2019

INCOME
Revenue From Operations [Gross] 11,667.88 96%
Less: Excise/Sevice Tax/Other Levies 0 0%
Other Income 426.52 4%
Total Revenue 12,094.40 100%
EXPENSES
Cost Of Materials Consumed 3580.84 30%
Purchase Of Stock-In Trade 88.27 1%
Changes In Inventories Of FG,WIP And Stock-In Trade 42.8 0%
Employee Benefit Expenses 672.63 6%
Finance Costs 83.52 1%
Depreciation And Amortisation Expenses 543.83 4%
Other Expenses 5,140.64 43%
Less: Inter Unit / Segment / Division Transfer -6.15 0%
Total Expenses 10,146.38 84%
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 1,948.02 16%
Profit/Loss Before Tax 1,948.02 16%
Tax Expenses-Continued Operations 0%
Current Tax 573 5%
Deferred Tax -153.52 -1%
Other Direct Taxes 0 0%
Tax For Earlier Years 0 0%
Total Tax Expenses 419.48 3%
Profit/Loss For The Period 1,528.54 13%
 Ambuja Cements
Profit & Loss account (in Rs. Cr.)
2018 2017 2016 2015

11,356.76 94% 10,457.10 89% 9,196.64 85% 9,461.40 97%

0 0% -1.18 0% 1,304.20 12% 1,302.56 13%
374.98 3% 359.09 3% 510.21 5% 358.19 4%
11,731.74 97% 10,816.19 92% 9,706.85 90% 9,819.59 101%

3,562.77 29% 3,142.40 27% 2,608.64 24% 2,850.05 29%

5.96 0% 0 0% 0 0% 4.2 0%
-76.72 -1% -62.83 -1% -30.19 0% 25.39 0%
679.57 6% 661.37 6% 590.93 5% 589.52 6%
82.33 1% 107.19 1% 74.24 1% 91.79 1%
548.09 5% 572.92 5% 848.85 8% 625.66 6%
5,294.71 44% 4,777.03 41% 4,336.63 40% 4,464.86 46%
0.99 0% 1.01 0% 1.72 0% 4.09 0%
10,095.72 83% 9,197.07 78% 8,427.38 78% 8,647.38 89%
1,636.02 14% 1,619.12 14% 1,279.47 12% 1,172.21 12%
1,506.07 12% 1,619.12 14% 1,279.47 12% 1,172.21 12%
0% 0% 0% 0%
478 4% 412 4% 424.75 4% 334 3%
-86.93 -1% -18.33 0% -88 -1% -24.93 0%
0 0% 0 0% 14.48 0% 0 0%
-372.01 -3% -24.12 0% -4 0% 55.58 1%
19.06 0% 369.55 3% 347.23 3% 364.65 4%
1,487.01 12% 1,249.57 11% 932.24 9% 807.56 8%
 YEAR ON YEAR GROWTH CAGR
17-18 16-17 15-16 14-15

3% 9% 14% -3% 4.28%

-100% -100% 0%
14% 4% -30% 42% 3.55%
3.09% 8.46% 11.43% -1.15% 4.26%

1% 13% 20% -8% 4.67%

-100% 83.87%
-156% 22% 108% -219% 11.01%
-1% 3% 12% 0% 2.67%
1% -23% 44% -19% -1.87%
-1% -4% -33% 36% -2.76%
-3% 11% 10% -3% 2.86%
-721% -2% -41% -58% -208.50%
1% 10% 9% -3% 3.25%
19% 1% 27% 9% 10.69%
29% -7% 27% 9% 10.69%

20% 16% -3% 27% 11.40%

77% 374% -79% 253% 43.84%

-1 -100% 14.4233 1396% -100.00%

2101% -95% 6% -5% 2.84%
3% 19% 34% 15% 13.61%
 NORMALIZATION (In Cr.)
2019 2018

Profit/Loss For The Period ₹ 1,528.54 ₹ 1,487.01

Less: exceptional items ₹ 129.95

NORMALIZED PROFIT OR LOSS ₹ 1,528.54 ₹ 1,357.06
 2017 2016 2015

₹ 1,249.57 ₹ 932.24 ₹ 807.56

₹ 1,249.57 ₹ 932.24 ₹ 807.56

 BALAN
2019

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital ₹ 397.13 1.47%
TOTAL SHARE CAPITAL ₹ 397.13 1.47%
Reserves and Surplus ₹ 21,808.05 80.80%
TOTAL RESERVES AND SURPLUS ₹ 21,808.05 80.80%
TOTAL SHAREHOLDERS FUNDS ₹ 22,205.18 82.27%
NON-CURRENT LIABILITIES
Long Term Borrowings ₹ 35.28 0.13%
Deferred Tax Liabilities [Net] ₹ 216.06 0.80%
Other Long Term Liabilities ₹ 35.83 0.13%
Long Term Provisions ₹ 50.34 0.19%
TOTAL NON-CURRENT LIABILITIES ₹ 338.13 1.25%
CURRENT LIABILITIES
Trade Payables ₹ 935.98 3.47%
Other Current Liabilities ₹ 2,519.85 9.34%
Short Term Provisions ₹ 85.37 0.32%
TOTAL CURRENT LIABILITIES ₹ 4,447.42 16.48%
TOTAL CAPITAL AND LIABILITIES ₹ 26,990.73 100.00%

ASSETS
NON-CURRENT ASSETS
Tangible Assets ₹ 5,633.62 20.87%
Intangible Assets ₹ 178.83 0.66%
Capital Work-In-Progress ₹ 1,108.70 4.11%
FIXED ASSETS ₹ 6,921.15 25.64%
Non-Current Investments ₹ 11,789.01 43.68%
Deferred Tax Assets [Net] ₹ - 0.00%
Long Term Loans And Advances ₹ 62.90 0.23%
Other Non-Current Assets ₹ 1,192.93 4.42%
TOTAL NON-CURRENT ASSETS ₹ 20,142.63 74.63%
CURRENT ASSETS
Current Investments ₹ - 0.00%
Inventories ₹ 954.07 3.53%
Trade Receivables ₹ 513.22 1.90%
Cash And Cash Equivalents ₹ 4,512.29 16.72%
Short Term Loans And Advances ₹ 4.51 0.02%
OtherCurrentAssets ₹ 423.19 1.57%
TOTAL CURRENT ASSETS ₹ 6,848.10 25.37%
TOTAL ASSETS ₹ 26,990.73 100.00%
 BALANCE SHEET OF AMBUJA CEMENTS (in Rs. Cr.)
2018 2017 2016 2015

₹ 397.13 1.58% ₹ 397.13 1.61% ₹ 397.13 1.70% ₹ 310.38 2.19%

₹ 397.13 1.58% ₹ 397.13 1.61% ₹ 397.13 1.70% ₹ 310.38 2.19%
₹ 20,615.40 81.85% ₹ 19,576.08 79.49% ₹ 18,959.74 81.19% ₹ 9,996.49 70.59%
₹ 20,615.40 81.85% ₹ 19,576.08 79.49% ₹ 18,959.74 81.19% ₹ 9,996.49 70.59%
₹ 21,012.53 83.43% ₹ 19,973.21 81.10% ₹ 19,356.87 82.89% ₹ 10,306.87 72.78%

₹ 39.68 0.16% ₹ 24.12 0.10% ₹ 15.73 0.07% ₹ 22.68 0.16%

₹ 372.16 1.48% ₹ 458.36 1.86% ₹ 497.25 2.13% ₹ 564.90 3.99%
₹ 8.35 0.03% ₹ 8.94 0.04% ₹ 7.95 0.03% ₹ 5.99 0.04%
₹ 38.53 0.15% ₹ 35.23 0.14% ₹ 43.28 0.19% ₹ 35.40 0.25%
₹ 458.72 1.82% ₹ 526.65 2.14% ₹ 564.21 2.42% ₹ 628.97 4.44%
0.00%
₹ 1,109.46 4.40% ₹ 1,046.53 4.25% ₹ 815.34 3.49% ₹ 679.82 4.80%
₹ 2,514.92 9.99% ₹ 2,993.37 12.15% ₹ 2,528.27 10.83% ₹ 1,461.93 10.32%
₹ 91.05 0.36% ₹ 87.08 0.35% ₹ 88.08 0.38% ₹ 1,084.34 7.66%
₹ 3,715.43 14.75% ₹ 4,126.98 16.76% ₹ 3,431.69 14.70% ₹ 3,226.09 22.78%
₹ 25,186.68 100.00% ₹ 24,626.84 100.00% ₹ 23,352.77 100.00% ₹ 14,161.93 100.00%

₹ 5,563.19 22.09% ₹ 5,693.45 23.12% ₹ 5,923.22 25.36% ₹ 6,091.72 43.01%

₹ 100.41 0.40% ₹ 28.54 0.12% ₹ 18.39 0.08% ₹ 0.31 0.00%
₹ 610.02 2.42% ₹ 348.48 1.42% ₹ 320.02 1.37% ₹ 414.12 2.92%
₹ 6,273.62 24.91% ₹ 6,119.91 24.85% ₹ 6,261.63 26.81% ₹ 6,506.15 45.94%
₹ 11,813.76 46.90% ₹ 11,844.70 48.10% ₹ 11,844.70 50.72% ₹ 106.90 0.75%
₹ - 0.00% ₹ - 0.00% ₹ - 0.00% ₹ - 0.00%
₹ 60.34 0.24% ₹ 66.52 0.27% ₹ 64.94 0.28% ₹ 720.71 5.09%
₹ 1,284.02 5.10% ₹ 1,085.53 4.41% ₹ 967.81 4.14% ₹ 279.57 1.97%
₹ 19,431.74 77.15% ₹ 19,116.66 77.63% ₹ 19,139.08 81.96% ₹ 7,613.33 53.76%

₹ - 0.00% ₹ - 0.00% ₹ - 0.00% ₹ 2,119.23 14.96%

₹ 1,277.76 5.07% ₹ 1,052.50 4.27% ₹ 937.54 4.01% ₹ 895.45 6.32%
₹ 470.26 1.87% ₹ 307.97 1.25% ₹ 395.77 1.69% ₹ 286.36 2.02%
₹ 3,329.97 13.22% ₹ 3,497.07 14.20% ₹ 2,578.52 11.04% ₹ 2,848.39 20.11%
₹ 4.29 0.02% ₹ 30.29 0.12% ₹ 35.02 0.15% ₹ 336.26 2.37%
₹ 672.66 2.67% ₹ 622.35 2.53% ₹ 266.84 1.14% ₹ 62.91 0.44%
₹ 5,754.94 22.85% ₹ 5,510.18 22.37% ₹ 4,213.63 18.04% ₹ 6,548.60 46.24%
₹ 25,186.68 100.00% ₹ 24,626.84 100.00% ₹ 23,352.77 100.00% ₹ 14,161.93 100.00%
Cr.)
YEAR ON YEAR GROWTH CAGR
18-19 17-18 16-17 15-16

0% 0% 0.00% 27.95% 5.05%

0% 0% 0.00% 27.95% 5.05%
6% 5% 3.25% 89.66% 16.88%
6% 5% 3.25% 89.66% 16.88%
6% 5% 3.18% 87.81% 16.59%

-11% 65% 53.34% -30.64% 9.24%

-42% -19% -7.82% -11.98% -17.49%
329% -7% 12.45% 32.72% 43.01%
31% 9% -18.60% 22.26% 7.30%
-26% -13% -6.66% -10.30% -11.67%

-16% 6% 28.36% 19.93% 6.60%

0% -16% 18.40% 72.94% 11.50%
-6% 5% -1.14% -91.88% -39.85%
20% -10% 20.26% 6.37% 6.63%
7% 2% 5.46% 64.90% 13.77%

1% -2% -3.88% -2.77% -1.55%

78% 252% 55.19% 5832.26% 256.63%
82% 75% 8.89% -22.72% 21.77%
10% 3% -2.26% -3.76% 1.24%
0% 0% 0.00% 10980.17% 156.15%

4% -9% 2.43% -90.99% -38.60%

-7% 18% 12.16% 246.18% 33.67%
4% 2% -0.12% 151.39% 21.48%

-100.00% -100.00%
-25% 21% 12.26% 4.70% 1.28%
9% 53% -22.18% 38.21% 12.38%
36% -5% 35.62% -9.47% 9.64%
5% -86% -13.51% -89.59% -57.78%
-37% 8% 133.23% 324.16% 46.41%
19% 4% 30.77% -35.66% 0.90%
7% 2% 5.46% 64.90% 13.77%
 Cash Flow (In Cr.)
2019 2018 2017

Net Profit Before Tax ₹ 1,506.07 100% ₹ 1,619.12 100% ₹ 1,279.47

Net Cash From Operating Activities ₹ 596.24 40% ₹ 1,836.43 113% ₹ 1,415.83
Net Cash (used in)/from Investing activities ₹ -254.33 -17% ₹ -190.89 -12% ₹ -3,469.06
Net Cash (used in)/from Financing Activities ₹ -502.73 -33% ₹ -748.66 -46% ₹ -683.26
Net (decrease)/increase In Cash and Cash Equivalents ₹ -160.82 -11% ₹ 891.88 55% ₹ -2,736.49
Opening Cash & Cash Equivalents ₹ 3,311.15 220% ₹ 2,395.76 148% ₹ 5,132.25
Closing Cash & Cash Equivalents ₹ 3,150.33 209% ₹ 3,310.64 204% ₹ 2,395.76

FCF ₹ 1,353.30 ₹ 2,775.98 ₹ 5,568.15

 2016 2015

100% ₹ 1,172.21 100% ₹ 1,783.41 100%

111% ₹ 1,552.81 132% ₹ 1,675.27 94%

-271% ₹ -82.92 -7% ₹ -460.09 -26%
-53% ₹ -896.89 -77% ₹ -717.14 -40%
-214% ₹ 573.00 49% ₹ 498.04 28%
401% ₹ 4,458.71 380% ₹ 3,960.67 222%
187% ₹ 5,031.71 429% ₹ 4,458.71 250%

₹ 2,532.62 ₹ 2,852.50
 FORECASTING OF FINANCIAL STATEMENTS

2019A 2018A 2017A 2016A 2015A

P&L
TOTAL INCOME ₹ 12,094.40 ₹ 11,731.74 ₹ 10,816.19 ₹ 9,706.85 ₹ 9,819.59
PBT ₹ 1,948.02 ₹ 1,506.07 ₹ 1,619.12 ₹ 1,279.47 ₹ 1,172.21
PROFIT FOR THE YEAR ₹ 1,528.54 ₹ 1,487.01 ₹ 1,249.57 ₹ 932.24 ₹ 807.56

BALANCE SHEET
FIXED ASSETS ₹ 6,921.15 ₹ 5,812.45 ₹ 6,883.64 ₹ 6,468.39 ₹ 6,581.65
OTHER NON-CURRENT ASSETS ₹ 13,044.84 ₹ 13,619.29 ₹ 12,233.02 ₹ 12,670.69 ₹ 1,031.68
TOTAL NON-CURRENT ASSETS ₹ 20,142.63 ₹ 19,431.74 ₹ 19,116.66 ₹ 19,139.08 ₹ 7,613.33
TOTAL CURRENT ASSETS ₹ 6,848.10 ₹ 5,754.94 ₹ 5,510.18 ₹ 4,213.63 ₹ 6,548.60
TOTAL ASSETS ₹ 26,990.73 ₹ 25,186.68 ₹ 24,626.84 ₹ 23,352.71 ₹ 14,161.93

TOTAL EQUITY ₹ 22,205.18 ₹ 21,012.53 ₹ 19,973.21 ₹ 19,356.87 ₹ 10,306.87

NON-CURRENT LIABILITIES ₹ 338.13 ₹ 458.72 ₹ 526.65 ₹ 564.21 ₹ 628.97
TOTAL CURRENT LIABILITIES ₹ 4,447.42 ₹ 3,715.43 ₹ 4,126.98 ₹ 3,431.69 ₹ 3,226.09
TOTAL EQUITY AND LIABILITIES ₹ 26,990.73 ₹ 25,186.68 ₹ 24,626.84 ₹ 23,352.77 ₹ 14,161.93

FORECAST PARAMETERS
SALES GROWTH 3.09% 8.46% 11.43% -1.15%
NET PROFIT MARGIN 12.64% 12.68% 11.55% 9.60% 8.22%
FIXED ASSET TURNOVER RATIO (No. Of Times) 1.75 2.02 1.57 1.50 1.49
NON-CURRENT ASSETS TURNOVER RATIO (No. Of Times) 0.93 0.86 0.88 0.77 9.52
CURRENT ASSETS TURNOVER RATIO (No. Of Times) 1.77 2.04 1.96 2.30 1.50
CURRENT LIABILITIES TURNOVER RATIO (No. Of Times) 2.72 3.16 2.62 2.83 3.04
ASSETS/EQUITY (No. Of Times) 1.22 1.20 1.23 1.21 1.37
 2019E 2020E

₹ 13,117.59 ₹ 14,227.33

₹ 1,811.54 ₹ 1,964.79

₹ 7,495.76 ₹ 8,129.91
₹ 14,723.83 ₹ 16,652.56
₹ 22,219.59 ₹ 24,782.46
₹ 6,823.08 ₹ 6,769.36
₹ 29,042.67 ₹ 31,551.82

₹ 23,889.28 ₹ 26,018.01
₹ -235.00 ₹ -168.32
₹ 4,564.15 ₹ 4,756.02
₹ 28,218.44 ₹ 30,605.72

8.46% 8.46% Based on last growth

13.81% 13.81% Based on trend of last 4 years
1.75 1.75 Based on trend
0.89 0.85 Average of last 3 years
1.92 2.10 Average of last 3 years
2.87 2.99 Average of last 5 years
1.22 1.21 Average of last 3 years
 2019A 2018A 2017A 2016A 2015A
TOTAL INCOME ₹ 12,094.40 ₹ 11,731.74 ₹ 10,816.19 ₹ 9,706.85 ₹ 9,819.59
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax ₹ 1,948.02 ₹ 1,636.02 ₹ 1,619.12 ₹ 1,279.47 ₹ 1,172.21
PBT ₹ 1,948.02 ₹ 1,506.07 ₹ 1,619.12 ₹ 1,279.47 ₹ 1,172.21
PROFIT FOR THE YEAR ₹ 1,528.54 ₹ 1,487.01 ₹ 1,249.57 ₹ 932.24 ₹ 807.56

FIXED ASSETS ₹ 6,921.15 ₹ 6,883.64 ₹ 6,468.39 ₹ 6,581.65 ₹ 6,920.27

OTHER NON-CURRENT ASSETS ₹ 13,044.84 ₹ 12,548.10 ₹ 12,648.27 ₹ 12,557.43 ₹ 693.06
TOTAL NON-CURRENT ASSETS ₹ 20,142.63 ₹ 19,431.74 ₹ 19,116.66 ₹ 19,139.08 ₹ 7,613.33
TOTAL CURRENT ASSETS ₹ 6,848.10 ₹ 5,754.94 ₹ 5,510.18 ₹ 4,213.63 ₹ 6,548.60
TOTAL ASSETS ₹ 26,990.73 ₹ 25,186.68 ₹ 24,626.84 ₹ 23,352.71 ₹ 14,161.93

TOTAL EQUITY ₹ 22,205.18 ₹ 21,012.53 ₹ 19,973.21 ₹ 19,356.87 ₹ 10,306.87

NON-CURRENT LIABILITIES ₹ 338.13 ₹ 458.72 ₹ 526.65 ₹ 564.21 ₹ 628.97
TOTAL CURRENT LIABILITIES ₹ 4,447.42 ₹ 3,715.43 ₹ 4,126.98 ₹ 3,431.69 ₹ 3,226.09
TOTAL EQUITY AND LIABILITIES ₹ 26,990.73 ₹ 25,186.68 ₹ 24,626.84 ₹ 23,352.77 ₹ 14,161.93

Finance Costs ₹ 83.52 ₹ 82.33 ₹ 107.19 ₹ 74.24 ₹ 91.79

Inventories ₹ 954.07 ₹ 1,277.76 ₹ 1,052.50 ₹ 937.54 ₹ 895.45
 RATIOS- CREDIT ANALYSTS
2019A 2018A 2017A 2016A 2015A
INTEREST COVERAGE RATIO 23.32399 19.87149 15.10514 17.23424 12.77056
LONG TERM DEBT EQUITY 0.015228 0.021831 0.026368 0.029148 0.061024
TOTAL DEBT EQUITY 0.215515 0.198651 0.232994 0.206433 0.374028

RATIOS- INVESTORS
2019A 2018A 2017A 2016A 2015A
ROE 7% 7% 6% 5% 8%
ROCE 7% 7% 6% 5% 7%
EBIT MARGIN 16% 14% 15% 13% 12%
NET PROFIT MARGIN 12.6% 12.7% 11.6% 9.6% 8.2%
CURRENT RATIO 1.539792 1.54893 1.33516 1.227859 2.029888
WORKING CAPITAL T/O 5.037906 5.752235 7.819686 12.4138 2.955473
INVENTORY T/O 12.67664 9.181489 10.27667 10.35353 10.9661
in days 28.79312 39.7539 35.51736 35.25367 33.28441
 2019 2018 2017 2016 2015
Sales 12,094.40 11,731.74 10,816.19 9,706.85 9,819.59
Profit 1528.54 1487.01 1249.57 932.24 807.56
Profitability 13% 13% 12% 10% 8%

Assets 26990.73 25186.68 24626.84 23352.77 14161.93

Liabilities 4447.42 3715.43 4126.98 3431.69 3226.09
Networth 22543.31 21471.25 20499.86 19921.08 10935.84

current assets ₹ 6,848.10 ₹ 5,754.94 ₹ 5,510.18 ₹ 4,213.63 ₹ 6,548.60

current liabilities ₹ 4,447.42 ₹ 3,715.43 ₹ 4,126.98 ₹ 3,431.69 ₹ 3,226.09
current ratio 1.53979161 1.54892973 1.33516034 1.22785858 2.02988757