Ultratech Cement Limited · NSE:ULTRACEMCO

Ultratech Cement — Investor Presentation (November 2018)

63 slides from Ultratech Cement's investor presentation, Nov 12, 2018

  1. Slide 1: Investor meeting and corporate dossier cover letter

    ADITYA BIRLA 12'" November, 2018 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.: 22721233/4

  2. Slide 2: UltraTech Investor Meeting — November 12, 2018

    UltraTech Investor Meeting — November 12, 2018 Oaktree Capital Management Sr. | Name No. 1__| Carmignac 2__| Tybourne Capital (P) Hongkong 3 __| GLG Partners 4 | Invesco 5 6 Putnam Investments

  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

    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 __Ultrafech _ ADITYA BIRLA GROUP OVERVIEW

  6. Slide 6: Aditya Birla Group - Overview

    ADITYA BIRLA GROUP - OVERVIEW  # 1 cement player in  A global metal India powerhouse  # 4 largest cement  # 1 in aluminum rolling player globally globally (ex ‐ China) PREMIUM GLOBAL CONGLOMERATE  # 1 in VSF globally US$ ~44.3 billion Corporation  # 1 in carbon black  # 5 largest producer of

  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 FY18 Consolidated Selling Brand ~ 110 plants ~ US$ 14 Bn Revenue ~ US$ 4.9 Bn Different Products to provide complete No.1 Player of White Building Solutions Cement & Cement ~ 1,200 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 14x 93 mtpa Current (Mkt Cap ~ US$14 bn) 7x  Acquired 21.2 mtpa capacity  #4 global cement player by capacity (ex. China) Aug'04 Mar'07 Mar'10 Mar'13 Mar'16 Current 52 mtpa Mkt Cap – US$7bn UTCL Share Price Trend BSE Sensex Trend  Organic Capacity addition:15 mtpa 2018  Group

  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% 9.6% Promoter Group 7.2% Foreign Portfolio Investors As on Mutual Fund, Institutions 30th Sep, 2018 20.9% 60.7% Other Public Holding GDRs Key Foreign Portfolio Investors Key Domestic Mutual Fund & Institutional Investors Name Holding (%) Name Holding (%) Aberdeen 2.64 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 ~ 465 mtpa after China ~3000 mtpa 2nd fastest‐growing cement market globally: Compounded Average Growth: ~7% (FY 2000 – FY2018) 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 co‐relation Industry reached to historical GDP multiple in FY18 post slowdown in last 3‐4 years Sustained cement consumption growth ~ 7% in last 17 years (2001 onward

  17. Slide 17: Demand-Supply Trend

    INDIAN CEMENT INDUSTRY DEMAND-SUPPLY TREND In MnT Incremental Supply ‐ 258 mnt > Demand ‐ 132 mnt S ‐ 51 mnt < D ‐ 84 mnt Industry capacity more than 160 507 doubled in last decade 492 473 128 145 456 417 428 402 376 379 363 351 34 310 328 296 325 Around 55 million tons capacity 276 269 272 214 230

  18. Slide 18: Sectoral Update – New Supplies

    SECTORAL UPDATE NEW SUPPLIES Industry to witness new capacity addition @ 15-17 mtpa All new supplies not fully integrated end to end Current capacity additions are backed by old limestone mining leases Demand growth @ 25-27 mnt > incremental supply Clinker capacity utilization for Industry > Cement

  19. Slide 19: 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.  2 years

  20. Slide 20: Sector Guidance

    SECTOR GUIDANCE  Demand expected to move above GDP  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 : ~ 10 mln houses sanctioned till now  Sa

  21. Slide 21: UltraTech Landscape

    ADITYA BIRLA Uratoch UltraTech Landscape

  22. Slide 22: UltraTech – A Snapshot

    ULTRATECH A SNAPSHOT Particulars UOM Current Growth Capacity  Consolidated capacity at 96.5* Mtpa Grey Cement (Incl. Overseas) Mtpa 96.5*  Proven Capabilities to Grow: Organically White Cement + Wall Care Putty Mtpa 1.5 51 Mtpa and Inorganically 46 Mtpa. RMC Mn. Cub. Mtr. 14.1 Captive Power Plants

  23. Slide 23: UltraTech – India Footprint

    ULTRATECH - INDIA FOOTPRINT  19 Integrated Units  20 Grinding Units  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 post – Sha

  24. Slide 24: Operational and Financial Performance

    Operational and Financial Performance

  25. Slide 25: Sectoral Update Q2 FY19 – State-wise Performance

    SECTORAL UPDATE Q2 FY19 STATE-WISE PERFORMANCE Vol. State/Region I LCH RH UH C Key drivers Gr. Haryana Infrastructure Delhi + NCR Rains impacted demand Punjab Rains impacted demand Himachal Pradesh Impact of rains and transport strike Rajasthan Infrastructure North Infrastructure Madhya Pradesh Rain

  26. Slide 26: Sectoral Update Q2 FY19 – State-wise Performance

    SECTORAL UPDATE Q2 FY19 STATE WISE PERFORMANCE State / Region Vol. Gr. I LCH RH UH C Key Drivers West Bengal Infrastructure Bihar Infrastructure, IHB and PMAY Jharkhand Infrastructure and PMAY Odisha Infrastructure and IHB Chhattisgarh Infrastructure East Infrastructure, IHB and PMAY Andhra Pradesh

  27. Slide 27: Acquired Assets – Transformation Journey

    ACQUIRED ASSETS TRANSFORMATION JOURNEY : COMPLETION OF A YEAR Assets fully integrated for branding, pricing, operations, safety standards, internal controls & systems and people management Cost integration: ~ 60% capacity operating at UTCL costs level (Excl. structural cost gap) Avg. Heat Existing P

  28. Slide 28: Acquired Assets – Next Steps, Cost Improvement

    ACQUIRED ASSETS NEXT STEPS … COST IMPROVEMENT MEASURES Achieving consistent efficiency Capex for Waste Heat Recovery norms of UltraTech quality Systems (support to arrest standards structural cost differences) PROJECT STATUS Construction at Bara GU Dalla clinker unit likely to be progressing as per

  29. Slide 29: Sales Performance (Standalone)

    SALES PERFORMANCE (STANDALONE) Mnt Q2 H1 Particulars CY LY % CY LY % Capacity (mtpa) 88.5 85.0 4 88.5 85.0 4 Domestic sales 15.1 12.4 21 31.9 25.0 28 Exports and others 0.7 0.7 1.3 1.3 Total 15.7 13.1 20 33.2 26.3 26 Growing faster than industry 27

  30. Slide 30: Logistics Cost Trends

    LOGISTICS COST TRENDS (GREY CEMENT) Logistics Cost (Rs/t) Q-o-Q cost declined ~ 4% Cost share Benefit from 1199 1155 Exemption from Lead Some benefit Railway busy reduction started flowing 1089 season benefit in for axle load surcharge (Gain ~ 4%) increase (Gain: ~4%) Q2 18 Q1 19 Q2 19 Gain in costs

  31. Slide 31: Energy Cost Trends

    ENERGY COST TRENDS (GREY CEMENT) Q-o-Q costs increased 7 % Cost Energy Cost (Rs/t) share Impact of Rupee Higher consumption 7% depreciation norms due to annual 1099 (Impact: ~3%) plant maintenance 1028 (Impact: ~2%) 925 Y-o-Y cost increased 19% Q2 18 Q1 19 Q2 19 Increased coal and Increased custom d

  32. Slide 32: Raw Material Cost Trends

    RAW MATERIAL COST TRENDS (GREY CEMENT) Q-o-Q costs remained flat Cost Raw Materials Cost (Rs/t) share Raw mix optimization supported to arrest impact 501 503 of increase in additives prices 478 Y-o-Y cost increased 5% Increase in prices of Impact of Q2 18 Q1 19 Q2 19 key inputs additional royalty Fl

  33. Slide 33: Other Cost Trends

    OTHER COST TRENDS (BLEDNED) Cost share Other Costs (Rs/t) Q-o-Q costs increased 20%: Impact of annual ~ 60% kiln capacity 672 672 maintenance costs were shut for annual 20% (~ 18%) maintenance 561 Y-o-Y costs at similar level Q2 18 Q1 19 Q2 19 Increase in packing costs ~ 5% Benefit from lower operat

  34. Slide 34: Income Statement (Standalone)

    INCOME STATEMENT (STANDALONE) ` crs Q2 H1 CY LY Particulars CY LY % % 7732 6391 21 Revenues (net of taxes)* 16087 12828 25 219 226 (3) Other Income 432 458 (6) 1427 1519 (6) EBITDA 3124 3245 (4) 18% 24% (5) Margin (%) 19% 25% (6) 342 376 9 Finance costs 678 504 (34) 514 499 (3) Depreciation 1000 8

  35. Slide 35: Income Statement (Consolidated)

    INCOME STATEMENT (CONSOLIDATED) ` crs Q2 H1 Particulars CY LY % CY LY % 8111 6752 20 Revenues (net of taxes)* 16830 13595 24 220 213 4 Other Income 432 446 (3) 1446 1550 (7) EBITDA 3210 3348 (4) 18% 23% (5) Margin (%) 19% 25% (6) 354 388 9 Finance costs 702 529 (33) 536 522 (3) Depreciation 1042 8

  36. Slide 36: Operating EBITDA PMT Bridge

    OPERATING EBITDA PMT BRIDGE Q2 19 VIS-À-VIS Q1 19 39 (129) 132 (30) 849 (94) 767 Q1FY19 Realisation Logistics Costs Energy Costs Raw Materials Other Costs* Q2FY19 Costs Operating EBITDA pmt down on account of higher costs 34 * Including employees costs and stock movement

  37. Slide 37: Financial Position

    FINANCIAL POSITION ` crs Consolidated Standalone Particulars 30.09.18 31.03.18 30.09.18 31.03.18 27167 26397 Shareholder’s funds 26583 25923 19769 19480 Loans 17480 17420 3323 3173 Deferred tax liabilities 3324 3174 50259 49051 Sources of funds 47387 46517 42160 42296 Fixed assets 40529 40782 1136 1

  38. Slide 38: Free Cash Flow H1FY19

    FREE CASH FLOW H1FY19 ` crs Consolidated Particulars Standalone 2895 Operating Cash Profit (Net of Tax) 2816 (1681) Change in Working Capital (1553) 1214 Cash Flow from Operations (I) 1263 (760) Capex for Maintenance & Expansion (II) (749) (348) Dividend Paid (III) (348) 106 Cash Surplus (I+II+III)

  39. Slide 39: Financial Indicators

    FINANCIAL INDICATORS Consolidated Standalone Indicators 30.09.18 31.03.18 30.09.18 31.03.18 0.56 0.53 Net Debt: Equity 0.47 0.46 2.31 2.09 Net Debt / EBITDA 2.00 1.85 3.1 4.0 Interest Cover 3.1 4.0 8.7% 9.7% ROCE 9.0% 9.9% 989 961 Book Value (Rs/Share) 968 944 36.7 80.9 EPS (Rs) 36.0 81.3 37

  40. Slide 40: Historical Performance Trend

    Historical Performance Trend

  41. Slide 41: EBITDA: Rs per Ton (India)

    EBITDA: ` PER TON (INDIA) 1308 125 1156 1122 1051 1036 128 992 132 979 971 81 940 98 906 81 1183 57 42 833 62 1028 85 990 970 911 939 32 922 929 * * 878 801 821 FY15 FY16 FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 FY18 Q1FY19 Q2FY19 H1FY19 Operating Profit Other Income Total EBITDA *Including fiscal Incentive

  42. Slide 42: Key Performance Trends – Production and Sales Volume

    KEY PERFORMANCE TRENDS (CONSOLIDATED) Cement production (Million tons) Grey Cement sales volume (Million tons) 63.28 60.79 50.57 51.00 51.33 52.40 48.18 46.71 44.66 43.60 43.63 42.59 34.25 33.09 FY 13 FY 14 FY 15 FY 16 FY17 FY18 H1FY19 FY 13 FY 14 FY 15 FY 16 FY17 FY18 H1FY19 40

  43. Slide 43: Key Performance Trends – Revenue and EBITDA

    KEY PERFORMANCE TRENDS (CONSOLIDATED) Revenue * (` Cr) EBIDTA * (` Cr) 6729 30793 5861 24880 25092 24056 5365 21161 5143 21443 4776 4358 16830 3210 FY 13 FY 14 FY 15 FY 16 FY17 FY18 H1 19 FY 13 FY 14 FY 15 FY 16 FY17 FY18 H1 19 *Note: Figures of FY15 & prior are reported nos. as per previous Indian

  44. Slide 44: Grey Cement Costs Trends – Energy

    GREY CEMENT COSTS TRENDS (STANDALONE) Energy Cost (` / Mt) Comparative Cost (Trend TPP / WHRS ) 1062 TPP Rate WHRS Rate 989 979 951 938 824 763 FY 13 FY 14 FY 15 FY16 FY17 FY18 H1 19 FY 13 FY 14 FY 15 FY16 FY17 FY18 H1 19 Fuel Mix FY13 FY14 FY15 FY16 FY17 FY18 H1 19 Power Mix FY13 FY14 FY15 FY16 FY1

  45. Slide 45: Grey Cement Costs Trends – Raw Materials and Logistics

    GREY CEMENT COSTS TRENDS (STANDALONE) Raw Materials Cost (` / Mt) Logistics Cost (` / Mt) 1178 502 1124 1099 464 467 473 1074 1075 444 419 976 399 925 FY 13 FY 14 FY 15 FY 16 FY17 FY18 H1 19 FY 13 FY 14 FY 15 FY16 FY17 FY18 H1 19 Mix FY13 FY14 FY15 FY 16 FY17 FY18 H1 19 Rail 34% 34% 29% 28% 25% 24%

  46. Slide 46: Building India's Pride

    ADITYA BIRLA BUILDING INDIA'S PRIDE

  47. Slide 47: Quarterly Performance Trends (Standalone)

    QUARTERLY PERFORMANCE TRENDS (STANDALONE) ` crs Particulars Q2FY19 Q1FY19 Q4FY18 Q3FY18 Q2FY18 Q1FY18 Q4FY17 Q3FY17 Capacity (MTPA) 88.5 88.5 85.0 85.0 85.0 85.0 66.3 66.3 Grey Sales Volume (MnT) 15.43 17.17 18.07 15.52 12.84 12.90 13.69 11.40 Net Sales 7732 8476 8881 7471 6478 6533 6500 5540 Realis

  48. Slide 48: Quarterly Performance Trends (Standalone) contd

    QUARTERLY PERFORMANCE TRENDS (STANDALONE) CONTD… ` crs Particulars Sep’18 Jun’18 Mar’18 Dec’17 Sep’17 Jun’17 Mar’17 Dec’16 Sep’16 FINANCIAL POSITION Net Fixed Assets incl. CWIP 40529 40628 40782 40705 40531 40550 24387 24397 24455 NWC + Derivative Assets 1141 226 (428) 3 268 (709) (840) (481) (317)

  49. Slide 49: Quarterly Performance Trends (Consolidated)

    QUARTERLY PERFORMANCE TRENDS (CONSOLIDATED) ` crs Particulars Q2FY19 Q1FY19 Q4FY18 Q3FY18 Q2FY18 Q1FY18 Q4FY17 Q3FY17 Capacity (MTPA) 92.5 92.5 89.0 89.0 89.0 89.0 70.3 69.3 Grey Sales Volume (MnT) 16.24 18.01 19.05 16.56 13.72 13.95 14.73 12.32 Net Sales 8111 8841 9298 7897 6840 6938 6922 5927 Real

  50. Slide 50: Quarterly Performance Trends (Consolidated) contd

    QUARTERLY PERFORMANCE TRENDS (CONSOLIDATED) CONTD… ` crs Particulars Sep’18 Jun’18 Mar’18 Dec’17 Sep’17 Jun’17 Mar’17 Dec’16 Sep’16 FINANCIAL POSITION Net Fixed Assets incl. 42160 42195 42296 42298 42172 42178 26039 26129 26134 CWIP NWC + Derivative Assets 1962 1041 265 700 924 (8) (188) 216 325 Sha

  51. Slide 51: Historical Performance Trends (Standalone)

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) ` crs Particulars FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 Capacity (MTPA) 85.0 66.3 64.7 60.2 54.0 50.9 48.8 48.8 23.0 22.0 Grey Cement Volume (MnT) 59.3 48.9 48.0 44.8 41.5 40.7 40.7 34.8 20.2 18.2 Net Sales 29363 23616 23440 22648 20078 20023 18

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

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) CONTD… ` crs Particulars Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 Mar’09 FINANCIAL POSITION Net Fixed Assets incl. CWIP 40782 24387 24499 23632 18650 17415 14798 12506 5201 5313 NWC + Derivative Assets (428) (840) 21 223 551 25 164 305

  53. Slide 53: Free Cash Flow Statement (Standalone)

    FREE CASH FLOW STATEMENT STANDALONE ` crs Particulars FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 Operating Cash Profit (Net of Tax) 5684 4890 4279 4427 3497 4266 3797 2311 1705 1601 Change in Working Capital (608) 289 914 236 21 (229) (143) (118) (87) (87) Cash Flow from Operations (I) 5076 5

  54. Slide 54: Historical Performance Trends (Consolidated)

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) ` crs Particulars FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 Capacity (MTPA) 89.0 70.3 67.7 63.2 57.0 53.9 52.8 52.8 23.0 22.0 Grey Cement Volume (MnT) 63.3 52.4 51.3 48.2 44.7 43.6 44.0 36.9 20.3 18.5 Net Sales 30973 25092 24880 24056 21443 21161

  55. Slide 55: Historical Performance Trends (Consolidated) contd

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) CONTD… ` crs Particulars Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 Mar’09 FINANCIAL POSITION Net Fixed Assets incl. CWIP 42296 26039 26127 25186 20090 18733 15999 13505 5218 5334 NWC + Derivative Assets 265 (188) 667 780 902 376 420 4

  56. Slide 56: Income Statement (Standalone) US$ Mn

    INCOME STATEMENT (STANDALONE) US$ Mn Q2 H1 CY LY Particulars CY LY % % 1103 912 21 Revenues (net of taxes)* 2296 1831 25 31 32 (3) Other Income 62 65 (6) 204 217 (6) EBITDA 446 463 (4) 18% 24% (5) Margin (%) 19% 25% (6) 49 54 9 Finance costs 97 72 (34) 73 71 (3) Depreciation 143 115 (24) 81 92 (11

  57. Slide 57: Income Statement (Consolidated) US$ Mn

    INCOME STATEMENT (CONSOLIDATED) US$ Mn Q2 H1 Particulars CY LY % CY LY % 1157 964 20 Revenues (net of taxes)* 2402 1940 24 31 30 4 Other Income 62 64 (3) 206 221 (7) EBITDA 458 478 (4) 18% 23% (5) Margin (%) 19% 25% (6) 51 55 9 Finance costs 100 76 (33) 76 74 (3) Depreciation 149 126 (18) 79 91 (1

  58. Slide 58: Financial Position US$ Mn

    FINANCIAL POSITION US$ Mn Consolidated Standalone Particulars 30.09.18 31.03.18 30.09.18 31.03.18 3877 3767 Shareholder’s funds 3794 3699 2821 2780 Loans 2495 2486 474 453 Deferred tax liabilities 474 453 7172 7000 Sources of funds 6763 6638 6017 6036 Fixed assets 5784 5820 162 148 Goodwill 0 0 714

  59. Slide 59: Historical Performance Trends (Standalone) US$ Mn

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) US$ Mn Particulars FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 Capacity (MTPA) 85.0 66.3 64.7 60.2 54.0 50.9 48.8 48.8 23.0 22.0 Grey Cement Volume (MnT) 59.3 48.9 48.0 44.8 41.5 40.7 40.7 34.8 20.2 18.2 Net Sales 4190 3370 3345 3232 2865 2857 2591 18

  60. Slide 60: Historical Performance Trends (Standalone) contd US$ Mn

    HISTORICAL PERFORMANCE TRENDS (STANDALONE) CONTD… US$ Mn Particulars Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 Mar’09 FINANCIAL POSITION Net Fixed Assets incl. CWIP 5820 3480 3496 3372 2662 2485 2112 1785 742 758 NWC + Derivative Assets (61) (120) 3 32 79 4 23 44 25 17 Sharehold

  61. Slide 61: Historical Performance Trends (Consolidated) US$ Mn

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) US$ Mn Particulars FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 Capacity (MTPA) 89.0 70.3 67.7 63.2 57.0 53.9 52.8 52.8 23.0 22.0 Grey Cement Volume (MnT) 63.3 52.4 51.3 48.2 44.7 43.6 44.0 36.9 20.3 18.5 Net Sales 4420 3581 3551 3433 3060 3020 2723

  62. Slide 62: Historical Performance Trends (Consolidated) contd US$ Mn

    HISTORICAL PERFORMANCE TRENDS (CONSOLIDATED) CONTD… US$ Mn Particulars Mar’18 Mar’17 Mar’16 Mar’15 Mar’14 Mar’13 Mar’12 Mar’11 Mar’10 Mar’09 FINANCIAL POSITION Net Fixed Assets incl. CWIP 6036 3716 3729 3594 2867 2673 2283 1927 745 761 NWC + Derivative Assets 38 (27) 95 111 129 54 60 70 30 20 Shareh

  63. Slide 63: 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

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