Rating Rationale
May 28, 2019 | Mumbai
 
UltraTech Cement Limited
'CRISIL AAA/Stable' assigned to NCD
 
Rating Action
Total Bank Loan Facilities Rated Rs.13200 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
 
Rs.250 Crore Non Convertible Debentures CRISIL AAA/Stable (Assigned) 
Rs.360 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.250 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.175 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.300 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+'.
 
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 company does not have any major capital expenditure (capex) over the medium term. Surplus land and limestone reserves in Rajasthan provide opportunity to recalibrate expansion plans more efficiently. Though the debt-funded acquisition moderated the financial risk profile, expected improvement in profitability of acquired capacity and the management's intention to reduce debt using surplus cash flow should correct the net debt to earnings before interest, tax, depreciation, and amortisation (EBIDTA) ratio to below 2.5 times by March 31, 2020. Timely and sustained turnaround of acquired capacity, extent of improvement in consolidated profit, and debt reduction are likely to remain key rating sensitivity factors.

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 - Details of Consolidation, 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, ongoing acquisition of the cement business of Century Textiles and Industries Ltd (Century; 'CRISIL AA/Rating Watch with Developing Implications/CRISIL A1+'), 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 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 below 3 times by March 31, 2019.
 
Favourable demand outlook for cement, improved profitability of acquired assets through operational synergies, and superior brand positioning should continue to support the business. Although the proposed acquisition of Century is likely to add further debt of Rs 3,000 crore, mostly in the first half of fiscal 2020, it would be EBITDA-accretive. Thus, net debt to EBITDA ratio is likely to be less than 2.5 times by March 2020. 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. Despite high volume growth and realisation being 4-5% higher, UltraTech's operating margin remained susceptible for the 18 months through December 2018, on account of higher power and fuel costs, and rising freight rates.
Liquidity

Financial flexibility is strong, backed by healthy liquidity of over Rs 3,220 crore as on March 31, 2019, even after the UNCL transaction. Longstanding relationships with banks and strong business positioning allow UltraTech to favourably raise debt at low interest cost. Healthy accrual over the medium term (expected at above Rs 5,000 crore in fiscals 2020 and 2021) should comfortably cover not only maturing long-term debt (Rs 547 crore and Rs 1,488 crore in fiscals 2020 and 2021, respectively), but also support capex and working capital.

Outlook: Stable

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

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, Bahrain, and Bangladesh.
 
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.
 
On completion of the ongoing acquisition of Century's cement business (14.6 mtpa), UltraTech's total capacity in India is likely to expand to over 113.35 mtpa including the expansion. 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 37379 31439
Profit after tax (PAT) Rs crore 2432 2224
PAT margin % 6.5 7.2
Adjusted debt/Adjusted networth Times 0.78 0.87
Interest coverage Times 4.67 5.44
*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
INE481G07166 Debentures 27-Jul-16 7.57% 13-Aug-19 300 CRISIL AAA/Stable
INE481G07174 Debentures 08-Aug-16 7.57% 08-Aug-19 175 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-29 757.08 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 3317.92 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 698.36 CRISIL AAA/Stable
NA External Commercial Borrowings 1 NA NA May-21 345.78 CRISIL AAA/Stable
NA External Commercial Borrowings 2 NA NA Jun-21 321.08 CRISIL AAA/Stable
NA External Commercial Borrowings 3 NA NA Mar-23 69.16 CRISIL AAA/Stable
NA External Commercial Borrowings 4 NA NA Feb-23 138.31 CRISIL AAA/Stable
NA External Commercial Borrowings 5 NA NA Feb-23 138.31 CRISIL AAA/Stable
*Yet to be issued
 
Annexure - List of Entities Consolidated
# Subsidiary Companies: %
1 Dakshin Cements Limited 100%
2 UltraTech Cement Lanka Private Limited 80%
3 Harish Cement Limited 100%
4 PT UltraTech Mining Indonesia 80%!
5 PT UltraTech Investments Indonesia 100%&
6 UltraTech Cement Middle East Investments Limited (UCMEIL) 100%
7 Star Cement Co. LLC, Dubai* 100%$
8 Star Cement Co. LLC, Ras-Al-Khaimah* 100%$
9 Al Nakhla Crusher LLC, Fujairah* 100%$
10 Arabian Cement Industry LLC, Abu Dhabi* 100%$
11 Arabian Gulf Cement Co W.L.L, Bahrain* 100%^
12 Emirates Power Company Limited, Bangladesh* 100%
13 Emirates Cement Bangladesh Limited, Bangladesh* 100%
14 Awam Minerals LLC, Oman## 37%
15 Bhagwati Lime Stone Company Private Limited (BLCPL) 100%
16 Gotan Limestone Khanij Udyog Private Limited 100%
17 PT UltraTech Cement Indonesia# 99%
18 PT UltraTech Mining Sumatera# 100%
19 UltraTech Nathdwara Cement Limited (UNCL)^^ 100%
20 Binani Cement Factory LLC^^ 100%**
21 Shandong Binani Rongan Cement Co. Ltd^^ 92.5%**
! 4% Shareholding of UCMEIL.
& 5% Shareholding of UCMEIL.
## Ceased control w.e.f. April 24, 2017.
* Subsidiaries of UCMEIL.
$ 51% held by nominee as required by local law for beneficial interest of the group.
^ 1 share held by employee as nominee for the beneficial interest of the group.
@ 90% Shareholding of UCMEIL.
# Subsidiary of PT UltraTech Investments Indonesia.
^^ w.e.f. November 20, 2018.
** Subsidiary of UNCL
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  3500.00  CRISIL A1+  05-04-19  CRISIL A1+  28-11-18  CRISIL A1+  31-07-17  CRISIL A1+  29-12-16  CRISIL A1+  CRISIL A1+ 
            17-08-18  CRISIL A1+  27-06-17  CRISIL A1+  17-11-16  CRISIL A1+   
            31-07-18  CRISIL A1+  27-03-17  CRISIL A1+  21-10-16  CRISIL A1+   
            23-05-18  CRISIL A1+      10-10-16  CRISIL A1+   
                    02-09-16  CRISIL A1+   
                    17-08-16  CRISIL A1+   
                    03-08-16  CRISIL A1+/Watch Developing   
                    21-07-16  CRISIL A1+/Watch Developing   
                    18-07-16  CRISIL A1+/Watch Developing   
                    04-03-16  CRISIL A1+/Watch Developing   
Non Convertible Debentures  LT  2535.00
28-05-19 
CRISIL AAA/Stable  05-04-19  CRISIL AAA/Stable  28-11-18  CRISIL AAA/Stable  31-07-17  CRISIL AAA/Stable  29-12-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
            17-08-18  CRISIL AAA/Stable  27-06-17  CRISIL AAA/Stable  17-11-16  CRISIL AAA/Stable   
            31-07-18  CRISIL AAA/Stable  27-03-17  CRISIL AAA/Stable  21-10-16  CRISIL AAA/Stable   
            23-05-18  CRISIL AAA/Stable      10-10-16  CRISIL AAA/Watch Developing   
                    02-09-16  CRISIL AAA/Watch Developing   
                    17-08-16  CRISIL AAA/Watch Developing   
                    03-08-16  CRISIL AAA/Watch Developing   
                    21-07-16  CRISIL AAA/Watch Developing   
                    18-07-16  CRISIL AAA/Watch Developing   
                    04-03-16  CRISIL AAA/Watch Developing   
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  13200.00  CRISIL AAA/Stable  05-04-19  CRISIL AAA/Stable  28-11-18  CRISIL AAA/Stable  31-07-17  CRISIL AAA/Stable  29-12-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
            17-08-18  CRISIL AAA/Stable  27-06-17  CRISIL AAA/Stable  17-11-16  CRISIL AAA/Stable   
            31-07-18  CRISIL AAA/Stable  27-03-17  CRISIL AAA/Stable  21-10-16  CRISIL AAA/Stable   
            23-05-18  CRISIL AAA/Stable      10-10-16  CRISIL AAA/Watch Developing   
                    02-09-16  CRISIL AAA/Watch Developing   
                    17-08-16  CRISIL AAA/Watch Developing   
                    03-08-16  CRISIL AAA/Watch Developing   
                    21-07-16  CRISIL AAA/Watch Developing   
                    18-07-16  CRISIL AAA/Watch Developing   
                    04-03-16  CRISIL AAA/Watch Developing   
Non Fund-based Bank Facilities  LT/ST    --    --    --  27-06-17  CRISIL A1+  29-12-16  CRISIL A1+  CRISIL A1+ 
                27-03-17  CRISIL A1+  17-11-16  CRISIL A1+   
                    21-10-16  CRISIL A1+   
                    10-10-16  CRISIL A1+   
                    02-09-16  CRISIL A1+   
                    17-08-16  CRISIL A1+   
                    03-08-16  CRISIL A1+/Watch Developing   
                    21-07-16  CRISIL A1+/Watch Developing   
                    18-07-16  CRISIL A1+/Watch Developing   
                    04-03-16  CRISIL A1+/Watch Developing   
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 1012.64 CRISIL AAA/Stable External Commercial Borrowings 975.63 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 698.36 CRISIL AAA/Stable Proposed Rupee Term Loan 235.37 CRISIL AAA/Stable
Rupee Term Loan 11489 CRISIL AAA/Stable Rupee Term Loan 11989 CRISIL AAA/Stable
Total 13200 -- 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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