Jaypee
JPAmbuja Cement Limited - Initiating Coverage
10 August 2011
Jaypee
JP
Ambuja Cement Limited 10 August 2011
Jaypee Research Desk
www.jaypeeindia.com www.jaypeeusa.com
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Please refer to the disclaimer at the end of the report
Table of Contents
Muted volume growth ................................................................................................................................. 2
High exposure towards Northern and Western regions ............................................................................ 3
Cost Structure ............................................................................................................................................... 4
Lower clinker purchase cost ................................................................................................................. 4
Higher coal and freight cost ................................................................................................................. 4
Capex story ................................................................................................................................................... 5
Financial Performance in Q2CY11 ................................................................................................................ 6
Industry Analysis ......................................................................................................................................... 7
Cement Demand Analysis ....................................................................................................................... 7
Pace of capacity expansion to slow down ............................................................................................. 9
Driving cement prices ........................................................................................................................... 10
Earnings sensitivity .................................................................................................................................... 11
Financial projection ................................................................................................................................... 12
Valuation ................................................................................................................................................... 13
Company Description ................................................................................................................................ 14
Ambuja Cement Limited 10 August 2011
Jaypee Research Desk
www.jaypeeindia.com www.jaypeeusa.com
Service offerings: Research & Advisory Execution Corporate Access & Events
Ambuja Cement Limited 10 August 2011
Jaypee Research Desk
www.jaypeeindia.com www.jaypeeusa.com
Service offerings: Research & Advisory Execution Corporate Access & Events
1
As on August 09, 2011.
Market Cap. (` mn) 198,005
52 Week High/Low 166.50/112.00
Book Value `47.84
Face Value `2
Shareholding pattern June 2011 Mar 2011 Dec 2010
Promoters 50.4 46.2 46.2
FII 23.7 27.2 27.7
DII 14.6 14.7 14.7
Others 9.5 10.1 10.2 Share price pattern
Share Price Returns (%) 1M 3M 6M 12M
Absolute ‐0.1 ‐13.6 3.3 10.3
Relative ‐3.8 10.8 ‐5.5 ‐10.9
Jinal Joshi [email protected] +91‐22‐4354 2012
Codes
BSE Code 500425
NSE Symbol AMBUJACEM
Bloomberg Code ACEM IN
Reuters Code ABUJ.BO
Ambuja Cement Ltd (ACL) has increased its grinding capacity by 22% in the past 1 year, however, same has not translated into volume growth for the company due to slowdown in demand. Despite capacity addition, we are expecting the company to record just 6% CAGR in its volume over CY09‐12E due to overall slowdown in cement demand. Also, we are expecting the company’s profitability to remain stagnant due to not fully passing on the increase in costs to the end users on account of oversupply in the industry.
Hence, in the near term, we are not expecting any upside in the stock price of the company. We are initiating our coverage on the stock with a ‘Hold’ view and target price of `128. However, we feel that any further downside in the stock will trigger an opportunity for the investors to enter the stock.
Investment Rationale Volume growth to remain muted: Volume growth of the company deteriorated in CY11 on YTD basis to 4% mainly due to lull demand from infrastructure projects and slowdown in housing demand due to inflationary pressure and rising interest costs. Consequently, we are expecting mere 4.7% YoY volume growth for the company in CY11E.
Higher exposure towards North and West regions – risk to earnings: ACL has almost 75% of its exposure towards North and West regions in which we are expecting over supply in coming years. We appreciate that ACL does not have any exposure towards Southern region which currently is in worst situation, but, major exposure towards Northern and Western regions in which over capacity is likely to observe, is expected to limit the capacity utilization of the company.
Steep rise in input costs: Despite lower clinker purchase cost due to commission of clinkerization units, we are expecting total cost of the company to go up significantly in coming years due to higher coal cost and freight cost. We are expecting total cost/tonne of the company to move up by 9% YoY in CY11E to `2,991 mainly due to 30% hike in coal cost by Coal India and increase in fuel prices.
Financial Summary:
Source: Company, Jaypee Research
90
110
130
150
Aug‐10 Nov‐10 Feb‐11 May‐11
Nifty Ambuja Cements Ltd
(` in.mn) CY09 CY10 CY11E CY12E
Net Sales 70,769 73,902 84,323 93,372
EBIDTA 18,669 18,231 21,233 23,560
EBIDTA margin (%) 26.4% 24.7% 25.2% 25.2%
Net profit 12,184 12,630 13,011 14,722
Net Profit margin (%) 17.2% 17.1% 15.4% 15.8%
EPS 8 8 9 10
EV/EBIDTA 7.6 10.7 7.5 6.2
PE 12.9 17.3 15.1 13.3
EV/tonne ($) 144 174 131 120
Initiating Coverage CMP: `119 Target: `128 Hold
Ambuja Cement Limited 10 August 2011
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2
Muted volume growth in CY11
Ambuja Cement reported 6.4% YoY growth in its volumes to 20MT in CY10 as compared to 18.8MT in CY09. However, growth of the company remained deteriorated in CY11 on YTD basis to 4% mainly due to lull demand from infrastructure projects and slowdown in housing demand due to inflationary pressure and rising interest costs.
Consequently, we are expecting mere 5% YoY volume growth for the company in CY11‐12E due to overall slowdown in the economy.
Chart 1: Trend in Capacity and volume growth
Source: Company, Jaypee Research
4%
7%
8%
5%
5%
3%
4%
5%
6%
7%
8%
0
5
10
15
20
25
30
CY08 CY09 CY10 CY11E CY12E
figures in M
T
Capacity volume volume growth (RHS)
Ambuja Cement Limited 10 August 2011
Jaypee Research Desk
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Service offerings: Research & Advisory Execution Corporate Access & Events
3
Higher exposure towards North and West regions – risk to earnings
Ambuja Cement has almost 75% of its exposure towards North and West regions in which we are expecting over supply in coming years. We appreciate that ACL does not have any exposure towards Southern region which currently is in worst situation, but, major exposure towards Northern and Western regions in which over capacity is likely to observe, is expected to limit the capacity utilization of the company.
Source: Company, Jaypee Research
Northern RegionMillion tonnes FY08 FY09 FY10 FY11 FY12E FY13E
Installed Capacity 35.5 47.8 58.0 70.0 70.0 73.0
Effective capacity 30.7 43.0 53.2 65.0 70.0 70.0
Production 36.5 41.1 46.2 50.4 53.9 59.3
Eff Capacity Utilisation (%) 119% 96% 87% 78% 77% 85%
Western RegionMillion tonnes FY08 FY09 FY10 FY11 FY12E FY13EInstalled Capacity 29.3 32.1 43.2 50.0 52.4 62.9
Effective capacity 24.5 27.3 38.4 40.0 50.3 52.9
Production 28.7 28.5 30.6 31.9 34.1 37.5Capacity Utilisation (%) 117% 104% 80% 80% 68% 71%
Ambuja Cement Limited 10 August 2011
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4
Lower clinker purchase cost……..
In CY10, the company has purchased only 0.36MT of clinker as compared to 1.7MT in CY09 due to commissioning of two new clinkerization units at Bhatapara and Rauri in Q1CY10. As a result of these new clinker plants, the company’s clinker purchase cost has gone down significantly in CY10 to `1,237mn from `5,707mn in CY09. Going ahead, we are expecting no major cost of clinker purchased due to substituting own produced clinker for purchased clinker to a large extent.
… will be nullified by higher coal & freight costs
Despite lower clinker purchase cost, we are expecting total cost of the company to go up significantly in coming years due to higher coal and freight cost. We are expecting total cost/tonne of the company to move up by 9% YoY in CY11E to `2,991 mainly due to 30% hike in coal cost by Coal India and increase in fuel prices.
Table 2: Cost structure (per tonne)
Source: Company, Jaypee Research
Chart 2: Break‐up of coal linkages Chart 3: Break up of power requirement
Source: Company, Jaypee Research
(`/tonne) CY08 CY09 CY10 CY11E CY12E
Raw material 319 503 288 303 318
Power & fuel cost 754 757 836 939 1003
Freight cost 623 717 793 872 916
Total cost 2546 2772 2742 2991 3126
Growth (%) 15% 9% ‐1% 9% 5%
Linkages40%
Open mkt30%
Imported 23%
Petcoke7%
80 79 77 80 80
20 21 23 20 20
0
10
20
30
40
50
60
70
80
90
CY06 CY07 CY08 CY09 CY10
Cap
acity (M
W)
Captive Purchased
Ambuja Cement Limited 10 August 2011
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5
Completion of major capex cycle…..
Ambuja Cement has just commissioned 2MTPA grinding capacity at Bhatapara and Maratha (1MTPA each) in June‐July’11, taking total cement grinding capacity to 27MTPA. The company is also planning to increase its clinker capacity by setting up 2.2MTPA clinkerization unit in Rajasthan. The company is in right direction to maintain its objective of maintaining its market share of around 10%.
….to increase free cash flow
The company has completed its capex of ~`27,000mn in CY10 by commissioning two clinkerization units of 2.2MTPA each and two new grinding units of 1.5MTPA each along with 63MW CPPs. In CY11, with commissioning of another 2MTPA grinding units at Bhatapara and Maratha, the company’s long term capex plan has got over. With the completion of capex cycle and reaping of benefits from newly commissioned plants, we are expecting the company to generate free cash flow of `14,966mn and `15,378mn in CY11‐12E respectively.
Table 3: Generation of Free cash flow
Source: Company, Jaypee Research
Improving efficiency of logistic operations
Currently, the company is having 7 ships with 20,500DWT capacity to transport the cement from Ambujanagar to Panvel and Surat. These ships are just sufficient to meet the present requirement. To cater the growing market needs of South Gujarat and Mumbai, the company had ordered three more ships with total capacity of 11800 DWT. Out of these three ships, one ship was delivered in CY10 for western coastal transportation and the remaining two ships are expected to be brought into the system in the 2HCY11. The said ships are expected to improve the efficiency of logistic operations of the company and is expected to save cost , however, we have not considered the same in our valuation as it is very difficult to calculate savings in freight cost on account of the logistic improvement.
CY08 CY09 CY10 CY11E CY12E
PBT 19698 18033 16613 15861 18647
Add: Depreciation 2598 2970 3872 4339 4385
Less: Direct Tax 5600 4790 3535 5234 6153
Less: Inc/(Dec) in working capital 2486 ‐7613 ‐4128 0 0
Less: Extra‐ordinary income/(expenses) 1926 1689 619 0 0
Cash flow from Operations 12284 22137 20458 14966 16878
less: Capex 17054 12844 7742 0 1500
FREE CASH FLOW (4,770) 9,293 12,717 14,966 15,378
Ambuja Cement Limited 10 August 2011
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Service offerings: Research & Advisory Execution Corporate Access & Events
6
Financial performance in Q2CY11
Realization driven Net sales: ACL reported 6% YoY growth in its Net sales to `21,733mn as against `20,476mn in Q2CY10. Volumes of the company in Q2CY11 were down by 1.7% YoY to 5.3MT due to slowdown in cement demand. On the other hand, realization of the company increased by 8% YoY to `4,085/tonne due to overall increasing trend in realization in Apr‐May’11.
EBIDTA affected by higher costs: Rise in Gypsum, Fly ash and coal cost clearly reflected in the current quarter performance of the company. ACL’s total cost/tonne increased by 13% YoY to `3,007 dragging down EBIDTA margin by 260bps to 26.8%.
Net profit came down by 11% YoY (14.7% QoQ) to `3,475mn in Q2CY11 mainly due to de‐growth at EBIDTA level coupled with higher depreciation and interest cost. Net profit margin of the company also declined by 300bps to 19%.
Source: Company, Jaypee Research
(` in mn.) Q2CY11 Q2CY10 Growth (YoY) Q1CY11 Growth (QoQ)
Net Sales 21733 20476 6.1% 22071 ‐1.5%
Other Inc. 0 ‐‐‐ 0 ‐‐‐
Total Inc. 21733 20476 6.1% 22071 ‐1.5%
Raw Mat. 262 829 ‐68.4% 1283 ‐94.6%
per tonne 50 153 ‐67.6% 228 ‐94.2%
Power & Fuel 5633 4534 24.2% 4816 10.8%
per tonne 1065 838 27.0% 854 18.1%
Freight Exp. 4980 4474 11.3% 5086 426.3%
per tonne 941 827 13.8% 902 461.1%
Employee cost 1099 901 22.0% 946 ‐71.2%
per tonne 208 167 24.8% 168 ‐69.3%
Other Exp. 3932 3706 6.1% 3823 ‐35.7%
per tonne 743 685 8.5% 678 ‐31.2%
PBDIT 5826 6032 ‐3.4% 6116 ‐4.7%
per tonne 1095 1115 ‐1.8% 1081 1.4%
Other Inc. 720 667 7.8% 675 6.6%
Depreciation 1074 1001 7.3% 1061 1.2%
Interest (Net) 152 81 87.5% 138 10.2%
excp item 0 0 0.00% 0 0.0%
PBT 5320 5618 ‐5.3% 5592 ‐4.9%
Tax 1845 1705 8.2% 1517 21.6%
PAT 3475 3912 ‐11.2% 4075 ‐14.7%
PBDIT Margin 26.8% 29.5% ‐2.6% 27.7% ‐0.9%
PAT Margin 16.0% 19.1% ‐3.1% 18.5% ‐2.5%
Ambuja Cement Limited 10 August 2011
Jaypee Research Desk
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Service offerings: Research & Advisory Execution Corporate Access & Events
7
INDUSTRY ANALYSIS
What went wrong in Q1FY12???
Cement demand remained muted during Q1FY12 on YoY basis due to lower off‐take from infrastructure projects and housing segment on account of inflationary pressure coupled with rising interest rate.
Higher infrastructure investment to fuel the Cement demand……..
Infrastructure investment doubled to US$1trillion in XII five year plan
India’s 11th Five Year Plan envisages an infrastructure spend of US$461bn (~2.3x of the Tenth Five Year Plan's US$220b), an average of 7.5% of GDP (~5.5% in the Tenth Plan).
In India, demand from infrastructure has increased but supply has remained the same, consequently, in the 12th five year plan, Government has planned a spending of ~US$1trillon on infrastructure against US$461bn in 11th five year plan. Also, it is observed that cement demand tends to increase when the country is in investment phase and peaks out when construction is done. Hence, massive investment in infrastructure would provide boost to the Indian Cement industry.
Also, we are heading towards the last year of 11th five year plan policy; investment in infrastructure is likely to get a boost (as in line with historical trend) indicating strong demand for Cement in FY12E. Even due to high quantum of planned amount (US$1trillion) in infrastructure investment in 12th five year plan, we are expecting Cement demand to remain robust in FY13E & onwards.
Chart 5: Investment in Infrastructure
Source: Planning Commission, Jaypee Research
2598 3202 3892 46825741 6431 7200 8054
900410060
66.5
7.2
8.1
9 9.3 9.5 9.8 10 10.3
4
5
6
7
8
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11
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2000
4000
6000
8000
10000
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FY'08 FY'09 FY'10 FY'11E FY'12E FY'13E FY'14E FY'15E FY'16E FY'17E
percentage
Rs.in.Bn
Thrust of the Govt on Infrastructure investment
Investment in infrastructure ( ` Bn) as a % of GDP
Ambuja Cement Limited 10 August 2011
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8
Rural housing demand ‐ key ingredient to cement demand
Rural housing segment providing boost to cement demand
During the past few years, production of Wheat, Rice, Cotton etc has shown marked increased and at the same time Average support prices (ASPs) have also gone up, resulting in higher rural income. Even, the real estate players are now focusing more on affordable housings. According to HUDCO and NHB, rural housing shortage was around 550 lacs units at the starting of 11th five year plan and is likely to increase to 770 lacs units in FY13. It is assumed that at least 90% of this shortage pertains to BPL families. The government’s various programs like NREGS; Indira Awas Yojana etc are likely to enhance rural income, translating into more rural housing demand.
Chart 6: Rural housing shortages
Source: Company, Jaypee Research
240
577 550
770
0
200
400
600
800
1000
2001 2002‐07 2007‐12 2013
Units in Lacs
Rural Housing shortage
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Capacity Ut
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Source: Company
70%
75%
80%
85%
90%
95%
100%
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204 25
199 23
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Source: Company
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10
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Ambuja Cement Limited 10 August 2011
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11
costs, we are expecting cement prices to remain firm or to move up in order to
maintain the margins at the current level. We have assumed 5% YoY increase in
cement prices in CY12E in our financial projections for ACL.
Table 5: Trend in EBIDTA margin
Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12
Realization/tonne 3370 3061 3233 3625 3766
EBIDTA margin 21% 8% 12% 20% 22%
Source: Company, Jaypee Research
Earnings more sensitive towards realization
Earnings of Ambuja Cement are more sensitive towards realization change. A
1% change in realization is hampering earnings of the company by 4% where as
a 1% change in volume is affecting earnings of the company by just 1.5%.
Hence, cost led hikes in Cement prices is expected to have positive impact on
earnings of the company. In our assumption model, we have assumed 5%
growth in realization and volumes to arrive at EPS of `9.6/share in CY12E.
Table 5: EPS sensitivity for CY12
Volume g (%
)
Realization growth (%) ‐5% ‐3% 0% 3% 5%
‐5% 4.77 5.02 5.41 5.8 6.11
‐3% 5.4 5.66 6.07 6.49 6.81
0% 6.35 6.63 7.07 7.52 7.87
3% 7.3 7.6 8.07 8.54 8.92
5% 7.93 8.25 8.74 9.23 9.62
Source: Company, Jaypee Research
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12
Financial projection
Net sales to grow at a CAGR of 9.7% over CY09‐12E
Ambuja Cement’s Net sales grew at a CAGR of 8.7% over CY07‐10 mainly driven by robust volume growth. Volume of the company recorded strong growth of 20% during the same period while realization increased by 6.5%. Going ahead, due to capacity addition, we are expecting the company to report volume growth of 19% during CY09‐12E. Realization of the company during same period is likely to increase by 3% driven largely by cost push increases. We are expecting the company’s Net sales to grow at a CAGR of 9.7% over CY09‐12E.
Source: Company, Jaypee Research
Margins to remain constant
EBIDTA of the company remained stagnant in CY10 at `18,231mn as compared to `18,669mn in CY09 mainly due to soaring input costs. Power & fuel cost of the company on per tonne basis increased by 10% YoY to `836 in CY10 largely due to increase in coal prices. Freight cost/tonne also increased by 11% YoY to `793 in the same period mainly due to increase in fuel cost.
Going ahead, we are expecting the company’s EBIDTA margin to remain constant at CY10 levels due to just passing on hikes in input costs. We are expecting EBIDTA margin of 25% in CY11‐12E while PAT margin of 15‐16% in CY11‐12E.
Source: Company, Jaypee Research
18.522 22
25 27 27
17 18 19 20 2122
3417 35373766 3640
39684167
3200
3700
4200
4700
0
10
20
30
CY07 CY08 CY09 CY10 CY11E CY12E
`/tonne
in M
T
Capacity volume Realization (RHS)
1742418669 18231
2123323560
1402312184
12630 1301114722
10000
13000
16000
19000
22000
25000
CY08 CY09 CY10 CY11E CY12E
`in m
n
EBIDTA Net Profit
28%
26%
25%25% 25%
23%
17% 17% 15% 16%13%
18%
23%
28%
22%
24%
26%
28%
30%
CY08 CY09 CY10 CY11E CY12E
EBIDTA margin Net Profit margin
Ambuja Cement Limited 10 August 2011
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13
No major upside in the stock…
At CMP of `119, stock is trading at EV/EBIDTA of 6.7x and EV/tonne of $130 discounting its CY12E earnings and capacity respectively. We initiate our coverage on the company with ‘Hold’ rating and target price of `128. We have valued the company at EV/tonne of $120 (in‐line with ACC’s valuation) for its CY12E year end capacity.
We believe that any further downside in the stock will be an entry level for the investors given Ambuja cement being one of the cost efficient players, completion of its capex plan and locational advantage.
Ambuja Cement Limited 10 August 2011
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Company Description
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 with a partner, Suresh Neotia. Sekhsaria’s business acumen and leadership skills put the company on a fast track to growth. The Company commenced cement production in 1986. The global cement major Holcim acquired management control of ACL in 2006. Holcim today holds ~50% equity in ACL.
ACL has grown dynamically over the past decade. Its current cement capacity is about 25MTPA. The Company has five integrated cement manufacturing plants and eight cement grinding units across the country. ACL enjoys a reputation of being one of the most efficient cement manufacturers in the world.
Management
Suresh Neotia, Chairman Emeritus
Co‐promoter and Chairman Emeritus of Ambuja Cements Limited, Mr. Neotia is a businessman and an industrialist of repute. A member of the Central Board of the Reserve Bank of India, Mr. Neotia is also known for his association with numerous cultural institutions as well as charitable organizations. The President of India conferred upon him the Padma Bhushan in the year 2008.
N. S. Sekhsaria, Chairman
An industrialist reputed for his business acumen, Mr. Sekhsaria is the main promoter of Ambuja Cements Limited. He has created new benchmarks in the cement industry with path‐breaking and innovative thinking and turned cement from a commodity into a brand. He is Chairman of ACC Ltd. and also of Ambuja Cements Limited.
Paul Hugentobler, Vice Chairman
Mr, Hugentobler, a Swiss national, joined Holcim Group Support Limited in 1980 as Project Manager and in 1994 was appointed Area Manager. He has been a member of the Executive Committee of Holcim since January 2002 with responsibility for South Asia and ASEAN excluding Philippines. He joined the Board in May 2006 and in September 2009 was made Non‐executive Vice Chairman.
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15
Operational Performance Balance‐sheet
Particulars (` mn) CY09 CY10 CY11E CY12E Particulars (`mn) CY09 CY10 CY11E CY12E
Assets
Net Sales 70,769 73,902 84,323 93,372 Fixed Assets 61545 65627 61382 58497
Other Income ‐ ‐ ‐ ‐ Investments 7270 6211 16211 26211
Total Income 70,769 73,902 84,323 93,372 NCA/NWC ‐2476 2074 5841 9959
Cost of Sales 52,100 55,672 63,090 69,812 Current Assets 19793 31353 36620 42239
PBDILT 18,669 18,231 21,233 23,560 Current Liabilities 22269 29280 30780 32280
Depreciation 2,970 3,872 4,244 4,385 Total Cap. Empld 66339 73911 83434 94668
PBILT 15,699 14,359 16,989 19,176 Liabilities
Finance charges 224 487 293 62 Share Capital 3047 3060 3060 3060
Op. Profit bfr Tax 15,475 13,872 16,696 19,114 Reserves 61659 70192 79714 90948
Extra‐ord. Items 2,558 2,741 2,723 2,859 Misc exp not w/o 27 5 5 5
PBT 18,033 16,613 19,419 21,973 Net Worth 64682 73261 82784 94018
Less: Tax 5,849 3,983 6,408 7,251 Term Liabilities 1657 650 650 650
PAT 12,184 12,630 13,011 14,722 Total Cap. Empld 66339 73911 83434 94668
Cash Flows Financial Ratio
Particulars (` mn) CY09 CY10 CY11E CY12E CY09 CY10 CY11E CY12E
PBT 18033 16613 19419 21973 Profitability and Return Ratios (%)
Add: Depreciation 2970 3872 4244 4385 PBDIT Margin 26% 25% 25% 25%
Less: Direct tax 4790 3535 6408 7251 PAT Margin 17% 17% 15% 16%
Less: Inc/(Dec) in Working Capital ‐7613 ‐4128 500 500 ROCE/ROI 29% 24% 25% 25%
Less:Exceptional income/(Exp) 1689 619 0 0 RONW 20% 18% 17% 17%
Cash flow from operating activities 22137 20458 16755 18607
Per Share Data
Capital Expenditure 12844 7742 0 1500 EPS 8.0 8.3 8.5 9.6
Investments 3946 ‐1059 10000 10000 Book Value 42 48 54 61
Miscellaneous Exp.W/off ‐16 ‐23 0 0 Dividend 2 3 2 2
Cash flow from investing activities ‐16775 ‐6660 ‐10000 ‐11500
Liquidity Ratio
Inc/(dec) Equity Capital 2 12 0 0 Current Ratio (x) 0.9 1.1 1.2 1.3
Payment of Dividend ‐3350 ‐3972 ‐3060 ‐3060 Cash Ratio (x) 0.7 0.8 0.7 0.8
Payment of Dividend tax ‐569 ‐653 ‐428 ‐428
Inc/(dec) Share Premium 73 499 0 0 Turnover and Leverage ratio
Inc/(dec) Debt ‐1230 ‐1007 0 0 Overall Gearing Ratio (x) 0.0 0.0 0.0 0.0
Cash flow from financing activities ‐5074 ‐5120 ‐3488 ‐3488 Interest Coverage 70.0 29.5 58.1 310.4
Inc/(Dec) in Cash 289 8678 3267 3619 Valuation Ratio
PE 12.9 17.3 15.1 13.3
Opening Cash Balance 8518 8807 17484 20751 P/BV 2.4 3.0 2.4 2.1
Closing Cash Balance 8807 17484 20751 24370 EV/EBIDTA 7.6 10.7 7.5 6.2
EV/Tonne 144 174 131 120
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Notes
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