Rating Rationale
February 11, 2020 | Mumbai
UltraTech Cement Limited
'CRISIL AAA/Stable' assigned to NCD
 
Rating Action
Total Bank Loan Facilities Rated Rs.14268.26 Crore (Enhanced from Rs.13200 Crore)
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
 
Rs.250 Crore Non Convertible Debentures CRISIL AAA/Stable (Assigned)
Rs.250 Crore Non Convertible Debentures   CRISIL AAA/Stable (Reaffirmed)
Rs.250 Crore Non Convertible Debentures   CRISIL AAA/Stable (Reaffirmed)
Rs.360 Crore Non Convertible Debentures   CRISIL AAA/Stable (Reaffirmed)
Rs.250 Crore Non Convertible Debentures  CRISIL AAA/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures   CRISIL AAA/Stable (Reaffirmed)
Rs.650 Crore Non Convertible Debentures  CRISIL AAA/Stable (Reaffirmed)
Rs.300 Crore Non Convertible Debentures   CRISIL AAA/Stable (Reaffirmed)
Rs.3500 Crore Commercial Paper  CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 250 crore non-convertible debenture (NCD) of UltraTech Cement Limited (UltraTech) and reaffirmed the outstanding ratings on the debt programmes and bank facilities at 'CRISIL AAA/Stable/CRISIL A1+'.

Further to the order of National Company Law Tribunal dated July 03, 2019, the cement division of Century Textiles and Industries Ltd (Century, 'CRISIL AA/Stable/CRISIL A1+') has merged with UltraTech with effect from October 01, 2019 (effective date).  Consequently, debt of Rs 2824.77 crore pertaining to the cement division of Century stands fully assigned and transferred to UltraTech. Further, UltraTech has partly repaid this debt. CRISIL has migrated the ratings on the balance Rs 1068.26 crore bank loan facilities to UltraTech, on receipt of the letter of novation.

The ratings continue to reflect UltraTech's strong business risk profile, driven by its established position in the Indian cement business and focus on operating efficiency. Furthermore, enhanced regional market share and successful ramp-up of acquired assets offset increase in financial risk due to interim rise in leverage. These strengths are partially offset by cyclicality in the cement industry.

The ratings also factor in further strengthening of domestic market share and enhanced operational efficiencies on merger of cement assets of Century Textiles and Industries Ltd which was completed in second quarter of fiscal 2020. While the merger led to increase in overall debt by around Rs 2800 crore , it is also expected to boost the overall profitability as the capacities ramp up. While CRISIL takes comfort from the fact that the company has successfully demonstrated of its capabilities of turning around acquired capacities in the past, healthy utilisation of acquired capacity, extent of improvement in consolidated profit, and debt reduction through strong accruals remain key rating monitorables.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of UltraTech and its subsidiaries, including UltraTech Nathdwara Cement Ltd (UNCL; formerly Binani Cement Ltd). This is because the entities, collectively referred to as the UltraTech group, operate in the cement and related space, and have significant operational linkages and common management.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths
* Established market position in the Indian cement business, and focus on operating efficiency
UltraTech is India's largest cement manufacturer with a capacity market share of 24%. The company has 113.35 million tonne per annum (mtpa) capacity in India, including UNCL and the cement business of Century Textiles and Industries Ltd, and expansion. Operating efficiency is superior, driven by strong consumption norms, efficient logistics (because of pan-India presence), and captive power capability. The acquisition of UNCL strengthens the market position in northern India, while the acquisition of Century's cement business should improve the position in the high-growth eastern market, and entrench its presence in other geographies. Pan-India presence insulates the company from downtrends in any single region.
 
* Financial risk profile to improve over the medium term
Though the debt-funded acquisition of the cement capacity of Jaiprakash Associates Ltd (JAL) and its subsidiary had moderated financial risk profile, healthy ramp-up in JAL's capacity utilisation and profitability reduced net debt to EBITDA ratio to 2.2 times by March 31, 2018, from cash surplus as on March 31, 2017.
 
In fiscal 2019, cost pressures increased because of higher commodity prices, which increased power & fuel and logistic costs, which constrained EBITDA. On the other hand, leverage increased due to the UNCL acquisition, which resulted in incremental consolidated net debt of around Rs 8,000 crore. However, EBITDA improved in the fourth quarter of fiscal 2019 sequentially, driven by increase in overall capacity and utilisation, pick up in realisations, and softening of costs per tonne. As a result, net debt to EBITDA was at 3 times by March 31, 2019.
 
Although the acquisition of Century added further debt of around Rs 2800 crore, in the first half of fiscal 2020, it would be EBITDA-accretive. Easing cost pressures coupled with better realisations in first nine months of fiscal 2020 have boosted EBIDTA. Healthy accruals have resulted in reduction of net debt from around Rs 22,111 crore in March 2019 to around Rs 18,625 crore in December 2019. Consequently, net debt to EBIDTA is expected to further improve by March 2020 at around 2 times.

Stable demand outlook for cement, improved profitability of acquired assets through operational synergies, and superior brand positioning should continue to support the business. The extent of improvement in consolidated profit and reduction in debt will continue to be monitored.
 
Weakness
* Susceptibility to risks relating to input cost, realisations, and cyclicality in the cement industry
Capacity addition in the cement industry tends to be sporadic because of the long gestation period in setting up a facility and the large number of players adding capacity during the peak of a cycle. This has led to unfavourable price cycles for the sector in the past. Moreover, profitability remains susceptible to volatility in the prices of inputs, including raw material, power, fuel, and freight. Rise in pet coke prices over the past years has impeded the profitability of several players. Realisations and profitability are also constrained by demand, supply, sales, and regional factors.
Liquidity Superior

Financial flexibility is strong, backed by healthy liquidity of over around Rs 5800 crore as on September 30, 2019, even after the UNCL and Century transactions. Longstanding relationships with banks and strong business positioning allow UltraTech to favourably raise debt at low interest cost. The company has access to fund based working capital lines of Rs 1510 crore, utilisation of which is minimal in the last 6 months. Healthy accrual over the medium term (expected at above Rs 5,000 crore in fiscals 2020 and 2021) should comfortably cover not only the maturing long-term debt (Rs 720 crore and Rs 1,737 crore in fiscals 2020 and 2021, respectively), but will also support capex of over Rs 2000 crore in fiscals 2020 and 2021 each and incremental working capital requirement.

Outlook: Stable

CRISIL believes UltraTech will continue to benefit from its healthy market position, geographically diverse presence in India, and high financial flexibility.

Rating Sensitivity Factors
Downwrd factors
* Lower-than-expected ramp-up in cash accrual due to non-sustenance of performance
*  More-than-expected debt because of sizeable acquisition or capital expenditure, or delay in reducing debt through surplus cash leading to a sustained net debt: EBIDTA of more than 3 times.

About the Company

UltraTech was formed in 2004 following the acquisition of the cement business of Larsen and Toubro Ltd ('CRISIL AAA/FAAA/Stable/CRISIL A1+') by Grasim Industries Ltd (Grasim; 'CRISIL AAA/Stable/CRISIL A1+'). As on March 31, 2019, Grasim (the flagship company of the Aditya Birla group) held 60.2% equity stake in UltraTech, the other promoter group held 1.49%, and financial institutions and the public held the rest. Through UltraTech Cement Middle East Investments Ltd, UltraTech has capacity of 4 mtpa across the UAE and Bahrain.

UNCL has capacity of 6.25 mtpa in Rajasthan, comprising an integrated cement unit of 4.85 mtpa and a split grinding unit of 1.4 mtpa. Also, through its subsidiaries, UNCL has 2 mtpa clinker capacity in China and 2 mtpa and 0.3 mtpa grinding capacity in UAE and China respectively.

UltraTech's total capacity in India is has expanded to over 111.35 mtpa further to the merger of Century's cement business. Century's assets are in Madhya Pradesh, West Bengal, Maharashtra, and Chhattisgarh.

Key Financial Indicators*
As on/for the period ended March 31  2019 2018
Revenue Rs crore 36905 31439
Profit after tax (PAT) Rs crore 2033 2224
PAT margin % 5.5 7.1
Adjusted debt/Adjusted networth Times 1.09 0.87
Interest coverage Times 4.38 5.13
*The above reflects consolidated - CRISIL-adjusted financials

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of
Allotment
Coupon
Rate (%)
Maturity
Date
Issue Size
(Rs Crore)
Rating Assigned
with Outlook
INE481G07190 Debentures 22-Aug-16 7.53% 21-Aug-26 500 CRISIL AAA/Stable
INE481G08032 Debentures 25-Nov-16 6.93% 25-Nov-21 250 CRISIL AAA/Stable
INE481G08024 Debentures 24-Nov-16 6.99% 24-Nov-21 400 CRISIL AAA/Stable
INE481G07208 Debentures 18-Oct-16 7.15% 18-Oct-21 300 CRISIL AAA/Stable
INE481G07182 Debentures 08-Aug-16 7.57% 06-Aug-21 250 CRISIL AAA/Stable
INE481G08057 Debentures 03-Aug-18 8.36% 07-Jun-21 360 CRISIL AAA/Stable
INE481G08065 Debentures 4-Jun-19 7.64% 4-Jun-24 250 CRISIL AAA/Stable
INE481G08073 Debentures   11-Dec-19 6.72% 9-Dec-22 250 CRISIL AAA/Stable
NA Debentures* NA NA NA 250 CRISIL AAA/Stable
NA Commercial paper NA NA 7-365 days 3500 CRISIL A1+
NA Rupee Term Loan 1 NA NA Mar-29 507.08 CRISIL AAA/Stable
NA Rupee Term Loan 2 NA NA Sep-37 5000.00 CRISIL AAA/Stable
NA Rupee Term Loan 3 NA NA Jun-37 2817.92 CRISIL AAA/Stable
NA Rupee Term Loan 4 NA NA Nov-38 1500.00 CRISIL AAA/Stable
NA Rupee Term Loan 5 NA NA Sep-29 614.00 CRISIL AAA/Stable
NA Rupee Term Loan 6 NA NA Nov-23 300.00 CRISIL AAA/Stable
NA Proposed Long Term Bank loan Facility NA NA NA 1989.58 CRISIL AAA/Stable
NA External Commercial Borrowings 1 NA NA May-21 338.45 CRISIL AAA/Stable
NA External Commercial Borrowings 2 NA NA Jun-21 311.30 CRISIL AAA/Stable
NA External Commercial Borrowings 3 NA NA Mar-23 65.07 CRISIL AAA/Stable
NA External Commercial Borrowings 4 NA NA Feb-23 128.30 CRISIL AAA/Stable
NA External Commercial Borrowings 5 NA NA Feb-23 128.30 CRISIL AAA/Stable
NA Rupee Term Loan 7 NA NA Dec-20 100.80 CRISIL AAA/Stable
NA Rupee Term Loan 8 NA NA Sep-27 150.00 CRISIL AAA/Stable
NA Rupee Term Loan 9 NA NA Jun-27 150.00 CRISIL AAA/Stable
NA Rupee Term Loan 10 NA NA Dec-20 167.46 CRISIL AAA/Stable
*Yet to be issued
 
Annexure - List of entities consolidated
Subsidiary Companies: Extent of Consolidation Rationale for Consolidation
Dakshin Cements Limited 100 Subsidiary
Harish Cement Limited 100 Subsidiary
Gotan Limestone Khanij Udyog Pvt. Ltd. 100 Subsidiary
Bhagwati Lime Stone Company Pvt. Ltd. 100 Subsidiary
UltraTech Cement Lanka Pvt. Ltd. 80 Subsidiary
UltraTech Cement Middle East Investment Ltd. (Standalone) 100 Subsidiary
Star Cement Co LLC, Dubai @ 100 Subsidiary
Arabian Cement Industry LLC, Abu Dhabi @ 100 Subsidiary
Star Cement Co LLC, Ras Al Khaimah @ 100 Subsidiary
Al Nakhla Crushers LLC, Fujairah @ 100 Subsidiary
UltraTech Cement Bahrain Company WLL, Bahrain @ 100 Subsidiary
Emirates Cement Bangladesh Ltd, Bangladesh @ 100 Subsidiary
Emirates Power Company Ltd, Bangladesh @ 100 Subsidiary
Awam Minerals LLC , Sultanate of Oman @
(Ceased control w.e.f. April 24, 2017)
0 Subsidiary
PT UltraTech Mining Indonesia 80 Subsidiary
PT UltraTech Investment Indonesia 100 Subsidiary
PT UltraTech Cement Indonesia 99 Subsidiary
Krishna Holdings Pte. Ltd.(KHL) # BCL- 55.54
MHL-44.46
Subsidiary
Mukundan Holdings Ltd. (MHL) # 100 Subsidiary
Murari Holdings Ltd. (MUHL) # 100 Subsidiary
Swiss Merchandise Infrastructure Limited # 100 Subsidiary
Merit Plaza Limited # 100 Subsidiary
Bhumi Resources (Singapore) Pte. Ltd (Bhumi) # 100 Subsidiary
Binani Cement Factory LLC (BCF LLC) # MUHL -51
MHL -49
Subsidiary
Binani Cement Fujairah LLC# BCFLLC - 80 Subsidiary
Smooth Energy Private Ltd # 100 Subsidiary
Shandong Binani Rong'an Cement Co. Ltd.
(SBRCC) #
KHL- 92.5 Subsidiary
PT Anggana Energy Resources # 100 Subsidiary
BC Tradelink Limited # 100 Subsidiary
Binani Cement Tanzania Limited # 100 Subsidiary
Binani Cement (Uganda) Ltd # 100 Subsidiary
Bahar Ready Mix Concrete Limited # 100 Subsidiary
@Subsidiaries of UltraTech Cement Middle East Investment Ltd.
#Subsidiaries of UltraTech Nathdwara Cement Ltd
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  3500.00  CRISIL A1+  04-02-20  CRISIL A1+  20-11-19  CRISIL A1+  28-11-18  CRISIL A1+  31-07-17  CRISIL A1+  CRISIL A1+ 
            28-05-19  CRISIL A1+  17-08-18  CRISIL A1+  27-06-17  CRISIL A1+   
            05-04-19  CRISIL A1+  31-07-18  CRISIL A1+  27-03-17  CRISIL A1+   
                23-05-18  CRISIL A1+       
Non Convertible Debentures  LT  2560.00
11-02-20 
CRISIL AAA/Stable  04-02-20  CRISIL AAA/Stable  20-11-19  CRISIL AAA/Stable  28-11-18  CRISIL AAA/Stable  31-07-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
            28-05-19  CRISIL AAA/Stable  17-08-18  CRISIL AAA/Stable  27-06-17  CRISIL AAA/Stable   
            05-04-19  CRISIL AAA/Stable  31-07-18  CRISIL AAA/Stable  27-03-17  CRISIL AAA/Stable   
                23-05-18  CRISIL AAA/Stable       
Short Term Non Convertible Debenture  ST    --    --    --  17-08-18  Withdrawal  31-07-17  CRISIL A1+  -- 
                31-07-18  CRISIL A1+  27-06-17  CRISIL A1+   
                23-05-18  CRISIL A1+       
Fund-based Bank Facilities  LT/ST  14268.26  CRISIL AAA/Stable  04-02-20  CRISIL AAA/Stable  20-11-19  CRISIL AAA/Stable  28-11-18  CRISIL AAA/Stable  31-07-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
            28-05-19  CRISIL AAA/Stable  17-08-18  CRISIL AAA/Stable  27-06-17  CRISIL AAA/Stable   
            05-04-19  CRISIL AAA/Stable  31-07-18  CRISIL AAA/Stable  27-03-17  CRISIL AAA/Stable   
                23-05-18  CRISIL AAA/Stable       
Non Fund-based Bank Facilities  LT/ST    --    --    --    --  27-06-17  CRISIL A1+  CRISIL A1+ 
                    27-03-17  CRISIL A1+   
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
External Commercial Borrowings 971.42 CRISIL AAA/Stable External Commercial Borrowings 1012.64 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 1989.58 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility 698.36 CRISIL AAA/Stable
Rupee Term Loan 11307.26 CRISIL AAA/Stable Rupee Term Loan 11489 CRISIL AAA/Stable
Total 14268.26 -- Total 13200 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Cement Industry
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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