QUARTER P/L Mar-23 Jun-23 Sep-23 Dec-23 Mar-24

Sales 18662 17737 16012 16739 20418

Sales Growth Rate -4.96 -9.73 4.54 21.98
Other Income 121 173 167 140 135
Total Income 18783 17910 16179 16880 20554
Total Expenditure 16101 15436 14259 14268 17191
EBIT 2682 2473 1920 2611 3362
EBIT Growth Rate -7.79 -22.36 35.99 28.76
Interest 191 210 233 262 261
Tax 822 576 409 580 851
Net Profit 1668 1686 1276 1769 2249
Net Profit Growth rate 1.08 -24.32 38.64 27.13

BALANCE SHEET Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Share Capital 288 288 288 288 288
Reserves & Surplus 38,719 43,843 50,096 53,955 59,938
Total Equity 39,007 44,131 50,384 54,243 60,226
Change in Equity (%) 13.14 14.17 7.66 11.03

Current Liabilities 16,580 20,591 20,156 23,432 26,905

Other Liabilities 23,632 21,460 13,287 13,710 13,670
Total Liabilities 40,212 42,051 33,443 37,142 40,575
Change in Liability (%) 4.57 -20.47 11.06 9.24
Total Equities & Liabilities 79,219 86,182 83,827 91,385 100,801

Fixed Assets 51,818 50,878 54,022 57,290 63,343

Current Assets 14,721 24,050 17,489 20,742 23,158
Other Assets 12,680 11,254 12,316 13,353 14,300
Total Assets 79,219 86,182 83,827 91,385 100,801
Change in Assets (%) 8.79 -2.73 9.02 10.30

Cash Flow Statement Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Operating Activities 8,972 12,502 9,283 9,068 10,897
Investing Activities -4,192 -8,859 2,257 -7,187 -8,788
Financing Activities -5,075 -4,356 -12,497 -1,631 -1,925
Net Cash Flow -295 -712 -958 249 183
ANNUAL P/L Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 42,429 44,725 52,598 63,239 70,908
Sales Growth Rate 5.41 17.60 20.23 12.13
Other Income 651 734 507 503 616
Total Income 43,080 45,459 53,106 63,743 71,525
Total Expenditure 35,905 36,118 43,799 55,508 61,156
EBIT 7,175 9,341 9,399 8,234 10,368
EBIT Growth Rate 30.19 0.62 -12.39 25.92
Interest 1,991 1,485 944 822 968
Tax -568 2,538 1,190 2,342 2,418
Net Profit 5,752 5,316 7,265 5,069 6,981
Net Profit Growth rate -7.58 36.66 -30.23 37.72

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Liquidity Ratios
Current Ratio (X) 0.89 1.17 0.87 0.89 0.86
Quick Ratio (X) 0.64 0.97 0.59 0.6 0.55

Return Ratio
Return on Equity (%) 14.74 12.36 14.56 9.32 11.63
ROCE (%) 11.45 14.63 14.61 12.11 14.12
Return On Assets (%) 7.26 6.33 8.76 5.54 6.94
Basic EPS (Rs.) 199.55 189.4 254.64 175.63 243.05

Margin Ratio
Gross Profit Margin (%) 23.32 27.5 22.85 17.58 19.15
Operating Margin (%) 16.91 21.46 17.69 13.02 14.72
Net Profit Margin (%) 13.55 12.2 13.94 8.01 9.84

Valuation Ratio
P/E (x) 16.26 35.58 25.93 43.4 40.11
P/B (x) 2.41 4.4 3.78 4.05 4.67

Leverage Ratio
Debt to Equity (x) 0.55 0.4 0.2 0.18 0.17
Interest Coverage Ratios (X) 3.6 6.46 12.73 13.52 14.03
Year 2023 2024 Assumptions :
Sales ( in Cr ) ₹ 63,240.0 ₹ 70,908.1 Sales Growth % 14%
COGS ( in Cr) ₹ 35,301.9 ₹ 33,223.8 Gross Margin % 50%
Gross Profit (in Cr) ₹ 27,938.1 ₹ 37,684.3
Gross Margin % 44.18% 53.15% Sales Next Year ₹ 80,835.3
Sales Growth % 12.13% COGS -₹ 40,417.6
Average GPM 48.66% Gross Profit ₹ 40,417.6
 Gross Margin
### 40% 45% 50% 55% 60%
6% ₹ 30,065.1 ₹ 33,823.2 ₹ 37,581.3 ₹ 41,339.4 ₹ 45,097.6
8% ₹ 30,632.3 ₹ 34,461.4 ₹ 38,290.4 ₹ 42,119.4 ₹ 45,948.5
Sal 10% ₹ 31,199.6 ₹ 35,099.5 ₹ 38,999.5 ₹ 42,899.4 ₹ 46,799.4
es 12% ₹ 31,766.8 ₹ 35,737.7 ₹ 39,708.6 ₹ 43,679.4 ₹ 47,650.3
Ma 14% ₹ 32,334.1 ₹ 36,375.9 ₹ 40,417.6 ₹ 44,459.4 ₹ 48,501.2
gin 16% ₹ 32,901.4 ₹ 37,014.0 ₹ 41,126.7 ₹ 45,239.4 ₹ 49,352.1
18% ₹ 33,468.6 ₹ 37,652.2 ₹ 41,835.8 ₹ 46,019.4 ₹ 50,203.0
20% ₹ 34,035.9 ₹ 38,290.4 ₹ 42,544.9 ₹ 46,799.4 ₹ 51,053.9
in
65% 70% 75%
₹ 48,855.7 ₹ 52,613.8 ₹ 56,372.0
₹ 49,777.5 ₹ 53,606.6 ₹ 57,435.6
₹ 50,699.3 ₹ 54,599.3 ₹ 58,499.2
₹ 51,621.1 ₹ 55,592.0 ₹ 59,562.8
₹ 52,542.9 ₹ 56,584.7 ₹ 60,626.5
₹ 53,464.7 ₹ 57,577.4 ₹ 61,690.1
₹ 54,386.5 ₹ 58,570.1 ₹ 62,753.7
₹ 55,308.3 ₹ 59,562.8 ₹ 63,817.3
Scenario Summary
Current Values: BASE WORST BEST
Changing Cells:
Sales (in Cr) ₹ 70,908.1 ₹ 70,908.1 ₹ 70,408.1 ₹ 71,408.1
Sales Growth % 14% 14% 8% 20%
Gross Margin % 50% 50% 40% 65%
Result Cells:
Next Year Sales (in Cr ₹ 80,835.3 ₹ 80,835.3 ₹ 76,040.8 ₹ 85,689.8
COGS (in Cr) -₹ 40,417.6 -₹ 40,417.6 -₹ 45,624.5 -₹ 29,991.4
Gross Profit (in Cr) ₹ 40,417.6 ₹ 40,417.6 ₹ 30,416.3 ₹ 55,698.3
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
 Y Variable X Variable
Name P/E ROE %ROCE % CMP Rs.EPS Ann Rs. Industry P/E
ACC 22 14.06 17.33 2514.15 124.42
Ambuja Cements 35.03 10.12 13.9 608.45 18.01
Dalmia BharatLtd 40.7 5.16 7.12 1792.35 44.04
J K Cements 44.43 9.48 10.42 3981 55.18
JK Lakshmi Cem. 22.48 13.08 14.25 801.7 30.48
30.6
Nuvoco Vistas 80.55 1.65 5.47 332.35 4.13
Shree Cement 39 7.45 8.99 25433 368.1
Star Cement 31.11 10.8 16.8 233.4 6.13
The Ramco Cement 42.66 5.14 6.55 769 14.54
UltraTech Cem. 39.99 12.32 15.26 9781.95 242.65

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.8478402
R Square 0.7188331
Adjusted R Square 0.6384996
Standard Error 9.8321651
Observations 10

ANOVA
df SS MS F Significance F
Regression 2 1730.056 865.028 8.9481206 0.01178623
Residual 7 676.7003 96.67147
Total 9 2406.756

Coefficients
Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 66.681641 9.337691 7.141127 0.0001868 44.6015101 88.761771011
ROE % -4.9831847 2.297323 -2.16913 0.066703 -10.4154896 0.4491201977
ROCE % 1.5154851 2.072603 0.731199 0.4884055 -3.38544149 6.4164116337

RESIDUAL OUTPUT

Observation Predicted P/EResiduals

1 22.88 -0.88142
2 37.32 -2.287054
3 51.76 -11.05866
4 35.23 9.197596
5 23.10 -0.617247
6 66.75 13.80091
7 43.18 -4.181125
8 38.32 -7.213395
9 50.99 -8.334498
10 28.42 11.57489
Predicted P/E Predicted Price Decision
22.88 2846.91 BUY
37.32 672.08 HOLD
51.76 2279.45 BUY
35.23 1944.12 SELL
23.10 704.00 SELL
66.75 275.67 SELL
43.18 15894.97 SELL
38.32 234.92 HOLD
50.99 741.46 HOLD
28.42 6894.93 SELL

Lower 95.0%Upper 95.0%

44.6015100628 88.76177
-10.4154896182 0.44912
-3.38544149201 6.416412