Professional Documents
Culture Documents
Production
India
February 2014
Produced by:
Indias fiscal year runs from Apr 1 to March 31. Thus, FY 2014 (also called fiscal 2014) means Apr 1, 2013 Mar 31, 2014. In Indian documents, FY (fiscal) 2014 is also labeled FY13-14.
The remaining nine months of calendar 2014, i.e. Apr-Dec, belong to fiscal year 2015.
In order to better align with calendar years and make international comparisons more meaningful, in the Major Players section of this report, Emerging Markets Insight has chosen to label data by
the year in which most of the result occurred. Unless otherwise stated, in the Major Players section of this report, 2012, for example, means the 12 months between Apr 1, 2012 - Mar 31, 2013, or
what in India is referred to as FY 2013. This applies to Indian companies only and may not apply to companies with global operations, which may be presented in this report.
When sources have not provided details on their year labeling policy, year labels in graphs and tables featured in this report appear as provided by the source.
Sector Dynamics
India is the world's second-largest cement manufacturer after China, accounting for about 7% of the global production. The country is also among the leading
exporters worldwide. Since cement is a cyclical commodity, the dynamics of production are highly dependent on the overall economic activity in India. Thus, the
recent slow-down in GDP growth and especially the unstable situation in the construction sector have resulted in decreasing demand and excess capacities.
Demand
The housing sector is the main driver of demand for cement manufacturing, as over 67% of the production is directed to housing construction. Another 13% are
used in the commercial construction and 11% in infrastructure projects, with approximately 9% of the cement used in industrial construction.
The demand for cement was affected by the economic slowdown in recent years, subdued construction activity and delays in execution of infrastructure projects.
Prolonged monsoon periods also had a negative effect on the sector. The capacity has reached around 240mn tonnes in FY 2012, while utilisation fell to 75%,
reflecting the still existing mismatch in supply-demand.
Market Segmentation
Cement production in India is a fragmented industry with more than 160 players. However, the sector is rather oligopolistic in nature as the top 10 producers
control about 70% of the domestic market. The recent slowdown in demand has affected negatively the sector but small producers experienced the biggest
reduction in capacity utilisation, suggesting there is a scope for consolidation in the industry.
The sector is dominated by private entities, as less than 5% of the manufacturers are state-owned. A number of foreign companies have entered the market -
French cement maker Lafarge, Germany's HeidelbergCement, Italy's Italcementi and Swiss cement maker Holcim.
Regional Presence
With cement being a bulk, transport-expensive commodity, the production has been concentrated on regional basis. India is divided into five main regions
northern, eastern, western, southern and central. The southern has the highest installed capacity and production there exceeds consumption.
The main cement production states in India are Andhra Pradesh, Tamil Nadu (both in the southern region) and Rajasthan(northern region).
Main Indicators
Cement Installed Capacity (mn tonnes) 178.8 206.6 199.2 224.4 241.9
Cement Closing Stock (mn tonnes) 1.1 1.1 1.3 1.6 1.3
Clinker Closing Stock (mn tonnes) 5.5 5.5 6.3 6.5 5.6
Cement,plaster,concrete etc., real output (USD bn) 0.6 0.5 0.5 0.5 0.4
GDP at factor costs (INR tn, constant prices) Cement, plaster and concrete VA output, % of manufacturing
10.8% 10.2%
9.3%
8.6%
9.3% 6.7%
6.2% Construction (incl. real estate, infrastructure etc.), which determines
6.7% 5.0% the overall cement production dynamics, outpaced GDP growth in the
5.3% 5.6% pre-crisis period, but has slowed down in recent years.
4.3%
High initial capital investment, long gestation period and required economies of scale form high barriers for entry. Moreover the
Entry Barriers scarce free resources and experienced domestic companies make the entry of new players more difficult.
Problems with land acquisition are reported by producers as major obstacle for expansion. As a result, many of the investments
are made in brownfield manner.
Coal and freight are among the main ingredients of the cement industry mix. The government is the body that controls licensing
of coal and limestone reserves. Some of the leading companies reported inordinate delays in conversion of allotted linkages
Supplier Power
and deteriorating quality. The use of imported coal has increased, making production more dependent on international coal
price movements and forex fluctuations.
Buyer Power Cement producers are highly concentrated in the different regional markets, thus reducing the power of the consumer.
Inter-firm
In spite of the big number of players, the Indian cement industry is rather oligopolistic in nature with regional segmentation.
Rivalry
Treats of There are no materials that can substitute cement. There are shifts between cement varieties as a result of differences in
Substitutes energy and cost efficiency of production.
2,150
India cement manufacturing expanded at a compound rate of 5.4% in
the period between 2003 and 2011. Fuelled by the construction boom
in 2004-2008 the sector growth averaged 9.1%. A drop of 11.5%
followed in 2009, but production rose again in 2010 and accelerated
in 2011.
250
Domestic production grew by a modest 3.9% during H1 FY 14 74 70 65 65 60 60 52
primarily due to weak demand from end-user industries, according to
credit ratings and research provider ICRA Ltd. China India US Brazil Iran Vietnam Russia Turkey Japan
200 Ordinary
0.6 0.6 Others Portland
180 Cement 31.6%
0.7 15.2 0.6 12.4
0.7 11.8
160 13.6
11.8
140 Portland
120 Blast
120.8 102.4
110.1 Furnace
100 111.2 100.2 Slag
Portland
80
Pozzolana
60 Cement Portland Blast
Portland Furnace Slag
40 Ordinary Pozzolana 6.9%
45.1 48.2 54.4 56.9
Portland Cement 61.2%
20 42.8
Cement
0 Others 0.3%
2007 2008 2009 2010 2011
Comments
The Ordinary Portland Cement (OPC) was the main variety produced in India in the early 2000s, but the industry went through a shift in the production mix.
With the reduction in OPC output in 2005-2007 and the expansion of Portland Pozzolana Cement (PPC) at a CAGR of 10.1% in 2004-2010, the latter
variety took the leading role. The share of OPCs dropped to about 25% in 2007 from over 60% in 2000. At present, more than 60% of the cement produced
in India is PPC.
Sector companies also manufacture Sulphate Resistance Cement and IRST 40, but their share represents less than 0.3% of the total production.
Source: CEIC
Any redistribution of this information is strictly prohibited.
Copyright 2014 EMIS, all rights reserved. - 10 -
Capacity
Due to the long-period needed for set-up of new capacities, they are 241.9
usually created ahead of demand. Thus, new capacities continued to 225.8
206.6 199.2
be installed after the market started to contract. 178.8
The pace of capacity additions has slowed down in 2011, though 157.6 165.9
151.7
overcapacity still poses problems for the industry. The over-supply
led to shrinking capacity utilisation and in 2011 it fell to 79%.
The level dropped the most in the southern region, which registered
the highest levels of consumption in the pre-crisis period. At the same
time, utilisation in the western region where the production-
consumption gap is the largest continued to rise.
2004 2005 2006 2007 2008 2009 2010 2011
Source: CEIC
Any redistribution of this information is strictly prohibited.
Copyright 2014 EMIS, all rights reserved. - 11 -
Consumption
177 1,581
2011 180
167
2010 168
158
2009 161 744
178
2008 402
182 330
202 191
164 129
2007 168
20
15
10
-5
1.2007
4.2007
7.2007
10.2007
1.2008
4.2008
7.2008
10.2008
1.2009
4.2009
7.2009
10.2009
1.2010
4.2010
7.2010
10.2010
12.201
4.2011
7.2011
10.2011
1.2012
4.2012
7.2012
10.2012
1.2013
4.2013
7.2013
10.2013
Comments
Cement prices showed a steady upward trend from 2003 to H1 2008 due to expansion of the construction sector and supply gap. Although installed
capacity has outstripped demand by 2009, much of those capacities were in stabilisation phase i.e. the effective capacity was lower than the capacity
utilisation level suggested. In the following years, however, with most of the capacities being fully operational, pricing pressures started to build. The
unstable local construction sector and lower demand also affected cement prices.
The price of cement rose in end-2011- mid 2012 period, following a slight recovery in demand. The increase decelerated again in end 2012 and was on a
downward path in the last months of 2013.
Comments
The development of the sector and especially its profitability is dependent on the investment costs (land costs, inflation, environmental regulations) and operating costs
(coal, electricity, oil). The latter have been quite volatile recently, rising more often than not, reflecting high inflation and tax hikes.
International coal prices declined substantially in 2013, leading to higher imports of the raw material and relatively lower prices for the import dependent companies. The
price decline was however partially offset by the weak rupee.
In May 2013, Coal India Ltd reduced the prices of premium varieties of coal by 10% in line with decline in international coal prices. To offset this, CIL increased the prices of
low grade coal -varieties that are commonly used by Indian cement companies - by an average 10% . The increase in coal prices affected the power and fuel cost for
cement companies and was more pronounced on companies which depend more heavily on domestic coal.
The costs pressure is expected to continue in the short-to-medium term and will carry a downside risk for the sector development.
Main exporters in value terms, calendar 2012 India cement trade balance, USD mn
7.4%
Apr-Sep'13 70.6
6.3%
5.3% 2012 83.5
2011 134.0
3.4% 3.4%
2.5% 2010 124.8
1.5%
2009 21.4
2008 111.6
Turkey
China
USA
India
Vietnam
Pakistan
Japan
2007 149.2
Comments
India is among the world's top ten exporters of cement both in value and volume terms. However, it lost market share in 2012 when the country's exports
accounted for 1.5% of the global trade, down by 1% compared to 2011.
The country has a positive trade balance with traditionally high cement exports and relative product imports.
India - Export of cement Main export markets in value terms, Apr-Sep 2013
203.7 202.1 213.5
188.3 Others 7.1%
0.125% 178.2
Bhutan 9.7%
2007
2008
2009
2010
2011
2012
Apr-Sep'13
Nepal 26.2%
India - Import of cement Main import markets in value terms, Apr-Sep 2013
0.041%
Others 1.2%
Malaysia 1.3%
118.9
0.025% 94.7 Germany 1.8%
0.022% 76.7 77.3 79.5
0.019% 0.011% UAE 2.2%
54.5 0.016%
0.021%
26.0 Egypt 3.1%
Netherlands 3.7%
Vietnam 9.6%
2007
2008
2009
2010
2011
2012
Apr-Sep'13
China 11.3%
Bangladesh 26.8%
Source: Department of Commerce, Emerging Markets Insight calculations, Data for HS 2523
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Copyright 2014 EMIS, all rights reserved. - 16 -
Energy Efficiency
Weighted average electric energy consumption, kWh/tonne Weighted average clinker to cement ratio, %
77.1
116
114
113
76.4
112
111
111
110
110
76.2
109
107
75.9
105
103
103
102
102
75.6
94.5
92.3
91.2
90.8
87.3
74.3
74.1
74.1
73.7
73.7
73.7
73.2
72.9
72.8
72.7
73
72.6
71.9
72
72
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
Comments
According to data from the Cement Sustainability Initiative (CSI) of the World Business Council for Sustainable Development, India performs well in terms
of energy efficiency.
Despite the fact that fast capacity accumulation has led to lower utilisation, the recent expansion of the industry provides efficiency as modern plants are
more efficient than older ones.
FDI Inflows Cement and Gypsum Products (calendar years) Sector-wise distribution of equity FDI (2000-Nov2013)
674.9
2.9%
617.5
Telecommunic
ations 6.2%
Camputer
2.0% Construction software 5.9%
11.0%
Cement and
1.4% Gypsum
252.6 products 1.4%
214.0
0.8%
96.6
80.7 0.4%
0.3%
Services Pharmaceutica
2008 2009 2010 2011 2012 Oct'13 ls 5.5%
18.6%
FDI in cement and gypsum products, USD mn
Cement and gypsum products in total FDI
Source: CEIC, Ministry of Commerce and Industry of India, Department of Industry Policy and Promotion
Any redistribution of this information is strictly prohibited.
Copyright 2014 EMIS, all rights reserved. - 18 -
Government Policy
Cartels and In June 2012, the Competition Commission of India (CCI) imposed fines worth a total of USD 1.1 billion on eleven local cement
manufacturers for price fixing.
competition
The watchdog said the companies colluded to underuse their plants and create an artificial shortage of cement. The companies were
fined the equivalent of 50% of their net profit for the fiscal years ending in March 2010 and March 2011.
India's 2013-2014 national budget features several projects designed to boost construction sector development and, consequently,
cement demand. Among them are projects for building of roads in North-eastern states and connecting them with Myanmar; 3,000km
of road projects in Gujarat, Madha Pradesh, Maharashtra, Rajastan and Uttar Pradesh, two new major ports in the states of West
Bengal and Andhra Pradesh and a new harbour in Tamil Nadu. About INR 200bn were to be allocated to the Rural Infrastructure
Budget Development Fund.
The budget also levied 2% custom duty on steam and bituminous coal. Coal is among the main raw material in cement production, as
the annual requirement exceeds 50mn tonnes. Administrative, environmental and legal delays in adding new mines and expanding
existing ones has increased India's dependence on coal imports and the country is currently the third largest importer of the raw
material.
The growth of the Indian cement sector is closely related to the development of the local construction sector. The 12th Five Year Plan
suggests doubling the funds allocated for infrastructure in 2013-2017 to INR 56tn (USD 1tn). It includes projects for freight corridors,
upgraded and new airports and ports, large number of highway, which are expected to enhance economic activity and lead to increase
in cement demand. According to official estimates, there will be a shortage of 40mn dwelling units in rural areas and 29mn units in
12th Five-Year urban area, which will drive housing demand.
Plan The construction sector is expected to grow by accumulated 10% in the period. To cater for the rising demand the government projects
that cement capacity has to increase to about 480mn tonnes per annum i.e. approximately additional 150mn tonnes are to be installed
and operationalized in the coming years.
But considering the average annual consumption, the current low utilisation levels and history of underachievement and delays of the
government construction projects, the achievement of these ambitious targets is doubtful.
Indias fiscal year runs from Apr 1 to March 31. Thus, FY 2012 (also called fiscal 2012) means Apr 1, 2011 Mar 31, 2012. In Indian documents, FY (fiscal) 2012 is also labeled FY11-12.
Indian fiscal year 2013 ends in March 2013 and the remaining nine months of calendar 2013 belong to fiscal year 2014.
In order to better align with calendar years and make international comparisons more meaningful, Emerging Markets Insight has chosen to label data by the year in which most of the result
occurred. Unless otherwise stated, in charts throughout this report, 2011, for example, means the 12 months between Apr 1, 2011 - Mar 31, 2012, or what in India is referred to as fiscal 2012.
42.2 26.4%
41.2
36.5 37.9
33.5 35.1 34.1
30.8
26.7 27.5 15.3% 14.9%
10.7% 9.6%
Cement
Cement
Lakshmi
Jaipraka
Associat
Ultratech
Cement
Cement
Binani
Shree
JK
es
sh
Production Consumption
15.2%
8.9%
Lafarge
Cement
Industries
India Ltd.
Century
Textiles
India
Tech
Ultra
OCL
and
Production Consumption
35
87.0 Others
30 86.0 85.0 3.2
2.8 85.0
2.7 2.9 The Eastern region is the only region in India, where cement
25 2.8 Chhattisgarh
11.6 consumption outstrips production. Despite the capacity addition in the
12.0
20 11.1 9.4
10.5 West Bengal past years, the supply-demand gap has been increasing.
15 4.8
Orissa
5.1
5.4 4.0 4.8 80.0 Nonetheless, the levels of utilisation seam relatively low in
10
4.6
6.4
Jharkhand comparison with other regions as well as in light of the uncovered
3.6 6.4 6.4
5 demand.
5.1 5.2 3.8 5.7
3.6 Capacity
0
Utilization
2007 2008 2009 2010 2011
Chettinad cement
Penna Cement
Kesoram Cement
Dalmia Bharat
India Cement
Madras Ceents
35.8 47.7%
32.2 34.0
31.5
28.8 28.5 28.1
24.7
20.8 21.7
9.0% 8.8% 7.0%
Century Textiles
Ultra Tech- Gujarat
Sanghi Industries
Associates
Jaiprakash
and Industries
2007 2008 2009 2010 2011
Production Consumption
10 19.2 18.7
17.4
15.2 16.9 In 2011, the Western region registered growth in demand of 13.7%,
5 Capacity reflected in higher utilisation levels despite the capacity additions.
Utilization
0
2007 2008 2009 2010 2011
29.9
27.6
27.4
26.2
26.2
26.0
25.1
25.0
25.0
23.8
15.6% 13.0%
Century Textiles
Ultratech Cement
Associates
Jaiprakash
2007 2008 2009 2010 2011
Production Consumption
Indias fiscal year runs from Apr 1 to March 31. Thus, FY 2012 (also called fiscal 2012) means Apr 1, 2011 Mar 31, 2012. In Indian documents, FY (fiscal) 2012 is also labeled FY11-12.
Indian fiscal year 2013 ends in March 2013 and the remaining nine months of calendar 2013 belong to fiscal year 2014.
In order to better align with calendar years and make international comparisons more meaningful, Emerging Markets Insight has chosen to label data by the year in which most of the result
occurred. Unless otherwise stated, in charts throughout this report, 2011, for example, means the 12 months between Apr 1, 2011 - Mar 31, 2012, or what in India is referred to as fiscal 2012.
1,750 3,121
2,899
2,673
2,375
1,879
1,042 997
880
250
105 557 510
80 75 68 66 57 55 55
Comments
India is the second-largest producer of clinker in the world behind China. As the country uses almost all of the manufactured quantity in the production of
cement, it exports just about 2% of its total clinker output.
The main export markets in volume terms are Nepal, followed by Sri Lanka and Mozambique.
6.5% 7.0%
4.1%
Clinker production rose at an average rate of 6% in the period 2003- 2.7%
2007 but slowed down to 1.4% in 2007-2011.
Eastern
40 15.3 13.8 15.0 Region
Eastern 9.3% 14.4 13.0
20 30.5 31.1 Northern
Southern 26.5 26.4 28.2
Region
38.2% 0
2007 2008 2009 2010 2011
Source: CEIC
Any redistribution of this information is strictly prohibited.
Copyright 2014 EMIS, all rights reserved. - 28 -
IV. Main Players
Indias fiscal year runs from Apr 1 to March 31. Thus, FY 2012 (also called fiscal 2012) means Apr 1, 2011 Mar 31, 2012. In Indian documents, FY (fiscal) 2012 is also labeled FY11-12.
Indian fiscal year 2013 ends in March 2013 and the remaining nine months of calendar 2013 belong to fiscal year 2014.
In order to better align with calendar years and make international comparisons more meaningful, Emerging Markets Insight has chosen to label data by the year in which most of the result
occurred. Unless otherwise stated, in charts throughout this report, 2011, for example, means the 12 months between Apr 1, 2011 - Mar 31, 2012, or what in India is referred to as fiscal 2012.
Country of
Date Target Company Deal Type Buyer Deal Value USD (mn) Stake %
Buyer
Open market
29.08.2013 Century Textiles & Industries Ltd Private Investors - 2.3 0.8
purchase
12.08.2013 Sree Jayajothi Cements Ltd Acquisition CRH Plc Ireland 230.0 68.0
24.07.2013 ACC Ltd Acquisition Ambuja Cements India Ltd India 2,467.6 50.0
27.06.2013 Sree Jayajothi Cements Ltd Acquisition Vicat Group France - 50.0
Minority stake
15.05.2013 Lafarge India Pvt Ltd Baring Private Equity Asia Ltd Hong Kong 260.0 14.0
purchase
19.01.2013 India Cements Ltd. Block trade Undisclosed investors - 3.3 9.8
Source: DealWatch
Any redistribution of this information is strictly prohibited.
Copyright 2014 EMIS, all rights reserved. - 30 -
UltraTech
49.8
45.2
In the cement segment, the companys assortment includes
28.2
26.6
24.5
20.9
14.0
10.9
9.8
Cement production and sales, mn tonnes Clinker production and sales, mn tonnes
31.8
31.3
40.2
40.1
39.8
39.4
26.8
33.2
32.9
15.6
15.1
17.8
17.6
15.9
15.8
2.5
2.4
1.6
1.0
0.5
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Production Sales Production Sales
28.0
27.4
25.0
22.0
22.0
21.6
2012
21.0
21.3 0.1
20.1
18.8
17.8
Capacity Production
Domestic Export
Cement sales by region, mn tonnes Investments projects and planned capacities installation
32.5%
Associated Cement Companies Ltd is among the top
111.3
109.1
18.3% cement producers in India. The company was
94.3
established in 1936 and operates in the cement and
79.7
77.1
3.3%
ready-mix concrete manufacturing segments.
71.3
13.3
Ltd by the Swiss-based Holcim, the later made an
12.1
11.2
11.0
10.6
-30.3%
open offer to the shareholders of Associated Cement
Companies and through ACIL increases its holdings to
2008 2009 2010 2011 2012 2013
Net Sales Net profit Profit, yoy change 34.69% from 13.8%.
As of 2005, the financial accounting year of the
Key Performance Indicators company was changed to match the calendar year.
In 2006, the company was renamed to ACC Limited.
Product 2008 2009 2010 2011 2012 2013
In 2011, ACC installed the worlds largest kiln at its
Operating EBITDA cement plant in Wadi, Karnataka with a capacity of
26.6 33.2 23.5 20.4 19.7 12,500 tonnes per day.
margin, %
Cement sales account for almost 95% of the
Return on Capital
29 34 20 18 21 16 companys revenue. In 2013, cement sales amounted
employed,%
to INR 106.2bn, while ready-mix concrete added INR
Debt equity ratio 0.10 0.09 0.08 0.07 0.02 0.004 6.7bn in revenue.
ACC Limited share are traded on the Bombay Stock
EPS 65.0 86.0 60.0 71.0 56.5 58.4
Exchange and the National Stock Exchange of India.
Dividend per share 20.0 23.0 30.5 28.0 30.0
93.0% 91.0%
11.5% 81.0%
77.0% 79.0%
5.2% 21.3
2.3%
1.6%
21.1
21.0
21.5
23.7
24.1
20.8
21.4
23.5
24.1
-1.0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
2010 8,971
47.2
61.1
65.5
65.7
61.8
2009 8,916
18.1
17.5
15.8
10.0
9.9
6.8
6.2
5.8
16 600
14.2
14.9
14 524
12.3
500
12 12.5
10.3
9.4 10.2 10.3 400
9.4
10
8.7
8.1
8.5
7.8
7.5
8 300
263.6 261.03
6.4
6
200
4 132.23
117.1 100
2
0 0
2008 2009 2010 Apr-11-Jun-12 Jul'12-Jun'13
2008 2009 2010 Apr'11-Jun'12 Jul'12-Jun'13
Cement Clinker Clinker and cement, mn tonnes Power, MWh (rhs)
Comments
Shree Cement plans to commission two cement mills with total capacity of 4mn tonnes per annum, as a part of its Ras unit in 2014.
Another clinker manufacturing unit at Ras plant is also scheduled to be completed by June 2014.
The company has also planned to add split clinker grinding capacity at other locations in northern India and has initiated steps for acquiring land and
obtaining necessary clearances.
Shree Cement has started the work on setting up an integrated unit (clinkerisation with grinding) of 2mn tonnes in Baloda Bazar, Chhattisgarh, expected to
be completed by March 2015. A split grinding facility with 2mn tonnes per annum capacity at Bihar unit is also under construction and planned to be
launched by the end of the financial year.
12.5
8.03
8.48
8.36
7.95
7.55
7.52
7.31
7.26
10.0 10.5 10.5 10.5
6.53
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Employees Comments
2009 2,583
The sale value of cement for 2012, net of excise duty and VAT
amounted to INR 36.27bn compared to INR 30.94bn for the
2008 2,447
previous year.
Asia Headquarters
Corporate Headquarters
Americas Headquarters Eucharistic Congress Bldg. No.
Nestor House
225 Park Avenue South III
Playhouse Yard
New York, New York 10003 4th Floor, 5 Convent Street
London EC4V 5EX
US Mumbai 400 001
UK
Voice: +1 212 610 2900 India
Voice: +44 207 779 8471
Fax: +1 212 610 2950 Voice: +91 22 22881123
Fax: +44 207 779 8224
Fax: +91 22 22881137
Disclaimer:
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