Gujarat Ambuja Cements Ltd.

July 31, 2003

1

Ambuja Cement

Gujarat Ambuja Cements Limited

(Quarter Snapshot)
Rs. Crores

Sales -Volume (mn tonnes) - Value Operating Profit Interest Cash Profit Depreciation Profit Before Tax Current & Deferred Tax Profit After Tax Net Operating Margin

4 Q2003 2.66 470 143 21 122 41 81 3 78 30 %

4 Q2002 1.92 358 110 24 86 37 49 9 40 31%

Variance % 39 31 30 (13) 42 11 65 -95 -Ambuja Cement

Gujarat Ambuja Cements Limited

(Quarter on Quarter)
Rs. Crores

Sales -Volume (mn tonnes) - Value Operating Profit Interest Cash Profit Depreciation Profit Before Tax Current & Deferred Tax Profit After Tax Net Operating Margin

4 Q2003 2.66 470 143 21 122 41 81 3 78 30 %

3 Q2003 2.72 472 145 19 126 43 83 16 67 31%

Ambuja Cement

Performance of GACL Financial Year 2002 - 2003

Ambuja Cement

Clinker Production
mn tonnes

FY2003

FY2002

Increase %

Gujarat
Himachal Maratha GACL Total ACEL ACRL

4.27
2.29 2.03 8.59 1.06 1.35

4.14
1.88 0.08 6.10 1.04 1.34

3
22 -41 2 --

Group Total

11.00

8.48

30

Ambuja Cement

Cement Production
mn tonnes

FY2003

FY2002

Increase %

Gujarat
Himachal Maratha GACL Total ACEL ACRL

4.58
3.11 2.15 9.84 1.48 1.45

4.31
2.77 0.13 7.21 1.44 1.27

6
12 -37 3 14

Group Total

12.77

9.92

29

Ambuja Cement

Major Cement Players

(July 2002 - June 2003)
mn tonne

Capacity ACC 16.1

Production 14.2

Despatches 14.1

L&T
Grasim Ambuja Group

16.5
13.6 13.0

11.7
11.9 12.8

11.7
11.9 12.8

Source: CMA 7

Ambuja Cement

Gujarat Ambuja Cements Limited

(Financial Year)
Rs. Crores

Sales - Volume mn tonnes - Value Operating Profit Interest Depreciation Profit Before Tax Tax Profit After Tax Net Operating Margin

FY2003 9.82 1735 513 88 172 253 31 222 30%

FY 2002 Growth (%) 7.18 37 1384 25 466 10 97 (9) 138 25 231 10 44 -187 19 34% --

Ambuja Cement

Turnover
FY 2003 FY 2002 5.92 1.26 7.18 1235 149 1384 Growth (%) 35 46 37 23 47 25

Volume - mn tonnes - Domestic - Export Total Value - Rs. Crores - Domestic - Export Total

7.99 1.83 9.82 1516 219 1735

Ambuja Cement

Sales Realisation
Rs./ tonne

FY 2003 Domestic 2260

FY 2002 2422

Increase / (Decrease) (7 %)

Export
Total

1197
2062

1183
2205

-(6 % )

10

Ambuja Cement

Power Cost
Rs./ tonne

FY 2003 Units consumed Cost 86 187

FY 2002 86 179

Increase / (Decrease) -4%

11

Ambuja Cement

Fuel Cost
Rs./ tonne

FY 2003 K. Cal/ Kg of Clinker Cost 729 227

FY 2002 742 254

Increase / (Decrease) (2 %) (11 %)

12

Ambuja Cement

Cost of Production
Rs./ tonne

FY 2003 Power 187

FY 2002 179

Increase / (Decrease) (%) 4

Fuel
Raw material Consumables Direct cost

227
136 47 597

254
133 48 614

(11)
2 (2) (3)

13

Ambuja Cement

Gujarat Ambuja Cements Limited

(Balance Sheet)
FY2003 Sources of Funds Shareholders Funds Deferred Tax FCCB Debt Total Application of Funds Gross Fixed Assets Less: Depreciation Net Fixed Assets Investments Net Current Assets Total
14 Rs. Crores

FY 2002 1618 223 461 1322 3624 2900 848 2052 1132 440 3624

1683 305 461 1244 3693 3024 1012 2012 1102 579 3693

Ambuja Cement

Debt Profile
Rs. Crores Long Term Bonds Loans Short Term Rupee Loan Foreign Currency Loan Total %

695 150
845

56 12 68 11 21 32 100

132 267
399 1244

15

Ambuja Cement

Ratios
FY 2003 FY 2002

Interest Cover
Net Operating Margin Debt / EBDITA

5.8
30% 2.4

4.8
34% 2.8

Debt / Networth
ROCE ** ROCE *** RONW

0.74
9.3% 13.4% 13.4%

0.82
9.6% 13.3% 11.9%

** ***

Including Investment in ACIL & ACRL Excluding Investment in ACIL & ACRL

16

Ambuja Cement

Performance of Our

Subsidiary & Associate Company

17

Ambuja Cement

Ambuja Cement Eastern Limited

(Income Statement)
Rs. Crores

FY 2003 Sales - Volume-mn tonnes - Value Operating Profit 1.50 365 91

FY 2002 Growth (%) 1.48 314 55 1 16 65

Interest
Depreciation Net Profit Deferred Tax Profit After Tax Net Operating Margin

17
25 49 (72) 121 25%
18

23
27 12 -12 18%

(26)
(7) 308 ---Ambuja Cement

Ambuja Cement Eastern Limited (Balance Sheet)

Rs. Crores

FY 2003 Sources of Funds Shareholders Funds Net Debt Total Application of Funds Net Fixed Assets Net Current Assets Deferred Tax Profit & Loss Account Total
19

FY 2002 227 242 469 255 27 -187 469

Ambuja Cement

206 188 394 240 35 72 47 394

Ambuja Cement Rajasthan Limited

(Income Statement)
Rs. Crores

FY 2003 FY 2002 Growth (%) Sales - Volume mn tonnes - Value 1.63 254 1.42 237 15 7

Operating Profit
Interest Depreciation Loss for the year Net Operating Margin

40
40 25 25 16%

41
47 25 31 17%

(2)
(15) -(19) --

20

Ambuja Cement

Ambuja Cement Rajasthan Ltd.

(Balance Sheet)
Rs. Crores

FY 2003
Sources of Funds Shareholders Funds Debt Total Application of Funds Net Fixed Assets Net Current Assets Profit & Loss Account Total
21

FY 2002
265 423 688 363 11 314 688
Ambuja Cement

267 427 694 342 13 339 694

Ambuja Group
(FY 2003)
mn tonne

Capacity GACL 9.5

Production 9.84

Sales 9.82

ACEL
ACRL Total

2.0
1.5 13.0

1.48
1.45 12.77

1.50
1.46 12.78

22

Ambuja Cement

Gujarat Ambuja Cements Limited

(Consolidated Income Statement)
Rs. Crores

Sales Operating Profit Interest Depreciation Profit Before Tax Profit After Tax Minority Interest Profit After Tax Net Operating Margin

FY2003 2173 619 103 206 310 347 54 293

29%
23

FY 2002 Growth (%) 1729 26 526 18 120 (14) 174 18 232 34 187 86 7 671 180 63
30% -Ambuja Cement

Gujarat Ambuja Cements Limited

(Consolidated Balance Sheet)
FY2003 Sources of Funds Shareholders Funds Minority Interest Deferred Tax FCCB Net Debt Total Application of Funds Gross Fixed Assets Less: Depreciation Net Fixed Assets Investments Net Current Assets Total
24 Rs. Crores

FY 2002 1337 461 223 461 1573 4055 3538 1093 2445 1140 470 4055
Ambuja Cement

1476 515 234 461 1516 4202 3661 1291 2370 1151 681 4202

A Comparison Major Cement Players

Rs. Crores

ACC Sales - Volume (mn tonnes) 13.9

Grasim

L&T

Madras GAC Cement June03

11.5

13.3

3.6

9.8

- Value
Operating Profit Net Operating Margin (%) O/P Per tonne (Rs.)

2715
337 13 242

2182
360 17 314

2290
392 17 295

605
153 24 425

1735
513 30 523

Source : Annual Report

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Ambuja Cement

THANK YOU

26

Ambuja Cement