Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

PAT 279.90 720.20 1,340.00 2,204.00

Add: Depreciation 997.80 991.50 1011.70 1017.70
Add:Interest 1084.50 897.70 744.50 747.80
Less: Other income & Misc income -150.40 -195.00 -207.50 -345.60
change in WC excluding cash 406.30 -1,181.70 1,090.20 -455.40
CFO 2,618.10 1,232.70 3,978.90 3,168.50

Change in fixed assets -2,108.40 -760.70 -311.30 -336.60

Change in capital WIP 713.70 497.60 -17.80 -91.70
Change in intangible assets & Goodwill 13 10 10 11
Change in investments 721.60 358.20 -11.90 -0.40
Change in other assets
Other & Misc Income 150.40 195.00 207.50 345.60
CFI -509.90 300.50 -123.50 -72.30

Change in equity share capital 0.00 0.00 0.00 0.00

Change in Debt (Long Term Debt) -2539.40 -924.90 -1067.80 -786.70
Change in Minority Interest 0.00 0.00 0.00 0.00
less: Dividend & dividend tax 0.00 0.00 -545.50 -956.10
Change in Long Term Provisions
less: interest paid -1084.50 -897.70 -744.50 -747.80
Other adj including reserves 131.00 353.70 484.50 647.00
CFF -3492.90 -1468.90 -1873.30 -1843.60

Opening cash 1,462.40 77.70 142.00 2,124.10

Change in cash -1,384.70 64.30 1,982.10 1,252.60
Closing cash 0.00 77.70 142.00 2,124.10 3,376.70

Check
diff.

Change in WC excl. cash Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Current Assets 7,029.50 5,617.20 4,658.80 6,608.20 8,874.30
Less: Cash & Bank eqv. -1462.4 -77.7 -142 -2124.1 -3376.7
Less: Current Liabilities -9,343.50 -9,722.20 -7,517.80 -8,575.30 -9,133.40
Working capital (excl cash) -3,776.40 -4,182.70 -3,001.00 -4,091.20 -3,635.80
Changes in WC 406.30 -1,181.70 1,090.20 -455.40

Other Adjustments Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

PY Reserves 6403.2 6683.1 7403.3 8197.8
Add: PAT 279.90 720.20 1,340.00 2,204.00
Less: Dividend & Div. Tax 0.00 0.00 -545.50 -956.10
Calculated Curr YearReserves 6,683.10 7,403.30 8,197.80 9,445.70
Actual Curr Year Reserves 6,683.10 7,403.30 8,197.80 9,445.70
Adjustment 0.00 0.00 0.00 0.00
Mar-20 Mar-21 Mar-22
2,616.90 0.00 0.00
1086.10 0.00 0.00 Rules
785.50 0.00 0.00 1 Everything added to the PAT in CFO needs to be reversed , except for the wo
-510.60 0.00 0.00 2 Each and evry entry of the BS must becovered in your cashflow statement
119.50 -3,755.30 0.00
4,097.40 -3,755.30 0.00

-532.10 16,808.70 0.00 3 Depreciation that was added above gets deducted from here
12.50 159.90 0.00 4 For all assets consider prev year value minus curr year value
3 2 0
-2.40 287.70 0.00

510.60 0.00 0.00

-8.00 17,258.60 0.00

0.00 0.00 0.00 5 For all liabilities consider curr year value minus prev year value
-1119.10 -2840.30 0.00
0.00 0.00 0.00
-1175.62 0.00 0.00

-785.50 0.00 0.00

376.48 8614.80 0.00 6 All pending balance sheet items and the reserves and surplus adjustment
-2703.74 5774.50 0.00

3,376.70 4,697.40 0.00

1,385.66 19,277.80 0.00
4,762.36 23,975.20 0.00

Mar-20 Mar-21 Mar-22

10,241.30 0.00 0.00
-4706.2 0 0
-9,290.40 0.00 0.00
-3,755.30 0.00 0.00
119.50 -3,755.30 0.00 prev year - curr year

Mar-20 Mar-21 Mar-22

9445.7 10880.2 0
2,616.90 0.00 0.00
-1175.62 0.00 0.00
10,886.98 10,880.20 0.00
10,880.20 0.00 0.00
6.78 10,880.20 0.00
ersed , except for the working capital
r cashflow statement

d surplus adjustment
 Cement Sector Company (Consolida
Income Statement (Amt in Millions)
Particulars Mar-15 Mar-16
Sales
Sale of Products and Services (Gross) 23383 18957
Less: Excise Duty 3271 2675.7
Sale of Products and Services (Net) 20112.00 16281.30
Other Operating Revenues 330.80 202.20
Net Sales 20442.80 16483.50
growth % -19.37%

Expenditure
Cost of Material Consumed 4438.30 3427.80
as % of sales 21.71% 20.80%
Change in inventories of finished goods, work-in-progress -277.20 -93.40
as % of sales -1.36% -0.57%
Employees Expenses 1337.70 1050.20
as % of sales 6.54% 6.37%
Freight and Forwarding Expense 2742.80 2323.60
as % of sales 13.42% 14.10%
Power & Fuel 5624.10 4520.40
as % of sales 27.51% 27.42%
Other Expenses 3356.00 2943.20
as % of sales 16.42% 17.86%
Total Expenditure 17221.70 14171.80
as % of sales 84.24% 85.98%

EBIDTA before Other Income 3221.10 2311.70

Ebidta Margin % 15.76% 14.02%
Ebidta growth % -28.23%

Depreciation 1375.40 997.80

as % of sales 6.73% 6.05%
% Increase -27.45%
EBIT before other Income 1845.70 1313.90
Ebit Margin % 9.03% 7.97%
Ebit growth % -28.81%

Other Income 138.40 224.40

as % of sales 0.68% 1.36%

EBIT after other Income 1984.10 1538.30

Finance Costs 1389.30 1084.50

PBT before Exceptional 594.80 453.80

Exceptional Income 603.10 0.00

PBT after Exceptional 1197.90 453.80

Current Tax 91.30 107.50

Current Tax Related to earlier years 0.00 5.00
Less: MAT credit entitlement -91.30 0.00
Deferred Tax Charge 602.60 -12.60
Total Tax 602.60 99.90
Effective Tax rate 50.30% 22.01%

Net Profit After Tax 595.30 353.90

PAT Margin % 2.91% 2.15%
PAT growth % -40.55%

Other Comprehensive Income -0.40 -74.00

Total Comprehensive Income for the year 594.90 279.90

Paid up Share Capital 2266.13 2266.13

Face Value Rs. 10 10
No. of Outstanding Shares 226613116.00 226613116.00
EPS 2.63 1.24
DPS 0.00 0.00
Dividend Payout Ratio 0.0% 0.0%

Dividend On Equity Shares 0.00 0.00

Dividend Distribution Tax on Dividend 0.00 0.00

Cement Division Sales (mnt)

Cement Division EBITDA
Total Cost (INR/Tonne)
EBITDA (INR/Tonne)
Capacity Utilization
Assumptions ( All assumptions are according to the Earnings Call transcripts & Survey rep
1)
2) Capacity Utilization was 87% at the end of FY20

4) Debt Repayments 2021 2022

Amount (in millions) 1250 1200
4.1) These payments are part of the NON CONVERTIBLE DEBENTURE front.
5) Raw material to rise in fiscal21 due to rise fly-ash prices during lockdown; lower clinker purchases to limit ri
6) Cost of Raw Materials and Inventory to remain the same for the future.

7) CAPEX to remain the same as last years at 500 mill, as company has to replace around 40-45% depreciation
8) The Other Expenses is to remain at around 14%-15%, the increase in Other expenses to 17% in FY 20 was be
at the end of FY 20 due to Covid - 19. The 15% figure was the ongoing figure in the first two Quarters of Fy20 &
9) The Capacity Utilization in Q1 FY21 was 80% & is expected to remain throughout FY21.

10) Q1FY21
Demand for Cement -60%

11) Cement Demand to decline 12-15% as lockdown leads to stalling of construction activity
12) Demand Decline to be furthest in the first Quarter at around 60%
13) Demand Revival to start around 3rd Quarter, in rural belts driven by PMAY-G & PMGSY

14) 5.5 % estmated demand in FY22 due to Increase in govt spending in National Highways, NHAI has a target
to West Freight Corridor construction is under implemantation. Work Order issued for 2080 projects in 111 citi
projects. Metro Projects for 124 kms under construction, 260kms in planning stage (700-800billion investment
15)Price of Cement Bag has increased to Rs 350/Bag
16) Freight Prices increased by 5%, Last year Prices of Oil fell leading to a fall in freight prices by around 5%. Th
lockdown rules the prices are expected to rise by 5%.
17) Power and fuel costs declined by 6%, led by a fall in pet coke and global coal prices.

18) Mar-15 Mar-16

Sale Of Products and Service 20112.00 16281.30
Cost of Materials Consumed 4438.30 3427.80

Profit (Revenue - Cost) 15673.70 12853.50

Profit % 353.15% 374.98%

Average 411.47%

19)

Mar-15 Mar-16
Salary Wages and Bonus 1142.30 913.60
% Increase -20.02%
Contribution to PF 73.00 59.90
% Increase -17.95%
Gratuity Expenses 56.30 37.80
% Increase -32.86%
Staff Welfare Expenses 66.10 45.00
% Increase -31.92%
or Company (Consolidated Data)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

19720 19331.60 21094.40 21576.40 18021.00 19012.15

2843.9 724.90
16876.10 18606.70 21094.40 21576.40 18021.00 19012.15
298.50 288.00 239.10 119.80 111.35 117.48
17174.60 18894.70 21333.50 21696.20 18387.53 19398.84
4.19% 10.02% 12.91% 1.70% -15.25% 5.50%

3259.90 3566.40 3915.20 3835.90 3523.39 3717.18

18.98% 18.88% 18.35% 17.68% 19.16% 19.16%
346.60 136.10 -51.80 50.60
2.02% 0.72% -0.24% 0.23%
1147.60 1201.50 1239.00 1311.90
6.68% 6.36% 5.81% 6.05%
2392.20 2835.90 3079.30 2879.00 3022.95
13.93% 15.01% 14.43% 13.27% 16.44%
4292.70 4439.00 5049.30 4736.00 4451.84 4730.48
24.99% 23.49% 23.67% 21.83% 24.21% 23.14%
2947.00 3082.20 3269.10 3604.90 2977.41 2864.18
17.16% 16.31% 15.32% 16.90% 16.19% 13.43%
14386.00 15261.10 16500.10 16418.30 13975.59 11311.84
83.76% 80.77% 77.34% 75.67% 76.01% 58.31%

2788.60 3633.60 4833.40 5277.90 4411.94 8087.00

16.24% 19.23% 22.66% 24.33% 23.99% 41.69%
20.63% 30.30% 33.02% 9.20% -16.41% 83.30%

991.50 1011.70 1017.70 1086.10

5.77% 5.35% 4.77% 5.01%
-0.63% 2.04% 0.59% 6.72%
1797.10 2621.90 3815.70 4191.80 4411.94 8087.00
10.46% 13.88% 17.89% 19.32% 23.99% 41.69%
36.78% 45.90% 45.53% 9.86% 5.25% 83.30%

236.90 199.30 348.20 527.30

1.38% 1.05% 1.63% 2.43% 0.00% 0.00%

2034.00 2821.20 4163.90 4719.10 4411.94 8087.00

 897.70 744.50 747.80 785.50

1136.30 2076.70 3416.10 3933.60 4411.94 8087.00

0.00 0.00 0.00 0.00 0.00 0.00

1136.30 2076.70 3416.10 3933.60 4411.94 8087.00

239.50 444.30 737.50 691.70

2.00 0.00 2.40 0.00
0.00 0.00 0.00 0.00
132.70 300.60 469.60 608.30
374.20 744.90 1209.50 1300.00
32.93% 35.87% 35.41% 33.05%

762.10 1331.80 2206.60 2633.60

4.44% 7.05% 10.34% 12.14%
115.34% 74.75% 65.69% 19.35%

-41.90 8.20 -2.60 -16.70

720.20 1340.00 2204.00 2616.90

2266.13 2266.13 2266.13 2266.13 2266.13 2266.13

10 10 10 10 10 10
226613116.00 226613116.00 226613116.00 226613116.00 226613116.00 226613116.00
3.18 5.91 9.73 11.55 0.00 0.00
0.00 2.00 3.50 4.31 0.00 0.00
0.0% 33.8% 36.0% 37.3% #DIV/0! #DIV/0!

0.00 453.20 793.10 975.95

0.00 92.30 163.00 199.67
20.37% 20.55% 20.46%

4.48 4.65 4.90 4.71

4833.00 5278.00
3370.00 3489.00
987.00 1122.00
83% 86% 91% 87% 80%
anscripts & Survey reports published online)
nker purchases to limit rise in costs

und 40-45% depreciation on Assets.

es to 17% in FY 20 was because of increase in CSR Spends
st two Quarters of Fy20 & Q1 Fy21.
Y21.

Q2FY21 Q3FY21 Q4FY21 FY22

-15% 6% 8% 5.50%

activity

MGSY

ways, NHAI has a target spending of 15mill for FY21 & FY22. 2300kms East
or 2080 projects in 111 cities , work has been completed for 62% of the
00-800billion investment in FY21 & FY22)

t prices by around 5%. This year due to unavailabilty of truck drivers and

s.

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

16876.10 18606.70 21094.40 21576.40 18021.00 19012.15
3259.90 3566.40 3915.20 3835.90 3523.392801842 3717.179405943

13616.20 15040.30 17179.20 17740.50 14497.60 15294.97

417.69% 421.72% 438.78% 462.49% 411.47% 411.47%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

1009.50 1053.00 1089.00 1152.29
10.50% 4.31% 3.42% 5.81% -100.00% #DIV/0!
59.70 59.60 59.30 65.37
-0.33% -0.17% -0.50% 10.24%
30.90 32.10 34.20 35.53
-18.25% 3.88% 6.54% 3.88%
47.50 56.80 56.50 58.71
5.56% 19.58% -0.53% 3.92%
ASSUMPTION NUMBER

10,11,12,13,14

5,6 & 18

15

16

8
Balance Sheet
Particulars Mar-15 Mar-16 Mar-17 Mar-18

SOURCES OF FUNDS:
Share Capital 2,266.2 2,266.2 2,266.2 2,266.2
Other Equity 6,403.2 6,683.1 7,403.3 8,197.8
Net Worth 8669.40 8949.30 9669.50 10464.00

Minority Interest

Non-Current Liabilities
Financial Liabilities
-Long-term borrowings 9248.90 6708.60 5751.90 4692.30
-Other Financial Liabilities 29.3 30.2 62.0 53.8
Lease Liability 0.0 0.0 0.0 0.0
Long-term provisions 201.8 191.6 217.1 196.0
Deferred Tax Liabilities (Net) 471.1 419.4 530.0 835.0
Other Non-Current Liabilities - Government Grants 0.0 124.8 328.1 511.8
Total 9951.10 7474.60 6889.10 6288.90

Current Liabilities
Financial Liabilities
-Short-term borrowings 0.00 700.00 0.00 0.00
-Trade payables 1909.9 1859.6 1914.1 2266.3
-Other Financial Liabilities 5081.4 4609.1 2820 3121.6
Other current liabilities 443.8 460.3 562.8 896
Short-term provisions 1908.4 2072.4 2161.1 2188.6
Government Grants 0 20.8 59.8 102.8
Total 9343.50 9722.20 7517.80 8575.30

Total Liabilities 27964.00 26146.10 24076.40 25328.20

APPLICATION OF FUNDS

Non-Current Assets
Property, Plant and Equipment 17,864.4 18,975.0 18,744.2 18,043.8
Right of Use of Asset 0.0 0.0 0.0 0.0
Capital Work-in-Progress 1274.20 560.50 62.90 80.70
Intangible Assets 49.7 36.9 26.5 16.5
Intangible Assets under Development 0.0 0.0 0.0 0.0
Total Non-Current Assets 19188.30 19572.40 18833.60 18141.00

Financial Assets
-Investments 0.00 0.00 0.00 0.00
-Loans 319.10 356.60 273.00 284.90
-Other Financial Assets 1033.70 274.60 0.00 0.00
Total Financial Assets 1352.80 631.20 273.00 284.90

Income Tax Assets (Net) 0.00 0.00 0.00 0.00

Other Non-Current Assets 393.40 325.30 311.00 294.10
Total Non-Current Assets 20934.50 20528.90 19417.60 18720.00

Current Assets
Inventories 1910 1782.1 1396.4 1268.9
Financial Assets
-Current Investment 0.0 0.0 0.0 0.0
-Trade receivables 191.4 257.6 125.6 188.0
-Cash and Cash Equivalents 1,462.4 77.7 142.0 2,124.1
-Derivatives Instruments 862.9 808.1 186.5 0.0
-Bank Balances other than Cash and Cash Equivalents 0.0 0.0 0.0 0.0
-Short-term loans and advances 26.4 28.2 101.6 106.9
-Other Financial Assets 11.0 19.4 7.7 19.1
Sub total 2554.10 1191.00 563.40 2438.10
Other Current Assets 2565.40 2644.1 2699.00 2901.20
Assets held for Disposal 0.00 0.0 0.00 0.00
Total Current Assets 7029.50 5617.20 4658.80 6608.20

Total Assets 27964.00 26146.10 24076.40 25328.20

Check 0.00 0.00 0.00 0.00

 Mar-19 Mar-20 Mar-21 Mar-22

2266.20 2266.20 2266.20 2266.20

9445.70 10880.20
11711.90 13146.40

3918.20 2800.60
41.20 39.70
0.00 76.70
197.30 167.20
1303.30 1902.60
650.00 504.70
6110.00 5491.50

0.00 0.00
2778.20 2584.20
3045.40 3270.20
822.30 618.70
2342.20 2672.00
145.30 145.30
9133.40 9290.40

26955.30 27928.30

17362.70 16808.70
0.00 119.30
172.40 159.90
5.70 2.30
0.00 0.00
17540.80 17090.20

0.00 0.00
285.30 287.70
0.00 0.00
285.30 287.70

0.00 0.00
254.90 309.10
18081.00 17687.00

1674.20 1457.60

0.00 0.00
253.20 256.70
3376.70 4697.40
0.00 0.00
0.00 8.80
145.30 138.20
27.00 670.90
3802.20 5772.00
3397.90 3011.70
0.00 0.00
8874.30 10241.30

26955.30 27928.30

0.00 0.00
 Cement Sector Company (Consolidated Data)
Income Statement (Amt in crore)
Particulars Q1 2019-20 Q2 2019-20
Total Sales Volume (Mnt)
Domestic Sales (MnT)

Sales
Sale of Products and Services (Gross) 5824.4 5195.1
Less: Excise Duty
Sale of Products and Services (Net) 5824.40 5195.10
Other Operating Revenues 67.90 26.50
Net Sales 5892.30 5221.60
growth % 8.44% -11.38%

Expenditure
Cost of Material Consumed 1056.50 901.50
as % of sales 17.93% 17.26%
Change in inventories of finished goods, work-in-progress 73.00 108.30
as % of sales 1.24% 2.07%
Employees Expenses 314.50 310.50
as % of sales 5.34% 5.95%
Freight and Forwarding Expense 796.90 656.80
as % of sales 13.52% 12.58%
Power & Fuel 1215.20 1144.90
as % of sales 20.62% 21.93%
Other Expenses 859.60 871.50
as % of sales 14.59% 16.69%
Total Expenditure 4315.70 3993.50
as % of sales 73.24% 76.48%

EBIDTA before Other Income 1576.60 1228.10

Ebidta Margin % 26.76% 23.52%
Ebidta growth % 26.22% -22.10%

Depreciation 278.60 264.70

as % of sales 4.73% 5.07%

EBIT before other Income 1298.00 963.40

Ebit Margin % 22.03% 18.45%
Ebit growth % 30.49% -25.78%

Other Income 118.30 124.60

as % of sales 2.01% 2.39%
EBIT after other Income 1416.30 1088.00

Finance Costs 198.20 188.20

PBT before Exceptional 1218.10 899.80

Exceptional Income 0.00 0.00

PBT after Exceptional 1218.10 899.80

Total Tax 427.80 318.30

Effective Tax rate 35.12% 35.37%

Net Profit After Tax 790.30 581.50

PAT Margin % 13.41% 11.14%
PAT growth % 29.77% -26.42%

Other Comprehensive Income 0.00 0.00

Total Comprehensive Income for the year 790.30 581.50

Paid up Share Capital 2266.20 2266.20

Face Value Rs. 10 10
No. of Outstanding Shares 226,620,000.00 226,620,000.00
EPS 3.49 2.57
ated Data)

Q3 2019-20 Q4 2019-20 Q1 2020-21

5464.00 5092.90 4062.70

5464.00 5092.90 4062.70

20.60 4.80 14.30
5484.60 5097.70 4077.00
5.04% -7.05% -20.02%

999.20 878.70 704.30

18.22% 17.24% 17.27%
-9.80 -120.90 22.90
-0.18% -2.37% 0.56%
347.40 339.50 269.10
6.33% 6.66% 6.60%
735.80 689.50 551.90
13.42% 13.53% 13.54%
1257.30 1118.60 836.50
22.92% 21.94% 20.52%
954.90 918.90 609.00
17.41% 18.03% 14.94%
4284.80 3824.30 2993.70
78.12% 75.02% 73.43%

1199.80 1273.40 1083.30

21.88% 24.98% 26.57%
-2.30% 6.13% -14.93%

267.50 275.30 276.30

4.88% 5.40% 6.78%

932.30 998.10 807.00

17.00% 19.58% 19.79%
-3.23% 7.06% -19.15%

114.20 170.20 97.80

2.08% 3.34% 2.40%
 1046.50 1168.30 904.80

189.60 162.50 159.90

856.90 1005.80 744.90

0.00 0.00 0.00

856.90 1005.80 744.90

211.00 342.90 255.50

24.62% 34.09% 34.30%

645.90 662.90 489.40

11.78% 13.00% 12.00%
11.07% 2.63% -26.17%

-5.10 -11.60
640.80 651.30 489.40

2266.20 2266.20 2266.20

10 10 10
226,620,000.00 226,620,000.00 226,620,000.00
2.83 2.87 2.16
 There is no data available for the bifurcation for all the heads as Annua

2015 % 2016
Sale of Cement 23225.10 97.37% 18769.50
Sale of Clinker 157.90 0.66% 187.50
Sale Of Service 0.00 0.00% 0.00
VAT Incentive 226.20 0.95% 151.90
Scrap Sales 58.40 0.24% 35.10
Provisions no longer Req written back 33.40 0.14% 69.60
Misc Income 12.80 0.05% 15.40
Revenue From Operations 23713.80 99.42% 19229.00

Interest Income on Bank Deposit 104.10 0.44% 107.60

Interest Income on Other Deposit 24.90 0.10% 37.50
Government Grants 0.00 0.00% 0.00
Exchange Differences 0.00 0.00% 0.00
Rent 4.40 0.02% 3.30
Profit on sale of Fixed Asset 4.20 0.02% 6.40
Other Income 137.60 0.58% 154.80

Total Revenue 23851.40 100.00% 19383.80

2015 % 2016
Cost of Raw Materials Consumed 4438.30 22.21% 3427.80
Increase in Inventories of FG & WIP -277.20 -1.39% -93.40

2015 % 2016
Salary, Wages & Bonus 1142.30 5.72% 913.60
Contribution to PF 73.00 0.37% 59.90
Gratuity 56.30 0.28% 37.80
Staff Welfare Expenses 66.10 0.33% 45.00
Employee Benefit Expense 1337.70 6.69% 1056.30

2015 % 2016
Consumption of Stores & Spares 744.30 3.72% 661.80
Freight & Forwarding 2742.80 13.72% 2323.60
(Increase)/Decrease of Excise Duty -8.10 -0.04% 30.00
Power & Fuel 5624.10 28.14% 4520.40
Rent 29.10 0.15% 28.20
Repairs & Maintenance 267.40 1.34% 260.60
Insurance 22.10 0.11% 12.80
Rates & Taxes 622.20 3.11% 589.30
Travelling Expenses 106.80 0.53% 67.00
Directors Fees 1.50 0.01% 1.70
Payment to Auditor 15.50 0.08% 13.70
Legal & Professional Expenses 34.30 0.17% 30.30
Technical know how fees 212.50 1.06% 170.00
Printing & Stationery 12.90 0.06% 9.40
Communication Expenses 38.90 0.19% 78.60
Advertisement 150.90 0.76% 153.20
Commission on Sale 788.60 3.95% 607.10
Cement Handling Expenses 110.60 0.55% 96.70
Fixed Asset W/off 5.40 0.03% 2.60
Sundry Balances W/Off 6.30 0.03% 1.10
Forex Losses 0.10 0.00% 0.40
CSR Expenses 0.00 0.00% 10.30
Miscelleous Expenses 194.70 0.97% 116.80
Other Expenses 11722.90 58.65% 9785.60

2015 % 2016
Depreciation 1362.70 6.82% 926.20
Amortization 12.70 0.06% 13.80
Depreciation & Amortization 1375.40 6.88% 940.00

2015 % 2016
Interest:
On Borrowings 1282.90 6.42% 1007.30
Others 68.50 0.34% 62.20
Changes in Discount Rate 0.00 0.00% 3.30
Bank Charges & commission 37.90 0.19% 11.70
Finance Costs 1389.30 6.95% 1084.50

TOTAL COST 19986.40 100.00% 16200.80

Model 1 2015 2016 2017
Market Size
Market Growth
Market Share
Revenue Growth

Model 2 2015 2016 2017

GDP Growth
Contribution to GDP
Market Share
Revenue Growth
all the heads as Annual report has not been released yet for FY19-20

% 2017 % 2018 % 2019 %

96.83% 19689.70 97.21% 19159.10 96.67% 20806.10 95.96%
0.97% 30.30 0.15% 132.60 0.67% 243.10 1.12%
0.00% 0.00 0.00% 39.90 0.20% 45.20 0.21%
0.78% 230.90 1.14% 238.80 1.20% 155.10 0.72%
0.18% 55.20 0.27% 39.50 0.20% 43.70 0.20%
0.36% 169.40 0.84% 60.70 0.31% 47.30 0.22%
0.08% 12.40 0.06% 9.70 0.05% 40.30 0.19%
99.20% 20187.90 99.67% 19680.30 99.30% 21380.80 98.61%

0.56% 8.10 0.04% 31.20 0.16% 155.40 0.72%

0.19% 23.70 0.12% 19.90 0.10% 21.70 0.10%
0.00% 30.50 0.15% 74.10 0.37% 116.90 0.54%
0.00% 1.10 0.01% 0.30 0.00% 4.00 0.02%
0.02% 2.70 0.01% 2.70 0.01% 2.30 0.01%
0.03% 1.40 0.01% 10.40 0.05% 0.60 0.00%
0.80% 67.50 0.33% 138.60 0.70% 300.90 1.39%

100.00% 20255.40 100.00% 19818.90 100.00% 21681.70 100.00%

% 2017 % 2018 % 2019 %

21.16% 3259.90 20.03% 3566.40 20.96% 3915.20 21.43%
-0.58% 346.60 2.13% 136.10 0.80% -51.80 -0.28%

% 2017 % 2018 % 2019 %

5.64% 1009.50 6.20% 1053.00 6.19% 1089.00 5.96%
0.37% 59.70 0.37% 59.60 0.35% 59.30 0.32%
0.23% 30.90 0.19% 32.10 0.19% 34.20 0.19%
0.28% 47.50 0.29% 56.80 0.33% 56.50 0.31%
6.52% 1147.60 7.05% 1201.50 7.06% 1239.00 6.78%

% 2017 % 2018 % 2019 %

4.08% 612.80 3.77% 666.40 3.92% 700.40 3.83%
14.34% 2392.20 14.70% 2835.90 16.66% 3079.30 16.86%
0.19% -10.20 -0.06% -72.60 -0.43% 0.00 0.00%
27.90% 4292.70 26.38% 4439.00 26.09% 5049.30 27.64%
0.17% 32.00 0.20% 49.20 0.29% 44.50 0.24%
1.61% 285.40 1.75% 328.90 1.93% 302.80 1.66%
0.08% 14.10 0.09% 28.60 0.17% 27.30 0.15%
3.64% 610.40 3.75% 476.40 2.80% 493.40 2.70%
0.41% 79.70 0.49% 82.60 0.49% 93.90 0.51%
0.01% 1.80 0.01% 2.40 0.01% 2.90 0.02%
0.08% 11.50 0.07% 5.40 0.03% 5.00 0.03%
0.19% 39.00 0.24% 65.00 0.38% 43.00 0.24%
1.05% 170.00 1.04% 170.00 1.00% 108.20 0.59%
0.06% 8.50 0.05% 11.60 0.07% 11.30 0.06%
0.49% 77.50 0.48% 85.40 0.50% 130.50 0.71%
0.95% 147.00 0.90% 166.60 0.98% 192.70 1.05%
3.75% 612.90 3.77% 0.00 0.00% 0.00 0.00%
0.60% 107.80 0.66% 863.30 5.07% 941.80 5.16%
0.02% 9.10 0.06% 2.70 0.02% 9.10 0.05%
0.01% 1.70 0.01% 5.70 0.03% 0.00 0.00%
0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
0.06% 9.40 0.06% 14.80 0.09% 29.10 0.16%
0.72% 126.60 0.78% 129.80 0.76% 133.20 0.73%
60.40% 9631.90 59.18% 10357.10 60.86% 11397.70 62.40%

% 2017 % 2018 % 2019 %

5.72% 979.90 6.02% 1000.50 5.88% 1006.90 5.51%
0.09% 11.60 0.07% 11.20 0.07% 10.80 0.06%
5.80% 991.50 6.09% 1011.70 5.95% 1017.70 5.57%

% 2017 % 2018 % 2019 %

6.22% 801.90 4.93% 649.80 3.82% 525.90 2.88%

0.38% 78.30 0.48% 72.40 0.43% 195.00 1.07%
0.02% 2.40 0.01% 0.00 0.00% 0.00 0.00%
0.07% 15.10 0.09% 22.30 0.13% 26.90 0.15%
6.69% 897.70 5.52% 744.50 4.37% 747.80 4.09%

100.00% 16275.20 100.00% 17017.30 100.00% 18265.60 100.00%

2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

 Demand of Cement Is likely to Fall by 25% if Lockdown is extended till 2nd Quarte
8% YoY according the latest ICR Survey Rep
Madhya Pradesh Government has announced an Exemption in

2017 2018 2019 AVG

87.97% 87.64% 87.89% 87.83%
5.20% 4.96% 4.79% 4.98%
2.69% 2.67% 2.76% 2.71%
4.14% 4.73% 4.56% 4.48%

costs of petcoke, a major input for cement and diesel, used for transportation of
oil prices. Lower raw material and freight costs may lower the co
costs of petcoke, a major input for cement and diesel, used for transportation of
oil prices. Lower raw material and freight costs may lower the co
extended till 2nd Quarter of 2020. Post Lockdown Demand is likely to increase upto
he latest ICR Survey Reports given by Cemnet.
ounced an Exemption in VAT/SGST of 75% on purchases till 2023.

ed for transportation of cement, will be lower given sharp fall in international crude
ht costs may lower the cost of production by Rs 100-200 per tonne.