UltraTech Cement BUY. Higher utilisation & good cost controls offset cost pressure INDIA

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1 INDIA BUY Result Update 26 April 2018 Cement Higher utilisation & good cost controls offset cost pressure UltraTech s (UTCEM) Q4FY18 standalone EBITDA rose 33% YoY buoyed by 31% YoY volume growth (core volume up 8% YoY), and better cost control amid rising input and freight costs. Strong demand bolstered volume growth and boosted utilisation. Continued improvement in energy consumption metrics and lead distance reduction partly moderated the impact of rising energy costs YoY. Amid a good demand outlook, we expect UTCEM to deliver an industry leading 13% volume CAGR during FY18-20E. We also expect UTCEM s margins to benefit from better pricing, UTCEM s economies of scale and prudent cost controls. We reiterate BUY with a revised TP of Rs4,980. Strong demand boost utilisation, driving 31% YoY volume growth: UTCEM s total volume rose 31% YoY and 17% QoQ to 18.5mn MT. Its (ex-jpa) grey sales rose 8% YoY, thus boosting core utilisation to 90% vs 83% YoY and 79% QoQ. Amid good demand and strong distribution, JPA s assets utilisation also firmed up to 75% vs 60% QoQ. Total grey cement utilisation thus rose to 87% vs 83% YoY and 74% QoQ. JPA s assets utilisation has further increased to 85% during Q1. Management guided overall demand traction to remain strong, thus leading to 8-10% industry growth outlook. White/putty volume rose 4% YoY and 21% QoQ to 0.4mn MT. Good demand also led to 2% QoQ blended NSR improvement, leading to 4% YoY NSR increase. On YoY basis, both NSR and freight cost is higher by ~Rs33/MT owing to FOR based reporting. Good cost control amid rising input costs: Unitary opex rose 5% YoY and fell 1% QoQ to Rs3952/MT (vs our est of Rs4006/MT). While waw materials cost remained flat QoQ and YoY (per MT), energy cost increased 4% QoQ and 18% YoY. The QoQ increase in driven by ban on petcoke usage in CPPs leading to increased use of thermal coal (higher per Kcal cost). On YoY basis, rising fuel cost is driving sharp cost inflation. Fuel prices have further increased 10% QoQ in Q1FY19. Freight cost increase (+4% QoQ and 6% YoY) is driven by rising diesel prices (QoQ and YoY) and FOR based reporting (3% increase YoY). On YoY basis, UTCEM moderated cost inflation impact through increased fuel consumption efficiency (3-5%), use of alternative fuels/additives (2-5%) and reduced lead distance (by 6%). Increased utilisation also resulted in operating leverage gains and as a result other expenses per MT fell 7% YoY and 9% QoQ. Employee cost fell 9% QoQ owing to a fall in gratuity provisioning (yield hardening impact). Unitary EBITDA up 2% YoY to Rs922: Higher realisation and utilisation YoY and rising cost controls more than offset input cost increase, leading to marginal increase in unitary EBITDA. Thus, EBITDA rose 33% YoY. Higher capital charges YoY moderated PAT growth to 2% YoY. On-going expansions to bolster UTCEM s market share gain; Reiterate BUY: UTCEM s ongoing ramp-up of JPA s assets, its upcoming expansions in UP, MP and Rajasthan during FY19-20, should further bolster UTCEM 13% volume CAGR during FY18-20 (on 21% growth in FY18). We model in 7% organic volume CAGR during FY17-20E and the rest of the growth should come from JPA s capacity ramp-up to 80% by FY20 (on 21 mn MT). We estimate good demand to boost industry utilisation and hence model in 4% NSR increase for UTCEM. Also, better pricing and increased utilisation should drive margin expansion. We trim FY19/20E EBITDA estimates by 4%/3% respectively to account for ongoing increase seen in fuel and diesel prices. We continue to like UltraTech owing to its industry leadership, prudent cost structure, and steady capacity growth without straining its balance sheet. We reiterate BUY with a revised TP of Rs4980 (15x FY20E EBIDTA). Y/E Mar (Rs mn) Q4FY18 Q4FY17 YoY (%) Q3FY18 QoQ (%) Q4FY18E Variance % Net Sales 90,025 65, , , Op. cost 72,997 53, , ,047 (0.1) EBITDA 17,028 12, , , EBITDA margin (%) (47) Depreciation 4,806 3, , , Interest 3,348 1, ,472 (3.6) 3,500 (4.4) Other Income 1,059 2,401 (55.9) 1,556 (31.9) 1,550 (31.7) PBT 9,934 10,297 (3.5) 6, , Taxes Paid 2,791 3,276 (14.8) 1, , Adjusted PAT 7,142 7, , , Source: Company, Centrum Research Estimate, Standalone Financials Target Price Rs4,980 Key Data CMP* Rs4,135 Bloomberg Code UTCEM IN Upside 20% Curr Shares O/S (mn) Previous Target Rs5,140 Diluted Shares O/S(mn) Previous Rating BUY Mkt Cap (Rsbn/USDbn) /17 Price Performance (%)* 52 Wk H / L (Rs) 4600/3773 1M 6M 1Yr 5 Year H / L (Rs) 4600/1402 UTCEM IN 6.7 (7.3) (2.5) Daily Vol. (3M NSE Avg.) 209,136 NIFTY *as on 25 April 2018; Source: Bloomberg, Centrum Research Shareholding pattern (%)* Mar -18 Dec -17 Sep -17 Jun -17 Promoter FIIs Dom. Inst Public & Others Source: BSE, *as on 25 April 2018 Operational Trends Sales vol (mn MT) Rs/ MT trends Q4FY18 Q4FY17 YoY (%) Q3FY18 QoQ (%) NSR 4,874 4, , Raw materials (2.1) 840 (4.7) Power & fuel 1, Freight 1,232 1, , Employee (7.4) 292 (22.3) Other Exp (6.6) 728 (8.6) Opex 3,952 3, ,988 (0.9) EBITDA Source: Company, Centrum Research Earning Revisions summary Particulars (Rs bn) FY19E FY20E New Old Chg (%) New Old Chg (%) Sales EBITDA (4.2) (2.9) Ebitda margin (%) Adj PAT (6.2) (3.5) Source: Centrum Research Estimates Centrum vs. Bloomberg Consensus* Particulars (Rs bn) FY19E FY20E Centrum BBG Var (%) Centrum BBG Var (%) Net Sales EBITDA PAT Bloomberg Consensus* BUY SELL HOLD Target Price (Rs) Centrum Target Price (Rs) Variance (%) , Source: Bloomberg, Centrum Research Estimates; *as on 25 April 2018 Rajesh Kumar Ravi, rajesh.ravi@centrum.co.in; Vinay Menon, vinay.menon@centrum.co.in; Y/E Mar (Rs mn) Revenue YoY (%) EBITDA EBITDA (%) APAT YoY (%) DEPS Rs. RoE (%) RoCE (%) P/E (x) EV/EBITDA (x) FY16 2,37, , , FY17 2,38, , , FY18 2,97, , ,576 (7.0) FY19E 3,60, , , FY20E 4,14, , , Source: Company, Centrum Research Estimates, Standalone Financials Centrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

2 Key operational highlights and other details from the concall As per the company presentation, cement sales has been strong YoY across most markets in Q4FY18. Infrastructure construction and a low cost housing demand has contributed mainly to the robust industry growth in Q4FY18. UTCEM s standalone total sales volume rose 31% YoY (+17% QoQ) to 18.5mn MT. Grey sales volume rose 32% YoY and (+16% QoQ) to 18.1 mn MT. White cement/putty volume rose 4% YoY at 0.4mn MT (+21% QoQ). The JPA plants contributed ~3.2mn MT to the total sales volume which implies UltraTech (ex-jpa plant) delivered ~8% volume growth YoY. Company s ex-jpa capacity utilisation increased to 90% vs 83% YoY and vs 79% QoQ. UTCEM operated the JPA units at ~75% utilisation in Q4FY18 and is confident of a higher ramp-up in subsequent quarters (~85% in Q1FY19E). Higher than estimated ramp-up of JPA assets led to cash-break-even in Q4FY18 (1 quarter ahead of management expectations). UTCEM guided that JPA asset will become PBT break-even by Q1FY20. During Q4FY18, JPA units opex were higher by ~Rs200/MT that of UTCEM. Out of this, ~ Rs64/MT is on account of higher royalty which will continue going forward. UTCEM is hopeful to bridge the residual cost gap over next the 1-2 quarters through ongoing process improvement projects. The management highlighted its regional utilisation as follows: North (88% vs 80% QoQ), Central (76% vs 60% QoQ), East (90% vs 80% QoQ), West (82% vs 70% QoQ) and South (70% vs 53% QoQ). This implies that UTCEM registered 25%+ QoQ production growth in its central and southern plants. Amid strong growth in grey cement sales, the share of white cement/putty and RMC revenue fell to 6% and 6% of total revenue in Q4FY18 vs 8% and 7% respectively YoY. UltraTech noted that rural markets accounted for ~40% of overall sales. The share has been maintained over the past three quarters. UTCEM s reported energy cost rose 17% YoY and 4% QoQ to Rs987/MT. Average cost of pet-coke for Q4FY18 rose 0% QoQ and 22% YoY to USD104/MT. With ban on pet-coke for captive power generation, company consumed coal leading to higher cost QoQ. UTCEM s logistics cost rose 6% YoY to Rs1,166/MT mainly on account of an increase in diesel prices and increased FOR based sales. On QoQ basis, its logistics cost is up 4% as a result of high diesel prices. Exhibit 1: Energy cost trends Power Mix Q2 FY16 Q3 FY16 Q4 FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 TPP + WHRS (% of total) N/A N/A N/A N/A N/A N/A Kiln Fuel Mix (%) Pet coke Imp coal NA Indigenous coal and others NA Energy costs (Rs/MT) QoQ (%) 0.9 (9.4) (16.9) (0.4) YoY (%) (10.6) (17.1) (27.1) (24.3) (18.9) (4.7) Source: Company, Centrum Research, N/A- data not available 2

3 Exhibit 2: Transport mix and logistics cost trend Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1FY18 Q2 FY18 Q3 FY18 Q4 FY18 Freight Mix (%) Rail NA Road NA Sea NA Logistics cost (Rs/MT) 1,089 1,089 1,088 1,081 1,041 1,060 1,104 1,098 1,089 1,127 1,166 QoQ (%) 3.2 (3.6) (0.1) (0.6) (3.7) (0.5) (0.8) YoY (%) 11.4 (1.1) (0.6) (4.3) (4.4) (2.7) Source: Company, Centrum Research UTCEM reported QoQ reduction in net debt by Rs10bn and a working capital release of Rs4.65bn QoQ. Net debt/ebitda improved from 2.1x in Q2FY18 to 1.85x in Q4FY18. Capex updates UTCEM s green-field expansion of 3.5mn MT at Dhar, MP is ahead of schedule. It commissioned 1.75 mn MT in April 2018 with the remainder expected by Sep The pending Bara grinding unit is expected to be commissioned in Q1FY20. The 3.5mn MT grey cement expansion in Pali, Rajasthan is expected to be completed in FY20 (capex ~Rs18.5bn). Post these, UTCEM s India capacity will increase to 87mn MT/ 95mn MT by end of FY19/ FY20. UTCEM is also working on0.4mn MT of white putty plant expansion project, to be completed by Q2FY20. This would entail capex of Rs2bn. Post this expansion, its white/putty capacity will increase to 1.72 mnmt. 3

4 Valuation and operational assumptions Exhibit 3: 1-yr forward EV/EBITDA chart Exhibit 4: 1-yr forward EV/MT chart Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 EV/EBITDA Mean EV/MT Mean Mean + 1 Std Dev Mean - 1 Std Dev Mean + 1 Std Dev Mean - 1 Std Dev Source: Bloomberg, Company, Centrum Research Estimates Source: Bloomberg, Company, Centrum Research Estimates Exhibit 5: Comparative Valuations Company Mkt Cap (Rs bn) CAGR FY18-20E (%) EBITDA margin (%) RoCE (%) RoE (%) EV/EBITDA (x) EV/MT(USD) Rev. EBITDA PAT FY18 FY19E FY20E FY18 FY19E FY20E FY18 FY19E FY20E FY18 FY19E FY20E FY18 FY19E FY20E ACC Ambuja Cements Shree Cement ** (9.3) Source: Company, Centrum Research Estimates, For ACC/ Ambuja FY17/18/19 = CY16/17/18, Shree Cement FY18 numbers are estimates 4

5 Exhibit 6: Key Operational Assumptions Particulars FY15 FY16 FY17 FY18 FY19E FY20E Total Cement capacity (mn MT) Total Sales Volume (mn MT) YoY change (%) Capacity utilisation (%) (Rs/ MT trend) Blended NSR 4,976 4,812 4,761 4,911 5,124 5,333 YoY change (%) 4.6 (3.3) (1.1) Raw Materials Power & Fuel 1, ,032 1,063 Freight costs 1,171 1,204 1,165 1,208 1,243 1,275 Employee cost Other expense Total Opex 4,066 3,873 3,771 3,941 4,033 4,121 EBITDA per MT ,091 1,211 Source: Company, Centrum Research Estimates 5

6 Exhibit 7: Quarterly financials trend (Standalone) Y/E Mar (Rs mn) Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Net Sales 62,325 54,576 56,091 65,953 66,265 65,713 75,899 90,025 Total Expenditure 48,100 43,028 44,956 53,171 50,664 52,200 63,207 72,997 Raw Materials 10,924 8,609 9,236 11,508 9,547 9,153 13,310 14,786 Power and Fuel 9,237 8,797 9,689 11,543 12,174 13,348 15,093 18,980 Employee 3,466 3,572 3,647 3,449 3,803 4,440 4,628 4,192 Transport 15,452 12,749 13,606 16,645 15,880 15,553 18,634 22,750 Others 9,021 9,301 8,779 10,027 9,261 9,707 11,541 12,289 EBITDA 14,225 11,548 11,135 12,782 15,601 13,513 12,691 17,028 Depreciation 3,027 3,139 3,156 3,357 3,098 4,988 4,744 4,806 EBIT 11,198 8,409 7,978 9,425 12,503 8,525 7,947 12,222 Interest 1,525 1,367 1,293 1,529 1,285 3,759 3,472 3,348 Other Income 1,504 1, ,401 1,652 1,680 1,556 1,059 PBT 11,177 8,767 7,655 10,297 12,870 6,447 6,031 9,934 Taxes 3,428 2,757 2,021 3,276 3,963 2,135 1,816 2,791 Exceptional expense/ (income) (173) (179) (75) (93) 0 (2,263) Reported PAT 7,576 6,123 5,678 6,842 8,832 4,220 4,215 4,879 Adjusted PAT 7,749 6,011 5,634 7,020 8,906 4,312 4,215 7,142 Adj EPS (Rs) YoY Growth (%) Sales volume (1.3) 0.8 (0.2) Cement NSR (2.5) (2.8) (0.8) Revenue 3.8 (2.3) (2.1) EBITDA (0.1) (7.2) PBT (2.2) 15.1 (26.5) (21.2) (3.5) Adj PAT (10.1) 14.9 (28.3) (25.2) 1.7 Margins (%) EBITDA EBIT PBT Adj PAT Operational Trend Cement & clinker Sales Vol (mn MT) Trends (Rs/mt) NSR 4,720 4,882 4,782 4,687 5,026 5,001 4,788 4,874 Raw material cost Power and fuel cost , ,028 Employee cost Transport cost 1,170 1,140 1,160 1,183 1,204 1,184 1,176 1,232 Other expenses Operating cost 3,643 3,849 3,833 3,779 3,843 3,973 3,988 3,952 EBITDA per MT 1,077 1, ,183 1, Source: Company, Centrum Research 6

7 Financials (Standalone) Exhibit 8: Income Statement Y/E March (Rsmn) FY16 FY17 FY18 FY19E FY20E Revenues 2,37,143 2,38,915 2,97,901 3,60,031 4,14,239 Materials cost 39,906 39,514 46,797 55,701 62,860 % of revenues Employee Cost 13,430 14,134 17,066 19,674 21,750 % of revenues Others 1,37,541 1,35,577 1,75,205 2,07,973 2,35,529 % of revenues EBITDA 46,266 49,690 58,833 76,683 94,100 EBIDTA Margins (%) Depreciation & Amortisation 12,970 12,679 17,636 21,784 23,434 EBIT 33,296 37,011 41,198 54,899 70,666 Interest expenses 5,117 5,714 11,863 13,277 9,622 PBT from operations 28,179 31,297 29,335 41,623 61,045 Other Income 4,807 6,600 5,947 6,224 6,790 Exceptional loss/(gain) 26 (333) (2,263) - - PBT 33,012 37,564 33,019 47,847 67,835 Taxes 9,284 11,482 10,706 14,832 21,029 Effective tax rate (%) Net Profit 23,728 26,081 22,313 33,014 46,806 Reported Net Profit 23,728 26,081 22,313 33,014 46,806 Adj Net Profit 23,702 26,414 24,576 33,014 46,806 Source: Company, Centrum Research Estimates Exhibit 9: Key Ratios Y/E March FY16 FY17 FY18P FY19E FY20E Growth ratios (%) Revenues EBIDTA Adj Net Profit (7.0) Margin ratios (%) EBITDA Margin PBT from operations Margin Adj PAT Margin Return Ratios (%) RoE RoCE RoIC Turnover Ratios (days) Gross block turnover (x) Debtors Inventory Creditors Cash conversion cycle Solvency Ratio Net debt-equity 0.0 (0.1) Debt-equity Interest coverage ratio Gross debt/ebitda Current Ratio Per Share (Rs) Adjusted EPS BVPS , ,210.1 CEPS DPS Dividend payout % Valuations (x)(avg Mkt Cap) P/E (adjusted) P/BV EV/EBITDA EV/ton (USD $) Dividend yield % Yr Avg AOCF/EV yield % Source: Company, Centrum Research Estimates Exhibit 10: Balance Sheet Y/E March (Rsmn) FY16 FY17 FY18 FY19E FY20E Equity Share Capital 2,744 2,745 2,746 2,746 2,746 Reserves & surplus 2,13,574 2,36,665 2,56,486 2,86,289 3,29,561 Total Shareholders' Fund 2,16,318 2,39,410 2,59,232 2,89,035 3,32,307 Total Debt 82,496 62,404 1,74,195 1,38,195 88,195 Def tax liab. (net) 24,320 27,736 31,741 31,741 31,741 Total Liabilities 3,23,134 3,29,550 4,65,168 4,58,971 4,52,243 Gross Block 2,39,127 2,56,747 4,14,179 4,57,179 4,80,179 Less:- Accumulated Depreciation 12,241 24,424 42,059 63,843 87,277 Net Block 2,26,886 2,32,324 3,72,120 3,93,336 3,92,902 Capital WIP 14,145 8,778 14,730 (3,270) 1,730 Net Fixed assets 2,41,031 2,41,101 3,86,850 3,90,066 3,94,632 Investments 57,932 74,087 61,629 51,629 51,629 Inventories 22,776 22,250 31,015 35,510 39,722 Sundry Debtors 14,149 12,762 17,142 19,728 22,131 Cash & bank balances 22,352 22,177 1,993 1,713 1,141 Loans & Advances 10,372 5,390 6,364 6,905 7,944 Other Assets 14,294 15,044 38,740 39,455 34,047 Total current assets 83,943 77,623 95,254 1,03,311 1,04,985 Trade payables 15,815 17,138 23,435 22,290 25,185 Other current liabilities 39,811 41,821 48,908 57,043 66,564 Provisions 4,146 4,302 6,221 6,702 7,254 Net current assets 24,171 14,362 16,689 17,276 5,982 Total 3,23,134 3,29,550 4,65,168 4,58,971 4,52,243 Source: Company, Centrum Research Estimates Exhibit 11: Cash Flow Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E Op profit before WC changes 38,333 42,334 52,132 61,851 73,071 Working capital changes 5,211 4,878 (2,512) (867) 10,723 Cash from Operations 43,544 47,213 49,621 60,984 83,794 Adj. OCF (OCF-Interest) 38,156 41,742 37,758 47,707 74,173 Net capex (20,595) (12,316) (65,814) (25,000) (28,000) Adj. FCF (AOCF-Capex) 17,561 29,426 (28,057) 22,707 46,173 Cash from investing (37,567) (23,635) (47,410) (8,776) (21,210) Cash from financing (5,824) (23,826) (23,445) (52,488) (63,156) Net change in cash 153 (249) (21,234) (280) (571) Source: Company, Centrum Research Estimates 7

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9 The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. As per the declarations given by them, Mr. Rajesh Kumar Ravi, & Mr. Vinay Menon, research analyst and and/or any of their family members do not serve as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by them, they are not received any compensation from the above companies in the preceding twelve months. They do not hold any shares by them or through their relatives or in case if holds the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance. While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Centrum Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read Risk Disclosure Document for Capital Market and Derivatives Segments as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. Ultratech Cement price chart Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Ultratech Cement Source: Bloomberg, Centrum Research 9

10 1 2 Business activities of Centrum Broking Limited (CBL) Details of Disciplinary History of CBL Disclosure of Interest Statement Centrum Broking Limited (hereinafter referred to as CBL ) is a registered member of NSE (Cash, F&O and Currency Derivatives Segments), MCX-SX (Currency Derivatives Segment) and BSE (Cash segment), Depository Participant of CDSL and a SEBI registered Portfolio Manager. CBL has not been debarred/ suspended by SEBI or any other regulatory authority from accessing /dealing in securities market. 3 Registration status of CBL: CBL is registered with SEBI as a Research Analyst (SEBI Registration No. INH ) 4 5 Whether Research analyst s or relatives have any financial interest in the subject company and nature of such financial interest Whether Research analyst or relatives have actual / beneficial ownership of 1% or more in securities of the subject company at the end of the month immediately preceding the date of publication of the document. Ultratech ACC Ambuja Cements Shree Cement 6 Whether the research analyst or his relatives has any other material conflict of interest Whether research analyst has received any compensation from the subject company in the past 12 months and nature of products / services for which such compensation is received Whether the Research Analyst has received any compensation or any other benefits from the subject company or third party in connection with the research report Whether Research Analysts has served as an officer, director or employee of the subject company Whether the Research Analyst has been engaged in market making activity of the subject company. Rating Criteria Rating Market cap < Rs20bn Market cap > Rs20bn but < 100bn Market cap > Rs100bn Buy Upside > 20% Upside > 15% Upside > 10% Hold Upside between -20% to +20% Upside between -15% to +15% Upside between -10% to +10% Sell Downside > 20% Downside > 15% Downside > 10% Member (NSE and BSE) Regn No.: CAPITAL MARKET SEBI REGN. NO.: BSE: INB CAPITAL MARKET SEBI REGN. NO.: NSE: INB DERIVATIVES SEBI REGN. NO.: NSE: INF (TRADING & CLEARING MEMBER) CURRENCY DERIVATIVES: MCX-SX INE CURRENCY DERIVATIVES:NSE (TM & SCM) NSE Depository Participant (DP) CDSL DP ID: SEBI REGD NO. : CDSL : IN-DP-CDSL PORTFOLIO MANAGER SEBI REGN NO.: INP Website: Investor Grievance ID: investor.grievances@centrum.co.in Compliance Officer Details: Kavita Ravichandran (022) ; ID: compliance@centrum.co.in Centrum Broking Ltd. (CIN :U67120MH1994PLC078125) Registered Office Address Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Fort, Mumbai Corporate Office & Correspondence Address Centrum House 6th Floor, CST Road, Near Vidya Nagari Marg, Kalina, Santacruz (E), Mumbai Tel: (022)