Research Report of Ultratech Cement. -March 2012

Transcription

1 Research Report of Ultratech Cement. -March 2012 Chairman- Shri Kumar Mangalam Birla Wholetime Director shri O P Puranmalka BSE code Industry Cement Face Value 10 Divident yield (%) 0.42% Book Value H/L 1494/914 PE Ind PE 9.06 Current Price 1425 EPS Stop loss 1369 Report Date 2 March 12 Target 1490,1565 Target Period 3 to 6 Month

2 Registered Address Registrars ''B' Wing, Ahura Centre,' 2nd Foor,,Mahakali Caves Road, Mumbai Maharashtra PHONE: FAX: website: Sharepro Services Ltd. Satam Estate, 3rd Floor, Cardinal Gracious Road, Above Bank Of Baroda, Chakala, Andheri (E) Mumbai Maharashtra PHONE: , , , , FAX: sharepro@shareproservices.com website: Board of Directors Chairman Directors Kumar Mangalam Birla Rajashree Birla G M Dave N J Jhaveri S B Mathur S Rajgopal R C Bhargava Adesh Gupta Nirmalya Kumar V T Moorthy Wholetime Director D D Rathi O P Puranmalka

3 Performance Chart Ownership Pattern Promotors & FII s continuously aquire stakes from public since last year. Index Comparison

4 About UltraTech UltraTech Cement Limited and its subsidiaries have an annual capacity of 52 million tonnes, making it among the top 10 producers of cement globally. UltraTech is also the largest manufacturer of White Cement in India. The company manufactures and markets Ordinary Portland Cement, Portland Slag Cement and Portland Pozzalana Cement, Ready Mix Concrete (RMC), White Cement, Building Products and offers Building Solutions. UltraTech has 11 integrated plants, 15 grinding units, five bulk terminals and 92 RMC plants spanning India, UAE, Bahrain, Bangladesh and Sri Lanka. UltraTech Cement is also India s largest exporter of cement clinker reaching out to meet demand in countries around the Indian Ocean, Africa, Europe and the Middle East. UltraTech's subsidiaries are Dakshin Cements Limited, Harish Cements Limited, UltraTech Cement Lanka (Pvt.) Ltd, and UltraTech Cement Middle East Investments Limited, which completed the acquisition of ETA Star Cement together with its operations in the UAE, Bahrain and Bangladesh, and acquired management control. Manufacture UltraTech is India's largest exporter of cement clinker. UltraTech Cement has 11 integrated plants, 15 grinding units, five bulk terminals and 92 RMC plants spanning India, UAE, Bahrain, Bangladesh and Sri Lanka. Most of the plants have ISO 9001, ISO and OHSAS certification. In addition, two plants have received ISO certification and four have received SA 8000 certification. The process is currently underway for the remaining plants. The company exports over 2.5 million tonnes per annum, which is about 30 per cent of the country's total exports. 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. Products UltraTech's products include Ordinary Portland cement, Portland Pozzolana cement and Portland blast furnace slag cement.

5 (Rs. in Million) Balance Sheet Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 SOURCES OF FUNDS Share Capital Share warrants & Outstandings Total Reserve Shareholder's Funds Secured Loans Unsecured Loans Total Debts Total Liabilities APPLICATION OF FUNDS : Gross Block Less: Accumulated Depreciation Less: Impairment of Assets Net Block Lease Adjustment A/c Capital Work in Progress Pre-operative Expenses pending Assets in transit Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Other Current Assets Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets / Liabilities Total Assets Contingent Liabilities

6 (Rs. in Million) P & L A/c Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 No of Months Gross Sales Less :Inter divisional transfers Less: Sales Returns Less: Excise Net Sales EXPENDITURE : Increase/Decrease in Stock Raw Materials Consumed Power & Fuel Cost Employee Cost Other Manufacturing Expenses General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax PAT Extraordinary Items Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.)

7 Key Financial Ratio Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 Operational & Financial Ratios Earnings Per Share (Rs) CEPS(Rs) DPS(Rs) Book NAV/Share(Rs) Tax Rate(%) Margin Ratios Core EBITDA Margin(%) EBIT Margin(%) Pre Tax Margin(%) PAT Margin (%) Cash Profit Margin (%) Performance Ratios ROA(%) ROE(%) ROCE(%) Asset Turnover(x) Sales/Fixed Asset(x) Working Capital/Sales(x) Efficiency Ratios Fixed Capital/Sales(x) Receivable days Inventory Days Payable days Valuation Parameters PER(x) PCE(x) Price/Book(x) Yield(%) EV/Net Sales(x) EV/Core EBITDA(x) EV/EBIT(x) EV/CE(x) M Cap / Sales Growth Ratio Net Sales Growth(%) Core EBITDA Growth(%) EBIT Growth(%)

8 PAT Growth(%) EPS Growth(%) Financial Stability Ratios Total Debt/Equity(x) Current Ratio(x) Quick Ratio(x) Interest Cover(x) Total Debt/Mcap(x) Disclaimer: All data and reports at are Technical as well as Fundamental Analysis based & it s only information services for investors and are not individualized recommendations to buy or sell securities, nor solicitation of an offers to any person with respect to the purchase or sale of the stocks/futures. The author may be trading in, or have positions in the securities mentioned in this newsletter or our calls. We do not accept any liability arising from the use of this document. The recipient & reader of this material should rely on their own investigations and take professional advice. Subscribers, recipients and readers using the information contained herein are solely responsible for their actions and shall not hold the Author liable for any investment decisions/ actions or any other action (including abstaining from action) based on the Content provided. Exit and entry prices are only informative. Trading and investment in stock market is risky and volatile. We do not take any compensation of any kind whatsoever from any company that they mention on this web site. Each user shall be responsible for the risks of their own investment activities. Transactions between you and shall be governed by and construed in accordance with the laws of India, without regard to the laws regarding conflicts of law. Any litigation regarding this agreement or any transaction between customer and or any action at law or in equity arising out of or relating to these agreement or transaction shall be filed only in the Competent Courts of Pune alone and the customer hereby agrees, consents and submits to the jurisdiction of such courts for the purpose of litigating any such action. This document may not be reproduced, distributed or published, in whole or in part, by any recipient hereof for any purpose without prior permission.