ULTRATECH CEMENT Income Statement Analysis

 Operating income during the year rose 2.5% on a year-on-year (YoY) basis.

 The company's operating profit increased by 16.3% YoY during the fiscal.
Operating profit margins witnessed a fall and down at 25.0% in FY21 as
against 22.0% in FY20.

 Depreciation charges decreased by 9.9% and finance costs decreased by

36.6% YoY, respectively.

 Other income grew by 21.8% YoY.

 Net profit for the year declined by 8.1% YoY.

 Net profit margins during the year declined from 13.6% in FY20 to 12.1% in
FY21.

ULTRATECH CEMENT Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change

Net Sales Rs m 421,248 431,883 2.5%

Other income Rs m 6,478 7,887 21.8%

Total Revenues Rs m 427,726 439,770 2.8%

Gross profit Rs m 92,836 108,008 16.3%

Depreciation Rs m 27,022 24,344 -9.9%

Interest Rs m 19,857 12,591 -36.6%

Profit before tax Rs m 52,435 78,961 50.6%

Tax Rs m -5,682 25,540 -549.5%

Profit after tax Rs m 58,117 53,421 -8.1%

Gross profit margin % 22.0 25.0

Effective tax rate % -10.8 32.3

 Net profit margin % 13.6 12.1

ULTRATECH CEMENT Balance Sheet Analysis

 The company's current liabilities during FY21 stood at Rs 196 billion as

compared to Rs 166 billion in FY20, thereby witnessing an increase of 17.8%.

 Long-term debt down at Rs 107 billion as compared to Rs 174 billion during

FY20, a fall of 38.5%.

 Current assets rose 53% and stood at Rs 230 billion, while fixed assets fell
11% and stood at Rs 574 billion in FY21.

 Overall, the total assets and liabilities for FY21 stood at Rs 804 billion as
against Rs 793 billion during FY20, thereby witnessing a growth of 1%.

ULTRATECH CEMENT Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change

Networth Rs m 390,797 433,090 10.8

Current Liabilities Rs m 166,308 195,878 17.8

Long-term Debt Rs m 173,675 106,846 -38.5

Total Liabilities Rs m 793,312 804,161 1.4

Current assets Rs m 150,074 229,924 53.2

Fixed Assets Rs m 643,238 574,237 -10.7

Total Assets Rs m 793,312 804,161 1.4

ULTRATECH CEMENT Cash Flow Statement Analysis

 ULTRATECH CEMENT's cash flow from operating activities (CFO) during FY21
stood at Rs 116 billion, an improvement of 29.3% on a YoY basis.
  Cash flow from investing activities (CFI) during FY21 stood at Rs -90 billion, an
improvement of 113.0% on a YoY basis.

 Cash flow from financial activities (CFF) during FY21 stood at Rs -26 billion, an
improvement of 49% on a YoY basis.

 Overall, net cash flows for the company during FY21 stood at Rs -215 million
from the Rs -3 billion net cash flows seen during FY20.

ULTRATECH CEMENT Cash Flow Statement 2020-21

No. of
12 12
months %
Particulars
Change
Year Ending Mar-20 Mar-21

Cash Flow from Operating

Rs m 89,368 115,510 29.3%
Activities

Cash Flow from Investing

Rs m -42,182 -89,865 -
Activities

Cash Flow from Financing

Rs m -50,215 -25,860 -
Activities

Net Cash Flow Rs m -2,991 -215 -

Current Valuations for ULTRATECH CEMENT

 The trailing twelve-month earnings per share (EPS) of the company stands at
Rs 185.1, an decline from the EPS of Rs 201.4 recorded last year.

 The price to earnings (P/E) ratio, at the current price of Rs 7,605.1, stands at

36.9 times its trailing twelve months earnings.
 The price to book value (P/BV) ratio at current price levels stands at 3.3 times,
while the price to sales ratio stands at 3.3 times.
 The company's price to cash flow (P/CF) ratio stood at 28.2 times its end-of-
year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
 Sales per share (Unadj.) Rs 1,459.5 1,496.2

TTM Earnings per share Rs 201.4 185.1

Diluted earnings per share Rs 201.3 185.1

Price to Cash Flow x 25.8 28.2

TTM P/E ratio x 36.9 36.9

Price / Book Value ratio x 2.9 3.3

Market Cap Rs m 2,195,008 2,195,224

Dividends per share (Unadj.) Rs 13.0 37.0

Ratio Analysis for ULTRATECH CEMENT

 Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during
FY21, from 0.9x during FY20. The current ratio measures the company's
ability to pay short-term and long-term obligations.
Interest Coverage Ratio: The company's interest coverage ratio improved and
stood at 7.3x during FY21, from 3.6x during FY20. The interest coverage ratio
of a company states how easily a company can pay its interest expense on
outstanding debt. A higher ratio is preferable.
 Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at
12.3% during FY21, from 14.9% during FY21. The ROE measures the ability of
a firm to generate profits from its shareholders capital in the company.
Return on Capital Employed (ROCE): The ROCE for the company improved
and stood at 17.0% during FY21, from 12.8% during FY20. The ROCE
measures the ability of a firm to generate profits from its total capital
(shareholder capital plus debt capital) employed in the company.
Return on Assets (ROA): The ROA of the company declined and down at 8.2%
during FY21, from 9.8% during FY20. The ROA measures how efficiently the
company uses its assets to generate earnings.
 Key Ratio Analysis
No. of Mths Year Ending 12 Mar-20* 12 Mar-21*

Current ratio x 0.9 1.2

Debtors’ Days Days 19 2

Interest coverage x 3.6 7.3

Debt to equity ratio x 0.4 0.2

Return on assets % 9.8 8.2

Return on equity % 14.9 12.3

Return on capital employed % 12.8 17.0

ULTRATECH CEMENT Share Price Performance

Over the last one year, ULTRATECH CEMENT share price has moved up from Rs
3,783.9 to Rs 7,605.1, registering a gain of Rs 3,821.2 or around 101.0%.
Overall, the S&P BSE SENSEX is up 39.6% over the year.