Name and Address of Company

Registered Address ''B' Wing, Ahura Centre,' 2nd Foor,,Mahakali Caves Road, Mumbai Maharashtra 400093 Tel: 022-66917800 Fax: 022-66928109 Email: sharesutcl@adityabirla.com Website: http://www.ultratechcement.com Group: Birlas (Aditya Vikram) Group

Registrars Sharepro Services (India) Pvt.Ltd. Satam Estate, 3rd Floor, Cardinal Gracious Road, Above Bank Of Baroda, Chakala, Andheri (E) Tel: 022-28215168, 28329828, 28215991, 28347719, 6772 0 Fax: 022-28375646 Email: sharepro@shareproservices.com Website: http://www.shareproservices.com

Present Management Body and Shareholding pattern

(A) Shareholding of Promoter and Promoter Group (1) Indian

Individuals / Hindu Undivided Family Bodies Corporate Sub Total 5 9 14 14 77,009 173,528,048 173,605,057 173,605,057 77,009 173,528,048 173,605,057 173,605,057 0.03 64.62 64.65 64.65 0.03 63.32 63.35 63.35 -

(2) Foreign
Total shareholding of Promoter and Promoter Group (A)

(B) Public Shareholding (1) Institutions

Mutual Funds / UTI Financial Institutions / Banks Insurance Companies Foreign Institutional Investors Sub Total 104 134 28 437 703 3,998,198 170,283 13,321,122 44,119,162 61,608,765 3,991,834 159,810 13,319,042 44,112,894 61,583,580 1.49 0.06 4.96 16.43 22.94 1.46 0.06 4.86 16.10 22.48 -

(2) NonInstitutions
Bodies Corporate Individuals Individual shareholders holding nominal share capital up to Rs. 1 lakh Individual shareholders holding nominal share capital in excess of Rs. 1 lakh Any Others (Specify) Non Resident Indians Foreign Corporate Bodies Foreign Nationals Sub Total Total Public shareholding (B) 2,494 340,441 11,461,121 18,302,935 11,357,739 13,898,251 4.27 6.82 6.68 4.18 -

20

1,082,168

1,068,996

0.40

0.39

7,021 6,995 13 13 349,976 350,679

2,457,823 906,691 1,499,356 51,776 33,304,047 94,912,812

702,737 653,835 264 48,638 27,027,723 88,611,303

0.92 0.34 0.56 0.02 12.40 35.35

0.90 0.33 0.55 0.02 12.15 34.63

Total (A)+(B)

350,693

268,517,869

262,216,360

100.00

97.98

Brief Historical sketch

Company History - UltraTech Cement Milestones 1983 -Awarpur Cement Works Plant I 1987 Awarpur Cement Works Plant II 1993 -Jharsuguda grinding unit 1994 -Hirmi Cement Works 1996 -Gujarat Cement Works Plant I 1998 -Andhra Pradesh Cement Works -Gujarat Cement Works Plant II 1999 -Narmada Cement Company Limited acquired -Ratnagiri Cement Works 2000 Bulk cement terminals at Mangalore, Navi Mumbai and Colombo 2001 -Grasim acquires 10 per cent stake in L&T. Subsequently increases stake to 15.3 per cent by October 2002 -Durgapur grinding unit 2002 -Grasim increases its stake in L&T to 14.15 per cent -Arakkonam grinding unit -The Grasim Board approves an open offer for purchase of up to 20 per cent of the equity shares of Larsen & Toubro Ltd (L&T), in accordance with the provisions and guidelines issued by the Securities & Exchange Board of India (SEBI) Regulations, 1997. 2003 The board of Larsen & Toubro Ltd (L&T) decides to demerge its cement business into a separate cement company (CemCo). Grasim decides to acquire an 8.5 per cent equity stake from L&T and then make an open offer for 30 per cent of the equity of CemCo, to acquire management control of the company

2004 Completion of the implementation process to demerge the cement business of L&T and completion of open offer by Grasim, with the latter acquiring controlling stake in the newly formed company UltraTech 2006 -Narmada Cement Company Limited amalgamated with UltraTech pursuant to a Scheme of Amalgamation being approved by the Board for Industrial & Financial Reconstruction (BIFR) in terms of the provision of Sick Industrial Companies Act (Special Provisions) - Formerly known as Ultratech Cemco Limited. The Group's principal activities are to manufacture and market clinker and cement in India - Ultratech Cement Ltd has inducted Mr. Saurabh Misra into the Board as an Additional Director and appointed Managing Director of the Company. - Ultratech Cement receives order from BIFR. - Ultratech Cement Ltd has appointed Mr Girish M Dave as a Director on the Board of the Company. 2009 -UltraTech to absorb Samruddhi to form India's biggest cement firm -Ultratech to be the lead sponsors of Rajasthan Royals -UltraTech to consider Grasim merger proposal 2010 - Ultratech Cement Ltd has appointed Mr. 0 P Puranmalka as Additional Director with immediate effect.

Calculation of Common-Size Analysis

OPERATING PROFIT

Particular Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit

Mar11 2,542.36 2,829.03 277.11 2,551.92 765.73 0.00 1,786.19 125.52 1,911.71 507.48 1,404.23

Mar03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Ratio Analysis with its Interpretations

PROFITABILITIES RATIOS

Operating Profit Margin(%) Cash Profit Margin(%) Net Profit Margin(%) Return On Capital Employed(%) Return on Long Term Funds(%)

19.33

28.08

27.29

31.33

29

17.02

13.84

15.14

14.94

20.43

20.41

22.02

20.3

13.41

8.31

10.34

10.43 13.77

15.3 27.22

15.06 26.45

17.99 35.55

15.75 37.54

6.91 14.8

0.1 6.58

1.69 6.15

14.08

27.43

27.93

38.25

37.78

14.89

6.97

6.43

45 40 35 30 25 20 15 10 5 0 1 2 3 4 5 6 7 8 Net Profit Margin(%) Return On Capital Employed(%) Return on Long Term Funds(%) Operating Profit Margin(%) Cash Profit Margin(%)

CASH PROFIT MARGIN The Cash Flow Margin is a measure of how efficiently a company converts its sales dollars to cash. Since expenses and purchases of assets are paid from cash, this is an extremely useful and important profitability ratio. It is also a margin ratio

The higher the percentage, the more cash available from sales. Cash Flows from Operating Activities, the numerator, comes from the Statement of Cash Flows. Net Sales comes from the income statement. If a company is generating a negative cash flow, which would show up as a negative number in the numerator in the cash flow margin equation, then even as it is generating sales revenue, it is losing money. The company will have to borrow money or raise money through investors in order to keep on operating. NET PROFIT RATIO Net profit ratio (NP ratio) expresses the relationship between net profit after taxes and sales. This ratio is a measure of the overall profitability net profit is arrived at after taking into account both the operating and non-operating items of incomes and expenses. The ratio indicates what portion of the net sales is left for the owners after all expenses have been met. Formula: Following formula is used to calculate net profit ratio: Net profit ratio = (Net profit after tax / Net sales) 100 It is expressed in percentage. Higher the net profit ratio, higher is the profitability of the business. Example: From the following information calculate net profit ratio (NP ratio) Total sales = $520,000; Sales returns = $ 20,000; Net profit $40,000 Net sales = (520,000 20,000) = 500,000 Net Profit Ratio = [(40,000 / 500,000) 100]

= 8%

OPERATING RATIO The operating profit margin ratio indicates how much profit a company makes after paying for variable costs of production such as wages, raw materials, etc. It is expressed as a percentage of sales and shows the efficiency of a company controlling the costs and expenses associated with business operations. Phrased more simply, it is the return achieved from standard operations and does not include unique or one time transactions. Terms used to describe operating profit margin ratios this include operating margin, operating income margin, operating profit margin or return on sales (ROS). Operating Profit Margin Formula The operating profit margin ratio formula is calculated simply using:

Operating profit margin = Operating income Total revenue

Or = EBIT Total revenue

RETURN ON CAPITAL EMPLOYED A ratio that indicates the efficiency and profitability of a company's capital investments.

Calculated as:

RETURN ON LONG TERM FUNDS

A unit investment trust's estimated return over the life of the portfolio, calculated according to formulas proposed by the Securities and Exchange Commission (SEC). The return is calculated as the annual percentage return based on the yields of all the underlying securities in the portfolio, but is weighted to account for each security's market value and maturity. The return is presented net of estimated fees and the maximum offering price, but does not account for delays in income distributions from the fund.

LIQUIDITY RATIOS
Current Ratio 0.67 0.67 0.59 0.58 0.71 0.67 0.68 0.6 9.43

Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio

0.34 0.39

0.3 0.35

0.34 0.59

0.38 0.65

0.4 0.9

0.34 1.4

0.54 1.44

0.46 1.45

9.43

0.36

0.34

0.51

0.53

0.88

1.38

1.3

1.34

10 9 8 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 Long Term Debt Equity Ratio Debt Equity Ratio Current Ratio Quick Ratio

CURRENT RATIO A liquidity ratio that measures a company's ability to pay short-term obligations.

The Current Ratio formula is:

A current ratio of 2:1 is considered satisfactory for industrial undertakings. It means that even if the value of the current assets were to shrink to one half the creditors would receive payment in full.

QUICK RATIO An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets. The higher the quick ratio, the better the position of the company.

The quick ratio is calculated as:

Also known as the "acid-test ratio" or the "quick assets ratio".

For this ratio the rule of thumb is 1:1 as with this ratio , the business is considered to be in a fairly good current financial condition, and that it can pay of all its current liabilities at short notice. Though a hundred percent ratio reflects a good financial position, it is necessary to remember that the trade debts may not be so liquid as they are considered to be and the cash may be so liquid as they are considered to be required immediately for meeting operation expenses.

DEBT/EQUITY RATIO A measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets.

Note: Sometimes only interest-bearing, long-term debt is used instead of total liabilities in the calculation.

Also known as the Personal Debt/Equity Ratio, this ratio can be applied to personal financial statements as well as corporate ones.

LONG TERM DEBT/EQUITY RATIO

A ratio showing the financial leverage of a firm, calculated by dividing long-term debt by the amount of capital available:

TURNOVER RATIO
Inventory Turnover Ratio Debtors Turnover Ratio 17.69 22.65 22.89 31.16 11.46 8.75 9.53 10.29

32.28

35.04

31.71

27.55

27.58

19.16

15.34

12.75

Asset Turnover Ratio

0.74

0.87

0.86

1.11

1.03

0.72

0.62

0.55

40 35 30 25 20 15 Asset Turnover Ratio 10 5 0 1 2 3 4 5 6 7 8 Inventory Turnover Ratio Debtors Turnover Ratio

INVENTORY TURNOVER RATIO A ratio showing how many times a company's inventory is sold and replaced over a period. the

The days in the period can then be divided by the inventory turnover formula to calculate the days it takes to sell the inventory on hand or "inventory turnover days".

DEBTORS TURNOVER RATIO An accounting measure used to quantify a firm's effectiveness in extending credit as well as collecting debts. The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its assets.

Formula:

Some companies' reports will only show sales - this can affect the ratio depending on the size of cash sales.

ASSET TURNOVER RATIO

The amount of sales generated for every dollar's worth of assets. It is calculated by dividing sales in dollars by assets in dollars.

Formula:

Also known as the Asset Turnover Ratio.

MARKET RATIO
Book Value 389.04 370.05 289.22 216.59 141.69 83.46 85.78 86.41 1

Book Value
450 400 350 300 250 200 150 100 50 0 1 2 3 4 5 6 7 8 9 Book Value

A ratio used to find the value of a company by comparing the book value of a firm to its market value. Book value is calculated by looking at the firm's historical cost, or accounting value. Market value is determined in the stock market through its market capitalization.

Formula:

INTER COMPANY COMPARISON

Balance Sheet UltraTechCement Mar '11 Sources Of Funds

------------------- in Rs. Cr. ------------------Ambuja Cements Dec '10 ACC Dec '10 Shree Cements Mar '11 Madras Cements Mar '11

Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities

274.04 274.04 4.78 0.00 10,387.22 0.00 10,666.04 2,789.76 1,354.84 4,144.60 14,810.64 UltraTechCement Mar '11

305.97 305.97 1.34 0.00 7,022.79 0.00 7,330.10 0.00 65.03 65.03 7,395.13 Ambuja Cements Dec '10 8,778.82 3,151.07 5,627.75 930.70 625.95 901.86 128.18 198.40 1,228.44 422.61 1,549.77 3,200.82 0.00 1,893.98 1,096.57 2,990.55 210.27 0.46 7,395.13

187.95 187.95 0.00 0.00 6,281.54 0.00 6,469.49 518.05 5.77 523.82 6,993.31 ACC Dec '10 8,076.95 2,994.51 5,082.44 1,562.80 1,702.67 914.98 178.28 94.96 1,188.22 752.41 985.07 2,925.70 0.00 2,627.84 1,652.46 4,280.30 1,354.60 0.00 6,993.31

34.84 34.84 0.00 0.00 1,951.34 0.00 1,986.18 1,780.49 63.80 1,844.29 3,830.47 Shree Cements Mar '11 4,042.07 2,875.01 1,167.06 1,027.83 1,196.46 404.23 108.21 30.96 543.40 543.65 429.85 1,516.90 0.00 795.82 281.97 1,077.79 439.11 0.00 3,830.46

23.80 23.80 0.00 0.00 1,710.71 0.00 1,734.51 2,102.16 689.01 2,791.17 4,525.68 Madras Cements Mar '11 5,265.80 1,319.84 3,945.96 543.41 88.83 392.27 182.67 39.95 614.89 483.78 0.07 1,098.74 0.00 1,045.40 133.53 1,178.93 -80.19 27.65 4,525.66

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets

17,942.27 6,542.02 11,400.25 1,105.32 3,730.32 1,956.52 602.29 144.79 2,703.60 1,055.10 0.00 3,758.70 0.00 4,610.46 573.49 5,183.95 -1,425.25 0.00 14,810.64

Profit & Loss account UltraTechCement Mar '11 Income Sales Turnover Excise Duty 14,858.60 1,652.96

------------------- in Rs. Cr. ------------------Ambuja Cements Dec '10 8,286.20 914.68 ACC Dec '10 8,609.29 961.52 Shree Cements Mar '11 3,937.79 438.90 Madras Cements Mar '11 2,971.56 350.85

Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

13,205.64 286.67 66.11 13,558.42 2,752.86 3,122.59 666.50 600.04 0.00 3,587.40 0.00 10,729.39

7,371.52 214.58 54.28 7,640.38 1,475.20 1,697.34 344.91 227.03 1,591.44 241.12 -11.36 5,565.68

7,647.77 169.99 56.58 7,874.34 1,520.68 1,598.67 461.89 538.24 1,594.53 313.33 0.00 6,027.34

3,498.89 70.84 34.81 3,604.54 811.93 912.32 199.14 50.33 659.54 12.63 0.00 2,645.89

2,620.71 25.70 17.44 2,663.85 579.39 660.74 169.64 32.27 561.06 2.89 0.00 2,005.99

ACC Ambuja Cements Dec '10 12 mths 1661.87 1874.27 -527.29 -473.54 873.44 1415.47 2288.91

UltraTechCement Dec '10 12 mths 1461.45 1950.72 -802.25 -636.73 511.74 1875.85 2387.59

Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

Madras Cements Mar '11 12 mths 1786.19 2074.26 -1648.91 -430.85 -5.50 150.29 144.79

Shree Cements Mar '11 12 mths 297.18 626.31 -693.37 71.48 4.42 35.60 40.02 Mar '11 12 mths 110.35 1074.43 -636.07 -393.93 44.43 416.37 460.81