MAJOR PLAYERS IN THE INDUSTRY

1. ULTRATECH CEMENT LTD.

Ultratech Cement was incorporated in 2000 as Larsen & Toubro. Later it was

demerged and acquired by Grasim and was renamed as Ultra Tech Cement in 2004.

Today Ultatech cement  a part of Aditya Birla group, is the country’s largest exporter

of cement clinker. UltraTech Cement Limited has an annual capacity of 52 million

tonnes. It manufactures and markets Ordinary Portland Cement, Portland Blast

Furnace Slag Cement and Portland Pozzalana Cement. It also manufactures ready

mix concrete (RMC). All the plants have received ISO 9001 certification.

The company has 11 integrated plants, one white cement plant, one clinkerisation

plant in UAE, 15 grinding units 11 in India, 2 in UAE, one in Bahrain and

Bangladesh each and five terminals, four in India and one in Sri Lanka. The export

markets span countries around the Indian Ocean, Africa, Europe and the Middle East.

Narmada Cement Company Limited was amalgamated with UltraTech in May 2006,

while Samruddhi Cement Limited was amalgamated with UltraTech Cement Limited

in July 2010. UltraTech Cement Middle East Investments Limited, a wholly owned

subsidiary of the Company acquired management control of ETA Star Cement

together with its operations in the UAE, Bahrain and Bangladesh in September, 2010

UltraTech's other subsidiaries are Dakshin Cements, Harish Cements, UltraTech

Ceylinco (P) and UltraTech Cement Middle East Investments.

FINANCIAL PERFORMANCE OF ULTRATECH

As in March 2014, the company had production capacity of 53.9mn tons of cement

per annum (51mn tons in India and 3mn tons in subsidiaries abroad). In the financial

2013, UltraTech commissioned a 3.3mn ton clinkerisation plant at Rawan,

Chhattisgarh, a 1.55mn tons grinding unit at Hotgi, Maharashtra and additional 0.6mn

tons cement grinding capacity at Gujarat. The company invested also in a wall-care

putty plant of 0.4mn tons at Katni, Madhya Pradesh and port based bulk terminal of

0.5mn tons per annum at Cochin. In September 2013, Ultra Tech acquired the Gujarat

Cement Unit of JCCL with 3.6mn tons clinker and 2.4mn tons cement capacity, as

well as, a grinding cement unit with 2.4mn tons capacity. After the acquisition the

company’s debt-to-equity ratio was 0.28.

Mar-11 Mar-12 Mar-13 Mar-14 Mar-150.00

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

SALES VOLUME(IN CRORES)

2011 2012 2013 2014 20150

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

DEBT-EQUITY RATIO

DEBT-EQUITY RATIO

2011 2012 2013 2014 20150

100

200

300

400

500

600

700

800

BOOK VALUE PER SHARE

BVPS

2. ACC LTD.

Associated Cement Companies Ltd is among the top cement producers in India. The company was

established in 1936 and operates in the cement and ready-mix concrete manufacturing segments. In

2005, after the acquisition of Ambuja Cement India Ltd by the Swiss-based Holcim, the later made

an open offer to the shareholders of Associated Cement Companies and through ACIL increases its

holdings to 34.69% from 13.8%. As of 2005, the financial accounting year of the company was

changed to match the calendar year. In 2006, the company was renamed to ACC Limited. In 2011,

ACC installed the world’s largest kiln at its cement plant in Wadi, Karnataka with a capacity of

12,500 tonnes per day. Cement sales account for almost 95% of the company’s revenue. ACC

Limited share are traded on the Bombay Stock Exchange and the National Stock Exchange of India.

FINANCIAL PERFORMANCE OF ACC

2011 2012 2013 2014 20150

20

40

60

80

100

120

DIVIDEND PER SHARE AND EARNINGS PER SHARE

DPS(%) EPS(RS. PER SHARE)

3. SHREE CEMENT

Shree Cement is a leading cement company in north India, with a current total capacity of 15.5

MTPA spread across Rajasthan (13.7 MTPA) and Uttarakhand (1.8 MTPA). The company's cement

plants are located in Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan and

Laksar (Roorkee) in Uttarakhand. It is one of the lowest-cost cement producers in north India,

primarily because of its captive power plant and lesser power consumption per tonne of cement, and

lower freight cost as its grinding units are close to demand centers. Shree Cement also has a power

generation capacity of 570 MW with plants located in Beawar and Ras in Rajasthan. Shree Cement

is listed on the Bombay Stock Exchange and the National Stock Exchange.

FINANCIAL PERFORMANCE OF SHREE CEMENTS

2009-10 2010-11 2011-12 2012-13 2013-140

50

100

150

200

250

300

350DIVIDEND PER SHARE AND EARNING PER SHARE

DPS EPS

2009-10 2010-11 2011-12 2012-13 2013-140

20

40

60

80

100

120

140

160

CEMENT AND CLINKER PRODUCTION (IN LAC TON)

CEMENT CLINKER

2010 2011 2012 2013 20140

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0.9

1

DEBT-EQUITY RATIO

DEBT-EQUITY RATIO

4.

RAMCO CEMENTS

Ramco Cement is the fifth largest cement producer in India. The company is the flagship firm of

Ramco Group and is headquartered in Chennai. The main product of Ramco Cement is Portland

cement, manufactured in eight state-of-the-art production facilities that includes integrated cement

plants (three in Tamil Nadu and one in Andhra Pradesh and Karnataka) and grinding units (two in

Tamil Nadu and one in West Bengal) with a total production capacity of 16mn tonnes per annum.

The firm also operates two packing terminals and a research centre.

Ramco Cement also produces ready-mix concrete and dry mortar products and operates one of the

largest wind farms in India. In 2012, the company completed the projects for installing a roll press

mill at Ramasamy Raja Nagar cement plant and for increasing the cement grinding capacity at

Salem grinding unit. Ramco Cement is listed on the Bombay Stock Exchange and the National

Stock Exchange of India.

FINANCIAL PERFORMANCE OF RAMCO CEMENTS

2010 2011 2012 2013 20140

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526 570785

11031352

BOOK VALUE PER SHARE

BOOK VALUE PER SHARE

5. AMBUJA CEMENTS LIMITED

Ambuja Cements Ltd (ACL), a part of a global conglomerate Holcim, is one of India’s leading

cement manufacturers and has completed over 25 years of operations. The company, initially called

Gujarat Ambuja Cements Ltd, was founded by Narotam Sekhsaria in 1983 in partnership with

Suresh Neotia. Global cement major Holcim acquired management control of Ambuja in 2006. The

Company has also made strategic investments in ACC Limited.

2011 2012 2013 2014 20150

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140

CAPACITY AND CEMENT PRODUCTION( IN LAC TONS)

CAPACITY PRODUCTION

2011 2012 2013 2014 20150

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SALES VOLUME

SALE

2011 2012 2013 2014 201502468

101214161820

EARNING PER SHARE, DIVIDEND PER SHARE AND DIVIDEND PAYOUT RATIO

EPS DPS DIVIDEND PAYOUT RATIO

The company has a significant presence across western, eastern and northern markets of India as a

brand for Ordinary Portland Cement (OPC) and Pozzolana Portland Cement (PPC). Currently,

Ambuja has a cement capacity of 28.75 million tonnes with five integrated cement manufacturing

plants and eight cement grinding units across the country.  It is the first Indian cement manufacturer

to build a captive port with four terminals along the country’s western coastline to facilitate timely,

cost effective and environmentally cleaner shipments of bulk cement to its customers.

FINANCIAL PERFORMANCE OF AMBUJA

2011 2012 2013 2014 20150

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CEMENT SALES

SALES

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EARNING PER SHARE AND DIVIDEND PER SHARE

EPS DPS

MARKET SHARE OF EACH COMPANY

Today, the Indian cement industy is very large, second only to China in terms of installed capacity,

and has

grown at a

very fast

pace in

recent

years. The

rate of

growth over

the past

20

years has

been

phenomenal. Since 1992 India's cement production has more than quadrupled from around 50Mt/yr

to 220Mt/yr in 2011.

ACC

AMBUJA

ULTRATECH

INDIA CEMENTJAYPEE

SHREE

OTHERS

MARKET SHARE PIE(2014)

Although the Indian cement industry has some multinational cement giants, like Holcim and

Lafarge, which have interests such as ACC, Ambuja Cement and Lafarge Birla Cement, the Indian

cement industry is broadly home-grown. Ultratech Cement, the country's largest firm in terms of

2011 2012 2013 2014 20150

0.005

0.01

0.015

0.02

0.025

0.03

0.035

DEBT-EQUITY RATIO

DEBT-EQUITY RATIO

cement capacity, holds around 18% of the domestic market, with ACC (50%-owned by Holcim)

and Ambuja (50%-owned by Holcim) having 11% and 10% shares respectively.

Many of the remaining dozen top players are Indian and are (in order of diminishing market share);

Jaypee cement(8%), Shree cement( 5%).

Between them the top 12 cement firms have around 70% of the domestic market. Around 100

smaller players produce and grind cement on a wide range of scales but are often confined to small

areas.