EQUITY RESEARCH ON ULTRATECH CEMENT

INTRODUCTION TO EQUITY

What is Equity?

In accounting and finance, equity is the residual claim or interest of the most junior class of
investors in assets, after al liabilities are paid. If valuations placed on assets do not exceed
liabilities, negative equity exists. In an accounting context, Shareholders equity (or
stockholders equity, shareholders’ funds, shareholders capital or similar terms) represent the
remaining interest in assets of a company, spread among individual shareholders of common
or preferred stock.
This definition is helpful to understand the liquidation process in case of bankruptcy. At first,
al the secured creditors are paid against proceeds from assets. Afterword, a series of creditors,
ranked in priority sequence, have the next claim/right on the residual proceeds. Ownership
equity is the last or residual claim against assets, paid only after al other creditors are paid. In
such cases where even creditors could not get enough money to pay their bil s, nothing is left
over to reimburse owners’ equity. Thus owner’s equity is reduced to zero. Ownership equity is
also known as risk capital, liable capital and equity.

EQUITY SHARES

An equity share, commonly referred to as ordinary share also represents the form of fractiona l
or part ownership in which a shareholder, as a fractional owner, undertakes the maximum
entrepreneurial risk associated with a business venture. The holders of such shares are members
of the company and have voting rights.

DERIVATIVES

A derivative is a financial instrument that gets its value from some real good or stock. It is the
derived value of an underlying asset. It is, in its most basic form, simply a contract between
two parties to exchange value based on the action of a real good or service. Typically, the seller
receives money in exchange for an agreement to purchase or sel some good or service at some
specified future date.

Derivatives offer the some degree of leverage or multiplication as a mortgage. For a small
amount of money, the investor can control a much larger value of company stock than would
be possible without use of these instruments. This can work both ways, though. If the investor
is correct, then more money can be made than if the investment had been made directly into
the company itself. The losses are multiplied instead, however, if the investor is wrong.

The basic concept of a derivative contract remains the same whether the underlying happens
to be a commodity or a financial asset. However, there are some features which are very
peculiar to commodity derivative markets.
EQUITY INVESTMENT

Equity investment generally refers to buying and holding of shares of stock on a stock market
by individuals and firms in anticipation of income from dividend and capital gain as the value
of the stock rises. It also sometimes refers to the acquisition of equity (ownership) participat ion
in private (unlisted) company or start up (a company being created or newly created). When
investment is in infant companies, it is referred to as venture capital investing and is generally
understood to be higher risk than investment in listed going-concern situation.

How to invest in Equity Shares?

Investors can buy equity shares of a company from security market that is from primary market
or secondary. The primary market provides the channel for sale of new securities. Primary
market provides opportunity to issuers of securities ; Government as well as corporate, to raise
resources to meet their requirements of investment and/or discharge some obligations some
obligations. Investors can buy shares of a company through IPO (Initial Public Offerings) when
it is first time issued to the public. Once shares are issued to the public it is traded in the
secondary market. Stock exchange only acts as facilitator for trading of equity shares. Anyone
who wishes to buy shares of company can buy it from an existing shareholder of a company.

Why should one invest in equity in particular?

Equities have the potential to increase in value over time. It also provides your portfolio with
the growth necessary to reach your long term investment goals .research studies have proved
that the equities have outperform most other forms of investments in the long term. Research
studies have proved that investments in some shares with a longer tenure of investment have
yielded far superior returns than any other investment. However this does not mean al equity
investments would guarantee similar higher returns. Equities are high in investment. One need
to study before investment.
Purpose of equity research is to study companies, analyze financials, and look at quantitat ive
and qualitative aspects mainly for decision: Whether to invest or not.

To be able to value equity, we need to first understand how equity is to be analyzed.

Equity Share of any company can be analyzed through:

 Fundamental Analysis
 Technical Analysis
FUNDAMENTAL ANALYSIS

Fundamental Analysis is a method of evaluating a security that entails attempting to measure

its intrinsic value by examining related economic, financial and other qualitative and
quantitative factors. Fundamental analysts attempt to study everything that can affect the
security's value, including macroeconomic factors (like the overall economy and industry
conditions) and company-specific factors (like financial condition and management).

Fundamental analysis is about using real data to evaluate a security's value. Although most
analysts use fundamental analysis to value stocks, this method of valuation can be used for just
about any type of security

Fundamental analysis observes numerous elements that affect stock prices such as sales, price
to earnings (P/E) ratio, profits, earnings per share (EPS), as well as macroeconomic and
industry specific factors.

The end goal of performing fundamental analysis is to produce a value that an investor can
compare with the security's current price, with the aim of figuring out what sort of position to
take with that security (underpriced = buy, overpriced = sell or short).

Fundamental analysis of a business involves analyzing its financial statements and health, its
management and competitive advantages, and its competitors and markets. When analyzing a
stock, futures contract, or currency using fundamental analysis there are two basic approaches
one can use; bottom up analysis and top down analysis. The term is used to distinguish such
analysis from other types of investment analysis, such as quantitative analysis and technical
analysis.

Fundamental analysis is performed on historical and present data, but with the goal of making
financial forecasts. There are several possible objectives:

 To conduct a company stock valuation and predict its probable price evolution,

 To make a projection on its business performance,

 To evaluate its management and make projected decisions

Fundamental analysis includes:

1. Economic analysis
2. Industry analysis
3. Company analysis

On the basis of these three analyses the intrinsic value of the shares are determined. This is
considered as the true value of the share. If the intrinsic value is higher than the market price it
is recommended to buy the share. If it is equal to market price then hold the share and if it is
less than the market price then sell the shares.
TYPES OF FUNDAMENTAL ANALYSIS:

1. Quantitative Factors
2. Qualitative Factors

The various fundamental factors can be grouped into two categories: quantitative and
qualitative.

 Qualitative - related to or based on the quality or character of something, often

as opposed to its size or quantity.
 Quantitative - capable of being measured or expressed in numerical terms.

QUALITATIVE FACTOR – THE INDUSTRY

Each industry has differences in terms of its customer base, market share among firms, industry-
wide growth, competition, regulation and business cycles. Learning about how the industry works
wil give an investor a deeper understanding of a company’s financial health.

 Customers

Some companies serve only a handful of customers, while others serve millions. In general,
it’s negative if a business relies on a smal number of customers for a large portion of its sales
because the loss of each customer could dramatically affect revenues. For example, think of a
military supplier who has 100% of its sales with the Indian government. One change in
government policy could potentially wipe out all of its sales. For this reason, companies will
always disclose in their annual report if any one customer accounts for a majority of revenues.

 Market Share

Understanding a company’s present market share can tel volumes about the company’s
business. The fact that a company possesses an 85% market share tells you that it is the largest
player in its market by far. Furthermore, this could also suggest that the company possesses
some sort of “economic moat” in other words, a competitive barrier serving to protect its
current and further earnings, along with its market share. Market share is important because of
economies of scale. When the firm is bigger than the rest of its rivals, it is in a better position
to absorb the high fixed costs of a capital -intensive industry.
  Industry Growth

One way of examining a company’s growth potential is to first examine whether the amount
of customers in the overall market will grow. This is crucial because without new customers, a
company has to steal market in order to grow. In some markets, there is zero or negative growth,
a factor demanding careful consideration. For example, a manufacturing company dedicated
solely to creating audio compact cassettes might have been very successful in the 70’s, 80’s
and early 90’s. However that same company would probably have a rough time now due to the
advent of newer technologies, such as CDs and MP3s. The current market for audio compact
cassettes is only a fraction of what it was during the peak of its popularity.

 Competition

Simply looking at the number of competitors goes a long way in understanding the competit ive
landscape of a company. Industries that have limited barriers to entry and a large number of
competing firms create a difficult operating environment for firms. One of the biggest risk in a
highly competitive industry is pricing power. This refers to the ability of supplier to increase
prices and pass those costs on to customers. Companies operating in industries with few
alternatives have the ability to pass on costs to customers. A great example of this is Wal-Mart.
They are so dominant in the retailing business, that Wal-Mart practically sets the price for any
of the suppliers wanting to do business with them. If you want to sell to Wal-Mart, you have
little, if any, pricing power.

QUALITATIVE FACTOR – THE COMPANY

Before diving into a company’s financial statements, let’s take a look at some of the qualitat ive
aspects of a company. Following are the qualitative factors of the company that investor should
be aware of-

 Business Model

One of the most important questions that should be asked is what exactly does the company
do? This is referred to as a company’s business model. It’s how a company makes money? You
can get a good overview of a company’s business model by checking out its website or annual
report.

 Competitive Advantage

Another business consideration for investors is competitive advantage. A company’s long- term
success is driven largely by its ability to maintain a competitive advantage – and keep it.
Powerful competitive advantages, such as Reliance’s brand name and Microsoft’s dominat ion
of the personal computer operating system, create a moat around a business allowing it to keep
competitors at bay and enjoy growth and profits. When a company can achieve competit ive
advantage, its shareholders can be well rewarded for decades.

 Management

A company relies upon management to steer it towards financial success. Some believe that
management is the most important aspect for investing in a company. It makes sense – even
the best business model is doomed if the leaders of the company fail to properly execute the
plan. Every public company has a corporate information section on its website. Usually there
will be a quick biography on each executive with their employment history, educational
background and any applicable achievements. Don’t expect to find anything useful here. Let’s
be honest: We’re looking for dirt, and no company is going to put negative information on its
corporate website.

Instead, here are a few ways for to get a feel for management:

1. Management Discussion and Analysis (MD&A)

The Management Discussion and Analysis is found at the beginning of the annual report. In
theory, the MD&A is supposed to be frank commentary on the management’s outlook.
Sometimes the content is worthwhile, other items its boilerplate. One tip is to compare what
management said in past years with what they are saying now. Is it the same material rehashed?
Have strategies actually been implemented? If Possible, sit down and read the last five years
of MD&As.

2. Past Performance

Another good way to get a feel for management capability is to check and see how executives
have done at other companies in the past. You can normally find biographies of top executives
on company websites. Identify the companies they worked at in the past and do a search on
those companies and their performance.

3. Conference Calls

Some of the big market capitalization companies have conference calls do that manageme nt
can address critical issues such as performance review, critical developments etc. The excerpts
of these are later displayed on the company’s websites so as to enable investors to access these.
QUANTITATIVE FACTORS

Now as we know the qualitative factor of fundamental analysis, let’s proceed to the quantitat ive
factor of the fundamental analysis. Quantitative factor include analysis of financial statement
of the company.

RATIO ANALYSIS

Financial ratios are tools for interpreting financial statements to provide a basis for valuing
securities and appraising financial and management performance. In general, there are 3 kinds
of financial ratios that a financial analyst will use most frequently, these are:

 Working capital ratios

 Liquidity ratios
 Solvency ratios

These 3 financial ratios allow a good financial analyst to quickly and efficiently address the
following questions or concerns:

Working capital ratios

 How quickly are debts paid?

 How many times is inventory turned?

Liquidity ratios

 Can the company continue to pay its liabilities and debts?

Solvency ratios

 What is the level of debt in relation to other assets and to equity?

 Is the level of interest payable out of profits?
EARNINGS PER SHARE

Earnings per share is calculated by dividing the net profit ( after interest, tax and preference
dividend) by the number of equity shares.

Earnings per share = Net profit after Interest, Tax and Preference Dividend/ No. of Equity
shares

P/E Ratio -

In general, a high P/E suggests that investors are expecting higher earnings growth in the future
compared to companies with a lower P/E. However, the P/E ratio doesn't tell us the whole story
by itself. It's usually more useful to compare the P/E ratios of one company to other companies
in the same industry, to the market in general or against the company's own historical P/E. It
would not be useful for investors using the P/E ratio as a basis for their investment to compare
the P/E of a technology company (high P/E) to a utility company (low P/E) as each industry
has much different growth prospects.

The P/E is sometimes referred to as the "multiple", because it shows how much investors are
willing to pay per rupee of earnings. If a company were currently trading at a multiple (P/E) of
20, the interpretation is that an investor is willing to pay Rs.20 for Re.1 of current earnings.

It is important that investors note an important problem that arises with the P/E measure, and
to avoid basing a decision on this measure alone. The denominator (earnings) is based on an
accounting measure of earnings that is susceptible to forms of manipulation, making the quality
of the P/E only as good as the quality of the underlying earnings number.

 Generally a high P/E ratio means that investors are anticipating higher growth in the
future.
 The average market P/E ratio is 20-25 times earnings.
 The p/e ratio can use estimated earnings to get the forward looking P/E ratio.

 PEG ratio -

The PEG ratio that indicates an over or underpriced stock varies by industry and by company
type; though a broad rule of thumb is that a PEG ratio below one is desirable. Also, the accuracy
of the PEG ratio depends on the inputs used. Using historical growth rates, for example, may
provide an inaccurate PEG ratio if future growth rates are expected to deviate from historic a l
growth rates. To distinguish between calculation methods using future growth and historic a l
growth, the terms "forward PEG" and "trailing PEG" are sometimes used.
TECHNICAL ANALYSIS

Technical analysis is a financial term used to denote a security analysis discipline for
forecasting the direction of prices through the study of past market data, primarily price and
volume. Behavioral economics and quantitative analysis incorporate technical analysis, which
being an aspect of active management stands in contradiction to much of modern portfolio
theory.
Technical analysis employs models and trading rules based on price and volume
transformations, such as the relative strength index, moving averages, regressions, inter-market
and intra-market price correlations, business cycles, stock market cycles or, classically, through
recognition of chart patterns.
Technical analysis stands in contrast to the fundamental analysis approach to security and stock
analysis. Technical analysis analyzes price, volume and other market information, whereas
fundamental analysis looks at the actual facts of the company, market, currency or commodit y.
Most large brokerage, trading group, or financial institutions will typically have both a
technical analysis and fundamental analysis team.
Simply put, technical analysis is the study of prices, with charts being the primary tool.
Technical analysts are sometimes referred to as chartists because they rely almost exclusive ly
on charts for their analysis.
Technical analysis is applicable to stocks, indices, commodities, futures or any tradable
instrument where the price is influenced by the forces of supply and demand. Price refers to
any combination of the open, high, low or close for a given security over a specific timefra me.
The time frame can be based on intraday, daily, weekly or monthly price data and last a few
hours or many years.

Technicians, as technical analysts are cal ed, are only concerned with two things:
1. What is the current price?
2. What is the history of the price movement?

The price is the end result of the battle between the forces of supply and demand for
the company’s stock. The objective of analysis is to forecast the direction of the future price.
By focusing on price and only price, technical analysis represents a direct approach. After all,
the value of any asset is only what someone is wil ing to pay for it.
 PURPOSE OF STUDY
The Main Purpose of Equity Research is to provide investor with detail Financial
Analysis and Recommendations on wheather to buy, hold and sale a particular investment bank often use of equity researches a
way of ‘supporting’ there investment banking and sales and treading clients by providing timely high quality information and
analysis.
The main work in equity research is producing reports. Ranging from quick updates or “flash
reports” to in-depth, “initiating coverage” reports, the job of an equity research associate or analyst is to constantly be
publishing. Another big part of the job (discussed below) is financial modeling.

Working in equity research can be compared to what it’s like to be a university student. There are
lots of “assignments” or “papers” due with fairly egular deadlines, such as when a company releases qualterly results or
announces something.
 INDUSTRY PROFILE

UltraTech Cement Ltd is an India-based company engaged in the production of cement.

The company manufactures and markets Ordinary Portland Cement, Portland Blast Furnace Slag
Cement and Portland Pozzalana Cement. They also manufacture ready mix concrete. They are having
11 integrated plants, one white cement plant, 12 grinding units and five terminals - four in India and one
in Sri Lanka. The company is the subsidiary of Grasim Industries Ltd.
The company is the country's largest exporter of cement clinker. The export markets span
countries around the Indian Ocean, Africa, Europe and the Middle East. The export market comprises of
countries around the Indian Ocean, Africa, Europe and the Middle East. The company's subsidiaries are
Dakshin Cements Ltd, UltraTech Cement Lanka Pvt Ltd

HISTORY

UltraTech Cement Ltd was incorporated on August 24, 2000 as a public limited company with
the name L&T Cement Ltd as a 100% subsidiary of Larsen & Toubro Ltd. In November 2003, the name
of the company was changed from L&T Cement Ltd to UltraTech ChemCo Ltd.
In the year 2004, pursuant to the scheme of arrangement, the cement business of Larsen &
Toubro Ltd was de-merged and got transferred to the company with effect from April 1, 2003. In May
14, 2004, the company acquired four crore equity shares of Larsen & Toubro Ceylino (Pvt) Ltd from
Larsen & Toubro Ltd at an aggregate consideration of Rs 23.03 crore.
In July 2004, Grasim Industries Ltd acquired management control of the company and in
October 14, 2004, the name of the company was changed from UltraTech ChemCo Ltd to UltraTech
Cement Ltd. Also, Narmada Cement Company Ltd became a subsidiary of the company by virtue of the
scheme of arrangement for de-merger of cement business of Larsen.
During the year 2005-06, the company increased the production capacity of Cement from 155
lakh tonnes to 170 lakh tonnes. As per the scheme of amalgamation, Narmada Cement Company Ltd
was amalgamated with the company. Thus, the entire undertaking of Narmada Cement Company Ltd
was transferred to the company with effect from October 1, 2005.
During the year 2007-08, the company increased the production capacity of Cement from 170
lakh tonnes to 182 lakh tonnes. They set up 15 Ready Mix Concrete plants across the country.
 During the year 2008-09, the company increased the production capacity of Cement from 182
lakh tonnes to 219 lakh tonnes as a result of expansion of capacity at the company's unit at Andhra
Pradesh Cement Works (APCW) together with a new split grinding unit at Ginigera, Karnataka.
During the year, the company commissioned 192 MW captive TPPs at their units at APCW,
Hirmi Cement Works (HCW) in Chhattisgarh and Gujarat Cement Works (GCW) in Gujarat in a phased
manner. Also, they set up new Ready Mix Concrete (RMC) plants and thus increased the RMC capacity
to 4.76 million cubic metres per annum.
During the year 2009-10, the company increased the production capacity from 219 lakh tonnes
to 231 lakh tonnes. They incorporated a wholly-owned subsidiary company in UAE in the name of
'UltraTech Cement Middle East Investments Ltd'. In May 2010, the cement business of Grasim
Industries Ltd was de-merged and vested in Samruddhi Cement Ltd. In July2010, Samruddhi Cement
Ltd was amal gamated with the company.
During the year 2010-11, the company's wholly-owned subsidiary, UltraTech Cement Middle
East Investments Ltd completed the acquisition of ETA Star Cement (ETA) and acquired management
control of ETA's operations in the UAE, Bahrain and Bangladesh. The company's capacity stands
augmented to 52 MMTPA placing it among the top 10 cement companies in the world due to the merger
and acquisition.
The company has proposed setting up a cement plant in West Bengal of two million tonne
capacity. The unit, to be second in the state, has received the clearance from the West Bengal Pollution
Control Board. The plant would have capacities of 6,000 tonne per day of Portland.

TYPES OF PRODUCT

Ordinary portland cement is the most commonly used cement for a wide range of applications.
These applications cover dry-lean mixes, general-purpose ready-mixes and even high strength pre-cast
and pre-stressed concrete.
Portland blast-furnace slag cement contains up to 70 percent of finely ground, granulated blast-
furnace slag, a nonmetallic product essentially consisting of silicates and aluminosilicates of calcium.
Slag brings with it the advantage of the energy invested in the slag making process. Grinding slag for
cement replacement takes only 25 per cent of the energy needed to manufacture portland cement. Using
slag cement to replace a portion of portland cement in a concrete mixture is a useful method to make
concrete better and more consistent. Portland blast-furnace slag cement has a lighter colour, better
concrete workability, easier finishability, higher compressive and flexural strength, lower permeability,
improved resistance to aggressive chemicals and more consistent plastic and hardened consistency.
UltraTech Premium is UltraTech‘s new Concrete Special Cement composed of high quality clinker
blended with judicious amounts of superior blast furnace slag having high glass content, gypsum devoid
of deleterious materials and optimum PSD (Particle Size Distribution).
 Portland pozzolana cement is ordinary portland cement blended with pozzolanic materials
(power-station fly ash, burnt clays, ash from burnt plant material or silicious earths), either together or
separately. Portland clinker is ground with gypsum and pozzolanic materials which, though they do not
have cementing properties in themselves, theycombine chemically with portland cement in the presence
of water to form extra strong cementing material which resists wet cracking, thermal cracking and has a
high degree of cohesion and workability in Concrete and mortar.
UltraTech's bulk cement terminal in Sri Lanka is located at Colombo. Cement is received by
specially-engineered, self-discharging bulk cement carriers. It is then discharged at the port in road
bowsers which transport cement 10 km from port to the terminal. Cement is stored in 4 x 7500 T cement
concrete silos. A sophisticated bulk cement terminal (which subscribes to all environmental norms)
despatches cement in bulk form to RMC and asbestos plants. The terminal also has a modern Italian
make Ventomatic packer to pack cement in 50 kg. paperbags to services customers on this land. With its
sharp focus on cement, the Aditya Birla Group has always believed that like arrangements between
countries in different parts of the world for regional cooperation, the group too should be present in
adjacent countries with facilities to qualify as a local producer of cement. Two of the countries adjacent
to India have limited deposits of limestone, the basic raw material for cement. This position compels the
two to be dependent on import for their domestic construction activity. It was in this context that a joint
venture bulk cement terminal was established in Colombo, Sri Lanka. Gujarat Cement Works (GCW)
has a captive jetty engineered for exports. Accordingly, for the past five years, bulk cement has been
exported from GCW to UltraTech Cement Lanka (Pvt.) Ltd, the group‘s joint venture(JV) in Sri Lanka.
UltraTech Cement has been meeting the cement requirements of Sri Lanka by supplying a good quality
product. The company‘s customer base has recognized the quality and service levels backed with a field
force to market cement along with qualified engineers in the technical cell who render technical advice
to customer sat thesite.
This recognition has enabled the company to achieve a substantial market share in a fiercely
competitive market teeming with multinational competitors including two of the largest manufacturers
in the world. In this competitive environment, the company‘s customer base has given it brand equity
and acknowledged it as a premium quality cement supplier in the island.

PRODUCTION CAPACITY
UltraTech Cement Limited and its subsidiaries have an annual capacity of 53.90 million
tonnes, making it among the top 10 producers of cement globally. UltraTech is also the largest
manufacturer of White Cement in India. The company manufactures and markets ordinary portland
cement, portland blast furnace slag cement, portlandpozzalana cement, ready mix concrete building
products and building solutions.
 UltraTech Cement has 11 integrated plants, 15 grinding units, five bulk terminals and 101 RMC
plants – spanning India, UAE, Bahrain, Bangladesh and Sri Lanka. UltraTech Cement is also India's
largest exporter of cement clinker reaching out to meet demand in countries around the Indian Ocean,
Africa, Europe and the Middle East.
The company's subsidiaries are Dakshin Cements Limited, Harish Cements Limited, UltraTech
Cement Lanka (Pvt.) Ltd, and UltraTech Cement Middle East Investments Limited, which completed
the acquisition of ETA Star Cement together with its operations in the UAE, Bahrain and Bangladesh,
and acquired management control.

SEGMENTS

UltraTech's success is attributed to its diverse product offerings. Different products are handled
by different product groups, which are also known as profiles. Product groups decentralise control and
encourage innovation. They also ensure better customer segmentation, which in turn leads to better
customization of product offerings and guarantees cent percent customer satisfaction. UltraTech
Cement, Birla White, UltraTech Concrete, UltraTech Building Products and UltraTech Solutions are the
different profiles of UltraTech, each catering to varied needs. This versatility has been a key competitive
advantage for UltraTech over the years.
 COMPANY PROFILE

A US $24 billion corporation with a market capital of US $23 billion and in the League of
Fortune 500, the Aditya Birla Group is anchored by an extraordinary force of 100,000 employees,
belonging to 25 different nationalities. Over 50 per cent of its revenues flow from its operations across the
world.
The Aditya Birla Group‘s products and services offer distinctive customer solutions worldwide.
The Group has operations in 20 countries - India, Thailand, Laos, Indonesia, Philippines, Egypt, China,
Canada, Australia, USA, UK, Germany, Hungary, Brazil, Italy, France, Luxembourg, Switzerland,
Malaysia and Korea.
In India, the Group has been adjudged “The Best Employer in India and among the top 20 in
Asia” by the Hewitt-Economic Times and Wall Street Journal Study 2007.

Globally the Aditya Birla Group is-

 A metals powerhouse, among the world‘s most cost-efficient aluminium and copper producers.
Hindalco, from its fold, is a Fortune 500 Company. It is also the largest aluminium rolling company
and one of the 3 biggest producers of primary aluminium in Asia, with the largest single location
copper smelter
 No. 1 in viscose staple fibre
 The 3rd largest producer of insulators
 The 4th largest producer of carbon black
 The 11th largest cement producer globally and the 2nd largest in India
 Among the world‘s top 15 BPO companies and among India‘s top 3
 Among the best energy efficient fertilzers plants
 In India-

 A premier branded garments player

 The 2nd largest player in viscose filament yarn
 The 2nd largest in the Chlor-alkali sector
 Among the top 5 mobile telephony companies
 A leading player in Life Insurance and Asset Management.