1. UltraTech Cement Q1 FY10 Result Update

2. Ultratech Q1 FY10 Q1 FY09% Change YOY Revenue 196891507931 EBITDA 7229457759 OP Mrgn 3225 Net profit 4178265058 NP mrgn 2118 Financials.. Rs in mln

3. Investment Rationale Robust revenue growth backed by strong volumes OP Margin improves by 700 b points on softening of imported coal costs and captive power generation Ultratech (23.10 MT) surpasses ACC (22.40 MT) to become No 1 player in terms of capacity with commissioning of residual capacities at APCW in Q1 All TPP fully operational. Total capacity 236 MW to cater 80 % of power requirement of the company Intends to incur additional capex of Rs 600 crs to be funded by internal accruals for setting up of 25MW TPP Awaspur (Maharashtra) & adnl grinding & evacuation facility at Gujarat Units. Substantial upside if strong demand persists

4. Market Data CMP – 776 52 wk H/L – 920 / 245 Mkt cap – 97 bn Book val – 289 P/E – 8 x FY09 EPS – Q1- 33

5. BUY …TP Rs. 960 CMP 776 Currently trades at 9.8 x FY09E BUY with price target of 960 (10 x FY10E)

6. Thank You