Ultratech Ltd. fm.xlsx

	B	C	D	E	F	G	H
1	Name of the Company	Ultratech Cement		Source: Annual Reports - Standalone Financial Statements
2	CMP(Rs)	6050		Blue - Input Values
3	No. of outstanding shares (crore)	28.863		Black - Calculated Values
4	Market Cap. (Rs crore)	174,621.15		Yellow Fill - Assumptions
5
6
7	(Rs Crore)	Mar-18	Mar-19	Mar-20	Mar-21E	Mar-22E	Mar-23E
8	P&L Statement
9	Revenue	30,251.75	39,998.61	40,649.17
10	Less: Excise Duty	-893.83	0	0
11	Net Revenues	29,357.92	39,998.61	40,649.17	49,185.50	59,514.45	72,012.48
12	YoY Growth %		36%	2%	21%	21%	21%
13
14	Raw Material & Purchases	-4792.73	-6621.67	-7223.59
15	Change in Stock	113.08	-62.94	362.74
16	Power & Fuel	-5959.5	-8828.3	-7703.19
17	Manpower expenses	-1706.24	-2158.29	-2336.17
18	Other Manufacturing Expenses	-3368.07	-4445.72	-4946.1
19	Royalty	-	-	-
20	COGS	-15713.46	-22116.92	-21846.31	-26434.04	-31985.18	-38702.07
21
22	Gross Profit	13,644.46	17,881.69	18,802.86	22,751.46	27,529.27	33,310.41
23	GP Margin%	46%	45%	46%	46%	46%	46%
24	YoY Growth %		31%	5%	21%	21%	21%
25
26	Freight Outward	-7281.63	-10315.55	-9631.85	-7869.68	-9522.31	-11522.00
27	Other Expenses	(480)	(487)	(390)	(491.85)	(595.14)	(720.12)
28
29	EBITDA	21,405.64	28,684.34	28,824.42	31,112.99	37,646.72	45,552.54
30	EBITDA Margin%	73%	72%	71%	63%	63%	63%
31	YoY Growth %		34%	0.49%	7.94%	21.00%	21.00%
32
33	Depreciation	-1763.56	-2321.2	-2454.9	-2709.87	-2798.87	-2888.87
34
35	EBIT	19,642.08	26,363.14	26,369.52	28,403.13	34,847.86	42,663.67
36	EBIT Margin%	67%	66%	65%	58%	59%	59%
37	YoY Growth %		34%	0.024%	7.7%	22.7%	22.4%
38
39	Finance Cost	-1191.15	-1648.44	-1704.22	-5578.67	-5744.85	-6000.33
40	Other income	599.55	496.86	726.58	726.58	726.58	726.58
41	Exceptional Items	-226.28	-113.88	-	-	-	-
42
43	PBT	18,824.20	25,097.68	25,391.88	23,551.04	29,829.59	37,389.92
44	Income Tax - Current	-678.03	-713.86	-918.63
45	Income Tax - Deferred	-392.53	-366.07	1154.41
46	Total Income Tax	-1070.56	-1079.93	235.78	5,887.76	7,457.40	9,347.48
47	ETR	6%	4%	-1%	25%	25%	25%
48	Reported PAT	17,753.64	24,017.75	25,627.66	29,438.80	37,286.99	46,737.40
49	PAT Margin %	60%	60%	63%	60%	63%	65%
50	EPS (Rs.)	646.50	874.52	887.91	1,019.95	1,291.86	1,619.28
51
52	Business PAT	17,514.49	23,898.97	25,627.66	29,438.80	37,286.99	46,737.40
53	Business EPS (Rs.)	637.80	870.19	887.91	1,019.95	1,291.86	1,619.28
54
55	Core Earnings	16,880.84	23,380.73	24,907.83	28,530.58	36,378.77	45,829.17
56	Core EPS (Rs.)	614.72	851.32	862.97	988.48	1,260.39	1,587.82
57
58	Dividend (incl. DDT)	330.68	346.61	379.98	294.39	186.43	233.69
59
60	BALANCE SHEET
61
62	Assets
63	Net Fixed Assets	37,211.75	46,641.44	46,785.36	45,835.50	44,836.64	43,747.77
64	Capital WIP	1472.97	1106.19	860.01	1800	1800	1800
65
66	Investment in Subsidiaries	-	-	-	0	0	0
67	Non Current Investments	2214.19	5549.66	5838.93	10000	10000	10000
68	Current Investment	3948.71	1514.85	4243.69	4243.69	4243.69	4243.69
69	Total Investments	6,163	7,065	10,083	14243.69	14243.69	14243.69
70
71	Deferred Tax Assets	-	-	-	-	-	-
72
73	Inventories	3101.5	3787.47	3833.88	5,390.19	6,522.13	7,891.78
74	Trade Receivables	1714.2	2353.19	1848.28	2,425.59	2,934.96	3,551.30
75	Loans & Advances (incl. all adjusted values)	924.09	3507.51	2361.07	2361.07	2361.07	2361.07
76	Other Current Assets	3586.27	4154.17	5735.18	5735.18	5735.18	5735.18
77	Total Current Assets	9,326.06	13,802.34	13,778.41	15,912.03	17,553.34	19,539.33
78
79	Trade Payables	2224.16	2971.33	3038.78	3,638.38	4,402.44	5,326.95
80	Provisions	622.1	724.65	747.64	808.53	978.32	1,183.77
81	Other Current Liablities (incl. all adjustments)	5863.48	7405.77	7556.46	7556.46	7556.46	7556.46
82	Total Current Liabilities	8,709.74	11,101.75	11,342.88	12,003.37	12,937.22	14,067.18
83	Working Capital	616.32	2,700.59	2435.53	3908.66	4616.12	5472.15
84
85	Cash & Cash Equivalents	199.32	656.47	310.52	17934.67	40530.26	70156.67
86
87	Total Assets	45,663	58,169	60,474	83,723	106,027	135,420
88
89	Liabilities
90
91
92	Share Capital	274.61	274.64	288.63	288.63	288.63	288.63
93	Reserves & surplus	25648.41	33022.72	38007.69	64,344.11	86,529.66	114,338.37
94	Shareholders Equity	25,923.02	33,297.36	38,296.32	64,632.74	86,818.29	114,627.00
95
96	Short Term Debt	2687.83	3586.82	3953.21	4042.64	3261.07	3945.89
97	Long Term Debt	13,878.36	16,038.50	14147.63	15,047.63	15,947.63	16,847.63
98	Total Debt	16,566.19	19,625.32	18,100.84	19,090.27	19,208.70	20,793.52
99
100	Net Deferred Tax Liabilities	3174.05	5246.52	4076.88	0	0	0