Financial Analysis of ACC Cement

Balance Sheet
Standalone (Rs. in Million)
Particulars

Dec 2013

Dec 2010

Dec 2009

Share Capital

1879.50

1879.50

1879.50

1879.50

1879.40

0.00

0.00

0.00

0.00

1.00

Total Reserves

76368.90

71948.50

70043.20

62815.40

58281.80

Shareholder's Funds

78248.40

73828.00

71922.70

64694.90

60162.20

Minority Interest

Long-Term Borrowings

Secured Loans

820.00

5000.00

5099.30

5500.00

Unsecured Loans

30.30

60.80

138.90

169.20

Deferred Tax Assets / Liabilities

5072.70

5169.20

5183.60

3615.30

3492.50

Other Long Term Liabilities

4067.50

3810.90

3722.60

890.90

923.60

1230.60

10031.10

10754.00

15197.60

8853.50

9161.70

6392.00

6604.90

7102.60

16163.80

14087.10

15456.90

15158.10

15170.60

6341.70

5552.00

Short Term Provisions

10807.50

12917.30

10499.40

24086.60

11500.00

Total Current Liabilities

32656.40

34680.30

32772.60

46592.10

31139.10

120935.90

119262.30

119892.90

69933.10

65831.40

ASSETS

Non-Current Assets

103995.50

102187.80

96453.70

80769.50

68262.70

48836.60

43549.10

34378.40

29945.10

26679.80

119.30

Share Warrants & Outstandings

Long Term Trade Payables

Long Term Provisions
Total Non-Current Liabilities
Current Liabilities
Trade Payables
Other Current Liabilities
Short Term Borrowings

Total Liabilities

Gross Block
Less: Accumulated Depreciation
Less: Impairment of Assets

Dec 2012

Dec 2011

Net Block

55039.60

58638.70

62075.30

50824.40

41582.90

8196.10

3113.00

3656.30

15628.00

21562.10

Intangible assets under development

Pre-operative Expenses pending

Assets in transit

Non Current Investments

1768.10

1946.70

4451.00

3951.10

3461.70

Long Term Loans & Advances

8668.30

5642.00

4478.80

Other Non Current Assets

3082.40

1658.40

561.40

76754.50

70998.80

75222.80

70403.50

66606.70

Currents Investments

20172.10

23588.80

11798.50

13075.60

11294.70

Inventories

11214.70

11335.50

10995.40

9149.80

7789.80

Sundry Debtors

3972.20

3034.50

1877.40

1782.80

2037.00

Cash and Bank

5033.80

6783.80

16525.60

9800.30

7463.80

194.70

288.00

150.00

561.20

109.90

3593.90

3232.90

3323.20

15367.30

5161.10

44181.40

48263.50

44670.10

49737.00

33856.30

11525.00

13583.20

11897.50

3144.90

2717.20

24009.30

24674.70

32871.60

36661.40

22561.60

120935.90

119262.30

119892.90

69933.10

65831.40

17641.50

16812.20

4487.70

4089.00

3591.00

Total Debt

350.30

1630.60

5107.30

5238.20

5669.20

Book Value

416.76

393.21

383.07

344.57

320.44

Adjusted Book Value

416.76

393.21

383.07

344.57

320.44

Lease Adjustment A/c

Capital Work in Progress

Total Non-Current Assets

Current Assets Loans & Advances

Other Current Assets

Short Term Loans and Advances
Total Current Assets
Net Current Assets (Including Current
Investments)
Total Current Assets Excluding Current
Investments
Miscellaneous Expenses not written off
Total Assets
Contingent Liabilities

INCOME STATEMENT
Particulars
No of Months

Dec 2013

Dec 2012

Dec 2011

Dec 2010

Dec 2009

12

12

12

12

12

124910.70

126394.40

107000.20

85637.10

87242.40

Less :Inter divisional transfers

Less: Sales Returns

13221.30

12814.80

10397.30

8463.80

6970.40

111689.40

113579.60

96602.90

77173.30

80272.00

130.00

1084.90

95.50

585.60

557.80

Raw Materials Consumed

18543.40

17102.20

13100.80

12242.10

9846.70

Power & Fuel Cost

23823.40

23822.60

21833.00

15986.70

15396.50

6616.80

6166.50

5330.10

4566.60

3637.50

12013.80

10611.50

9746.20

10566.80

8878.90

1725.30

1752.40

1500.70

1434.40

1446.70

25139.10

24069.10

20853.40

12510.20

12241.80

7409.70

7014.60

4936.00

3741.10

3462.50

Total Expenditure

95401.50

91623.80

77395.70

61633.50

55468.40

PBIDT (Excl OI)

16287.90

21955.80

19207.20

15539.80

24803.60

2237.90

3394.30

1919.10

4016.00

2607.50

18525.80

25350.10

21126.30

19555.80

27411.10

516.70

1892.60

969.10

1014.50

1046.30

18009.10

23457.50

20157.20

18541.30

26364.80

5739.50

5588.80

4753.00

3926.80

3420.90

12269.60

17868.70

15404.20

14614.50

22943.90

0.00

-3353.80

Gross Sales

Less: Excise
Net Sales
EXPENDITURE :
Increase/Decrease in Stock

Employee Cost
Other Manufacturing Expenses
General and Administration
Expenses
Selling and Distribution Expenses
Miscellaneous Expenses
Expenses Capitalised

Other Income
Operating Profit
Interest
PBDT
Depreciation
Profit Before Taxation & Exceptional
Items
Exceptional Income / Expenses

Profit Before Tax

12269.60

14514.90

15404.20

14614.50

22943.90

Provision for Tax

1312.00

3903.00

2151.60

3414.40

6876.60

10957.60

10611.90

13252.60

11200.10

16067.30

-2162.90

Profit Balance B/F

38618.30

38215.40

33814.10

32038.50

24779.10

Appropriations

49575.90

46664.40

47066.70

43238.60

40846.40

300.00

300.00

280.00

305.00

230.00

58.36

56.52

70.59

59.65

85.58

416.76

393.21

383.07

344.57

320.44

PAT
Adj to Profit After Tax

Equity Dividend (%)

Earnings Per Share (Rs.)
Book Value (Rs.)

CASH FLOW
Standalone (Rs. in Million)
Particulars
Profit Before Tax
Adjustment
Changes In working Capital
Cash Flow after changes in Working Capital

Cash Flow from Operating Activities

Dec 2013
12269.6
0

Dec 2012

Dec 2011 Dec 2010

14514.90

15404.2

14614.5

Dec 2009
22943.90

4663.10

7769.70

3690.70

4462.60

3988.10

-1876.50

-4455.40

780.40

1036.20

1979.30

19875.3

20113.3

15713.1

19353.8

15056.2
0
10770.0
0

17829.20

15770.00

23970.80
-

Cash Flow from Investing Activities

-8521.10

Cash Flow from Financing Activities

-8608.80

Net Cash Inflow / Outflow

-6359.90

2003.30

5447.50

5017.40

31350.5

29303.20

22855.7

17858.5 14382.90

Opening Cash & Cash Equivalents

-3106.50 -2582.40 -8122.50

28911.30

10660.20

15049.40

-7683.20 -6213.90 -4545.80

4375.60

0
Cash & Cash Equivalent on Amalgamation / Take
over / Merger
Cash & Cash Equivalent of Subsidiaries under
liquidations
Translation adjustment on reserves / op cash
balalces frgn subsidiaries
Effect of Foreign Exchange Fluctuations

44.00

Closing Cash & Cash Equivalent

Valuation Ratios
Particulars

Dec 2013

Dec 2012

Dec 2011

Dec 2010

Dec 2009

Total Debt/Equity(%)

0.00

0.02

0.07

0.08

0.09

Current Ratio(x)

1.35

1.39

1.36

1.07

1.09

Quick Ratio(x)

1.01

1.06

1.03

0.87

0.84

24.75

8.67

16.90

15.41

22.93

0.00

0.01

0.02

0.03

0.03

GPM(%)

14.42

18.56

18.84

21.65

30.22

NPM(%)

8.77

8.40

12.39

13.08

18.42

38.93

40.45

2.40

1.72

2.58

1.03

1.06

0.89

0.71

0.87

Liquidity ratios

Interest Cover(x)
Total Debt/Mcap(%)
Profitability Ratios

Turn Over Ratios

Sales/Current Assets
Sales/Total Assets

Financial Ratios

Particulars

Dec 2013

Dec 2012

Dec 2011

Dec 2010

Dec 2009

Operational & Financial Ratios

Earnings Per Share (Rs)

58.36

56.52

70.59

59.65

85.58

CEPS(Rs)

88.93

86.29

95.90

80.57

103.80

DPS(Rs)

30.00

30.00

28.00

30.50

23.00

416.76

393.21

383.07

344.57

320.44

10.69

26.89

13.97

23.36

29.97

Core EBITDA Margin(%)

13.04

17.37

17.95

18.15

28.43

EBIT Margin(%)

10.24

12.98

15.30

18.25

27.50

Pre Tax Margin(%)

9.82

11.48

14.40

17.07

26.30

PAT Margin (%)

8.77

8.40

12.39

13.08

18.42

13.37

12.82

16.83

17.66

22.34

ROA(%)

9.12

8.87

11.04

10.15

17.32

ROE(%)

14.41

14.56

19.40

17.94

29.36

ROCE(%)

16.60

21.52

22.28

23.02

40.01

Asset Turnover(x)

1.04

1.06

0.89

0.78

0.94

Sales/Fixed Asset(x)

1.21

1.27

1.21

1.15

1.38

10.84

9.31

8.99

27.23

32.11

0.83

0.79

0.83

0.87

0.73

Receivable days

10.24

7.09

6.24

8.14

10.75

Inventory Days

32.95

32.24

34.36

36.10

32.89

Payable days

25.81

28.38

56.63

92.46

97.91

PER(x)

18.99

25.29

16.10

18.03

10.18

PCE(x)

12.46

16.57

11.85

13.35

8.40

Price/Book(x)

2.66

3.64

2.97

3.12

2.72

Yield(%)

2.71

2.10

2.46

2.84

2.64

Book NAV/Share(Rs)
Tax Rate(%)
Margin Ratios

Cash Profit Margin (%)

Performance Ratios

Working Capital/Sales(x)
Efficiency Ratios
Fixed Capital/Sales(x)

Valuation Parameters

EV/Net Sales(x)

1.82

2.32

2.09

2.56

2.02

EV/Core EBITDA(x)

10.98

10.38

9.56

10.09

5.90

EV/EBIT(x)

15.91

16.04

12.33

12.63

6.75

EV/CE(x)

1.68

2.21

1.68

1.64

1.61

M Cap / Sales

1.86

2.36

2.21

2.62

2.04

-1.66

17.57

25.18

-3.86

10.22

Core EBITDA Growth(%)

-26.92

19.99

8.03

-28.66

35.57

EBIT Growth(%)

-22.07

0.21

4.76

-34.85

35.04

PAT Growth(%)

3.26

-19.93

18.33

-30.29

32.48

EPS Growth(%)

3.26

-19.93

18.33

-30.30

32.44

Total Debt/Equity(x)

0.00

0.02

0.07

0.08

0.09

Current Ratio(x)

1.35

1.39

1.36

1.07

1.09

Quick Ratio(x)

1.01

1.06

1.03

0.87

0.84

24.75

8.67

16.90

15.41

22.93

0.00

0.01

0.02

0.03

0.03

Growth Ratio
Net Sales Growth(%)

Financial Stability Ratios

Interest Cover(x)
Total Debt/Mcap(x)