UltraTech Cement Ltd — Investor Presentation 2021

Dec 6, 2021

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6[th] December, 2021

BSE Limited The Manager Corporate Relationship Department Listing Department Phiroze Jeejeebhoy Towers, The National Stock Exchange of India Limited Dalal Street, “Exchange Plaza”, Bandra-Kurla Complex, Mumbai 400 001. Bandra (East), Mumbai 400 051. Scrip Code: 532538 Scrip Code: ULTRACEMCO

Dear Sirs,

Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Corporate Dossier

In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached an updated Corporate Dossier of the Company. This is also being uploaded on the Company’s website.

This is for your information and records, please.

Thanking you,

Yours faithfully,

For UltraTech Cement Limited

Sanjeeb Kumar Chatterjee Company Secretary

Luxembourg Stock Exchange Singapore Exchange BP 165 / L – 2011 11 North Buona Vista Drive, Luxembourg #06-07 Scrip Code: The Metropolis Tower 2, US90403E1038 and Singapore 138589 US90403E2028 ISIN Code: US90403YAA73 and USY9048BAA18

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UltraTech Cement Limited

Registered Office : Ahura Centre, B – Wing, 2[nd] Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India T: +91 22 6691 7800 / 2926 7800 I F: +91 22 6692 8109 I W: www.ultratechcement.com/www.adityabirla.com I CIN : L26940MH2000PLC128420

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UltraTech Cement Limited
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BIG IN
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LIFE
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STOCK CODE: BSE: 532538 NSE: ULTRACEMCO REUTERS: UTCL.NS BLOOMBERG: UTCEM IS / UTCEM LX

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Contents
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01 02 03 04
Aditya Birla Group Indian UltraTech Operational and
Overview Cement Sector Landscape Financial Performance
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GLOSSARY: MNT – Million Metric Tons, LMT – Lakh Metric Tons, MTPA – Million Tons Per Annum, MW – Mega Watts, Q1 – April-June, Q2 – July-September,

Q3 – October-December, Q4 – January -March, CY – Current Year period, LY – Corresponding period Last Year, FY – Financial Year (April-March)

2

Aditya Birla Group - Overview

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Aditya Birla Group - Overview
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• # 1 cement player inIndia

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• # 3 largest cementplayer globally (ex -China)

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PREMIUM GLOBAL

• # 1 in VSFglobally

• A global metal powerhouse

◼ # 1 in chlor-alkali inIndia

CONGLOMERATE

• # 1 in aluminum rolling globally

USD ~46 billion Corporation

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In the League of Fortune 500

• 3[rd] largest telecom player in India

• # 1 in carbon black globally

Operating in 6 continents and 36 countries

with over 50% Group revenues from overseas

Anchored by over 140,000 employees from 100 nationalities

Ranked No. 1 corporate in the Nielsen’s Corporate Image Monitor FY15

AON best employer in India for 2018

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• Top fashion andlifestyle player in India

• Iconic brands acrossthe fashion and retail segment

• Leading NBFC inIndia

• AUM ~ USD38bn

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• A trans-national bulk commodity trading solutions provider globally

• # 1 producer of noble ferro alloys in India

• Amongst largest iron ore non- captive private mining player

OUR VALUES - INTEGRITY • COMMITMENT • PASSION • SEAMLESSNESS • SPEED

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UltraTech Cement
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India’s largest cement company

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India’s LargestSelling
CementBrand Leading RMC player inIndia
3 [[rd]] largest cementplayer with 140+plants
globally (ex -China)
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Market Capof FY21 ConsolidatedRevenue
~USD29bn ~USD 5.9bn
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3 [[rd]] largest cementplayer with 140+plants
globally (ex -China)
Different Products to Leading Player of White
provide complete Cement andCementbased
Building Solutions Putty
2646stores
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1.7 bn bags of cement ~60,000 Direct andIndirect
every year Employees
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• As on 30[sth] September, 2021

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Building the Sustainable Future
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Enhanced Stakeholder Value
VISION
To be The Leader inBuilding
Solutions
Innovation Sustainability
MISSION
To deliver superior valueto
stakeholders on the four
pillarsof
Customer Team
Sustainable Value Creation
Centricity Empowerment
Profitable growth Market leader Strong financials Premium brand Socially responsible
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6

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Diversified product portfolio catering a full suite of building solutions
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Conventional: Positioning cement at Contemporary: Providing an umbrella
Building solutions
the core of all construction of related construction products and services
Currentcapacity Leadingplayer 140+ RMC plants in 2,646outletsin Range of
116.8MTPA inIndia 41cities 21States 15products
2012
2007 Building Products
1998 Building Solutions
White Cement: 1988
1 [st ] Cement plant White Putty : 2001 Ready mix Concrete
set up in 1983
White Cement
Portfolio of building
Grey Cement solution products such as
One-stop building solutions
plasters and mortars, tile
for the retail customer
adhesive, waterproofing
Tailor made concrete
products etc.
Portfolio of white cement, solutions with 35 specialty
Ordinary Portland Cement,
white putty, VAPS Textura, concretes based on
Portland blast-furnace slag
Levelplast, pre-cote and application
Cement, Portland Pozzolana
fragrance putty
Cement, Portland Composite
Cement
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Birla White: Building a Robust Portfolio
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Products Range

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2001
White Putty
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2002-2006
Launch of VAPs,
Textura, Levelplast
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1988
White Cement
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8
2012-2014
Launch of Pre-cote,
New Putty Facility
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2018-2020
Launch of 3 New VAPs
Fragrance Putty
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8

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UltraTech RMC
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Revenues of
~Rs 1,700 crs and
consumed 1.2
mln mt of Grey
Cement in FY21
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Product offering based on the requirement

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Green
Concrete
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Performance
based Concrete
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Decorative
Concrete
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Usage based
Concrete
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• UltraTech is the first commercial RMC manufacturer in the country to adopt concrete recycling technology.

• UltraTech is India’s first company to meet the requirement of LEED (Leadership in Energy and Environmental Design) and other green building rating systems as recognised by the Indian Green Building Council.

• UltraTech White Topping, an efficient and durable solution for urban roads. A concrete overlay that transforms pothole ridden tar roads in just 2 weeks.

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UltraTech Building Solutions
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One-stop building solution for the retail customer

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2,646 UltraTech Helps to increase the share of
Building Solutionsoutlets customer wallet
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Benefits for Home Builders

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• Convenience, trust empowerment

Benefits for Dealers

• Increase in earning capacity

• Better fit with aspirations of new generation

Services through UBS Outlets

Business partners at UltraTech Building Solutions stores

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PaintPreview Pest Control
Mobile ConcrereLab Vaastu
New Product Launches
Tiles Power and HandTools
Electricals Sanitary and Fittings
Rain Water Harvesting Wood Ply
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UltraTech Building Products
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Dry Mix Mortars

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Plasters & Mortars Adhesives & Sealants Flooring Repair & Rehabilitation

Waterproofing

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Liquid Waterproofing Cementitious Waterproofing
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Synergy

• In line with our vision ‘To be THE LEADER in Building Solutions’

• Forward integration of the cement business

• Value-added products

Portfolio breadth and depth

• Range of 15 products

• 10+ variants across categories

Environment friendly

• Environment (M-Sand helping conserve sand beds; less water needed in curing)

• Society (Homogenous end product; batchwise consistency; IS&EN standards-compatible; construction speed faster; material and cost savings; skill training for masons / contractors

• Economics (Helping channel partners and masons/ contractors in increasing earnings)

• Certification (Certified as per Indian Green Building Council standards)

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Board of Directors (Independent Directors)
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ArunAdhikari

IndependentDirector

AlkaBharucha

IndependentDirector

S.B.Mathur

IndependentDirector

SukanyaKripalu

IndependentDirector

SunilDuggal

IndependentDirector

• Alumni of the Indian Institute of Technology, Kanpur and the Indian Institute of Management, Calcutta

• Areas of expertise - sales and marketing, culminating in general management and leadership roles

• Masters in Law from the University of Bombay and University of London and Solicitor High Court Mumbai and Supreme Court of England andWales

• Co-founded Bharucha & Partners in 2008

• Core areas of expertise are mergers and acquisitions, joint ventures, private equity, banking and finance

• Chartered Accountant by profession

• Served as the Chairman of the Life Insurance Corporation of India from August, 2002 to October, 2004

• Has held Trusteeships, Advisory / Administrative Roles on Government Bodies, Authorities and Corporations

• Graduate from St. Xavier’s College and the Indian Institute of Management, Calcutta.

• Consultant in the fields of marketing, strategy, advertising and market research.

• Bachelor of Technology Hons. (Electrical Engineering) and post graduate diploma in Business Management (Marketing) from the Indian Institute of Management, Calcutta

• Served as CEO of the FMCG major Dabur Limited for 17 years from 2002 till 2019

• Chaired and co-chaired numerous committees such as Indo-Turkish JBC and FICCI Committee on Food processing

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Board of Directors
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Kumar MangalamBirla

Chairman

• Chairman of the Aditya Birla Group since 1995

• Chairs the Boards of all the Aditya Birla Group’s major companies in India (Hindalco, Grasim, Vodafone Idea, Aditya Birla Capital and UltraTech Cement) and globally; Global companies include Novelis, Birla Carbon, Aditya Birla Minerals, Aditya Birla Chemicals, Domsjö Fabriker and Terrace Bay Pulp Mill

• Professionally a Chartered Accountant and an MBA from London Business School

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RajashreeBirla

Non-ExecutiveDirector

• Director on the board of Hindalco and Grasim

• Chairperson of the Aditya Birla Centre for Community Initiatives and Rural Development

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K.K. Maheshwari

Vice Chairman and

Non-Executive Director

K. C. Jhanwar

ManagingDirector

AtulDaga

Whole-time Director and Chief FinancialOfficer

• Chartered Accountant and has held a variety of roles in the Aditya Birla Group

• Brought in strong execution rigor to his work and has considerably strengthened both innovation and new products development

• Scripted the growth of the Aditya Birla Group’s VSF Business towards a more competitive and sustainable model

• Chartered Accountant with over 40 years experience of which 39 years is with the Aditya Birla Group

• Operations and General Management across the Cement and Chemicals Business of the Aditya Birla Group, including greenfield and brownfieldexpansions

• Chartered Accountant with over 33 years experience, of which over 28 years have been with the Aditya Birla Group

• Key responsibilities include risk management, audit and compliance, planning, treasury, capital structuring and capital allocation

• Instrumental in M&A deals worth $ 5 bn, portfolio restructuring bringing sharper focus and setting new benchmarks for raising long term borrowings in the domestic and global market, set-up 700 seats shared service centre

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Management Team
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• A BE (Hons.) in Mechanical and an MBA from FMS, Delhi. He has done his AMP from Wharton

• He has an overall experience of over 37 years and with the Group for 28 years.

Vivek Agarwal

• A veteran with the Cement Business of the Group, he has played a key role in the Post-Merger Integrations and Brand Transitions of acquired units.

Chief Marketing Officer

• Played key role in growing Ready Mix Concrete Business, UltraTech Building Solution Retail Outlets and Building Product Division of the Company.

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ER Raj Narayanan

Chief Manufacturing Officer

Ramesh Mitragotri

Chief Human Resource Officer

Ashish Dwivedi

CEO – Birla White

Pramod Rajgaria

President – International Operations

Sujeet Jain

Chief Legal Officer

• A chemical engineer with more than 36 years of experience in chemical / specialty chemicals and industrial gases segments

• He has worked in Chlor Alkali and Viscose Filament Yarn businesses. Apart from India, he has also led the manufacturing businesses based out of Thailand and China

• A postgraduate in PM and IR, he brings with him over 34 years of experience, with organizations like Owens Corning, HCC Limited and Philips India in different roles of human resources management

• He has worked in the Retail and Chemical businesses of the Group along with a small stint in cement business as Head –HR Marketing

• A chemical engineer and MBA, has been with the group for over 23 years. He has been an integral part of several strategic initiatives including mergers and acquisitions, restructuring and building up of Group processes

• Prior to this he was President of Speciality Chemicals and Business Strategy for Chemical, Fertilizer and Insulator sector of the Group. He built the downstream speciality chemicals business across multiple products and was responsible for upstream salt business

• A Chartered Accountant, Company Secretary and post graduate in Business Management.

• He has 25 years of rich experience in Cement Industry involving Strategy, mergers & acquisitions and developing Greenfield Projects. He also has extensive experience of working in different geographies and has been instrumental in domestic and international growth/expansion of UltraTech Cement.

• A Lawyer, Company Secretary, Cost Accountant and MBA from Warwick Business School, UK

• He is a seasoned General Counsel with 25 years of experience and led Legal, Regulatory, Company Secretarial, Compliances and Corporate Affairs in diversified sectors like Media, Technology and Telecom in addition to the Cement.

• He has been a committee member of various industry and self – regulatory bodies

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Shareholding Pattern
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6 [1]
16
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Promoter Group

Foreign Portfolio Investors (FPI) and Others Mutual Fund (MF), Institutions, Insurance & Bodies Corporate Other Public Holding

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As on
30 [th] September
2021
59
17
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GDRs
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Key Foreign Portfolio Investors (FPI)

Name	Holding (%)
The Vanguard Group*	1.47
Aberdeen Asset Management*	1.45
BlackRock*	1.04
Kuwait Investment Authority Fund*	0.84
Government of Singapore	0.66
Total FPI holding	16.48
Others	0.85
Total	17.33

Key Domestic Mutual Funds, Insurance & Institutional Investors

Name	Holding (%)
Life Insurance Corporation of India*	4.38
SBI Mutual Fund*	1.90
Kotak Mutual Fund*	1.44
ICICI Prudential*	1.30
Total Domestic Mutual Funds and Institutions	14.51
Body Corporate and Others	1.91
Total	16.42

*Multiple schemes

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Indian Cement Sector

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Indian Cement Industry - Overview
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…but remains a highly underpenetrated market

India is the second largest cement

producer in the world…

• …but remains a highly underpenetrated market

Global cementproduction

(per capita cement consumption inkg)[1]

World average : 500-550

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2
3
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Source: CRISIL Research

Note: India production data are on a fiscal year (Apr-Mar) 2020 basis, whereas others are calendar year basis;[1 ] The figures mentioned are CRISIL estimates and arrived at by assessing various data points from sources such as United Nations comtrade database (for trade data of cement), US Geological survey, and World population estimates published by the UN population division;[2 ] Includes Puerto Rico;[3 ] include Vietnam, Indonesia, Iran, Korea, Japan, Turkey as well as remaining countries of theworld

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Standalone local market sizes comparable to key cement producing countries
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Latest Cement Capacity (mtpa)[1]

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North India: ~108 mtpa

Brazil: ~100 mtpa

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East India: ~111 mtpa

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Central India: ~69 mtpa Mexico: ~60 mtpa

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Vietnam: ~119 mtpa

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West India: ~71 mtpa

Italy + Germany: ~79 mtpa

South India: ~165 mtpa

Thailand + Indonesia: ~168 mtpa

Source: CRISIL Research;[1 ] CY2019 for global countries and FY20 for India and Industry Estimates

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Demand Growth Drivers
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• Infrastructure investment plan of USD 2 trillion in next five years

▪ Investment projected across sectors viz. roads, railways, metro, airports, irrigation, ports, etc.

▪ the use of paver blocks and concrete tiles, construction of flyovers and other structures have increased the cement intensity of road projects.

▪ Target to double the length of national highways from current ~1 Lakh KM to ~2 Lakh KM by 2025

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▪ Rural demand rising with the
improvement in rural economy
Commercial
and Industrial ▪ Increase in MSP for Kharif and Rabi
~ 11-12% Rural crops to contribute to rural incomes
Housing
~28-30%
Infrastructure
~ 22-23%
▪ Rapid Urbanisation (33% in 2011 to
40% in 2030)
Low Cost ▪ Number of Cities (population of
Housing Urban Housing 1Mn.+) to grow from 53 cities (2011)
~25-26%
~11-12% to 87 cities (2030)
▪ Benefit of reduced home loan
interest
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Source: Industry estimates

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Sector Highlights – Budget 2021
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Key projects
Government capital announced in states of
Total capital outlay on
expenditure on key Kerala, Tamil Nadu,
Roads is up 10% to Rs
Capital expenditure
infrastructure up by 1.73 Lakh crores from Assam and West Bengal,
budgeted at a robust
15.6% to Rs 2.4 Lakh Rs 1.57 Lakh crores in aggregating to around
~26.2% growth
crores in FY22, FY21. Outlay for NHAI 6,500 KMs highway length,
compared to 2.1 Lakh with total spending of
increased by 7%
crores in FY21 Rs 2.3 Lakh crores
New Metro projects A new centrally
announced in Kochi, sponsored scheme with
33% higher target
Nagpur, Bengaluru and an outlay of about
spending on Railways,
to the tune of Chennai – total funding Rs. 64,180 crores over
Rs 3.22 Lakh crores from the Centre 6 years, with focus on
to the tune health-related social
of Rs 88,000 crores infrastructure
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Sectoral Update Q2 FY22
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State/Region wise performance

State/Region	Volume Growth	I	R	H	C	Key drivers
North						• Infrastructure segment registered growth • Housing witnessed degrowth on account of heavy rains
Central						• Housing registered growth led by rural housing • Infrastructure segment saw degrowth in all the states
East						• Housing witnessed degrowth due to rains and Covid related restrictions, Odisha was affected by cyclone • Infrastructure sawgrowth in Jharkhand and Chhattisgarh
West						• Maharashtra: Housing and Infrastructure segment saw strong growth led by rural and urban demand as Covid related restrictions were eased out • Gujarat: Demandgrowth in all the segments
South						• Housing saw growth led by rural housing in Andhra Pradesh and Karnataka and urban housing in Tamil Nadu and Kerala • Infrastructure segment registered growth in all the Southern states

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I: Infrastructure, R: Rural, C: Commercial, H: Housing

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UltraTech Landscape

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UltraTech - India Footprint
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UTCL Integrated Unit
UTCL Grinding Unit
UTCL BulkTerminals
Jetty
White Cement & PuttyUnits
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• 23 Integrated Units[1] (IU)

• 27 Grinding Units[2] (GU)

• 7 Bulk Packaging Terminals[3 ] (Sea + Rail)

• 1 White Cement & 1 Putty Unit

◼ 5 Jetties

		Zonal Capacity(mtpa)
Zones	UTCL Capacity	UTCL Mix	Industry Capacity	UTCL Sharein Industry
North	23.8	21%	~108	22%
Central	23.3	21%	~69	34%
East	16.2	15%	~111	15%
West	27.7	25%	~71	39%
South	20.5	18%	~165	12%
All India	111.4	100%	~524	21%
Overseas	5.4
Total	116.8

Map is used only for representation purpose

Source: Industry estimates Note:[1 ] 22 in India and 1 clinkerization unit in Overseas;[2 ] 23 in India and 4 in Overseas;[3 ] 6 in India and 1 in Overseas

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UltraTech is actively addressing the growth opportunity across the country
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Total expected new capacity by FY23: North
Clinker–2.7 MnT
Clinker Cement
Cement–2.5MnT
11.4 MnT 19.5MnT
North
Expected UltraTech capacity addition to Central
enhance capacity share
Clinker–6.0 MnT
Central
Cement–5.1MnT
East
Industry
Capacity
~512mtpa West
West
Clinker–0.0 MnT

Cement–1.8MnT Ongoingexpansion
East
UltraTech
Capacity
Clinker–2.7 MnT
share:21.5%
Cement–10.1 MnT
Map is used only for representation purpose
India Capacity (mtpa)
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Expected capital outlay for expansions : USD 900mn

* Commissioned 1.2 MnT (Dankuni : 0.6 MnT and Patliputra : 0.6 MnT) in October 21, taking total capacity to 112.55 MnT

Note: FX rate USD/INR = 73

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End-to-end capabilities with integrated operations
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Strong manufacturing capability with control over supply chain

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Captive
Raw material Cement production
power generation
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Limestone

• Key input for manufacturing cement

• 100% sourcing from captive mines

• Long-term leases

Pet coke/coal, gypsum, iron ore, fly ash, iron slag

• Procured from open market

• Easy availability

• No supplier concentration

• Low criticality

• Captive power plant generates 1,170MW of

power

• WHRS[1 ] + windmill + solar: 306 MW

• Meets 83%+ of total power requirement

• Balance power requirement sourced from State grids

Particulars	UOM	Current
Grey Cement (Including Overseas)	mtpa	116.8
White Cement + Wall Care Putty	mtpa	1.5
RMC	Mn. Cub.Mtr	18.9
Captive Power Plants	InMW	1,170
WHRS1+ Wind Mill +Solar	InMW	306

25

Note: All metrics as of 30th September, 2021;[1 ] WHRS - Waste Heat Recovery System

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Nationwide reach with strong logistics presence across India
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Integratedmodel
Integrated Unit
Grinding Unit
Bulk Terminals
Jetty
Jetty
Inlandwater
transport
Searoutes One of the few cement companies in
India to utilize captive jetties to
service coastaldemand
Sea
1%
Railways
30%
Select rail / road routes
Roads
Searoutes 69%
Map is used only for representation purpose Mix of Transportation
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Map is used only for representation purpose
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~4.65mn bags per day[1]

~24,000 destinations

~61% lifting by GPS enabled fleet

~25,000 orders processed daily

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~8,500 trucks loaded per day

>42% Dedicatedfleet

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5 Specialized Carriers
4 Mini Bulk Carriers and 1 CoalShip
~ 1,00,000 + Channel Partners
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35+ Rakes a day
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1400+Warehouses
260+Railheads
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Note:[1 ] By sales volume as of FY21

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Extensive Technical Support to the Distribution Network
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• Over 1,200[1 ] personnel deployed to provide technical support to home builders, engineers, architects, contractors

• Mobile concrete vans providing on-site testing, civil engineering, tips and advisories

Homebuilders

• Provides construction tips, virtual tools, Vastu advisory

Mason’sprogram

• Includes site demo, meets, plant visits and training

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• Builders and Contractors Meet and education seminars and programs

• On-site concrete plants covering over

• 2,600 construction sites

Engineers/architects

• Engages engineers and architects through technical meets, workshops and plant visits

Contractors

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• Engages contractors and builders through meets, plant visits

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Note:[1 ] As of 31 March, 2021

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Digitally connected with Sales and Distribution Network
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• Platform to engage with dealers, retailers, masons, contractors, architects

• Instant access to latest information

• Homebuildertips and videos

• Updates on events and contests

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• One UltraTech: Easy ordering and real time tracking, single view of data across various parameters

• UltraTech - Prashikshan Pahal: To provide basic knowledge about construction procedures, materials and tools for all, especially for masons

• Utec: Access to all home building information regarding planning, designing, construction and finishing homes

• Utec Partners: Enables partners to connect with home builders to grow their business

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ESG at UltraTech

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UltraTech joins RE100 – Commits to 100%
renewable energy usage by 2050
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• Target to be on 100 % renewable energy by 2050.

• Contracted renewable energy capacity scaled up 2.5 times in the last two years.

• On track to achieve a green energy mix of 34% by 2024.

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Expanding the boundaries: Carbon footprint at concrete level
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GCCA members committed to drive down the CO 2 footprint and aspire to deliver carbon neutral concrete by 2050

UltraTech under GCCA leadership is actively working towards creating a sectoral roadmap for Concrete.

It will help to achieve carbon neutral concrete by 2050.

Tackling climate change requires actions across the value chain. UltraTech takes the responsibility of working across the built environment value chain and measure carbon footprint at concrete level.

210 kg CO2 per m[3] of concrete*

31

*Based on our cement & RMC data for FY21

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Board Structure and Compliance
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Shareholders
Independent Directors 50%
Board of Directors
Nomination,
Stakeholders Woman Directors 30%
Remuneration and Audit
Relationship
Compensation
BoardAttendance >90%
Risk Management Corporate Social
Finance
and Sustainability Responsibility
Executive Management CommitteeAttendance >90%
Organization
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Policies governing our business
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1. Sustainability Policy

11. Anti-Harassment and discrimination policy

2. Code of Conduct

12. Supplier Code of Conduct

3. TaxPolicy

13. Human Rights Policy

4. Policy on Related Party Transaction

14. Safety Policy

5. Whistleblower Policy

15. Occupational Health Policy

6. CSR Policy

16. Energy and Carbon Policy

7. Board Diversity Policy

17. Water Stewardship Policy

8. Dividend Distribution Policy

18. Biodiversity Policy

9. Internal AuditCharter

19. Stakeholder Engagement Policy

10. Anti-Corruption and Bribery policy

20. Cyber security policy

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Financial Statistics

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Key Performance Trends - Consolidated
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Cement Production (Million Tonnes)

Grey Cement Sales (Million Tonnes)

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82.72
80.82 80.00
60.79
51.00
50.57
46.71
FY 15 FY 16 FY17 FY18 FY19 FY 20 FY21
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84.64 85.10
81.81
63.28
52.40
51.33
48.18
FY 15 FY 16 FY17 FY 18 FY 19 FY 20 FY21
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Key Performance Trends - Consolidated
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Revenue (Rs Crs)

EBIDTA (Rs Crs)

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44239
41781
41052
30541
24880 25092
24056
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY21
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12302
9898
7807
6734
5861
5365
4776
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21
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Grey Cement Costs Trends – India Operations
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Energy Cost (Rs / Mt)

Comparative Cost (TPP / WHRS )

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1065
979 985
950
938
824
763
FY 15 FY16 FY17 FY18 FY 19 FY20 FY21
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TPP Rate WHRS Rate 4.9
4.8
4.5 4.5
4.3
3.8
3.7
0.6 0.6 0.7 0.7 0.8 0.8
0.4
FY 15 FY16 FY17 FY18 FY 19 FY 20 FY 21
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Fuel Mix - Kiln	FY15	FY16	FY17	FY18	FY19	FY 20	FY 21
Imported Coal	26%	20%	14%	14%	15%	17%	38%
Petcoke	52%	70%	74%	72%	68%	69%	52%
Ind. Coal & Others	22%	10%	12%	14%	17%	14%	10%

Power mix	FY15	FY16	FY17	FY18	FY19	FY 20	FY 21
TPP	82%	82%	80%	79%	75%	72%	70%
Green Power	2%	5%	7%	8%	7%	10%	13%
Others	16%	13%	13%	12%	18%	18%	17%

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Grey Cement Costs Trends – India Operations
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Raw Materials Cost ( Rs / Mt)

Logistics Cost ( Rs / Mt)

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504
491 493
473
467
464
444
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FY 15 FY 16 FY17 FY18 FY 19 FY 20 FY 21
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1187
1158
1144
1124
1099
1075 1074
FY 15 FY16 FY17 FY18 FY 19 FY 20 FY 21
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Mix	FY15	FY 16	FY17	FY18	FY19	FY20	FY21
Rail	29%	28%	25%	24%	27%	24%	26%
Road	67%	69%	72%	72%	71%	73%	72%
Sea	4%	3%	4%	3%	2%	3%	2%

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Key Inputs: Historical Price Trends
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Pet coke Price Trend

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----- Start of picture text -----

142
125
114 114 116
110
98 95
91
87
80
70 71 70
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
Petcoke Consumption Price Trend (US$/t)
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Diesel Price Trend

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94
87
82
77 76
74
72
68 68 68 69 68 68
Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
Diesel Consumption Price Trend (Rs/Ltr)
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EBITDA PMT Trend
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----- Start of picture text -----

1689
1651
99
1478
198 1460
1449 1438
1394
65
68 1387 88
108
1453 70
1262 1251
31
1159
1122 103 82
1090
1036 1051 89
131 70
926
98 98 1381 1372
1330 1324
1356
57
1590
1169
1413 1159
939 990 953 869 1069 1020
FY16 FY17 FY18 FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 FY21 Q1FY22 Q2FY22
Operating Profit Other Income Total EBITDA
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Quarterly Performance Trends – India Operations
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Rs Crs

Particulars	Q2FY22	Q1FY22	Q4FY21	Q3FY21	Q2FY21	Q1FY21	Q4FY20	Q3FY20
Capacity (MTPA)	111.4	111.4	111.4	111.4	111.4	111.4	111.4	109.4
Capacity Utilisation (%)	71%	73%	93%	80%	66%	46%	74%	69%
Grey Sales Volume (MnT)	20.06	20.25	26.17	22.44	18.89	13.75	20.20	19.65
Net Sales	11242	11299	13757	11698	9861	7262	10200	9800
Realisation (Rs/mt)	5501	5503	5174	5126	5133	5209	4971	4900
EBITDA	2849	3468	3687	3282	2784	2302	2592	2046
EBITDA Margin	25%	31%	27%	28%	28%	32%	25%	21%
EBIDTA (Rs/mt)	1394	1689	1387	1438	1449	1651	1262	1090 ^
EBIT	2199	2836	3016	2645	2138	1683	1945	1399
Profit Before Tax	1974	2516	2613	2299	1869	1143	1460	940
Tax Expenses	646	834	865	753	569	367	344	291 *
Net Earnings	1328	1682	1748	1546	1300	776	1117	650 *
Cash Earnings	2010	2344	2806	2527	2197	1552	1860	1423

• ^ Before provision for disputed liabilities offered under Sabka Vishwas Scheme

• Excludes benefit of opening Deferred tax liabilities (DTL) reversal of Rs 2112 Crs due to change in income tax rates (34.944% to 25.168%)

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Rs Crs

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Quarterly Performance Trends – India Operations
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Particulars	Sep’21	Jun’21	Mar’21	Dec’20	Sep’20	Jun’20*	Mar’20	Dec’19
FINANCIAL POSITION
Net Fixed Assets incl. CWIP	52276	51686	51281	50814	51069	51296	51748	51861
NWC + Derivative Assets	(1279)	(1626)	(2336)	(1623)	(1049)	(669)	87	571
Shareholders Fund	45521	45229	43553	41735	40173	39311	38533	35346
Total Debt	13608	18819	19975	21029	20931	21446	20978	22777
Net Debt	6005	5648	6353	7973	10741	12950	15096	16923
Capital Employed	65247	70112	69566	68411	66411	65818	64421	65062
			RATIOS
Normalized Quarterly EPS (Rs/Share)	46.0	58.3	61.8	53.6	42.3	30.7	38.7	22.5
Book value per share (Rs/Share) 1577 1567			1509 1446 1392 1362 1335 1225

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Rs Crs

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Annual Performance Trends – India Operations
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Particulars	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Capacity (MTPA)	111.4	111.4	109.4	85.0	66.3	64.7	60.2	54.0	50.9	48.8
Capacity Utilisation (%)	71%	69%	76%	71%	72%	76%	75%	79%	82%	83%
Grey Cement Volume (MnT)	81.3	77.5	81.0	59.3	48.9	48.0	44.8	41.5	40.7	40.7
Net Sales	42578	39923	39257	28930	23616	23440	22648	20078	20023	18158
Realisation (Rs/mt)	5157	5069	4766	4770	4706	4757	4915	4713	4804	4359
EBITDA	12055	9724	7623	6483	5629	5107	4567	4147	4980	4519
EBITDA Margin	28%	24%	19%	22%	24%	22%	20%	21%	25%	25%
EBIDTA (Rs/mt)	1460	1251 ^	926	1051	1122	1036	992	973	1195	1085
EBIT	9482	7129	5259	4719	4347	3810	3434	3095	4035	3617
Profit Before Tax	7924	5203	3412	3302	3776	3299	2887	2776	3825	3393
Tax Expenses	2554	1570 *	1080	1071	1148	928	872	631	1170	947
Net Earnings	5370	3633 *	2332	2231	2628	2370	2015	2144	2655	2446
Cash Earnings	9082	6882	5059	4580	4251	3972	3523	3269	3765	3356

Note:1. Figures of FY15 & prior are reported nos. as per previous Indian Accounting Standards

* Excludes benefit of opening Deferred tax liabilities (DTL) reversal of Rs 2112 Crs due to change in income tax rates (34.944% to 25.168%)

^ Before provision for disputed liabilities offered under Sabka Vishwas Scheme

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Annual Performance Trends – India Operations
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nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations	nual Performance Trends – India Operations
Rs Crs
Particulars	Mar’21	Mar’20	Mar’19	Mar’18	Mar’17	Mar’16	Mar’15	Mar’14	Mar’13	Mar’12
FINANCIAL POSITION
Net Fixed Assets incl. CWIP	51281	51748	51778	40782	24387	24499	23632	18650	17415	14798
NWC + Derivative Assets	(2336)	87	368	(428)	(840)	21	223	551	25	164
Shareholders Fund	43553	38533	33220	25923	23941	21632	18858	17098	15235	12860
Total Debt	19975	20978	23336	17420	6240	8250	7414	5199	5409	4153
Net Debt	6353	15096	20112	12007	(2422)	1181	2935	359	720	625
Capital Employed	69566	64421	62964	46517	32955	32313	29064	24593	22549	18750
RATIOS
ROCE (PBIT/Avg. CE) (without Goodwill)	15.6%	12.3%	10.1%	10%	13%	12%	12%	13%	20%	20%
Net Debt: Equity (Times)	0.15	0.39	0.61	0.46	(0.10)	0.05	0.16	0.02	0.05	0.05
Net Debt /EBIDTA (Times)	0.53	1.55	2.64	1.85	(0.43)	0.23	0.64	0.09	0.14	0.14
Return on Equity (without Goodwill)	15.1%	11.8%	8.6%	8.9%	11.5%	11.5%	11.2%	13.0%	17.0%	19.0%
Dividend Payout on Net Profit	19.7%	10.3%	16.3%	15.6%	12.6%	13.2%	14.8%	13.5%	10.9%	10.4%
Normalized EPS (Rs/Share)	188.4	125.9	81.5	81.3	95.7	86.4	73.4	78.2	96.9	89.3
Book Value per share (Rs/Share)	1509	1335	1151	944	872	788	687	623	556	469

Note: 1. Figures of Mar’15 & prior are reported nos. as per previous Indian Accounting Standards

44

Rs Crs

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Quarterly Performance Trends - Consolidated
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Particulars	Q2FY22	Q1FY22	Q4FY21	Q3FY21	Q2FY21	Q1FY21	Q4FY20	Q3FY20
Capacity (MTPA)	116.8	116.8	116.8	116.8	116.8	116.8	116.8	115.4
Capacity Utilisation (%)	71%	72%	92%	81%	65%	47%	74%	69%
Grey Sales Volume (MnT)	21.3	21.2	27.4	23.5	19.7	14.5	21.4	20.8
Net Sales	11743	11698	14232	12144	10264	7600	10689	10263
Realisation (Rs/mt)	5425	5434	5123	5077	5120	5180	4920	4854
EBITDA	2855	3512	3751	3362	2833	2356	2645	2147
EBITDA Margin	24%	30%	26%	28%	28%	31%	25%	21%
EBITDA (Rs/mt)	1319	1632	1350	1406	1413	1606	1217	1079 ^
EBIT	2177	2853	3053	2688	2156	1705	1967	1469
Profit Before Tax	1947	2526	2637	2332	1876	1153	1461	997
Tax Expenses	637	827	865	747	566	360	334 *	286
Net Earnings after Minority Interest	1314	1703	1775	1584	1309	794	1129 *	712
Cash Earnings	2012	2382	2859	2597	2236	1594	1891	1510

^ Before provision for disputed liabilities offered under Sabka Vishwas Scheme

* Excludes benefit of opening Deferred tax liabilities (DTL) reversal of Rs 2112 Crs due to change in income tax rates (34.944% to 25.168%)

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Quarterly Performance Trends - Consolidated
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Rs Crs	Rs Crs	Rs Crs	Rs Crs	Rs Crs	Rs Crs	Rs Crs	Rs Crs	Rs Crs
Particulars	Sep’21	Jun’21	Mar’21	Dec’20	Sep’20	Jun’20	Mar’20	Dec’19
FINANCIAL POSITION
Net Fixed Assets incl. CWIP	54016	53452	53045	52609	52856	53208	53692	53850
NWC + Derivative Assets	(869)	(1204)	(1918)	(1177)	(583)	(165)	633	1019
Shareholders Fund (Incl. Minority Interest)	46163	45898	44180	42339	40757	39835	39051	35833
Total Debt	14044	19243	20488	22563	22666	23440	23019	24760
Net Debt	6336	5984	6717	9436	12242	14788	16981	18709
Capital Employed	66312	71194	70702	70546	68727	68330	66976	67521
RATIOS
Normalized Quarterly EPS (Rs/Share)	46	59	63	55	43	31	39	25
Book Value per share (Rs/Share)	1599	1590	1531	1467	1412	1380	1353	1241

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Annual Performance Trends - Consolidated
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Particulars	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Capacity (MTPA)	116.8	116.8	115.4	89.0	70.3	67.7	63.2	57.0	53.9	51.8
Capacity Utilisation (%)	70%	69%	73%	72%	74%	77%	76%	80%	82%	84%
Grey Cement Volume (MnT)	85.1	81.8	84.6	63.3	52.4	51.3	48.2	44.7	43.6	44.0
Net Sales	44239	41781	41052	30541	25092	24880	24056	21443	21161	19077
Realisation (Rs/mt)	5119	5027	4771	4728	4671	4727	4869	4682	4739	4251
EBITDA	12302	9898	7807	6734	5861	5365	4776	4358	5143	4565
EBITDA Margin	28%	24%	19%	22%	23%	22%	20%	83%	24%	24%
EBIDTA (Rs/mt)	1424	1207 ^	907	1042	1091	1019	967	951	1152	1017
EBIT	9602	7176	5351	4765	4512	3988	3572	3219	4120	3602
Profit Before Tax	7998	5184	3456	3301	3872	3421	2986	2858	3867	3345
Tax Expenses	2539	1543 *	1068	1077	1159	942	884	645	1179	948
Net Earnings after Minority Interest	5463	3644 *	2391	2222	2715	2478	2098	2206	2678	2403
Cash Earnings	9286	6985	5192	4777	4404	4166	3680	3424	3869	3370

Note: 1. Figures of Mar’15 & prior are reported nos. as per previous Indian Accounting Standards

^ Before provision for disputed liabilities offered under Sabka Vishwas Scheme

* Excludes benefit of opening Deferred tax liabilities (DTL) reversal of Rs 2112 Crs due to change in income tax rates (34.944% to 25.168%)

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Rs Crs

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Annual Performance Trends – Consolidated
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Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Particulars Mar’21 Mar’20 Mar’19 Mar’18 Mar’17 Mar’16	Mar’15	Mar’14	Mar’13	Mar’12
FINANCIAL POSITION
Net Fixed Assets incl. CWIP	53045	53692	53597	42296	26039	26127	25186	20090	18733	15999
NWC + Loans + Derivative Assets	(1918)	414	1135	266	(188)	667	780	902	376	420
Shareholders Fund (Incl. Minority Interest)	44180	39051	33750	26397	24402	21961	19059	17199	15308	12887
Total Debt	20488	23019	25455	19480	8474	10616	9829	7332	7342	5891
Net Debt	6717	16981	22229	14062	(215)	3523	5195	2491	2654	2353
Capital Employed	70702	66976	65605	49051	35649	35008	31674	26821	24551	20511
RATIOS
ROCE (PBIT/Avg. CE) (without Goodwill)	15.3%	12.0%	10.0%	10%	13%	12%	11%	13%	18%	19%
Net Debt: Equity	0.15	0.43	0.65	0.53	(0.01)	0.16	0.27	0.14	0.17	0.18
Net Debt /EBIDTA	0.55	1.72	2.83	2.09	(0.04)	0.66	1.09	0.57	0.52	0.52
Return on Equity (without Goodwill)	15.6%	12.1%	9.0%	8.7%	11.7%	11.9%	11.0%	12.8%	17.6%	18.7%
Normalized EPS (Rs/Share)	191.7	126.6	84.0	80.9	98.9	90.3	76.5	80.5	97.7	87.7
Book Value (Rs/Share)	1531	1353	1170	961	889	800	694	627	555	468

Note: 1. Figures of Mar’15 & prior are reported nos. as per previous Indian Accounting Standards

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Disclaimer

Statements in this ‘presentation’ describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Company’s operations include global and Indian demand supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in governmental regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement, due to any subsequent development, information or events, or otherwise.

UltraTech Cement Limited

Regd. Office: Ahura Centre, Mahakali Caves Road, Andheri (E), Mumbai – 400 093 [Corporate Identity Number L26940MH2000PLC128420]

www.ultratechcement.com or www.adityabirla.com investorrelations.utcl@adityabirla.com

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