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1. Presentation on Comparison of Financial
statements of Ultra Tech Cement & Shree
Cement
Presented by:
Pradyumna Keshari Nahak(NALCO)
Prashant Sinha(NALCO)

2. Contents:
• Analysis based on profitability ratios
• Analysis based on Liquidity Ratios
• Analysis based on Leverage & Efficiency ratios
• Analysis based on Valuation ratio,Du-pont analysis, David Altman's Z
score & quality of earning ratio
• Analysis based on Horizontal & vertical analysis of Financial
statements

3. Profitability ratio:
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Profitability Ratios
Netprofit Margin 24.6041 30.1948 19.1888 11.763 21.7649 19.2942 22.4409 14.4368 9.77592 13.1368
EBITDA Margin 0.26729 0.31929 0.30057 0.22154 0.26673 0.20965 0.23863 0.18549 0.14637 0.17416
Return on Equity 0.1697 0.19841 0.15153 0.13124 0.20537 0.16832 0.18592 0.1363 0.12921 0.1361
Return on Capital/Assets Employed 0.15543 0.17267 0.12623 0.09537 0.15008 0.13487 0.13251 0.09069 0.06589 0.08142
Earnings PerShare 658.69 640.77 445.08 273 397.33 245 185.2 189.15 84.33 18.27
Shree Cement UltratechCement

4. Comparison based on Profitibilty ratios Comments
Net profit margin This ratio shows earning s left as percentage of total
revenues. It measures the overall efficiency of
production,administration,selling,finamcing,pricing,ta
x management. Net profit margin is also on higher
side for Shree cement in comparison to Ultra tech
cement.
EBITDA Margin As this measures the margin left after meeting
manufacturing expenses and selling and general
administrative expenses which in turn reflects
company's operating efficiency .From table it seems
that shree cement operating more efficiently as
compared to Ultra tech Cement.
Return on Equity The return on equity measures the profitability of
equity funds invested in Company.
Return on Capital/Assets Employed
Earnings Per Share

7. Liquidity Ratios:
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Liquidity Ratios
1.Current Ratio 1.68713 2.04799 1.79212 2.00925 1.9211 0.99057 1.17381 1.03423 0.87196 0.95481
2.Quick Ratio 0.1566 0.19789 0.24592 0.52358 0.19552 0.15474 0.21251 0.15135 0.207 0.17329
3.Cash Ratio
0.02594 0.05967 0.0284 0.15492 0.04075 0.01355 0.0958 0.02177 0.04515 0.01805
Shree Cement Ultratech Cement

8. Leverage & Efficiency Ratios
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Leverage Ratios
1.Debt-Equity Ratio
55.8254 50.9875 65.0621 79.7069 97.4165 34.2644 51.6706 62.713 71.4583 60.3262
2.Debt Ratio
0.08602 0.08744 0.12139 0.18278 0.22415 0.12262 0.18547 0.25204 0.28331 0.30468
3.Interest Cover Ratio 40.5715 33.5081 23.1548 25.3383 44.2522 50.1017 27.1514 18.5562 18.7915 19.3346
4.Cash flow Coverarge ratio 1.35184 2.22524 1.59807 0.7417 0.55355 0.87651 0.77447 0.45721 0.31165 0.21838
Efficiency Ratios (Operating Performance)
Revenue from Operations to Total Assets employed in operations 61.096 58.467 60.1884 75.2312 65.1577 61.6518 53.0702 55.7435 56.6383 55.646
Revenue from operations to net working capital 4.56698 3.33889 3.85797 5.70069 3.60995 -275.05 12.5351 81.9984 -21.075 -60.633
Shree Cement Ultratech Cement

10. Valuation Ratio & Du-Pont Analysis
2021-22 2020-21 2019-20 2018-19 2017-18 2021-22 2020-21 2019-20 2018-19 2017-18
Market Value Ratios (Valuation Ratios)
P/E Ratio 35.311 46.7422 39.6917 68.3773 40.7621 25.7633 36.3661 16.6164 47.409 216.201
Dividend Payout Ratio (or retention ratio) 0.57514 0 1.16568 0.70183 0.38578 4.35522 2.02457 2.01195 4.12226 15.0257
Dividend Yield 0.01629 0 0.02937 0.01026 0.00946 0.16905 0.05567 0.12108 0.08695 0.0695
Du-Pont Analysis
Return on Equity = Profit after Tax / Shareholders’ Equity 65.8708 64.0779 43.5194 27.2976 39.7296 24.4796 18.5071 18.9015 8.78404 8.12527
David Altman’s Z Score 11.6483 6.63506
Quality of earning Ratio 0.87284 0.56477 0.41856 0.46174 0.73676 0.81509 0.46248 0.6592 0.39443 0.61677
Shree Cement Ultratech Cement

12. Conclusions based on Horizontal Analysis &
Vertical Analysis