A

COMPREHENSIVE PROJECT
ON
A Comparative Study on the Financial Performance of Cement
Industry
Submitted to
Anand Institute of Management
IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE AWARD FOR THE DEGREE OF
MASTER OF BUSINESS ASMINISTRATION
In
Gujarat Technological University
UNDER THE GUIDANCE OF
Faculty Guide
Krishna Gor
Assistant Prof.
Submitted by

Jaynand Patalia

Rupesh Vasava

Enrollment No.:107020592058

Enrollment No.:107020592056

MBA SEMESTER III/IV

Anand Institute of Management
MBA PROGRAMME
Affiliated to Gujarat Technological University
Ahmedabad
December, 2011

CERTIFICATE

TABLE OF CONTENTS
PREFACE
ACKNOWLEDGEMENT
DECLARATION
EXECUTIVE SUMMARY
SR. NO.

PARTICULAR

PAGE NO.

PART I INDUSTRY STUDY

1.

OVERVIEW OF CEMENT INDUSTRY

2.

PRODUCT PROFILE

3.

DEMAND DETERMINATION

4.

PLAYERS IN THE INDUSTRY

12

5.

DISTRIBUTION CHANNELS

14

6.

KEY ISSUES AND CURRENT TRENDS

15

7.

LITERATURE REVIEW

18

8.

OBJECTIVES OF THE STUDY

19

9.

PESTEL ANALYSIS OF THE INDUSTRY

21

10.

PORTERS FIVE FORCE MODEL

23

`5
9

PART II COMPANY STUDY

11.

OVERVIEW OF THE COMPANIES

24

12.

PRODUCT PROFILE

33

13.

FINANCIAL ANALYSIS

34

14.

SWOT ANALYSIS OF AMBUJA CEMENT

44

15.

SWOT ANALYSIS OF BINANI CEMENT

45

16.

COMPARATIVE ANALYSIS OF THE COMPANIES

47

17.

FINDINGS AND CONCLUSIONS

61

ANNEXTURES
BBILIOGRAPHY

PREFACE

Experience is the best teacher. This saying plays a guiding line in our lives and
also in project reports that are an integral part of the MBA programmed in Gujarat
technological University.
Todays age is an age of management. Management is the backbone of any
organization or any activity done. The real success of management lies in applying
the professional management techniques an all managerial activities.
Hence, to attain this objective and to have the outlook of performance of the cement
industry and to analyze the emerging trends of the same in Indian Economy we have
undertaken the Comprehensive Project on A Comparative Analysis of the
Financial Performance of the Cement Industry.

ACKNOWLEDGEMENT

Nothing concrete can be achieved without an optimal combination of

inspiration and perspiration. No work can be accomplished without taking the
guidance of the import. It is only the critiques for the ingenious intellectual
that helps transform a product into a quality product.
A project is a major milestone during the study period of a student. As such this
project was a challenge to us and was an opportunity to prove our caliber. It would
not have been possible to see through the undertaken project without the guidance
of Prof. KRISHNA GOR. It was purely on the basis of her experience and
knowledge that we were able to clear all the theoretical and technical hurdles during
the development phases of this project work.
I even show my gratitude towards Dr. N.N. Patel, Director, AIM, ANAND and my
faculty guide Prof Krishna Gor without whose support my project would not be
possible to complete.
I have been able to prepare my report successfully and I acknowledge a special
thanks to all those people without whose support it was impossible for me to make
the project report.

DECLARATION

We, JAYNAND PATALIA AND RUPESH VASAVA, hereby declare that the
Report for Comprehensive Project entitled
A COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE OF CEMENT
INDUSTRY WITH SPECIAL REFRENCE
Is a result of our own work and our indebtedness to other work publications
References, if any, have been duly acknowledged.

Place:
Date:

JAYNAND PATALIA

RUPESH VASAVA

EXECUTIVE SUMMARY

The title of the comprehensive project is A Comparative Analysis of Financial

Performance of Cement Industry. Comparative analysis study helps in
determining the various financial studies of the companies. Comparative study
shows the relation between the companies as well as relation between the various
industries of the economy.
Thus, we selected this title for the comparative study of companies in cement
industry. We have selected the following two companies for the study of the
comparative analysis of financial performance of the cement industry in India.

1) AMBUJA CEMENT LTD.

2) BINANI CEMENT LTD.

The companies have been chosen based on market share, production capacity and
net profits for the previous years. Both the companies are the leading producer in the
cement industry in India.
The cement industry is the leading industry in India which is having a very high
growth rate. Cement Industry of India is the worlds second largest producer of
cement products after China. Thus, Indian cement industries in India have a very
high growth rate and it contributes very high percentage to the GDP of Indian
Economy.

LIST OF TABLES
Sr. No.

PARTICULARS

TABLE NO.

PAGE NO.

1.

GROWTH OF CEMENT
DEMAND

2.

DEMAND DETERMINATION

10

3.

MAJOR PLAYERS IN NORTH

12

4.

MAJOR PLAYERS IN SOUTH

13

RATIOS ANALYSIS
5.

OPERATING PROFIT MARGIN

34

6.

GROSS PROFIT MARGIN

35

7.

NET PROFIT MARGIN

35

8.

CURRENT RATIO

36

9.

QUICK RATIO

36

10.

DEBT EQUITY RATIO

10

37

11.

INVENTORY TURNOVER RATIO

11

38

12.

DEBTORS TURNOVER RATIO

12

38

13.

ASSET TURNOVER RATIO

13

39

DUPONT ANALYSIS
14.

AMBUJA CEMENT

14

40

15.

BINANI CEMENT

15

42

COMPARATIVE ANALYSIS
16.

RETURN ON NET ASSET

16

47

17.

RETURN ON EQUITY

17

48

18.

RETURN ON PROFIT MARGIN

18

49

19.

FINANCIAL LEVERAGE (I/S)

19

50

20.

FINANICIAL LEVERAGE (B/S)

20

51

21.

RATIO ANALYSIS

21 52,53,54,55,56,
57,58,59,60

LIST OF GRAPHS

Sr. No.

PARTICULARS

GRAPH NO.

PAGE NO.

1.

PROCESS WISE

2.

DEMAND DETERMINATION

10

3.

CAPCITY DISTRIBUTION

11

4.

MAJOR PLAYERS IN NORTH

12

5.

MAJOR PLAYERS IN SOUTH

13

COMPARATIVE ANALYSIS
6.

RETURN ON NET ASSETS

47

7.

RETURN ON EQUITY

48

8.

RETURN ON PROFIT MARGIN

49

9.

FINANCIAL LEVERAGE (I/S)

50

10.

FINANCIAL LEVERAGE (B/S)

10

51

11.

GROSS PROFIT MARGIN

11

52

12.

OPERATING PROFIT MARGIN

12

53

13

NET PROFIT MARGIN

13

54

14.

CURRENT RATIO

14

55

15.

QUICK RATIO

15

56

16.

DEBT EQUITY RATIO

16

57

17.

INVENTORY TURNOVER RATIO

17

58

18.

DEBTORS TURNOVER RATIO

18

59

19.

ASSETS TURNOVER RATIO

19

60

DIAGRAM NO.

PAGE NO.

LIST OF DIAGRAMS

Sr. No.

PARTICULARS

1.

CEMENT MANUFACTURING
PROCESS

2.

PORTERS FIVE FORCE MODEL

23

3.

DUPONT ANALYSIS(AMBUJA
CEMENT)

41

4.

DUPONT ANALYSIS(BINANI
CEMENT)

43

PART-1 INDUSTRY STUDY

PART-2 COMPANY STUDY

ANNEXTURES

BALANCE SHEET AND PROFIT AND LOSS

Balance Sheet of Ambuja

Cements

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

Balance Sheet of Ambuja

------------------- in Rs. Cr. ------------------Dec '11

Dec '10

Dec '09

Dec '08

Dec '07

12 mths

12 mths

12 mths

12 mths

12 mths

306.87
306.87
32.12
0.00
7,730.45
0.00
8,069.44
0.00
49.36
49.36
8,118.80
Dec '11

305.97
305.97
1.34
0.00
7,022.79
0.00
7,330.10
0.00
65.03
65.03
7,395.13
Dec '10

304.74
304.74
0.24
0.00
6,165.92
0.00
6,470.90
100.00
65.70
165.70
6,636.60
Dec '09

304.52
304.52
0.34
0.00
5,368.01
0.00
5,672.87
100.00
188.67
288.67
5,961.54
Dec '08

304.48
304.48
0.00
0.00
4,356.77
0.00
4,661.25
100.00
230.42
330.42
4,991.67
Dec '07

12 mths

12 mths

12 mths

12 mths

12 mths

9,702.29
3,515.83
6,186.46
577.28
864.31
924.97
240.85
175.43
1,341.25
674.03
1,895.80
3,911.08
0.00
2,314.49
1,106.11
3,420.60
490.48
0.27
8,118.80

8,778.82
3,151.07
5,627.75
930.70
625.95
901.86
128.18
198.40
1,228.44
422.61
1,549.77
3,200.82
0.00
1,893.98
1,096.57
2,990.55
210.27
0.46
7,395.13

6,224.13
2,784.09
3,440.04
2,714.43
727.01
683.24
152.20
116.64
952.08
292.65
764.04
2,008.77
0.00
1,582.32
674.04
2,256.36
-247.59
2.71
6,636.60

5,706.94
2,514.19
3,192.75
1,947.22
332.39
939.75
224.60
123.73
1,288.08
351.82
728.11
2,368.01
0.00
1,412.55
470.56
1,883.11
484.90
4.28
5,961.54

5,231.05
2,271.19
2,959.86
696.79
1,288.94
581.60
145.68
114.94
842.22
237.04
535.85
1,615.11
0.00
1,081.70
493.55
1,575.25
39.86
6.22
4,991.67

749.28
52.38

754.38
47.90

647.12
42.47

1,224.42
37.26

1,193.08
30.62

------------------- in Rs. Cr. -------------------

Cements

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

Dec '06

Jun '05

Jun '04

Jun '03

Jun '02

18 mths

12 mths

12 mths

12 mths

12 mths

303.37
303.37
1.14
0.00
3,187.21
0.00
3,491.72
317.77
547.61
865.38
4,357.10
Dec '06

270.38
270.38
0.03
0.00
1,908.01
0.00
2,178.42
549.33
578.12
1,127.45
3,305.87
Jun '05

179.40
179.40
0.07
0.00
1,842.29
0.00
2,021.76
649.78
619.90
1,269.68
3,291.44
Jun '04

155.30
155.30
0.09
0.00
1,461.25
0.00
1,616.64
845.00
906.28
1,751.28
3,367.92
Jun '03

155.17
155.17
18.16
0.00
1,449.32
0.00
1,622.65
1,191.15
592.00
1,783.15
3,405.80
Jun '02

18 mths

12 mths

12 mths

12 mths

12 mths

4,542.50
2,053.32
2,489.18
634.93
1,133.12
408.82
89.95
172.36
671.13
313.03
205.74
1,189.90
0.00
929.06
168.68
1,097.74
92.16
7.71
4,357.10

3,709.17
1,463.93
2,245.24
118.10
1,125.06
317.00
45.84
86.27
449.11
145.10
0.26
594.47
0.00
676.70
106.77
783.47
-189.00
6.47
3,305.87

3,658.07
1,284.14
2,373.93
124.29
1,010.97
254.28
42.71
68.52
365.51
171.84
0.31
537.66
0.00
692.96
71.34
764.30
-226.64
8.89
3,291.44

2,957.93
1,012.04
1,945.89
66.06
1,101.71
224.20
45.94
30.61
300.75
522.86
0.27
823.88
0.00
499.85
74.31
574.16
249.72
4.54
3,367.92

2,855.43
847.81
2,007.62
44.64
1,132.05
208.37
39.01
50.47
297.85
364.38
0.26
662.49
0.00
410.98
34.30
445.28
217.21
4.28
3,405.80

506.71
23.01

332.70
16.11

194.57
112.69

190.41
104.08

270.47
103.39

Profit & Loss account of

Ambuja Cements

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Dec '11

Dec '10

Dec '09

Dec '08

Dec '07

12 mths

12 mths

12 mths

12 mths

12 mths

9,601.42
1,128.28
8,473.14
234.38
-57.00
8,650.52

8,286.20
914.68
7,371.52
214.58
54.28
7,640.38

7,763.93
680.72
7,083.21
180.41
-49.44
7,214.18

7,089.89
907.80
6,182.09
468.18
62.62
6,712.89

6,469.68
798.29
5,671.39
965.04
58.79
6,695.22

1,652.18
2,006.34
425.46
254.06
1,865.09
256.20
-6.74
6,452.59
Dec '11

1,475.20
1,697.34
344.91
227.03
1,633.14
199.42
-11.36
5,565.68
Dec '10

1,642.09
1,422.75
274.29
161.66
1,426.15
202.19
-19.33
5,109.80
Dec '09

1,251.08
1,325.69
266.94
145.61
1,276.80
215.64
-21.19
4,460.57
Dec '08

953.32
1,004.20
209.46
124.50
1,254.41
140.63
-9.47
3,677.05
Dec '07

12 mths

12 mths

12 mths

12 mths

12 mths

1,963.55
2,197.93
52.63
2,145.30
445.15
0.19
1,699.96
92.08
1,792.04
541.46
1,228.86
4,800.41
0.00
490.69
79.60

1,860.12
2,074.70
48.69
2,026.01
387.19
0.61
1,638.21
64.22
1,702.43
435.55
1,263.61
4,090.48
0.00
397.22
65.27

1,923.97
2,104.38
22.43
2,081.95
296.99
1.57
1,783.39
26.52
1,809.91
585.14
1,218.37
3,467.71
0.00
365.59
62.13

1,784.14
2,252.32
32.06
2,220.26
259.76
1.72
1,958.78
11.28
1,970.06
567.79
1,402.27
3,209.49
0.00
334.97
56.92

2,053.13
3,018.17
75.85
2,942.32
236.34
0.47
2,705.51
-194.92
2,510.59
741.49
1,769.10
2,723.73
0.00
532.65
90.52

15,343.69
8.01
160.00
52.38

15,298.59
8.26
130.00
47.90

15,237.11
8.00
120.00
42.47

15,225.99
9.21
110.00
37.26

15,223.75
11.62
175.00
30.62

Profit & Loss account of

Ambuja Cements

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Dec '06

Jun '05

Jun '04

Jun '03

Jun '02

18 mths

12 mths

12 mths

12 mths

12 mths

7,022.59
796.31
6,226.28
111.07
-10.92
6,326.43

3,025.84
428.79
2,597.05
70.51
6.97
2,674.53

2,305.18
343.05
1,962.13
71.84
11.27
2,045.24

2,025.10
290.58
1,734.52
68.48
4.39
1,807.39

1,582.63
198.85
1,383.78
32.74
-12.79
1,403.73

1,007.07
1,239.87
235.98
185.59
1,273.55
122.96
-10.82
4,054.20
Dec '06

435.52
678.40
106.44
92.97
502.01
61.77
-3.43
1,873.68
Jun '05

337.45
463.63
88.68
71.68
408.14
55.95
0.00
1,425.53
Jun '04

307.97
430.60
68.86
60.92
335.16
56.60
0.00
1,260.11
Jun '03

228.98
323.99
49.87
42.87
218.53
52.90
0.00
917.14
Jun '02

18 mths

12 mths

12 mths

12 mths

12 mths

2,161.16
2,272.23
113.23
2,159.00
326.12
1.07
1,831.81
10.17
1,841.98
338.73
1,503.25
3,047.13
0.00
461.24
64.69

730.34
800.85
91.77
709.08
195.41
0.94
512.73
6.08
518.81
50.52
468.29
1,438.16
0.00
189.16
26.54

547.87
619.71
114.22
505.49
168.61
0.70
336.18
47.59
383.77
46.98
336.79
1,088.08
0.00
142.07
18.34

478.80
547.28
126.62
420.66
171.64
1.00
248.02
5.81
253.83
31.74
221.73
952.14
0.00
108.71
13.93

453.85
486.59
117.67
368.92
137.82
0.76
230.34
-6.32
224.02
45.12
186.15
688.15
0.00
93.11
0.00

15,168.29
9.91
165.00
23.01

13,518.83
3.46
90.00
16.11

1,794.00
18.77
80.00
112.69

1,553.18
14.28
70.00
104.08

1,551.90
11.99
60.00
103.39

Balance Sheet of Binani

Cement

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Net worth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

12 mths

12 mths

12 mths

12 mths

12 mths

188.60
188.60
0.00
0.00
390.42
0.00
579.02
1,025.44
210.14
1,235.58
1,814.60
Mar '11

203.10
203.10
0.00
0.00
472.05
0.00
675.15
922.96
60.14
983.10
1,658.25
Mar '10

203.10
203.10
0.00
0.00
273.30
0.00
476.40
740.20
38.14
778.34
1,254.74
Mar '09

203.10
203.10
0.00
0.00
214.54
0.00
417.64
732.33
38.14
770.47
1,188.11
Mar '08

203.10
203.10
0.00
0.00
98.12
0.00
301.22
658.77
32.23
691.00
992.22
Mar '07

12 mths

12 mths

12 mths

12 mths

12 mths

1,897.03
641.25
1,255.78
122.21
546.12
161.84
0.00
137.28
299.12
291.46
93.19
683.77
0.00
736.62
56.67
793.29
-109.52
0.00
1,814.59

1,800.51
552.82
1,247.69
100.01
374.57
169.98
0.00
165.49
335.47
262.09
143.95
741.51
0.00
673.96
131.56
805.52
-64.01
0.00
1,658.26

1,588.68
471.19
1,117.49
202.30
211.30
212.54
0.00
70.94
283.48
184.79
16.27
484.54
0.00
691.10
69.80
760.90
-276.36
0.00
1,254.73

1,445.39
397.11
1,048.28
171.47
46.77
217.44
0.01
43.28
260.73
188.72
52.65
502.10
0.00
498.21
82.32
580.53
-78.43
0.00
1,188.09

839.99
347.03
492.96
517.37
0.00
57.25
0.24
27.53
85.02
179.43
20.17
284.62
0.00
241.37
61.35
302.72
-18.10
0.00
992.23

462.92
30.70

420.75
33.24

127.10
23.46

392.38
20.56

156.98
14.83

Balance Sheet of Binani

Cement

------------------- in Rs. Cr. ------------------Mar '06

Mar '05

Mar '04

Mar '03

Mar '02

12 mths

12 mths

12 mths

12 mths

12 mths

203.10
203.10
0.00
0.00
50.04
0.00
253.14
534.36
0.00
534.36
787.50
Mar '06

217.07
217.07
0.00
0.00
17.74
0.00
234.81
487.86
9.90
497.76
732.57
Mar '05

217.07
217.07
0.00
0.00
3.79
0.00
220.86
413.56
1.65
415.21
636.07
Mar '04

217.07
217.07
0.00
0.00
0.33
0.00
217.40
407.79
0.00
407.79
625.19
Mar '03

422.91
422.91
0.00
0.00
-138.74
0.00
284.17
367.90
0.00
367.90
652.07
Mar '02

12 mths

12 mths

12 mths

12 mths

12 mths

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets

803.95
308.07
495.88
100.02
0.00
33.55
0.23
15.66
49.44
153.54
87.10
290.08
0.00
78.64
19.83
98.47
191.61
0.00
787.51

791.95
266.99
524.96
5.16
23.09
33.60
0.43
8.81
42.84
222.25
0.00
265.09
0.00
83.48
2.24
85.72
179.37
0.00
732.58

767.89
228.68
539.21
5.06
23.25
39.59
0.78
8.82
49.19
86.18
0.00
135.37
0.00
66.82
0.00
66.82
68.55
0.00
636.07

745.56
189.70
555.86
2.58
23.25
40.03
0.79
14.64
55.46
57.17
0.00
112.63
0.00
69.12
0.00
69.12
43.51
0.00
625.20

732.24
150.49
581.75
1.57
23.16
39.86
2.01
16.49
58.36
70.88
0.00
129.24
0.00
83.65
0.00
83.65
45.59
0.00
652.07

Contingent Liabilities
Book Value (Rs)

427.12
12.46

3.20
10.82

0.00
10.17

0.00
10.02

0.00
6.72

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Profit & Loss account of

Binani Cement

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earnings Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

12 mths

12 mths

12 mths

12 mths

12 mths

1,983.67
255.17
1,728.50
13.73
-13.70
1,728.53

2,069.10
211.22
1,857.88
12.93
-48.87
1,821.94

1,716.78
220.24
1,496.54
-14.39
23.25
1,505.40

1,149.98
186.94
963.04
6.17
56.24
1,025.45

783.59
105.15
678.44
-1.31
6.53
683.66

265.37
512.96
41.27
76.05
496.85
50.83
0.00
1,443.33
Mar '11

252.35
429.85
34.35
67.57
403.40
36.43
0.00
1,223.95
Mar '10

200.14
535.99
29.39
52.79
354.47
22.91
0.00
1,195.69
Mar '09

129.89
235.56
25.50
32.39
236.39
13.21
0.00
672.94
Mar '08

91.74
142.03
18.78
21.29
165.10
7.99
0.00
446.93
Mar '07

12 mths

12 mths

12 mths

12 mths

12 mths

271.47
285.20
103.44
181.76
99.50
0.00
82.26
11.73
93.99
3.22
90.51
1,177.95
0.00
47.15
7.65

585.06
597.99
78.51
519.48
91.66
0.00
427.82
-12.84
414.98
126.86
281.92
971.60
0.00
71.09
12.08

324.10
309.71
71.52
238.19
80.31
0.00
157.88
0.00
157.88
45.89
108.67
995.56
0.00
42.65
7.25

346.34
352.51
46.47
306.04
55.67
0.00
250.37
0.00
250.37
69.02
175.82
543.04
0.00
50.78
8.63

238.04
236.73
32.62
204.11
43.46
0.00
160.65
0.00
160.65
60.96
95.61
355.19
40.62
0.00
6.90

1,886.01
4.80
25.00
30.70

2,031.01
13.88
35.00
33.24

2,031.01
5.35
21.00
23.46

2,031.01
8.66
25.00
20.56

2,031.01
2.71
0.00
14.83

Profit & Loss account of

Binani Cement

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '06

Mar '05

Mar '04

Mar '03

Mar '02

12 mths

12 mths

12 mths

12 mths

12 mths

584.65
94.37
490.28
0.85
-3.60
487.53

529.74
90.94
438.80
-4.38
-6.37
428.05

462.68
87.69
374.99
4.12
0.00
379.11

441.08
74.81
366.27
3.06
0.00
369.33

433.60
67.34
366.26
2.84
0.00
369.10

72.20
137.49
15.09
20.97
94.65
8.65
0.00
349.05
Mar '06

64.39
127.89
13.56
19.02
86.60
9.78
0.00
321.24
Mar '05

46.84
0.00
13.19
119.30
0.00
98.00
0.00
277.33
Mar '04

45.20
0.00
12.24
119.49
0.00
94.44
0.00
271.37
Mar '03

35.43
0.00
10.93
116.51
0.00
98.91
0.00
261.78
Mar '02

12 mths

12 mths

12 mths

12 mths

12 mths

137.63
138.48
34.17
104.31
42.91
0.00
61.40
0.00
61.40
5.12
52.96
276.84
10.06
0.00
1.41

111.19
106.81
52.35
54.46
42.00
0.00
12.46
0.00
12.46
0.55
6.45
256.85
0.00
0.00
0.00

97.66
101.78
56.02
45.76
41.28
0.00
4.48
-0.67
3.81
0.34
4.13
230.49
0.00
0.00
0.00

94.90
97.96
56.34
41.62
40.59
0.00
1.03
-0.80
0.23
0.00
1.03
226.17
0.00
0.00
0.00

104.48
107.32
61.73
45.59
39.48
0.00
6.11
-1.03
5.08
0.00
6.13
226.35
0.00
0.00
0.00

2,031.01
2.11
0.00
12.46

2,170.68
0.30
0.00
10.82

2,170.70
0.19
0.00
10.17

2,170.70
0.05
0.00
10.02

4,229.10
0.14
0.00
6.72

BIBLIOGRAPHY

Books
I. M. Pandey, Financial Management, Vikas Publishing Pvt, Ltd, and
(9th Edition).

Websites
http://dipp.nic.in/English/Performance_Cement_Industry
http://www.slideshare.net/shonethattil/indian-cement-industryreport
http://newsletters.cii.in/newsletters/mailer/trade_talk/pdf/Cement%
20Industry%20in%20India-%20Trade%20Perspectives
http://www.nseindia.com/content/ncfm/EDBM_workbook.pdf
www.ambujacement.com
http://www.binaniindustries.com/group-companies/binaniindustries/profile.asp
http://www.scribd.com/doc/19102170/A-case-study-on-AmbujaCement

Other Materials

Annual report of the company

Balance Sheet