Ultratech Cement is India's largest cement producer with an annual production capacity of 67 million tonnes. It operates integrated plants, white cement plants, and WallCare putty plants across India, UAE, Bahrain, Bangladesh and Sri Lanka. Ultratech is the largest exporter of cement from India, meeting demand in countries across regions like the Indian Ocean, Africa, Europe and the Middle East. The company recently acquired the cement business of Jaiprakash Associates for $2.4 billion, increasing its production capacity.
This Webinar covers the prospects of the cement industry and the two stocks that Ventura Securities has initiated coverage on: Sanghi Industries and Sagar Cements
This Webinar covers the prospects of the cement industry and the two stocks that Ventura Securities has initiated coverage on: Sanghi Industries and Sagar Cements
The main purpose of this project is to perform Security Analysis of Cement Sector and find out the possibilities and opportunities in this sector which can maximize the return. Indian economy being the one of the developing economies in the world, companies in India are growing at a faster rate as compared to the growth rate decade back. Many Indian companies are expanding their business globally with merger and acquisition. As companies grow their investors get benefitted with good dividend and capital appreciation. Valuations can be done by two ways approach .One is top down approach and second is bottom up approach. It begins with analysis of sector in which one wants to invest, if the sector looks positive then analyse various companies in the sector. A company is analysed fundamentally to check its performance and financial strength. Technical analysis is used to decide right price to buy stock and to study various chart patterns of selected companies. The observed patterns are tested with various indicators and oscillators and decision about particular stock is made. Based on price movement trend of a particular stock is observed. This report starts with the sector analysis of cement industry followed by fundamental analysis of the companies. Analysis of the sector has been done. Cement industry is analysed on the basis of various factors and indicators and ratios. After analysing these companies, stock price is estimated by Relative Valuation Method and the shares have been bought by means of creating a portfolio. Ratios are calculated and then the growth and value of the stock were determined. This report means to narrow down the gap between retail investor and equity market by simplifying basic investment strategies and give basic knowledge about fundamental and technical analysis. This report will help the investors to recognise about the current growth potential of Indian Economy in relation with Cement sector. They will get to know various factors affecting this sector and their impact on the growth of the sector. It will help them in comparing the stocks and their predicted future share prices, to invest in better options and get maximum returns. Rachana Mohalkar "Security Analysis of Cement Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28108.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/28108/security-analysis-of-cement-industry/rachana-mohalkar
Rajasthan has ample opportunities of manufacturing, and processing activities in the MSME sector. At present 90% of industries in Rajasthan fall within the MSME bracket.
The main purpose of this project is to perform Security Analysis of Cement Sector and find out the possibilities and opportunities in this sector which can maximize the return. Indian economy being the one of the developing economies in the world, companies in India are growing at a faster rate as compared to the growth rate decade back. Many Indian companies are expanding their business globally with merger and acquisition. As companies grow their investors get benefitted with good dividend and capital appreciation. Valuations can be done by two ways approach .One is top down approach and second is bottom up approach. It begins with analysis of sector in which one wants to invest, if the sector looks positive then analyse various companies in the sector. A company is analysed fundamentally to check its performance and financial strength. Technical analysis is used to decide right price to buy stock and to study various chart patterns of selected companies. The observed patterns are tested with various indicators and oscillators and decision about particular stock is made. Based on price movement trend of a particular stock is observed. This report starts with the sector analysis of cement industry followed by fundamental analysis of the companies. Analysis of the sector has been done. Cement industry is analysed on the basis of various factors and indicators and ratios. After analysing these companies, stock price is estimated by Relative Valuation Method and the shares have been bought by means of creating a portfolio. Ratios are calculated and then the growth and value of the stock were determined. This report means to narrow down the gap between retail investor and equity market by simplifying basic investment strategies and give basic knowledge about fundamental and technical analysis. This report will help the investors to recognise about the current growth potential of Indian Economy in relation with Cement sector. They will get to know various factors affecting this sector and their impact on the growth of the sector. It will help them in comparing the stocks and their predicted future share prices, to invest in better options and get maximum returns. Rachana Mohalkar "Security Analysis of Cement Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28108.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/28108/security-analysis-of-cement-industry/rachana-mohalkar
Rajasthan has ample opportunities of manufacturing, and processing activities in the MSME sector. At present 90% of industries in Rajasthan fall within the MSME bracket.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Resume
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
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Here is the telegram contact of my personal pi vendor
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Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
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A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
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Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
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The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
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The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
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Below is the contact information for my personal pi vendor.
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Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
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Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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2. Table of Content
Executive Summary……………….…..……3
Advantage India…………………..….……. 4
Market Overview and Trends………..…….6
Porter’s Five Force Framework Analysis...12
Growth Drivers and Opportunities……… 13
Investment Scenario...…….………......... 15
Policies and Initiatives……….………….. 18
Case Studies……….………..............….. 19
Key Industry Organizations……….…….. 24
Useful information……….……….......….. 26
3. For updated information, please visit www.ibef.orgCement3
EXECUTIVE SUMMARY
With cement
production capacity
of nearly 420 million
tonnes, as of March
2017.
India’s cement
production capacity
is expected to reach
550 million tonnes by
2025.
India is the second
largest cement
producer in the
world.
Second largest cement
market
Of the total capacity,
98 per cent lies with
the private sector &
the rest with public
sector.
The top 20 companies
accounting for around
70 per cent of the total
production
Dominated by private
players
210 large cement
plants account for a
cumulative installed
capacity of over
350 million tonnes,
while over 350 mini
cement plants have
an estimated
production capacity
of nearly 11.10
million tonnes, as
of 2016.
Higher share of large
plants
Of the total 210
large cement
plants in India, 77
are situated in the
states of Andhra
Pradesh,
Rajasthan & Tamil
Nadu.
Large concentration in
south and west
Source: Business Standard, Ministry of External Affairs,
Ministry of External Affairs (Investment and Technology Promotion Division)
5. For updated information, please visit www.ibef.orgCement5
Increasing investments
Long-term potential
Attractive opportunities
Robust demand
Increased allocation to infrastructure
projects in Union Budget 2017-18 to
drive demand
Initiative to build 100 smart cities and
boost to affordable housing projects to
give a further stimulus
Robust investments are being made
by the existing players to expand their
capacity
FDI inflow in industry related to
manufacturing of Cement & Gypsum
products reached US$ 5.24 billion
between April 2000 and June 2017
Emami Ltd to invest US$ 1.27 billion to
scale up its cement production
capacity from 2.4 MT to 15-20 MT in 3-
5 years
Oligopoly market, where large players
have partial pricing control
Low threat from substitutes
The North-East, which is witnessing a
construction boom, offers attractive
investment opportunities.
The State Government of Chattisgarh
has auctioned one block of Limestone
(Kesla II) in Raipur District having
estimated reserves of 215 million
tonnes which would earn a revenue of
US$ 1.85 billion over the lease period
Source: Publication. Report/Press Release Title (as published). Date (sort format); Aranca Analysis; Aranca Estimates
ADVANTAGE INDIA
ADVANTAGE
INDIA
7. For updated information, please visit www.ibef.orgCement7
Source: International Cement Review
Top Cement Producers in 2016E (in MTPA)
2410.00
290.00
85.90 77.00 60.00 56.00 53.00 63.00 55.00
0.00
500.00
1000.00
1500.00
2000.00
2500.00
3000.00
China India USA Turkey Brazil Russia Iran Indonesia South Korea
India - world’s 2nd largest cement market, both in production and consumption.
Supported by high level of activity going on in real estate and high government spending on smart cities and urban
infrastructure.
A total of 575 operational cement plants in the country.
Capacity of 420 MTPA as of March 2017.
MARKET OVERVIEW
Note: E - Estimate
8. For updated information, please visit www.ibef.orgCement8
MARKET OVERVIEW
Source: Media sources, Aranca Research, Crisil
Cement consumption (million tonnes)
221.00
239.00
245.00
256.00
269.00
270.00
0.00
50.00
100.00
150.00
200.00
250.00
300.00
FY 12 FY13 FY14 FY15 FY16 FY17
Industry to grow at 5-6 per cent CAGR between FY17 – FY20.
Capacity addition of 109 million tonnes per annum (mtpa) between 2013-16.
Domestic consumption may outpace supply in next three fiscals.
Cement Production in India (million tonnes)
230.49
248.23
255.826
270.038
283.457
279.813
117.12
0
50
100
150
200
250
300
FY 12 FY13 FY14 FY15 FY16 FY17 FY18
1
Note: 1From April to August 2017
9. For updated information, please visit www.ibef.orgCement9
INSTALLED CAPACITY AND KEY MARKETS IN EACH
OF THE GEOGRAPHIC REGIONS
South
(Tamil Nadu,
Andhra Pradesh,
Karnataka)
132.7 MTPA
East
(West Bengal,
Chhattisgarh,
Odisha, Jharkhand)
49.4 MTPA
North
(Rajasthan,
Punjab, Haryana)
85.6 MTPA
West
(Gujarat,
Maharashtra)
57.6 MTPA
Central
(Uttar Pradesh,
Madhya Pradesh)
52.8 MTPA
Source: Indian Minerals Year Book by Indian Bureau of Mines, TechSci Research
Notes: mtpa - Million Tonnes Per Annum, E- Estimates
10. For updated information, please visit www.ibef.orgCement10
RECENT TRENDS AND STRATEGIES
Presence of small & mid-size
cement players across regions is
increasing, which helps to diminish
market concentration of industry
leaders
A large number of foreign players
have also entered the market
owing to the profit margins,
constant demand & right valuation.
Increasing presence of cement players
India has joined hands with
Switzerland to reduce energy
consumption & develop newer
methods in the country for more
efficient cement production, which
would help India meet its rising
demand for cement in the
infrastructure sector
Tie – up with overseas
Under Union Budget 2017-18,
US$ 3.42 billion has been
allocated to achieve government's
mission of 'Housing for All by
2022.
Housing sector accounts for
nearly 67 per cent of the total
cement consumption in India.
Housing for All
The Government of India has
decided to adopt cement instead
of bitumen for the construction of
all new road projects on the
grounds that cement is more
durable & cheaper to maintain
than bitumen in the long run.
Companies are trying to develop a
niche market for RMC (Ready Mix
Concrete)
Adoption of cement instead of Bitumen
and Ready Mix Concrete (RMC)
Consolidation seen in 2016, with
two out of top five M&A deals
taking place in the cement
industry.
UltraTech Cement acquired
Jaypee Group’s cement business
for US$ 2.38 billion.
Mergers & Acquisitions
In January 2017, JSW Cement
bought 35.6 per cent stake in
Shiva Cement, for an estimate
amount of US$ 14.42 million.
Lafarge India sold its business to
Nirma for US$ 1.4 billion in 2016.
.
Mergers & Acquisitions
Source: Union Budget 2016 – 17, Emkay Global Financial Services
11. For updated information, please visit www.ibef.orgCement11
SUCCESSFUL USE OF ALTERNATE FUELS IN CEMENT
PRODUCTION
Madras Cement's Alathiyur plant
Module Use bioenergy through
burning of coffee husk & cashew
nut shells
Annual cost savings of USD1.7
million
India Cements Ltd's Dalavoi plant
Use Low Sulphur Heavy Stock
(LSHS) sludge as alternate fuel
Annual savings of USD6,500
approx
UltraTech's Gujarat Cement
Works
Use tyre chips & rubber dust as
alternate fuel
Reduction of about 30,000
tonnes of carbon emissions
annually
Lafarge's Arasmeta plant
Substitute 10 per cent of coal used
in kilns with rice husk
Higher energy savings and lower
carbon emissions
Company/Plant Strategy Benefits
Source: CMA
12. For updated information, please visit www.ibef.orgCement12
Porter’s Five Force Framework Analysis
Positive Impact
Neutral Impact
Negative Impact
Bargaining Power of Suppliers
Moderate – Cement players have to
depend on the railways for carriage
outward & local coal companies for
fuel, although diversification of
freight options & fuel sources is
diminishing the suppliers’ power
Bargaining Power of Buyers
Low – Substantial market
concentration among large players
ensures low bargaining power of
buyers
Competitive Rivalry
Low – The Indian cement market is
oligopolistic in nature, characterised
by tacit collusion, where large players
partially control supply for better price
discipline
Threat of New Entrants
High – Huge capital investments
required present substantial barriers
to entry & achieving economies of
scale
Threat of Substitutes
Low – Although there are partial
substitutes such as asphalt, glass,
steel, wood, etc.; practically cement
has no direct substitutes
Source: Aranca Research
14. For updated information, please visit www.ibef.orgCement14
GROWTH DRIVERS AND OPPORTUNITIES
Forms the major portion of cement
demand at around 67 per cent
Real estate market to increase at
11.6 per cent CAGR in 2011-20.
Government initiatives like
Housing for all to push demand in
the sector.
Housing
% share of cement demand in FY17
67
13
11
9
0 10 20 30 40 50 60 70 80
Housing
Infrastructure
Commercial
Industrial
Strong focus of government
100 smart cities planned
Projects like Dedicated Freight
Corridors and ports under
development.
Metro rail projects already
underway in most major cities.
Development of 500 cities with
population of more than 100,000
under new Urban Development
Mission
Infrastructure Urbanisation
Source: Ministry of External Affairs (Investment and Technology Promotion Division), 1Cement Vision 2025, AT Kearney
16. For updated information, please visit www.ibef.orgCement16
INVESTMENT SCENARIO
The company has undertaken two greenfield projects in West Bengal and Odisha to increase its
presence in eastern India. These projects will attract an investment of US$ 78 million and will be
commissioned by late 2018.
Ambuja Cements is targeting an investment of USD580 million for capacity expansion in
Rajasthan, Madhya Pradesh & Uttar Pradesh
In June 2017, Odisha Government gave its nod to Ambuja Cements for setting up a cement
grinding unit of 1.5 million tonnes per annum at a cost of US$ 66.43 million.
Dalmia Cement is planning an investment of USD 333.3 million to ramp up its manufacturing
capacity to 21 mtpa from the existing 17 mtpa over the next 2 years.
Dalmia has started up its operation at its new 2.5 MT greenfield unit at Belgaum in Karnataka. It
also plans to scale up its 2 plants in North-East India for a total value of USD239 million &
USD9.2 million, respectively.
Dalmia (Bharat) Cement is the preferred bidder for one block of Limestone (Kesla II) in Raipur,
with reserves of 215 million tonnes. The deal is expected to generate cumulative revenues worth
USD1.76 billion for the state government.
Dalmia Cement
Ambuja Cement
Shree Cement
Emami Cement, a renowned brand of Emami Group, announced expansion plans with an
investment of about USD74.7 million in 2016.
The company plans to commission a grinding plant in Odisha by March 2018. An investment of
US$ 94 million has been made in the plant.
The company plans to increase its capacity from existing 2.4 MT to 15-20 MT by 2021, with an
investment of USD 1.27 billion.
Emami Cement
Source: Aranca Research
17. For updated information, please visit www.ibef.orgCement17
INVESTMENT SCENARIO
The subsidiary of Holcim, has plans for a USD500 million capacity expansion in India
ACC will upgrade and expand its Jamul unit in Chattisgarh & its grinding unit in Jharkhand. This
will increase ACC’s capacity to 38 mtpa from 30 mtpa in a phased manner by 2016 & 55 mtpa in
2020
Heidelberg Cement, a Germany-based cement manufacturer has commissioned Phase-I of its
Jhansi grinding unit
The company has undertaken an investment worth USD259.4 million for expanding its capacity to
2.9 MT
Heidelberg aims to ramp up the operational capacity to 6 MT at its Damoh plant in Madhya
Pradesh, striving to add an additional 9 MT by 2017
After the acquisition of 2 cement plants in 2015, UltraTech has planned to construct 2 greenfield
grinding units in West Bengal & Bihar.
After the acquisition, the installed capacity of the company has reached 67mtpa. The capacity is
likely to reach 71 mtpa, after the completion of expansion.
Ultratech plans to build a new plant with capacity of 3.5 million tons per annum at Dhar in Madhya
Pradesh with an investment of US$ 400 million. The plant is expected to start commercial
production by 2019.
Amrit Cement India Ltd (ACIL) has announced the launch of Amrit Cement in the North-Eastern
market
The company plans to achieve a production level of 5 million tonnes per annum by FY16, through
capacity expansion in North-Eastern Bihar and Nepal
Amrit Cement
Ultratech Cement
Heidelberg Cement
ACC
Source: Aranca Research
18. For updated information, please visit www.ibef.orgCement18
POLICIES AND INITIATIVES
The Union Budget has proposed to assign infrastructure status to affordable housing projects and
facilitate higher investments and better credit facilities, in line with the government’s aim to
provide housing for all by 2022 which will boost cement demand.
The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore (US$
3 billion) in 2017-18. The Finance Minister proposed to complete 1 crore houses by 2019. All
these developments are expected to boost cement demand.
The increased allocation to rural low-cost housing under Pradhan Mantri Awaas Yojana- Gramin
scheme to Rs 23,000 crore (US$ 3.45 billion) from Rs 16,000 crore (US$ 2.4 billion) in FY17 is
likely to drive a 2 per cent increase in cement demand.
The State Government of Chattisgarh has auctioned one block of Limestone (Kesla II) in Raipur
District having estimated reserves of 215 million tonnes valued at Rs 10,367crore (US$ 1.62
billion), and would earn a cumulative revenue of Rs 11,894 crore (US$ 1.85 billion) to State
Government over the lease period.
Auction of one block
of Limestone
(Kesla II)
Pradhan Mantri
Awaas Yojana -
Gramin scheme
Housing Loans
Union Budget
2017-18
Source: Aranca Research
20. For updated information, please visit www.ibef.orgCement20
ULTRATECH CEMENT
Ultratech is the largest cement player in
India and fifth largest globally.
It is India's largest exporter of cement
meeting demands in countries across the
Indian Ocean, Africa, Europe & Middle
East
Its operations span across India, UAE,
Bahrain, Bangladesh and Sri Lanka
It has 18 integrated plants, 1 white cement
plant, 1 clinkerisation plant, 2 WallCare
putty planst 25 grinding units, 7 bulk
terminals & 101 Ready Mix Concrete
(RMC) plants.
Projects: Mumbai Metro, Bangalore Metro
Rail, Kolkata Metro Rail, Monorail, Coastal
Gujarat Power
During FY 2016-17, the company reported
EBITDA of US$ 873 million.
971
1,106 1,194
2,311
3,179
3,531 3,554
4,015
4,162 4,196
1,077
156 151 169 217
378 410 331 311 366 406
137
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
FY08 FY 09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Revenue PAT (in US$ million)
Source: Annual Report, Aranca Research
1
Note: 1 From April to June 2017
21. For updated information, please visit www.ibef.orgCement21
Acquisition of
L&T’s Cement
Business:
UltraTech Cement
Ltd
2004 2010 20152006 2012
ULTRATECH CEMENT: MILESTONES
2013 2016
Narmada Cement
Company Limited
amalgamate with
UltraTech
Samruddhi
Cement Limited
amalgamated
with UltraTech
Cement Limited
Buys Jaypee
Cement’s
Gujarat unit
Commissioned 6000
TPD Clinkerisation
line at Aditya Cement,
(Rajasthan)
Greenfield &
Brownfield
expansion.
Capacity: 67.7 mtpa
(including 3 mtpa
overseas)
Acquisition of
Adhunik
Cement’s
Meghalaya plant
Source: Aranca Research, Annual Report
22. For updated information, please visit www.ibef.orgCement22
AMBUJA CEMENT
Ambuja Cements Ltd (ACL) is one of the
leading cement manufacturing companies
in India.
The company, initially called Gujarat
Ambuja Cements Ltd, was founded by
Narotam Sekhsaria in 1983
Ambuja Cements is the 2nd largest cement
manufacturer in India, with nearly 10 per
cent of the market share of total installed
capacity
It is the market leader in Northern India
with 29 per cent of the total installed
capacity.
1,494
1,402
1,531
1,447 1,415 1,450
438
200 200 231
125 150 151
60
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18
Revenue PAT (in US$ million)
Source: Aranca Research, Annual Report
23. For updated information, please visit www.ibef.orgCement23
Started cement plant
at Nalagarh,
Himachal Pradesh &
Dadri, Uttar Pradesh
with a capacity of 1.5
million tonnes
2010
2012
2011
2013
AMBUJA CEMENT: MILESTONES
2015
Acquired 85 per
cent stake in Nepal-
based Dang
Cement
Expansion of
Sankrail Grinding
Unit, thereby
increasing the
capacity from 1.5
mtpa to 2.4 mtpa
Ambuja Cement
becomes the leading
water positive cement
company in India with
4.03 times water
positive factor
Acquiring Holderind
Investments Ltd,
Mauritius (Holcim),
These transactions will
result in Ambuja
holding 50.01 per cent
stake in ACC Source: Aranca Research, Annual Report
27. For updated information, please visit www.ibef.orgCement27
GLOSSARY
CMA: Cement Manufacturers' Association
GDP: Gross Domestic Product
GoI: Government of India
INR: Indian Rupee
MTPA: Million Tonnes Per Annum
NE India: North-East India
FY: Indian Financial Year (April to March)
(FY10 implies April 2009 to March 2010)
US$: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number
28. For updated information, please visit www.ibef.orgCement28
EXCHANGE RATES
Exchange rates (Fiscal Year) Exchange rates (Calendar Year)
Year INR equivalent of one USD
2004–05 44.81
2005–06 44.14
2006–07 45.14
2007–08 40.27
2008–09 46.14
2009–10 47.42
2010–11 45.62
2011–12 46.88
2012–13 54.31
2013–14 60.28
2014-15 61.06
2015-16 65.46
2016-17 67.09
Q1 2017-18 64.46
Q2 2017-18 64.29
Year INR equivalent of one USD
2005 43.98
2006 45.18
2007 41.34
2008 43.62
2009 48.42
2010 45.72
2011 46.85
2012 53.46
2013 58.44
2014 61.03
2015 64.15
2016 67.21
H1 2017 65.73
Source: Reserve bank of India, Average for the year
29. For updated information, please visit www.ibef.orgCement29
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