Ultratech Cement Limited · NSE:ULTRACEMCO
Ultratech Cement — Investor Presentation (June 2021)
67 slides from Ultratech Cement's investor presentation, Jun 17, 2021
Slide 1: UltraTech Cement Limited
17th June, 2021 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. Bandra (East), Mumbai 400 051. Tel.: 2272 1233/34 Tel.: 26598236
Slide 2: BIG IN YOUR LIFE
UltraTech Cement Limited BIG IN YOUR LIFE STOCK CODE: BSE: 532538 NSE: ULTRACEMCO REUTERS: UTCL.NS BLOOMBERG: UTCEM IS / UTCEM LX
Slide 3: Contents
Contents 01 02 03 04 Aditya Birla Group Indian UltraTech Operational and Financial Overview Cement Sector Landscape Performance GLOSSARY: MNT – Million Metric Tons, LMT – Lakh Metric Tons, MTPA – Million Tons Per Annum, MW – Mega Watts, Q1 – April-June, Q2 – July-September, Q3 – October-December, Q4
Slide 4: Aditya Birla Group - Overview
Aditya Birla Group - Overview
Slide 5: Aditya Birla Group - Overview
Aditya Birla Group - Overview ◼ # 1 cement player in India ◼ # 3 largest cement player globally (ex - China) PREMIUM GLOBAL ◼ # 1 in VSFglobally ◼ A global metal powerhouse CONGLOMERATE ◼ # 1 in chlor-alkali inIndia ◼ # 1 in aluminum rolling globally USD ~46 billion Corporation In the League of Fort
Slide 6: UltraTech Cement
UltraTech Cement India’s largest cement company India’s Largest Selling CementBrand Leading RMC player in India Market Capof FY21 ConsolidatedRevenue 3rd largest cementplayer with 130+plants ~USD26bn* ~USD 5.9bn globally (ex - China) Different Products to Leading Player of White 1.7 bn bags of cemen
Slide 7: Vision and Mission
Building the Sustainable Future Enhanced Stakeholder Value VISION To be The Leader in Building Solutions Socially responsible Profitable growth Strong financials Premium brand Market leader Innovation Sustainability MISSION To deliver superior valueto stakeholders on the four pillarsof Customer Team
Slide 8: Diversified product portfolio catering a full suite of building solutions
Diversified product portfolio catering a full suite of building solutions Conventional: Positioning cement at Contemporary: Providing an umbrella the core of all construction Building solutions of related construction products and services Current capacity Leading player 130+ RMC plants in 2,518 out
Slide 9: Birla White: Building a Robust Portfolio
Birla White: Building a Robust Portfolio Products Range 2002-2006 1988 2001 Launch of VAPs, White Cement White Putty Textura, Levelplast 8 2012-2014 2018-2020 Launch of Pre-cote, Launch of 3 New VAPs New Putty Facility Fragrance Putty 8
Slide 10: UltraTech RMC
UltraTech RMC Product offering based on the requirement Performance based Usage based Decorative Green Concrete Concrete Concrete Concrete ◼ UltraTech is the first commercial RMC manufacturer in the country to adopt concrete recycling technology. ◼ UltraTech is India’s first company to meet the requ
Slide 11: UltraTech Building Solutions
UltraTech Building Solutions One-stop building solution for the retail customer 2,518 UltraTech Helps to increase the share of Building Solutions outlets customer wallet Benefits for Home Builders ◼ Convenience, trust empowerment Benefits for Dealers ◼ Increase in earning capacity ◼ Better fit with
Slide 12: UltraTech Building Products
UltraTech Building Products Dry Mix Mortars Environment Synergy friendly ◼ In line with our vision ◼ Environment (M-Sand helping ‘To be THE LEADER in conserve sand beds; less water Building Solutions’ needed in curing) ◼ Forward integration of ◼ Society (Homogenous end the cement business product; b
Slide 13: Board of Directors
Board of Directors ◼ Chairman of the Aditya Birla Group since 1995 Kumar MangalamBirla ◼ Chairs the Boards of all the Aditya Birla Group’s major companies in India (Hindalco, Grasim, Vodafone Idea, Aditya Birla Capital and UltraTech Cement) and globally; Global companies include Novelis, Birla Carbo
Slide 14: Board of Directors
Board of Directors Arun Adhikari ◼ Alumni of the Indian Institute of Technology, Kanpur and the Indian Institute of Management, Calcutta IndependentDirector ◼ Areas of expertise - sales and marketing, culminating in general management and leadership roles ◼ Masters in Law from the University of Bomb
Slide 15: Management Team
Management Team Mr KC Jhanwar ◼ Chartered Accountant with over 40 years experience of which 39 years is with the Aditya Birla Group Managing Director ◼ Operations and General Management across the Cement and Chemicals Business of the Aditya Birla Group, including greenfield and brownfield expansions
Slide 16: Shareholding Pattern
Shareholding Pattern 6 2 Promoter Group 16 Foreign Portfolio Investors (FPI) As on 31st March, 2021 Mutual Fund (MF), Institutions, Insurance & Bodies Corporate 59 18 Other Public Holding GDRs Key Foreign Portfolio Investors (FPI) Key Domestic Mutual Funds, Insurance & Institutional Investors Name H
Slide 17: Indian Cement Sector
Indian Cement Sector
Slide 18: Indian Cement Industry - Overview
Indian Cement Industry - Overview …but remains a highly underpenetrated market India is the second largest cement …but remains a highly underpenetrated market producer in the world… Global cementproduction (per capita cement consumption in kg)1 World average : 500-550 2 3 Source: CRISIL Research Not
Slide 19: Standalone local market sizes comparable to key cement producing countries
Standalone local market sizes comparable to key cement producing countries Latest Cement Capacity (mtpa)1 North India: ~106 mtpa Brazil: ~100 mtpa East India: ~109 mtpa Vietnam: ~119 mtpa Central India: ~69 mtpa Mexico: ~60 mtpa West India: ~71 mtpa Italy + Germany: ~79 mtpa South India: ~162 mtpa T
Slide 20: Demand Growth Drivers
Demand Growth Drivers ▪ Strong demand from IT / ITES, ▪ Rural demand rising with the historically - like Chennai, Bangalore improvement in rural economy and Hyderabad ▪ Good monsoons for FY21 should Commercial support for healthy cash flows in ▪ Private sector Capex is slow and Industrial rural mark
Slide 21: Sector Highlights – Budget 2021
Sector Highlights – Budget 2021 Key projects Government capital Total capital outlay on announced in states of expenditure on key Roads is up 10% to Rs Kerala, Tamil Nadu, Capital expenditure infrastructure up by Assam and West Bengal, budgeted at a robust 1.73 Lakh crores from 15.6% to Rs 2.4 Lakh
Slide 22: UltraTech Landscape
UltraTech Landscape
Slide 23: UltraTech - India Footprint
UltraTech - India Footprint ◼ 23 Integrated Units1 (IU) ◼ 27 Grinding Units2 (GU) ◼ 7 Bulk Packaging Terminals3 (Sea + Rail) ◼ 1 White Cement & 1 Putty Unit ◼ 5 Jetties Zonal Capacity (mtpa) UTCL Industry UTCL Sharein Zones UTCL Capacity Mix Capacity Industry North 23.8 21% ~106 23% Central 23.3 21%
Slide 24: UltraTech is actively addressing the growth opportunity across the country
UltraTech is actively addressing the growth opportunity across the country North Total expected new capacity by FY23: Clinker–2.7 MnT Clinker Cement Cement–2.5 MnT 11.4 MnT 19.5 MnT Q3–FY23 Central North Expected UltraTech capacity addition to enhance capacity share Clinker–6.0 MnT Industry Capacity
Slide 25: End-to-end capabilities with integrated operations
End-to-end capabilities with integrated operations Strong manufacturing capability with control over supply chain Captive Raw material Cement production power generation Limestone ◼ Captive power plant generates 1,170MW of Particulars UOM Current ◼ Key input for manufacturing cement power Grey Cemen
Slide 26: Nationwide reach with strong logistics presence across India
Nationwide reach with strong logistics presence across India ~4.65mn bags per day1 ~23,000 destinations ~60% lifting by GPS enabled fleet Integrated model ~30,000 orders processed daily Integrated Unit Grinding Unit Bulk Terminals Jetty Jetty Inland water transport One of the few cement companies in
Slide 27: Extensive Technical Support to the Distribution Network
Extensive Technical Support to the Distribution Network ◼ Over 1,2001 personnel deployed to provide technical support to home builders, engineers, architects, contractors ◼ Mobile concrete vans providing on-site testing, civil engineering, tips and advisories Homebuilders ▪ Provides construction tip
Slide 28: Digitally connected with Sales and Distribution Network
Digitally connected with Sales and Distribution Network ◼ One UltraTech: Easy ordering and real time tracking, ◼ Platform to engage with dealers, single view of data across various parameters retailers, masons, contractors, ◼ UltraTech - Prashikshan Pahal: To provide basic architects knowledge about
Slide 29: ESG at UltraTech
ESG at UltraTech
Slide 30: UltraTech Sustainability Strategy
UltraTech Sustainability Strategy ❑ Sustainability is an integral part of Carbon offset projects in Internal carbon Water recycling Groundwater UltraTech’s operations community pricing recharging ❑ Chief Sustainability Officer to manage sustainability related Rainwater harvesting initiatives reporti
Slide 31: ESG at UltraTech: SBTi targets validated
ESG at UltraTech: SBTi targets validated ✓ Data analysis to ✓ Letter submitted finalize base year SBTi targeting ✓ Press release on to SBTi 11th March method and tool March to August to December to July 2020 August 2020 November 2020 March 2021 June 2020 January 2021 UltraTech joined the growing lis
Slide 32: ESG at UltraTech: Path to meet SBTi targets
ESG at UltraTech: Path to meet SBTi targets Use of decision o Use of internal carbon price making tools o Adoption of TCFD framework o Low clinker cement Reduce carbon Product mix intensity by o Product that reduces usage of other resources ~27% by 2032 as compared to o Alternative fuel and clean en
Slide 33: ESG at UltraTech: Continuous Improvement
ESG at UltraTech: Continuous Improvement Zero Carbon Green Energy Water Positive Biodiversity (Project Jal) 21.5%* 13% * 3.90* 8* 19.10% 2.80 11% 2.60 18.50% 5 10% 2.50 17.60% 3 7% 1 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 Target: Target: Target: Target: Reduc
Slide 34: ESG at UltraTech
ESG at UltraTech People benefited: 1.6 million Education ➢ Child Education Education for: ➢ Women Empowerment 0.1 million children Social ➢ Pro-active engagement with local Change Healthcare CSR at Rural Health Camps for: communities and other UltraTech 0.2 million people stakeholders ➢ Awareness ab
Slide 35: Board Structure and Compliance
Board Structure and Compliance Shareholders Independent Directors 50% Board of Directors Nomination, Remuneration and Stakeholders Woman Directors 30% Audit Relationship Compensation Risk Management Corporate Social Board Attendance >90% Finance and Sustainability Responsibility Executive Management
Slide 36: UltraTech: Policies governing our business
UltraTech: Policies governing our business 1. Sustainability Policy 10. Supplier Code of Conduct 2. Code of Conduct 11. Human Rights Policy 3. Tax Policy 12. Safety Policy 4. Policy on Related Party Transaction 13. Occupational Health Policy 5. Whistleblower Policy 14. Energy & Carbon Policy 6. CSR
Slide 37: Operational and Financial Performance
Operational and Financial Performance
Slide 38: Performance At a Glance Q4FY21
Performance At a Glance Q4FY21 Consolidated Rs. 14,232 Cr Rs. 3,751 Cr Rs. 2,676 Cr Rs. 1,814 Cr Particulars Revenues EBITDA PBT ^ PAT ^ Growth - YoY 33% 42% 83% 61% Margin% 26% 19% 13% Margin Increase – YoY 2% 5% 2% Earnings per share (Rs.) (Trailing 12 months) 192 Rising quarterly EBITDA ^Before o
Slide 39: Performance At a Glance FY21
Performance At a Glance FY21 Consolidated Rs. 44,239 Cr Rs. 12,302 Cr Rs. 8,116 Cr Rs. 5,530 Cr Particulars Revenues EBITDA PBT ^ PAT ^ Growth - YoY 6% 24% 57% 52% Margin% 28% 18% 12% Margin Increase – YoY 4% 6% 4% Earnings per share (Rs.) 192 EPS growth: 52% ^Before one-time exceptional item 38
Slide 40: UltraTech: Financial Strength
UltraTech: Financial Strength 18,000 16,981 2.00 16,000 1.80 14,651 1.72 1.60 14,000 12,132 12,000 1.60 1.40 Consolidated Net Debt 1.20 10,000 9,436 1.22 8,000 1.00 • Reduction of Rs 10,264 Crs 6,717 0.80 6,000 0.84 • Net Debt / EBITDA : 0.55 x 0.60 4,000 0.55 0.40 • Net Debt / Equity : 0.15 x 2,000
Slide 41: Sales Performance: Q4 FY21
Sales Performance: Q4 FY21 Grey RMC White Export and India Overseas Consolidated Cement Cement Others Operations Volumes (Mnt) 25.95 132 0.42 0.22 26.59 1.41 27.78 No of RMC plants Growth 30% 23 31% -19% 30% -3% 28% No of RMC plants Revenues (Rs Crs) 12,251 671 558 277 13,757 532 14,232 Growth 36% 3
Slide 42: Sales Performance: FY21
Sales Performance: FY21 Grey White Export and India Overseas Consolidated Cement Cement Others Operations Volumes (Mnt) 80.18 1.32 1.07 82.56 4.90 86.42 Growth 5% 1% 0.2% 5% -8% 4% Revenues (Rs Crs) 38,090 1,779 2,710 42,578 1,954 44,239 Growth 8% 3% 4% 7% -9% 6% 41
Slide 43: Logistics Cost Trend
Logistics Cost Trend 1176 Logistics cost (Rs./mt) 1149 27 YoY cost increased: 2% • Diesel price higher by ~22% 56 • Due to change in market mix Q4FY20 Q4FY21 Logistics cost v/s Diesel Price Index) 141 129 116 107 123 QoQ cost remained flat 100 107 102 89 • Rail freight discount Q1 18 Q4 20 Q3 21 Q4
Slide 44: Energy Cost Trend
Energy Cost Trend 978 Energy cost (Rs./mt) YoY cost increased: 7% 914 64 • Green power share in power mix raised 56 to 12.3% (LY: 11.5%) • Reduced power consumption by 2% • Increase in Petcoke / Coal prices Q4FY20 Q4FY21 Energy cost v/s Pet coke Price Index 133 QoQ cost increased: 3% 105 100 109 112
Slide 45: Raw Material Cost Trend
Raw Material Cost Trend Raw Material cost (Rs./mt) YoY cost increased: 4% 520 497 23 • Diesel price hike impacted inbound 56 transportation • Improved clinker to cement conversion ratio Q4FY20 Q4FY21 Conversion ratio and Fly ash Prices (Index) Trends 109 QoQ cost increased: 4% 108 106 100 102 • Incr
Slide 46: Other Cost Trend
Other Cost Trend 659 YoY cost decreased: 5% Other Cost (Rs./mt) 31 628 • Lower Fixed Cost – 2 % YoY 56 • Higher Volumes ~30% Q4FY20 Q4FY21 WPI (Index) Trend QoQ cost decreased: 2% 108 113 100 110 • Higher Volumes ~17% • Increase in packing cost Q1 18 Q4 20 Q3 21 Q4 21 FY21: Fixed cost reduction of ~
Slide 47: Q4 FY21 Financial Performance
Q4 FY21 Financial Performance Rs Crs UTCL Standalone India Operations Particulars CY LY % CY LY % Revenues (Net of Taxes) 13,784 10,237 35 13,757 ^ 10,200^ 35 Operating Income 181 123 47 190 167 14 Other Income 84 224 (62) 82 212 (61) Total Income 14,050 10,584 33 14,029 10,578 33 Expenses : Raw Mat
Slide 48: Income Statement : Q4FY21
Income Statement : Q4FY21 Rs Crs Consolidated India Operations Particulars CY LY % CY LY % 14232 10689 33 Revenues (net of taxes)^ 13757 10200 35 3751 2645 42 EBITDA 3687 2592 42 26% 25% 2 Margin (%) 27% 25% 1 377 506 25 Finance costs 367 485 24 698 678 (3) Depreciation and Amortization 670 646 (4
Slide 49: FY21 Financial Performance
FY21 Financial Performance Rs Crs UTCL Standalone India Operations Particulars CY LY % CY LY % Revenues (Net of Taxes) 42,677 40,033 7 42,578 ^ 39,923^ 7 Operating Income 511 616 (17) 537 696 (23) Other Income 789 727 9 746 646 16 Total Income 43,977 41,376 6 43,860 41,265 6 Expenses : Raw Materials
Slide 50: Income Statement : FY21
Income Statement : FY21 Rs Crs Consolidated India Operations Particulars CY LY % CY LY % 44239 41781 6 Revenues (net of taxes)^ 42578 39923 7 12302 9898 24 EBITDA 12055 9724 24 28% 24% 4 Margin (%) 28% 24% 4 1486 1992 25 Finance costs 1443 1926 25 2700 2723 1 Depreciation and Amortization 2573 259
Slide 51: Financial Position
Financial Position Rs Crs Consolidated India Operations Particulars Mar-20 Mar-21 Mar-20 Mar-21 60724 64482 Capital Employed* 59287 64432 12.0% 15.3% ROCE* 12.2% 15.3% 12.1% 15.6% ROE* 11.9% 15.1% * Excluding Goodwill Value creation for Shareholders 50
Slide 52: Financial Indicators
Financial Indicators Consolidated India Operations Indicators Mar-20 Mar-21 Mar-20 Mar-21 0.43 0.15 Net Debt: Equity 0.39 0.15 1.72 0.55 Net Debt / EBITDA 1.55 0.53 3.60 6.46 Interest Cover (EBIT / Interest) 3.70 6.57 12.0% 15. 3% ROCE* 12.2% 15.3% 1353 1531 Book Value (₹/Share) 1335 1509 126.3 191.
Slide 53: Historical Performance Trend
Historical Performance Trend
Slide 54: Key Performance Trends - Consolidated
Key Performance Trends - Consolidated Cement Production (Million tons) Grey Cement Sales Volume (Million tons) 81.81 85.10 84.64 82.72 80.82 80.00 63.28 60.79 51.00 52.40 50.57 51.33 48.18 46.71 FY 15 FY 16 FY17 FY18 FY19 FY 20 FY21 FY 15 FY 16 FY17 FY 18 FY 19 FY 20 FY21 53
Slide 55: Key Performance Trends - Consolidated
Key Performance Trends - Consolidated Revenue (Rs Crs) EBITDA (Rs Crs) 41052 41781 44239 12302 9898 30541 25092 7807 24880 24056 6734 5861 5365 4776 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY21 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 54
Slide 56: Grey Cement Costs Trends – India Operations
Grey Cement Costs Trends – India Operations Energy Cost (Rs / Mt) Comparative Cost (TPP / WHRS ) TPP Rate WHRS Rate 4.9 1065 4.8 4.5 4.5 4.3 985 978 979 3.8 3.7 938 824 763 0.6 0.6 0.7 0.7 0.8 0.7 0.4 FY 15 FY16 FY17 FY18 FY 19 FY20 FY21 FY 15 FY16 FY17 FY18 FY 19 FY 20 FY 21 Fuel Mix - Kiln FY15 FY
Slide 57: Grey Cement Costs Trends – India Operations
Grey Cement Costs Trends – India Operations Raw Materials Cost (Rs/ Mt) Logistics Cost (Rs / Mt) 520 1187 1176 491 493 1144 467 473 1124 464 1099 444 1075 1074 FY 15 FY 16 FY17 FY18 FY 19 FY 20 FY 21 FY 15 FY16 FY17 FY18 FY 19 FY 20 FY 21 Mix FY15 FY 16 FY17 FY18 FY19 FY20 FY21 Rail 29% 28% 25% 24%
Slide 58: Key Inputs: Historical Price Trends
Key Inputs: Historical Price Trends Pet coke Price Trend 125 114 114 116 98 95 91 80 70 70 71 74 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Petcoke Consumption Price Trend (US$/t) Diesel Price Trend 82 77 76 72 74 69 68 68 68 69 68 68 Q1FY19 Q2FY19 Q3FY19 Q4F
Slide 59: Quarterly Performance Trends – India Operations
Quarterly Performance Trends – India Operations Rs Crs Particulars Q4FY21 Q3FY21 Q2FY21 Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 Q4FY19 Q3FY19 Q2FY19 Q1FY19 Q4FY18 Capacity (MTPA) 111.4 111.4 111.4 111.4 111.4 109.4 109.4 109.4 111.9 109.4 103.1 103.1 85.0 Capacity Utilisation (%) 93% 80% 66% 46% 74% 69%
Slide 60: Quarterly Performance Trends – India Operations
Quarterly Performance Trends – India Operations Rs Crs Particulars Mar’21 Dec’20 Sep’20 Jun’20 Mar’20 Dec’19 Sep’19 Mar’19 Dec’18* Sep’18* Jun’18* Mar’18 FINANCIAL POSITION Net Fixed Assets incl. CWIP 51281 50814 51069 51296 51748 51861 51934 51778 44792 40529 40628 40782 NWC + Derivative Assets (23
Slide 61: Annual Performance Trends – India Operations
Annual Performance Trends – India Operations Rs Crs Particulars FY21 FY20 FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 Capacity (MTPA) 111.4 111.4 109.4 85.0 66.3 64.7 60.2 54.0 50.9 48.8 48.8 Capacity Utilisation (%) 71% 69% 76% 71% 72% 76% 75% 79% 82% 83% 81% Grey Cement Volume (MnT) 81.25 77.5 81
Slide 62: Annual Performance Trends – India Operations
Annual Performance Trends – India Operations Rs Crs Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 FINANCIAL POSITION Net Fixed Assets incl. CWIP 51281 51748 51778 40782 24387 24499 23632 18650 17415 14798 12506 NWC + Derivative Assets (2336) 87 368 (428) (8
Slide 63: Quarterly Performance Trends - Consolidated
Quarterly Performance Trends - Consolidated Rs Crs Particulars Q4FY21 Q3FY21 Q2FY21 Q1FY21 Q4FY20 Q3FY20 Q2FY20 Q1FY20 Q4FY19 Q3FY19 Q2FY19 Q1FY19 Capacity (MTPA) 116.8 116.8 116.8 116.8 116.8 115.4 115.4 115.4 115.4 115.4 107.1 107.1 Capacity Utilisation (%) 92% 81% 65% 47% 74% 69% 69% 73% 84% 72%
Slide 64: Quarterly Performance Trends - Consolidated
Quarterly Performance Trends - Consolidated Rs Crs Particulars Mar’21 Dec’20 Sep’20 Jun’20 Mar’20 Dec’19 Sep’19 Mar’19^ Dec’18* Sep’18* Jun’18* FINANCIAL POSITION Net Fixed Assets incl. CWIP 53045 52609 52727 53045 53523 53675 53753 53440 46693 42160 42195 NWC + Derivative Assets (2031) (1177) (708)
Slide 65: Annual Performance Trends - Consolidated
Annual Performance Trends - Consolidated Rs Crs Particulars FY21 FY20 FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 Capacity (MTPA) 116.8 116.8 115.4 89.0 70.3 67.7 63.2 57.0 53.9 51.8 51.8 Capacity Utilisation (%) 70% 70% 73% 72% 74% 77% 76% 80% 82% 84% 81% Grey Cement Volume (MnT) 85.10 81.8 84.6 6
Slide 66: Annual Performance Trends – Consolidated
Annual Performance Trends – Consolidated Rs Crs Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 FINANCIAL POSITION Net Fixed Assets incl. CWIP 53045 53692 53440 42296 26039 26127 25186 20090 18733 15999 13505 NWC + Loans + Derivative Assets (2031) 414 866 266
Slide 67: 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