BALANCE SHEET OF ULTRATECH CEMENT 

(in Rs. Cr.) Mar-21

EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 288.65
TOTAL SHARE CAPITAL 288.65
Reserves and Surplus 43,842.41
TOTAL RESERVES AND SURPLUS 43,842.41
TOTAL SHAREHOLDERS FUNDS 44,174.68
Minority Interest 5.72
NON-CURRENT LIABILITIES
Long Term Borrowings 13548.45
Deferred Tax Liabilities [Net] 6040.68
Other Long Term Liabilities 1456.77
Long Term Provisions 365.49
TOTAL NON-CURRENT LIABILITIES 21411.39
CURRENT LIABILITIES
Short Term Borrowings 4235.13
Trade Payables 4699.28
Other Current Liabilities 11135.46
Short Term Provisions 521.85
TOTAL CURRENT LIABILITIES 20,591.72
TOTAL CAPITAL AND LIABILITIES 86,183.51
ASSETS
NON-CURRENT ASSETS
Tangible Assets 43,625.35
Intangible Assets 5566.41
Capital Work-In-Progress 1680.96
FIXED ASSETS 50,878.44
Non-Current Investments 1284.24
Deferred Tax Assets [Net] 7.16
Long Term Loans And Advances 167.14
Other Non-Current Assets 3576.39
TOTAL NON-CURRENT ASSETS 62,133.22
CURRENT ASSETS
Current Investments 10893.87
Inventories 4017.97
Trade Receivables 2,571.73
Cash And Cash Equivalents 2007.55
Short Term Loans And Advances 114.65
OtherCurrentAssets 4444.52
TOTAL CURRENT ASSETS 24,050.29
TOTAL ASSETS 86,183.51
 PROFIT & LOSS ACCOUNT OF ULTRATECH CEMENT (in Rs. Cr.) Mar-21
INCOME
REVENUE FROM OPERATIONS [GROSS] 44,239.33
Less: Excise/Sevice Tax/Other Levies 0
REVENUE FROM OPERATIONS [NET] 44,239.33
TOTAL OPERATING REVENUES 44,725.80
Other Income 734.17
TOTAL REVENUE 45,459.97
EXPENSES
Cost Of Materials Consumed 5,793.67
Operating And Direct Expenses 0
Employee Benefit Expenses 2353.02
Finance Costs 1485.65
Depreciation And Amortisation Expenses 2700.23
Other Expenses 23742.47
TOTAL EXPENSES 37,343.77
PROFIT/LOSS BEFORE EXCEPTIONAL, EXTRAORDINARY ITEMS AND TAX 8116.2
Exceptional Items -260.74
PROFIT/LOSS BEFORE TAX 7855.46
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 1415.05
Less: MAT Credit Entitlement 0
Deferred Tax 1123.65
Other Direct Taxes 0
TOTAL TAX EXPENSES 2538.7
PROFIT/LOSS AFTER TAX AND BEFORE EXTRAORDINARY ITEMS 5316.76
PROFIT/LOSS FROM CONTINUING OPERATIONS 5316.76
PROFIT/LOSS FOR THE PERIOD 5459.67
Minority Interest 1.25
CONSOLIDATED PROFIT/LOSS AFTER MI AND ASSOCIATES 5463.1
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 189
Diluted EPS (Rs.) 189
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 374.95
Tax On Dividend 0

CASH FLOW OF ULTRATECH CEMENT (in Rs. Cr.)

Particulars Mar-21
(A)  Cash Flow from Operating Activities:                                                                                     
 Profit Before tax                                                                                                                       
7,857.64
 Adjustments for:                                                                                                                       
 Depreciation and Amortisation                                                                                                   
2,700.23
 Gain on Fair Valuation of Investments                                                                                        -419.55

 Gain on Fair Valuation of VAT Deferment Loan                                                                          
-48.83
 Gain on Fair Value movement in Derivative Instruments -
 Unrealised Exchange (Gain)/ Loss                                                                                              -11.02
Share in (Profit) / Loss on equity accounted investment -2.18
Impairment on deconsolidation of subsidiary -
Impairment in Assets -
 Compensation Expenses under Employees Stock Options Scheme                                         12.11
 Allowances for credit losses on Advances / debts (net)                                                             1.64
 Bad Debts Written-off                                                                                                                0.35
 Excess Provision written back (net)                                                                                            -85.34
Provision for Stamp Duty on Assets transferred -
Provision for Employee Benefits -
Provision for Mines Restoration - (Release) / Charge -
 Provision for Rates and Taxes                                        136.57
 Impairment on Advances Given 96.74
 Interest and Dividend Income                                                                                                    
-100.76
 Finance Costs                                                                                                                            
1,485.65
 (Profit) / Loss on Sale / Retirement of Property, Plant and Equipment (net
)                               -4.11
 (Profit) on Sale of Current and Non Current Investments (net)                                                   -154.10
Operating Profit before Working Capital Changes 11,465.04

 Movements in working capital:                                                                                                  
 Increase in Trade payables and other Liabilities                                                                        
2,870.29
Increase / (Decrease) in Provisions 49.97
 (Increase)/ Decrease in Trade Receivables                                                                                 
-201.48
 Decrease/(Increase) in Inventories                                                                                             
165.38
 (Increase) in Financial and Other Assets                                                                                    
-555.25
 Cash generated from Operations                                                                                           
13,793.95
 Taxes paid (net of refund)                                                                                                           
-1,291.00
 Net Cash generated from Operating Activities (A)                                                                 12,502.95

(B)  Cash Flow from Investing Activities:                                                                                      
 Purchase of Property, Plant and Equipment                                                                               -1,924.87
 Sale of Property, Plant and Equipment                                                                                       86.19
 Payment for Cost of transfer of Assets                                                                                       -2.71
 Sale of Liquid Investment (net)                                                                                                   
1,673.14
 Purchase of Investments                                                                                                            
-12,668.00
 Sale of Investments                                                                                                                    
5,427.68
 Redemption/ (Investment) in Non-Current Bank deposits                                                          61.85
 Investment in Joint Venture and Associates                                                                               -3.42
Investment in Preference Shares -
Redemption of Preference Shares -
 Investment in Other Bank deposits                                                                                            
-1,565.06
 (Investment)/ disinvestment in other Corporate Bodies                                                              -21.13
 Sales Consideration from Disposal of Fellow Subsidiary                                                            -
 Dividend Received                                                                                                                     -
 Interest Received                                                                                                                        
77.33
Net Cash used in Investing Activities (B)                                                                                -8,859.00

(C)  Cash Flow from Financing Activities:                                                                                     
  Proceeds from Issue of Share Capital on exercise of ESOS                                                       6.99
Transaction Cost on cancellation of equity shares of Subsidiary -
 Purchase of Treasury Shares                                                                                                       -
 Issue of Treasury Shares                                                                                                            
6.79
 Repayment of Non-Current Borrowings                                                                                     
-6,499.28
 Proceeds from Non-Current Borrowings                                                                                    
3,974.34
Proceeds/ (Repayment) of Current Borrowings (net) 128.43
 Repayment of Lease Liability                                                                                                     
-118.40
 Payment of Interest on Lease Liability                                                                                       
-49.72
Repayment of Borrowings transferred from JAL and JCCL, pursuant to
Scheme of Arragement -
 Interest Paid                                                                                                                               
-1,430.82
 Dividend Paid Including Dividend Distribution Tax                                                                      -374.80
Net Cash used in Financing Activities (C) -4,356.47

(D) Net (Decrease)/ Increase in Cash and Cash Equivalents (A + B + C) -712.52

(E) Cash and Cash Equivalents at the Beginning of the year 147.23
Cash and Cash Equivalents transferred from UNCL -
Cash and Cash Equivalents transferred from CTIL -
(F) Effect of Exchange rate fluctuation on Cash and Cash Equivalents 0.33
(G) Cash flow from Continuing Operations -564.96
(H) Cashflow from Discontinued Operations:
Opening Cash & Cash Equivalents 31.12
Cash flows from Operating activities of discontinued operations 3.00
Cash flows from Investing activities of discontinued operations 740.32
Cash flows from Financing activities of discontinued operations -32.27
Net cash inflows (H) 711.05
(I) Closing Cash & Cash Equivalents 742.17

Net Cash Flow Transferred from Discontinued Operations to Continuing

(J) Operations on account of Proceeds from sale of disposal group -742.17
(K) Reclassified to asset held for sale -
Cashflow from Discontinued Operations (I + J +K) -
Cash and Cash Equivalents at the end of the year (G+J) 177.21
 Ultra Tech

Mar-20 Mar-19 Mar-18 Mar-17 Vertical Analysis (Balance Sheet)

Mar-21 Mar-20

288.63 274.64 274.61 274.51 0.33% 0.36%

288.63 274.64 274.61 274.51 0.33% 0.36%
38,719.30 28,064.65 26,106.55 24,117.38 50.87% 48.88%
38,719.30 28,064.65 26,106.55 24,117.38 50.87% 48.88%
39,043.76 28,362.29 26,381.16 24,391.89 51.26% 49.29%
7.52 12.15 16.02 9.71 0.01% 0.01%

17367.52 20650.38 15863.47 6370.84 15.72% 21.92%

4911.99 6411.42 3182.7 2782.37 7.01% 6.20%
1063.89 6.35 34.84 45.97 1.69% 1.34%
244.53 173.23 156.89 289.51 0.42% 0.31%
23587.93 27241.38 19237.9 9488.69 24.84% 29.78%

4106.12 3668.4 2763.44 1079.18 4.91% 5.18%

3362.89 3159.7 2384.87 1848.64 5.45% 4.25%
8563.13 8111.32 5871.09 5232.44 12.92% 10.81%
548.44 593.83 496.04 168.35 0.61% 0.69%
16,580.58 15,533.25 11,515.44 8328.61 23.89% 20.93%
79,219.79 76,537.43 57,150.52 42,218.90 100.00% 100.00%

45,281.40 44,643.29 35,637.59 24,431.55 50.62% 57.16%

5617.07 5777.99 3041.41 387.09 6.46% 7.09%
909.52 1148.63 1510.3 920.85 1.95% 1.15%
51,818.06 51,574.60 40,190.21 25,740.12 59.04% 65.41%
1685 1404.84 1497.78 1279.5 1.49% 2.13%
5.98 12.06 9.43 9.79 0.01% 0.01%
1231.67 1156.29 127 67.34 0.19% 1.55%
3505.13 3212.06 2828.49 711.37 4.15% 4.42%
64,498.33 63,583.19 45,689.21 28,893.23 72.09% 81.42%

4243.69 1516.49 3949.12 5411.01 12.64% 5.36%

4183.35 4098.96 3267.59 2400.64 4.66% 5.28%
2,383.22 2,787.03 2220.63 1757.09 2.98% 3.01%
539.91 739.68 219.07 2248.78 2.33% 0.68%
197.73 197.78 111.02 123.95 0.13% 0.25%
3173.56 3614.3 1693.88 1384.2 5.16% 4.01%
14,721.46 12,954.24 11,461.31 13,325.67 27.91% 18.58%
79,219.79 76,537.43 57,150.52 42,218.90 100.00% 100.00%
 Vertical Analysis (Income Statement)
Mar-20 Mar-19 Mar-18 Mar-17 Mar-21 Mar-20

41,780.55 40,903.81 31,435.01 28,362.61 100.00% 100.00%

0 0 893.83 3270.99 0.00% 0.00%
41,780.55 40,903.81 30,541.18 25,091.62 100.00% 100.00%
42,429.89 41,608.81 30,978.62 25,374.94 101.10% 101.55%
651.06 463.44 588.57 648.1 1.66% 1.56%
43,080.95 42,072.25 31,567.19 26,023.04 102.76% 103.11%

5,727.98 5,698.20 4,519.95 3,911.82 13.10% 13.71%

0 0 0 0 0.00% 0.00%
2519.86 2291.07 1810.24 1522.34 5.32% 6.03%
1991.65 1777.86 1237.6 640.1 3.36% 4.77%
2722.66 2450.73 1847.93 1348.41 6.10% 6.52%
24159.07 25011.86 17772.76 14166.57 53.67% 57.82%
37,897.00 38,490.46 27,918.99 22,151.00 84.41% 90.70%
5,183.95 3581.79 3648.2 3872.04 18.35% 12.41%
0 -113.88 -346.6 0 -0.59% 0.00%
5,183.95 3467.91 3301.6 3872.04 17.76% 12.41%

917.08 720.28 718.53 816.96 3.20% 2.19%

0 0 0 0 0.00% 0.00%
-1488.49 351.48 392.45 341.59 2.54% -3.56%
0 0 0 0 0.00% 0.00%
-568.16 1068.07 1077.01 1158.55 5.74% -1.36%
5752.11 2399.84 2224.59 2713.49 12.02% 13.77%
5752.11 2399.84 2224.59 2713.49 12.02% 13.77%
5752.11 2399.84 2224.59 2713.49 12.34% 13.77%
4.38 3.13 -2.29 1.41 0.00% 0.01%
5755.26 2403.51 2222.17 2714.92 12.35% 13.77%

200 84 81 99 0.43% 0.48%

199 84 81 99 0.43% 0.48%

380.56 347.63 330.41 260.71 0.85% 0.91%

0 0 0 50.28 0.00% 0.00%

Dupont Analysis (in Rs. Cr.)

Mar-20 Mar-19 Mar-18 Mar-17 Year Mar-21
Net Income 5459.67
5,182.72 3,468.45 3,301.47 3,872.05 Net Revenue 45459.97
Net Profit Margin 12%
2,722.66 2,450.73 1,847.93 1,348.41 Net sales 44239.33
-289.12 -120.36 -263.57 -378.57 Average Total Assets 82701.65
Asset Turn Over (in times) 0.53
- -45.49 -3.86 -17.82
 - -0.89 -3.07 15.50 Avg Shareholder's equity 41609.22
31.57 32.19 - - Equity Multiplier 1.99
1.23 -0.54 0.13 -0.02 ROE 13%
- - 45.46 -
- - 74.86 -
16.79 9.60 7.85 5.45
60.87 15.43 22.93 27.30
0.83 0.66 0.06 0.07
-150.04 -90.06 -136.88 -182.02
- 113.88 - -
- - - 15.42
-6.29 30.53 -
- - - -
- - - -
-142.22 -118.79 -66.11 -57.91
1,991.65 1,777.86 1,237.60 640.10

2.84 -2.41 5.44 -0.01

-81.63 -122.08 -114.81 -68.33
9,348.15 7,361.89 5,985.96 5,219.62

279.43 765.84 346.15 481.88

18.97 -2.09 164.50 -12.59
472.68 -279.26 -454.00 155.81
-64.16 -15.11 -622.62 53.94
-191.20 -1,165.11 -689.38 -149.91
9,863.87 6,666.16 4,730.61 5,748.75
-891.44 -710.05 -842.89 -743.73
8,972.43 5,956.11 3,887.72 5,005.02

-1,689.29 -1,756.18 -2,096.50 -1,398.13

79.02 160.27 219.90 34.54
-76.53 -52.32 -6.16 -4.20
74.06 122.08 13.80 68.16
-6,085.57 -1,700.00 -3,960.23 -3,376.88
3,366.07 4,356.35 5,574.22 2,160.29
-42.29 -3.78 -2.33 2.26
-5.75 -7.95 -0.83 0.02
- -20.00 - -
- 20.00 - -
-92.60 -105.31 2,052.75 -13.20
2.75 - - -
156.69 - - -
32.47 22.45 - -
88.55 78.21 66.95 46.83
-4,192.42 1,113.82 1,861.57 -2,480.31
 2.74 5.21 15.72 6.61
- -1.50 - -
-3.59 -81.21 - -
0.51 - - -
-4,154.19 -14,221.04 -6,354.71 -3,877.64
1,113.54 9,771.91 15,775.12 3,656.28
396.09 -199.05 -2,940.74 -1,393.98
-100.84 - - -
-50.14 - - -

- - -10,686.55 -
-1,900.02 -1,685.40 -1,209.85 -614.36
-379.98 -346.16 -334.04 -311.89
-5,075.88 -6,757.24 -5,735.05 -2,534.98

-295.87 312.69 14.24 -10.27

442.63 77.19 58.80 90.18
- 38.52 - -
- 12.39 - -
0.47 0.45 4.15 -21.11
147.23 441.24 77.19 58.80

 23.68 23.94 - -
53.00 57.55 - -
-8.56 -54.94 - -
-37.00 0.91 - -
7.44 3.52 - -
31.12 27.46 - -

- - - -
-31.12 -27.46 - -
- - - -
147.23 441.24 77.19 58.80
 Ultra Tech Cement Ltd.

l Analysis (Balance Sheet) Horizontal Analysis (Balance Sheet)

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

0.36% 0.48% 0.65% 0.01% 5.09% 0.01% 0.04%

0.36% 0.48% 0.65% 0.01% 5.09% 0.01% 0.04%
36.67% 45.68% 57.12% 13.23% 37.96% 7.50% 8.25%
36.67% 45.68% 57.12% 13.23% 37.96% 7.50% 8.25%
37.06% 46.16% 57.77% 13.14% 37.66% 7.51% 8.16%
0.02% 0.03% 0.02% -23.94% -38.11% -24.16% 64.98%

26.98% 27.76% 15.09% -21.99% -15.90% 30.18% 149.00%

8.38% 5.57% 6.59% 22.98% -23.39% 101.45% 14.39%
0.01% 0.06% 0.11% 36.93% 16654.17% -81.77% -24.21%
0.23% 0.27% 0.69% 49.47% 41.16% 10.41% -45.81%
35.59% 33.66% 22.47% -9.23% -13.41% 41.60% 102.75%

4.79% 4.84% 2.56% 3.14% 11.93% 32.75% 156.07%

4.13% 4.17% 4.38% 39.74% 6.43% 32.49% 29.01%
10.60% 10.27% 12.39% 30.04% 5.57% 38.16% 12.21%
0.78% 0.87% 0.40% -4.85% -7.64% 19.71% 194.65%
20.29% 20.15% 19.73% 24.19% 6.74% 34.89% 38.26%
100.00% 100.00% 100.00% 8.79% 3.50% 33.92% 35.37%

58.33% 62.36% 57.87% -3.66% 1.43% 25.27% 45.87%

7.55% 5.32% 0.92% -0.90% -2.79% 89.98% 685.71%
1.50% 2.64% 2.18% 84.82% -20.82% -23.95% 64.01%
67.38% 70.32% 60.97% -1.81% 0.47% 28.33% 56.14%
1.84% 2.62% 3.03% -23.78% 19.94% -6.21% 17.06%
0.02% 0.02% 0.02% 19.73% -50.41% 27.89% -3.68%
1.51% 0.22% 0.16% -86.43% 6.52% 810.46% 88.60%
4.20% 4.95% 1.68% 2.03% 9.12% 13.56% 297.61%
83.07% 79.95% 68.44% -3.67% 1.44% 39.16% 58.13%

1.98% 6.91% 12.82% 156.71% 179.84% -61.60% -27.02%

5.36% 5.72% 5.69% -3.95% 2.06% 25.44% 36.11%
3.64% 3.89% 4.16% 7.91% -14.49% 25.51% 26.38%
0.97% 0.38% 5.33% 271.83% -27.01% 237.65% -90.26%
0.26% 0.19% 0.29% -42.02% -0.03% 78.15% -10.43%
4.72% 2.96% 3.28% 40.05% -12.19% 113.37% 22.37%
16.93% 20.05% 31.56% 63.37% 13.64% 13.03% -13.99%
100.00% 100.00% 100.00% 8.79% 3.50% 33.92% 35.37%
nalysis (Income Statement) Horizontal Analysis (Income Statement)
Mar-19 Mar-18 Mar-17 Mar-21 Mar-20 Mar-19 Mar-18

100.00% 100.00% 100.00% 5.88% 2.14% 30.12% 10.83%

0.00% 2.84% 11.53% - - -100.00% -72.67%
100.00% 97.16% 88.47% 5.88% 2.14% 33.93% 21.72%
101.72% 98.55% 89.47% 5.41% 1.97% 34.31% 22.08%
1.13% 1.87% 2.29% 12.77% 40.48% -21.26% -9.19%
102.86% 100.42% 91.75% 5.52% 2.40% 33.28% 21.30%

13.93% 14.38% 13.79% 1.15% 0.52% 26.07% 15.55%

0.00% 0.00% 0.00% - - - -
5.60% 5.76% 5.37% -6.62% 9.99% 26.56% 18.91%
4.35% 3.94% 2.26% -25.41% 12.03% 43.65% 93.34%
5.99% 5.88% 4.75% -0.82% 11.10% 32.62% 37.05%
61.15% 56.54% 49.95% -1.72% -3.41% 40.73% 25.46%
94.10% 88.81% 78.10% -1.46% -1.54% 37.86% 26.04%
8.76% 11.61% 13.65% 56.56% 44.73% -1.82% -5.78%
-0.28% -1.10% 0.00% - -100.00% -67.14% -
8.48% 10.50% 13.65% 51.53% 49.48% 5.04% -14.73%

1.76% 2.29% 2.88% 54.30% 27.32% 0.24% -12.05%

0.00% 0.00% 0.00% - - - -
0.86% 1.25% 1.20% -175.49% -523.49% -10.44% 14.89%
0.00% 0.00% 0.00% - - - -
2.61% 3.43% 4.08% -546.83% -153.20% -0.83% -7.04%
5.87% 7.08% 9.57% -7.57% 139.69% 7.88% -18.02%
5.87% 7.08% 9.57% -7.57% 139.69% 7.88% -18.02%
5.87% 7.08% 9.57% -5.08% 139.69% 7.88% -18.02%
0.01% -0.01% 0.00% -71.46% 39.94% -236.68% -262.41%
5.88% 7.07% 9.57% -5.08% 139.45% 8.16% -18.15%

0.21% 0.26% 0.35% -5.50% 138.10% 3.70% -18.18%

0.21% 0.26% 0.35% -5.03% 136.90% 3.70% -18.18%

0.85% 1.05% 0.92% -1.47% 9.47% 5.21% 26.73%

0.00% 0.00% 0.18% - - - -100.00%

Dupont Analysis (in Rs. Cr.)

Mar-20 Mar-19 Mar-18 Mar-17
5752.11 2399.84 2224.59 2713.49
43080.95 42072.25 31567.19 26023.04
13% 6% 7% 10%
41780.55 40903.81 30541.18 25091.62
77878.61 66843.98 49684.71 42218.90
0.54 0.61 0.61 0.59
33703.03 27371.73 25386.53 24391.89
2.31 2.44 1.96 1.73
17% 9% 8% 11%
KEY FINANCIAL RATIOS OF ULTRATECH
Mar-21 Mar-20 Mar-19 Mar-18
CEMENT (in Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 189.4 199.55 84.02 80.94
Diluted EPS (Rs.) 189.33 199.49 84 80.92
Cash EPS (Rs.) 282.69 293.62 176.62 148.3
Book Value [ExclRevalReserve]/Share (Rs.) 1530.59 1352.99 1033.15 961.26
Book Value [InclRevalReserve]/Share (Rs.) 1530.59 1352.99 1033.15 961.26
Revenue from Operations/Share (Rs.) 1549.48 1470.04 1515.03 1128.1
PBDIT/Share (Rs.) 426.19 342.94 284.39 245.21
PBIT/Share (Rs.) 332.65 248.61 195.15 177.92
PBT/Share (Rs.) 272.14 179.61 126.27 120.23
Net Profit/Share (Rs.) 189.14 199.29 87.38 81.01
NP After MI And SOA / Share (Rs.) 189.26 199.4 87.51 80.92
PROFITABILITY RATIOS
PBDIT Margin (%) 27.5 23.32 18.77 21.73
PBIT Margin (%) 21.46 16.91 12.88 15.77
PBT Margin (%) 17.56 12.21 8.33 10.65
Net Profit Margin (%) 12.2 13.55 5.76 7.18
NP After MI And SOA Margin (%) 12.21 13.56 5.77 7.17
Return on Networth/Equity (%) 12.36 14.74 8.47 8.42
Return on Capital Employed (%) 14.63 11.45 8.78 10.7
Return on Assets (%) 6.33 7.26 3.14 3.88
Total Debt/Equity (X) 0.4 0.55 0.86 0.71
Asset Turnover Ratio (%) 51.89 53.55 54.36 54.2
LIQUIDITY RATIOS
Current Ratio (X) 1.17 0.89 0.83 1
Quick Ratio (X) 0.97 0.64 0.57 0.71
Inventory Turnover Ratio (X) 11.13 10.14 10.15 9.48
Dividend Payout Ratio (NP) (%) 6.86 6.61 14.46 14.86
Dividend Payout Ratio (CP) (%) 4.59 4.48 7.16 8.11
Earnings Retention Ratio (%) 93.14 93.39 85.54 85.14
Cash Earnings Retention Ratio (%) 95.41 95.52 92.84 91.89
COVERAGE RATIOS
Interest Coverage Ratios (%) 6.46 3.6 3.01 3.95
Interest Coverage Ratios (Post Tax) (%) 6.46 3.6 3.01 3.95
VALUATION RATIOS
Enterprise Value (Cr.) 210,253.91 114,868.67 133,421.16 126,835.77
EV/Net Operating Revenue (X) 4.7 2.71 3.21 4.09
EV/EBITDA (X) 17.09 11.6 17.08 18.84
MarketCap/Net Operating Revenue (X) 4.35 2.21 2.64 3.5
Retention Ratios (%) 93.13 93.38 85.53 85.13
Price/BV (X) 4.4 2.41 3.87 4.11
Price/Net Operating Revenue 4.35 2.21 2.64 3.5
Earnings Yield 0.03 0.06 0.02 0.02
 KEY FINANCIAL RATIOS OF ULTRATECH
Mar-17
CEMENT 
LIQUIDITY RATIOS
98.92 Current Ratio
98.88 Quick Ratio
147.97 Cash Ratio
888.91
888.91 EQUITY MULTIPLIER RATIOS
924.37 Debt Equity Ratio
213.49 Equity to Total Assets
164.37 Interest coverage ratio
141.05 Interest Conversion period
98.85
98.9 PROFITABILITY RATIOS
Return on Assets
23.09 Net Profit Margin
17.78 Operating Profit Margin
15.25 Return on Net Worth
10.69 Return on Investment
10.69 Return on capital employed
11.13
13.31 TURNOVER RATIOS
6.43 Asset Turnover Ratio
0.31 Accounts Receivable Turnover
60.1 Accounts Receivable Period
Accounts Payable Turnover
1.6 Accounts Payable Period
1.31 Inventory Turnover Ratio
10.57
9.6 MARKET VALUE RATIOS
6.41 Price to Book Ratio
90.4 Price Earning Ratio
93.59 Dividend per share
Dividend yield
7.05 Earning per share
7.05

114,739.07 % of Fixed Assets to Total Assets

4.52 % of Total Current Assets to Total Assets
19.58 Cash conversion cycle
4.32 Operating Cycle
90.39
4.49
4.32
0.02
FORMULAS Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
LIQUIDITY RATIOS
Current Assets/Current Liability 1.17 0.89 0.83 1.00 1.60
(Current Assets - Inventory)/Current Liability 0.97 0.64 0.57 0.71 1.31
Cash/Current Liability 0.10 0.04 0.06 0.03 0.28

EQUITY MULTIPLIER RATIOS

Debt/Equity 0.40 0.55 0.86 0.71 0.31
Equity/Total Assets 0.51 0.49 0.37 0.46 0.58
EBITDA/Interest Expense 5.67 2.73 2.13 3.02 6.30
365/Interest coverage ratio 64.35 133.78 171.75 121.04 57.91

PROFITABILITY RATIOS
PAT/Average Total Assets 0.07 0.07 0.04 0.04 0.06
PAT/Net Sales 0.12 0.14 0.06 0.07 0.11
Gross Profit/Net Sales 0.18 0.12 0.08 0.11 0.15
Net Profit/ Shareholder's Equity 0.12 0.15 0.08 0.08 0.11
EBIT/Average Total Assets 0.10 0.07 0.05 0.07 0.09
EBIT/Capital employed 12.37% 8.28% 5.87% 7.99% 11.43%

TURNOVER RATIOS
Sales/Total Assets 0.51 0.53 0.53 0.53 0.59
Sales/Trade Receivables 17.20 17.53 14.68 13.75 14.28
365/Accounts Receivable Turnover Ratio 21.22 20.82 24.87 26.54 25.56
COGS/Trade payable 1.23 1.70 1.80 1.90 2.12
365/Accounts Payable Turnover Ratio 296.05 214.29 202.40 192.59 172.49
COGS/Average Inventory 1.41 1.38 1.55 1.59 1.63

MARKET VALUE RATIOS

Market Price per Share/Book value per Share
Share Price/Earnings per Share
Total Dividends Paid/No. of shares 12.99 13.19 12.66 12.03 9.50
Dividend Per Share/Market Price per Share
Net Income/Average Shares oustanding 189.14 199.29 87.38 81.01 98.85

Total Fixed Assets/Total Assets 72.09% 81.42% 83.07% 79.95% 68.44%

Total Current Assets/Total Assets 27.91% 18.58% 16.93% 20.05% 31.56%