CHAPTER IINTRODUCTION

1.1 INTRODUCTION TO C- FAT:

Corporate Bridge Group is formed by graduates from leading institutes (IITs, IIMs & AIM).

"Corporate Bridge" as the name suggest, helps in bridging the gap between the aspiring

entrant and the corporate world. Corporate Bridge is globally recognized training firm,

providing blend of instructor-led and online financial training programs along with e-

learning services. With Corporate Bridge's entrepreneurial spirit coupled with unparalleled

experience (CLSA India, KPMG, YES Bank, JPMorgan, SBI Capital Markets, CRISIL etc)

and comprehensive capabilities (MBA, CFA, FRM, CAs) across all industries and business

functions, the company commit to deliver a world class professional training and learning

services that continues improving knowledge efficiency.

1.1.1 Corporate Bridge Group has two verticals:

1. Edu corporate bridge

2. Elearning labz

1. Edu Corporate Bridge deals with Online and Instructor Lead Training Programs in

various financial courses viz. Equity Research, Wealth Management, Technical Analysis

Investment banking, Private Equity, Fundamental Analysis, Investment Research, Credit

Research etc and preparatory courses like CFA Level I & II and FRM Level I & II, Campus

Placement Trainings

2. Elearning labz solution portfolio consists of custom e-content development for

training and learning needs in collaboration with our clients and subject matter specialist,

custom Learning Management System (LMS) suite, Test & Assessment solutions.

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Fig 1: Corporate Bridge Team

1.1.2 MANAGEMENT TEAM:

1. Dheeraj Vaidya (CEO)

2. S. Premananda (MD)

3. Kayideni Kholi

1.2 INTRODUCTIONTO CORPORATE VALUATION

1.2.1Background

During last decade profound changes have taken place in economic and business

environment. The pace of growth has been phenomenal. The continuity in the growth in

business and emergence of new generation entrepreneurs has tremendously increased

participation of the public in the financial market and development of new financial

products. Normal corollary to economic growth is the stakeholders’ curiosity and interest in

valuations of their respective investee institutions or potential investments or divestments.

2

All these have led to a greater demand for valuation services as investors and shareholders

are interested in up-to-date information on their assets. Since there are no standards for

valuation in India, the valuation services lack the uniformity and generally accepted

practices in valuation. A significant number of ICAI members are actively engaged in the

valuation services. The business valuation discipline has advanced as a profession. Though

there is a greater consensus amongst professional valuers with regard to generally accepted

approaches, methods, and procedures. Nonetheless, numerous conceptual controversies still

remain, even among the most prominent practitioners. Therefore, the need for education,

training, regulation and standardization of the prevalent practices keeping in view the

inherent limitations to the subject is necessary.

Business valuation is a complex process and it involves a multitude of factors ranging from

financial matters to historical perspectives. It is a broad and technically challenging

discipline. The valuation is performed in a variety of contexts and for a variety of purposes.

The word value means different things to different people and the result will not be the

same, should the context change. A valuation is not an exact science. The value is

subjective term and can have a different connotation. Valuation involves use of professional

judgement, knowledge of business, analysis of facts, interpretations and used of different

methods and procedures, which may result into different value in each of the given situation.

This implies that the business value must be measured and defined by a ‘standard of value’

that is relevant, meaningful and reliable.

1.2.2Purpose:

Valuations of businesses, business ownership interests, securities, tangible or intangible

assets (hereinafter collectively referred to as business valuations) may be performed for a

wide variety of purposes including the following:

Valuation for financial transactions such as acquisitions, mergers, leveraged buyouts,

initial public offerings, employee stock ownership plans and other share based plans, partner

and shareholder buy-ins or buyouts, and stock redemptions.

Valuation for Dispute Resolution and/ or litigation/pending litigation relating to

matters such as marital dissolution, bankruptcy, contractual disputes, owner disputes,

3

dissenting shareholder and minority ownership oppression cases, employment disputes and

intellectual property disputes.

Valuation for Compliance-oriented engagements, for example:

a. Financial reporting and

b. Tax matters such as corporate reorganizations; income tax, Property tax, and Wealth

tax compliance; purchase price allocations; and charitable contributions.

Other purposes like valuation for planning, internal use by the owners etc.

The same business may have different values if different standard of value is used and

different approaches are adopted. The rising demand for valuation services has given new

avenues for the finance professionals. Going forward more and more professional would be

engaged in performing valuation services. Recognizing these facts the ICAI has developed

this Business Valuation Practise Standard for the following purposes:

Provide guidance to the Values in performing valuation services

Define general valuation concepts, principles, approaches and methods

Define basis of valuation and premise of valuation

Set out a code of conduct

1.2.3. Relative Valuation Methods:

The notion that “time is money” or, stated alternatively, that “time is an expensive and

limited commodity” is one of the principal reasons for relative valuation methods. Other

reasons are that they are simple to apply and easy to understand. In essence, relative valuation

methods give corporate executives and analysts a “quick and dirty” way to estimate the value

of a company.

Relative valuation methods rely on the use of multiples. A multiple is a ratio between two

financial variables. In most cases, the numerator of the multiple is either the company’s

market price (in the case of price multiples) or its enterprise value (in the case of enterprise

value multiples). The enterprise value of a company is typically defined as the market value

of its capital (debt and equity), net of cash. The denominator of the multiple is an accounting

metric, such as the company’s earnings, sales, or book value. Multiples can be calculated

from per-share amounts (market price per share, earnings per share, sales per share, or book

value per share) or total amounts. Note that whether the analyst uses per-share amounts or

total amounts does not affect the multiple, as long as the same basis is used in both the

numerator and the denominator.

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1.2.4. Direct Valuation Methods:

Unlike the relative valuation methods, direct valuation methods give investors an explicit

equity value per share or share price objective. Preeminent among the group of direct

valuation methods are the discounted cash flow (DCF) models.

Discounted Cash Flow Models:

DCF models are premised on one of the most fundamental tenets of corporate finance: The

value of a company today is equal to the present value of the future (but uncertain) cash flows

to be generated by the company’s operations, discounted at a rate that reflects the riskiness

(or uncertainty) of those cash flows.

The most widely used version of the DCF model is sometimes referred to as the free cash

flow to the firm model, or weighted average cost of capital model. It provides an estimation

of the company’s total value, based on its free cash flows (FCFs) to the firm discounted at the

weighted average cost of capital (WACC). The FCFs of the firm are the cash flows from

operations available to all capital providers, net of the required capital investments necessary

to maintain the company as a going concern. The WACC reflects the hurdle rate that

providers of capital require, based on the risk they face from investing in the company. The

equity value per share that is, the value accruing to the common (or voting) shareholders is

given by the operating value of the company minus the value of any claims on the company’s

cash flows by debt holders, preferred shareholders, non controlling (minority) interest

shareholders, and any contingent claimants.

A variant is the free cash flow to equity model, which provides a direct estimate of a

company’s equity value per share. Instead of relying on the FCFs available to all capital

providers, it considers the FCFs available to equity holders: the FCFs to the firm minus all

the cash flows owed to claimants other than common shareholders. Because the focus is on

equity holders, the discount rate is the cost of equity, or the hurdle rate for common

shareholders.

The FCF to the firm and FCF to equity models are highly effective valuation methods,

particularly when the capital structure of a target is expected to remain stable over time.

Some acquisitions, however, are predicated on material changes in capital structure, as in the

case of an LBO. In these situations, the adjusted present value (APV) model is easier to

implement than the other DCF models. Under the APV model, the value of a target is

5

decomposed into two components: the value of the company assuming that it is financed

entirely with equity, and the value of the tax shield (benefits) provided by a company’s actual

(or expected) debt financing. Because interest is tax deductible, using financial leverage

increases a company’s value by reducing its cash outflow for income taxes. As a company’s

capital structure changes over time, the first component (the unleveraged, or unlevered,

value) is unaffected; the change in financial leverage affects only the second component (the

interest tax shield), which is relatively straightforward to estimate.

1.3. OBJECTIVES:

To analyze the company financial status using ratios.

To cover valuation of all assets, liabilities and businesses (cash flows).

To enhance quality, consistency, comparability and uniformity of valuation practice.

To suggest the company based on the observations.

To forecast the future status of the company with respect to the past 3 years.

1.4 NEED FOR THE STUDY:

Management subjects can brief the financial, mathematical, economical information of any

organization. This study is taken to observe how the companies will implement the

theoretical information studied in management education in practice.

1.5 RESEARCH AND METHODOLOGY:

Populations: C FAT suggested 8 projects with 4 different titles and each project requires 8

months of duration to complete.

1. Equity research:

CIPLA

DABUR

INFOSYS

ULTRATECH

JUST DIAL

6

HDIL

EDUCOM

JSW STEEL

2. Financial modeling:

CIPLA

DABUR

INFOSYS

ULTRATECH

JUST DIAL

HDIL

EDUCOM

JSW STEEL

3. Credit research:

CIPLA

DABUR

EDUCOM

4. Corporate valuation:

CIPLA

DABUR

INFOSYS

JUST DIAL

ULTRATECH

HDIL

EDUCOM

Sample selection: out of 4 titles suggested by C FAT, one title is selected for the study. i.e.,

corporate valuation and out of 8 companies, Ultratech has been selected.

Sample Data: Secondary data has been used for the study. The secondary data includes

annual reports of the company, website etc.

Period of the Study: The 3 years data has been taken to understand the company i.e. from

2010-11 to 2012-13.

Tools used: Graphs are used to analyze the data.

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1.6 LIMITATIONS:

The study was on observing the practices of the company and it has been done with

the help of secondary data.

No primary data has been used for the study

The estimated percentage of increase or decreasing the financial data may not give the

proper values.

CHAPTER -IIREVIEW OF LITERATURE

8

ACQUISITION OF CEMENT UNITS OF JAIPRAKASH ASSOCIATES LIMITED

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Mumbai, 23rd December, 2014

UltraTech Cement Limited – acquisition of Cement Units of Jaiprakash Associates

Limited

The Board of Directors of UltraTech Cement Limited, an Aditya Birla Group company at its

meeting held today has approved of acquiring the following cement business of Jaiprakash

Associates Limited (JAL) in Madhya Pradesh (MP):

Integrated cement plant with clinker capacity of 2.1 mtpa and cement grinding capacity of

2.6 mtpa at Bela, Madhya Pradesh (MP); Integrated cement plant with clinker capacity of 3.1 MTPA and cement grinding capacity

of 2.3 MTPA at Sidhi, MP; 180 MW TPP of which 25 MW is situated at Bela and 155 MW at Sidhi

This acquisition will create significant synergies and the surplus clinker will enable

UltraTech to augment its cement capacity by a further 1.8 - 2.5 MTPA in addition to the 4.9

MTPA mentioned above. This acquisition will enable the Company to increase its presence in

Satna cluster of MP.

The Board has approved the Memorandum of Understanding setting out the broad terms and

conditions of the proposed acquisition. The Enterprise Value of this acquisition has been

agreed at Rs.5, 400 crore.

The transaction is subject to customary due diligence, definitive agreements, and regulatory

approvals as may be required. With this acquisition, the Company’s cement capacity in India

will increase from ~60 mtpa to ~65 mtpa and with projects underway, the capacity will stand

raised to ~71mtpa by 2016.

ULTRATECH CEMENT WASTE HEAT RECOVERY SYSTEM

10

ULTRATECH HAS SET TRENDS IN INDUSTRY WITH PRODUCT

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INNOVATIONS:

CHAPTER III

12

THE INDUSTRY ANALYSIS & THE COMPANY ANALYSIS

3.0Cement Industry Analysis:

3.1 Introduction:

The Indian cement industry has been on a high growth trajectory for more than a

decade, led by buoyancy in sectors such as real estate and construction. The industry has

witnessed continuous modernization and adoption of new technologies in recent years.

India is the world's second largest producer of cement after China with industry

capacity of over 200 million tons (MT). With the boost given by the government to various

infrastructure projects, road networks and housing facilities, growth in the cement

consumption is anticipated in the coming years.

The modern Indian cement plants are state-of-the-art plants and amongst the best in

the world. The cement industry comprises of 134 large cement plants with an installed

capacity of 173.08 million tons and more than 350 operating mini-cement plants, with an

estimated capacity of 11.10 million tons per annum, making a total installed capacity of

184.18 million tons in the last fiscal, as per the Department of Industrial Policy and

Promotion's latest data. In order to meet the expanding demand, cement companies are fast

developing new plants. The cement industry is poised to add 111 MT of annual capacity by

the end of 2009–10 (FY 2010), riding on the back of approximately 141 outstanding cement

projects.

According to a report by the ICRA Industry Monitor, the installed capacity is

expected to increase to 241 MTPA by FY 2010-end. India's cement industry is likely to

record an annual growth of 10 per cent in the coming years with higher domestic demand

resulting in increased capacity utilization.

Housing, Infrastructure and Real estate sectors, with major construction activity in

rural and semi-urban areas through large infrastructure and housing development projects, are

expected to augment the growth rise in cement sector. Demand in this region is being driven

by infrastructure, residential and commercial projects.

Moreover, the Indian cement majors, including ACC Ltd, Shree Cement Ltd and Ultratech,

have signed a co-operation pact to support low-carbon investments in India. The pact was

13

signed in Geneva with member companies of the World Business Council (WBC) for

Sustainable Development’s Cement Sustainability Initiative and International Finance

Corporation (IFC). The roadmap will pose as a possible transition path for the Indian cement

industry to reduce its direct emissions by 18 per cent by 2050. This is the first roadmap to

focus on one specific industrial sector in a single country, as per a WBC release.

The manufacturing process of cement consists of mixing, drying and grinding of limestone,

clay and silica into a composite mass. The mixture is then heated and burnt in a pre-heater

and kiln to be cooled in an air-cooling system to form clinker, which is the semi-finished

form. This clinker is cooled by air and subsequently ground with gypsum to form cement.

Fig 2: Manufacturing Process of Cement

There are different varieties of cement based on different compositions according to specific

end uses, namely, ORDINARY PORTLAND CEMENT, PORTLAND POZZOLANA

CEMENT, WHITE CEMENT, PORTLAND BLAST FURNACE SLAG CEMENT and

SPECIALISED CEMENT. The basic difference lies in the percentage of clinker used.

3.2 Types of Cement:

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1. Ordinary Portland cement is the most commonly used cement for a wide range of

applications. These applications cover dry-lean mixes, general-purpose ready mixes, and

even high strength pre-cast and pre-stressed Concrete.

2. Bulk Cement, an alternative to bagged cement, which is of particular advantage to large

consumers of cement. Internationally, the trend is to move cement more and more in

loose form rather than bagged. In fact, over 90 percent cement in the USA, and other

European countries is transported and sold in bulk, unlike in India, where only one

percent is transported in bulk.

3. Ready Mix Concrete, or RMX as it is popularly called, refers to concrete that is

specifically manufactured for delivery to the customer’s construction site in a freshly

mix and plastic or unhardened state.

4. Portland Blast-Furnace Slag Cement contains up to 70 per cent of finely ground,

granulated blast-furnace slag, a non-metallic product consisting essentially of silicates

and alumina-silicates of calcium.

5. Portland Pozzolana Cement is ordinary Portland cement blended with Pozzolanic

materials (power-station fly ash, burnt clays, ash from burnt plant material or siliceous

earths), either together or separately.

3.3 Market Size:The cement industry in India has been on a robust growth trajectory for more than a decade,

led by buoyancy in sectors like real estate and construction. The Indian cement industry is

very energy intensive and is the third largest user of coal in the country. It is modern and

deploys latest technology, which is among the best in the world. India is the second major

cement producing country following China with 137 large and 365 mini cement plants. Some

of the major players in the cement industry include ULTRATECH CEMENT, GUJARAT

AMBUJA CEMENT LIMITED , JK CEMENTS, ACC CEMENT, CENTURY CEMENTS,

MADRAS CEMENTS, HOLCIM and LAFARGE to name a few.

Fig 3: Top Indian Cement Companies

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The Indian cement industry is the 2nd largest market after China. It had a total capacity of

about 260m tons (MT) in FY10. Consolidation has taken place with the top five players alone

controlling over 60% of the total industry capacity. However, the balance capacity still

Remains quite fragmented. Hence the cement market can be considered as a concentrated

market with a few numbers of large players dominating the market share.

3.4 No of Players in cement industry

3.4.1 Domestic Players

While the Cement Corporation of India, a central public sector undertaking, comprises 10

units; the various State governments own 10 large cement plants. Among the leading

domestic players in terms of cement manufacturing are-

Ambuja Cement,

Aditya Birla Group (which owns UltraTech Cement),

ACC Ltd,

J K Cement etc

They are not only the foremost producers of cement but also enjoy a high level of equity in

the market. Despite a slowdown in most sectors of the economy, the Aditya Birla group, the

country's largest cement maker, has seen a sharp rise in cement sales in December. According

to figures released by the conglomerate, sales by the group are up 13.36 per cent at 2.82 MT,

compared to last year. The Birla group's production of cement for December also rose, by

14.85 per cent to 2.27 MT.

16

The other large cement maker, ACC, too saw a jump in sales in December, despite the

slowdown in the realty sector.

ACC reported a marginal rise in its cumulative production for the January-December

period to 20.84 MT, from 19.92 MT last year; sales rose to 20.86 MT from 19.88 MT last

year (2009).

Ambuja Cements Ltd, India's third-largest cement maker, too saw an increase in

shipments in December 2008. Shipments rose 11.8 per cent to 16.62 MT from 14.86 MT, a

year earlier.

3.4.2 Global Players

Rapid urbanization and the booming infrastructure have lead to an increase in

construction and development across India, attracting even the global players. The recent

years have witnessed a surge of foreign direct investment in the cement sector. International

players like France's Lafarge, Holcim from Switzerland, Italy's Italcementi and Germany's

Heidelberg Cements together hold more than a quarter of the total capacity.

Holcim, one of the world's leading suppliers of cement, has 24 plants in the country (India)

and enjoys a market share of about 23–25 per cent

Ital cement Group, which acquired full stake in the K K Birla promoted Zuari Industries'

cement.

The French cement major, Lafarge which acquired the cement plants of Raymond and

Tisco with an installed capacity of 6.5 MTPA a few years back plans to grow it to 15-30

MTPA in the next 10 years. Till now its manufacturing capacity was concentrated in East

India, but now the company is spreading its wings to the north and south. It is setting up

four Greenfield projects in Rajasthan, Himachal Pradesh, north-east and south India, with

a combined capacity of around 5 MT.

German major, Heidelberg Cement has merged Mysore Cement, in which it owns around

54 per cent stake, Indorama, (where it acquired 100 per cent stake in 2008) and its 100 per

cent Indian subsidiary, Heidelberg Cement India.

3.5 ENVIRONMENTAL IMPACTS:

Cement manufacture causes environmental impacts at all stages of the process. These include

emissions of airborne pollution in the form of dust, gases, noise and vibration when operating

17

machinery and during blasting in quarries, and damage to countryside from quarrying.

Equipment to reduce dust emissions during quarrying and manufacture of cement is widely

used, and equipment to trap and separate exhaust gases are coming into increased use.

Environmental protection also includes the re-integration of quarries into the countryside

after they have been closed down by returning them to nature or re-cultivating them.

Fig 4: Re-cultivating waste

3.5.1 Green cement: Green cement is a cementations material that meets or exceeds the

functional performance capabilities of ordinary Portland cement by incorporating and

optimizing recycled materials, thereby reducing consumption of natural raw materials, water,

and energy, resulting in a more sustainable construction material.

The manufacturing process for green cement succeeds in reducing, and even eliminating,

the production and release of damaging pollutants and greenhouse gasses.

Fig 5: Cement Consumption

18

During the period from 2006 to 2008, total cement consumption grew from 2,568 million

tons to 28572 million tons, at a Compounded Annual Growth Rate (CAGR) of close to 7%.

The rapid increase in global cement consumption is led by increasing demand for

infrastructure in emerging economies, with Asia accounting for 66% of the global demand.

China was the world’s largest consumer of cement in 2008 and accounted for 48.73% of total

cement consumption.

R&D and Innovation: Companies do not have much of application-oriented research and

development efforts but this will become critical for future success. To a large extent, this is

related to creating the application and customer of the future and understanding customer

needs based on the emerging environment. Companies will need to create niche products and

develop the market for such products by providing solution-based offerings to the customer.

3.8COMPANY PROFILE:

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3.8.1 Ultratech Cement Limited

UltraTech Cement, known for its impeccable quality, is today changing the face of India. The

cement has not only built landmark projects like flyovers, bridges, dams, runways, but has

also built everlasting trust in engineers, builders, contractors and individual house builders.

UltraTech Cement Ltd. is the largest manufacturer of grey cement, Ready Mix Concrete

(RMC) and white cement in India. It is also one of the leading cement producers globally.

UltraTech as a brand embodies 'strength', 'reliability' and 'innovation'. Together, these

attributes inspire engineers to stretch the limits of their imagination to create homes,

buildings and structures that define the new India.

The company has an installed capacity of 63 Million Tonnes Per Annum (MTPA) of grey

cement. UltraTech Cement has 12 integrated plants, 1 clinkerisation plant, 16 grinding units

and 6 bulk terminals. Its operations span across India, UAE, Bahrain, Bangladesh and Sri

Lanka. UltraTech Cement is also India's largest exporter of cement reaching out to meet the

demand in countries around the Indian Ocean and the Middle East.

In the white cement segment, UltraTech goes to market under the brand name of Birla White.

It has a white cement plant with a capacity of 0.56 MTPA and 2 Wall Care putty plants with a

combined capacity of 0.8 MTPA.

With 101 Ready Mix Concrete (RMC) plants in 35 cities, UltraTech is the largest

manufacturer of concrete in India. It also has a slew of specialty concretes that meet specific

needs of discerning customers.

UltraTech’s subsidiaries are Dakshin Cements Limited, Harish Cement Limited, Gotan

Limestone Khauj Udyog Private Limited, Bhagwati Limestone Company Private Limited,

UltraTech Cement Lanka (Pvt.) (Ltd.), UltraTech Cement Middle East Investments Limited,

PT UltraTech Mining Indonesia and PT UltraTech Investments Indonesia.

UltraTech’s parent company, the Aditya Birla Group, is in the league of Fortune 500

companies. It employs a diverse workforce comprising of 120,000 employees, belonging to

42 different nationalities across 36 countries. The Group has been ranked number 4 in the

global 'Top Companies for Leaders' survey and ranked number 1 in Asia Pacific for 2011.

20

'Top Companies for Leaders' is the most comprehensive study of organizational leadership in

the world conducted by Aon Hewitt, Fortune Magazine and RBL (a strategic HR and

Leadership Advisory firm). The Group has topped the Nielsen's Corporate Image Monitor

three years in a row -- 2012-13, 2013-14 and 2014-15 as the number 1 corporate, the 'Best in

Class'.

3.8.2 Plants

Awarpur Cement Works

Gujarat Cement Works

Hirmi Cement Works

Jafrabad Cement Works

Arakkonam Cement Works

Jharsuguda Cement Works

Magdalla Cement Works

Ratnagiri Cement Works

West Bengal Cement Works

Ginigera Cement Works

3.8.3 Management Teams

Board of Directors

Mr. Kumar Mangalam Birla, Chairperson Mrs. Rajashree Birla Mr. R.C.Bhargava Mr. G.M.Dave Mr. N.J.Jhaveri Mr. S.B.Mathur Mr. V.T.Moorthy Mr. S.Rajgopal Mr. D.D.Rathi Mr. O.P.Puranmalka, Wholetime Director

3.9 MISSION AND VISION STATEMENTS

3.9.1 Mission

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To deliver superior value to our customers, shareholders, employees and society at

large.

3.9.2 Vision

"To actively contribute to the social and economic development of the communities in

which we operate. In so doing, build a better, sustainable way of life for the weaker

sections of society and raise the country's human development index."

3.10 PRODUCTS

UltraTech is India's largest exporter of cement clinker. The company's production facilities

are spread across eleven integrated plants, one white cement plant, twelve grinding units, and

five terminals — four in India and one in Sri Lanka. Most of the plants have ISO 9001, ISO

14001 and OHSAS 18001 certification. In addition, two plants have received ISO 27001

certification and four have received SA 8000 certification. The export market comprises of

countries around the Indian Ocean, Africa, Europe and the Middle East. Export is a thrust

area in the company's strategy for growth.

Ordinary Portland cement

Portland blast furnace slag cement

Portland Pozzolana cement

Ordinary Portland cement

Ordinary Portland cement is the most commonly used cement for a wide range of

applications. These applications cover dry-lean mixes, general-purpose ready-mixes, and

even high strength pre-cast and pre-stressed concrete. 

Portland blast furnace slag cement

Portland blast-furnace slag cement contains up to 70 per cent of finely ground,

granulated blast-furnace slag, a non-metallic product consisting essentially of silicates and

alumino-silicates of calcium. Slag brings with it the advantage of the energy invested in the

slag making. Grinding slag for cement replacement takes only 25 per cent of the energy

needed to manufacture Portland cement. Using slag cement to replace a portion of Portland

cement in a concrete mixture is a useful method to make concrete better and more consistent.

22

Portland blast-furnace slag cement has a lighter colour, better concrete workability, easier

finish ability, higher compressive and flexural strength, lower permeability, improved

resistance to aggressive chemicals and more consistent plastic and hardened consistency. 

Portland Pozzolana cement

Portland Pozzolana cement is ordinary Portland cement blended with Pozzolanic materials

(power-station fly ash, burnt clays, ash from burnt plant material or silicious earths), either

together or separately. Portland clinker is ground with gypsum and Pozzolanic materials

which, though they do not have cementing properties in themselves, combine chemically with

Portland cement in the presence of water to form extra strong cementing material which

resists wet cracking, thermal cracking and has a high degree of cohesion and workability in

concrete and mortar.

Concrete

Concrete is most vital material in modern construction. It has versatile properties like easy

mould ability, high compressive strength and long lasting durability. These properties of

concrete have made it most popular construction material for all types of civil engineering

works. The latest developments in concrete technology have made it possible to use it in

intricate and architecturally complex structures, requiring high degree of performance and

appearance.

3.11 STRATEGIES ADOPTED BY ULTRATECH

Promise: Excellent product quality and customer care are the hallmark of UltraTech.

Capitalizing the opportunity of the geometric growth in the housing sector and the

government's thrust on infrastructure.

Right decision at right time

Having excellent Product in hand

Constantly striving to improve and capture more number of market share

Training to Staff

Promotion through movies

Sponsorship

3.12 OPINION TOWARDS MARKETING

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Increase frequency of advertisements on T.V., radio, internet and print media.

Increase Strategic Alliance

Increase visibility by campaign and other modes.

Increase number of distributors and agents

Increase number of warehouse

Having micro-planning in place

3.13 MERGER

Fig 6: UltraTech Cement with Grasim Cement Arm

After demerging the cement business from Grasim Industries, the Aditya Birla group has

decided to merge the new cement subsidiary with group firm UltraTech Cement Ltd.

Grasim Industries’ decision to restructure its cement assets into a separately listed entity, with

the ultimate aim of merging it with UltraTech’s cement business, is seen in a positive light.

3.14 CORPORATE SOCIAL RESPONSIBILITY

CSR is defined as operating a business that meets all exceeds the ethical, legal, commercial

and public expectations that society has of Business.

3.14.1Making a difference

Before Corporate Social Responsibility found a place in corporate lexicon, it was already

textured into company’s group's value systems. As early as the 1940s, their founding father

Shri G.D Birla espoused the trusteeship concept of management. Simply stated, this entails

that the wealth that one generates and holds is to be held as in a trust for their multiple

stakeholders. With regard to CSR, this means investing part of their profits beyond business,

for the larger good of society

24

While carrying forward this philosophy, company legendary leader, Mr. Aditya Birla,

weaved in the concept of 'sustainable livelihood', which transcended cheque book

philanthropy. In his view, it was unwise to keep on giving endlessly. Instead, he felt that

channelizing resources to ensure that people have the wherewithal to make both ends meet

would be more productive. He said, "Give a hungry man fish for a day, he will eat it and the

next day, he would be hungry again. Instead if you taught him how to fish, he would be able

to feed himself and his family for a lifetime." 

3.14.2 Company strategy

Taking these practices forward, UltraTech chairman Mr. Kumar Mangalam Birla

institutionalized the concept of triple bottom line accountability represented by economic

success, environmental responsibility and social commitment. In a holistic way thus, the

interests of all the stakeholders have been textured into company’s group's fabric

The footprint of their social work today spans 2,500 villages in India, reaching out to seven

million people annually. Their community work is a way of telling the people among whom

they operate that they care.

Projects are planned after a participatory need assessment of the communities around the

plants. Each project has a one-year and a three-year rolling plan, with milestones and

measurable targets. The objective is to phase out their presence over a period of time and

hand over the reins of further development to the people. This also enables them to widen

their reach. Along with internal performance assessment mechanisms, their projects are

audited by reputed external agencies, who measure it on qualitative and quantitative

parameters, helping them gauge the effectiveness and providing excellent inputs.

Their partners in development are government bodies, district authorities, village panchayats

and the end beneficiaries — the villagers. The Government has, in their 5-year plans; special

funds earmarked for human development and they recourse to many of these. At the same

time, they network and collaborate with like-minded bilateral and unilateral agencies to share

ideas, draw from each other's experiences, and ensure that efforts are not duplicated. At

another level, this provides a platform for advocacy. Some of the agencies they have

collaborated with are UNFPA, SIFSA, CARE India, and Habitat for Humanity International,

UNICEF and the World Bank.

25

3.14.3 Company focus areas

Ultratech rural development activities span five key areas and their single-minded goal here

is to help build model villages that can stand on their own feet. Their focus areas are

healthcare, education, sustainable livelihood, infrastructure and espousing social causes.

Fig 7: Education

Education

Balwadis (pre-school)

Adult education

Non-formal education

Continuing education

Scholarships for girls, merit and technical education

Fig 8: Health and family welfare

Fig 9: Sustainable development

and livelihood and agriculture

and watershed development

Sustainable development and livelihood and agriculture

and watershed development

Self-help groups

SGSY - dairy, readymade garments, jute project, basket

making, aggarbati making, bee keeping, durries making.

Check dam

26

Health and family welfare

Mobile clinics - doctors visit once a week

Medical camps - general and issue-based

Health training and awareness

Sanitation - toilets, training, smokeless chullahs, biogas

Safe drinking water

Mother and child health

Reproductive health

Awareness building

Irrigation

Land development

Soil and water conservation

Pasture development

Social forestry/ plantation activities/ nursery

Horticulture

Farmer training

Fig 10: Infrastructure development

3.14.4 For Employees

Relocation benefit:

a) Reimbursement of cost incurred for movement of goods

b) Travel Reimbursement

c) Relocation Allowance

Children’s Education Reimbursement

General Reimbursements

Hospitalization Insurance

Accident Insurance

Company Vehicle Leasing Scheme

27

Infrastructure development

RoadsDamsCommunity centersHousesCulvertsElectricityHealth centersWater channelsSchools

Holidays & Leave Policy

Company Transportation

Leave encashment

Advance Salary

Awards and reorganization

Social events

Loans without interest

Employee Scholarship (with/without bond)

Employee Compensation

Sponsorship (Sports)

Parental Care

Discounts and Coupons

3.14.5 For the Environment

Committed to sustainable development, to meeting the needs of the present without in

any way jeopardizing the welfare of future generations.

Business strategies consciously factor environment conservation as a major principle.

Plants are ISO14001 Environment Management Systems Certified and adhere to

OHSAS 18001 standards.

3.15 SWOT ANALYSIS OF ULTRATECH CEMENT

Strength

UltraTech Cement Limited (UltraTech) is India-based one of the largest cement

manufacturing company. The company along with its subsidiaries is engaged in the business

of manufacturing, marketing, distribution and sales of the cement and cement related

products. UltraTech other cement related products are ready mix concrete and cement clinker.

The product portfolio of the company comprises Portland cement, Portland blast furnace slag

cement and Portland Pozzolana cement. The company also exports cement and clinker to

countries around the Indian Ocean, Africa, Europe, and the Middle East. The company has an

annual cement production capacity of 18.2 million tones. It is a subsidiary of Grasim

28

Industries Ltd. The company operates two subsidiary companies namely, Dakshin Cement

Limited and UltraTech Ceylinco (P) Limited. The company is headquarter at Mumbai in

India. The company reported revenues of (Rupee) INR 66,643.30 million during the fiscal

year ended March 2009, an increase of 16.43% over 2008. The operating profit of the

company was INR 13,678.20 million during the fiscal year 2009, a decrease of 9.73% from

2008. The net profit of the company was INR 9,780.60 million during the fiscal year 2009, a

decrease of 3.17% from 2008.

Strengths of UltraTech are as follows-

Better quality

Long relationship with customer.

Maintains a world class infrastructure.

Market share.

Large distribution network.

Proper research and development.

Strong financial backing

Weakness

Everyone looks up to a visionary leader to understand the possibilities tomorrow holds. And

you have a greater responsibility to bear when you are India’s largest cement company.

In the present day context, UltraTech is playing an important role in the infrastructural

development of the country. No wonder, UltraTech’s every creation is a window to

tomorrow. And an effective communication was needed to reflect the same.It was quite a

daunting task for Interface Communications, the advertising agency for UltraTech, to get the

right mix of emotions and technological superiority that appeal to everyone right across IHBs

to architects and large commercial establishments. 

The weaknesses of UltraTech are as follows-

Delay in supply.

Inconsistency of Supply.

Insufficient manpower

Opportunity

29

When you view India through a prism, its multi-faceted refractions are awesome, unique and

partly distressing. A multiethnic, multi-religious, multilingual, multi-cultural diverse

democracy, rich in its distinctive heritage — India is, indeed, captivating. Our democracy

resonates throughout the world. Moreover, the way in which India has transformed itself

from a colonial, agri-based backwater economy into an independent, modern, knowledge-

driven one is the stuff of case studies at the best-in-class business schools the world over.

While the youth leader must appreciate these facets, he or she must have a thorough

understanding of the different strands that go into the weave of India. The partition in the

aftermath of our freedom struggle has left a scar, as has the divide in the name of God. India

is a country of extreme paradoxes. We are reckoned as a nation of tremendous opportunities

and, yet, it is a reality that India is a place of perpetual struggle. We have large tracts of our

country that have yet to witness any economic advancement.

Company should-

Develop new marketing areas.

Sign more MOUs with government regarding supply of cement for Government work.

Maintain the position of competition in the market.

Threats

Just a few years ago, the Aditya Birla Group bought over the cement business of L&T for

around ` 2,200 crore. L&T allowed its name to be used for about a year. O.P. Puranmalka,

Group Executive President, Grasim Industries, and Chief Marketing Officer, observes that in

a very short time the company had to establish a new brand name in the minds of the people

and use the L&T mind space. The task was Herculean. Explaining the strategy behind the

new brand name, Mr. Puranmalka said: "We wanted to capture the gene code of L&T in the

new brand name. So we commissioned research on customer perception about the L&T

Cement brand. Of course, we were very sure in our minds that L&T Cement epitomized

engineering prowess, technology quality and modernity."

In step with its global agenda, the cement business of the Aditya Birla Group, is orchestrating

a contemporary brand makeover. With UltraTech Cement, the Aditya Birla Group has

30

established itself as not only the most respected domestic player but also among the global

leaders in cement.

UltraTech has strong competitors like ACC, LAFARGE, AMBUJA Etc., although the

Brand Equity of ULTRATECH CEMENT is AT PAR with ACC and LAFAGE, to maintain

the same continuous follow-up in all respect is necessary.

The Ultratech cement has to adopt necessary strategies to compete with strong competitors in

order to retain its market position and the goodwill in the market.

CHAPTER IVDATA ANALYSIS AND PRESENTATION

4.0: FINANCIAL STATUS

A. NET SALES

Table 1: Net Sales

Years 2011 2012 2013

Net Sale(in millions

INR)

138086.10 192324.20 213190.90

Fig 11: Net Sales of Ultratech cement

31

2011 2012 2013

0

50000

100000

150000

200000

250000

138086.10

192324.20213190.90

Net Sales (in millions INR)

Interpretation:

The above graph represents Net sales of the company. Sales are the total amount of

products or services sold by the company.

From the above graph the net sales are increasing every year so that cement (product)

sold by the company is increasing.

Increasing in net sales represents growth of the company.

A. EXPECTED NET SALES

Table 2: Expected Net Sales

Years 2014 2015 2016 2017 2018

Expected Net

Sales

(in millions INR)

274235.82 314517.58 362239.65 410505.62 476612.33

Fig 12: Expected Net Sales of Ultratech cement

32

2014 2015 2016 2017 20180

50000100000150000200000250000300000350000400000450000500000

274299.61315444.55

362761.23417175.42

479751.73

Expected Net sales (in millions INR)

Interpretation:

The above graph represents Expected Net sales of the company. Sales are the total

amount of products or services sold by the company.

From the above graph the Expected net sales are increasing every year so that cement

(product) sold by the company is increasing.

Increasing in Expected net sales represents growth of the company.

B. DIRECT EXPENSES

Table 3: Direct Expenses

Years 2011 2012 2013

Direct Expenses(in

millions INR)

138086.10 192324.20 213190.90

Fig 13: Direct Expenses of Ultratech cement

33

2011 2012 2013

0100002000030000400005000060000700008000090000

54,402.20

75,211.30 80,292.90

Direct Expenses (in millions INR)

Interpretation:

The above graph represents Direct Expenses of Ultratech; Direct Expenses includes

cost of Materials consumed, Purchase of traded goods, power and fuel etc.

The Direct Expenses are increasing year after year since 2011 to 2013.

Direct Expenses since 2011 to 2013 increased by 25,890.70 million.

B. EXPECTED DIRECT EXPENSES

Table 4: Expected Direct Expenses

Years 2014 2015 2016 2017 2018

Expected Direct

Expenses

(in millions INR)

93261.87 107251.15 123338.82 141839.64 163115.59

Fig 14: Expected Direct Expenses of Ultratech cement

34

2014 2015 2016 2017 20180

20000400006000080000

100000120000140000160000180000

93261.87107251.15

123338.82141839.64

163115.59

Expected Direct expenses(in millions INR)

Interpretation:

The above graph represents Expected Direct Expenses of Ultratech; Direct Expenses

includes cost of Materials consumed, Purchase of traded goods, power and fuel etc.

The Direct Expenses are increasing year after year since 2014 to 2018.

Expected Direct Expenses are called as total cost of Production expected for future.

C. GROSS PROFIT

Table 5: Gross Profit

Years 2011 2012 2013

Gross profit (in

millions INR)

83683.90 117112.90 132898.00

Fig 15: Gross Profit of Ultratech cement

35

2011 2012 2013

0

20000

40000

60000

80000

100000

120000

140000

83683.90

117112.90132898.00

Gross Profit (in millions INR)

Interpretation:

The Above Graph Represents Gross Profit of the Ultratech Company.

It indicates the Total Gross profit of the company, from the graph we can understand

that the Gross profit of Ultratech is increasing year after year. It has a highest net

profit in the year 2013(132898).

C. EXPECTED GROSS PROFIT

Table 6: Expected Gross Profit

Years 2014 2015 2016 2017 2018

Expected Gross

Profit (in millions

INR)

181,037.74 208,193.40 239,422.41 275,335.78 316,636.14

36

Fig 16: Expected Gross Profit of Ultratech cement

2014 2015 2016 2017 20180

50000

100000

150000

200000

250000

300000

350000

181037.74208193.40

239422.41275335.78

316636.14

Expected Gross Profit (in millions INR)

Interpretation:

The Above Graph Represents Expected Gross Profit of the Ultratech Company.

It indicates the Total Expected Gross profit of the company, from the graph we can

understand that the Expected Gross profit of Ultratech is increasing year after year. It

has a highest net profit in the year 2018(316636.14).

D. TOTAL INDIRECT EXPENSES

Table 7: Total Indirect Expenses

Years 2011 2012 2013

Total Indirect Expenses

(in million INR)

56,725.10 74,784.10 83,299.70

Fig 17: Total Indirect Expenses of Ultratech cement

37

2011 2012 2013

0100002000030000400005000060000700008000090000

56,725.10

74,784.1083,299.70

Total Indirect Expenses(in million INR)

Interpretation:

The above graph represents Indirect Expenses of Ultratech; Indirect Expenses

includes financial cost, Employee benefits expenses, freight and forwarding expenses

etc.

The Indirect Expenses are increasing year after year since 2011 to 2013.

Indirect Expenses since 2011 to 2013 increased by 26574.60 millions.

D. EXPECTED TOTAL INDIRECT EXPENSES

Table 8: Expected Total Indirect Expenses

Years 2014 2015 2016 2017 2018

Expected Total

Indirect expenses

(in millions INR)

98,747.86

69,397.80

79,807.47

91,778.59

105,545.38

38

Fig 18: Expected Total Indirect Expenses of Ultratech cement

2014 2015 2016 2017 20180

20000

40000

60000

80000

100000

120000 98,747.86

69,397.8079,807.47

91,778.59105,545.38

Expected Total Indirect expenses (in millions INR)

Interpretation:

The above graph represents Expected Indirect Expenses of Ultratech; Expected

Indirect Expenses includes financial cost, Employee benefits expenses, freight and

forwarding expenses etc.

The Expected Indirect Expenses are decreased from the year 2014 to 2015 and then

increased year after year since 2015 to 2018.

Indirect Expenses are highest in 105545.38 millions.

E. EBITDA

Table 9: EBITDA

Years 2011 2012 2013

EBITDA

(in million INR)

26,958.80 42,328.80 49,598.30

Fig 19: EBITDA of Ultratech cement

39

2011 2012 2013

05000

100001500020000250003000035000400004500050000

26,958.80

42,328.8049,598.30

EBITDA(in million INR)

Interpretation:

The Above Graph Represents the EBITDA or PBITDA of the company.

EBITDA is an acronym for Earnings or Profits before Interest, Taxes, Depreciation,

and Amortization.

It gives an indication of the current operational profitability of the business and allows

a comparison of profitability between different companies after removing out

expenses that can obscure how the company is really performing.

EBITDA is increasing year after year.

E. EXPECTED EBITDA

Table 10: Expected EBITDA

Years 2014 2015 2016 2017 2018

Expected

EBITDA (in

millions INR)

82,289.88

138,795.60

159,614.94

183,557.18

211,090.76

40

Fig 20: Expected EBITDA of Ultratech cement

2014 2015 2016 2017 20180

50000

100000

150000

200000

250000

82289.88

138795.60159614.94

183557.18211090.76

Expected EBITDA (in millions INR)

Interpretation:

The Above Graph Represents the Expected EBITDA or Expected PBITDA of the

company.

EBITDA is an acronym for Earnings or Profits before Interest, Taxes, Depreciation,

and Amortization.

EBITDA is increasing year after year. The highest Expected EBITDA in the year

2018.

F: PROFIT BEFORE TAX

Table 11: Profit before Tax

Years 2011 2012 2013

Profit before Tax

(in million INR)

17,447.30 33,454.00 38,672.10

Fig 21: Profit before Tax of Ultratech cement

41

2011 2012 2013

0

5000

10000

15000

20000

25000

30000

35000

40000

17,447.30

33,454.00

38,672.10

Profit before Tax(in million INR)

Interpretation:

The Above Graph Represents Profit before Tax (PBT) of the Ultratech Company.

Profit before tax deducts all expenses from revenue including interest expenses and

operating expenses, excluding tax. Since taxes change every year, PBT gives

investors a good idea about the company profits every year.

From the above graph PBT is increasing year after year.

F: EXPECTED PROFIT BEFORE TAX

Table 12: Expected Profit before Tax

Years 2014 2015 2016 2017 2018

Expected Profit

before Tax (in

millions INR)

68,453.90

116,277.80

127,418.18

139,875.97

147,847.12

42

Fig 22: Expected Profit before Tax of Ultratech cement

2014 2015 2016 2017 20180

20000

40000

60000

80000

100000

120000

140000

160000

68453.90

116277.80127418.18

139875.97 147847.12

Expected Profit before Tax (in millions INR)

Interpretation:

The Above Graph Represents Expected Profit before Tax (PBT) of the Ultratech

Company.

Expected Profit before tax deducts all expenses from revenue including interest

expenses and operating expenses, excluding tax. Since taxes change every year in

future, PBT gives investors a good idea about the company profits every year.

From the above graph Expected PBT is increasing year after year.

G: PROFIT AFTER TAX

Table 13: Profit after Tax

Years 2011 2012 2013

Profit after Tax

(in million INR)

13,610.70 23,972.60 26,880.70

Fig 23: Profit after Tax of Ultratech cement

43

2011 2012 20130

5000

10000

15000

20000

25000

30000

13,610.70

23,972.6026,880.70

Profit after Tax(in million INR)

Interpretation:

The Above Graph Represents Profit after Tax (PAT) of the Ultratech Company.

Profit after tax, also referred as the bottom-line, is a measure of the profitability of the

company after deducting all its expenses.

From the above graph PAT is increasing year after year.

G: EXPECTED PROFIT AFTER TAX

Table 14: Expected Profit after Tax

Years 2014 2015 2016 2017 2018

Expected Profit

before Tax (in

millions INR)

47,917.73

81,394.46

89,192.72

97,913.18

103,492.99

Fig 24: Expected Profit after Tax of Ultratech cement

44

2014 2015 2016 2017 20180

20000

40000

60000

80000

100000

120000

47,917.73

81,394.4689,192.72

97,913.18 103,492.99

Expected Profit before Tax (in millions INR)

Interpretation:

The Above Graph Represents Expected Profit after Tax (PAT) of the Ultratech

Company.

Expected Profit after tax, also referred as the bottom-line, is a measure of the future

profitability of the company after deducting all its expenses.

From the above graph Expected PAT is increasing year after year. The highest

Expected PAT is in the year 2018.

H: NET PROFIT

Table 15: Net Profit

Years 2011 2012 2013

Net Profit (in million

INR)

13,673.50 24,032.60 26,777.30

Fig 25: Net Profit of Ultratech cement

45

2011 2012 20130

5000

10000

15000

20000

25000

30000

13,673.50

24,032.6026,777.30

Net Profit (in million INR)

Interpretation:

The Above Graph Represents Net Profit of the Ultratech Company.

It indicates the Total Net profit of the company, from the graph we can understand

that the net profit of Ultratech is increasing year after year.

The highest net profit is in the year 2013.

H: EXPECTED NET PROFIT

Table 16: Expected Net Profit

Years 2014 2015 2016 2017 2018

Expected Net

Profit (in

millions INR)

47,917.73

81,394.46

89,192.72

97,913.18

103,492.99

Fig 26: Expected Net Profit of Ultratech cement

46

2014 2015 2016 2017 20180

20000

40000

60000

80000

100000

120000

47,917.73

81,394.4689,192.72

97,913.18103,492.99

Expected Net Profit (in millions INR)

Interpretation:

The Above Graph Represents Expected Net Profit of the Ultratech Company.

It indicates the Total Expected Net profit of the company, from the graph we can

understand that the net profit of Ultratech is increasing year after year.

The highest Expected net profit is in the year 2018.

CHAPTER VFINDINGS, SUGGESTIONS AND CONCLUSION

On the basis of above study carried out by me, the following findings, suggestions and

conclusions are submitted:-

5.1 FINDINGS:

Ultratech Company concentrated on safety of its employees, customers, vendors and

those residing in close proximity to its operations are of utmost concern.

Ultratech Company has identified several projects relating to Social Empowerment &

Welfare, Infrastructure Development, Sustainable Livelihood, Health Care and

47

Education during the year and initiated various activities in neighboring villages

around plant locations.

The Equity Dividends are increased over the years 2011 to 2015. It indicates that the

amount of dividends paid to shareholders of the company is increasing.

The Book Value of the company is increased year after year, which means

improvement in liquidity position of the company.

The net sales are increasing every year so that cement (product) sold by the company

is increasing.

Increasing in net sales represents growth of the company.

Return on Capital Employed (ROCE) is fluctuating since five years.

The company positioned & it produces qualitative cement.

5.2 SUGGESTIONS:

It must target the rural markets as they are providing a good marketing opportunity

these days.

We can say that the company having more profits.

The company has to concentrate on total amortization to decrease the values.

Time to time offers should be provided to the customer by Ultratech Company.

If the physical settlement comes into existence the allegations of manipulation of the

stocks in the derivatives segment could be easily resolved.

The company must improve its supply so as the demand for the cement can easily be

met.

5.3 CONCLUSION:

Ultra Tech has two major competitors J.K. CEMENT and ACC CCEMENT.

Ultra Tech is well established in the markets as far as quality is concerned.

Introduction of new attractive incentive schemes can bring new dealers & retailers for

Ultra Tech cement.

Market share increases with the increase in no. of dealers.

Price is the major factor that matters for a customer while purchasing cement.

48

The amount of profit earned measures the efficiency of the company. The greater

the volume of profit, the higher is the efficiency of the concern. The profit of the

company may be measured and analyzed by studying the profitability of

investments attained by the company.

BIBLIOGRAPHY

TEXT BOOKS:

1. I M Pandey, Financial Management, 9/e, Vikas Publishing House LTD, 2006.

2. T.Siddaiah, International Financial Management, Pearson, 2009.

3. Prasana Chandra, Financial Management, 7/e, TMH, 2008.

NEWSPAPERS AND MAGIZINES:

4. Daily newspapers.

49

5. Economic times, financial express.etc..,

WEBSITES:

http://www.ultratechcement.com

http://bilumi.org/Main/?gclid=CIub5da1z6QCFVJB6woddHPrEA

http://www.slideshare.net/jaynandpatalia/comaparative-analysis-of-cement-industry

http://www.ijsrp.org/research-paper-0914/ijsrp-p33115.pdf

http://www.ultratechcement.com/common/images/downloads/

Cementing_Relationships-Sustainability_Report.pdf

http://www.moneycontrol.com/financials/ultratechcement/financial-graphs/total-

assets/UTC01

http://www.moneycontrol.com/financials/ultratechcement/balance-sheet/

UTC01#UTC01

50