Ambuja Cements LTD One Stop Report

OneSource One-Stop Report
Ambuja Cements Ltd.

17 February 2012
OneSource One-Stop Reports for Ambuja Cements Ltd.
Ambuja Cements Ltd.

122, Maker Chambers III Nariman Point Mumbai, 400 021 India Tel: 91-22-66597300 Fax: 91-22-22846270 www.ambujacement.com Incorporation Date: Auditor: Employees: Company Type: Corporate Family: Ultimate Parent: Traded: 4,412 Public Subsidiary 651 Companies Holcim Ltd National Stock Exchange of India: 1986 S.R. BATLIBOI & ASSOCIATES AMBUJACEM Financials in: USD (mil)
Fiscal Year End: 31-Dec-2010 Reporting Currency: Indian Rupee Annual Sales: Net Income: Total Assets: Market Value: 1,670.4 1 276.2 2,322.5 2 5,397.3 (03-Feb-2012)
Business Description Ambuja Cements Ltd (ACL) is a cement manufacturing company in India. The Company has one business segment Cement as primary segment. During the year ended December 31, 2010, its cement capacity was about 25 million tons. The Company has five integrated cement manufacturing plants and eight cement grinding units. During 2010, ACL had subsidiaries, including Kakinada Cements Limited, M.G.T Cements (Private) Limited and Chemical Limes Mundwa (Private) Limited. During 2010, commercial production commenced at two new 2.2 million ton clinker production lines, at Bhatapara (Chattisgarh) and Rauri (Himachal Pradesh), as well as two new 1.5 million ton cement grinding facilities, at Dadri (Uttar Pradesh) and Nalagarh (Himachal Pradesh). In addition, a 33 megawatt captive power unit was commissioned at Bhatapara. In June 2011, the Company acquired Dang Cement Industries Pvt. Ltd. In September 20111, it acquired 60% interest in Dirk India Pvt. Ltd. For the fiscal year ended 31 December 2010, Ambuja Cements Ltd.'s revenues increased 4% to RS76.38B. Net income increased 4% to RS12.63B. Results reflects an increase in income from operation and higher other operating income. Ambuja Cements Ltd, formerly Gujarat Ambuja Cements Ltd, is a cement company. The company operates through cement and other segment. Others segment comprises Construction, Hotel and Finance Activity. Source: Reuters Industry Industry ANZSIC 2006: NACE 2002: NAICS 2002: UK SIC 2003: US SIC 1987: Construction - Raw Materials 2031 - Cement and Lime Manufacturing 2651 - Manufacture of cement 32731 - Cement Manufacturing 2651 - Manufacture of cement 3241 - Cement, Hydraulic
Key Executives Name David Atkinson B. L. Taparia Ajay A. Kapur N. P. Ghuwalewala Shakti Arora Significant Developments Topic Mergers & Acquisitions Expansion / New Markets / New Units Dividends #* Most Recent Headline 3 1 Ambuja Cements Ltd. Announces Acquisition Of Controlling Stake In Dirk India Pvt. Ltd. India Environment Panel Gives OK For Ambuja Cements Ltd.'s INR15 Billion Cement Plant-DJ Date 14-Sep-2011 13-Apr-2011 9-Feb-2012 Title Chief Financial Officer Compliance Officer, Company Secretary, Head - Corporate Services Business Head - West, South Co-Executive Director Central Purchase Officer Source Reuters Reuters Reuters infoUSA Graham & Whiteside
3 Ambuja Cements Ltd. Recommends Final Dividend
* number of significant developments within the last 12 months
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News Title Ambuja Cements, ACC fail to impress Mint (384 Words) Markets likely to start on a cautious note on subdued global cues Accord Fintech (India) (1138 Words) Ambuja Cements Q4 net profit up 17 pc to Rs 302 cr Press Trust of India (337 Words) Cognizant guidance could boost IT stocks Mint (512 Words) Announces Q4 & FY 11 Results & Results Press Release for the quarter ended on Dec 31, 2011 Accord Fintech (India) (267 Words) Financial Summary Date 10-Feb-2012 10-Feb-2012 9-Feb-2012 9-Feb-2012 9-Feb-2012
As of 31-Dec-2006
Key Ratios Net Profit Margin (TTM) %
Company Industry 28.59 -1.38
Source: Reuters Stock Snapshot Traded: National Stock Exchange of India: AMBUJACEM As of 3-Feb-2012 Recent Price 52 Week High 52 Week Low Avg. Volume (mil) Market Value (mil) Financials in: INR 172.50 173.20 111.60 1.94 264,815.70 EPS Price/Sales Dividend Rate Price/Earnings Price/Book Beta 8.07 3.47 2.80 15.23 3.60 0.80 Rel S&P 500% 1.15% 6.75% 44.39% -2.52%
4 Week 13 Week 52 Week Year to Date
Price % Change 12.23% 7.01% 37.78% 11.04%
Source: Reuters Key IDSM Number: 177022 1 - Profit & Loss Item Exchange Rate: USD 1 = INR 45.72441 2 - Balance Sheet Item Exchange Rate: USD 1 = INR 44.715 1983-2012 Reuters Research Inc. All Rights Reserved. Copyright 2012, infoUSA. All Rights Reserved. Copyright 2012 Graham & Whiteside Limited 2012 GlobalData. All Rights Reserved.
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Published by OneSource Information Services, Inc., 2012
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Ambuja Cements Ltd.

Location 122, Maker Chambers III Nariman Point Mumbai, 400 021 India Tel: 91-22-66597300 Fax: 91-22-22846270 www.ambujacement.com Company Web Links Company Contact/E-mail Corporate History/Profile Employment Opportunities Contents Industry Codes Business Description Financial Data Market Data Shareholders Subsidiaries Key Corporate Relationships Executives Financial Information Home Page Quote Symbol - Exchange AMBUJACEM - National Stock Exchange of India Sales INR(mil): 76,377.8 Assets INR(mil): 103,850.4 Employees: 4,412 Fiscal Year End: 31-Dec-2010 177022 KeyIDSM: Industry: Construction - Raw Materials
Corporate Overview
Incorporation Date: Company Type: Quoted Status: Previous Name: Managing Director, WholeTime Director: 1986 Public Subsidiary Quoted Gujarat Ambuja Cements Ltd Onne Vander van der Weijde
Investor Relations News Releases Products/Services
Industry Codes
ANZSIC 2006 Codes: 2033 - Ready-Mixed Concrete Manufacturing 2031 - Cement and Lime Manufacturing NACE 2002 Codes: 2651 - Manufacture of cement 2663 - Manufacture of ready-mixed concrete NAICS 2002 Codes: 327320 - Ready-Mix Concrete Manufacturing 32731 - Cement Manufacturing US SIC 1987: 3273 - Ready-Mixed Concrete 3241 - Cement, Hydraulic UK SIC 2003: 2651 - Manufacture of cement 2663 - Manufacture of ready-mixed concrete
Business Description
Ambuja Cements Ltd (ACL) is a cement manufacturing company in India. The Company has one business segment Cement as primary segment. During the year ended December 31, 2010, its cement capacity was about 25 million tons. The Company has five integrated cement manufacturing plants and eight cement grinding units. During 2010, ACL had subsidiaries, including Kakinada Cements Limited, M.G.T Cements (Private) Limited and Chemical Limes Mundwa (Private) Limited. During 2010, commercial production commenced at two new 2.2 million ton clinker production lines, at Bhatapara (Chattisgarh) and Rauri (Himachal Pradesh), as well as two new 1.5 million ton cement grinding facilities, at Dadri (Uttar Pradesh) and Nalagarh (Himachal Pradesh). In addition, a 33 megawatt captive power unit was commissioned at Bhatapara. In June 2011, the Company acquired Dang Cement Industries Pvt. Ltd. In September 20111, it acquired 60% interest in Dirk India Pvt. Ltd. For the fiscal year ended 31 December 2010, Ambuja Cements Ltd.'s revenues increased 4% to RS76.38B. Net income increased 4% to RS12.63B. Results reflects an increase in income from operation and higher other operating income. Ambuja Cements Ltd, formerly Gujarat Ambuja Cements Ltd, is a cement company. The company operates through cement and other segment. Others segment comprises Construction, Hotel and Finance Activity. Source: Reuters
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More Business Descriptions Ambuja Cements Limited is an Indian based company and is principally engaged in the manufacture and distribution of cement and clinker in India. The company principally sells its products in India and also exports its products in international markets. The operations of the company include 5 cement plants, 8 grinding stations and 3 bulk cement terminals. The companys plants are located in Gujarat, Himachal Pradesh, Rajasthan, Chhattisgarh, and Maharashtra. The company has production capacity of 25 million tones of cement and produced 20.01 million tones of cement in 2010. The company has one reportable segment, Cement Segment. On the basis of geography, the company's operation can be classified into within India and outside India. The within India segment contributed 97.57% and outside India segment contributed 2.43% to the companys sales in 2009. The cement plants of the company are located in Junagadh, Gujarat; Solan, Himachal Pradesh; Chandrapur, Maharashtra; Pali, Rajasthan; and Raipur, Chhattisgarh. Its grinding stations are located in Roopnagar and Bathinda, Punjab; Howrah and Murshidabad, West Bengal; Surat, Gujarat; and Haridwar, Uttaranchal. The cement terminals are located in Junagadh, Gujarat; Surat, Gujarat; Raigad, Maharashtra and Cochin, Kerala.The company has three subsidiaries including, Kakinada Cements Ltd., Chemical Limes Mundwa Pvt. Ltd., and M.G.T. Cements Pvt. Ltd. Source: Global Data Ambuja Cements Limited is principally engaged in the manufacture and distribution of cement in India. The product portfolio of the company includes cement and clinker. The company markets its products in India and International markets. The operations of the company include 5 cement plants, 8 grinding stations and 3 bulk cement terminals. The companys plants are located in Gujarat, Himachal Pradesh, Rajasthan, Chhattisgarh, and Maharashtra. The company has production capacity of 25 million tones of cement and produced 20.00 million tones of cement in 2010. The company is headquartered at Mumbai, Maharashtra in India.The company reported revenues of (Rupee) INR 76,377.80 million during the fiscal year ended December 2010, an increase of 4.16% over 2009. The operating profit of the company was INR 16,612.30 million during the fiscal year 2010, a decrease of 7.80% from 2009. The net profit of the company was INR 12,629.70 million during the fiscal year 2010, an increase of 3.79% over 2009. Source: Global Data Production and distribution of Portland cement. Source: Graham & Whiteside Cement Manufacturing Source: infoUSA
Financial Data
Financials in: Revenue: Net Income: Assets: Long Term Debt: Total Liabilities: Working Capital: Date of Financial Data: INR(mil) 1 Year Growth 76,377.8 12,629.7 103,850.4 565.0 30,584.9 4.2 31-Dec2010 4.2% 3.8% 16.8%
Market Data
Quote Symbol: Exchange: Currency: Stock Price: Stock Price Date: 52 Week Price Change %: Market Value (mil): SEDOL: ISIN: Equity and Dept Distribution: 04/2007, Company name changed from Gujarat Ambuja Cements Limited. AMBUJACEM National Stock Exchange of India INR 172.5 02-03-2012 37.8 264,815,696.0 B09QQ11 INE079A01024
Subsidiaries
Company MGT Cements (Private) Ltd Chemical Limes Mundwa (Private) Limited Percentage Owned 100% 100% Country INDIA INDIA
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Kakinada Cements Limited 100% INDIA
Shareholders
Major Shareholders Holcim Group (Switzerland) (45.6%)
Key Corporate Relationships

Auditor: Bank: Auditor: S.R. BATLIBOI & ASSOCIATES Bank of Baroda, Bank of India, HSBC, Standard Chartered Grindlays Bank, Dena Bank S.R. BATLIBOI & ASSOCIATES, S R Batliboi & Associates
1983-2012 Reuters Research Inc. All Rights Reserved. Copyright 2012 Graham & Whiteside Limited 2012 GlobalData. All Rights Reserved. Copyright 2012, infoUSA. All Rights Reserved.
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Ambuja Cements Ltd.

Strengths/Weaknesses (SWOT)
Helpful to achieving the objective Strengths Internal Origin (attributes of the organization)
q q q
Harmful to achieving the objective Weaknesses

q q
Improved Liquidity Position Market Leading Position Strong Dealer Network
Weak Profitability Indicators Cost Control
Opportunities External Origin (attributes of the environment)

q q q q
Threats
q
Expansion Projects PFI and PPP Initiatives Markets with Growth Potential Growing Indian Cement Industry
Government Intervention in Cement Industry Increasing Competitive Pressures
Overview
Ambuja Cements Limited (Ambuja) is one of the leading cement producers in India. It is engaged in the production of cement and clinker. The company's enjoys a market leading position in the industry. Its strong dealer network enables the company to strengthen its position in its core rural and semi-urban markets. However, the company's inability to control its cost has affected its profitability. Ambuja is likely to benefit from its expansion projects and the growing cement industry in India. However, intense competition in the indsutry and increasing governemnt intervention in the cement industry could affect the company's growth prospects.
Strengths
Improved Liquidity Position Ambuja registered a current ratio of 1.3 in 2010 as against a current ratio of 1.1 in 2009. In addition, the company's quick and cash ratios also improved from 0.7 and 0.5 in 2009 to 0.9 and 0.7 in 2010 respectively. The company's improved liquidity position can be attributed to an increase in its cash position, which improved from INR1168.6m in 2009 to INR1985.1m in 2010. Ambuja's total current assets improved from INR19793.3m in 2009 to INR31353.2m in 2010, an increase of 58.4%. Its total current liabilities increased from INR17437.2m in 2009 to INR24056.2m in 2010, an increase of 38%. As a result, the company's working capital improved from INR2356.1m in 2009 to INR7297m in 2010, an improvement of 208%. Improved liquidity position helps the company in carrying out its expansion activities. Market Leading Position Ambuja enjoys a leading market position that helps it attract and serve a diverse customer base. Besides being the most profitable cement company in India, it is also one of the worlds lowest cost producers of cement. The company has grown significantly in the last decade. With a total cement capacity of 25 million tonnes, Ambuja operates some of the worlds most efficient plants. Its focus on environmental protection is at par with some of the best in the industry. The pollution levels at all its cement plants are lower than the rigorous Swiss standards of 100 mg/NM3. Recognizing its environmentally friendly work practices, the companys original plant at Ambujanagar was awarded the highest quality award, the 'National Award for Environmental Excellence in the Indian Cement Industry' for 2008-09 by the National Council for Cement and Building Materials. It was also the first to be accredited with the ISO 9002 quality certification. This leading market position helps the company reduce the risks associated with the cyclical nature of most of these markets and gives it an advantage over its rivals while expanding its product lines. Strong Dealer Network Ambuja has formed a strong dealer network, spread all over India, which gives it an edge over its competitors. The company has formed a large network of more than 7,500 dealers and 20,000 retailers across 18 states in India. It follows a unique model of channel management, which is based on trust and relationships. This strong bond between the company and its dealer network has enabled it in maintaining its market position in the face of severe competition. Ambuja enjoys a market share of 16.5% in its primary markets, and around 10% on an all-India basis. It has built a network of port, bulk terminals, and bulk cement ships on the West coast, which has giveb the company a strong market position in Mumbai, Surat, and now Cochin. Such wide reach and penetration gives the company a strong position in its core rural and semi-urban markets.
Weaknesses
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Weak Profitability Indicators The company reported an increase in its operating expenses, which improved from INR55309.1m in 2009 to INR59765.5m in 2010. Its operating income declined from INR18017.7m in 2009 to INR16612.3m in 2010. As a result its operating margin came down from 24.5% in 2009 to 21.8% in 2010. In fiscal ended December, 2010, the company reported a decline in its profitability ratios such as return on equity, return on capital employed, return on assets, return on fixed assets and return on working capital, which deteriorated from 18.8%, 25.2%, 13.7%, 26.1% and 764.7% in 2009 to 17.2%, 20.8%, 12.2%, 22.9% and 227.7% respectively in 2010. Deteriorating profitability ratios indicate that the company has been underperforming and is not in a position to deliver the value as expected by its shareholders. Cost Control The company's operating costs as a percentage of its sales increased from 75.4% in 2009 to 78.3% in the fiscal year ended December, 2010. Its administration costs as a percentage of its sales reported a sharp increase from 25.7% in 2009 to 66.9% in 2010. The company's selling, general, and administrative expenses went up from INR18874.2m in 2009 to INR51068.8m in 2010, an increase of 170.6%. This shows that the increase in the company's operating costs surpassed the increase in its revenue, which grew by 4.4% during the fiscal 2010. The companys inability to control its cost has affected its profitability.
Opportunities
Expansion Projects The company's expansion projects offer it new opportunties for increasing its production. The company started commercial production at its two new 2.2 million tons clinker production lines at Bhatapara (Chattisgarh) and Rauri (HP). It also started production at two new new 1.5 million tons cement grinding facilities, at Dadri (UP) and Nalagarh (HP). The company also commissioned a 33 MW captive power unit at Bhatapara. Such projetcs strengthen the company's position in the northern and eastern markets. Ambuja also commissioned an additional 30 MW captive power unit at Ambujanagar (Gujarat), which takes its total captive power capacity to more than 400 MW. It is also involved in a wind power project, which is the first investment of the company in the field of renewable energy sources. Relating to the logistics, the company procured one of the three new ships for western coastal transportation in 2010. The remaining two will be delivered during 2011. The company has cement grinding capacity additions totalling around 2 million tons under construction at the Bhatapara (CG) and Maratha (MH) units. After completion of these projects, the company's total installed cement capacity will increase to approximately 27 million tons. Besides, the company also signed an agreement with the Rajasthan State Industrial Development and Investment Corporation for setting up a 2.2 million tons clinkerisation unit in Nagaur district. This project will help the company in maintaining its market share at around 10%. PFI and PPP Initiatives Ambuja can benefit from the various PFI (Private Finance Initiatives) and PPP (Public Private Partnerships) projects being undertaken. Many countries across Europe are taking up PFI and PPP initiatives to improve their infrastructure by announcing stimulus packages in an effort to revive their economy and boost demand. These packages are inclusive of investment in infrastructure (roads, bridges, airports, and railroads), renewable energy, electric transmission, water and transportation. Increased attention regarding quality and efficiency of infrastructure has led to the formation of PPP across the globe. Continuation of this trend will lead to an increase in demand for cement in these areas. Markets with Growth Potential The increasing demand for cement in India and China is likely to offer the company immense potential for growth in the future. India is the worlds second largest producer of cement after China, with an industry capacity of over 200 million tons. The Indian government plans to undertake various infrastructure projects and as a result growth in the cement consumption is anticipated in the coming years. China along with the United Arab Emirates, Poland, Vietnam and Egypt are fast growing construction markets. It is estimated that by 2013, China and Eastern Europe could consume 42.9, 31.4, and 22.5 million tons of cement, respectively. Although the company has an established presence in India, it can leverage its leading market position and brand recognition to establish market leadership in most of these markets. Growing Indian Cement Industry Ambuja can capitalize on the growing market opportunities in the Indian Cement industry to sustain its leadership position. With the government of India providing increased budgetary allocation for various infrastructure projects, roads under National Highways Development Project (NHDP), and housing facilities, it is estimated by the Minister of State, Ministry of Commerce and Industry that the cement production capacities will increase from 231 metric tons (September 2009) to 262.61 metric tons at the end of fiscal year 2012. According to the ICRA Industry Monitor, the total installed capacity was expected to increase to 241 MTPA by the end of fiscal year 2010. The domestic cement demand has grown at a CAGR of 9.3% during 2006-2010. During the fiscal 2010, the domestic demand for cement grew at a rate of 6%. The demand for cement in the Northern India has grown at a CAGR of 8.5%. The company holds a substantial market presence in states such as Punjab, Himachal Pradesh and Jammu & Kashmir. In the East region, the demand for cement grew at a CAGR of 10.1% during 2006-2010. In the West/South region, cement demand grew at a CAGR of 9.7% in the last five years. In 2010, the demand grew at 9.9% in this region. This growing demand for cement in the country will offer the company an opprtunity to increase its revenue by increasing its production.
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Threats
Government Intervention in Cement Industry Government intervention in cement sector in India poses challenges for the company. The Governments continuing efforts to rein in cement prices by freeing imports and banning exports could artificially disable the normal market price mechanisms for determining the price. This reduces the margins for cement companies as prices are restricted from following market norms. When the demand comes down and prices fall, companies need to fend for themselves. As a result, they do not have the buffer to reap profits during the period of high demand. Considering the cyclical nature of the construction industry, Government interventions such as these will deprive profits that would have acted as a great cushion during the demand contraction period. Increasing Competitive Pressures The construction industry is highly competitive. Ambuja faces stiff competition from many big companies in the local markets, as well as internationally. The Indian cement industry is highly consolidated, with about 20 companies accounting for as much as 70% of the total cement production in India. The ongoing M&A activities in the Indian cement industry is a matter of growing concern for the company, as its competitors may gain competitive advantage in terms of production scale and business operations. Besides, some of the major players in the Indian construction industry, such as Reliance Cementation, Jaiprakash Associates Ltd, Dalmia Cement and Reliance Infrastructure are planning to make huge investments to complement their existing production capabilities. For instance, Jaiprakash Associates Ltd plans to invest $973.07m to increase its cement manufacturing capacity from 20 MTPA to 33 MTPA by 2012 and Dalmia Cement is investing more than $652.6m to further improve its production capabilities by 10 MT over the next 2-3 years. Besides, Reliance Infrastructure plans to invest $2.1 billion to establish cement plants with a total capacity of 20 MTPA over the next five years. The highly competitive market can adversely affect the companys revenue growth and earnings, if it fails to retain and attract clients and customers. In case of a price war, the company may be forced to reduce operating costs and close down many facilities. 2012 GlobalData. All Rights Reserved. Published by OneSource Information Services, Inc., Feb. 2012
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Corporate Family Corporate Structure News:
Holcim Ltd Ambuja Cements Ltd.
Ambuja Cements Ltd.

Total Corporate Family Members: 651 Excluded Small Branches and/or Trading Addresses: 245 (Available via export) Company Name Holcim Ltd ACC Limited Acc Machinery Co Ltd Bulk Cement Corporation (India) limited Aggregate Industries UK Ltd. Foster Yeoman Ltd. Foster Yeoman Contracting Ltd. Alan C Bennett & Sons Ltd. Foster Yeoman Jetties Ltd. Spade Oak Group Ltd. Company Location Type Parent Jona Subsidiary Mumbai Subsidiary Nagpur, Maharashtra Subsidiary Maharashtra Subsidiary Markfield Subsidiary Purfleet Subsidiary Gravesend Subsidiary Markfield Subsidiary Markfield Subsidiary High Wycombe Country Sales Employees Source (USD mil) Switzerland Construction - 20,767.1 82,432 RT Raw Materials India Construction - 1,885.1 9,557 RT Raw Materials India Miscellaneous 499 ACP Capital Goods India Construction GW Raw Materials United Construction - 1,661.3 4,549 EXP Kingdom Raw Materials United Construction 384 EXP Kingdom Raw Materials United Construction 35 RM Kingdom Services United Water 2.2 10 EXP Kingdom Transportation United Construction 0.0 EXP Kingdom Services United Nonclassifiable RM Kingdom Industries United Business 49.6 135 EXP Kingdom Services United Nonclassifiable RM Kingdom Industries United Nonclassifiable RM Kingdom Industries United Construction RM Kingdom Raw Materials United Nonclassifiable RM Kingdom Industries United Nonclassifiable RM Kingdom Industries United Nonclassifiable RM Kingdom Industries United Construction 100 RM Kingdom Services United Construction - 38.9 66 RM Kingdom Raw Materials United Construction - 94.4 61 EXP Kingdom Raw Materials United Construction 30 RM Kingdom Raw Materials United Construction 30 ML Kingdom Services United Construction 30 RM Kingdom Services United Nonclassifiable RM Kingdom Industries United Nonclassifiable 30 RM Kingdom Industries United Construction 20 RM Kingdom Raw Materials United Construction RM Kingdom Raw Materials United Nonclassifiable 18 RM Kingdom Industries Industry
Spade Oak Construction Subsidiary High Wycombe Co. Ltd. Spade Oak Duracourt Subsidiary High Wycombe Ltd. Foster Yeoman (Dulcote) Ltd. Subsidiary Markfield Yeoman (Morvern) Ltd. Capital Asphalt Ltd. Subsidiary Oban Subsidiary Markfield
Morvern Shipping Agency Subsidiary Markfield Ltd. Foster Yeoman Recycling Ltd. Subsidiary Markfield Kennedy Asphalt Ltd. Aggregate Industries South West Ltd. London Concrete Ltd. Brooke Concrete Products Ltd. Bardon Contracting G. Skinner & Sons Ltd. Bayford Tarmacadam Ltd. Skinners Foundation Products Ltd. Brown And Potter Ltd. Brown And Potter (Readymix) Ltd. Quarrypak Ltd. Subsidiary Manchester Subsidiary Bodmin Subsidiary Brentford Subsidiary Sheffield Subsidiary St Neots Subsidiary Markfield Subsidiary Markfield Subsidiary Hertford Subsidiary Ripon Subsidiary Markfield Subsidiary Matlock
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Bardon Aggregates Ltd. United Kingdom Sparkes Bros, Ltd. Subsidiary Markfield United Kingdom Aggregate Supplies Ltd. Subsidiary Burton-On-Trent United Kingdom Aggs Uk Ltd. Subsidiary Markfield United Kingdom Aggregate Supplies Subsidiary Markfield United (Southern) Ltd. Kingdom Witherley Services Ltd. Subsidiary Kettering United Kingdom Hartigan Trading Ltd. Subsidiary Newport Pagnell United Kingdom Mid Essex (Asphalt) Ltd. Subsidiary Chelmsford United Kingdom Roller Compacted Concrete Co. Subsidiary Bourne United Ltd. Kingdom Sheerness Aggregates Ltd. Subsidiary Sheerness United Kingdom Ejs Landscape Supplies Ltd. Subsidiary Markfield United Kingdom Aggregate Carriers Ltd. Subsidiary Markfield United Kingdom Reputation Ready-Mix Ltd. Subsidiary Markfield United Kingdom Peterborough Quarries, Ltd. Subsidiary Markfield United Kingdom Sure-Mix Ltd. Subsidiary Stoke On Trent United Kingdom London Minimix Ltd. Subsidiary Markfield United Kingdom Carbon Zero Consulting Ltd Subsidiary Derby United Kingdom Kernow Concrete Ltd. Subsidiary Markfield United Kingdom Bardon Esh Recycling Ltd. Subsidiary Markfield United Kingdom J. Tonks (Transport) Ltd. Subsidiary Durham United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Subsidiary Newton Abbot Nonclassifiable Industries Nonclassifiable Industries Miscellaneous Capital Goods Miscellaneous Capital Goods Nonclassifiable Industries Personal Services Nonclassifiable Industries Construction Services Construction Raw Materials Construction - 1.4 Raw Materials Investment 0.4 Services Water 1.1 Transportation Business 0.7 Services Nonclassifiable Industries Nonclassifiable Industries Construction Raw Materials Nonclassifiable Industries Construction Services Waste Management Services Waste 2.7 Management Services Business Services Nonclassifiable Industries Construction Raw Materials Construction Raw Materials Construction Raw Materials Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable 7.4 14 RM RM 12 2 RM RM RM 10 7 5 3 2 2 RM RM RM RM EXP EXP RM EXP RM RM RM RM RM RM
15
EXP
Ash Solutions Ltd. Cumbria Concrete Ltd. Tendley Concrete Ltd. Cotswold Concrete Ltd. John Fyfe Ltd.
Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Shotts
RM RM RM RM RM RM RM RM RM RM RM RM 67 RM
Cruden Bay Brick & Tile Co. Subsidiary Shotts Ltd. Sutherland Bricks Ltd. Subsidiary Shotts Natcon Ltd. Aggregate Industries (Scotland) Ltd. Evered Bardon Quarry Products Ltd. Bardon Fyfe Natural Stone Ltd. Paul Hammond (Holdings) Ltd. Rail Freight Services Ltd. Subsidiary Shotts Subsidiary Shotts Subsidiary Solihull Subsidiary Markfield Subsidiary London Subsidiary London
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Kingdom United Kingdom Yeoman Transport Ltd. Subsidiary London United Kingdom Yeoman Bulk Cargoes Ltd. Subsidiary Great Yarmouth United Kingdom Alexander Property Subsidiary Markfield United Developments Ltd. Kingdom Douglas Concrete Holdings Ltd Subsidiary Markfield United Kingdom Douglas Concrete Ltd. Subsidiary Burton On Trent United Kingdom Elite Readymix Ltd. Subsidiary Markfield United Kingdom Douglas Truck Mixer Subsidiary Markfield United Services Ltd. Kingdom W. J. Ladd (Concrete Products) Subsidiary Redruth United Ltd. Kingdom Sitebatch Ltd. Subsidiary Bourne United Kingdom Sitebatch Technologies Ltd. Subsidiary Bourne United Kingdom Moxon Traffic Management Ltd. Subsidiary Markfield United Kingdom Three Counties Concrete Ltd. Subsidiary Cannock United Kingdom Htb Holdings Ltd. Subsidiary Markfield United Kingdom Bradwell Aggregates Ltd. Subsidiary Markfield United Kingdom Atlantic Aggregates Ltd. Subsidiary St Austell United Kingdom London Roadstone Ltd. Subsidiary Brentford United Kingdom Stone Haul Ltd. Subsidiary Markfield United Kingdom Concrete Developments Ltd. Subsidiary Birmingham United Kingdom Ely Concrete Products Ltd. Subsidiary Ely United Kingdom Middleproperty Subsidiary Markfield United Developments Ltd Kingdom Middleproperty Farms Subsidiary Markfield United Ltd Kingdom Teeside Concrete Products Subsidiary Bedlington United Ltd. Kingdom Fairford Concrete Ltd. Subsidiary Fairford United Kingdom Melton Concrete Products Ltd Subsidiary Chippenham United Kingdom Bespoke Precast Ltd. Subsidiary Barnsley United Kingdom Ashton Concrete Floors Ltd. Subsidiary New Milton United Kingdom Express Concrete Floors Ltd. Subsidiary Derby United Kingdom Newark Concrete Floors Ltd. Subsidiary Markfield United Kingdom Beever Investments Ltd. Subsidiary Markfield United Kingdom Trafford Concrete Floors Ltd. Subsidiary Markfield United Kingdom Sw Concrete Products Ltd. Subsidiary Markfield United Kingdom Dynacrete Ltd. Subsidiary United Yeoman Aggregates Ltd. Subsidiary London Industries Nonclassifiable Industries Nonclassifiable 1.8 Industries Nonclassifiable 0.4 Industries Construction Services Construction Raw Materials Construction Raw Materials Nonclassifiable Industries
31 16 1
RM RM RM RM RM RM RM RM
Construction Raw Materials Construction Services Construction Services Construction Services Construction Raw Materials Construction Raw Materials Construction Raw Materials Non-Metallic Mining Nonclassifiable Industries Non-Metallic Mining Commercial Banks Nonclassifiable Industries Commercial Banks Real Estate Operations Construction Raw Materials Construction Raw Materials Construction Services Construction Services Construction Services Construction Services Construction Raw Materials Construction Raw Materials Construction Services Construction Raw Materials Construction
RM RM 27 RM RM RM RM RM EXP RM EXP RM 30 RM RM RM 19 15 RM RM RM RM RM RM RM RM RM RM RM
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Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Services Construction Supplies and Fixtures Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Services Miscellaneous Capital Goods Construction Raw Materials Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries
Rebastone Masonry Ltd.
Subsidiary Bath
RM
Stoneflair Ltd. Pms Concrete Products Ltd. Paving Developments Ltd. Midpave Ltd. Site Services I. W. Ltd. Border Stone Co. Ltd. Bardon Surfacing Ltd. Bln Routecare Ltd. Landrec Ltd. Ai Mineral Products Ltd. Blacktop Ltd. Castor Praxis Consulting Ltd. Aggregate Industries (England) Ltd. Peterborough (Roadstone) Ltd. Ogden Minerals Ltd. Ogden Roadstone Ltd.
Subsidiary Markfield Subsidiary Worcestershire Subsidiary Tenbury Wells Subsidiary Southampton Subsidiary Isle Of Wight Subsidiary Markfield Subsidiary Grays Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Alcester Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield
RM RM RM RM RM RM RM RM RM RM RM RM
Ogden Roadstone (Northern) Subsidiary Markfield Ltd. Camas Uk Ltd. Subsidiary Markfield Euston Holdings Ltd. Cnl Minerals Ltd. Cnl Asphalt Ltd. Ivonbrook Quarries Ltd. Rowecast Ltd. Ejs Concrete Products Ltd. Subsidiary Gloucestershire Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Middlesbrough Subsidiary Markfield
Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable 0.0 Industries Nonclassifiable Industries Coal Nonclassifiable Industries Construction Raw Materials Construction Raw Materials Business Services Construction Services Nonclassifiable Industries Nonclassifiable Industries Commercial Banks Miscellaneous 3.0 Capital Goods Nonclassifiable Industries
RM RM RM RM RM RM RM RM RM RM RM RM RM RM RM RM RM 9 EXP RM
Fosseway Business Services Ltd. Subsidiary Markfield Needham And Cullen Road Services Ltd. Stoneflair Northern Ltd. Rand Road Surfacing Ltd. Lytag Holdings Ltd. Lytag Ltd. Bardon Solent Ltd. Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary York Subsidiary Markfield
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Ambuja Cements Ltd. Ambuja Cements Limited Ambuja Cement Eastern Ltd Subsidiary Mumbai Branch Mumbai India India India Construction Raw Materials Construction Raw Materials Construction Supplies and Fixtures Construction Raw Materials Construction Raw Materials Construction Services Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Services Construction Services Retail (Home Improvement) Construction Raw Materials Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Construction Services Construction Supplies and Fixtures Construction Supplies and Fixtures Construction Services Construction Raw Materials Construction Services Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) 1,670.4 1.0 4,412 250 RT IUSA ACP
Subsidiary Raipur, Raipur
Holcim Apasco, S.A. de C.V.
Subsidiary Mxico DF
Mexico Mexico
1,338.7
3,965 2,750
GW GW INC IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA
Cementos Apasco, S.A. de C.V. Subsidiary Mxico, D.F. Holcim Australia Holcim Canada Inc Holcim Canada Inc Holcim Canada Inc Holcim Canada Inc Demix Beton & Agregats Demix Aggregates Demix Beton Demix Beton Demix Bton Demix Beton Demix Agregats Demix Beton Demix Agregats Demix Agregats Demix Beton Demix Beton Dufferin Construction Co TCG Asphalt & Construction Inc Cayuga Asphalt & Construction Dufferin Construction Dufferin Concrete Dufferin Concrete Dufferin Concrete Dufferin Concrete Dufferin Concrete Dufferin Concrete
Subsidiary Chatswood, NSW Australia Subsidiary Concord, ON Branch Branch Branch Joliette, QC Canada Canada
1,362.2 1,279.0 211.1 166.0 120.7
3,500 3,500 250 200 150 150
Mississauga, ON Canada Longueuil, QC Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada
Subsidiary Longueuil, QC Branch Branch Branch Branch Branch Branch Branch Branch Branch Branch Branch VaudreuilDorion, QC Laval, QC Longueuil, QC Qubec, QC Saint-Eustache, QC Laval, QC Lasalle, QC Laval, QC Mirabel, QC
17.2 16.1 12.0
80 40 35 35
10.3 10.3 10.0 9.3 8.6 6.9 6.9
30 30 30 27 25 20 20 65 120
Sherbrooke, QC Canada Canada Canada Canada
Drummondville, QC Subsidiary Oakville, ON Subsidiary London, ON
Subsidiary Cayuga, ON
Canada
100
IUSA
Branch
Hamilton, ON
Canada Canada Canada Canada
17.9
40 60
IUSA IUSA IUSA IUSA IUSA IUSA IUSA
Subsidiary Concord, ON Branch Branch Branch Branch Branch Etobicoke, ON Toronto, ON
11.0 13.7 13.3 7.7 6.7
50 40 40 23 20
Scarborough, ON Canada Maple, ON Canada
Bowmanville, ON Canada
Page 16

Dufferin Concrete Dufferin Concrete Dufferin Aggregates Dufferin Aggregates Dufferin Aggregates Dufferin Aggregates Dufferin Aggregates Dufferin Aggregates Branch Branch Bradford, ON Canada Retail (Home Improvement) Construction Services Non-Metallic Mining Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Supplies and Fixtures Construction Raw Materials Construction Services Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Trucking Construction Raw Materials Construction Raw Materials Construction Services Miscellaneous Capital Goods Commercial Banks Waste Management Services Restaurants Apparel and Accessories Retail (Grocery) Business Services Food Processing Apparel and Accessories Natural Gas Utilities 6.7 4.4 20 20 60 50.2 43.9 32.0 12.4 0.3 80 70 50 20 1 IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA
Georgetown, ON Canada Canada Canada Canada Canada Canada Canada
Subsidiary Concord, ON Branch Branch Branch Branch Branch Milton, ON Acton, ON Cambridge, ON Orono, ON Ajax, ON
Holcim (Australia) Holdings Pty Ltd Holcim Indonesia Tbk, PT Holcim France Benelux SAS Holcim (France) Holcim Betons (France) Sa Beton Rapid Holcim Granulats France Dijon Beton Soc Holcim Beton Holcim (Belgique) - Holcim (Belgie) Holcim Betons (Belgique) Holcim Beton (Belgie) Fiege Holcim Granulats (Belgique) Carrieres De Leffe In Advance Spx Cooling Technologies Belgium Holcim European Services Geocycle
Subsidiary Chatswood, NSW Australia Subsidiary Jakarta Indonesia
3,337 3,308 3,130 495.8 412.4 13.9 91.6 37.5 22.5 254.5 131.0 36.0 94.3 3.7 42.6 80.2 22.5 26.2 375 324 184 168 15 120 65 64 46 1,750 749 14 270 149
GW BMI GW D&B D&B D&B D&B D&B IUSA EDB EDB EDB EDB EDB EDB EDB EDB EDB
Subsidiary Neuilly Sur Seine France Subsidiary Neuilly Sur Seine France Subsidiary Neuilly Sur Seine France Subsidiary Ecole Valentin France
Subsidiary Neuilly Sur Seine France Subsidiary St Apollinaire France
Subsidiary Thionville Cedex France Subsidiary Nivelles Subsidiary Nivelles Subsidiary Antwerpen Subsidiary Nivelles Subsidiary Nivelles Subsidiary Bruxelles Subsidiary Bruxelles Subsidiary Obourg Subsidiary Obourg Belgium Belgium Belgium Belgium Belgium Belgium Belgium Belgium Belgium
Sorest-Depoitre Faconnable Waterloo Dorpex Serena Software Benelux Silver Fern Farms Comeurotex Stera - Gas
Subsidiary Ath Subsidiary Bruxelles Subsidiary Ath Subsidiary BerchemAntwerpen Subsidiary Aalst Subsidiary Bruxelles Subsidiary Zemst
Belgium Belgium Belgium Belgium Belgium Belgium Belgium
1.5 1.7 0.0 4.8 25.8 0.0 53.6
13 7 6 5 4 4 3
EDB EDB EDB EDB EDB EDB EDB
Page 17

Construction Raw Materials Krantenshop Rob Subsidiary Betekom Belgium Retail (Specialty) Azuriet Reizen Subsidiary Oostende Belgium Personal Services Leenaerts Jan Subsidiary Meerle Belgium Fish and Livestock Electro Sim Subsidiary Deurne Belgium Retail (Specialty) Hellings Subsidiary Nivelles Belgium Construction Raw Materials Agma Novobloc Subsidiary Obourg Belgium Construction Raw Materials Immobiliere Des Veterinaires Subsidiary Bruxelles Belgium Real Estate Operations Holcim Nederland BV Subsidiary Capelle aan den Netherlands Construction IJssel Raw Materials Holcim Benelux S.A. Subsidiary Obourg Belgium Construction Raw Materials PT Holcim Indonesia Tbk Subsidiary South Jakarta Indonesia Construction Raw Materials Semen Nusantara Pt Subsidiary Jakarta, Jakarta Indonesia Construction Supplies and Fixtures Holcim Philippines, Inc. Subsidiary Makati City Philippines Construction Raw Materials Holcim Philippines Manufacturing Subsidiary Makati City Philippines Construction Corporation Raw Materials Cement Australia Pty Limited Subsidiary Milton, QLD Australia Construction Raw Materials Melcann Ltd Subsidiary Melbourne, VIC Australia Construction Raw Materials Holcim (Romania) SA Subsidiary Bucharest Romania Construction Raw Materials Holcim (Costa Rica) S.A. Subsidiary San Rafael de Costa Rica Construction Alajuela Raw Materials Holcim (Nicaragua) S.A. Subsidiary Managua Nicaragua Construction Raw Materials Productos de Concreto S.A. Subsidiary San Rafael de Costa Rica Construction Alajuela Raw Materials Holcim Ecuador SA Subsidiary GUAYAQUIL Ecuador Construction Raw Materials Construmercado S.A. Subsidiary Guayaquil, Ecuador Construction Guayas Raw Materials Holcim Argentina SA Subsidiary Buenos Aires Argentina Construction Raw Materials Holcim (New Zealand) Limited Subsidiary Christchurch New Construction Zealand Raw Materials Mcdonald's Lime Ltd Subsidiary Waikato, New Chemical Waikato Zealand Manufacturing Cemento Polpaico SA Subsidiary Las Condes, Chile Construction Santiago Raw Materials Sociedad Ptreos S.A. Subsidiary Las Condes Chile Construction Raw Materials Holcim (Bulgaria) AD Subsidiary Sofia Bulgaria Metal Mining Holcim Venezuela CA Subsidiary Los Cortijos de Venezuela Construction Lourdes, Raw Materials Caracas Holcim Hungria Zrt Subsidiary Labatlan Hungary Construction Services Holcim El Salvador S.A. de C.V. Subsidiary La Libertad El Salvador Construction Raw Materials Holcim (Bulgaria) AD Subsidiary Sofia Bulgaria Construction Raw Materials Holcim Gruppo (Italia) SpA Subsidiary Merone, CO Italy Miscellaneous Financial Holcim Concrete Products Subsidiary Obourg Belgium 7.1 0.8 0.0 1.2 1.1 1.4 0.0 0.0 180.3 500.8 656.2 2,728 1,100 350 2 2 2 1 1 EDB EDB EDB EDB EDB EDB EDB EDB GW IUSA RT ACP
525.0 24.9 368.7
1,747 550 1,345 150
RT GW GW ACP GW GW GW GW RT GW
544.5 209.1
1,226 1,200 123
40.0 362.3 438.6 393.8 242.7
1,200 1,000
860 756 90
RT GW ACP BMI IUSA
150.0 155.4 150.0 173.0
750
750 700
BMI BMI
184.3
697 675
BMI GW GW GW
60.0 369.2
670 663
Page 18

Services Construction Raw Materials Construction Raw Materials Construction Raw Materials Construction Raw Materials Trucking
Holcim (Italia) SpA Holcim -Espaa- Sa Holcim Aridos Sl Gravera El Puente Sl Holcim Logistica Sl
Subsidiary Milano Subsidiary Madrid Subsidiary Madrid Subsidiary Sesea, Toledo Subsidiary L' Hospitalet De Llobregat, Barcelona Subsidiary Madrid
Italy Spain Spain Spain Spain
209.6 249.3 46.3 15.4 24.8 648 230 21 59
GW AX AX AX AX
Construction Supplies and Fixtures Geocycle -Espaa- Sa Subsidiary Madrid Spain Waste Management Services Holcim Hungria Zrt. Subsidiary Lbatlan Hungary Construction Raw Materials Holcim (Lanka) Limited Subsidiary Colmbo Sri Lanka Construction Raw Materials Holcim (Bangladesh) Ltd Subsidiary Dhaka Bangladesh Construction Raw Materials Ambuja Cement Rajasthan Ltd. Subsidiary Pali India Construction Raw Materials Holcim Hungria Cementipari Zrt Subsidiary Budapest Hungary Construction Raw Materials Holcim (Slovensko) a.s. Subsidiary Rohoznk Slovakia Construction Raw Materials Cemento Polpaico S.A. Subsidiary Santiago Chile Construction Raw Materials Compaa Minera Polpaico Ltda. Subsidiary Santiago Chile Construction Raw Materials Holcim (Colombia) S.A. Subsidiary Bogota, Bogota Colombia Construction Services Holcim (Liban) SAL Subsidiary Beirut Lebanon Construction Raw Materials Societe Libanaise Des Ciments Subsidiary Chekka Lebanon Construction Blancs Raw Materials Holcim (Cesko) A.S. Subsidiary Prahovice Czech Construction Republic Raw Materials Holcim (Srbija) d.o.o. Subsidiary Belgrade Serbia Construction Raw Materials Holcim Maroc SA Subsidiary Rabat Morocco Construction Raw Materials Holcim (Italia) SpA Subsidiary Merone, Como Italy Construction Raw Materials Holcim Aggregati Calcestruzzi Subsidiary Merone, Como Italy Construction SRL Raw Materials F.Lli Manara & Co. SRL Subsidiary Milano, Milano Italy Construction Raw Materials Eurofuels SpA Subsidiary Tradate, Varese Italy Waste Management Services Holcim (Hrvatska) d.o.o. Subsidiary Koromacno Croatia Construction Raw Materials Holcim (Liban) SAL Subsidiary Beirut Lebanon Construction Services Steetley Ibria S.A. Subsidiary Madrid Spain Construction Raw Materials Socit Ivoirienne de Ciments et Subsidiary Abidjan Cote Construction Matriaux d'Ivoire Raw Materials Holcim (Sddeutschland) GmbH Subsidiary Dotternhausen, Germany Construction BadenRaw Materials Wrttemberg Holcim Kies und Beton GmbH Subsidiary Dotternhausen, Germany Construction -
Holcim Morteros Sa
Spain
11.8
58
AX
11.9
56
AX
192.5 113.5
633 630 603
IUSA GW GW RT GW GW RT GW GUIA GW RT GMD GW RT D&B D&B D&B D&B
53.8 116.6 137.1 245.3
585 567 559 545 150
0.1 228.2 13.3 97.4
500 440 93 423 414
432.8 164.6 100.2 6.0 2.6
413 352 151 7 11
113.7 81.0 75.0 100.5 88.0
335 280 245 217 215
GW BMI IUSA GW D&B
118
D&B
Page 19

BadenWrttemberg Glaser Sand- und Kieswerke Subsidiary Malsch, BadenGmbH & Co. KG Wrttemberg Holcim US Inc Subsidiary Dundee, MI Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Holcim Trading Inc Cementos Progreso S.A. Holcim Indonesia Tbk, PT Holcim (Colombia) S.A. Jurong Cement Limited Ciments de Guine SA Holcim (Schweiz) AG Holcim (Cham) AG Holcim (Malaysia) Sdn Bhd Holcim Belgique S.A. Holcim Trading Sa Holcim(Singapore) Pte Ltd Holcim Trading Pte Ltd Holcim (Vorarlberg) GmbH Aggregate Industries Holdings Ltd. Aggregate Industries Aggregate Industries Raw Materials Germany 25 1,750.0 144.0 127.0 96.0 114.3 111.1 109.2 67.7 56.6 73.0 53.3 36.0 17.1 13.3 12.7 40.0 2.0 254.0 43.5 200 150 142 135 757.1 130 1,228 57.8 130 100 598.7 50.0 294.3 19.2 52 52 20 15 2 45.2 72.0 175 150 200 300 200 200 180 175 172 141 118 115 84 75 27 21 20 D&B IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA BMI GW GMD GW KMPS IUSA BMI IUSA AX KMPS DPI KMPS EXP IUSA IUSA
Construction Raw Materials United Construction States Raw Materials Branch Waltham, MA United Construction States Raw Materials Branch Holly Hill, SC United Construction States Raw Materials Branch Clarksville, MO United Construction States Raw Materials Branch Midlothian, TX United Construction States Raw Materials Branch Theodore, AL United Construction States Raw Materials Branch Mason City, IA United Construction States Raw Materials Branch Catskill, NY United Construction States Raw Materials Branch Hagerstown, MD United Construction States Raw Materials Branch Artesia, MS United Construction States Raw Materials Branch Three Forks, MT United Construction States Raw Materials Branch Florence, CO United Construction States Raw Materials Branch Chicago, IL United Construction States Raw Materials Branch Crystal River, FL United Construction States Raw Materials Branch Houston, TX United Construction States Raw Materials Subsidiary Guatemala City Guatemala Construction Raw Materials Subsidiary Surabaya Indonesia Construction Services Subsidiary Bogot DC Colombia Construction Raw Materials Subsidiary Singapore Singapore Construction Raw Materials Subsidiary Conakry Guinea Construction Raw Materials Subsidiary Wrenlingen, Switzerland Engineering Aargovia Consultants Subsidiary Cham Switzerland Construction Raw Materials Subsidiary Johor Bahru, Malaysia Construction Johor Raw Materials Subsidiary La Hulpe Belgium Construction Services Subsidiary Madrid Spain Construction Raw Materials Subsidiary Singapore Singapore Construction Raw Materials Subsidiary Singapore Singapore Construction Raw Materials Subsidiary Bludenz, Austria Construction Vorarlberg Raw Materials Subsidiary Lancaster United Commercial Kingdom Banks Subsidiary Dorchester, MA United Retail (Home States Improvement) Subsidiary Crofton, MD United Construction States Raw Materials
Page 20

Aggregate Industries Mgmt Inc Aggregate Industries Lattimore Materials Co LP Subsidiary Rockville, MD Branch Greenbelt, MD United States United States United States Construction Raw Materials Retail (Home Improvement) Construction Supplies and Fixtures Retail (Home Improvement) Construction Raw Materials Construction Raw Materials Construction Raw Materials Retail (Home Improvement) Construction Raw Materials Retail (Home Improvement) Construction Services Retail (Home Improvement) Retail (Home Improvement) Construction Services Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Retail (Home Improvement) Construction Raw Materials Construction Raw Materials Retail (Home Improvement) Construction Raw Materials Retail (Home Improvement) Construction Raw Materials Construction Raw Materials Retail (Home Improvement) Retail (Home Improvement) Construction Raw Materials Retail (Home Improvement) Construction Raw Materials Retail (Home Improvement) Retail (Home Improvement) 150 13.4 250.3 120 100 IUSA IUSA IUSA
Subsidiary Addison, TX
United States Lattimore Materials Branch Roanoke, TX United States Lattimore Materials Branch Dallas, TX United States Lattimore Materials Branch Rockwall, TX United States Lattimore Materials Inc Branch Lewisville, TX United States Aggregate Industries Branch Littleton, MA United States Aggregate Industries Branch Golden, CO United States Aggregate Industries Asphalt Branch Capitol Heights, United MD States Aggregate Industries Branch Rockville, MD United States Aggregate Industries Branch Saugus, MA United Northeast States Frehner Construction Co Subsidiary North Las Vegas, United Inc NV States Aggregate Industries Branch Saugus, MA United States Aggregate Industries Branch Raymond, NH United States Aggregate Industries Branch Eagan, MN United States Aggregate Industries Branch Everett, MA United States Aggregate Industries Branch Washington, DC United States Meyer Material Co Subsidiary Des Plaines, IL United States Meyer Material Co Branch Streamwood, IL United States Meyer Material Co Branch Naperville, IL United States Meyer Material Co Branch Milwaukee, WI United States Meyer Material Co Branch Oak Creek, WI United States Meyer Material Co Branch Kenosha, WI United States Paveloc Industries Inc Branch Marengo, IL United States Meyer Material Co Branch Carol Stream, IL United States Meyer Material Co Branch Lake Bluff, IL United States Bassett Ready Mix Co Inc Branch Burlington, WI United States Meyer Material Co Branch South Elgin, IL United States Aggregate Industries Branch La Plata, MD United States Aggregate Industries Branch Kalamazoo, MI United States Aggregate Industries Branch Moorhead, MN United States
Lattimore Materials
Branch
Venus, TX
20.6 15.2 10.0 8.4 5.2 48.0 38.0 30.1 25.8 20.6 84.0 19.4 16.8 20.0 12.9 12.9
80 75 30 25 20 100 100 100 100 80 45 75 65 50 50 50 50
IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA
13.0 12.3 11.7 9.0 14.4 9.2 7.2 5.4 6.7 5.2 23.0 10.3 7.7
39 35 35 35 30 30 28 21 20 20 48 40 30
Page 21

United States Aggregate Industries Branch Grand Forks, ND United States Aggregate Industries Subsidiary Goshen, IN United States Aggregate Industries Subsidiary Harpers Ferry, United WV States Aggregate Industries Subsidiary North Grafton, United MA States Aggregate Industries Subsidiary Greeley, CO United States Aggregate Industries Subsidiary Zeeland, MI United States Aggregate Industries Subsidiary Littleton, CO United States Aggregate Industries Subsidiary Laurel, MD United States Aggregate Industries Subsidiary Elkhart, IN United States Merit Concrete Of Virginia Subsidiary Manassas, VA United States Aggregate Industries Subsidiary Manchester, NH United States Aggregate Industries Subsidiary Waltham, MA United States Aggregate Industries Subsidiary Portsmouth, NH United States Aggregate Industries Subsidiary Sutton, MA United States Aggregate Industries Subsidiary Taunton, MA United States Gowan Construction Inc Subsidiary Sheyenne, ND United States Woodhall Spa Sand & Gravel Subsidiary Woodhall Spa United Ltd. Kingdom Aggregate Industries Ltd. Subsidiary Markfield United Kingdom Aggregate Industries Subsidiary Markfield United Management Ltd. Kingdom Cherry Park Investments Subsidiary Markfield United Ltd. Kingdom Anglo American Quarries Subsidiary Markfield United Ltd. Kingdom Camas Ltd. Subsidiary Cheltenham United Kingdom Camas Holdings Ltd. Subsidiary Markfield United Kingdom Bardon Concrete Ltd. Subsidiary Carnforth United Kingdom Ai Properties Ltd. Subsidiary Markfield United Kingdom A I Overseas Subsidiary Markfield United Investments Ltd. Kingdom Bradstone Subsidiary Markfield United International Ltd. Kingdom Restored Properties Subsidiary Markfield United Ltd. Kingdom Premier Masonry Ltd. Subsidiary Markfield United Kingdom Aggregates Group Subsidiary Markfield United Ltd. Kingdom Anglo American Subsidiary Markfield United Aggregates Ltd. Kingdom Camas Subsidiary Markfield United Aggregates Ltd. Kingdom Aggregate Industries Branch Hudson, NH Construction - 8.4 Raw Materials Retail (Home 5.2 Improvement) Retail (Home 10.2 Improvement) Retail (Home 18.1 Improvement) Retail (Home 12.9 Improvement) Construction 8.5 Services Retail (Home 10.3 Improvement) Retail (Home 9.0 Improvement) Retail (Home 225.0 Improvement) Retail (Home 7.7 Improvement) Retail (Home 7.7 Improvement) Retail (Home 6.5 Improvement) Construction - 9.6 Raw Materials Construction - 9.6 Raw Materials Retail (Home 5.2 Improvement) Retail (Home 5.2 Improvement) Construction - 6.7 Raw Materials Construction Raw Materials Business 76.3 Services Commercial 14.6 Banks Nonclassifiable 0.4 Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Real Estate 0.7 Operations Nonclassifiable Industries Nonclassifiable Industries Construction Services Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries 25 20 100 70 50 50 40 35 30 30 30 25 20 20 20 20 14 10 IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA IUSA RM EXP 29 EXP EXP RM RM EXP 5 RM EXP RM RM RM RM RM RM RM
Page 22

Bradstone Building Products Ltd. Bradstone Ltd. Safeticurb Ltd. Holcim Ltd. Camas Building Materials Ltd. London And Northern Group Ltd. Northumbria Investments Ltd. Lnjr Ltd. Castleton Sand & Gravel Quarries, Ltd. Hickmans Contractors Ltd. J. H. Fisher (Properties) Ltd. E. Fletcher (Stoke) Ltd. Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Cullompton Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary West Midlands Subsidiary Markfield United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Business Services Nonclassifiable 0.0 Industries Business Services Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Business Services Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Construction Raw Materials Nonclassifiable Industries Commercial Banks Business Services Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries RM RM RM RM RM EXP RM RM RM RM RM RM RM RM RM RM RM RM EXP 30 RM RM EXP RM RM RM RM RM RM RM RM RM EXP RM
Alfred Robinson (Builders Subsidiary Markfield & Contractors) Ltd. Thomas Langley Group Subsidiary Markfield Ltd. (The) Baldwin Nominees Ltd. Subsidiary Markfield E. Fletcher (Builders) Cannock Ltd. High Moor Quarries Ltd. Aggregates Ltd. Evered Ltd. Bardon Vectis Ltd. Philglow Ltd. Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Newport Subsidiary Markfield
International Aggregates Ltd. Subsidiary Markfield Lodelane Investments Aggregate Industries Quest Trustee Ltd. Stone Industries Ltd. H. J. Baldwin & Co. Ltd. Amg (1974) Ltd. Vectis Stone Ltd. Fletcher Holdings Ltd. E. Fletcher Builders Ltd. Kingswinford Properties Ltd. Bardon Investments Ltd. W. H. Rankin Ltd. Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Markfield Subsidiary Newcastle Upon Tyne Subsidiary Chesterfield Subsidiary Markfield Subsidiary Markfield Subsidiary Shotts
Page 23

Cowal Quarry Co. Ltd. Aggregate Industries Slas Ltd. Aggregate Industries Charcon Trustee Ltd. Simpson-Mclaren Ltd. Holcim (Schweiz) AG Holcim (Deutschland) AG Holcim (Brasil) S.A. Subsidiary Shotts Subsidiary Markfield Affiliates Markfield United Kingdom United Kingdom United Kingdom United Kingdom Switzerland Germany Brazil Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Nonclassifiable Industries Construction - 625.0 Raw Materials Construction - 469.9 Raw Materials Construction - 1,050.9 Raw Materials Construction Raw Materials Construction Raw Materials RM RM RM RM IUSA 1,285 2,160 314 140 RT GW D&B D&B
Subsidiary Aberdeen Subsidiary Zurich Subsidiary Hamburg Subsidiary So Paulo, SP
Holcim Beton und Subsidiary Hamburg, Germany Zuschlagstoffe GmbH Hamburg Vereinigte TransportSubsidiary Aurich, Germany Betonwerke, Gesellschaft Niedersachsen mit beschrnkter Haftung & Co. Kommanditgesell VETRA Subsidiary Oldenburg, Germany Betonfertigteilwerke Niedersachsen GmbH VETRA Subsidiary Neubrandenburg, Germany Betonfertigteilwerk MecklenburgGmbH & Co. KG Vorpommern Heide Transportbeton Subsidiary Soltau, Germany GmbH Niedersachsen Hannoversche SiloSubsidiary Hannover, Germany Gesellschaft mit Niedersachsen beschrnkter Haftung Rollbeton GmbH Subsidiary Hamburg, Germany Hamburg Holcim Kieswerk Zeithain Subsidiary Zeithain, Germany GmbH & Co. KG Sachsen Baustoffe Dresden GmbH Subsidiary Dresden, Germany Sachsen La Cemento Nacional C.A. Subsidiary Guayaquil Ecuador Alpha Cement Joint Stock Company Subsidiary Moscow Holcim (Vietnam) Ltd Holcim (Mauritius) Ltd Russian Federation Ho Chi Minh City Viet Nam Mauritius
Construction Raw Materials Construction Raw Materials Construction Raw Materials Miscellaneous 10.2 Capital Goods Construction Raw Materials Construction Raw Materials Business Services Construction - 75.0 Raw Materials Construction - 18.7 Raw Materials Construction Services Construction Raw Materials
107
D&B
37
D&B
40 95
D&B D&B
20 18 1
D&B D&B D&B IUSA GW BMI GW
Joint Venture Subsidiary Port Louis
Data Noted as Source: RT, 1983-2012 Reuters Research Inc. All Rights Reserved. Data Noted as Source: ACP, Copyright 2012 Asian Company Profiles Ltd. All Rights Reserved. Data Noted as Source: GW, Copyright 2012 Graham & Whiteside Limited Data Noted as Source: EXP, 2012 Experian Ltd. All rights reserved. Data Noted as Source: RM, 2012 RM Online, Ltd. All Rights Reserved Data Noted as Source: ML, 2012 118 Information. All Rights Reserved. Data Noted as Source: IUSA, Copyright 2012, infoUSA. All Rights Reserved. Data Noted as Source: INC, Copyright 2012 Mezzo Business Databases Pty Ltd. All Rights Reserved. Data Noted as Source: BMI, Copyright 2012 Business Monitor International Ltd. All rights reserved. Data Noted as Source: D&B, 2012 Dun & Bradstreet, Inc. All rights reserved. Data Noted as Source: EDB, Copyright 2012 Coface Euro DB. All Rights Reserved. Data Noted as Source: AX, Copyright 2012 by Infotel Informacin y Telecomunicaciones SA. All Rights Reserved. Data Noted as Source: GUIA, Copyright Guia Senior. All Rights Reserved. Data Noted as Source: GMD, 2012 GlobalData. All Rights Reserved. Data Noted as Source: KMPS, 2012 Kompass USA. Inc. All Rights Reserved. Data Noted as Source: DPI, Copyright 2012 DP Information Group Ltd. All Rights Reserved Corporate linkage data:
Page 24

Copyright 2012, infoUSA. All Rights Reserved. Copyright 2012 Business Monitor International Ltd. All rights reserved. Copyright 2012 Coface Euro DB. All Rights Reserved. Copyright 2012 Asian Company Profiles Ltd. All Rights Reserved. Copyright 2012 by Infotel Informacin y Telecomunicaciones SA. All Rights Reserved. Published by OneSource Information Services, Inc., 2012
Page 25
Ambuja Cements Ltd.

Competitors Report
CompanyName ACC Limited Birla Corporation Limited India Cements Limited JK Lakshmi Cement Limited Shree Cement Limited UltraTech Cement Ltd. Location Mumbai, India KOLKATA, India CHENNAI, India New Delhi, India Kolkata, India Mumbai, India Employees 9,557 9,818 3,220 1,288 3,645 11,509 Ownership Public Public Public Public Public Public
1983-2012 Reuters Research Inc. All Rights Reserved. 2012 GlobalData. All Rights Reserved. Published by OneSource Information Services, Inc.,Feb, 2012
Page 26
Ambuja Cements Ltd.

Mumbai, , India, Tel: 91-22-66597300, URL: http://www.ambujacement.com/, Executives Page
Executives Report
Board of Directors Name Title Function Chairman Chairman Chairman Source OSX GW OSX
G.P Hinduja Co-Chairman Suresh Kumar Neotia Chairman Emeritus N. S. Sekhsaria Chairman Reuters Biography (Ambuja Cements Ltd.)
Mr. Narotam S. Sekhsaria has been appointed as Non-Independent Non-Executive Chairman of the Board of Ambuja Cements Limited effective from September 23, 2009. In a career spanning over 30 years, he has introduced new standards in manufacturing, management, marketing efficiency and corporate social responsibility to an industry he has helped transform. A first generation industrialist, Mr. Sekhsaria, holds a Bachelors Degree with honours and distinction in Chemical Engineering, from the University of Bombay. As a founder promoter of Ambuja Cement he was the Chief Executive & Managing Director of the Company since its inception in April 1983 till January 2006. Education (Source: OSX ) B Chemical Engineering, University of Mumbai Paul Heinz Hugentobler Non-Independent Non-Executive Vice Chairman of the Board Reuters Biography (Ambuja Cements Ltd.) Vice-Chairman RT
Mr. Paul Heinz Hugentobler serves as Non-Independent Non-Executive Director of Ambuja Cements Limited and has been appointed this position effective from September 24, 2009. Mr. Hugentobler obtained a degree in economic science from the University of St. Gallen. He joined Holcim Group Support Limited in 1980 as Project Manager and in 1994 was appointed Area Manager for Holcim Limited. During 1999-2000, he served as CEO of Siam City Cement, Bangkok, Thailand. He has been a Member of the Executive Committee of Holcim since January 2002 with responsibility for South Asia and ASEAN excluding Philippines. He joined the Board in May 2006. In September 2009 he was made Non-executive Vice Chairman. Education (Source: RT ) Economic Sciences, Universitaet St. Gallen Civil Engineering, Swiss Federal Institute of Technology Markus Akermann Non-Independent Non-Executive Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Mr. Markus Akermann serves as Non-Independent Non-Executive Director of Ambuja Cements Ltd. Mr. Akermann obtained a degree in business economics from the University of St. Gallen in 1973 and studied economic and social sciences at the University of Sheffield, UK. He began his professional career in 1975 with the former Swiss Bank Corporation. In 1978, he moved to Holcim where he was active in a number of roles including Area Manager for Latin America and Holcim Trading. In 1993, he was appointed to the Executive Committee with responsibility for Latin America and international trading activities. He was appointed CEO of Holcim Limited in 2002. He joined the Board in May 2006. Education (Source: RT ) Business and Economics, Universitaet St. Gallen Mansingh L. Bhakta Non-Executive Independent Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Shri. Mansingh L. Bhakta serves as Non-Executive Independent Director of Ambuja Cements Ltd. He is a Senior Partner of Messrs Kanga & Company, a firm of Advocates and Solicitors in Mumbai. He has been in practice for over 50 years and has experience in the legal field and particularly on matters relating to corporate laws, banking and taxation. He has served on the Board of a number of companies and is presently a Director of Reliance Industries Limited. He is recipient of Rotary Centennial Service Award for Professional Excellence from Rotary International. He is listed as one of the lawyers of Asia for five consecutive years from 2006 to 2010 by Asialaw, Hong Kong. He is on the Board of several corporates. He joined the Board in September 1985. Education (Source: RT ) B Law, Government Law College Naresh Chandra Non-Executive Independent Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Shri. Naresh Chandra serves as Non-Executive Independent Director of Ambuja Cements Ltd. Mr. Naresh Chandra is a postgraduate in mathematics from Allahabad University. He was a distinguished member of the Indian
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Administrative Service (IAS) & former Cabinet Secretary to the Government of India and has held various important positions including that of Governor of the State of Gujarat and Indias Ambassador to the United States of America. He was also the Chairman of Corporate Governance Committee instituted by the Government of India. In the year 2007, he was honoured with Padma Vibhushan by the Government of India. He is a Director on the Board of ACC and several other reputed companies. He joined the Board in July 2008. Education (Source: RT ) M Mathematics, Allahabad University Rajendra Prabhakar Chitale Non-Executive Independent Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Shri. Rajendra Prabhakar Chitale serves as Non-Executive Independent Director of Ambuja Cements Ltd. Mr. Chitale, an eminent Chartered Accountant, is the Managing Partner of M/s M. P. Chitale & Associates, a boutique international structuring, tax and legal advisory firm. He is a member of the Insurance Advisory Committee of the Insurance and Regulatory Authority of India, and has served as a member of the Company Law Advisory Committee, Government of India, the Takeover Panel of the Securities & Exchange Board of India, the Advisory Committee on Regulations of the Competition Commission of India, and the Maharashtra Board for Restructuring of State Enterprises, Government of Maharashtra. He has served on the board of Life Insurance Corporation of India, Unit Trust of India, Small Industries Development Bank of India, National Stock Exchange of India Ltd., and SBI Capital Markets Ltd. He is on the Board of several corporates. He joined the Board in July 2002. Omkar Goswami Non-Executive Independent Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Dr. Omkar Goswami serves as Non-Executive Independent Director of Ambuja Cements Ltd. Dr. Goswami, a professional economist, did his Masters in Economics from the Delhi School of Economics and his D. Phil (Ph.D.) from Oxford University. He taught and researched economics for 19 years at Oxford, Delhi School of Economics, Harvard, Tufts, Jawaharlal Nehru University, Rutgers University and the Indian Statistical Institute, New Delhi. During his career spanning over 30 years, he has been associated as advisor to several Government committees and international organizations like the World Bank, the OECD, the IMF and the ADB. He has also served as the Editor of Business India, one of Indias prestigious business magazines and as the Chief Economist of the Confederation of Indian Industry. Dr. Goswami is the Founder and Executive Chairman of CERG Advisory Pvt. Ltd., a company engaged in corporate advisory and consulting services for companies in India and abroad. He is also on the Board of several corporates. He joined the Board in July 2006. Education (Source: RT ) PHD Economics, University of Oxford MA Economics, University of Delhi B Economics, University of Calcutta Shailesh V. Haribhakti Non-Executive Independent Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Mr. Shailesh V. Haribhakti serves as Non-Executive Independent Director of Ambuja Cements Ltd. A Fellow Chartered Accountant, Mr. Shailesh Haribhakti is the Executive Chairman of BDO Consulting Private Ltd. He is the Managing Partner of Haribhakti & Co - Chartered Accountants, which is the Indian Member firm of the accountancy network - BDO International. He served on the Standards Advisory Council of the International Accounting Standards Board. He is a Committee Member of Futures & Options segment of National Stock Exchange of India and a Member of the SEBI Committee on Disclosures and Accounting Standards. He serves as member of Managing Committees of ASSOCHAM and IMC, and Corporate Governance Committees of ASSOCHAM and CII and is Chairman of the Global Warming Committee of IMC. He is on the Board of Directors of several listed and private companies. He has been awarded The Best Non-Executive Independent Director - 2007 award by The Asian Centre for Corporate Governance. He is the Chairman of Audit Committee of ACC Ltd., which was recognized as the Best Audit Committee of 2008 by the Asian Centre for Corporate Governance. He joined the Board in May 2006. Education (Source: RT ) M , University of Mumbai Nasser M. Munjee Non-Executive Independent Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member RT
Shri. Nasser M. Munjee serves as Non-Executive Independent Director of Ambuja Cements Ltd. Mr. Munjee holds a Bachelors and Masters degree from the London School of Economics, U.K. His journey in creating financial institutions began with HDFC, whom he has been assisting since its inception in February 1978. In March 1993, he joined the Board of HDFC as Executive Director on which he continues to be along with 14 other companies. Mr. Munjee has a deep interest for rural development, housing finance, urban issues, specially the development of modern cities and humanitarian causes. He is also Chairman of Development Credit Bank and of two other Aga Khan institutions in India. He was the President of the Bombay Chamber of Commerce and Industry the citys oldest Chamber of Commerce and he has served on numerous Government Task Forces on Housing and Urban Development. He has been awarded as the Best Non-Executive Independent Director 2009 by Asian Centre for Corporate Governance (ACCG). He joined the Board in August 2001.
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Education (Source: RT ) MS Economics, London School of Economics B Electronics, London School of Economics BS , University of Chicago Meenakshi Narain Executive Committe Member Onne Vander van der Weijde Managing Director, WholeTime Director Reuters Biography (Ambuja Cements Ltd.) Director/Board Member Director/Board Member RT RT
Mr. Onne van der Weijde serves as Managing Director, WholeTime Director of Ambuja Cements Ltd. He holds a Bachelors degree in Economics & Accounting from Rotterdam, the Netherlands and a Masters degree in Business Administration from the University of Bradford, UK. In the year 1996 he joined Holcim and after holding various positions, he was appointed Director and General Manager for Holcim (India) Pvt. Ltd. in March 2005. He was the CFO of ACC for around 2 years during 2006-2008. He possesses more than 15 years of experience in cement industry including 6 years in Indian cement industry. He joined the Board in January 2009. Education (Source: RT ) M Business Administration, University of Bradford B Accounting and Economics, Erasmus Universiteit Rotterdam Compensation/Salary: 22,585,820 Onne Vander Weijde Executives Name Title Function Chief Executive Officer Division Head Executive Managing Director Source IUSA RT RT Director Director/Board Member IUSA
N. P. Ghuwalewala Co-Executive Director R. R. Darak President - Accounts & IT Onne Vander van der Weijde Managing Director, WholeTime Director Reuters Biography (Ambuja Cements Ltd.)
Mr. Onne van der Weijde serves as Managing Director, WholeTime Director of Ambuja Cements Ltd. He holds a Bachelors degree in Economics & Accounting from Rotterdam, the Netherlands and a Masters degree in Business Administration from the University of Bradford, UK. In the year 1996 he joined Holcim and after holding various positions, he was appointed Director and General Manager for Holcim (India) Pvt. Ltd. in March 2005. He was the CFO of ACC for around 2 years during 2006-2008. He possesses more than 15 years of experience in cement industry including 6 years in Indian cement industry. He joined the Board in January 2009. Education (Source: RT ) M Business Administration, University of Bradford B Accounting and Economics, Erasmus Universiteit Rotterdam Compensation/Salary: 22,585,820 B. L. Taparia Compliance Officer, Company Secretary, Head - Corporate Services Reuters Biography (Ambuja Cements Ltd.) Company Secretary RT
Mr. B. L. Taparia serves as Compliance Officer, Company Secretary, Head - Corporate Services of Ambuja Cements Limited. Mr. Taparia is a Commerce and a Law graduate and a Member of the Institute of Company Secretaries of India. He has over 37 years of experience. He joined the Company in 1983 as Deputy Company Secretary. After working in different positions in the Company, he was appointed as Whole-time Director in May 1999. He resigned as Director of the company on April 30, 2009. Compensation/Salary: 5,552,836 David Atkinson Ghassan Broummana Shakti Arora Ajay A. Kapur P B Kulkarni S. N. Toshniwal Jagdish Chandra Toshniwal Chief Financial Officer Head of Technical Support Services Central Purchase Officer Business Head - West, South Director Business Head, East Business Head, North Finance Executive Engineering/Technical Executive Purchasing Executive Other Other Other Other RT GW GW RT GMD RT RT
Data Noted as Source: OSX , 2012 OneSource Information Services, Inc. All Rights Reserved. Data Noted as Source: IUSA , Copyright 2012, infoUSA. All Rights Reserved. Data Noted as Source: GMD , 2012 GlobalData. All Rights Reserved. Data Noted as Source: GW , Copyright 2012 Graham & Whiteside Limited
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Data Noted as Source: RT , 1983-2012 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., Feb, 2012
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Ambuja Cements Ltd.

Significant Developments
Ambuja Cements Ltd. Recommends Final Dividend Feb 09, 2012 Ambuja Cements Ltd. announced that the Board of Directors of the Company at its meeting held on February 09, 2012, inter alia, have recommended a final dividend on Equity Shares at the rate of INR1.80 per share. With the interim dividend of INR1.40 per share paid during the year, the total dividend for the Corporate Financial Year ended 2011 works out to INR3.20 per share. The Company in the previous year had paid dividend @ INR2.60 per share which included interim dividend INR1.30 per share.
Ambuja Cements Ltd. Announces Acquisition Of Controlling Stake In Dirk India Pvt. Ltd. Sep 14, 2011 Ambuja Cements Ltd. announced that it has acquired 60% equity shares from the existing promoters of Dirk India Pvt. Ltd. for a consideration of INR16.51 crores (INR165.1 million). Dirk India Pvt. Ltd. is a Company incorporated in Maharashtra and is the first processed fly ash manufacturing and marketing company in India with a capacity of 2500 TPD. With this acquisition, Dirk India Pvt. Ltd. and Dirk Pozzocrete (MP) Pvt. Ltd. have become subsidiaries of the Company.
Ambuja Cements Ltd. Fixes Record Date For Interim Dividend Jul 28, 2011 Ambuja Cements Ltd. announced that August 9, 2011, has been fixed as the Record Date for the purpose of Payment of Interim Dividend.
Ambuja Cements Ltd. Declares Interim Dividend Jul 28, 2011 Ambuja Cements Ltd. announced that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, has approved payment of interim dividend of 70% on equity shares of the Company i.e. INR1.40 per share.
Ambuja Cements Ltd. Buys 85% In Nepal's Dang Cement For INR191.3 Million-DJ Jun 06, 2011 Dow Jones reported that Ambuja Cements Ltd. said it acquired an 85% stake in Nepal's Dang Cement Industries Pvt. Ltd. for INR191.3 million. Ambuja Cements Ltd. is also in the process of acquiring an additional 5% stake for INR11.3 million. Dang Cement holds a limestone mining lease in Nepal and currently doesn't have any business activity.
Holcim Ltd. Ups Stake Above 50% In ACC Limited And Ambuja Cements Ltd.-WSJ May 04, 2011 The Wall Street Journal reported that Holcim Ltd. increased its stake to 50.1% in ACC Limited and 50.01% in Ambuja Cements Ltd. through open market purchases last week. The Company bought a 0.8% stake in ACC Ltd., or 1.5 million shares, at INR1,100 a share. That puts the purchase cost was between $35 million to $40 million. The Company bought an additional 3.5% stake in Ambuja Cements for $195 million.
India Environment Panel Gives OK For Ambuja Cements Ltd.'s INR15 Billion Cement Plant-DJ Apr 13, 2011 Dow Jones reported that an Indian Ministry of Environment and Forests panel has approved Ambuja Cements Ltd.'s proposed INR15 billion cement plant in the north-western state of Rajasthan. Ambuja Cements plans to set up a factory with production capacity of 4.5 million tons a year. The environment panel said that Ambuja will have to spend 5% of the total project cost on community development in the area.
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1983-2012 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc.,Feb, 2012
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Ambuja Cements, ACC fail to impress

Mint 10 February 2012 [What follows is the full text of the news story.] MUMBAI, Feb. 10 -- ACC Ltd and Ambuja Cements Ltd, both majority-owned by Holcim Group, have reported decent earnings for the December quarter. ACC posted a robust 27.8% year-on-year (y-o-y) jump in net sales to Rs2,502.73 crore for the December quarter. Growth, as expected, was driven by an increase in price realization. Cement prices have been rising since April in most regions, leading to a 21% increase in average price realizations in the December quarter. Volumes grew 6% y-o-y. In Ambuja's case, net sales grew 30% over the year-ago period to Rs2,329.1 crore on the back of 11% higher sales volume. Realization per tonne of cement sold rose 17% from the year-ago period. But unlike UltraTech Cement Ltd, whose results beat revenue and profit expectations, the improvement in profitability of ACC and Ambuja was subdued. In ACC's case, while power, fuel and freight costs rose, it was offset by a reduction in other expenditure. Thus, the company's operating margin was flat at year-ago levels of 17.7%. Operating profit, however, rose 29% to Rs441.8 crore, almost in line with the rise in revenue. In Ambuja's case, too, costs spiralled compared with a year ago. As a result, operating margin rose by only 110 basis points y-o-y to 19.3% for the quarter, despite a sharp rise in price realizations. One basis point is one-hundredth of a percentage point. In UltraTech's case, operating margin rose to as much as 23% last quarter from 16.7% in the year-ago period. This was in spite of a 16% rise in variable cost, mainly on account of energy. For the full year ended December, Ambuja's operating profit rose by a mere 2.2% to Rs1,994 crore. This was in spite of 15.2% growth in net sales to Rs8,515 crore. According to a company statement, the lower operating profit growth in comparison with sales growth was due to a substantial increase in clinker cost, fuel and freight charges compared with the previous fiscal. Given the relative underperformance compared with UltraTech, investors are unlikely to be enthused by the results of ACC and Ambuja. Published by HT Syndication with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com Related Companies Ambuja Cements Ltd. Associated Cement Cos, Ltd UltraTech Cement Ltd. ULTRATECH Stepper Inc Related Geographies Asia India Related Industries 3200 Stone, clay, and glass products 3500 Machinery, exc electrical 3990 Miscellaneous manufacturing industries Constr. - Supplies [profile] & Fixtures Misc. Capital [profile] Goods Personal & [profile] Household Prods. 29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 36220 Manufacture of jewellery and related articles not elsewhere classified 2610 Glass and Glass Product Manufacturing 2841 Computer and Business Machine Manufacturing 2940 Other Manufacturing
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2012 Acquire Media Corporation. Published by OneSource Information Services, Inc., February 2012
Markets likely to start on a cautious note on subdued global cues

Accord Fintech (India) 10 February 2012 [What follows is the full text of the news story.] India, Feb. 10 -- The Indian markets staged a smart recovery in late hours of trade in last session and managed to outperform all its Asian and European counterparts by the end. The supportive global cues and encouraging earnings announcements lead to the recovery in late trade. Today, the markets are likely to start on a cautious note as sentiments across Asia appear subdued since European leaders held back a bailout for Greece. Investors will also be keenly awaiting the Indian industrial production (IIP) numbers which economists at large Related Companies Ambuja Cements Ltd. Apollo Tyres Ltd Aurobindo Pharma Ltd CME Group Inc.
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expect to expand at 2.7% versus 5.9%, on month-on-month basis. Meanwhile, the external affairs ministry has opposed any amendment to the Indo-Mauritius tax treaty as any removal of the capital gains exemption could hurt India geo-political interests in Mauritius. Investors will keep a close eye on index heavyweight Reliance Industries after its $1bn bond issue was 8 times over- subscribed with an order book aggregating $7.8 bn. Also Tata Steel will remain in investors' focus in the session after it registered an unexpected quarterly loss in third quarter while ADA group stocks like R Com and R Capital are likely to announce their third quarter earnings later in the session. Apart from this there will be lots of scrip specific actions to keep the markets buzzing. Apollo Hospital, Aurobindo Pharma, Great Eastern Shipping, Essar Oil, DLF, IDFC, JSW Steel, Pantaloon Retail, Pipavav Defence, Sun TV Network, Tata Chemicals, Tata Power and Shriram Transport Finance are among the many to announce their numbers today.The US markets managed to snap yet another session with marginal gains and furthered the gaining streak for third straight session on Thursday. The headway in Greece along with better than expected weekly jobless claims data prevented the downfall for the markets there. The Asian markets though are not showing any kind of enthusiasm and are trading on a sedate note as the deal in Greece failed to convince investors in the region while European finance ministers too have demanded more steps and a parliamentary seal of approval before providing the aid. Barring two indices which are trading with marginal gains, all other indices in Asia are trading on a weak note. Back home, after squandering for most part of the session around the previous closing levels, the domestic benchmark equity indices staged a smart comeback in the last leg of trade and snapped Thursday's session with about a percent gains. In its northbound journey, the 50-share Nifty not only extended its gaining streak for second straight session but also retraced the psychological 5,400 levels, which were last seen only on August 3, 2011. The frontline indices have vivaciously rallied close to twenty percentage points since the lows hit in December 2011 and have even outperformed most major markets across the globe thanks to the relentless buying by foreign funds who have poured in $3.6 billion in local equities so far this year. A day after being outclassed by the global markets, the frontline indices smartly bounced back in the session and across the board hefty position build up, helped the gauges to outperform all its Asian as well as European counterparts. Sentiments got support after global rating agency Fitch affirmed that India is facing cyclical slowdown rather than a structural downturn. Fitch stated that this may further ease inflation, which appears to have passed its peak and thereby giving room to RBI to move to a more accommodative monetary policy, after recent increases in policy rates. On the earnings front, heavyweight Hindaclo succeeded in trimming a large part of its losses in the session after announcing third quarter earnings numbers, which were not as bad as the street had expected. Also stocks like Apollo Tyres and Ambuja Cements got commended for reporting encouraging quarterly results. Earlier on the Dalal Street, the benchmark got off to a negative opening as the indices drifted lower since investors largely remained influenced by the pessimistic sentiments prevailing in Asian markets. After trading with moderate cuts through the morning session, the lethargic equity indices gradually crawled sideways without any fervor through the afternoon trades. However, a sudden revival in sentiments was witnessed in the last leg of trade as stocks from Metal and Banking counters rebounded to provide the much needed support. Eventually the benchmarks managed to regain the key 5,400 (Nifty) and 17,800 (Sensex) levels and snap the session around high point of the day. On the BSE sectoral space, Metal counter remained top gainer in the space with gains of two percent while the rate sensitive Realty and Bankex sectors too finished with handsome gains. Finally, the BSE Sensex gained 123.43 points or 0.70% to settle at 17,830.75, while the S&P CNX Nifty rose by 44.20 points or 0.82% to close at 5,412.35.The US markets closed higher for a third day in a row on Thursday, as Greek politicians agreed on austerity plans needed to qualify for international aid and US jobless claims decreased. In Athens, Greek Prime Minister Lucas Papademos stated that the government's talks with international creditors had concluded successfully. This program accompanies the new loan agreement to finance Greece with 130 billion euros. In US, the Labor Department's count of Americans filing initial claims for jobless benefits dropped by 15,000 last week to 358,000. The four-week moving average fell to 366,250, its lowest since April 2008. The Dow Jones Industrial Average closed higher by 6.51 points, or 0.05 percent, at 12,890.50. The S&P 500 was up by 1.99 points, or 0.15 percent, at 1,351.95, while the Nasdaq closed up 11.37 points, or 0.39 percent, at 2,927.23.Crude oil prices soared over a percent and extended the winning streak for third straight session on Thursday as investors cheered the Greek agreement on new austerity cuts demanded by its international creditors to release a 130 billion euro bailout. The oil prices also got a lift after encouraging US jobs data spurred optimism since initial jobless claims fell 15,000 to 358,000, brightening labor market picture. The depreciation in American Greenback to a fresh two month low against the euro on the back of Greek deal too aided sentiments. Benchmark crude for March delivery surged $1.13 or 1.14% to settle at $99.84 a barrel after trading as high as $100.18 as low as 98.66 a barrel on the New York Mercantile Exchange. In London, March delivery Brent crude jumped $1.39 or 1.2% to end at $118.59 a barrel. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com Essar Oil Ltd Great Eastern Shipping JSW Steel Limited Shriram Transport Finance Company Ltd. Sun TV Network Ltd. Tata Chemicals Tata Power Co Tata Steel Limited Related Geographies Africa Asia Europe Greece India Mauritius United Kingdom Related Industries 1000 Metal mining 2300 Apparel and other textile products 2800 Chemicals & allied products 2830 Drugs 2870 Agricultural chemicals 2990 Misc. petroleum and coal products 3200 Stone, clay, and glass products 3500 Machinery, exc electrical 3990 Miscellaneous manufacturing industries 4200 Trucking and warehousing 4400 Water Transportation 4900 Electric, gas, and sanitary services 4910 Electric services 6000 Depository institutions 6020 Commercial banks 6210 Security brokers and dealers 7812 Motion picture & video production 7900 Amusement & recreation services Apparel/Accessories [profile] Biotechnology & [profile] Drugs Chemical [profile] Manufacturing Commercial Banks [profile] Constr. - Supplies & [profile] Fixtures Electric Utilities [profile] Investment [profile] Services Metal Mining [profile] [profile] [profile] [profile] [profile]
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Misc. Capital Goods [profile] Motion Pictures [profile] Oil & Gas [profile] Operations Personal & [profile] Household Prods. Recreational [profile] Activities S&Ls/Savings [profile] Banks Trucking [profile] Water [profile] Transportation 13100 Mining of iron ores 18210 Manufacture of workwear 24200 Manufacture of pesticides and other agrochemical products 24410 Manufacture of basic pharmaceutical products 29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 36220 Manufacture of jewellery and related articles not elsewhere classified 40100 Production and distribution of electricity 60240 Freight transport by road 65120 Other monetary intermediation 65230 Other financial intermediation not elsewhere classified 92110 Motion picture and video production 1310 Metal Ore Mining 2240 Clothing Manufacturing 2520 Petroleum and Coal Product Manufacturing n.e.c. 2530 Basic Chemical Manufacturing 2543 Medicinal and Pharmaceutical Product Manufacturing 2544 Pesticide Manufacturing 2610 Glass and Glass Product Manufacturing 2841 Computer and Business Machine Manufacturing 2940 Other Manufacturing 3600 Electricity and Gas Supply 3610 Electricity Supply 6300 Water Transport 6709 Storage n.e.c. 7320 Deposit Taking Financiers 7321 Banks 7511 Financial Asset Broking
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Services 9111 Film and Video Production 9300 Sport and Recreation
Ambuja Cements Q4 net profit up 17 pc to Rs 302 cr

Press Trust of India 09 February 2012 [What follows is the full text of the news story.] Mumbai, Feb 9 (PTI) Ambuja Cements today reported over 17 per cent rise in net profit at Rs 302.40 crore for the fourth quarter ended December 2011, on account of higher sales. It had registered a net profit of Rs 258.12 crore in the same quarter last year. Net sales of the company in which Swiss major Holcim has majority stake, rose to Rs 2,329.11 crore in quarter under review against Rs 1,788.47 crore in the year-ago period. For the full year, Ambuja Cements' net profit was down by 2.8 per cent to Rs 1,229 crore against Rs 1,264 crore in 2010. "Profit after tax stood at Rs 1,229 crore, marginally lower by 2.8 per cent year-on-year, mainly on account of one time charge arising out of change in method of valuation of ESOP cost and due to increased tax charge," the company said in a statement. The company had recently changed the measurement method of compensation cost relating to employees stock option from intrinsic value to fair-value method for all outstanding ESOPs at the beginning of the year. This costed the company Rs 33.21 crore. Net sales of the company rose to Rs 8,515 crore compared to Rs 7,390 crore a year ago. Ambuja Cements sold 20.91 million tonnes cement in 2011, which is 4.5 per cent more than what it had sold in 2010. It produced 20.97 million tonnes cement during the year. It said government's thrust on infrastructure along with expected policy reforms, lower inflation and interest rates might boost demand in the current year. "Cost pressure due to rising cost of energy, logistics and raw materials may continue to impact margins. ACL as a company is focused on improving operational efficiency and productivity to mitigate cost pressures," it said. Prices are expected to remain volatile in the short-term due to demand supply imbalances, it added. PTI SSR YB NS YB 02091729 (THROUGH ASIA PULSE) 09-02 2012 Related Companies Ambuja Cements Ltd. Holcim Ltd
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Related Topics Finance & Accounting Standards Related Geographies Asia India Related Industries 3200 Stone, clay, and glass products 3990 Miscellaneous manufacturing industries 6000 Depository institutions 6210 Security brokers and dealers 6371 Pension, health, and welfare funds 8700 Engineering & management services Business Services [profile] Constr. - Supplies [profile] & Fixtures Investment [profile] Services Personal & [profile] Household Prods. S&Ls/Savings [profile] Banks 36220 Manufacture of jewellery and related articles not elsewhere classified 65230 Other financial intermediation not elsewhere classified 66020 Pension funding 85310 Social work activities with accommodation 2610 Glass and Glass Product Manufacturing 2940 Other Manufacturing 7320 Deposit Taking Financiers 7412 Superannuation Funds
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7511 Financial Asset Broking Services 7823 Consulting Engineering Services
Cognizant guidance could boost IT stocks

Mint 09 February 2012 [What follows is the full text of the news story.] Mumbai, Feb. 9 -- Finance minister Pranab Mukherjee is losing sleep over the rising subsidy bill. While it is certain that the government will miss the 4.6% fiscal deficit target, the minister will do well to keep a tight leash on next year's expenses. Cues from global markets are not that encouraging. Stock markets in Asia fell in opening deals after Greek policymakers failed to reach an agreement on the terms required to secure the bailout package. The talks are reportedly stuck on one issue: pension cuts. The Nikkei at 8,953 is down 0.68%. US stocks, though, closed marginally higher. Buying in technology and financial services stocks helped the S&P 500 gain 0.22% to 1,349. Crude oil, meanwhile, climbed to its highest level in more than a week. Prices rose after US crude stockpiles increased less than forecast. Brent crude at $117.5 is up 0.26%. Back home, credit growth is steadily losing steam. For the fortnight ended January 27, outstanding loans of the banks declined by Rs 3,148 crore to Rs 43,513 crore. In the previous fortnight it had shrunk by Rs 11,167 crore, reports the Business Standard. The department of telecommunications is in favour of auctioning spectrum freed up after the Supreme Court cancelled the previous 2G allocations. According to the Business Standard, the telecom department has prepared a cabinet note recommending the auction of spectrum. Keep an eye on information technology stocks. Cognizant Technology Solutions Corp. has given a robust forecast for the current year. The company expects its revenues to rise by 23% this year. The robust guidance, despite the slowing global economy, points to strong demand for IT services. Thomas Cook Group Plc is selling its Indian unit Thomas Cook (India). The company has reportedly received a number of unsolicited informal expressions of interest from third parties. Thomas Cook Group Plc holds 77.1% stake in Thomas Cook (India). Ceat is planning to set up a tyre manufacturing plant in Bangladesh. The company, which aims to start production by end-2013, is looking to invest Rs 250 crore in the new facility. Tech Mahindra reported a 15% sequential rise in December quarter profits. While revenues rose 8.4%, low depreciation and tax provisions helped the company. GMR Infrastructure reported a 47% jump in December quarter sales. Robust topline growth, though, did not translate into profits. The company reported a consolidated net loss of Rs 108 crore due to interruption in fee collection at the airport and high interest costs. ACC, Adani Enterprises, Ambuja Cements, Anant Raj Industries, Apollo Tyres, Cummins India, Gammon India, GTL, Hindalco Industries, HPCL, Moser Baer, MRF and Tata Steel will declare their earnings today. Finally, here is an interesting profile by The Guardian on the Uttar Pradesh chief minister Mayawati. The profile talks about Mayawati's early life, how she got into politics and her political journey till now. Published by HT Syndication with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at Related Companies Adani Exports Ltd Ambuja Cements Ltd. Anant Raj Industries Limited Apollo Tyres Ltd Ceat Ltd Cognizant Technology Solutions Cummins India Limited Gammon India Ltd GMR Infrastructure Limited Hindalco Industries Ltd Mahindra-British TeleCom Ltd Moser Baer India Tata Steel Limited Thomas Cook Thomas Cook Group plc Related Geographies Asia Bangladesh India Related Industries 1500 General building contractors 1600 Heavy Construction, Ex. Building 2700 Printing and publishing 2731 Book publishing 2800 Chemicals & allied products 3200 Stone, clay, and glass products 3500 Machinery, exc electrical 3570 Office, computing & accounting machinery 3572 Computer storage devices 3990 Miscellaneous manufacturing industries
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htsyndication@hindustantimes.com 4900 Electric, gas, and sanitary services 4910 Electric services 5000 Wholesale trade -durable goods 7370 Computer and data processing services 7374 Data processing and preparation 8700 Engineering & management services Business Services [profile] Chemical [profile] Manufacturing Computer Services [profile] Computer Storage [profile] Devices Constr. - Supplies [profile] & Fixtures Construction [profile] Services Electric Utilities [profile] Misc. Capital [profile] Goods Office Equipment [profile] Personal & [profile] Household Prods. Printing & [profile] Publishing Software & [profile] Programming 22110 Publishing of books 29110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 30020 Manufacture of computers and other information processing equipment 36220 Manufacture of jewellery and related articles not elsewhere classified 40100 Production and distribution of electricity 45230 Construction of highways, roads, airfields and sport facilities 45250 Other construction work involving special trades 50100 Sale of motor vehicles 72100 Hardware consultancy 72300 Data processing 85310 Social work activities with accommodation 2410 Printing and Services to Printing 2423 Book and Other Publishing 2530 Basic Chemical Manufacturing 2610 Glass and Glass Product Manufacturing
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2841 Computer and Business Machine Manufacturing 2849 Electronic Equipment Manufacturing n.e.c. 2940 Other Manufacturing 3600 Electricity and Gas Supply 3610 Electricity Supply 4100 General Construction 4121 Road and Bridge Construction 4600 Machinery and Motor Vehicle Wholesaling 7823 Consulting Engineering Services 7831 Data Processing Services
Announces Q4 & FY 11 Results & Results Press Release for the quarter ended on Dec 31, 2011
Accord Fintech (India) 09 February 2012 [What follows is the full text of the news story.] India, Feb. 09 -- Ambuja Cements Ltd has announced the following results for the quarter & year ended December 31, 2011:The Unaudited results for the Quarter ended December 31, 2011The Company has posted a net profit of Rs. 3024.00 million for the quarter ended December 31, 2011 as compared to Rs. 2581.20 million for the quarter ended December 31, 2010. Total Income has increased from Rs. 18652.10 million for the quarter ended December 31, 2010 to Rs. 24227.90 million for the quarter ended December 31, 2011.The Audited results for the year ended December 31, 2011The Company has posted a net profit of Rs. 12288.60 million for the year ended December 31, 2011 as compared to Rs. 12636.10 million for the year ended December 31, 2010. Total Income has increased from Rs. 76378.10 million for the year ended December 31, 2010 to Rs. 88333.40 million for the year ended December 31, 2011.The Consolidated Results are as follows:The Audited consolidated results for the year ended December 31, 2011The Group has posted a net profit of Rs. 12277.40 million for the year ended December 31, 2011 as compared to Rs. 12629.70 million for the year ended December 31, 2010. Total Income has increased from Rs. 76377.80 million for the year ended December 31, 2010 to Rs. 88499.50 million for the year ended December 31, 2011. Published by HT Syndication with permission from ACCORD FINTECH BSE. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com Related Companies Ambuja Cements Ltd.
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Ambuja Cements board recommends final dividend

Accord Fintech (India) 09 February 2012 [What follows is the full text of the news story.] India, Feb. 09 -- Ambuja Cements has informed that the board of directors of the company at its meeting held on February 09, 2012 has recommended a final dividend on equity shares at the rate of Rs 1.80 per share. With the interim dividend of Rs 1.40 per share paid during the year the total dividend for the corporate financial year ended 2011 works out to Rs 3.20 per share. The company in the previous year had paid dividend Rs 2.60 per share which included interim dividend Rs 1.30 per share. The above information is part of company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com Related Companies Ambuja Cements Ltd.
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Related Topics Earnings & Financial Performance Finance & Accounting Standards Financial Markets Mergers and Acquisitions Related Geographies Asia India Related Industries 3200 Stone, clay, and glass products 3990 Miscellaneous manufacturing industries Constr. - Supplies [profile] & Fixtures Personal & [profile] Household Prods. 36220 Manufacture of jewellery and related articles not elsewhere classified 2610 Glass and Glass Product Manufacturing 2940 Other Manufacturing
Indian benchmarks convalesce in late trade; Nifty re-conquers 5,400 levels

Accord Fintech (India) 09 February 2012 [What follows is the full text of the news story.] India, Feb. 09 -- After squandering for most part of the session around the previous closing levels, the domestic benchmark equity indices staged a smart comeback in the last leg of trade and snapped Thursday's session with about a percent gains. In its northbound journey, the 50-share Nifty not only extended its gaining streak for second straight session but also retraced the psychological 5,400 levels, which were last seen only on August 3, 2011. The frontline indices have vivaciously rallied close to twenty percentage points since the lows hit in December 2011 and have even outperformed most major markets across the globe thanks to the relentless buying by foreign funds who have poured in $3.6 billion in local equities so far this year. A day after being outclassed by the global markets, the frontline indices smartly bounced back in the session and across the board hefty position build up, helped the gauges to outperform all its Asian as well as European counterparts. Sentiments got support after Related Companies Ambuja Cements Ltd. Apollo Tyres Ltd Bharti Airtel Limited HDFC Bank Ltd Sterlite Industries Tata Power Co Related Geographies
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global rating agency Fitch affirmed that India is facing cyclical slowdown rather than a structural downturn. Fitch stated that this may further ease inflation, which appears to have passed its peak and thereby giving room to RBI to move to a more accommodative monetary policy, after recent increases in policy rates. Meanwhile, investors overlooked India's trade data which showed that exports grew by about 10.1% y-o-y in January while imports increased by 20.3%, thus widening India's trade deficit to $14.7 billion as against $12.8 billion in December 2011. On the earnings front, heavyweight Hindaclo succeeded in trimming a large part of its losses in the session after announcing third quarter earnings numbers, which were not as bad as the street had expected. Also stocks like Apollo Tyres and Ambuja Cements got commended for reporting encouraging quarterly results. On the global front, Asian equity indices settled on a mixed note after disappointing Chinese inflation reading for January while weak Japan's core machinery orders data too, raised concerns over global growth outlook. European markets though are trading on a positive note as well received earnings from Daimler spurred buying in Auto sector stocks while investors awaited further developments on Greece.Earlier on the Dalal Street, the benchmark got off to a negative opening as the indices drifted lower since investors largely remained influenced by the pessimistic sentiments prevailing in Asian markets. After trading with moderate cuts through the morning session, the lethargic equity indices gradually crawled sideways without any fervor through the afternoon trades. However, a sudden revival in sentiments was witnessed in the last leg of trade as stocks from Metal and Banking counters rebounded to provide the much needed support. Eventually the benchmarks managed to regain the key 5,400 (Nifty) and 17,800 (Sensex) levels and snap the session around high point of the day. The NSE's 50share broadly followed index Nifty, surged about a percent to settle above the crucial 5,400 support level while Bombay Stock Exchange's Sensitive Index or Sensex garnered over a hundred points and ended above the psychological 17,800 mark. Moreover, the optimism in broader markets remained intact through the day, which helped the indices settle on a strong note with over a percent gains, outperforming their larger peers. On the BSE sectoral space, Metal counter remained top gainer in the space with gains of two percent while the rate sensitive Realty and Bankex sectors too finished with handsome gains. The markets climbed on strong volumes of over Rs 1.48 lakh core while the turnover for NSE F&O segment remained on the lower side as compared to that on Wednesday at over Rs 1.12 lakh crore. The market breadth remained optimistic through the day as there were 1,828 shares on the gaining side against 1,057 shares on the losing side while 125 shares remained unchanged.Finally, the BSE Sensex gained 123.43 points or 0.70% to settle at 17,830.75, while the S&P CNX Nifty rose by 44.20 points or 0.82% to close at 5,412.35. The BSE Sensex touched a high and a low of 17,879.46 and 17,609.43 respectively. The BSE Mid cap and Small cap indices were up by 1.27% and 1.18% respectively. The major gainers on the Sensex were Sterlite Industries up 4.59%, Jindal Steel up 3.81%, Tata Power up 3.38%, Bajaj Auto up 3.30% and HDFC Bank up 2.79%. While, Sun Pharma down 1.36%, Hindalco down 1.31%, DLF down 1.15%, Bharti Airtel down 1.13% and L&T down 1.01%, were the major losers on the index. The top gainers on the BSE sectoral space were Metal up 2.05%, Realty up 1.95%, Bankex up 1.85%, Auto up 1.78% and Consumer Durables (CD) up 1.28%, while Oil & Gas down 0.24%, Capital Goods (CG) down 0.11% and Health Care (HC) down 0.03% were top losers on the sectoral space. Meanwhile, exports continued to grow, but on a moderate basis by about 10.1% y-o-y in January 2012 to $25.4 billion, while imports increased by 20.3% at $40.1 billion widening India's trade deficit to $14.7 billion in January 2012 as against $12.8 billion in December 2011. Commerce Secretary, Rahul Khullar, citing provisional data, has said that Indian exports which stood at $25 billion in December 2011 and have grown to $25.4 billion in January 2012. Imports are up from $37.7 billion in December 2011 to $40.1 billion in January 2012. Cumulative exports for the period AprilJanuary reached $242.8 billion. Imports on the other hand grew by 29.4% to $391.5 billion during the April-January period. The trade deficit stood at $ 148.7 billion for the period.Khullar further stated that though India's trade deficit has increased in January 2012, it is not a worrisome number and can be expected to narrow down over the next two months. India's exports for the fiscal year through March are expected to be between $295 billion and $305 billion with imports totaling $460 billion, while the trade gap is seen around $160 billion in FY12.The S&P CNX Nifty touched a high and low of 5,423.40 and 5,338.90 respectively. The top gainers on the Nifty were RPower up 5.20%, BPCL up 4.61%, Tata Power up 4.40%, Sterlite Industries up 4.07% and Jindal Steel up 3.88%. On the flip side, Sun Pharma down 1.92%, DLF down 1.44%, Grasim down 1.27%, Hindalco down 1.09% and GAIL down 0.97% were the top losers on the index. The European markets were trading in green as France's CAC 40 was up 0.38%, Britain'sFTSE 100 up 0.18% and Germany's DAX up by 0.52%.Asian stocks snapped the day's trade mostly in the negative terrain on Thursday after data showed inflation in China was heating up again, complicating efforts by Beijing to stimulate the world's No. 2 economy. But the losses remained capped as investors bet on a positive outcome to Greek reform talks needed for a fresh bailout. Japanese Nikkei pulled back from a threemonth high and ended with a cut of over half a percent on Thursday after Japanese core machinery orders for December 2011 fell by 7.1 percent on a seasonally adjusted basis. The figure, which excludes the volatile shipping and electric power industries, marked a downturn from a 14.8 percent expansion in November. Hong Kong shares ended with marginal cut after stronger than expected Chinese inflation data. Investor sentiments hit a hurdle after Asia Europe China France Germany India Japan United Kingdom Related Industries 2700 Printing and publishing 2731 Book publishing 3200 Stone, clay, and glass products 3700 Transportation equipment 3990 Miscellaneous manufacturing industries 4200 Trucking and warehousing 4810 Telephone Communications 4900 Electric, gas, and sanitary services 4910 Electric services 6000 Depository institutions 6020 Commercial banks 6210 Security brokers and dealers 7370 Computer and data processing services 7374 Data processing and preparation Commercial Banks [profile] Communications [profile] Services Computer Services [profile] Constr. - Supplies [profile] & Fixtures Electric Utilities [profile] Investment [profile] Services Misc. [profile] Transportation Personal & [profile] Household Prods. Printing & [profile] Publishing S&Ls/Savings [profile] Banks Software & [profile] Programming Trucking [profile] 22110 Publishing of books 36220 Manufacture of jewellery and related articles not elsewhere classified 40100 Production and distribution of electricity 60240 Freight transport by road
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China released data showing consumer prices had risen 4.5 percent in January over a year earlier, up from the previous month's 4.1 percent. Food prices jumped 10.5 percent, driven by a 25 percent gain in the cost of pork, the staple meat in China. However, Chinese shares ended flat, with strength in property developers outweighing losses in financial and resources sectors. Asian Indices Last Trade Change in Points Change in % Shanghai Composite 2,349.59 2.06 0.09 Hang Seng 21,010.01 -8.45 -0.04 Jakarta Composite 3,978.99 -9.71 -0.24 Nikkei 225 9,002.24 -13.35 -0.15 Straits Times 2,981.17 -1.03 -0.03 Seoul Composite 2014.62 10.89 0.54 Taiwan Weighted 7,910.78 40.87 0.52 Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com 64200 Telecommunications 65120 Other monetary intermediation 65230 Other financial intermediation not elsewhere classified 72100 Hardware consultancy 72300 Data processing 2410 Printing and Services to Printing 2423 Book and Other Publishing 2610 Glass and Glass Product Manufacturing 2829 Transport Equipment Manufacturing n.e.c. 2940 Other Manufacturing 3600 Electricity and Gas Supply 3610 Electricity Supply 6709 Storage n.e.c. 7120 Telecommunication Services 7320 Deposit Taking Financiers 7321 Banks 7511 Financial Asset Broking Services 7831 Data Processing Services
Updates on Q4 & FY11 results

Accord Fintech (India) 09 February 2012 [What follows is the full text of the news story.] India, Feb. 09 -- With reference to the earlier announcement dated February 09, 2012 regarding announces Q4 & FY 11 results, Ambuja Cements Ltd has now informed BSE that the results sent for the last quarter in fact were audited results. The caption, however, due to typographical error mentioned the same as "Unaudited".In this regard, the Company has submitted to BSE the corrected copy of the same. The said announcement should be read as follows:"Ambuja Cements Ltd has announced the following results for the quarter & year ended December 31, 2011:The "Audited" results for the Quarter ended December 31, 2011The Company has posted a net profit of Rs. 3024.00 million for the quarter ended December 31, 2011 as compared to Rs. 2581.20 million for the quarter ended December 31, 2010. Total Income has increased from Rs. 18652.10 million for the quarter ended December 31, 2010 to Rs. 24227.90 million for the quarter ended December 31, 2011.The Audited results for the year ended December 31, 2011The Company has posted a net profit of Rs. 12288.60 million for the year ended December 31, 2011 as compared to Rs. 12636.10 million for the year ended December 31, 2010. Total Income has increased from Rs. 76378.10 million for the year ended December 31, 2010 to Rs. 88333.40 million for the year ended December 31, 2011.The Consolidated Results are as follows:The Audited consolidated results for the year ended December 31, 2011The Group has posted a net profit of Rs. 12277.40 million for the year ended December 31, 2011 as compared to Rs. 12629.70 million for the year ended December 31, 2010. Total Income has increased from Rs. 76377.80 million for the year ended December 31, 2010 to Rs. 88499.50 million for the year ended December 31, 2011." Published by HT Syndication with permission from ACCORD FINTECH BSE. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com Related Companies Ambuja Cements Ltd.
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Personal & [profile] Household Prods. 36220 Manufacture of jewellery and related articles not elsewhere classified 2610 Glass and Glass Product Manufacturing 2940 Other Manufacturing
BRIEFING - ASIA INFRASTRUCTURE - FEB 3, 2012

Asia Pulse Businesswire 03 February 2012 [What follows is the full text of the news story.] An executive briefing on infrastructure for Feb 3, 2012, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities. VIETNAM TRANSPORT MINISTRY EYEING OVER 30 PROJECT COMPLETIONS HANOI - Vietnam'sTransport Ministry is targeting the completion of more than 30 major projects this year to make a milestone in transport infrastructure development. Last year, hundreds of projects were delayed due to the Government's public investment cutting policy. The projects include a road network to Phong Nha- Ke Bang Culture Heritage and Khe Gat Airport in central Quang Binh Province, Ngoc Thap Bridge in northern Phu Tho Province, Dam Cung Bridge in southernmost Ca Mau Province, Ha Long-Cai Lan Railway, An Thoi Port in southern Kien Giang Province and Da Nang Airport Terminal. SAMSUNG ENGINEERING WINS US$160MLNUAE INDUSTRIAL PLANT DEAL SEOUL - Samsung Engineering Co. (KSE:028050), a leading South Korean industrial plant builder, said Friday it has won a US$160 million contract for a nitrogen gas injection facility in the United Arab Emirates (UAE). The contract placed by the UAE's state-run GASCO calls for the plant to be built in Mirfa in the central part of the oil-rich Middle East country, with Samsung responsible for the engineering, procurement, construction and commissioning of the project on a lump turnkey basis. CHINA'S SOLAR PV INDUS MAY BE AIDED BY ENERGY SAVING DRAFT PLAN BEIJING - The draft plan for promoting energy saving in buildings across China during 20112015 recently unveiled by the Ministry of Housing and Urban-Rural Development to solicit public opinion might give another boom to the wounded solar PV industry, reported China Securities Journal on Wednesday. Under the plan, China aims to develop energy saving in buildings equivalent to 116 million tonnes of standard coal by the end of 2015, and flags up plans to expand the utilization of renewable energies in buildings, particularly solar energy, by some 2.5 billion square meters during the 2011-2015 period, compared to the 40 million square meters added in the previous five years. INDIAN CO AMBUJA CEMENTS' SALES UP 4% TO 1.91 MT IN JAN NEW DELHI - Indian company Ambuja Cements (BSE:500425) Thursday reported a little over 4 per cent rise in January sales at 1.91 million tonnes over the same month last year. Related Companies Ambuja Cements Ltd. Compania General de Electricidad S.A. Gasco S.A. GS Engineering & Construction Corp. Samsung Corp Samsung Electronics Co Ltd Samsung Engineering Co
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Related Geographies Asia Middle East China India South Korea Sri Lanka United Arab Emirates Vietnam Related Industries 1500 General building contractors 1600 Heavy Construction, Ex. Building 3200 Stone, clay, and glass products 3651 Household audio and video equipment 3674 Semiconductors and related devices 3990 Miscellaneous manufacturing industries 4900 Electric, gas, and sanitary services 4910 Electric services 4920 Gas production and distribution 5000 Wholesale trade --
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durable goods 8700 Engineering & management services Audio & Video [profile] Equipment Business Services [profile] Constr. - Supplies [profile] & Fixtures Construction [profile] Services Electric Utilities [profile] Misc. Capital Goods [profile] Natural Gas Utilities [profile] Personal & [profile] Household Prods. Semiconductors [profile] 32100 Manufacture of electronic valves and tubes and other electronic components 32300 Manufacture of TV & radio receivers, recording & reproducing apparatus 36220 Manufacture of jewellery and related articles not elsewhere classified 40100 Production and distribution of electricity 40200 Manufacture of gas; distribution of gaseous fuels through mains 45230 Construction of highways, roads, airfields and sport facilities 45250 Other construction work involving special trades 50100 Sale of motor vehicles 85310 Social work activities with accommodation 2610 Glass and Glass Product Manufacturing 2849 Electronic Equipment Manufacturing n.e.c. 2940 Other Manufacturing 3600 Electricity and Gas Supply 3610 Electricity Supply 3620 Gas Supply 4100 General Construction 4121 Road and Bridge Construction 4600 Machinery and Motor Vehicle Wholesaling 7823 Consulting Engineering Services
The company had sold 1.84 million tonnes cement in January last year, Ambuja Cements said in a statement. INDIAN GOVT PLANS USE OF NATURAL RUBBER IN ROAD CONSTRUCTION NEW DELHI - The Indian government has formulated a plan to use natural rubber in roads, as recommended by experts. The use of natural rubber-modified bitumen has been specified by the Ministry of Road Transport & Highways for binder courses and wearing courses laid on National Highways, an official statement said here on Wednesday. SRI LANKA TO EXTEND SOUTHERN EXPRESSWAY COLOMBO - Sri Lanka's southern expressway linking the capital Colombo with the south is to be extended to link the eastern port town of Trincomalee, Sri Lanka Ports Authority chairman Priyath Wickrama said. The move is part of a plan to improve the transport infrastructure to give manufacturers fast connectivity, he told a tea convention in Colombo. SAMSUNG C&T NET PROFIT SOARS IN Q4 SEOUL - Samsung C&T Corp. (KSE:000830), a South Korean trading and construction company, said Thursday that its fourth-quarter earnings soared 645.6 per cent from a year earlier due to foreign sales gains. Net income came to 92.2 billion won (US$82.3 million) in the October-December period, compared with 13.0 billion won a year earlier, the company said in a provisional regulatory filing. KOREA'S GS ENGINEERING SEES EARNINGS JUMP IN Q4 SEOUL - GS Engineering & Construction Corp. (KSE:006360), South Korea's third-largest builder, said Thursday that its fourth-quarter earnings jumped 111.5 per cent from a year earlier due to strong sales. Net income came to 78.4 billion won (US$70 million) in the October-December period, compared with 37 billion won a year earlier, the builder said in a provisional regulatory filing. (C) Asia Pulse Pte Ltd. CONTACT: Asia Pulse Production Centre Phone: (612) 9322 8634 Fax: (612) 9322 8639 http://www.asiapulse.com ASIA PULSE nt 03-02 2105
INDIAN CO AMBUJA CEMENTS' SALES UP 4% TO 1.91 MT IN JAN
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Asia Pulse Businesswire 03 February 2012 [What follows is the full text of the news story.] NEW DELHI, Feb 3Asia Pulse - Indian company Ambuja Cements (BSE:500425) Thursday reported a little over 4 per cent rise in January sales at 1.91 million tonnes over the same month last year. The company had sold 1.84 million tonnes cement in January last year, Ambuja Cements said in a statement. Ambuja Cements' production during the month also went up to 1.9 million tonnes compared to 1.84 million tonnes in the year ago period. (PTI) cg 03-02 1743 Related Industries 3200 Stone, clay, and glass products 3990 Miscellaneous manufacturing industries Constr. - Supplies [profile] & Fixtures Personal & [profile] Household Prods. 36220 Manufacture of jewellery and related articles not elsewhere classified 2610 Glass and Glass Product Manufacturing 2940 Other Manufacturing Related Companies Ambuja Cements Ltd.
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Ambuja Cements Jul-Sep net profit up by 12.5% at Rs 1.71bln

India Public Sector News 02 November 2011 [What follows is the full text of the article.] New Delhi: India-based cement manufacturing company Ambuja Cements Ltd (ACL), which follows January-December as accounting year, has posted a 12.5% rise in net profit at Rs 1.71 billion in the third quarter (July-September) ended September 30, in fiscal year 2011. Ambuja Cements had posted a net profit of Rs 1.52 billion in the same period of the previous year, the company said in a statement. During the July-September quarter, the company's net sales rose to Rs 18.05 billion as compared to Rs 15.64 billion in the same period a year-ago. This rise in net sales was mainly because of 7.6% rise in sales volume at 4.69 million tonne. "The lower rate of growth in earnings before interest, taxes, depreciation and amortization compared to net sales was on account of substantial increase in the costs of raw material [up 11% year-on-year], power and fuel [up 12% YoY] and freight and forwarding expenses [up 21% YoY]," the company said in a statement. Distributed by Contify.com Related Geographies Asia India
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INDIA,SWITZERLAND : Ambuja Cements acquires 60 % stake in Dirk India

TendersInfo News 16 September 2011 [What follows is the full text of the article.] Swiss major Ambuja Cements has acquired 60 per cent stake in processed fly ash maker Dirk India. The value of the deal was Rs 16.51 crore. Ambuja stated, With this acquisition, Dirk India and Dirk Pozzocrete have become subsidiaries of the company. Dirk Pozzocrete is the subsidiary of the Maharashtra- based company. According to Ambuja Cements, the company purchased the stake from the promoters of Dirk India. The company has 2,500 tonnes processed fly ash manufacturing capacity per day. Ambuja added, During the financial year 2010-11, the company (Dirk) generated sales revenue of Rs 55.40 crore and earned EBITDA of Rs 6.8 crore. Earlier in 2001, a 30-year contract had been secured by Dirk India for the exclusive recycling of all Pulverised Fuel Ash. The contract was awarded by Nashik Thermal Power Station of the Maharashtra State Electricity Board. Copyright 2011 Euclid Infotech Pvt. Ltd., distributed by Contify.com Related Geographies Asia India Switzerland
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Ambuja Cements acquires 60% equity stake in Dirk India for $3.5mln
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India Public Sector News 15 September 2011 [What follows is the full text of the article.] Mumbai: India's one of the leading cement makers Ambuja Cements Ltd announced that it has acquired a 60% equity stake in fly ash maker Dirk India Pvt Ltd for Rs 165.1 million ($3.5 million), Reuters reported. Ambuja Cement (BOM:500425), which was formerly known as Gujarat Ambuja Cement Limited, said that after the transaction is completed Dirk and its subsidiary Dirk Pozzocrete will become units of the company. It should be noted that Fly Ash, which is produced by burning coal, plays an important role in cement manufacture and in the construction industry. One tonne of cement requires an input of 0.2 tonne of fly ash. The cost of cement produced from fly ash significantly lowered by 5% to 10% when compared to cement produced in the traditional way. Ambuja Cement, in which Swiss cement manufacturer Holcim holds 46% stake, had a cement capacity of about 25 million tons in calender year 2010. Ambuja has five integrated cement manufacturing plants and eight cement grinding units in India. Copyright Contify.Com Related Companies Holcim Ltd Related Geographies Asia India
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Ambuja Cement buys 60% in Dirk India for Rs 16.5 crore

Realty Plus 15 September 2011 [What follows is the full text of the article.] Ambuja Cements Ltd has acquired 60 per cent stake in fly ash maker Dirk India Pvt Ltd from its existing promoters for Rs 16.51 crore, according to the company disclosure to the Bombay Stock Exchange on Wednesday. Based in Maharashtra, Dirk India is into fly ash manufacturing and marketing, with a capacity of 2,500 TPD. The company also has a subsidiary, Dirk Pozzocrete (MP) Pvt Ltd, which operates in the same space. Fly ash is an industrial products residue, used as a relatively lowcost input for cement manufacturing. Post-acquisition, Dirk India and Dirk Pozzocrete will become subsidiaries of Ambuja Cements. Copyright 2011 Mediasset Holdings, distributed by Contify.com Related Topics Finance and Accounting Financial Markets Related Geographies Asia India
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INDIA,NEPAL : Ambuja Cements buys 85-per cent controlling stake in Nepalese Dang Cement Industries in a deal valuing Rs19.13 crore
TendersInfo News 10 June 2011 [What follows is the full text of the article.] Related Geographies
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Asia India Nepal Related Industries 1011 Iron ores Metal Mining [profile] 13100 Mining of iron ores 1311 Iron Ore Mining
Ambuja Cements Ltd, formerly known as Gujarat Ambuja Limited is a major Cement producing company in India has recently gained an 85-per cent interest in Nepals Dang Cement Industries in a deal valuing Rs19.13 crore. With the acquisition, Dang Cement Industries turns out to be an offshoot of Ambuja Cements. Reportedly Dang Cement holds limestone mining lease for cement grade limestone deposit situated in the hill ranges of Mahabharat in the adjoining area of the Purandhara Village Development Committee (VDC) of Dang district and the Kavra and Laxmipur VDCs of Sallyan district in the Mid - western development region of Nepal. Dang Cement Industries holds a limestone mining lease in Nepal. Limestone is a key raw material for manufacturing of cement. Currently, Dang Cement intends to install and run a 1. 2-million tonne per annum capacity cement plant in two phases near the foothill of the deposit at Purandhara in Dang valley. "At present, the company (Dang) is not carrying out any business activity," the Ambuja statement said. The domestic cement maker stated in a stock exchange filing that, it was also underway of taking on a further 5-per cent venture in the Nepalese company for Rs1.13 crore. Copyright 2011 Euclid Infotech Pvt. Ltd., distributed by Contify.com
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Ambuja Cements May output at 17.36 lakh tone

Realty Plus 02 June 2011 [What follows is the full text of the article.] Cement manufacturer Ambuja Cements said that its production in May stood at 17.36 lakh tonne, as against 19.04 lakh tonne in the year-ago period. The company's despatches in May stood at 17.64 lakh tonne, as against 18.88 lakh tonne in the year-ago period, a press release issued here stated. For the January-May period this year, its production stood at 91.38 lakh tonne as against 91.48 lakh tonne in the year ago, while its despatches for the same period stood at 93.32 lakh tonne as against 91.70 lakh tonne in the corresponding period of the last year, the release said. Copyright 2011 Mediasset Holdings, distributed by Contify.com
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Ambuja Cements Ltd.

Mumbai, India, Tel: 91-22-66597300, URL: http://www.ambujacement.com/
Annual Income Statement
Financials in: USD (mil) Except for share items (millions) and per share items (actual units) Financial Glossary 31-Dec-2010 Period Length UpdateType/Date 12 Months Updated Normal 31-Dec-2010 INR 45.724414 31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 1,594.9 -133.1 1,461.8 17.2 35.7 52.8 1,514.6 685.2 685.2 776.5 321.2 56.4 12.3 389.9 31-Dec-2008 12 Months Reclassified Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 1,632.1 -196.5 1,435.6 32.1 16.5 48.5 1,484.1 626.1 626.1 809.5 331.1 61.3 12.4 404.8 31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 1,568.0 -185.0 1,383.0 18.9 28.0 46.9 1,429.9 516.5 516.5 866.6 323.1 49.6 372.7 31-Dec-2006 18 Months Reclassified Special 31-Dec-2007 INR 45.26652 Dalal & Shah Unqualified 1.8 1,575.9 -164.0 1,413.7 21.0 21.0 1,434.7 558.7 558.7 855.0 329.2 52.8 382.0
Filed Currency Exchange Rate (Period Average)
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Net Sales Gross Revenue Excise Tax Receipts Revenue Interest Income, Non-Bank Other Revenue Other Revenue, Total Total Revenue Cost of Revenue Cost of Revenue, Total Gross Profit Selling/General/Administrative Expense Labor & Related Expense Advertising Expense Total Selling/General/Administrative Expenses Depreciation Depreciation/Amortization Interest Expense - Operating Interest Capitalized - Operating Interest Expense - Net Operating Investment Income - Operating Interest/Investment Income Operating Interest Expense (Income) - Net Operating Interest Expense (Income) - Net Operating Total Loss (Gain) on Sale of Assets Operating Other Unusual Expense (Income) Unusual Expense (Income) Total Operating Expense Unqualified 1,805.8 -189.6 1,616.3 26.3 27.9 54.1 1,670.4 100.0 100.0 1,516.3 1,023.3 75.2 18.4 1,116.9
84.7 84.7 10.6 10.6 0.0 0.0 10.7 0.7 -5.8 -5.1 1,307.1
61.4 61.4 4.6 0.0 4.6 0.0 0.0 4.6 1.3 0.0 1.3 1,142.4
59.8 59.8 7.5 0.0 7.5 -62.3 -62.3 -54.8 -1.5 -1.5 1,034.2
57.4 57.4 -113.7 -113.7 18.6 -95.1 -77.0 -77.0 774.4
72.4 72.4 25.7 25.7 25.7 -6.8 -6.8 1,032.1
Page 53
Operating Income Investment Income - NonOperating Interest/Investment Income - NonOperating Interest Income (Expense) - Net Non-Operating Total Income Before Tax Total Income Tax Income After Tax Minority Interest Net Income Before Extraord Items Net Income Preferred Dividends Miscellaneous Earnings Adjustment Total Adjustments to Net Income Income Available to Common Excl Extraord Items Income Available to Common Incl Extraord Items Basic/Primary Weighted Average Shares Basic EPS Excl Extraord Items Basic/Primary EPS Incl Extraord Items Dilution Adjustment Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excl Extraord Items Diluted EPS Incl Extraord Items Dividends per Share - Common Stock Primary Issue Gross Dividends - Common Stock Stock Based Compensation Net Income After Stock Based Compensation Basic EPS After Stock Based Compensation Diluted EPS After Stock Based Compensation Interest Expense, Supplemental Interest Capitalized, Supplemental Depreciation, Supplemental Total Special Items Normalized Income Before Tax Effect of Special Items on Income Taxes Inc Tax Ex Impact of Sp Items Normalized Income After Tax
363.3 363.3 87.1 276.2 276.2 276.2 276.2
372.2 372.2 120.8 251.3 251.3 251.3 251.3
449.8 449.8 130.5 319.3 319.3 319.3 319.3
655.5 19.1 19.1 19.1 674.6 228.1 446.5 446.5 446.5 446.5
402.6 40.2 40.2 40.2 442.8 75.0 367.8 -0.1 367.8 367.8 -0.1 5.5 5.5 373.2
276.2
251.3
319.3
446.5
373.2
1,525.3 0.18 0.18 0.0 276.2 1,529.5 0.18 0.18 0.06 86.8 7.1 269.1 0.18 0.18 10.6 81.5 -8.1 355.2 -1.9 85.2 270.1
1,522.9 0.17 0.17 0.0 251.3 1,524.5 0.16 0.16 0.05 75.5 3.1 24.8 0.16 0.16 4.6 0.0 59.6 1.1 373.2 0.3 121.2 252.1
1,522.5 0.21 0.21 0.0 319.3 1,523.2 0.21 0.21 0.05 77.0 3.5 315.9 0.21 0.21 7.4 0.0 60.0 -1.7 448.1 -0.5 130.0 318.1
1,520.3 0.29 0.29 0.0 446.5 1,523.5 0.29 0.29 0.08 128.8 18.1 -1.2 57.5 -77.5 597.1 -26.2 201.9 395.2
1,509.9 0.25 0.25 373.2 1,514.5 0.25 0.25 0.07 101.9 2.4 -2.2 72.2 -6.8 436.0 -1.2 73.8 362.2
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Normalized Inc. Avail to Com. Basic Normalized EPS Diluted Normalized EPS Amort of Intangibles, Supplemental Rental Expenses Advertising Expense, Supplemental Research & Development Exp, Supplemental Normalized EBIT Normalized EBITDA Current Tax - Domestic Current Tax - Other Current Tax - Total Deferred Tax - Domestic Deferred Tax - Other Deferred Tax - Total Other Tax Income Tax - Total Interest Cost - Domestic Service Cost - Domestic Expected Return on Assets - Domestic Actuarial Gains and Losses - Domestic Other Pension, Net - Domestic Domestic Pension Plan Expense Interest Cost - Post-Retirement Service Cost - Post-Retirement Actuarial Gains and Losses - PostRetir. Post-Retirement Plan Expense Defined Contribution Expense Domestic Total Pension Expense Discount Rate - Domestic Expected Rate of Return - Domestic Compensation Rate - Domestic Total Plan Interest Cost Total Plan Service Cost Total Plan Expected Return Total Plan Other Expense
270.1 0.18 0.18 3.6 4.8 18.4 0.1 365.9 451.0 77.3 77.3 9.9 9.9 -0.1 87.1 1.0 1.1 -1.0 0.8 1.9 0.1 0.1 -0.1 0.1 11.1 13.1 8.30% 7.50% 7.00% 1.1 1.2 -1.0 -
252.1 0.17 0.17 3.3 4.5 12.3 0.3 377.9 440.7 98.9 98.9 21.7 21.7 0.2 120.8 0.8 1.2 -0.8 -2.8 -1.6 0.0 0.0 0.4 0.4 5.5 4.3 8.25% 7.50% 7.00% 0.8 1.2 -0.8 -
318.1 0.21 0.21 4.2 12.4 0.1 393.3 453.3 128.8 128.8 0.5 0.5 1.2 130.5 0.8 0.9 -0.7 3.8 4.8 0.0 0.0 0.2 0.2 11.7 16.7 5.90% 7.50% 7.00% 0.8 0.9 -0.7 -
395.2 0.26 0.26 2.3 10.1 5.9 482.9 540.4 178.2 178.2 -0.2 -0.2 50.1 228.1 0.5 0.6 -0.4 1.4 0.6 2.7 0.0 0.0 0.0 0.0 10.2 12.9 8.50% 7.50% 7.00% 0.5 0.6 -0.4 0.6
367.6 0.24 0.24 0.4 2.4 10.9 0.6 421.5 494.0 86.7 -13.7 73.0 0.1 0.7 0.8 1.2 75.0 0.9 0.9 -
Annual Balance Sheet

Financials in: USD (mil) Financial Glossary 31-Dec-2010 UpdateType/Date Updated Normal 31-Dec-2010 INR 44.715 31-Dec-2009 Updated Normal 31-Dec-2009 INR 46.535 S.R. Batliboi & 31-Dec-2008 Reclassified Normal 31-Dec-2009 INR 48.72 S.R. Batliboi & 31-Dec-2007 Updated Normal 31-Dec-2007 INR 39.415 S.R. Batliboi & 31-Dec-2006 Updated Normal 31-Dec-2006 INR 44.26 Dalal & Shah
Filed Currency Exchange Rate
Auditor S.R. BATLIBOI &
Page 55

ASSOCIATES Auditor Opinion Cash Short Term Investments Cash and Short Term Investments Accounts Receivable - Trade, Gross Provision for Doubtful Accounts Trade Accounts Receivable - Net Notes Receivable - Short Term Other Receivables Total Receivables, Net Inventories - Finished Goods Inventories - Work In Progress Inventories - Raw Materials Inventories - Other Total Inventory Prepaid Expenses Other Current Assets Other Current Assets, Total Total Current Assets Buildings Land/Improvements Machinery/Equipment Construction in Progress Leases Property/Plant/Equipment - Gross Accumulated Depreciation Property/Plant/Equipment - Net Goodwill - Gross Accumulated Goodwill Amortization Goodwill, Net Intangibles - Gross Accumulated Intangible Amortization Intangibles, Net LT Investment - Affiliate Companies LT Investments - Other Long Term Investments Deferred Charges Deferred Income Tax - Long Term Asset Other Long Term Assets Other Long Term Assets, Total Total Assets Accounts Payable Accrued Expenses Notes Payable/Short Term Debt Dividends Payable Customer Advances Security Deposits Unqualified 44.4 346.6 391.0 2.4 -1.9 0.5 75.8 31.7 107.9 16.8 51.3 11.7 121.9 201.7 0.3 0.3 0.3 701.2 259.0 92.0 1,577.2 179.7 19.8 2,127.8 -692.1 1,435.7 0.9 0.0 0.9 15.0 -12.3 2.7 0.0 138.9 138.9 0.1 14.6 28.4 43.2 2,322.5 0.0 0.1 1.9 51.5 38.5 Co. Unqualified 25.1 164.2 189.3 2.3 -1.8 0.5 53.5 33.8 87.8 11.4 26.5 10.4 98.5 146.8 0.8 0.6 0.6 425.3 174.4 66.8 1,066.0 551.2 16.1 1,874.4 -589.8 1,284.7 0.8 0.0 0.8 14.1 -8.3 5.8 0.0 155.2 155.2 0.6 6.3 32.1 39.1 1,910.9 0.5 1.2 0.0 42.4 26.3 Co. Unqualified 25.5 149.4 174.9 2.2 -1.8 0.4 59.0 49.8 109.2 16.0 30.3 11.6 134.8 192.7 2.5 0.9 0.9 480.2 146.2 49.5 952.3 320.4 10.5 1,478.8 -511.1 967.7 0.8 0.0 0.8 12.7 -4.7 8.1 67.3 67.3 0.9 5.9 79.3 86.1 1,610.2 0.1 1.1 0.0 33.8 20.7 Co. Unqualified 29.3 133.9 163.2 2.5 -2.3 0.3 52.1 34.1 86.4 14.0 21.8 13.4 99.6 148.7 3.4 3.4 401.8 165.0 56.6 1,094.3 129.4 10.7 1,456.0 -574.2 881.8 1.0 4.8 -2.7 2.1 375.6 375.6 1.6 7.0 47.4 56.0 1,718.3 146.3 1.6 0.0 41.4 20.8 Unqualified 85.7 0.0 85.7 18.7 66.7 85.4 10.5 10.4 10.1 62.9 93.9 1.3 1.3 266.3 123.5 32.4 866.0 122.5 5.3 1,149.8 -463.5 686.3 0.0 2.9 -0.9 2.0 345.7 345.7 1.7 2.8 21.0 25.6 1,325.9 100.5 4.0 0.0 29.8 0.0 13.9
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Income Taxes Payable Other Payables Other Current Liabilities Other Current liabilities, Total Total Current Liabilities Long Term Debt Total Long Term Debt Total Debt Deferred Income Tax - LT Liability Deferred Income Tax Minority Interest Total Liabilities Common Stock Common Stock Additional Paid-In Capital Retained Earnings (Accumulated Deficit) Translation Adjustment Other Equity, Total Total Equity Total Liabilities & Shareholders Equity Shares Outstanding - Common Stock Primary Issue Total Common Shares Outstanding Employees Number of Common Shareholders Accumulated Goodwill Amortization Suppl. Accumulated Intangible Amort, Suppl. Deferred Revenue - Current Total Long Term Debt, Supplemental Long Term Debt Maturing within 1 Year Long Term Debt Matur. in Year 6 & Beyond Pension Obligation - Domestic Post-Retirement Obligation Plan Assets - Domestic Plan Assets - Post-Retirement Funded Status - Domestic Funded Status - Post-Retirement Total Funded Status Discount Rate - Domestic Expected Rate of Return - Domestic Compensation Rate - Domestic Accrued Liabilities - Domestic Accrued Liabilities - Post-Retirement Other Assets, Net - Domestic Net Assets Recognized on Balance Sheet 174.9 248.0 23.0 535.9 538.0 12.6 12.6 14.5 133.4 133.4 684.0 68.4 68.4 308.3 1,261.8 1,638.5 2,322.5 85.5 198.3 20.5 373.0 374.7 35.6 35.6 35.6 110.7 110.7 521.0 65.5 65.5 284.7 1,039.8 0.0 0.0 1,389.9 1,910.9 45.9 181.2 20.0 301.6 302.8 59.3 59.3 59.3 84.0 84.0 446.1 62.5 62.5 270.4 831.2 0.0 0.0 1,164.1 1,610.2 67.6 18.8 148.5 296.4 85.9 85.9 85.9 103.0 103.0 0.1 485.5 77.2 77.2 333.9 822.9 -1.2 -1.2 1,232.8 1,718.3 11.1 54.8 159.2 195.5 195.5 195.5 89.5 89.5 0.1 444.3 68.5 68.5 290.3 523.9 -1.3 -1.3 881.6 1,325.9
1,529.9 1,529.9 0.0 12.3 1.5 1.5 0.0 14.7 1.1 15.0 0.0 0.3 -1.1 -0.8 8.30% 7.50% 7.00% -0.1 -1.1 0.5 -0.8
1,523.7 1,523.7 246,686 0.0 8.3 1.6 1.6 0.0 12.4 0.9 12.9 0.0 0.4 -0.9 -0.5 8.25% 7.50% 7.00% -0.1 -0.9 0.6 -0.5
1,522.6 1,522.6 256,659 0.0 4.7 13.1 0.5 10.3 0.0 -2.9 -0.5 -3.3 5.90% 7.50% 7.00% -2.9 -0.5 -3.3
1,522.4 1,522.4 238,159 2.7 21.7 21.7 0.0 10.9 0.3 10.2 0.0 -0.7 -0.3 -1.1 8.05% 7.50% 7.00% -0.7 -0.3 -1.1
1,516.8 1,516.8 4,412 278,327 0.0 0.9 0.0 0.8 0.8 0.0 -5.0 -5.0
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Equity % - Domestic Total Plan Obligations Total Plan Assets 100.00% 15.8 15.0 100.00% 13.4 12.9 100.00% 13.6 10.3 100.00% 11.3 10.2 -
Annual Cash Flows

Financials in: USD (mil) Financial Glossary 31-Dec-2010 Period Length UpdateType/Date 12 Months Updated Normal 31-Dec-2010 INR 45.724414 31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 372.2 61.4 61.4 -0.1 -13.6 -13.8 24.1 52.8 20.7 -77.6 20.0 439.8 -278.3 -278.3 0.0 2.4 10.8 -0.4 0.0 18.5 31.3 -247.1 -4.2 -4.2 -80.6 -80.6 1.5 1.5 31-Dec-2008 12 Months Restated Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 449.8 59.8 59.8 -69.9 -4.6 -74.5 -42.1 -80.1 61.9 -150.7 -211.0 224.1 -378.7 -378.7 0.0 0.1 4.6 133.5 6.1 -1.4 26.3 169.1 -209.7 -14.0 -14.0 -89.7 -89.7 0.3 0.3 31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 674.6 57.4 57.4 -196.2 -19.1 6.3 -209.0 -25.7 -41.2 39.2 -121.7 -149.5 373.5 -192.1 -192.1 -0.4 240.5 65.9 -175.4 22.2 152.8 -39.3 -11.9 -11.9 -141.0 -141.0 7.8 7.8 31-Dec-2006 18 Months Updated Normal 31-Dec-2006 INR 45.26652 Dalal & Shah Unqualified 442.8 72.4 72.4 0.4 -40.2 13.7 -26.1 -4.7 2.4 22.5 -102.7 -82.5 406.7 -176.0 -176.0 0.0 18.2 22.6 -3.3 8.4 45.8 -130.1 -27.2 -27.2 -105.7 -105.7 10.6 10.6
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Net Income/Starting Line Depreciation Depreciation/Depletion Unusual Items Equity in Net Earnings (Loss) Other Non-Cash Items Non-Cash Items Accounts Receivable Inventories Other Liabilities Other Operating Cash Flow Changes in Working Capital Cash from Operating Activities Purchase of Fixed Assets Capital Expenditures Acquisition of Business Sale of Business Sale of Fixed Assets Sale/Maturity of Investment Investment, Net Purchase of Investments Other Investing Cash Flow Other Investing Cash Flow Items, Total Cash from Investing Activities Other Financing Cash Flow Financing Cash Flow Items Cash Dividends Paid - Common Total Cash Dividends Paid Sale/Issuance of Common Common Stock, Net Unqualified 363.3 84.7 84.7 -15.5 5.8 -9.7 -12.4 -61.2 68.8 -23.8 -28.5 409.8 -186.1 -186.1 3.6 51.9 -1.8 -4.9 21.9 70.8 -115.3 -17.4 -17.4 -79.6 -79.6 12.1 12.1
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Issuance (Retirement) of Stock, Net Long Term Debt Issued Long Term Debt Reduction Long Term Debt, Net Issuance (Retirement) of Debt, Net Cash from Financing Activities Net Change in Cash Net Cash - Beginning Balance Net Cash - Ending Balance Cash Interest Paid Cash Taxes Paid 12.1 12.9 -31.4 -18.6 -18.6 -103.5 191.0 309.6 500.6 4.2 8.0 1.5 10.3 -23.5 -13.2 -13.2 -96.4 96.3 196.1 292.4 4.2 63.1 0.3 22.3 -33.6 -11.3 -11.3 -114.7 -100.2 318.4 218.2 13.9 132.2 7.8 13.9 -139.1 -125.2 -125.2 -270.3 63.8 91.8 155.6 8.2 109.1 10.6 180.3 -271.8 -91.5 -91.5 -213.7 62.9 21.6 84.5 19.6 99.8
1983-2012 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., February, 2012.
Page 59
Ambuja Cements Ltd.

Financials in: USD (mil) Except for share items (millions) and per share items (actual units)
31-Dec-2010 Period Length UpdateType/Date 12 Months Updated Normal 31-Dec-2010 INR 45.724414
31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 1,594.9 14.9 1.5 0.5 35.7 -133.1 0.3 1,514.6 10.2 679.0 56.4 0.0 1.3 12.3 321.2 4.6 61.4 -4.0 0.0 0.0 0.0 0.0 0.0 1,142.4 372.2 120.8
31-Dec-2008 12 Months Reclassified Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 1,632.1 19.1 3.3 9.4 16.5 -196.5 0.2 1,484.1 -15.0 645.9 61.3 1.0 12.4 331.1 7.5 59.8 -4.9 -67.2 4.9 0.0 -2.5 1,034.2 449.8 130.5
31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 1,568.0 18.4 28.0 -185.0 0.5 1,429.9 -12.5 531.3 49.6 1.7 323.1 57.4 -2.3 -113.7 18.6 -78.7 774.4 19.1 674.6 228.1
31-Dec-2006 18 Months Reclassified Special 31-Dec-2007 INR 45.26652 BATLIBOI & PUROHIT Unqualified 1,574.5 21.0 1.4 -164.0 1.8 1,434.7 -0.2 561.3 52.8 329.2 25.7 72.4 -2.4 -6.8 0.0 1,032.1 40.2 442.8 75.0
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Sales Interest Income Profit/Loss on sale of Investment Dividend income Other Income Share in Joint Venture Excise Duty Paid Services Gain on Sale of Assets Total Revenue Variation in Stocks Raw Materials Consumed Employees Cost Share in joint venture Loss on Assets sold Advertisement Expenses Administrative, Selling & Other Expenses Interest Expenses Depreciation and Amortization Self Consumption of Cement Exceptional Items Profit on sale of Investment Exchange rate difference Interest & Finance Costs Interest Capitalised Depreciation Share in Joint Venture Profit on sale of property Total Operating Expense Share of Profit in Associates Net Income Before Taxes Provision for Income Taxes Unqualified 1,805.8 15.7 7.5 0.0 27.9 -189.6 3.0 1,670.4 -28.0 130.4 75.2 0.0 0.7 18.4 1,023.3 10.6 84.7 -2.5 -5.8 1,307.1 363.3 87.1
Page 60

Net Income After Taxes Minority Interest Net Income Before Extra. Items Net Income Preferred Dividend Miscellaneous Adjustment Income Available to Com Excl ExtraOrd Income Available to Com Incl ExtraOrd Basic Weighted Average Shares Basic EPS Excluding ExtraOrdinary Items Basic EPS Including ExtraOrdinary Item Dilution Adjustment Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excluding ExtraOrd Items Diluted EPS Including ExtraOrd Items DPS-Equity Shares Gross Dividends - Common Stock Normalized Income Before Taxes Inc Tax Ex Impact of Sp Items Normalized Income After Taxes Normalized Inc. Avail to Com. Basic Normalized EPS Diluted Normalized EPS Interest Expense Depreciation Research & Development Amortisation Rental Expense Advertising Expenses Interest Capitalized Proforma Stock Based Compensation Basic EPS after Stock Based Compensation Diluted EPS after Stock Based Compensati Net Income after Stock Based Comp. Current Tax Mat Credit Tax Current Tax-Share in JV Current Tax - Total Deferred Tax Deferred Tax-Share in JV Deferred Tax - Total 276.2 276.2 276.2 276.2 251.3 251.3 251.3 251.3 319.3 319.3 319.3 319.3 446.5 446.5 446.5 446.5 367.8 -0.1 367.8 367.8 -0.1 5.5 373.2
276.2
251.3
319.3
446.5
373.2
1,525.3 0.18 0.18 0.0 276.2 1,529.5 0.18 0.18 0.06 86.8 355.2 85.2 270.1 270.1 0.18 0.18 10.6 81.5 0.1 3.6 4.8 18.4 7.1 0.18 0.18 269.1 77.3 77.3 9.9 9.9
1,522.9 0.17 0.17 0.0 251.3 1,524.5 0.16 0.16 0.05 75.5 373.2 121.2 252.1 252.1 0.17 0.17 4.6 59.6 0.3 3.3 4.5 12.3 0.0 3.1 0.16 0.16 24.8 98.9 98.9 21.7 21.7
1,522.5 0.21 0.21 0.0 319.3 1,523.2 0.21 0.21 0.05 77.0 448.1 130.0 318.1 318.1 0.21 0.21 7.4 60.0 0.1 4.2 12.4 0.0 3.5 0.21 0.21 315.9 128.8 128.8 0.5 0.5
1,520.3 0.29 0.29 0.0 446.5 1,523.5 0.29 0.29 0.08 128.8 597.1 201.9 395.2 395.2 0.26 0.26 18.1 57.5 5.9 2.3 10.1 -1.2 178.2 178.2 -0.2 -0.2
1,509.9 0.25 0.25 373.2 1,514.5 0.25 0.25 0.07 101.9 436.0 73.8 362.2 367.6 0.24 0.24 2.4 72.2 0.6 0.4 2.4 10.9 -2.2 86.7 0.0 -13.7 73.0 0.1 0.7 0.8
Page 61

Income Tax for Earlier Year Fringe Benefit Tax Income Tax - Total Service Cost - Gratuity Interest Cost - Gratuity Expected Return on Plan Assets Gratuit Actuarial Gain / Loss - Gratuity Losses on Acquisition - Gratuity Service Cost - UF Interest Cost - UF Actuarial Gain / Loss - UF Domestic Pension Plan Expense Service Cost - PRMS Interest Cost - PRMS Actuarial Gain / Loss - PRMS Post-Retirement Plan Expense Contribution to Provident Funds & Other Defined Contribution Plans Total Pension Expense Discount Rate Expected Rate of Return on Plan Assets Compensation Rate -0.1 87.1 1.1 1.0 -1.0 0.7 0.0 0.0 0.0 1.9 0.1 0.1 -0.1 0.1 7.2 3.9 13.1 8.30% 7.50% 7.00% 0.2 120.8 1.2 0.8 -0.8 -2.7 0.0 0.0 0.0 -1.6 0.0 0.0 0.4 0.4 2.2 3.3 4.3 8.25% 7.50% 7.00% 1.2 130.5 0.9 0.8 -0.7 3.8 0.0 0.0 0.0 4.8 0.0 0.0 0.2 0.2 8.8 2.9 16.7 5.90% 7.50% 7.00% 48.9 1.2 228.1 0.6 0.5 -0.4 1.5 0.6 0.0 0.0 0.0 2.7 0.0 0.0 0.0 0.0 5.7 4.5 12.9 8.50% 7.50% 7.00% 0.0 1.2 75.0 0.9 0.9 -

Financials in: USD (mil) 31-Dec-2010 UpdateType/Date Updated Normal 31-Dec-2010 INR 44.715 31-Dec-2009 Updated Normal 31-Dec-2009 INR 46.535 S.R. Batliboi & Co. Unqualified 98.5 10.4 26.5 11.4 2.3 -1.8 32.2 31-Dec-2008 Reclassified Normal 31-Dec-2009 INR 48.72 S.R. Batliboi & Co. Unqualified 134.8 11.6 30.3 16.0 2.2 -1.8 45.7 31-Dec-2007 Updated Normal 31-Dec-2007 INR 39.415 S.R. Batliboi & Co. Unqualified 99.2 13.4 21.8 14.0 0.1 0.3 2.5 -2.3 34.1 31-Dec-2006 Updated Normal 31-Dec-2006 INR 44.26 BATLIBOI & PUROHIT Unqualified 62.7 10.1 10.4 10.5 0.0 0.0 0.0 0.1 0.1 0.0 -
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Coal & Fuel Raw Materials Material in Process Finished Goods Food & Beverages Work in Progress Equity Shares Construction Scrapped Assets Venture Inventory Sundry Debtors Provision Other Debtors Unqualified 121.9 11.7 51.3 16.8 2.4 -1.9 28.2
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Sundry Debtors Cash & Bank Balances Fixed Deposits Share in joint venture Other Current Assets Interest accrued on Investments Other Interest receivable Sundry Receivables Scrapped assets awaiting disposal, Loans & Advances Balance with Central Excise, Customs, Total Current Assets Freehold Land Leasehold Land Buildings, Roads & Water Works Marine Structures Plant & Machinery Electrical Installations Railway Sidings & Locomotives Railway Wagons Furnitures, Fixtures & Office Equipments Ships Vehicles Power Lines Share of Venture Accum. Depreciation Goodwill on consolidation Goodwill Accum. Goodwill Amortn. Water Drawing Rights Computer Software Accum. Intangible Amortn. Work in Progress Joint Venture Advances against Capital Expenditure Investments Miscellaneous Expenses Deferred Tax Assets Total Assets Sundry Creditors Other Creditors Unclaimed Dividend Unclaimed Application money Unclaimed Interest Unclaimed sale proceeds Security Deposits Interest Accrued Customer Advance Share of Venture 44.4 346.6 0.0 0.2 2.9 0.6 0.0 75.8 0.3 701.2 92.0 19.8 259.0 21.4 1,323.2 131.1 14.7 1.4 29.8 35.5 11.6 8.3 -692.1 0.9 0.0 1.4 13.7 -12.3 179.7 0.0 28.4 138.9 0.1 14.6 2,322.5 0.0 248.0 3.6 0.0 0.0 0.7 38.5 0.0 25.1 164.2 0.0 0.3 1.2 0.4 0.3 53.5 0.8 425.3 66.8 16.1 174.4 20.5 879.7 80.3 15.2 1.4 26.3 24.2 11.1 7.3 -589.8 0.8 0.0 1.3 12.7 -8.3 551.2 0.0 32.1 155.2 0.6 6.3 1,910.9 0.5 198.3 3.1 0.0 0.6 26.3 1.1 25.5 149.4 0.7 3.8 0.3 0.2 59.0 2.5 480.2 49.5 10.5 146.2 19.6 789.3 69.8 12.5 1.3 22.8 23.1 6.9 7.0 -511.1 0.8 0.0 1.3 11.5 -4.7 320.4 79.3 67.3 0.9 5.9 1,610.2 0.1 181.2 2.5 0.0 0.6 20.7 1.1 29.3 133.9 3.4 52.1 401.8 56.6 10.7 165.0 24.3 910.7 80.5 14.2 1.6 21.9 28.6 7.5 5.0 -574.2 1.0 1.6 3.3 -2.7 129.4 47.4 375.6 1.6 7.0 1,718.3 146.3 2.7 0.0 0.8 20.8 1.4 18.7 85.7 1.3 66.7 266.3 32.4 5.3 123.5 21.6 719.3 58.1 12.6 1.5 16.9 25.4 6.1 4.5 0.0 -463.5 0.0 1.4 1.5 -0.9 122.5 21.0 345.7 1.7 2.8 1,325.9 100.5 2.4 0.0 0.7 13.9 3.7 0.0 0.0
Page 63

Provision for Wealth Tax Provision for Fringe Benefit Tax Proposed Dividend Dividend Tax Provision for Gratuity Provision for Compensated absence Provision for Mine Reclamation Provision for Income tax Short term loans Share of Joint Venture Total Current Liabilities Secured Loans Unsecured Loans Total Long Term Debt Minority Interest Deferred Taxes Total Liabilities Share Capital Share Application Options Outstanding Subsidies Capital Reserve Capital Redemption Reserve Capital Reserve on Consolidation Securities Premium Debenture Redemption Unrealised Gain General Reserve Exchange Reserve Reserve Fund Profit & Loss Account Share of Joint Venture Total Equity Total Liabilities & Shareholders' Equity S/O-Equity Shares Total Common Shares Outstanding Deferred Revenue - Current Accum. Goodwill Amortn. Accum. Intangible Amortn. Full-Time Employees Number of Common Shareholders Current maturities Total Long Term Debt, Supplemental PV of Defined Obligation FV of Plan Assets Funded Status PV of Defined Obligation - PRMS FV of Plan Assets - PRMS 0.1 0.0 47.9 8.0 1.2 10.6 2.6 174.9 1.9 0.0 538.0 0.0 12.6 12.6 133.4 684.0 68.4 0.0 0.3 1.1 29.6 2.2 278.4 0.0 1,115.2 143.3 -0.1 1,638.5 2,322.5 0.1 0.1 39.3 6.7 1.0 10.0 2.2 85.5 0.0 374.7 21.5 14.1 35.6 110.7 521.0 65.5 0.0 0.1 0.4 28.4 2.1 256.2 5.4 0.0 888.9 0.0 142.9 0.0 1,389.9 1,910.9 0.1 0.0 31.3 5.3 3.4 8.6 2.0 45.9 302.8 20.5 38.7 59.3 84.0 446.1 62.5 0.1 0.4 27.2 2.0 243.2 5.1 0.0 684.9 0.0 138.7 1,164.1 1,610.2 0.1 0.0 38.6 6.6 1.2 8.2 2.1 67.6 296.4 27.5 58.5 85.9 0.1 103.0 485.5 77.2 0.0 0.1 0.5 33.6 2.5 300.3 6.3 47.2 592.8 -1.2 173.5 0.0 1,232.8 1,718.3 0.1 0.2 27.4 3.8 5.0 1.6 0.0 159.2 71.8 123.7 195.5 0.1 89.5 444.3 68.5 0.0 0.2 0.4 29.9 2.2 0.0 260.2 12.4 107.5 281.1 -1.3 0.0 119.9 0.4 881.6 1,325.9
1,529.9 1,529.9 0.0 12.3 1.5 1.5 14.6 15.0 0.5 1.1 0.0
1,523.7 1,523.7 0.0 8.3 246,686 1.6 1.6 12.3 12.9 0.6 0.9 0.0
1,522.6 1,522.6 0.0 4.7 256,659 13.0 10.3 -2.7 0.5 0.0
1,522.4 1,522.4 2.7 238,159 21.7 21.7 10.8 10.2 -0.6 0.3 0.0
1,516.8 1,516.8 0.0 0.0 0.9 4,412 278,327 0.8 0.8 -
Page 64

Funded Status - PRMS PV of Defined Obligation - Others Funded Status - Others Total Funded Status Discount Rate Expected Rate of Return on Plan Assets Compensation Rate Post Retirement Medical Benefits Gratuity - Funded Gratuity - Funded Gratuity - Others Net Assets Recognized on Balance Sheet Insurance -1.1 0.1 -0.1 -0.8 8.30% 7.50% 7.00% -1.1 0.5 -0.1 -0.8 100.00% -0.9 0.1 -0.1 -0.5 8.25% 7.50% 7.00% -0.9 0.6 -0.1 -0.5 100.00% -0.5 0.2 -0.2 -3.3 5.90% 7.50% 7.00% -0.5 -2.7 -0.2 -3.3 100.00% -0.3 0.2 -0.2 -1.1 8.05% 7.50% 7.00% -0.3 -0.6 -0.2 -1.1 100.00% -5.0 -5.0 -
Annual Cash Flows

Financials in: USD (mil) 31-Dec-2010 Period Length UpdateType/Date 12 Months Updated Normal 31-Dec-2010 INR 45.724414 31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 372.2 61.4 -0.3 0.0 1.3 0.3 -1.5 4.6 -14.9 0.0 0.0 -0.4 -12.2 31-Dec-2008 12 Months Restated Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 449.8 59.8 -0.2 -69.7 1.0 0.4 -3.3 7.5 -19.1 1.9 2.1 -2.5 31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 674.6 57.4 -19.1 -0.5 -192.4 1.7 0.1 0.2 -5.7 18.6 -18.4 0.6 -8.2 31-Dec-2006 18 Months Updated Normal 31-Dec-2006 INR 45.26652 BATLIBOI & PUROHIT Unqualified 442.8 72.4 -40.2 -3.0 2.7 0.2 0.0 17.7 0.5 3.3 -7.9 0.0
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Net Income Depreciation Share in Associates Gain on Asset Sale Exceptional Items Loss on Asset Sale Capital spares consumed Write-off Deferred Expenditure Diminution in Value of Investment Advertisement Expenses Written Back Profit on Sale of Investment Interest & Finance Charges Interest Income Non moving spares Abandoned Capital Project Exchange Rate Difference Discounting income on sales tax Sales tax Unrealized gain Gain on Investment Sale Share of Venture Unqualified 363.3 84.7 -3.0 -5.8 0.7 0.6 0.1 -7.5 10.6 -15.7 3.3 -3.0 -0.4 -0.1 -
Page 65

Dividend Share of JV in Dividend Doubtful Advances Provision For Doubtful Debts Provisions no longer required Bad Debts Write-back Provision Wealth Tax Diminution Investment Written Back Diminution Investment Trade & Other Receivables Inventories Current liabilities Direct Taxes Paid Miscellaneous Expenditure Exchange Rate Difference Cash from Operating Activities Capital Expenditures Sale of Fixed Assets Sale of Investments Investments, Net Investment in Subsidiary Profit on sale of investment in mutual f Acquisition of subsidiaries Loans & Advances, Net Unclimed sale of shares Proceeds of deposits matured Interest Received Income tax received Dividend Income Disposal of Subsidiaries Liquidation of Subsidiaries Acquisition of Maratha Cement Cash from Investing Activities Issue of Shares Proceeds from Borrowings Repayment of Borrowings Interest & Finance Charges Swap Interest Subsidy received Premium on Redemption Exchange Rate Difference Unclaimed Sale Proceeds Dividend distribution tax Subsidy Received Dividend Paid Cash from Financing Activities Net Change in Cash Net Cash - Beginning Balance 0.0 0.1 -5.9 0.6 0.0 -12.4 -61.2 68.8 -8.0 409.8 -186.1 3.6 44.4 -4.9 7.5 0.0 -1.8 14.2 7.7 0.0 -115.3 12.1 12.9 -31.4 -4.2 0.1 -13.3 -79.6 -103.5 191.0 309.6 -0.5 0.1 -5.5 0.2 0.0 24.1 52.8 20.7 -63.1 0.0 0.4 439.8 -278.3 2.4 9.3 0.0 1.5 -0.4 18.0 0.5 0.0 -247.1 1.5 10.3 -23.5 -4.2 0.0 0.0 0.0 -80.6 -96.4 96.3 196.1 -9.4 -0.1 -2.6 0.3 0.1 -42.1 -80.1 61.9 -132.2 -0.1 0.7 224.1 -378.7 4.6 130.2 -1.4 3.3 0.0 6.1 16.8 9.4 0.1 -209.7 0.3 22.3 -33.6 -13.9 -0.1 0.0 0.0 -89.7 -114.7 -100.2 318.4 -5.5 0.6 0.5 0.1 -25.7 -41.2 39.2 -109.1 -0.2 6.0 373.5 -192.1 65.9 -175.4 -0.4 16.7 5.5 240.5 -39.3 7.8 13.9 -139.1 -8.2 -3.7 0.0 0.0 -141.0 -270.3 63.8 91.8 -0.9 -0.1 0.0 1.5 0.0 0.1 0.0 0.0 -4.7 2.4 22.5 -99.8 -0.5 -2.4 406.7 -176.0 22.6 -3.3 0.1 7.2 1.0 15.7 2.4 0.0 -130.1 10.6 180.3 -271.8 -19.6 -6.6 0.0 -0.9 -0.1 0.1 -105.7 -213.7 62.9 21.6
Page 66

Net Cash - Ending Balance Cash Interest Paid Cash Taxes Paid 500.6 4.2 8.0 292.4 4.2 63.1 218.2 13.9 132.2 155.6 8.2 109.1 84.5 19.6 99.8
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Ambuja Cements Ltd.

Financial Health
Key Indicators USD (mil) Quarter Ending 31-Dec-2006 412.4 132.6 Quarter Annual Ending Year End Yr Ago 31-Dec-2010 134.48% 1,670.4 364.67% 363.3 1 Year Growth 4.16% -7.80% 3 Year Growth 8.91% -15.06% 5 Year Growth 19.20% 22.58%
Total Revenue1 (?) Operating Income1 (?) Income Available to Common Excl Extraord Items1 (?) Basic EPS Excl Extraord Items1 (?) Capital Expenditures2 (?) Cash from Operating Activities2 (?) Free Cash Flow (?) Total Assets3 (?) Total Liabilities3 (?) Total Long Term Debt3 (?) Total Common Shares Outstanding3 (?)
1-ExchangeRate: INR to USD Average for Period 2-ExchangeRate: INR to USD Average for Period 3-ExchangeRate: INR to USD Period End Date
112.1 0.05 44.966688
315.11% 145.95% -
276.2 0.18 186.1 409.8 228.8 2,322.5 684.0 12.6 1,529.9 45.724414 45.724414 44.715000
3.79% 3.63% -36.86% -11.98% 30.90% 16.78% 26.14% -65.90% 0.40%
-11.89% -11.98% 2.32% 6.66% 10.91% 15.31% 16.92% -44.95% 0.16%
19.51% 16.58% 27.01% 20.77% 16.74% 18.75% 8.90% -45.37% 2.50%
Utility Industry Specific USD (mil) 31-Dec-2010 Deferred Charges 3 (?) 0.1 44.715000
3-ExchangeRate: INR to USD Period End Date
31-Dec-2009 0.6 46.535000
31-Dec-2008 0.9 48.720000
31-Dec-2007 1.6 39.415000
31-Dec-2006 1.7 44.260000
Key Ratios 31-Dec-2010 Profitability Gross Margin (?) Operating Margin (?) Pretax Margin (?) Net Profit Margin (?) Financial Strength Current Ratio (?) Long Term Debt/Equity (?) Total Debt/Equity (?) Interest Coverage (?) Management Effectiveness Return on Assets (?) Return on Equity (?) Efficiency Receivables Turnover (?) 17.14 15.59 14.80 16.46 22.89 13.10% 18.31% 14.54% 20.05% 19.01% 26.39% 29.21% 42.14% 32.44% 53.61% 1.30 0.01 0.01 1.14 0.03 0.03 1.59 0.05 0.05 1.36 0.07 0.07 36.16 1.67 0.22 0.22 93.82% 21.75% 21.75% 16.54% 53.12% 24.57% 24.57% 16.59% 56.39% 30.31% 30.31% 21.52% 62.66% 45.84% 47.18% 31.22% 60.48% 28.06% 30.87% 26.01% 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006
Page 68

Inventory Turnover (?) Asset Turnover (?) Market Valuation USD (mil) P/E (TTM) (?) Price/Sales (TTM) (?) Enterprise Value/EBITDA (TTM) (?)
1-ExchangeRate: INR to USD on 3-Feb-2012 2-ExchangeRate: INR to USD on 31-Dec-2006
0.58 0.79
4.09 0.88
3.57 0.88
4.26 0.94
6.58 1.27
18.69 5.28 11.81 49.064740 44.260000
. Enterprise Value2 (?) . Enterprise Value/Revenue (TTM) (?) . Market Cap1 (?)
5,602.9 3.25 5,397.3
Page 69
Ambuja Cements Ltd.

Annual Ratios
31-Dec-2010 Financial Strength Current Ratio (?) Quick/Acid Test Ratio (?) Working Capital1 (?) Long Term Debt/Equity (?) Total Debt/Equity (?) Long Term Debt/Total Capital (?) Total Debt/Total Capital (?) Interest Coverage (?) Payout Ratio (?) Effective Tax Rate (?) Total Capital1 (?) Efficiency Asset Turnover (?) Inventory Turnover (?) Days In Inventory (?) Receivables Turnover (?) Days Receivables Outstanding (?) Revenue/Employee2 (?) Operating Income/Employee2 (?) EBITDA/Employee2 (?) Profitability Gross Margin (?) Operating Margin (?) EBITDA Margin (?) EBIT Margin (?) Pretax Margin (?) Net Profit Margin (?) COGS/Revenue (?) SG&A Expense/Revenue (?) Management Effectiveness Return on Assets (?) Return on Equity (?) Valuation Free Cash Flow/Share2 (?) Operating Cash Flow/Share
2
31-Dec-2009 1.14 0.74 50.6 0.03 0.03 0.03 0.03 30.04% 32.46% 1,425.5
31-Dec-2008 1.59 0.94 177.4 0.05 0.05 0.05 0.05 24.10% 29.01% 1,223.3
31-Dec-2007 1.36 0.84 105.4 0.07 0.07 0.07 0.07 36.16 28.82% 33.82% 1,318.8
31-Dec-2006 1.67 1.07 107.1 0.22 0.22 0.18 0.18 29.49% 16.93% 1,077.1
1.30 0.93 163.2 0.01 0.01 0.01 0.01 31.40% 23.97% 1,653.0
0.79 0.58 632.97 17.14 21.30 -
0.88 4.09 89.23 15.59 23.42 -
0.88 3.57 102.15 14.80 24.66 -
0.94 4.26 85.63 16.46 22.18 -
1.27 6.58 55.50 22.89 15.94 332,570 93,325 110,139
93.82% 21.75% 26.85% 21.75% 21.75% 16.54% 5.98% 66.86%
53.12% 24.57% 28.72% 24.57% 24.57% 16.59% 45.24% 25.74%
56.39% 30.31% 34.35% 30.31% 30.31% 21.52% 42.18% 27.27%
62.66% 45.84% 51.17% 47.15% 47.18% 31.22% 36.12% 26.06%
60.48% 28.06% 33.12% 28.06% 30.87% 26.01% 38.94% 26.63%
13.10% 18.31%
14.54% 20.05%
19.01% 26.39%
29.21% 42.14%
32.44% 53.61%
0.15 (?) 0.27 44.715 44.715
0.11 0.30 46.535 46.535
-0.09 0.13 48.72 48.72
0.12 0.26 39.415 39.415
0.16 0.27 44.26 44.26
1-ExchangeRate: INR to USD Period End Date 2-ExchangeRate: INR to USD Average for Period
Page 70

Current Market Multiples Market Cap/Revenue (TTM) (?) Market Cap/EBIT (TTM) (?) Market Cap/EBITDA (TTM) (?) Enterprise Value/Revenue (TTM) (?) Enterprise Value/EBIT (TTM) (?) Enterprise Value/EBITDA (TTM) (?) 5.28 16.23 14.25 4.94 15.20 13.34
Page 71
Ambuja Cements Ltd.


Standardized Financials in: USD (mil) Except for share items (millions) and per share items (actual units)
Financial Glossary 31-Dec-2010 Period Length UpdateType/Date 12 Months Updated Normal 31-Dec-2010 INR 45.724414 31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 1,594.9 -133.1 1,461.8 17.2 35.7 52.8 1,514.6 685.2 685.2 776.5 321.2 56.4 12.3 389.9 31-Dec-2008 12 Months Reclassified Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 1,632.1 -196.5 1,435.6 32.1 16.5 48.5 1,484.1 626.1 626.1 809.5 331.1 61.3 12.4 404.8 31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 1,568.0 -185.0 1,383.0 18.9 28.0 46.9 1,429.9 516.5 516.5 866.6 323.1 49.6 372.7 31-Dec-2006 18 Months Reclassified Special 31-Dec-2007 INR 45.26652 Dalal & Shah Unqualified 1.8 1,575.9 -164.0 1,413.7 21.0 21.0 1,434.7 558.7 558.7 855.0 329.2 52.8 382.0
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Net Sales Gross Revenue Excise Tax Receipts Revenue Interest Income, Non-Bank Other Revenue Other Revenue, Total Total Revenue Cost of Revenue Cost of Revenue, Total Gross Profit Selling/General/Administrative Expense Labor & Related Expense Advertising Expense Total Selling/General/Administrative Expenses Depreciation Depreciation/Amortization Interest Expense - Operating Interest Capitalized - Operating Interest Expense - Net Operating Investment Income - Operating Interest/Investment Income Operating Interest Expense (Income) - Net Operating Interest Expense (Income) - Net Operating Total Loss (Gain) on Sale of Assets Operating Other Unusual Expense (Income) Unusual Expense (Income) Total Operating Expense Unqualified 1,805.8 -189.6 1,616.3 26.3 27.9 54.1 1,670.4 100.0 100.0 1,516.3 1,023.3 75.2 18.4 1,116.9
84.7 84.7 10.6 10.6 0.0 0.0 10.7 0.7 -5.8 -5.1 1,307.1
61.4 61.4 4.6 0.0 4.6 0.0 0.0 4.6 1.3 0.0 1.3 1,142.4
59.8 59.8 7.5 0.0 7.5 -62.3 -62.3 -54.8 -1.5 -1.5 1,034.2
57.4 57.4 -113.7 -113.7 18.6 -95.1 -77.0 -77.0 774.4
72.4 72.4 25.7 25.7 25.7 -6.8 -6.8 1,032.1
Page 72
Operating Income Investment Income - NonOperating Interest/Investment Income - NonOperating Interest Income (Expense) - Net Non-Operating Total Income Before Tax Total Income Tax Income After Tax Minority Interest Net Income Before Extraord Items Net Income Preferred Dividends Miscellaneous Earnings Adjustment Total Adjustments to Net Income Income Available to Common Excl Extraord Items Income Available to Common Incl Extraord Items Basic/Primary Weighted Average Shares Basic EPS Excl Extraord Items Basic/Primary EPS Incl Extraord Items Dilution Adjustment Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excl Extraord Items Diluted EPS Incl Extraord Items Dividends per Share - Common Stock Primary Issue Gross Dividends - Common Stock Stock Based Compensation Net Income After Stock Based Compensation Basic EPS After Stock Based Compensation Diluted EPS After Stock Based Compensation Interest Expense, Supplemental Interest Capitalized, Supplemental Depreciation, Supplemental Total Special Items Normalized Income Before Tax Effect of Special Items on Income Taxes Inc Tax Ex Impact of Sp Items Normalized Income After Tax
363.3 363.3 87.1 276.2 276.2 276.2 276.2
372.2 372.2 120.8 251.3 251.3 251.3 251.3
449.8 449.8 130.5 319.3 319.3 319.3 319.3
655.5 19.1 19.1 19.1 674.6 228.1 446.5 446.5 446.5 446.5
402.6 40.2 40.2 40.2 442.8 75.0 367.8 -0.1 367.8 367.8 -0.1 5.5 5.5 373.2
276.2
251.3
319.3
446.5
373.2
1,525.3 0.18 0.18 0.0 276.2 1,529.5 0.18 0.18 0.06 86.8 7.1 269.1 0.18 0.18 10.6 81.5 -8.1 355.2 -1.9 85.2 270.1
1,522.9 0.17 0.17 0.0 251.3 1,524.5 0.16 0.16 0.05 75.5 3.1 24.8 0.16 0.16 4.6 0.0 59.6 1.1 373.2 0.3 121.2 252.1
1,522.5 0.21 0.21 0.0 319.3 1,523.2 0.21 0.21 0.05 77.0 3.5 315.9 0.21 0.21 7.4 0.0 60.0 -1.7 448.1 -0.5 130.0 318.1
1,520.3 0.29 0.29 0.0 446.5 1,523.5 0.29 0.29 0.08 128.8 18.1 -1.2 57.5 -77.5 597.1 -26.2 201.9 395.2
1,509.9 0.25 0.25 373.2 1,514.5 0.25 0.25 0.07 101.9 2.4 -2.2 72.2 -6.8 436.0 -1.2 73.8 362.2
Page 73
Normalized Inc. Avail to Com. Basic Normalized EPS Diluted Normalized EPS Amort of Intangibles, Supplemental Rental Expenses Advertising Expense, Supplemental Research & Development Exp, Supplemental Normalized EBIT Normalized EBITDA Current Tax - Domestic Current Tax - Other Current Tax - Total Deferred Tax - Domestic Deferred Tax - Other Deferred Tax - Total Other Tax Income Tax - Total Interest Cost - Domestic Service Cost - Domestic Expected Return on Assets - Domestic Actuarial Gains and Losses - Domestic Other Pension, Net - Domestic Domestic Pension Plan Expense Interest Cost - Post-Retirement Service Cost - Post-Retirement Actuarial Gains and Losses - PostRetir. Post-Retirement Plan Expense Defined Contribution Expense Domestic Total Pension Expense Discount Rate - Domestic Expected Rate of Return - Domestic Compensation Rate - Domestic Total Plan Interest Cost Total Plan Service Cost Total Plan Expected Return Total Plan Other Expense
270.1 0.18 0.18 3.6 4.8 18.4 0.1 365.9 451.0 77.3 77.3 9.9 9.9 -0.1 87.1 1.0 1.1 -1.0 0.8 1.9 0.1 0.1 -0.1 0.1 11.1 13.1 8.30% 7.50% 7.00% 1.1 1.2 -1.0 -
252.1 0.17 0.17 3.3 4.5 12.3 0.3 377.9 440.7 98.9 98.9 21.7 21.7 0.2 120.8 0.8 1.2 -0.8 -2.8 -1.6 0.0 0.0 0.4 0.4 5.5 4.3 8.25% 7.50% 7.00% 0.8 1.2 -0.8 -
318.1 0.21 0.21 4.2 12.4 0.1 393.3 453.3 128.8 128.8 0.5 0.5 1.2 130.5 0.8 0.9 -0.7 3.8 4.8 0.0 0.0 0.2 0.2 11.7 16.7 5.90% 7.50% 7.00% 0.8 0.9 -0.7 -
395.2 0.26 0.26 2.3 10.1 5.9 482.9 540.4 178.2 178.2 -0.2 -0.2 50.1 228.1 0.5 0.6 -0.4 1.4 0.6 2.7 0.0 0.0 0.0 0.0 10.2 12.9 8.50% 7.50% 7.00% 0.5 0.6 -0.4 0.6
367.6 0.24 0.24 0.4 2.4 10.9 0.6 421.5 494.0 86.7 -13.7 73.0 0.1 0.7 0.8 1.2 75.0 0.9 0.9 -
Page 74
Ambuja Cements Ltd.

Interim Income Statement

Financial Glossary 31-Dec-2006 Period Length UpdateType/Date Filed Currency Exchange Rate (Period Average) Gross Revenue Excise Tax Receipts Revenue Other Revenue Other Revenue, Total Total Revenue Cost of Revenue Cost of Revenue, Total Gross Profit Selling/General/Administrative Expense Labor & Related Expense Total Selling/General/Administrative Expenses Depreciation Depreciation/Amortization Interest Expense (Income) - Net Operating Interest Expense (Income) - Net Operating Total Other Operating Expense Other Operating Expenses, Total Total Operating Expense Operating Income Investment Income - NonOperating Interest/Investment Income - NonOperating Interest Income (Expense) - Net Non-Operating Total Income Before Tax Total Income Tax Income After Tax 3 Months Updated Normal 31-Dec-2006 INR 44.966688 448.4 -45.5 402.9 9.5 9.5 412.4 30.5 30.5 372.4 82.1 12.5 94.6 30-Sep-2006 3 Months Updated Normal 30-Sep-2006 INR 46.363683 238.4 -21.4 217.0 5.4 5.4 222.4 9.5 9.5 207.5 86.0 9.0 95.0 30-Jun-2006 3 Months Updated Normal 30-Jun-2006 INR 45.401489 281.3 -27.0 254.3 -2.2 -2.2 252.1 15.8 15.8 238.6 95.7 8.2 103.9 31-Mar-2006 3 Months Updated Normal 31-Mar-2006 INR 44.323242 240.2 -26.8 213.4 9.9 9.9 223.3 13.8 13.8 199.6 82.8 9.2 92.0 31-Dec-2005 3 Months Updated Normal 31-Dec-2005 INR 45.306075 200.4 -24.3 176.0 -1.5 -1.5 174.6 7.1 7.1 169.0 74.9 7.4 82.3
17.0 17.0 1.6 1.6 136.0 136.0 279.8 132.6 -0.4 -0.4 -0.4 132.3 25.6 106.6
10.8 10.8 1.8 1.8 36.0 36.0 153.1 69.3 8.0 8.0 8.0 77.3 16.9 60.4
11.0 11.0 2.6 2.6 37.1 37.1 170.3 81.7 12.4 12.4 12.4 94.2 14.9 79.3
11.5 11.5 2.4 2.4 34.9 34.9 154.6 68.7 6.0 6.0 6.0 74.7 3.4 71.3
11.2 11.2 4.4 4.4 41.2 41.2 146.2 28.3 6.6 6.6 6.6 34.9 8.0 26.8
Page 75

Minority Interest Net Income Before Extraord Items Net Income Preferred Dividends Miscellaneous Earnings Adjustment Total Adjustments to Net Income Income Available to Common Excl Extraord Items Income Available to Common Incl Extraord Items Basic/Primary Weighted Average Shares Basic EPS Excl Extraord Items Basic/Primary EPS Incl Extraord Items Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excl Extraord Items Diluted EPS Incl Extraord Items Dividends per Share - Common Stock Primary Issue Gross Dividends - Common Stock Depreciation, Supplemental Normalized Income Before Tax Inc Tax Ex Impact of Sp Items Normalized Income After Tax Normalized Inc. Avail to Com. Basic Normalized EPS Diluted Normalized EPS Normalized EBIT Normalized EBITDA Current Tax - Total Current Tax - Total Deferred Tax - Total Deferred Tax - Total Other Tax Income Tax - Total 0.0 106.6 106.6 -0.1 5.5 5.5 112.1 0.0 60.4 60.4 60.4 0.0 79.3 79.3 79.3 0.0 71.2 71.2 71.2 0.0 26.8 26.8 26.8
112.1
60.4
79.3
71.2
26.8
2,289.0 0.05 0.05 112.1 2,312.0 0.05 0.05 0.07 102.6 17.0 132.3 25.6 106.6 112.1 0.05 0.05 134.2 151.3 32.9 32.9 -7.4 -7.4 0.1 25.6
1,353.6 0.04 0.04 60.4 1,353.6 0.04 0.04 0.00 0.0 10.8 77.3 16.9 60.4 60.4 0.04 0.04 71.1 81.9 17.0 17.0 -0.3 -0.3 0.1 16.9
1,353.6 0.06 0.06 79.3 1,353.6 0.06 0.06 0.00 0.0 11.0 94.2 14.9 79.3 79.3 0.06 0.06 84.4 95.4 17.0 17.0 -2.3 -2.3 0.1 14.9
1,356.2 0.05 0.05 71.2 1,360.8 0.05 0.05 0.00 0.0 11.5 74.7 3.4 71.3 71.2 0.05 0.05 71.1 82.6 4.4 4.4 -1.1 -1.1 0.2 3.4
1,356.2 0.02 0.02 26.8 1,356.2 0.02 0.02 0.00 0.0 11.2 34.9 8.0 26.8 26.8 0.02 0.02 32.8 44.0 8.4 8.4 -0.6 -0.6 0.2 8.0
Page 76
Ambuja Cements Ltd.


Financial Glossary 31-Dec-2010 UpdateType/Date Updated Normal 31-Dec-2010 INR 44.715 31-Dec-2009 Updated Normal 31-Dec-2009 INR 46.535 S.R. Batliboi & Co. Unqualified 25.1 164.2 189.3 2.3 -1.8 0.5 53.5 33.8 87.8 11.4 26.5 10.4 98.5 146.8 0.8 0.6 0.6 425.3 174.4 66.8 1,066.0 551.2 16.1 1,874.4 -589.8 1,284.7 0.8 0.0 0.8 14.1 -8.3 5.8 0.0 31-Dec-2008 Reclassified Normal 31-Dec-2009 INR 48.72 S.R. Batliboi & Co. Unqualified 25.5 149.4 174.9 2.2 -1.8 0.4 59.0 49.8 109.2 16.0 30.3 11.6 134.8 192.7 2.5 0.9 0.9 480.2 146.2 49.5 952.3 320.4 10.5 1,478.8 -511.1 967.7 0.8 0.0 0.8 12.7 -4.7 8.1 31-Dec-2007 Updated Normal 31-Dec-2007 INR 39.415 S.R. Batliboi & Co. Unqualified 29.3 133.9 163.2 2.5 -2.3 0.3 52.1 34.1 86.4 14.0 21.8 13.4 99.6 148.7 3.4 3.4 401.8 165.0 56.6 1,094.3 129.4 10.7 1,456.0 -574.2 881.8 1.0 4.8 -2.7 2.1 31-Dec-2006 Updated Normal 31-Dec-2006 INR 44.26 Dalal & Shah Unqualified 85.7 0.0 85.7 18.7 66.7 85.4 10.5 10.4 10.1 62.9 93.9 1.3 1.3 266.3 123.5 32.4 866.0 122.5 5.3 1,149.8 -463.5 686.3 0.0 2.9 -0.9 2.0 -
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Cash Short Term Investments Cash and Short Term Investments Accounts Receivable - Trade, Gross Provision for Doubtful Accounts Trade Accounts Receivable - Net Notes Receivable - Short Term Other Receivables Total Receivables, Net Inventories - Finished Goods Inventories - Work In Progress Inventories - Raw Materials Inventories - Other Total Inventory Prepaid Expenses Other Current Assets Other Current Assets, Total Total Current Assets Buildings Land/Improvements Machinery/Equipment Construction in Progress Leases Property/Plant/Equipment - Gross Accumulated Depreciation Property/Plant/Equipment - Net Goodwill - Gross Accumulated Goodwill Amortization Goodwill, Net Intangibles - Gross Accumulated Intangible Amortization Intangibles, Net LT Investment - Affiliate Companies Unqualified 44.4 346.6 391.0 2.4 -1.9 0.5 75.8 31.7 107.9 16.8 51.3 11.7 121.9 201.7 0.3 0.3 0.3 701.2 259.0 92.0 1,577.2 179.7 19.8 2,127.8 -692.1 1,435.7 0.9 0.0 0.9 15.0 -12.3 2.7 0.0
Page 77

LT Investments - Other Long Term Investments Deferred Charges Deferred Income Tax - Long Term Asset Other Long Term Assets Other Long Term Assets, Total Total Assets Accounts Payable Accrued Expenses Notes Payable/Short Term Debt Dividends Payable Customer Advances Security Deposits Income Taxes Payable Other Payables Other Current Liabilities Other Current liabilities, Total Total Current Liabilities Long Term Debt Total Long Term Debt Total Debt Deferred Income Tax - LT Liability Deferred Income Tax Minority Interest Total Liabilities Common Stock Common Stock Additional Paid-In Capital Retained Earnings (Accumulated Deficit) Translation Adjustment Other Equity, Total Total Equity Total Liabilities & Shareholders Equity Shares Outstanding - Common Stock Primary Issue Total Common Shares Outstanding Employees Number of Common Shareholders Accumulated Goodwill Amortization Suppl. Accumulated Intangible Amort, Suppl. Deferred Revenue - Current Total Long Term Debt, Supplemental Long Term Debt Maturing within 1 Year Long Term Debt Matur. in Year 6 & Beyond 138.9 138.9 0.1 14.6 28.4 43.2 2,322.5 0.0 0.1 1.9 51.5 38.5 174.9 248.0 23.0 535.9 538.0 12.6 12.6 14.5 133.4 133.4 684.0 68.4 68.4 308.3 1,261.8 1,638.5 2,322.5 155.2 155.2 0.6 6.3 32.1 39.1 1,910.9 0.5 1.2 0.0 42.4 26.3 85.5 198.3 20.5 373.0 374.7 35.6 35.6 35.6 110.7 110.7 521.0 65.5 65.5 284.7 1,039.8 0.0 0.0 1,389.9 1,910.9 67.3 67.3 0.9 5.9 79.3 86.1 1,610.2 0.1 1.1 0.0 33.8 20.7 45.9 181.2 20.0 301.6 302.8 59.3 59.3 59.3 84.0 84.0 446.1 62.5 62.5 270.4 831.2 0.0 0.0 1,164.1 1,610.2 375.6 375.6 1.6 7.0 47.4 56.0 1,718.3 146.3 1.6 0.0 41.4 20.8 67.6 18.8 148.5 296.4 85.9 85.9 85.9 103.0 103.0 0.1 485.5 77.2 77.2 333.9 822.9 -1.2 -1.2 1,232.8 1,718.3 345.7 345.7 1.7 2.8 21.0 25.6 1,325.9 100.5 4.0 0.0 29.8 0.0 13.9 11.1 54.8 159.2 195.5 195.5 195.5 89.5 89.5 0.1 444.3 68.5 68.5 290.3 523.9 -1.3 -1.3 881.6 1,325.9
1,529.9 1,529.9 0.0 12.3 1.5 1.5 0.0
1,523.7 1,523.7 246,686 0.0 8.3 1.6 1.6 0.0
1,522.6 1,522.6 256,659 0.0 4.7 -
1,522.4 1,522.4 238,159 2.7 21.7 21.7 0.0
1,516.8 1,516.8 4,412 278,327 0.0 0.9 0.0 0.8 0.8 0.0
Page 78

Pension Obligation - Domestic Post-Retirement Obligation Plan Assets - Domestic Plan Assets - Post-Retirement Funded Status - Domestic Funded Status - Post-Retirement Total Funded Status Discount Rate - Domestic Expected Rate of Return - Domestic Compensation Rate - Domestic Accrued Liabilities - Domestic Accrued Liabilities - Post-Retirement Other Assets, Net - Domestic Net Assets Recognized on Balance Sheet Equity % - Domestic Total Plan Obligations Total Plan Assets 14.7 1.1 15.0 0.0 0.3 -1.1 -0.8 8.30% 7.50% 7.00% -0.1 -1.1 0.5 -0.8 100.00% 15.8 15.0 12.4 0.9 12.9 0.0 0.4 -0.9 -0.5 8.25% 7.50% 7.00% -0.1 -0.9 0.6 -0.5 100.00% 13.4 12.9 13.1 0.5 10.3 0.0 -2.9 -0.5 -3.3 5.90% 7.50% 7.00% -2.9 -0.5 -3.3 100.00% 13.6 10.3 10.9 0.3 10.2 0.0 -0.7 -0.3 -1.1 8.05% 7.50% 7.00% -0.7 -0.3 -1.1 100.00% 11.3 10.2 -5.0 -5.0 -
Page 79
Ambuja Cements Ltd.

Interim Balance Sheet
No Financial Data for Ambuja Cements Ltd.
Page 80
Ambuja Cements Ltd.

Annual Cash Flows

Financial Glossary 31-Dec-2010 Period Length UpdateType/Date 12 Months Updated Normal 31-Dec-2010 INR 45.724414 31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 372.2 61.4 61.4 -0.1 -13.6 -13.8 24.1 52.8 20.7 -77.6 20.0 439.8 -278.3 -278.3 0.0 2.4 10.8 -0.4 0.0 18.5 31.3 -247.1 -4.2 -4.2 -80.6 -80.6 1.5 1.5 1.5 31-Dec-2008 12 Months Restated Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 449.8 59.8 59.8 -69.9 -4.6 -74.5 -42.1 -80.1 61.9 -150.7 -211.0 224.1 -378.7 -378.7 0.0 0.1 4.6 133.5 6.1 -1.4 26.3 169.1 -209.7 -14.0 -14.0 -89.7 -89.7 0.3 0.3 0.3 31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 674.6 57.4 57.4 -196.2 -19.1 6.3 -209.0 -25.7 -41.2 39.2 -121.7 -149.5 373.5 -192.1 -192.1 -0.4 240.5 65.9 -175.4 22.2 152.8 -39.3 -11.9 -11.9 -141.0 -141.0 7.8 7.8 7.8 31-Dec-2006 18 Months Updated Normal 31-Dec-2006 INR 45.26652 Dalal & Shah Unqualified 442.8 72.4 72.4 0.4 -40.2 13.7 -26.1 -4.7 2.4 22.5 -102.7 -82.5 406.7 -176.0 -176.0 0.0 18.2 22.6 -3.3 8.4 45.8 -130.1 -27.2 -27.2 -105.7 -105.7 10.6 10.6 10.6
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Net Income/Starting Line Depreciation Depreciation/Depletion Unusual Items Equity in Net Earnings (Loss) Other Non-Cash Items Non-Cash Items Accounts Receivable Inventories Other Liabilities Other Operating Cash Flow Changes in Working Capital Cash from Operating Activities Purchase of Fixed Assets Capital Expenditures Acquisition of Business Sale of Business Sale of Fixed Assets Sale/Maturity of Investment Investment, Net Purchase of Investments Other Investing Cash Flow Other Investing Cash Flow Items, Total Cash from Investing Activities Other Financing Cash Flow Financing Cash Flow Items Cash Dividends Paid - Common Total Cash Dividends Paid Sale/Issuance of Common Common Stock, Net Issuance (Retirement) of Stock, Net Unqualified 363.3 84.7 84.7 -15.5 5.8 -9.7 -12.4 -61.2 68.8 -23.8 -28.5 409.8 -186.1 -186.1 3.6 51.9 -1.8 -4.9 21.9 70.8 -115.3 -17.4 -17.4 -79.6 -79.6 12.1 12.1 12.1
Page 81

Long Term Debt Issued Long Term Debt Reduction Long Term Debt, Net Issuance (Retirement) of Debt, Net Cash from Financing Activities Net Change in Cash Net Cash - Beginning Balance Net Cash - Ending Balance Cash Interest Paid Cash Taxes Paid 12.9 -31.4 -18.6 -18.6 -103.5 191.0 309.6 500.6 4.2 8.0 10.3 -23.5 -13.2 -13.2 -96.4 96.3 196.1 292.4 4.2 63.1 22.3 -33.6 -11.3 -11.3 -114.7 -100.2 318.4 218.2 13.9 132.2 13.9 -139.1 -125.2 -125.2 -270.3 63.8 91.8 155.6 8.2 109.1 180.3 -271.8 -91.5 -91.5 -213.7 62.9 21.6 84.5 19.6 99.8
Page 82
Ambuja Cements Ltd.


As Reported Financials in: USD (mil) Except for share items (millions) and per share items (actual units)
31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 1,594.9 14.9 1.5 0.5 35.7 -133.1 0.3 1,514.6 10.2 679.0 56.4 0.0 1.3 12.3 321.2 4.6 61.4 -4.0 0.0 0.0 0.0 0.0 0.0 1,142.4 372.2 120.8
31-Dec-2008 12 Months Reclassified Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 1,632.1 19.1 3.3 9.4 16.5 -196.5 0.2 1,484.1 -15.0 645.9 61.3 1.0 12.4 331.1 7.5 59.8 -4.9 -67.2 4.9 0.0 -2.5 1,034.2 449.8 130.5
31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 1,568.0 18.4 28.0 -185.0 0.5 1,429.9 -12.5 531.3 49.6 1.7 323.1 57.4 -2.3 -113.7 18.6 -78.7 774.4 19.1 674.6 228.1
31-Dec-2006 18 Months Reclassified Special 31-Dec-2007 INR 45.26652 BATLIBOI & PUROHIT Unqualified 1,574.5 21.0 1.4 -164.0 1.8 1,434.7 -0.2 561.3 52.8 329.2 25.7 72.4 -2.4 -6.8 0.0 1,032.1 40.2 442.8 75.0
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Sales Interest Income Profit/Loss on sale of Investment Dividend income Other Income Share in Joint Venture Excise Duty Paid Services Gain on Sale of Assets Total Revenue Variation in Stocks Raw Materials Consumed Employees Cost Share in joint venture Loss on Assets sold Advertisement Expenses Administrative, Selling & Other Expenses Interest Expenses Depreciation and Amortization Self Consumption of Cement Exceptional Items Profit on sale of Investment Exchange rate difference Interest & Finance Costs Interest Capitalised Depreciation Share in Joint Venture Profit on sale of property Total Operating Expense Share of Profit in Associates Net Income Before Taxes Provision for Income Taxes Unqualified 1,805.8 15.7 7.5 0.0 27.9 -189.6 3.0 1,670.4 -28.0 130.4 75.2 0.0 0.7 18.4 1,023.3 10.6 84.7 -2.5 -5.8 1,307.1 363.3 87.1
Page 83

Net Income After Taxes Minority Interest Net Income Before Extra. Items Net Income Preferred Dividend Miscellaneous Adjustment Income Available to Com Excl ExtraOrd Income Available to Com Incl ExtraOrd Basic Weighted Average Shares Basic EPS Excluding ExtraOrdinary Items Basic EPS Including ExtraOrdinary Item Dilution Adjustment Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excluding ExtraOrd Items Diluted EPS Including ExtraOrd Items DPS-Equity Shares Gross Dividends - Common Stock Normalized Income Before Taxes Inc Tax Ex Impact of Sp Items Normalized Income After Taxes Normalized Inc. Avail to Com. Basic Normalized EPS Diluted Normalized EPS Interest Expense Depreciation Research & Development Amortisation Rental Expense Advertising Expenses Interest Capitalized Proforma Stock Based Compensation Basic EPS after Stock Based Compensation Diluted EPS after Stock Based Compensati Net Income after Stock Based Comp. Current Tax Mat Credit Tax Current Tax-Share in JV Current Tax - Total Deferred Tax Deferred Tax-Share in JV Deferred Tax - Total 276.2 276.2 276.2 276.2 251.3 251.3 251.3 251.3 319.3 319.3 319.3 319.3 446.5 446.5 446.5 446.5 367.8 -0.1 367.8 367.8 -0.1 5.5 373.2
276.2
251.3
319.3
446.5
373.2
1,525.3 0.18 0.18 0.0 276.2 1,529.5 0.18 0.18 0.06 86.8 355.2 85.2 270.1 270.1 0.18 0.18 10.6 81.5 0.1 3.6 4.8 18.4 7.1 0.18 0.18 269.1 77.3 77.3 9.9 9.9
1,522.9 0.17 0.17 0.0 251.3 1,524.5 0.16 0.16 0.05 75.5 373.2 121.2 252.1 252.1 0.17 0.17 4.6 59.6 0.3 3.3 4.5 12.3 0.0 3.1 0.16 0.16 24.8 98.9 98.9 21.7 21.7
1,522.5 0.21 0.21 0.0 319.3 1,523.2 0.21 0.21 0.05 77.0 448.1 130.0 318.1 318.1 0.21 0.21 7.4 60.0 0.1 4.2 12.4 0.0 3.5 0.21 0.21 315.9 128.8 128.8 0.5 0.5
1,520.3 0.29 0.29 0.0 446.5 1,523.5 0.29 0.29 0.08 128.8 597.1 201.9 395.2 395.2 0.26 0.26 18.1 57.5 5.9 2.3 10.1 -1.2 178.2 178.2 -0.2 -0.2
1,509.9 0.25 0.25 373.2 1,514.5 0.25 0.25 0.07 101.9 436.0 73.8 362.2 367.6 0.24 0.24 2.4 72.2 0.6 0.4 2.4 10.9 -2.2 86.7 0.0 -13.7 73.0 0.1 0.7 0.8
Page 84

Income Tax for Earlier Year Fringe Benefit Tax Income Tax - Total Service Cost - Gratuity Interest Cost - Gratuity Expected Return on Plan Assets Gratuit Actuarial Gain / Loss - Gratuity Losses on Acquisition - Gratuity Service Cost - UF Interest Cost - UF Actuarial Gain / Loss - UF Domestic Pension Plan Expense Service Cost - PRMS Interest Cost - PRMS Actuarial Gain / Loss - PRMS Post-Retirement Plan Expense Contribution to Provident Funds & Other Defined Contribution Plans Total Pension Expense Discount Rate Expected Rate of Return on Plan Assets Compensation Rate -0.1 87.1 1.1 1.0 -1.0 0.7 0.0 0.0 0.0 1.9 0.1 0.1 -0.1 0.1 7.2 3.9 13.1 8.30% 7.50% 7.00% 0.2 120.8 1.2 0.8 -0.8 -2.7 0.0 0.0 0.0 -1.6 0.0 0.0 0.4 0.4 2.2 3.3 4.3 8.25% 7.50% 7.00% 1.2 130.5 0.9 0.8 -0.7 3.8 0.0 0.0 0.0 4.8 0.0 0.0 0.2 0.2 8.8 2.9 16.7 5.90% 7.50% 7.00% 48.9 1.2 228.1 0.6 0.5 -0.4 1.5 0.6 0.0 0.0 0.0 2.7 0.0 0.0 0.0 0.0 5.7 4.5 12.9 8.50% 7.50% 7.00% 0.0 1.2 75.0 0.9 0.9 -
Page 85
Ambuja Cements Ltd.

Interim Income Statement

31-Dec-2006 Period Length UpdateType/Date Filed Currency Exchange Rate (Period Average) Sales Excise Duty Other Income Total Revenue Stock Clinker Purchased Consumption of Material Staff Cost Power & Fuel Freight & Forwarding Inter-Units Freight Other Expenditure Interest, Net Depreciation Total Operating Expense Share in Associates Net Income Before Taxes Provision for Income Taxes Net Income After Taxes Minority Interest Net Income Before Extra. Items Net Income Preferred Dividends Miscellaneous Adjustment Income Available to Com Excl ExtraOrd Income Available to Com Incl ExtraOrd Basic Weighted Average Shares Basic EPS Excluding ExtraOrdinary Items Basic EPS Including ExtraOrdinary 3 Months Updated Normal 31-Dec-2006 INR 44.966688 448.4 -45.5 9.5 412.4 2.8 6.1 21.6 12.5 67.0 15.1 136.0 1.6 17.0 279.8 -0.4 132.3 25.6 106.6 0.0 106.6 106.6 -0.1 5.5 112.1
30-Sep-2006 3 Months Updated Normal 30-Sep-2006 INR 46.363683 238.4 -21.4 5.4 222.4 -1.1 0.0 10.6 9.0 41.3 38.3 6.4 36.0 1.8 10.8 153.1 8.0 77.3 16.9 60.4 0.0 60.4 60.4 60.4
30-Jun-2006 3 Months Updated Normal 30-Jun-2006 INR 45.401489 281.3 -27.0 -2.2 252.1 0.5 2.6 12.7 8.2 44.0 45.6 6.1 37.1 2.6 11.0 170.3 12.4 94.2 14.9 79.3 0.0 79.3 79.3 79.3
31-Mar-2006 3 Months Updated Normal 31-Mar-2006 INR 44.323242 240.2 -26.8 9.9 223.3 -0.6 3.0 11.3 9.2 42.9 34.8 5.1 34.9 2.4 11.5 154.6 6.0 74.7 3.4 71.3 0.0 71.2 71.2 71.2
31-Dec-2005 3 Months Updated Normal 31-Dec-2005 INR 45.306075 200.4 -24.3 -1.5 174.6 -2.3 0.0 9.4 7.4 40.9 28.3 5.7 41.2 4.4 11.2 146.2 6.6 34.9 8.0 26.8 0.0 26.8 26.8 26.8
112.1
60.4
79.3
71.2
26.8
2,289.0 0.05 0.05
1,353.6 0.04 0.04
1,353.6 0.06 0.06
1,356.2 0.05 0.05
1,356.2 0.02 0.02
Page 86

Item Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excluding ExtraOrd Items Diluted EPS Including ExtraOrd Items DPS-Equity Shares Gross Dividends - Common Stock Normalized Income Before Taxes Inc Tax Ex Impact of Sp Items Normalized Income After Taxes Normalized Inc. Avail to Com. Basic Normalized EPS Diluted Normalized EPS Depreciation Current Tax Current Tax - Total Deferred Tax Deferred Tax - Total Income Tax for Earlier Year Fringe Benefit Tax Income Tax - Total 112.1 2,312.0 0.05 0.05 0.07 102.6 132.3 25.6 106.6 112.1 0.05 0.05 17.0 32.9 32.9 -7.4 -7.4 -0.1 0.3 25.6 60.4 1,353.6 0.04 0.04 0.00 0.0 77.3 16.9 60.4 60.4 0.04 0.04 10.8 17.0 17.0 -0.3 -0.3 0.0 0.1 16.9 79.3 1,353.6 0.06 0.06 0.00 0.0 94.2 14.9 79.3 79.3 0.06 0.06 11.0 17.0 17.0 -2.3 -2.3 0.0 0.1 14.9 71.2 1,360.8 0.05 0.05 0.00 0.0 74.7 3.4 71.3 71.2 0.05 0.05 11.5 4.4 4.4 -1.1 -1.1 0.0 0.2 3.4 26.8 1,356.2 0.02 0.02 0.00 0.0 34.9 8.0 26.8 26.8 0.02 0.02 11.2 8.4 8.4 -0.6 -0.6 0.0 0.2 8.0
Page 87
Ambuja Cements Ltd.


31-Dec-2010 UpdateType/Date Updated Normal 31-Dec-2010 INR 44.715
31-Dec-2009 Updated Normal 31-Dec-2009 INR 46.535 S.R. Batliboi & Co. Unqualified 98.5 10.4 26.5 11.4 2.3 -1.8 32.2 25.1 164.2 0.0 0.3 1.2 0.4 0.3 53.5 0.8 425.3 66.8 16.1 174.4 20.5 879.7 80.3 15.2 1.4 26.3
31-Dec-2008 Reclassified Normal 31-Dec-2009 INR 48.72 S.R. Batliboi & Co. Unqualified 134.8 11.6 30.3 16.0 2.2 -1.8 45.7 25.5 149.4 0.7 3.8 0.3 0.2 59.0 2.5 480.2 49.5 10.5 146.2 19.6 789.3 69.8 12.5 1.3 22.8
31-Dec-2007 Updated Normal 31-Dec-2007 INR 39.415 S.R. Batliboi & Co. Unqualified 99.2 13.4 21.8 14.0 0.1 0.3 2.5 -2.3 34.1 29.3 133.9 3.4 52.1 401.8 56.6 10.7 165.0 24.3 910.7 80.5 14.2 1.6 21.9
31-Dec-2006 Updated Normal 31-Dec-2006 INR 44.26 BATLIBOI & PUROHIT Unqualified 62.7 10.1 10.4 10.5 0.0 0.0 0.0 0.1 0.1 0.0 18.7 85.7 1.3 66.7 266.3 32.4 5.3 123.5 21.6 719.3 58.1 12.6 1.5 16.9
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Coal & Fuel Raw Materials Material in Process Finished Goods Food & Beverages Work in Progress Equity Shares Construction Scrapped Assets Venture Inventory Sundry Debtors Provision Other Debtors Sundry Debtors Cash & Bank Balances Fixed Deposits Share in joint venture Other Current Assets Interest accrued on Investments Other Interest receivable Sundry Receivables Scrapped assets awaiting disposal, Loans & Advances Balance with Central Excise, Customs, Total Current Assets Freehold Land Leasehold Land Buildings, Roads & Water Works Marine Structures Plant & Machinery Electrical Installations Railway Sidings & Locomotives Railway Wagons Furnitures, Fixtures & Office Equipments Unqualified 121.9 11.7 51.3 16.8 2.4 -1.9 28.2 44.4 346.6 0.0 0.2 2.9 0.6 0.0 75.8 0.3 701.2 92.0 19.8 259.0 21.4 1,323.2 131.1 14.7 1.4 29.8
Page 88

Ships Vehicles Power Lines Share of Venture Accum. Depreciation Goodwill on consolidation Goodwill Accum. Goodwill Amortn. Water Drawing Rights Computer Software Accum. Intangible Amortn. Work in Progress Joint Venture Advances against Capital Expenditure Investments Miscellaneous Expenses Deferred Tax Assets Total Assets Sundry Creditors Other Creditors Unclaimed Dividend Unclaimed Application money Unclaimed Interest Unclaimed sale proceeds Security Deposits Interest Accrued Customer Advance Share of Venture Provision for Wealth Tax Provision for Fringe Benefit Tax Proposed Dividend Dividend Tax Provision for Gratuity Provision for Compensated absence Provision for Mine Reclamation Provision for Income tax Short term loans Share of Joint Venture Total Current Liabilities Secured Loans Unsecured Loans Total Long Term Debt Minority Interest Deferred Taxes Total Liabilities Share Capital Share Application Options Outstanding 35.5 11.6 8.3 -692.1 0.9 0.0 1.4 13.7 -12.3 179.7 0.0 28.4 138.9 0.1 14.6 2,322.5 0.0 248.0 3.6 0.0 0.0 0.7 38.5 0.0 0.1 0.0 47.9 8.0 1.2 10.6 2.6 174.9 1.9 0.0 538.0 0.0 12.6 12.6 133.4 684.0 68.4 0.0 0.3 24.2 11.1 7.3 -589.8 0.8 0.0 1.3 12.7 -8.3 551.2 0.0 32.1 155.2 0.6 6.3 1,910.9 0.5 198.3 3.1 0.0 0.6 26.3 1.1 0.1 0.1 39.3 6.7 1.0 10.0 2.2 85.5 0.0 374.7 21.5 14.1 35.6 110.7 521.0 65.5 0.0 0.1 23.1 6.9 7.0 -511.1 0.8 0.0 1.3 11.5 -4.7 320.4 79.3 67.3 0.9 5.9 1,610.2 0.1 181.2 2.5 0.0 0.6 20.7 1.1 0.1 0.0 31.3 5.3 3.4 8.6 2.0 45.9 302.8 20.5 38.7 59.3 84.0 446.1 62.5 0.1 28.6 7.5 5.0 -574.2 1.0 1.6 3.3 -2.7 129.4 47.4 375.6 1.6 7.0 1,718.3 146.3 2.7 0.0 0.8 20.8 1.4 0.1 0.0 38.6 6.6 1.2 8.2 2.1 67.6 296.4 27.5 58.5 85.9 0.1 103.0 485.5 77.2 0.0 0.1 25.4 6.1 4.5 0.0 -463.5 0.0 1.4 1.5 -0.9 122.5 21.0 345.7 1.7 2.8 1,325.9 100.5 2.4 0.0 0.7 13.9 3.7 0.0 0.0 0.1 0.2 27.4 3.8 5.0 1.6 0.0 159.2 71.8 123.7 195.5 0.1 89.5 444.3 68.5 0.0 0.2
Page 89

Subsidies Capital Reserve Capital Redemption Reserve Capital Reserve on Consolidation Securities Premium Debenture Redemption Unrealised Gain General Reserve Exchange Reserve Reserve Fund Profit & Loss Account Share of Joint Venture Total Equity Total Liabilities & Shareholders' Equity S/O-Equity Shares Total Common Shares Outstanding Deferred Revenue - Current Accum. Goodwill Amortn. Accum. Intangible Amortn. Full-Time Employees Number of Common Shareholders Current maturities Total Long Term Debt, Supplemental PV of Defined Obligation FV of Plan Assets Funded Status PV of Defined Obligation - PRMS FV of Plan Assets - PRMS Funded Status - PRMS PV of Defined Obligation - Others Funded Status - Others Total Funded Status Discount Rate Expected Rate of Return on Plan Assets Compensation Rate Post Retirement Medical Benefits Gratuity - Funded Gratuity - Funded Gratuity - Others Net Assets Recognized on Balance Sheet Insurance 1.1 29.6 2.2 278.4 0.0 1,115.2 143.3 -0.1 1,638.5 2,322.5 0.4 28.4 2.1 256.2 5.4 0.0 888.9 0.0 142.9 0.0 1,389.9 1,910.9 0.4 27.2 2.0 243.2 5.1 0.0 684.9 0.0 138.7 1,164.1 1,610.2 0.5 33.6 2.5 300.3 6.3 47.2 592.8 -1.2 173.5 0.0 1,232.8 1,718.3 0.4 29.9 2.2 0.0 260.2 12.4 107.5 281.1 -1.3 0.0 119.9 0.4 881.6 1,325.9
1,529.9 1,529.9 0.0 12.3 1.5 1.5 14.6 15.0 0.5 1.1 0.0 -1.1 0.1 -0.1 -0.8 8.30% 7.50% 7.00% -1.1 0.5 -0.1 -0.8 100.00%
1,523.7 1,523.7 0.0 8.3 246,686 1.6 1.6 12.3 12.9 0.6 0.9 0.0 -0.9 0.1 -0.1 -0.5 8.25% 7.50% 7.00% -0.9 0.6 -0.1 -0.5 100.00%
1,522.6 1,522.6 0.0 4.7 256,659 13.0 10.3 -2.7 0.5 0.0 -0.5 0.2 -0.2 -3.3 5.90% 7.50% 7.00% -0.5 -2.7 -0.2 -3.3 100.00%
1,522.4 1,522.4 2.7 238,159 21.7 21.7 10.8 10.2 -0.6 0.3 0.0 -0.3 0.2 -0.2 -1.1 8.05% 7.50% 7.00% -0.3 -0.6 -0.2 -1.1 100.00%
1,516.8 1,516.8 0.0 0.0 0.9 4,412 278,327 0.8 0.8 -5.0 -5.0 -
Page 90
Ambuja Cements Ltd.

Interim Balance Sheet
No Financial Data for Ambuja Cements Ltd.
Page 91
Ambuja Cements Ltd.

Annual Cash Flows

31-Dec-2009 12 Months Updated Normal 31-Dec-2009 INR 48.413551 S.R. Batliboi & Co. Unqualified 372.2 61.4 -0.3 0.0 1.3 0.3 -1.5 4.6 -14.9 0.0 0.0 -0.4 -12.2 -0.5 0.1 -5.5 0.2 0.0 24.1 52.8 20.7
31-Dec-2008 12 Months Restated Normal 31-Dec-2009 INR 43.518449 S.R. Batliboi & Co. Unqualified 449.8 59.8 -0.2 -69.7 1.0 0.4 -3.3 7.5 -19.1 1.9 2.1 -2.5 -9.4 -0.1 -2.6 0.3 0.1 -42.1 -80.1 61.9
31-Dec-2007 12 Months Restated Normal 31-Dec-2008 INR 41.348599 S.R. Batliboi & Co. Unqualified 674.6 57.4 -19.1 -0.5 -192.4 1.7 0.1 0.2 -5.7 18.6 -18.4 0.6 -8.2 -5.5 0.6 0.5 0.1 -25.7 -41.2 39.2
31-Dec-2006 18 Months Updated Normal 31-Dec-2006 INR 45.26652 BATLIBOI & PUROHIT Unqualified 442.8 72.4 -40.2 -3.0 2.7 0.2 0.0 17.7 0.5 3.3 -7.9 0.0 -0.9 -0.1 0.0 1.5 0.0 0.1 0.0 0.0 -4.7 2.4 22.5
Auditor S.R. BATLIBOI & ASSOCIATES Auditor Opinion Net Income Depreciation Share in Associates Gain on Asset Sale Exceptional Items Loss on Asset Sale Capital spares consumed Write-off Deferred Expenditure Diminution in Value of Investment Advertisement Expenses Written Back Profit on Sale of Investment Interest & Finance Charges Interest Income Non moving spares Abandoned Capital Project Exchange Rate Difference Discounting income on sales tax Sales tax Unrealized gain Gain on Investment Sale Share of Venture Dividend Share of JV in Dividend Doubtful Advances Provision For Doubtful Debts Provisions no longer required Bad Debts Write-back Provision Wealth Tax Diminution Investment Written Back Diminution Investment Trade & Other Receivables Inventories Current liabilities Unqualified 363.3 84.7 -3.0 -5.8 0.7 0.6 0.1 -7.5 10.6 -15.7 3.3 -3.0 -0.4 -0.1 0.0 0.1 -5.9 0.6 0.0 -12.4 -61.2 68.8
Page 92

Direct Taxes Paid Miscellaneous Expenditure Exchange Rate Difference Cash from Operating Activities Capital Expenditures Sale of Fixed Assets Sale of Investments Investments, Net Investment in Subsidiary Profit on sale of investment in mutual f Acquisition of subsidiaries Loans & Advances, Net Unclimed sale of shares Proceeds of deposits matured Interest Received Income tax received Dividend Income Disposal of Subsidiaries Liquidation of Subsidiaries Acquisition of Maratha Cement Cash from Investing Activities Issue of Shares Proceeds from Borrowings Repayment of Borrowings Interest & Finance Charges Swap Interest Subsidy received Premium on Redemption Exchange Rate Difference Unclaimed Sale Proceeds Dividend distribution tax Subsidy Received Dividend Paid Cash from Financing Activities Net Change in Cash Net Cash - Beginning Balance Net Cash - Ending Balance Cash Interest Paid Cash Taxes Paid -8.0 409.8 -186.1 3.6 44.4 -4.9 7.5 0.0 -1.8 14.2 7.7 0.0 -115.3 12.1 12.9 -31.4 -4.2 0.1 -13.3 -79.6 -103.5 191.0 309.6 500.6 4.2 8.0 -63.1 0.0 0.4 439.8 -278.3 2.4 9.3 0.0 1.5 -0.4 18.0 0.5 0.0 -247.1 1.5 10.3 -23.5 -4.2 0.0 0.0 0.0 -80.6 -96.4 96.3 196.1 292.4 4.2 63.1 -132.2 -0.1 0.7 224.1 -378.7 4.6 130.2 -1.4 3.3 0.0 6.1 16.8 9.4 0.1 -209.7 0.3 22.3 -33.6 -13.9 -0.1 0.0 0.0 -89.7 -114.7 -100.2 318.4 218.2 13.9 132.2 -109.1 -0.2 6.0 373.5 -192.1 65.9 -175.4 -0.4 16.7 5.5 240.5 -39.3 7.8 13.9 -139.1 -8.2 -3.7 0.0 0.0 -141.0 -270.3 63.8 91.8 155.6 8.2 109.1 -99.8 -0.5 -2.4 406.7 -176.0 22.6 -3.3 0.1 7.2 1.0 15.7 2.4 0.0 -130.1 10.6 180.3 -271.8 -19.6 -6.6 0.0 -0.9 -0.1 0.1 -105.7 -213.7 62.9 21.6 84.5 19.6 99.8
Page 93
Ambuja Cements Ltd.

Geographic Segments
Financials in: As Reported (mil) Annual External Revenue USD (mil) 31-Dec-10 Within India Outside India Segment Total Consolidated Total Exchange Rate: INR to USD Other Revenue USD (mil) 31-Dec-10 Within India Outside India Segment Total Consolidated Total Exchange Rate: INR to USD Total Revenue USD (mil) 31-Dec-10 Within India Outside India Segment Total Consolidated Total Exchange Rate: INR to USD 1,619.8 98.5 % 24.3 1.5 % 1,644.1 100 % 1,644.1 100 % 45.724414 31-Dec-09 1,449.8 97.6 % 35.6 2.4 % 1,485.4 100 % 1,485.4 100 % 48.413551 31-Dec-08 1,391.3 58.4 96 % 4% 31-Dec-07 1,237.5 89.5 % 145.6 10.5 % 1,383.0 100 % 1,383.0 100 % 41.348599 31-Dec-06 1,274.2 90.2 % 138.1 9.8 % 1,412.3 100 % 1,412.3 100 % 45.266520 27.8 0.0 27.8 27.8 45.724414 99.9 % 0.1 % 100 % 100 % 31-Dec-09 23.7 0.0 23.7 23.7 48.413551 100 % 0% 100 % 100 % 31-Dec-08 14.2 0.0 14.2 14.2 43.518449 100 % 0% 100 % 100 % 1,592.0 98.5 % 24.3 1.5 % 1,616.3 100 % 1,616.3 100 % 45.724414 31-Dec-09 1,426.2 97.6 % 35.6 2.4 % 1,461.8 100 % 1,461.8 100 % 48.413551 31-Dec-08 1,377.2 95.9 % 58.4 4.1 % 1,435.6 100 % 1,435.6 100 % 43.518449 31-Dec-07 1,237.5 89.5 % 145.6 10.5 % 1,383.0 100 % 1,383.0 100 % 41.348599 31-Dec-06 1,274.2 90.2 % 138.1 9.8 % 1,412.3 100 % 1,412.3 100 % 45.266520
1,449.7 100 % 1,449.7 100 % 43.518449
1983-2012 Reuters Research Inc. All Rights Reserved.
Page 94
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3 Ambuja Cements Ltd. Recommends Final Dividend

* number of significant developments within the last 12 months

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Key Ratios Net Profit Margin (TTM) %

Company Industry 28.59 -1.38

4 Week 13 Week 52 Week Year to Date

Price % Change 12.23% 7.01% 37.78% 11.04%

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Key Corporate Relationships

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Harmful to achieving the objective Weaknesses

Improved Liquidity Position Market Leading Position Strong Dealer Network

Weak Profitability Indicators Cost Control

Opportunities External Origin (attributes of the environment)

Government Intervention in Cement Industry Increasing Competitive Pressures

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Rebastone Masonry Ltd.

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Subsidiary Raipur, Raipur

Holcim Apasco, S.A. de C.V.

1,362.2 1,279.0 211.1 166.0 120.7

3,500 3,500 250 200 150 150

17.2 16.1 12.0

10.3 10.3 10.0 9.3 8.6 6.9 6.9

Sherbrooke, QC Canada Canada Canada Canada

Drummondville, QC Subsidiary Oakville, ON Subsidiary London, ON

Canada Canada Canada Canada

IUSA IUSA IUSA IUSA IUSA IUSA IUSA

Subsidiary Concord, ON Branch Branch Branch Branch Branch Etobicoke, ON Toronto, ON

11.0 13.7 13.3 7.7 6.7

Scarborough, ON Canada Maple, ON Canada

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Georgetown, ON Canada Canada Canada Canada Canada Canada Canada

Subsidiary Chatswood, NSW Australia Subsidiary Jakarta Indonesia

Subsidiary Neuilly Sur Seine France Subsidiary St Apollinaire France

Belgium Belgium Belgium Belgium Belgium Belgium Belgium

1.5 1.7 0.0 4.8 25.8 0.0 53.6

EDB EDB EDB EDB EDB EDB EDB

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525.0 24.9 368.7

1,747 550 1,345 150

1,226 1,200 123

40.0 362.3 438.6 393.8 242.7

RT GW ACP BMI IUSA

150.0 155.4 150.0 173.0