Cement

Dipesh N Shah: ID:dipeshshahvsn@yahoo.co.
in
Introduction

Cement is an important input for the construction industry for building houses,
commercial complexes, and for infrastructure development. Cement industry
accounts for the second largest share (the largest being cigarettes) of the total excise
collection by the Government.
India is the second largest producer and consumer of cement in the world, after
China. In 2002-03, in India, the total capacity of large cement players (over 50
cement players) was at around 139 million tonnes. (Large cement units accounted for
over 95 per cent of total cement capacity). The cement consumption was around 107
million tonnes.
Around 95 per cent of the total cement production is consumed domestically and the
balance is exported. The important end-use sectors for cement include the housing
segment (accounts for around 52 per cent of total demand), infrastructure projects and
industrial projects excluding roads(around 14%) repairs and maintenance
segment(around 18%) and government demand(around 15%). And demand from
roads (around 1%).
1
cement demand break up
18%
15% 52%
1%
14%
Cement is a key infrastructure industry. It has been decontrolled from price and
distribution on 1st March, 1989 and delicensed on 25th July, 1991. However, the
performance of the industry and prices of cement are monitored regularly.
Cement sector has been a beneficiary of Government’s increased focus on
infrastructure and housing. Cement has been witnessing a strong growth in the last
two years, due to a combination of the National Highway Development Project
(NHDP) and the housing boom (driven by a low interest rate regime). The
Government’s infrastructure related initiatives (announced during the 2001-02 to
2003-04 period) will continue to boost cement demand.Over the next 5-6 years, the
NHDP and the new project (road component alone) are expected to account for 4-5
million tonnes of cement demand every year. This could result in double-digit growth
in the cement sector over the next five years.
Capacity and Production

The cement industry comprises of 125 large cement plants with an installed
capacity of 148.28 million tonnes and more than 300 mini cement plants with an
estimated capacity of 11.10 million tonnes per annum. The Cement Corporation of
India, which is a Central Public Sector Undertaking, has 10 units. There are 10 large
cement plants owned by various State Governments. The total installed capacity in
the country as a whole is 159.38 million tonnes. Actual cement production in 2002-
03 was 111.35 million tonnes as against a production of 102.36 million tonnes in
2001-02, registering a growth rate of 8.84%.
2
year production(ton) %change Dispatches(ton) %change
2003-04 11,70,10,000 5.1 11,67,40,000 5.1
2002-03 11,13,40,000 8.8 11,10,70,000 8.5
2001-02 10,23,60,000 9.6 10,23,80,000 9.7
2000-01 9,33,70,000 (0.7) 9,33,00,000 (0.6)
1999-00 9,39,90,000 15.0 9,38,40,000 15.3
1998-99 8,17,39,090 6.9 8,14,06,430 6.5
1997-98 7,64,68,470 9.7 7,64,26,526 9.6
Keeping in view the trend of growth of the industry in previous years, a production
target of 126 million tonnes has been fixed for the year 2003-04. During the period
April-June 2003, a production (provisional) was 31.30 million tonnes. The industry
has achieved a growth rate of 4.86 per cent during this period.
Regionwise Cement Production - (ton)
Month Northern Region Eastern Region Southern Region Western Region Central Region

Mar-04 23,65,310 17,71,580 35,72,540 18,51,220 17,23,000
Feb-04 22,29,690 16,00,350 29,87,750 19,67,200 15,41,760
Jan-04 22,11,880 15,05,840 29,57,040 20,61,840 14,87,800
Dec'03 20,76,340 13,72,400 30,22,700 21,00,540 14,85,660
Regionwise Cement Dispatches - (ton)
Month Northern Region Eastern Region Southern Region Western Region Central Region

Mar-04 23,83,030 18,01,610 35,92,460 18,30,810 16,94,540
Feb-04 22,54,710 16,14,450 29,25,270 19,82,770 15,20,450
3
Jan-04 21,66,210 15,29,850 30,48,000 20,14,450 14,45,860
Dec'03 21,39,730 13,57,140 29,23,270 21,25,350 14,01,240

Source:CMA
Buoyed by a strong surge in demand, especially in the northern and western regions
on the eve of the elections, the cement sector is finally set for big-ticket growth,
according to experts.
Exports
Apart from meeting the entire domestic demand, the industry is also exporting cement
and clinker. The export of cement during 2001-02 and 2003-04 was 5.14 million
tonnes and 6.92 million tonnes respectively. Export during April-May, 2003 was
1.35 million tonnes. Major exporters were Gujarat Ambuja Cements Ltd. and L&T
Ltd.
Cement exports(mn tons)
month %yoy
Apr-Mar’04 Apr-Mar’03
April 0.30 0.30 -
May 0.27 0.33 (18.2)
June 0.26 0.24 8.3
July 0.27 0.20 35.0
August 0.25 0.21 19.0
September 0.25 0.28 (10.7)
October 0.26 0.26 -
November 0.36 0.21 71.4
December 0.30 0.36 (16.7)
January 0.24 0.37 (35.1)
February 0.30 0.35 (14.3)
March 0.30 0.36 (16.7)
Total 3.36 3.47 (3.2)
Source:CMA
4
Technological change
Cement industry has made tremendous strides in technological up gradation

and assimilation of latest technology. At present ninety three per cent of the total
capacity in the industry is based on modern and environment-friendly dry process
technology and only seven per cent of the capacity is based on old wet and semi-sdry
process technology.
There is tremendous scope for waste heat recovery in cement plants and
thereby reduction in emission level. One project for co-generation of power utilizing
waste heat in an Indian cement plant is being implemented with Japanese assistance
under Green Aid Plan. The induction of advanced technology has helped the industry
immensely to conserve energy and fuel and to save materials substantially. India is
also producing different varieties of cement like Ordinary Portland Cement (OPC),
Portland Pozzolana Cement (PPC), Portland Blast Furnace Slag Cement (PBFS), Oil
Well Cement, Rapid Hardening Portland Cement, Sulphate Resisting Portland
Cement, White Cement etc. Production of these varieties of cement conform to the
BIS Specifications.
5
Demand and supply scenario
Demand for cement is a derived demand as it is directly related to the demand for
construction. Demand for construction comprises of both Public Sector and Private
Sector. Irrigation, Power, Defense, Railways, Public Works Department etc are the
major sources in the Public Sector Demand. Construction of residential houses, office
buildings, hospitals, institutions and industry etc are the major sources in the Private
Sector Demand.
Narrow supply-demand gap, and absence of fresh greenfield capacity, cement

capacity utilization is expected to reach 95% in FY05. As far as supply is concerned,
no major capacity additions are coming up in the next two years.
cement demand
160
140
120
mn tonnes
100
80 Series1
60
40
20
0
F
F
99
00
01
FY 02
F
03
04
05
06
19
20
20
20
20
20
20
20
FY
FY
FY
FY
FY
FY
FY
source:fortune India july 15 2003
cement demand growth
20
15
10
Series1
%
0
FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06
-5
6
source:fortune India july 15 2003
Demand Supply (Mn Tonnes)
FY03 FY04 FY05P
All-india capacity 132.0 135.6 140.7
less Capacities with low operating rates 7.4 7.4 7.4
Net Functional Capacities 124.6 128.2 133.3
All-india consumption 107.3 113.8 122.6
All-india production 111.4 117.4 126.4
Domestic Surplus/(Deficit) 4.1 3.6 3.8
Cement Capacity Utilisation 89% 92% 95%
All India consumption growth 8.7% 5.5% 8.2%
Source : CMA, UTI Sec. estimates
Monthly dispatches trend
Source: CMA
7
Demand drivers
An increase in demand is expected and there may even be a shortage situation in the
medium term. No new large capacity is expected to come up in the next 3 years. Any
new project planned now would have a gestation period of at least 3 years.
 Housing sector, which contributes 55% of cement demand is set to grow at

50%p.a for the next 4 years. This sector has witnessed unparalleled growth
during the last few years due to declining interest cost, steady real estate
prices and fiscal incentives provided for tax purpose. In future this sector
is expected to contribute to 70% of total cement demand.
 Demand growth led by the infrastructure spending will fuel demand by an

additional 10mn tons in next 4 year. The Golden Quadilateral will
consume 4mn tons and north, east , west, south (NEWS) corridor will
consume around 6mn tons.
Demand estimation from infrastructure projects
Golden quadrilateral NEWS corridor
Total road length(km) 5846 7300
Concrete per km(mn tons) 7500 7500
Cement per km of roads(tons) 2625 2625
Total cement requirement(mn tons) 4 6
Source:industry
 Industrial demand contributes 14%for the cement demand. With likely GDP
growth of 6-6.5%the industrial sector is set to grow at 5-7%. This will
augment demand for cement from industry side.
Thus on account of these growth drivers, the demand/supply is expected to grow

at 8%-9% over the medium to long term. Also strong order book position will
push up the demand for cement. The current order book position of the companies
IVRCL, NCC, HCC is 2-3 times in FY04. IVRCL, NCC, HCC have shown a
huge spurge in their order books positions over the last year. The order book
position of IVRCL, at the end of FY04 is expected to be 14.9bn and is expected to
8
be close to Rs 30bn by the end of FY05. The order book of HCC has increased
from Rs.33.5 bn at the end of FY03 to 39.8bn on march 31 2004. similarly, NCC
has an order position of about Rs 15bn, against an expected turnover of about Rs
6bn in FY04P. while the order book position of Gammom construction is 4500
crores. The companies are constantly pitching for contracts and are expecting
more orders by the end of the year.
The April-June quarter witnesses the strongest demand for cement, and the pace
gathers further momentum from mid-May.
Cement Consumption regionwise

Feb’03 Feb’04 %yoy
North 2.72 3.17 16.4
West 2.50 2.82 13.2
East 1.35 1.50 11.5
South 2.42 2.51 3.8
All India 8.99 10.01 11.4
Source: CMA
South India is the largest cement-consuming region with 27.4% share in

consumption. The region also ranks no.1 in terms of installed capacity. Eastern
region’s consumption share ahs grown from 13% in FY01 TO 17.8% in FY03. the
region has been witnessing surge in consumption since last few years. Western
region’s consumption grew by 7%yoy basis in the first quarter, however production
grew by 13%. The state ranks 2nd in terms of installed capacity. North region
witnessed a 2% yoy growth in production while consumption grew by 5% in the first
quarter. Consumption trend in the region has been steady over the years.
9
Price scenario
Following the price increase, cement prices in Andhra Pradesh have risen to Rs
140-145 per bag, it is higher at around Rs 160 in Tamil Nadu and Kerala. In
pockets of Mahrashtra, cement prices have increased to around Rs 140-145 per
bag.
Current national average prices are pegged at Rs 152 per bag, which is higher by
7-8% year-on-year.
Cement prices have continued its up trend post the elections. Prices in the
southern part of the country have moved up by 6% and in the western part of the
country by 3% over the last one month.
Analysts are confident that the cement sector is poised to be the primary
beneficiary of a sustained upturn in the Indian economy. Industry analysts expect
cement to catch up with other commodity sectors such as steel, which have been
witnessing sharper growth in volumes. The sector should grow by 12-15% in
April ’04, against a modest 5.5% growth in despatches for the whole of the last
fiscal, they say.
10
Major cement companies
 ACC
 Andhra Cement
 Birla Corporation
 Cement Corporation
 Century Textiles
 Chettinad Cement
 Grasim Cement
 Gujarat Ambuja Cement
 India Cement
 Jaypee Cement Ltd
 J.K.Group
 Lafarge India Ltd
 Kesoram
 L&T
 Madras Cement
 Mangalam Cement
 Mehta Group
 Mysore Cement
 Orient Cement
 Shree Cement
 Tamil Nadu Cement
 Zuari
 Dalmia Cement Company
 OCL India Ltd
11
Major players and relative share
Company capacity % share in

total
ACC 16.1 11.5
Gujarat Ambuja 12.5 8.9
Grasim Ind 14.1 10.1
L&T 17.0 12.1
India Cement 8.8 6.3
Century Textiles 4.7 3.4
Jaypee 4.6 3.3
Birla Corp 4.8 3.4
Lafarge 5.0 3.4
Madras cement 5.5 3.9

Zuari 3.4 2.4
Chettinad cement 1.8 1.3
Saurashtra cement 2.1 1.5
Andhra cement 1.7 1.2
OCL 3.9 2.8
Others 34.1 24.4
Total 140.0 100.0
12
Location of major players
COMPANY WISE REGIONAL MARKET SHARE, %, H1FY03

Company North East Central West South All
India Cumulative
ACC 14.80 14.60 16.10 10.60 10.70 13.00 13.00
Grasim 15.70 7.20 9.60 14.10 8.40 10.90 23.90
L&T 0.70 13.70 2.60 25.20 10.90 10.80 34.70
GACL 18.90 7.80 2.50 17.30 1.10 9.00 43.70
ICL --- 0.10 --- 1.50 19.00 5.80 49.50
13
Analysis of major cement companies
ACC
Company Profile
The genesis of the company dates back to 1936, when ten cement companies,
belonging to four industrial houses - Tata, Khatau, Dinshaw and Killick Nixon were
amalgamated to form one single entity - ACC. The company is the second largest
cement companies with 15mn ton cement capacity. ACC operates out of the most
dispersed manufacturing bases and has the largest distribution network in India - 13
cement factories, 11 regional marketing offices, 16 area offices, 9000 dealers and 160
warehouses. The Tatas, which had a long association with ACC, sold their 14.4 per
cent stake to Gujarat Ambuja Cement Limited (GACL) in 1999-2000. Currently,
GACL`s subsidiary Ambuja Cement India Limited is one of the largest shareholders
in the
company.
The core markets of the company are West Bengal and Bihar in east, Tamil Nadu,
Kerala and Karnataka in the south, Maharashtra in the west and Himachal Pradesh,
Madhya Pradesh and Uttar Paradesh in the north. The company markets cement under
the brand names - ACC Samrat, ACC Super and ACC Suraksha. It also markets
different types of cements - Ordinary Portland, Fly ash cement, Slag cement to cater
to the diverse needs of the users. ACC is steadily divesting its non-core assets. Of the
total investments of Rs 1.8 bn, about 50 per cent is in the areas of tyres, float glass,
casting, asbestos sheets etc, which are unrelated to its main businesses. During the
last one year, it sold its interests in the float glass business, and shut down the loss
making synthetic ferric oxide plant.
Production and dispatches
2003-04(ton) 2003-02(ton) %change

Production 1,53,94,230 1,38,89,600 10.8
Dispatches 1,53,94,230 1,38,81,270 10.9
ACC PRODUCTS
ACC manufactures the following types of cement, in addition to which, it

provides Bulk Cement and Ready Mix Concrete.
Ordinary Portland Cements
14
ACC Cement (OPC 43 Grade)*
ACC SAMRAT (53 Grade OPC)*
Composite Cements
ACC SURAKSHA (A Composite Cement)*
ACC SUPER (Slag-based Blended Cement)*
*National Brands
Special Cements
Sulphate Resisting Portland Cement (SRPC)
Oil Well Cement (OWC)
Low Alkali Cement
Cement business statistics
Balance Sheet
As on 31-Mar-04 31-Mar-03
Assets Rs cr Rs cr
Gross Block 3782.16 3629.40
Net Block 2375.23 2368.18
Capital WIP 96.46 86.92
Investments 326.67 127.76
Inventory 378.01 345.39
Receivables 182.37 182.09
Other Current Assets 543.43 363.40
Balance Sheet Total 3902.17 3473.74
Liabilities Rs cr Rs cr
Equity Share Capital 177.40 171.13
Reserves 1140.49 853.07
15
Total Debt 1417.26 1496.20
Creditors and
506.23 404.89
Acceptances
Other current liab/prov. 660.79 548.45
Profit and loss account

Value(Rs.crores)
Description ) Apr - Mar ‘04 Apr –Mar’03 %change

Gross sales 3,888.30 3,378.79 15.08
Excise duty -603.83 -501.38 20.43
Net Sales 3,284.47 2,877.40 14.15
Other Income 150.53 111.10 35.49
Total Income 3,435.00 2,988.51 14.94
Expenditure -2,901.08 -2,584.90 12.23
Operating Profit 533.92 403.61 32.29
Interest -92.91 -103.91 -10.59
Gross Profit 441.01 299.70 47.15
Depreciation -176.85 -164.56 7.47
Profit before Tax 264.16 135.14 95.47
Tax -53.62 -14.29 275.23
Provision &contigencies -2.30 0.00 -
Profit after Tax 208.24 120.85 72.31
Extraordinary items -8.00 -16.96 -52.83
Net Profit 200.24 103.89 92.74
Equity Capital 177.94 171.14 3.97
Reserves 1,175.79 905.60 29.84
Nos. of Shares - Non 177,195,530.00 170,929,944.00 3.67
Promoters
Percentage of Shares - 100.00 100.00 0.00
Non Promoters
Ratios
As on March 31,2004 March 31,2003

Operating Profit Margin 13.75% 11.94%
16
Net Profit Margin 5.14% 3.07 %
EPS 11.68 6.08
Total Debt/Equity 1.006 1.46
Book value per share 74 60
Annual result highlight
 Net sales increased by 14.15% from Rs 2,877.41cr in March 2003 to Rs. 3,284.47cr
in March 2004
 Net profit increased by 92.74% from Rs. 103.89cr in March 2003 to Rs. 200.240cr in
March 2004 .
 Net profit margin increased by 67.42% from 3.07% in March 2003 to 5.14%in March
2004.
 Operating profit margin increased by 15.15% from 11.94%in March 2003 to 13.75%
in March 2004.
 Other income has also increased by 35.49% from Rs.111.10cr in March 2003 to Rs.
150.53 cr in March 2004
Sale of cement including traded cement for the year 2003-04 increased by 9% to
15.25 million tonnes as compared to 13.95 million tonnes in the previous year.
Total income for the year 2003-04 was higher at Rs.3435.00 crore as compared
to Rs.2970.81 crore registering an increase of 16% over the corresponding
previous period.
Higher volumes, better realisation and improved operating efficiency resulted

inhigher profit of 32% amounting to Rs.533.92 crore before interest,
depreciation, exceptional items and tax for 2003-04 but including dividend
income and gain on foreign exchange. The profit for the corresponding previous
period was Rs.403.61 crore including non-recurring income.
Interest cost (net) was lower by 10.6% as compared to previous year due to
improved financial and working capital management. Depreciation was higher
at Rs.176.85 crore as compared to Rs.164.56 crore in the previous year mainly
on account of commissioning of Captive Power Plants at Tikaria, Madukkarai &
augmentation of Tikaria grinding capacity in Q-4 of 2002-03 and other ongoing
projects. The profits after tax for the year 2003-04 increased by 93% to
Rs.200.24 crore as compared to Rs.103.89 crore for the previous year.
Production of Cement for the year was higher at 14.65 million tonnes as
compared to 13.42 million tonnes in the previous year, registering an increase of
9%. Sale of cement during the year including subsidiaries and other traded
cement aggregated to 15.25 million tonnes as compared to 13.95 million tonnes
in the previous year
17
The cement industry recorded growth rate of 5.5% for 2003-04 compared to
8.5% in the previous year. However, the Company has posted a higher growth
as compared to the industry despite poor availability of wagons and trucks for
transport of cement, clinker and coal in the second half of the year. The general
economic outlook for the country is expected to be good in the current year. The
cement industry is expected to see higher growth in the year due to increased
emphasis on infrastructure development. With no new capacity addition in the
pipeline, the demand - supply gap should narrow down and result in stable and
remunerative cement prices. The Management shall continue to pursue
improvement in capacity utilisation, operating efficiencies and cost
competitiveness.
18
GUJARAT AMBUJA CEMENTS LIMITED(GACL)
Company Profile
Gujarat Ambuja Cements Ltd (GACL) is India`s third largest cement player in
terms of capacity, with an installed capacity of 12.5 million tonnes. It has recently
been on an acquisition spree, buying Modi Cements (now Ambuja Cement
Eastern-ACEL), DLF Cements (Ambuja Cement Rajasthan-ACRL) and taking a
strategic 14.6% stake in ACC. ACC stake and ACEL Cements` unit have been
vested with a separate company, Ambuja Cements India (ACIL). ACRL unit is
with GACL. GACL holds 60% stake in ACIL while the balance 40% is held by
FIIs. GACL holds 42% in ACRL while ACIL holds 11.3% in ACC and 93% in
ACEL. Currently, the total capacity of Ambuja Group is 8.5mtpa shared by
GACL (5.5mtpa), ACRL (1.5mpta) and ACEL (1.5mpta). GACL has increased its
captive power capacity. It pioneered the use of sea route for bulk transportation of
cement. GACL has improved its cash position by selling businesses like
Hometrust Housing Finance and a 26% stake in GRUH Finance, and by
placement of 40% of ACIL equity with FIIs.
2003-04(ton) 2003-02(ton) %change

Production 1,22,70,000 1,15,90,000 6
Dispatches 1,26,00,000 1,15,90,000 6
Balance Sheet
As on 30-Jun-03 30-Jun-02
Assets Rs cr Rs cr
Gross Block 2951.78 2849.82
19
Net Block 1940.64 2002.34
Inventory 224.31 208.37
Reserves 1451.54 1457.87
Total Debt 1751.28 1783.15
Creditors and Acceptances 135.89 112.48
Quarter March
Value(Rs. Crores)
01 Jan 2004 to 01 Jan 2003 to %change
Description
- 31 Mar 2004) 31Mar 2003
Gross Sales 652.02 546.75 19.25
Excise Duty -92.92 -74.640 24.49
Net Sales 559.10 472.11 18.43
Other Income 33.34 10.34 222.44
Total Income 592.44 482.45 22.80
Expenditure -376.83 -337.66 11.60
Interest -18.92 -19.04 -0.63
Gross Profit 196.69 125.75 56.41
Depreciation -41.16 -43.19 -4.70
Tax -10.30 -15.70 -34.39
Profit after Tax 145.23 66.86 117.22
Net Profit 145.23 66.86 117.22
Equity Capital 166.35 155.21 7.18
EPS 9.21 4.30 114.9
20
Ratio analysis
Operating profit margin% 33.06 26.48
Net profit margin% 22.27 12.22
EPS 9.21 4.30
Book value per share 104.09 324.10
 Net sales increased by 18.43% from Rs 472.10cr in March 2003 to Rs. 559.10cr in
March 2004
 Net profit increased by 117.00% from Rs. 66.86cr in March 2003 to Rs. 145.23 cr in
March 2004 .
 Net profit margin increased by 82.24% from 12.22%in March 2003 to 22.27%in
March 2004.
in March 2004.
 Other income has also increased by 222.44% from Rs. 10.34 cr in March 2003 to Rs.
33.34 cr in March 2004
Ambuja Cement dispatches registered a growth of 11% 13.24 million tonnes of

cement during April-March04.
Gujarat Ambuja Cements Ltd (GACL) along with Ambuja Cement Eastern Ltd
and Ambuja Cement Rajasthan Ltd (Ambuja Group) has dispatched 13.24 million
tonnes of cement during April-March04 against 11.88 million tonnes in the
corresponding year in the same period, registering a growth of 11.4%.
This is a remarkable growth considering the fact that the growth of the cement
industry during the same period is likely to be about 5% as the total despatches
are expected to be about 117 million tonnes for the fiscal year 2003-04.
Clinker production by Ambuja Group for the year was 11.4 million tonnes against
10.5 million tonnes in the corresponding period, registering a growth of 9%.
21
Dispatches for the month of March 04 were at 1.24 million tonnes as against 1.31
million tonnes for the corresponding period last year.
The Production and Dispatches of Ambuja Group for the month of May 2004 are
1.23 and 1.23mn tones respectively as against 1.21 and 1.23mn tones in 2003.
while production and dispatches for July-May04 are 12.27 and 12.26mn tones
respectively as against 11.59 and 11.59mn tones in 2003.GACL is proposing to
expand its marketing base, setting up a bulk cement sea terminal at Tuticorin in
Tamilnadu. The project has been stalled till further notice from the courts.
22
Grasim
Company Profile
Grasim Industries Ltd (GIL), the flagship of the Aditya Birla group (AV Birla
group), was set up in 1947. The group is well diversified with major interests in
viscose staple fibre (VSF), cement. Other businesses of the group includes
textiles and sponge iron. Grasim is the third largest producer of grey cement in
India (installed capacity of 11.33 million mtpa) and is also South Asia`s largest
producer of white cement (installed capacity of 0.36 million mtpa). Grasim`s
main interest is in L&T`s cement business as the later is the second largest
cement producer (with a capacity of 16 mt) in the country after ACC.
Grasim is poised to become the world's seventh largest cement producer, and
the largest in a single location
Capacity
Plant Location
(in million tonnes)
Rajashree Cement Malkhed and Hotgi grinding unit 4.00
Vikram Cement Jawad and Bhatinda grinding unit 4.20
Grasim Cement Raipur 2.06
Aditya Cement Shambhupura 1.50
Cement Division
Reddipalayam 1.16
South
Total 12.92
Shree Digvijay
Sikka, Gujarat 1.08
Cement
Total (incl subsidiary) 14.00
Capacities
Division Capacity
Grey cement
Grasim Industries 12.92 million TPA
Shree Digvijay Cement 1.08 million TPA
Total Total 14.00 million TPA
White cement 400,000 TPA
23
2003-04(ton) 2003-02(ton) %change

Production 1,04,30,340 68,21,340 52.9
Dispatches 1,04,57,180 47,80,570 118.7
Balance Sheet
Assets Rs cr Rs cr
Gross Block 5479.85 5268.37
Net Block 3174.80 3160.31
Inventory 539.95 548.89
Reserves 2879.37 2615.21
Total Debt 2040.12 1959.59
24
Creditors and
552.69 609.03
Acceptances
Prior Period
0.00 0.00
Adjustments
Provision for Tax 1280.00 240.00
After Tax Profit 2820.70 4.90
Equity Capital 916.90 916.90
Reserves 0.00 0.00
Profit and loss account Value(Rs.crores)
Description a) Apr - Mar ‘04 u Apr –Mar’03 %change

Net Sales 5,233.270 4,626.29 13.12
Other Income 160.34 115.84 38.42
Total Income 5,413.61 4,742.13 14.16
Expenditure -3,938.30 -3,600.46 9.38
Operating Profit 1,475.31 1,141.67 29.22
Interest -153.88 -168.40 -90.86
Gross Profit 1,321.43 973.26 35.77
Depreciation -273.06 -254.14 7.44
Profit before Tax 1,048.37 719.12 45.79
Tax -298.00 -177.00 68.36
Profit after Tax 750.37 542.12 38.41
Extraordinary items 28.89 -174.54 -116.55
Net Profit 779.26 367.58 112.00
Equity Capital 91.69 91.69 0.00
Reserves 3,513.83 2,879.35 22.04
EPS 84.99 40.09 112.00
Nos. of Shares - Non 71,560,826.00 72,954,440.00 -1.91
Promoters
Percentage of Shares - 78.06 79.58 -1.91
Non Promoters
Ratios
Operating profit margin(%) 28.20% 24.68 %
Net Profit Margin 14.89% 7.94%
Book Value (Rs.) 393.23 324.10
25
EPS 84.99 40.09
 Net sales increased by 13.12% from Rs 4626.29cr in March 2003 to Rs. 5233.27cr
in March 2004
 Net profit increased by 112.00% from Rs. 3,67.58cr in March 2003 to Rs.7,79.26cr in
March 2004 .
 Net profit margin increased by 87.53% from 7.94%in March 2003 to 14.89%in
March 2004.
 Operating profit margin decreased by 14.26% from 24.68%in March 2003 to

28.20% in March 2004.
 Other income has also increased by 38.42% from Rs.1,15.84cr in March 2003 to Rs.
1,60.34cr in March 2004
Grasim Industries has made a proposal to L&T for the vertical de-merger of its
cement business into a separate company, and making an open offer for the buying
control over the new company at Rs 130 per share.
Grasim has valued L&T`s cement business at Rs 130 per share and the remaining
businesses at Rs 162.50 per share - thus valuing L&T at Rs 292.50 per share.
Future Plans
Grasim is planning to pick up Mangalam Cement. The company already owns the
Kota plant, the only cement-making unit of Mangalam. However, talks are in initial
stages and the move is yet to be finalised. The company is likely to be sold or it may
hive off just the Kota unit. The decision will be based on the price and Grasim is yet
to give its quotation.
26
Madras cement
Company profile
Madras Cements (MCL), a flagship of the Ramco group, is a major player in

south India and is one of the most efficient manufacturers of cement. It is a major
player in the blended cement category and is very popular for its Ramco brands of
cements like `Ramco super steel cement' and `Ramco super grade cement'. It also
operates a ready mix concrete plant (RMC) near Chennai.
Between 1980 and 1985, it undertook a modernisation programme and replaced

its four cement mills in R N Nagar, Tamilnadu, with a single new combined
cement mill which ensured substantial reduction in energy and operation costs. In
1986, MCL implemented one more cement plant in Jayanthipuram, Andhra
Pradesh.In 1990-91, the company expanded the capacity of its factory by 100000
tpa at an estimated cost of Rs 21.5 cr. In 1992-93, it diversified into power
generation by setting up a 4-MW windmill at Muppandal in Kanyakumari,
Tamilnadu, which was upgraded by adding eight wind turbines of 250 kW,
thereby taking the generation capacity to 6 MW. In 1994-95, 70 additional wind
mills were installed in Poolavadi, TN. The company, for the first time in India,
commissioned a surface mine to modernise the mine operations at Ramasamyraja
Nagar factory..During 1999-00, the company's slag grinding project at
Jayanthipuram for manufacture of belnded cement was commissioned and also
the capacity of the Alathiyur unit was expanded by 0.2 million TPA. The
company's second unit at Alathiyur with a capacity of 15 lac tonnes at an
estimated cost of Rs 300 crore was commissioned upto the clinkerisation in
Jan.'01. The cement mill was commissioned in May '01. This unit has many world
class features. The klin fitted with cross bar cooler is the first of its kind outside
US. The vertical mill for cememnt grinding is the highest of its kind in Asia.The
company took over the assets of Karnataka Minerals & Manufacturing Co, a mini
cememnt plant situated at Mathod, Hosadurga Taluk, Chitradurga Dist. The
second klin at R R Nagar was upgraded in May'01 with the installation of fixed
inlet segment to the cooler, new calciner and modifying preheater cyclone,
thereby increasing the capacity of the unit to 11 lac TPA of blended cement.
27
2003-04(ton) 2003-02(ton) %change

Production 35,35,800 34,33,050 3.0
Dispatches 35,50,020 34,24,160 3.7
Balance Sheet
Assets Rs cr Rs cr
Gross Block 1445.53 1403.22
Net Block 980.80 995.72
Inventory 69.95 65.96
Reserves 252.75 250.03
Total Debt 705.00 736.09
28
Profit and loss account Value(Rs.crores)
Description e Apr -Mar ‘04 Apr -Mar ‘03 % change

Net Sales 694.60 626.14 10.93
Other Income 5.21 4.22 23.46
Total Income 699.81 630.360 11.02
Expenditure -532.81 -476.85 11.74
Interest -49.60 -66.17 -25.04
Gross Profit 117.40 87.34 34.42
Depreciation -63.27 -64.01 -1.16
Tax -20.73 -10.37 99.90
Profit after Tax 33.40 12.96 157.72
Net Profit 33.40 12.96 157.72
Reserves 280.58 257.42 9.00
EPS 28 107.00 -73.83
Nos. of Shares - 695,784.00 695,784.00 0.00
Non Promoters
Percentage of 58.00 57.61 0.68
Shares - Non
Promoters
Ratios
Operating profit margin(%) 24.04% 24.51%
Net Profit Margin 4.8% 2.06 %
EPS 28 107.00
Book Value (Rs.) 30.24 2192.70
 Net sales increased by 10.93% from Rs 626.14cr in March 2003 to Rs. 694.60cr in
March 2004
March 2004 .
29
 Net profit margin increased by 133% from 2.06 %in March 2003 to4.8%in March
2004.
 Operating profit margin decreased by 1.91% from 24.51%in March 2003 to 24.04%
in March 2004.
 Other income has also increased by 23.46% from 4.22cr in March 2003 to 5.21cr in
March 2004
India cements
Company profile
The India Cements Ltd was established in 1946 and the first plant was setup at
Sankarnagar in Tamilnadu in 1949 . Since then it has grown in stature to seven
plants spread over Tamilnadu and Andhra Pradesh . The capacities as on March
2002 have increased multifold to 9 million tons per annum.The Company is the
largest producer of cement in South India.Its plants are well spread with three in
Tamilnadu and four in Andhra Pradesh which cater to all major markets in South
India and Maharashtra.It is the market leader with a market share of 28% in the
South. It aims to achieve a 35% market share in the near future. The Company has
access to huge limestone resources and plans to expand capacity by de-
bottlenecking and optimisation of existing plants as well as by acquisitions.The
Company has a strong distribution network with over 10,000 stockists of whom
25% are dedicated.The has well established brands- Sankar Super Power,
Coromandel Super Power and Raasi Super Power.Regional offices are in all
southern states and Maharasthra offices/representative in every district.
2003-04(ton) 2003-02(ton) %change
30
Production 63,60,140 58,37,870 8.9
Dispatches 62,22,960 57,98,080 7.3
India Cements Limited products
 Ordinary Portland Cement (OPC-53, OPC-43, OPC-33)

 Portland Pozzolana cement (PPC)
 Sulphate Resistance Cement (SRC)
Balance Sheet
Assets Rs cr Rs cr
Gross Block 1714.59 1701.89
Net Block 1133.74 1202.12
Inventory 128.75 194.23
Reserves 237.95 424.90
Total Debt 1803.42 1818.09
31
Profit and loss account Value (Rs.crores)
Description April-mar’04 April-mar’03 % Change

Gross Sales 1452.66 1205.63 20.49
Excise duty 216.00 175.35 23.18
Net Sales 1236.66 1030.28 20.03
Other Income 4.28 7.67 -44.20
Total income 1240.94 1037.95 19.55
Expenditure 1123.11 991.48 13.28
Interest 161.85 285.47 -43.30
Depreciation 81.84 81.76 0.10
Profit before Tax (113.73) (334.06) -65.96
Tax 16.80 114.06 -85.27
Proportionate
profit/(loss)of subsidiary 0.36 0.31 16.13
companies
Net Profit (96.57) (227.89) -57.62
Equity Capital 138.59 138.59 0.00
Reserves 17.78 55.27
EPS (7.18) (16.65) -56.88
Nos. of Shares - Non 77047114 76786114 0.34
Promoters
Percentage of Shares - 55.21 55.03 0.32
Non Promoters
Ratio analysis
As on Oct-dec’03 Oct-dec’02
Operating Profit Margin 8.11% 3.85%
Net Profit Margin (6.64)% (18.90)%
EPS (7.18) (16.65)
 Net sales increased by 20.03% from Rs 1030.28 cr in March 2003 to Rs.1236.66 cr in

March 2004
 Net profit increased by 57.62% from Rs. (227.89)cr in March 2003 to Rs. (96.57)cr
in March 2004 .
 Net profit margin increased by 64.86% from (18.90)%in March 2003 to (6.64)% in
March 2004.
32
in March 2004.
The India Cements Ltd. was able to prune down its pre tax losses due to partial
recovery of cement prices during the earlier part of this year, coupled with all round
cost cutting and the reduction in the interest costs consequent to the Corporate Debt
Restructuring exercise. The pre tax loss for the 9 months ended 31st December 2003
was at Rs.85.27 crores (after considering an extra ordinary income of Rs.21.81
crores) against the loss of Rs.218.26 crores during the corresponding period of the
previous year.
This improved performance is despite the free fall in cement price from the month of
July 2003 which reached its lowest level during the month of October 2003. The
gross sales realisation per tn. of cement which was at Rs.2271/tn. in the first quarter
came down to Rs.2022/tn. in the second quarter and steeply went down to Rs.1857/tn.
during the month of October 2003. However, this free fall was arrested and the prices
were resurrected to a reasonable level from mid November 2003 and the average
sales realization for this quarter was at Rs.2097/tn. The company had to absorb the
impact of the frequent increase in the diesel prices and also the enhancement in the
Excise Duty by Rs.50/tn. which could not be passed on under the circumstances.
However, the company continued its cost cutting measures through improvement of
operating parameters and pruning of discretionary overheads which have contributed
substantially towards the above performance.
The sales and other income for the 9 months ended 31st December 2003 was at
Rs.889.78 crores registering an increase of 14% over that of the corresponding period
which was at Rs.781.96 crores. The profit before interest and depreciation was also
significantly higher at Rs.84 crores (Rs.28.83 crores) and was even higher than the
PBID for the whole year of Rs.45.71 crores. Interest charges were at Rs.118.27 crores
(Rs.176.09 crores) and depreciation accounted for Rs.61.14 crores (Rs.61.24 crores).
The amortization of deferred revenue expenditure was Rs.9.84 crores for the current
period of 9 months (Rs.9.76 crores). In addition there was a charge of Rs.1.83 crores
on account of VRS scheme on the profit & loss account as per AS 26 (Intangible
assets) and considered as an extra ordinary expenses during the period under review.
After considering an extra ordinary income of Rs.21.81 crores, the pre tax loss for the
9 months was lower at Rs.85.27 crores against Rs.218.26 crores in the corresponding
period of the previous year.
.
Future Plans
India Cements is planning to hive off its shipping division into a separate company in
order to focus on cement. It has also proposed to merge Raasi Cements with itself
once it has acquired the entire equity of the company. A possible sale of Raasi
Ceramics and Telengana Paper Mills is in theoffing as they are loss-making ventures.
Over the next couple of years, India Cements is to reduce its debt-equity ratio from
the current 2:1 to 1:1.
33
ICL has appointed management consultants Coopers and Lybrand to suggest an
appropriate swap ratio for the proposed merger of Raasi Cement with itself. The total
cost of the acquisition is slated at Rs 3800 mn and will make ICL the second-largest
cement company in the country. The company has brushed past speculations about
ICL allowing a foreign major to pick up stake.
However, ICL are keeping all options open in the case of acquired units like Sri
Vishnu and Visaka cement. Sale of Sri Vishnu alone is expected to fetch about Rs
800 crore. India Cements Ltd (ICL) is planning to convert its wet process cement
plant in Sankaridurg into a dry process plant. This is expected to increase plant
capacity from 0.6 million tonnes per annum (MTPA) to 0.9 MTPA.
34
Shree cement
Company Profile
Incorporated in 1979, Calcutta based Shree Cements Limited (SCL) was promoted by
the B.G.Bangur group.The company`s plant is located in Beawar, Rajasthan. The
capacity has been increased from 0.7 MT to 2.6 MT, through an expansion plan
undertaken during the two years ending March 1998. Shift to circa 2000, where it
grows to around 3 million tonnes. Shree Cement continues to earn a major part on
revenues through cement sales, while leasing & hire purchase account for a small
amount. The company is considered one of the more power efficient units in the
country with a power consumption of 79 units per tonne. The World Bank impressed
with the company`s futuristic and environment-friendly programme involving the use
of fuel, sanctioned a Rs 260 million loan at a concessional rate of interest. SCL has
installed DG sets with aggregate capacity of 21.9 MW, which is nearly sufficient to
meet its entire power requirement. The company has also pioneered the use of high-
sulphur coal in the cement industry, which has reduced costs.
Shree Cement is commissioning a captive 36 MW thermal power project at a cost of

Rs 120 crore at its 2.6 million tonne manufacturing facility in Rajasthan. It has placed
an order with Thermax and the project is expected to be commissioned by December
2002. Shree Cement expects to save about Rs 30 crore a year from the installation of
the plant and is hoping to recover its cost within four years.
Shree Cement plans to set up a new unit in Rajasthan with a capacity of 2 million
tonnes. The expansion will cost the company Rs 600 crore. The company will fund
the project through internal accruals and a combination of debt and equity. The
funding for the project has not been completed due to lack of environmental
clearance. The funding plan has a very small portion of equity.
Shree Cements Ltd has informed the National Stock Exchange that it has decided to
change its accounting year to April-March and accordingly current accounting year
will be for a period of nine months, that is, from July 1, 2001-March 31, 2002.
35
2003-04(ton) 2003-02(ton) %change

Production 28,40,610 24,19,290 17.4
Dispatches 28,61,890 27,27,150 4.9
Products
 Ordinary Portland Cement (OPC)

 Pozzolona Portland Cement (PPC).
Balance Sheet
Assets Rs cr Rs cr
Gross Block 749.04 700.31
Net Block 438.87 450.38
Inventory 62.19 41.03
36
Reserves 187.56 165.76
Total Debt 359.71 309.87
Profit and loss account

: value(Rs.crores)
Description )a)) Apr - Mar ‘04 ue Apr -Mar ‘04 % change

Net Sales 473.22 484.26 -2.28
Other Income 2.85 4.60 -38.05
Total Income 476.08 488.86 -2.61
Expenditure -342.24 -382.26 -10.47
Interest -38.68 -33.87 14.22
Gross Profit 95.15 72.72 30.84
Depreciation -45.70 -32.50 40.61
Tax -8.67 -5.61 54.55
Profit after Tax 40.77 34.60 17.82
Extraordinary items -27.73 -27.90 -0.61
Net Profit 13.03 6.70 94.58
Reserves 216.54 187.56 15.45
EPS 3.74 3.29 13.68
Nos. of Shares - 12,064,366.00 12,364,562.00 -2.43
Non Promoters
Percentage of 34.63 35.49 -2.42
Shares - Non
Promoters
Ratio analysis
As on Mar 2003-04 Mar 2003-02

Operating profit margin 18.30% 22.05%
Net profit margin 5.94% 6.72%
37
EPS 2.91 3.74
Book value(Rs) 72.17 57.58
 Net sales decreased by 2.28% from Rs 4,84.26cr in March 2003 to Rs. 4,73.22cr
in March 2004
March 2004 this is mainly because expenditure has decreased by 10.47%.
 Net profit margin increased by 13.13% from 5.94%in March 2003 to 6.72% in March
2004.
 Operating profit margin increased by 20.49% from 18.30%in March 2003 to

22.05%in March 2004.
One of the key strengths of Shree’s cost restructuring is reflected in its energy
management track record. Energy costs have declined over a 5-year period. As a
percentage of turnover, power and fuel costs have declined from 28.64 per cent in
1999-2000 to 20.50 per cent in 2002-03 On the cost reduction front, better control on
administrative operations and the practice of lean operations here helped control
costs. Administration expenses fell from 3.03 per cent to 2.16 per cent in 2002-03.
Another major cost head is freight and marketing costs that fell from 21.46 per cent of
sales in 2001-02 to 20.64 per cent in 2002-03. The fall was largely on account of
lower freight costs. Even though freight costs fell, the marketing efficiencies rose –
this clearly reflects superior distribution and selling strategies.
In a capital-intensive industry like cement, loans and consequently, interest costs hold
the key. The company has been continuously focused on lowering its interest costs
and improving its debt service efficiencies. Consequently, interest costs reduced from
8.23 per cent in 2001-02 of turnover to 5.82 per cent in 2002-03.
38
Company wise comparison
Dispatches of key players (mn ton)
Apr-Mar 04 Apr-Mar 03 yoy(%)
ACC 15.41 13.88 10.9
GACL 13.24 11.88 11.5
L&T 12.18 12.09 0.8
Birla Corp 4.78 4.57 4.8
Shree Cement 2.86 2.73 5.2
Madras Cement 3.55 3.42 3.8
India Cement 6.23 5.80 7.4
Total 58.24 54.36 7.1
Source: CMA
Ratio analysis
As on march 2004
ACC GACL(jan- Grasim Madras ICL Shree

mar’04)
Share Capital(crores) 177.94 166.35 91.69 12.08 138.59 34.837
Reserves 1157.79 1565.18 3513.83 280.58 17.78 216.545
Operating profit 13.75% 33.06% 28.20% 24.04% 8.11% 22.05%
margin
Net operating 5.14% 22.27% 14.89% 4.8% (6.64)% 6.72%
margin
EPS 11.68 16.42 84.99 28 (7.18) 3.74
Book value(Rs) 74 104.09 393.23 30.24 30.21 72.17
PE Ratio 19.61 15.65 10.82 22.67 - 39.57
Price/Book Value 3.09 2.55 2.34 20.99 0.89 2.05
Dividend(%) 40 140 50 - 30
39
Free Float Capital 100.00 74.45 78.06 58.00 55.21 34.63
Debt/equity ratio
As on march 2003 1.56 1.10 0.69 2.66 3.23 1.03
As on march 2002 1.68 1.11 0.72 2.81 4.79 0.92
Looking at the ratios we can say that Grasim has the highest EPS which indicates
the earnings attributable to a share. This shows that the company has good
prospects. The higher the EPS the better it is for the company and the investors.
Looking at the PE ratio we can say that shree cements has the highest value which
indicates it is a growth company but it also indicates the risk characteristics of a
company.ACC, GACL, Grasim have moderate PE ratio which is good and there
are less riskier as far as investment in these companies is considered. As far as net
operating margin is considered GACL has reported highest growth 22.27%
followed by Grasim 14.89% while India cements is still recovering from losses.
Looking at the debt equity ratio we can say that the companies are aggressively
reducing their debt which is a positive sign for the growth of the companies
40
Future outlook
The consumption of cement is determined by factors influencing the level of
housing and industrial Construction, irrigation projects, and roads and lying of
water supply and drainage pipes etc. These factors in turn are determined by the
level and growth of GDP and its sectorial composition, capital formation,
development expenditure, growth in population, level of urbanization etc. But the
domestic demand for cement is mainly from the building activities and
infrastructure development. The government paved the way for entry of private
sector in road projects. It has amended the National Highway act to allow private
toll collection and identified projects, bridges, expressways and big passes for
private construction. The budget gave substantial incentives to private sector
construction companies. Ongoing liberalization will lead to increase in industrial
activities and infrastructural development. Also, tax benefits for housing sector is
a major positive for the industry. In the light of these factors, it is hoped that
Indian cement industry shall witness reasonable growth in near future. Demand
for cement is expected to peak, as economic growth is taking place.
Also the yoy increase in cement prices in FY05, the earnings are expected to
remain high in FY05. As per the estimates, the combined earnings of ACC,
Gujarat Ambuja and Grasim are expected to grow by 33% in FY05. As a result,
valuations will continue to remain firm.
41
Bibliography
Fortune India July 15,2003
www.indiainfoline.com
www.karvy.com
www.acclimited.com
www.ciionline.com
www.bseindia.com
www.hdfcsec.com
www.grasim.com
www.gujaratambuja.com
www.indiacementsltd.co.in
www.shreecementltd.com
www.capitalmarket.com
www.moneypore.com
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Capacity and Production

Regionwise Cement Production - (ton)

Mar-04 23,65,310 17,71,580 35,72,540 18,51,220 17,23,000

Feb-04 22,29,690 16,00,350 29,87,750 19,67,200 15,41,760

Jan-04 22,11,880 15,05,840 29,57,040 20,61,840 14,87,800

Dec'03 20,76,340 13,72,400 30,22,700 21,00,540 14,85,660

Regionwise Cement Dispatches - (ton)

Mar-04 23,83,030 18,01,610 35,92,460 18,30,810 16,94,540

Feb-04 22,54,710 16,14,450 29,25,270 19,82,770 15,20,450

Dec'03 21,39,730 13,57,140 29,23,270 21,25,350 14,01,240

Cement exports(mn tons)

Cement industry has made tremendous strides in technological up gradation

Narrow supply-demand gap, and absence of fresh greenfield capacity, cement

source:fortune India july 15 2003

cement demand growth

Demand Supply (Mn Tonnes)

FY03 FY04 FY05P

All-india capacity 132.0 135.6 140.7

less Capacities with low operating rates 7.4 7.4 7.4

Net Functional Capacities 124.6 128.2 133.3

All-india consumption 107.3 113.8 122.6

All-india production 111.4 117.4 126.4

Domestic Surplus/(Deficit) 4.1 3.6 3.8

Cement Capacity Utilisation 89% 92% 95%

All India consumption growth 8.7% 5.5% 8.2%

Source : CMA, UTI Sec. estimates

Monthly dispatches trend

 Housing sector, which contributes 55% of cement demand is set to grow at

 Demand growth led by the infrastructure spending will fuel demand by an

Demand estimation from infrastructure projects

Golden quadrilateral NEWS corridor

Total road length(km) 5846 7300

Concrete per km(mn tons) 7500 7500

Cement per km of roads(tons) 2625 2625

Total cement requirement(mn tons) 4 6

Thus on account of these growth drivers, the demand/supply is expected to grow

Cement Consumption regionwise

South India is the largest cement-consuming region with 27.4% share in

Company capacity % share in

Madras cement 5.5 3.9

COMPANY WISE REGIONAL MARKET SHARE, %, H1FY03

Production and dispatches

2003-04(ton) 2003-02(ton) %change

ACC manufactures the following types of cement, in addition to which, it

Ordinary Portland Cements

Cement business statistics

Profit and loss account

Description ) Apr - Mar ‘04 Apr –Mar’03 %change

As on March 31,2004 March 31,2003

Annual result highlight

Higher volumes, better realisation and improved operating efficiency resulted

Cement business statistics

Production and dispatches

2003-04(ton) 2003-02(ton) %change

Annual result highlight

Ambuja Cement dispatches registered a growth of 11% 13.24 million tonnes of

Production and dispatches

2003-04(ton) 2003-02(ton) %change