report on ultra tech cement company valuation.

1. 1
CHAPTER I
INTRODUCTION
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.

2. 2
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.

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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,

4. 4
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

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

6. 6
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
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

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 INFOSYS
 ULTRATECH
 JUST DIAL
 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.

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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.
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.

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CHAPTER -II
REVIEW OF LITERATURE

10. 10
ACQUISITION OF CEMENT UNITS OF JAIPRAKASH ASSOCIATES LIMITED
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.

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ULTRATECH CEMENT WASTE HEAT RECOVERY SYSTEM

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ULTRATECH HAS SET TRENDS IN INDUSTRY WITH PRODUCT
INNOVATIONS:

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CHAPTER III
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.

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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
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.

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3.2 Types of Cement:
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.

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Fig 3: Top Indian Cement Companies
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

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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.
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.

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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
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.

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Fig 5: Cement Consumption
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.

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3.8COMPANY PROFILE:
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

21. 21
global 'Top Companies for Leaders' survey and ranked number 1 in Asia Pacific for 2011.
'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

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3.9 MISSION AND VISION STATEMENTS
3.9.1 Mission
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

23. 23
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.
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

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 Sponsorship
3.12 OPINION TOWARDS MARKETING
 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

25. 25
stakeholders. With regard to CSR, this means investing part of their profits beyond business,
for the larger good of society
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

26. 26
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.
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
Fig 8: Health and family welfare
Education
Balwadis (pre-school)
Adult education
Non-formal education
Continuing education
Scholarships for girls, merit and technical education
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

27. 27
Fig 9: Sustainable development and livelihood and agriculture and watershed
development
Fig 10: Infrastructure 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
Irrigation
Land development
Soil and water conservation
Pasture development
Social forestry/ plantation activities/ nursery
Horticulture
Farmer training
Infrastructure development
Roads
Dams
Community centers
Houses
Culverts
Electricity
Health centers
Water channels
Schools

28. 28
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
 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.

29. 29
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
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.

30. 30
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
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.

31. 31
 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
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.

32. 32
CHAPTER IV
DATA 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
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.
0
50000
100000
150000
200000
250000
2011 2012 2013
138086.10
192324.20
213190.90
Net Sales (in millions INR)

33. 33
A. EXPECTED NET SALES
Table 2: Expected Net Sales
Fig 12: Expected Net Sales of Ultratech cement
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.
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
500000
2014 2015 2016 2017 2018
274299.61
315444.55
362761.23
417175.42
479751.73
ExpectedNet sales (in millions INR)
Years 2014 2015 2016 2017 2018
Expected Net
Sales
(in millions INR)
274235.82 314517.58 362239.65 410505.62 476612.33

34. 34
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
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.
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
2011 2012 2013
54,402.20
75,211.30
80,292.90
DirectExpenses (in millions INR)

35. 35
B. EXPECTED DIRECT EXPENSES
Table 4: Expected Direct Expenses
Fig 14: Expected Direct Expenses of Ultratech cement
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.
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
2014 2015 2016 2017 2018
93261.87
107251.15
123338.82
141839.64
163115.59
ExpectedDirectexpenses(inmillions INR)
Years 2014 2015 2016 2017 2018
Expected Direct
Expenses
(in millions INR)
93261.87 107251.15 123338.82 141839.64 163115.59

36. 36
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
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).
0
20000
40000
60000
80000
100000
120000
140000
2011 2012 2013
83683.90
117112.90
132898.00
Gross Profit(in millions INR)

37. 37
C. EXPECTED GROSS PROFIT
Table 6: Expected Gross Profit
Fig 16: Expected Gross Profit of Ultratech cement
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).
0
50000
100000
150000
200000
250000
300000
350000
2014 2015 2016 2017 2018
181037.74
208193.40
239422.41
275335.78
316636.14
ExpectedGross Profit(in millions INR)
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

38. 38
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
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.
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
2011 2012 2013
56,725.10
74,784.10
83,299.70
TotalIndirect Expenses(inmillion INR)

39. 39
D. EXPECTED TOTAL INDIRECT EXPENSES
Table 8: Expected Total Indirect Expenses
Fig 18: Expected Total Indirect Expenses of Ultratech cement
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.
0
20000
40000
60000
80000
100000
120000
2014 2015 2016 2017 2018
98,747.86
69,397.80
79,807.47
91,778.59
105545.38
ExpectedTotalIndirect expenses (in millions INR)
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

40. 40
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
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.
0
10000
20000
30000
40000
50000
2011 2012 2013
26,958.80
42,328.80
49,598.30
EBITDA(in million INR)

41. 41
E. EXPECTED EBITDA
Table 10: Expected EBITDA
Fig 20: Expected EBITDA of Ultratech cement
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.
0
50000
100000
150000
200000
250000
2014 2015 2016 2017 2018
82289.88
138795.60
159614.94
183557.18
211090.76
ExpectedEBITDA (in millions INR)
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

42. 42
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
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.
0
5000
10000
15000
20000
25000
30000
35000
40000
2011 2012 2013
17,447.30
33,454.00
38,672.10
Profit before Tax(in million INR)

43. 43
F: EXPECTED PROFIT BEFORE TAX
Table 12: Expected Profit before Tax
Fig 22: Expected Profit before Tax of Ultratech cement
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.
0
20000
40000
60000
80000
100000
120000
140000
160000
2014 2015 2016 2017 2018
68,453.90
116277.80
127418.18
139875.97 147847.12
ExpectedProfit before Tax (in millions INR)
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

44. 44
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
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.
0
5000
10000
15000
20000
25000
30000
2011 2012 2013
13,610.70
23,972.60
26,880.70
Profit afterTax(in million INR)

45. 45
G: EXPECTED PROFIT AFTER TAX
Table 14: Expected Profit after Tax
Fig 24: Expected Profit after Tax of Ultratech cement
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.
0
20000
40000
60000
80000
100000
120000
2014 2015 2016 2017 2018
47,917.73
81,394.46
89,192.72
97,913.18
103492.99
ExpectedProfit before Tax (in millions INR)
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

46. 46
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
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.
0
5000
10000
15000
20000
25000
30000
2011 2012 2013
13,673.50
24,032.60
26,777.30
Net Profit (in million INR)

47. 47
H: EXPECTED NET PROFIT
Table 16: Expected Net Profit
Fig 26: Expected Net Profit of Ultratech cement
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.
0
20000
40000
60000
80000
100000
120000
2014 2015 2016 2017 2018
47,917.73
81,394.46
89,192.72
97,913.18
103492.99
ExpectedNet Profit (in millions INR)
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

48. 48
CHAPTER V
FINDINGS, 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
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.

49. 49
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.
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.

50. 50
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.
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_Relationshi
ps-Sustainability_Report.pdf
 http://www.moneycontrol.com/financials/ultratechcement/financial-graphs/total-
assets/UTC01
 http://www.moneycontrol.com/financials/ultratechcement/balance-
sheet/UTC01#UTC01