The India Cements Ltd.

Financial

	India Cements	Star Cement	Birla Corporation
Operational Metrics
Cement Sector
Realization / Tonne - Cement	4172.06 Rs/MT	6783.02 Rs/MT	4781.0 Rs/MT
EBITDA / Tonne - Cement	-669.57 Rs/MT	1007.0 Rs/MT	569.0 Rs/MT
Manufacturing Capacity - Cement	15.55 MMTPA	7.7 MMTPA	20.0 MMTPA
Capacity Utilization - Cement	59.0 %	76.91 %	91.9 %
Quarterly Sales Volume - Cement	2.3 Million tonnes	1.06 Million tonnes	4.5 Million tonnes
Financials
5 yr Average ROE	-0.09 %	11.38 %	7.11 %
5yr average Equity Multiplier	2.0	1.17	2.34
5yr Average Asset Turnover Ratio	0.44	0.86	0.59
5yr Avg Net Profit Margin	0.09 %	11.35 %	5.35 %
Price to Book	1.71	3.3	1.24
P/E	0.0	67.89	37.04
5yr Avg Cash Conversion Cycle	-205.75 Days	-141.31 Days	-158.33 Days
Inventory Days	55.06 Days	40.94 Days	37.51 Days
Days Receivable	54.4 Days	14.46 Days	12.83 Days
Days Payable	347.54 Days	151.11 Days	230.96 Days
5yr Average Interest Coverage Ratio	0.8	31.79	2.62
5yr Avg ROCE	1.93 %	15.87 %	7.7 %
5yr Avg Operating Profit Margin	7.66 %	18.54 %	15.53 %
5 yr average Debt to Equity	0.54	0.02	0.72
5yr CAGR Net Profit	n/a	0.66 %	-3.6 %
5yr Average Return on Assets	-0.06 %	9.76 %	3.02 %
Shareholdings
Promoter Holding	81.49 %	57.66 %	62.9 %
Share Pledged by Promoters	0.0	1.33 %	0.0
Change in Promoter Holding (3 Yrs)	53.07 %	-9.67 %	0.0
Change in Mutual Fund Holding (3 Yrs)	-3.1 %	-0.74 %	0.1 %

Business

	India Cements	Star Cement	Birla Corporation
Product Wise Break-Up	Product Wise Break-Up Cement 93.35 Ready Mix Concrete 2.17 Electricity 1.58 Clinker 0.23 White Cement 0 Ordinary Portland Cement (OPC) 0 Portland Slag Cement (PSC) 0 Portland Pozzolana Cement (PPC) 0 Power 0 Jute 0 Others 2.67	Product Wise Break-Up Clinker 0 Portland Slag Cement (PSC) 0 Cement 100.0 White Cement 0 Ordinary Portland Cement (OPC) 0 Jute 0 Power 0 Electricity 0 Ready Mix Concrete 0 Portland Pozzolana Cement (PPC) 0	Product Wise Break-Up Clinker 0 Portland Slag Cement (PSC) 0 Cement 95.46 White Cement 0 Ordinary Portland Cement (OPC) 0 Jute 4.48 Power 0 Electricity 0 Ready Mix Concrete 0 Portland Pozzolana Cement (PPC) 0 Others 0.06
Location Wise Break-Up	Location Wise Break-Up India 100.0 Bhutan 0 Nepal 0 Rest of the World 0	Location Wise Break-Up Bhutan 0 Nepal 0 Rest of the World 0 India 100.0	Location Wise Break-Up Bhutan 0 Nepal 0 Rest of the World 0.58 India 99.42
Raw Material Break-Up	Raw Material Break-Up Limestone 38.56 Gypsum 12.23 Others 49.21	-	-