Slide 61: Income Statement (India Operations) US$ Mn

    INCOME STATEMENT (INDIA OPERATIONS) US$ Mn Q4 FY19 Particulars CY LY % CY LY % 1461 1241 18 Revenues (net of taxes) 4984 4105 21 18 15 17 Other Income 63 84 (26) 341 257 33 EBITDA 999 920 9 23% 21% 2 Margin (%) 20% 22% (2) 60 48 (25) Finance costs 213 169 (26) 75 68 (9) Depreciation 291 250 (16) 2

  62. Slide 62: Income Statement (Consolidated) US$ Mn

    INCOME STATEMENT (CONSOLIDATED) US$ Mn Q4 FY19 Particulars CY LY % CY LY % 1524 1301 17 Revenues (net of taxes) 5218 4333 20 18 15 19 Other Income 62 83 (25) 349 268 30 EBITDA 1025 955 7 23% 21% 2 Margin (%) 20% 22% (2) 62 50 (24) Finance costs 220 176 (25) 78 84 7 Depreciation 304 279 (9) 210 103

  63. Slide 63: Financial Position US$ Mn

    FINANCIAL POSITION US$ Mn Consolidated Standalone Particulars 31.03.19 31.03.18 31.03.19 31.03.18 4030 3745 Shareholder’s funds 3965 3678 3238 2764 Loans 2571 2472 503 450 Deferred tax liabilities 503 450 7770 6960 Sources of funds 7039 6600 6561 6001 Fixed assets 5703 5786 404 147 Goodwill - - 464

  64. Slide 64: Historical Performance Trends (Standalone) US$ Mn

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) US$ Mn Particulars FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Capacity (MTPA) 88.5 85.0 66.3 64.7 60.2 54.0 50.9 48.8 48.8 23.1 Capacity Utilisation (%) 76% 71% 72% 76% 75% 79% 82% 83% 81% 88% Grey Cement Volume (MnT) 70.0 59.3 48.9 48.0 44.8 41.5 40

  65. Slide 65: Historical Performance Trends (Standalone) contd US$ Mn

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) CONTD… US$ Mn Particulars Mar’19 Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 FINANCIAL POSITION Net Fixed Assets incl. CWIP 5703 5786 3460 3476 3353 2646 2471 2100 1774 738 NWC + Derivative Assets 29 (61) (119) 3 32 78 4 23 43 25 Sharehol

  66. Slide 66: Historical Performance Trends (Consolidated) US$ Mn

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) US$ Mn Particulars FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Capacity (MTPA) 98.8 89.0 70.3 67.7 63.2 57.0 53.9 51.8 51.8 23.1 Capacity Utilisation (%) 76% 72% 74% 77% 76% 80% 82% 84% 81% 88% Grey Cement Volume (MnT) 75.0 63.3 52.4 51.3 48.2 44.7

  67. Slide 67: Historical Performance Trends (Consolidated) contd US$ Mn

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) CONTD… US$ Mn Particulars Mar’19 Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 FINANCIAL POSITION Net Fixed Assets incl. CWIP 6561 6001 3694 3707 3573 2850 2658 2270 1916 740 NWC + Loans + Derivative Assets 263 38 (27) 95 111 128 53 60 70

  68. Slide 68: Disclaimer

    Disclaimer Statements in this “Presentation” describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Impor

UltraTech Cement — Investor Presentation (May 2019) on 6ix