Trun Over Ultratech

21st June, 2019
BSE Limited The Manager

Corporate Relationship Department Listing Department
Phiroze Jeejeebhoy Towers, The National Stock Exchange of India Limited
Dalal Street, "Exchange Plaza", Bandra-Kurla Complex,
Mumbai 400 001 . Bandra (East), Mumbai 400 051.
Tel. : 22721233/4 Tel. : 26598236
Fax: 022 2272 2039 Fax: 2659 8237 / 38.
Scrip Code: 532538 Scrip Code: UL TRACEMCO
Dear Sirs,
Sub: Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations. 2015
Notice of Annual General Meeting and Annual Report for the year ended 31 111 March, 2019
We are pleased to attach the Notice of the 19th Annual General Meeting to be held on Thursday,
18th July, 2019 at Ravindra Natya Mandir, P. L. Deshpande Maharashtra Kala Academy, Near
Siddhivinayak Temple, Sayani Road, Prabhadevi, Mumbai- 400 025 at 3.30 p.m, together with
the Annual Report for the financial year ended 31st March, 2019.
The same is being despatched to the Company's shareholders by the permitted mode(s) .
This is for your information and records please.
Thanking You,
Yours faithfully,
S. K. Chatterjee
Company Secretary
Encl: as above
U/traD:,ch
IW,W r:MW 'M#
The Engineer's Choice
UltraTech Cement Limited

Registered Office : Ahura Centre, B- Wing, 2""Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India
T: +91 22 6691 7800 / 2926 7800 I F : +91 22 6692 8109 I W:www.ultratechcement.com/ www.adityabirla.com I CIN : L26940MH2000PLC128420
Registered Office: ‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093
Tel No.: 022-66917800/29267800, Fax No.: 022-66928109, website: www.ultratechcement.com,
CIN: L26940MH2000PLC128420
NOTICE
NOTICE is hereby given that the Nineteenth Annual General Meeting of UltraTech Cement Limited will be held at Ravindra Natya
Mandir, P. L. Deshpande Maharashtra Kala Academy, Near Siddhivinayak Temple, Sayani Road, Prabhadevi, Mumbai – 400 025
on Thursday, 18th July, 2019 at 3:30 p.m. to transact the following business:
ORDINARY BUSINESS: Accountants, Ahmedabad appointed by the Board of Directors

Item no. 1 - Adoption of Audited Financial Statements of the Company to conduct the audit of the cost records of the
Company for the financial year ending 31st March, 2020 be paid
To receive, consider and adopt the Audited Financial Statements
the remuneration as set out below:
(including Audited Consolidated Financial Statements) for
the financial year ended 31st March, 2019 and the Reports of − M/s. D. C. Dave & Co., Cost Accountants, Mumbai –
Directors’ and Auditors’ thereon. ` 13,50,000/- (rupees thirteen lakhs fifty thousand only)
Item no. 2 - Declaration of Dividend − M/s. N. D. Birla & Co., Cost Accountants, Ahmedabad –
To declare dividend on equity shares for the year ended ` 15,00,000/- (rupees fifteen lakhs only)
31st March, 2019. plus tax as applicable and reimbursement of out-of-pocket
SPECIAL BUSINESS: expenses.
RESOLVED FURTHER THAT the Board of Directors of the
Item no. 3 - Retirement by rotation of Mr. O. P. Puranmalka
Company be and is hereby authorised to do all such acts,
To consider and if thought fit, to pass the following resolution deeds and things and take all such steps as may be necessary
as an Ordinary Resolution:
or expedient to give effect to this resolution.”
“RESOLVED THAT Mr. O. P. Puranmalka (DIN: 00062212), a
Director who retires by rotation and who has not offered himself Item no. 5 - Appointment of Mr. K. C. Jhanwar as a Director
for re-appointment, be not re-appointed as a Director of the To consider and if thought fit, to pass the following resolution
Company and that the vacancy so caused on the Board of the as an Ordinary Resolution:
Company not be presently filled-up.”
“RESOLVED THAT pursuant to the provisions of Sections 152,
Item no. 4 - Ratification of the remuneration of the Cost 161 and other applicable provisions, if any, of the Companies
Auditors viz. M/s. D. C. Dave & Co., Cost Accountants, Mumbai Act, 2013 (“the Act”) and the Companies (Appointment and
and M/s. N. D. Birla & Co., Cost Accountants, Ahmedabad for Qualification of Directors) Rules, 2014 (including any statutory
the financial year ending 31st March, 2020. modification(s) or re-enactment(s) thereof, for the time being in
To consider and if thought fit, to pass the following resolution force), Mr. K. C. Jhanwar (DIN: 01743559), who was appointed as
as an Ordinary Resolution: an Additional Director by the Board of Directors of the Company
“RESOLVED THAT pursuant to the provisions of Section 148 and and who holds office as such up to the date of this Annual
other applicable provisions, if any, of the Companies Act, 2013 General Meeting and in respect of whom the Company has
and the Companies (Audit and Auditors) Rules, 2014 (including received a notice in writing from a Member under Section 160(1)
any statutory modification(s) or re-enactment(s) thereof, for the of the Act proposing his candidature for the office of Director of
time being in force), the Cost Auditors viz. M/s. D. C. Dave & the Company, be and is hereby appointed as a Director of the
Co., Cost Accountants, Mumbai and M/s. N. D. Birla & Co., Cost Company, liable to retire by rotation.”
UltraTech Cement Limited 1

Item no. 6 - Appointment of Mr. K. C. Jhanwar as a Whole-time ` 3,50,00,000/- (rupees three crore fifty lakhs only)
Director designated as Deputy Managing Director and Chief per annum.
Manufacturing Officer iv. Long-term Incentive Compensation (LTIC) including
To consider and if thought fit, to pass the following resolution Employee Stock Options, Restricted Stock Units,
as an Ordinary Resolution: Stock Appreciation Rights, Phantom Restricted Stock
“RESOLVED THAT pursuant to the provisions of Sections 196, Units as per the Scheme applicable to Executive
197, 198 read with Schedule V and other applicable provisions, Directors and / or Senior Executives of the Company
if any, of the Companies Act, 2013 (“the Act”) and Rules and / or its Subsidiaries and / or any other incentive
made thereunder (including any statutory modification(s) or applicable to Senior Executives of the Company
re-enactment(s) thereof, for the time being in force), the / Aditya Birla Group, in such manner and with
relevant provisions of the Articles of Association of the such provisions as may be decided by the Board,
Company and all applicable guidelines issued by the Central considering the above.
Government from time to time and subject to such other C. Perquisites
approvals, as may be necessary, consent of the Members
i. Housing: Free furnished accommodation or HRA in
be and is hereby accorded to the appointment of Mr. K. C.
lieu of Company provided accommodation.
Jhanwar (DIN: 01743559) as Whole-time Director (designated
as Deputy Managing Director and Chief Manufacturing Officer) ii. Medical Expenses Reimbursement: Reimbursement
of the Company, subject to retirement by rotation, for the of all expenses incurred for self and family (including
period and upon the following terms and conditions including domiciliary and medical expenses and insurance
remuneration, with further liberty to the Board of Directors premium for medical and hospitalisation policy as
of the Company (hereinafter referred to as “the Board” which applicable), as per Company policy.
term shall be deemed to include any Committee constituted / iii. Leave Travel Expenses: Leave Travel Expenses for
to be constituted by the Board) from time to time to alter the self and family in accordance with the policy of the
said terms and conditions of appointment and remuneration Company.
of Mr. Jhanwar in the best interests of the Company and as
iv. Car: Two cars for use of Company’s Business as per
may be permissible at law, viz.:
Company car policy.
A. Period
v. Reimbursement of expenses on actuals pertaining to
4 Years w.e.f. 19th October, 2018 with the liberty to either electricity, gas, water, telephone and other reasonable
party to terminate the appointment on three months’ expenses for the upkeep and maintenance in respect
notice in writing to the other. of such accommodation as per the policy of the
Company.
B. Remuneration
vi. Club fees: Fees of one corporate club in India
i. Basic Salary: ` 12,76,000/- (rupees twelve lakhs
(including admission and annual membership fee).
seventy six thousand only) per month with such
increments as the Board may decide from time to vii. Reimbursement of entertainment, travelling and
time, subject however to a ceiling of ` 25,00,000/- all other expenses incurred for the business of the
(rupees twenty five lakhs only) per month. Company as per the policy of the Company.
ii. Special Allowance: ` 9,51,336/- (rupees nine lakhs viii. Leave and encashment of leave: as per the policy of
fifty one thousand three hundred and thirty six only) the Company.
per month with such increments as the Board may ix. Personal accident insurance premium: as per the
decide from time to time, subject however to a ceiling policy of the Company.
of ` 21,00,000/- (rupees twenty one lakhs only) per
x. Contribution towards Provident Fund and
month. This allowance however, will not be taken
Superannuation Fund or Annuity Fund, as per the
into account for calculation of benefits such as
policy of the Company.
Provident Fund, Gratuity, Superannuation and Leave
encashment. xi. Gratuity and /or contribution to the Gratuity Fund of
the Company: as per the policy of the Company.
iii. Annual Incentive Pay: Performance Bonus linked to
the achievement of targets, as may be decided by the xii. Other Allowances / benefits, perquisites: Any other
Board from time to time, subject to a maximum of allowances, benefits and perquisites as per the Rules
2 UltraTech Cement Limited

applicable to Senior Executives of the Company and / and Chief Manufacturing Officer, he shall not be paid
or which may become applicable in the future and / any fees for attending the meetings of the Board or any
or any other allowance, perquisites as the Board may Committee(s) thereof of the Company.
decide from time to time.
RESOLVED FURTHER THAT the Board be and is hereby
xiii. Any other one time / periodic retirement allowances / authorised to do all such acts, deeds, matters and things as may
benefits as may be decided by the Board at the time be deemed necessary to give effect to the above resolution.”
of retirement.
Item no. 7 - Re-appointment of Mr. Arun Adhikari as an
D. Annual remuneration review is effective 1st July each year, Independent Director
as per the policy of the Company.
To consider and if thought fit, to pass the following resolution
E. Subject as aforesaid, the Deputy Managing Director and as a Special Resolution:
Chief Manufacturing Officer shall be governed by such
“RESOLVED THAT pursuant to the provisions of Sections 149
other Rules as are applicable to the Senior Executives of
and 152 read with Schedule IV and other applicable provisions, if
the Company from time to time.
any, of the Companies Act, 2013 (“the Act”) and the Companies
F. For the purposes of Gratuity, Provident Fund, (Appointment and Qualification of Directors) Rules, 2014
Superannuation and other like benefits, if any, the service (including any statutory modification(s) or re-enactment(s)
of Mr. K. C. Jhanwar, will be considered as continuous thereof, for the time being in force) and the applicable
service with the Company from the date of his joining the provisions of the Securities and Exchange Board of India (Listing
Aditya Birla Group. Obligations and Disclosure Requirements) Regulations, 2015
G. The aggregate of the remuneration and perquisites as (“Listing Regulations”) (including any statutory modification(s)
or re-enactment(s) thereof, for the time being in force),
aforesaid in any financial year shall not exceed the limit
Mr. Arun Adhikari (DIN: 00591057), who was appointed as an
from time to time under Section 197, Section 198 and other
Independent Director and who holds office of Independent
applicable provisions of the Act read with Schedule V of
Director up to the conclusion of this Annual General Meeting
the Act or any statutory modification(s) or re-enactment(s)
and being eligible and fulfilling the criteria of independence
thereof for the time being in force, or otherwise as may
as provided in the Act and the Listing Regulations and in
be permissible at law.
respect of whom the Company has received a notice in writing
H. When in any financial year, the Company has no profits or from a Member under Section 160(1) of the Act proposing
its profits are inadequate, the remuneration including the his candidature for the office of Director of the Company, be
perquisites as aforesaid will be paid to Mr. K. C. Jhanwar in and is hereby re-appointed as an Independent Director of the
accordance with the applicable provisions of the Act read Company, not liable to retire by rotation and to hold office for
with the Rules thereunder and Schedule V of the Act. a second term of 5 (five) consecutive years on the Board of the
I. The Nomination, Remuneration and Compensation Company from the conclusion of this Annual General Meeting
Committee will review and recommend the remuneration till 17th July, 2024.”
payable to the Deputy Managing Director and Chief Item no. 8 - Re-appointment of Mr. S. B. Mathur as an
Manufacturing Officer during the tenure of his appointment. Independent Director:
J. Though considering the provisions of Section 188 of the To consider and if thought fit, to pass the following resolution
Act and the applicable Rules and Schedules thereto, as a Special Resolution:
Mr. K. C. Jhanwar would not be holding any office
“RESOLVED THAT pursuant to the provisions of Sections 149
or place of profit by his being a mere director of the
and 152 read with Schedule IV and other applicable provisions, if
Company’s subsidiaries / Joint Ventures, approval be
any, of the Companies Act, 2013 (“the Act”) and the Companies
and is hereby granted by way of abundant caution for
(Appointment and Qualification of Directors) Rules, 2014
him to accept the sitting fees / commission paid / payable
(including any statutory modification(s) or re-enactment(s)
to other directors for attending meetings of Board(s) of
thereof, for the time being in force) and the applicable
Directors / Committee(s) of subsidiaries / Joint Ventures
provisions of the Securities and Exchange Board of India (Listing
of the Company or companies promoted by the Aditya
Obligations and Disclosure Requirements) Regulations, 2015
Birla Group.
(“Listing Regulations”) (including any statutory modification(s)
K. Mr. K. C. Jhanwar shall be subject to retirement by rotation or re-enactment(s) thereof, for the time being in force),
during his tenure as the Deputy Managing Director and Mr. S. B. Mathur (DIN: 00013239), who was appointed as an
Chief Manufacturing Officer of the Company. So long as Independent Director and who holds office of Independent
Mr. Jhanwar functions as the Deputy Managing Director Director up to the conclusion of this Annual General Meeting

and who will be attaining the age of 75 years and being eligible or re-enactment(s) thereof, for the time being in force),
and fulfilling the criteria of independence as provided in the Mrs. Renuka Ramnath (DIN: 00147182), who was appointed
Act and the Listing Regulations and in respect of whom the as an Independent Director of the Company to hold office for a
Company has received a notice in writing from a Member term upto 5 (five) consecutive years with effect from 11th October,
under Section 160(1) of the Act proposing his candidature 2014, being eligible and fulfilling the criteria of independence
for the office of Director of the Company, be and is hereby as provided in the Act and the listing Regulations and in
re-appointed as an Independent Director of the Company, not respect of whom the Company has received a notice in writing
liable to retire by rotation and to hold office for a second term of from a Member under Section 160(1) of the Act proposing
5 (five) consecutive years on the Board of the Company from the her candidature for the office of Director of the Company be
conclusion of this Annual General Meeting till 17th July, 2024.” and is hereby re-appointed as an Independent Director of the
Company, not liable to retire by rotation and to hold office for
Item no. 9 - Re-appointment of Mrs. Sukanya Kripalu as an
a second term of 5 (five) consecutive years on the Board of the
Independent Director:
Company with effect from 11th October, 2019 till 10th October
To consider and if thought fit, to pass the following resolution 2024.”
as a Special Resolution:
Item no. 11 - Increase in borrowing limits from ` 6,000 crores
“RESOLVED THAT pursuant to the provisions of Sections 149 over and above the aggregate of the paid-up share capital and
and 152 read with Schedule IV and other applicable provisions, if free reserves of the Company to ` 8,000 crores over and above
any, of the Companies Act, 2013 (“the Act”) and the Companies the aggregate of the paid-up share capital, free reserves and
(Appointment and Qualification of Directors) Rules, 2014
securities premium of the Company.
(including any statutory modification(s) or re-enactment(s)
thereof, for the time being in force) and the applicable To consider and if thought fit, to pass the following resolution
provisions of the Securities and Exchange Board of India (Listing as a Special Resolution:
Obligations and Disclosure Requirements) Regulations, 2015 “RESOLVED THAT in supersession of the special resolution
(“Listing Regulations”) (including any statutory modification(s) passed by the Members of the Company at the Annual General
or re-enactment(s) thereof, for the time being in force), Meeting held on 19th July, 2016 and pursuant to the provisions
Mrs. Sukanya Kripalu (DIN: 06994202), who was appointed as an of Section 180(1)(c) and other applicable provisions, if any, of
Independent Director of the Company to hold office for a term the Companies Act, 2013 read with the Companies (Meetings
upto 5 (five) consecutive years with effect from 11th October, of Board and its Powers) Rules, 2014, (including any statutory
2014, being eligible and fulfilling the criteria of independence modification(s) or re-enactment(s) thereof, for the time being in
as provided in the Act and the Listing Regulations and in force) and the Articles of Association of the Company, consent
respect of whom the Company has received a notice in writing of the Members be and is hereby accorded to the Board of
from a Member under Section 160(1) of the Act proposing Directors of the Company (hereinafter referred to as “the
her candidature for the office of Director of the Company, be Board” which term shall be deemed to include any Committee
and is hereby re-appointed as an Independent Director of the of the Board), to borrow any sum or sums of money from time
Company, not liable to retire by rotation and to hold office for to time at its discretion, for the purpose of the business of the
a second term of 5 (five) consecutive years on the Board of the Company, from any one or more Banks, Financial Institutions
Company with effect from 11th October, 2019 till 10th October and other Persons, Firms, Bodies Corporate, notwithstanding
2024.” that the monies to be borrowed together with the monies
already borrowed by the Company (apart from temporary
Item no. 10 - Re-appointment of Mrs. Renuka Ramnath as an
loans obtained from the Company’s Bankers in the ordinary
Independent Director
course of business) may, at any time, exceed the aggregate of
To consider and if thought fit, to pass the following resolution the paid-up share capital of the Company and its free reserves
as a Special Resolution: (that is to say reserves not set apart for any specific purpose),
“RESOLVED THAT pursuant to the provisions of Sections 149 subject to such aggregate borrowings not exceeding the amount
and 152 read with Schedule IV and other applicable provisions, if which is ` 8,000 crores (rupees eight thousand crores only)
any, of the Companies Act, 2013 (“the Act”) and the Companies over and above the aggregate of the paid-up share capital of
(Appointment and Qualification of Directors) Rules, 2014 the Company, its free reserves (that is to say reserves not set
(including any statutory modification(s) or re-enactment(s) apart for any specific purpose) and its securities premium and
thereof, for the time being in force) and the applicable that the Board be and is hereby empowered and authorised to
provisions of the Securities and Exchange Board of India (Listing arrange or fix the terms and conditions of all such monies to be
Obligations and Disclosure Requirements) Regulations, 2015 borrowed from time to time as to interest, repayment, security
(“Listing Regulations”) (including any statutory modification(s) or otherwise as it may, in its absolute discretion, think fit.

RESOLVED FURTHER THAT for the purpose of giving effect to aggregate of the paid-up share capital of the Company, its free
this resolution, the Board be and is hereby authorised to do all reserves (that is to say reserves not set apart for any specific
such acts, deeds, matters and things as it may in its absolute purpose) and its securities premium, together with interest
discretion deem necessary, proper, or desirable and to settle at the respective agreed rates, additional interest, compound
any question, difficulty, doubt that may arise in respect of the interest in case of default, accumulated interest, liquidated
borrowing(s) aforesaid and further to do all such acts, deeds damages, commitment charges, premia on prepayment,
and things and to execute all documents and writings as may remuneration of the Agent(s) / Trustee(s), premium (if any) on
be necessary, proper, desirable or expedient to give effect to redemption, all other costs, charges and expenses, including
this resolution.” any increase as a result of devaluation / revaluation / fluctuation
in the rates of exchange and all other monies payable by the
Item no. 12 - Creation of charge on the movable and immovable Company in terms of the loan agreement(s), debenture trust
properties of the Company, both present and future, in respect deed(s) or any other document, entered into / to be entered into
of borrowings between the Company and the Lender(s) / Agent(s) / Trustee(s) /
To consider and if thought fit, to pass the following resolution State Government(s) / Agency(ies) representing various state
as a Special Resolution: government and / or other agencies etc. in respect of the said
“RESOLVED THAT in supersession of the special resolution loans / borrowings / debentures / securities / deferred sales
passed by the Members of the Company at the Annual General tax loans and containing such specific terms and conditions
Meeting held on 19th July, 2016 and pursuant to the provisions and covenants in respect of enforcement of security as may
of Section 180(1)(a) and other applicable provisions, if any, of be stipulated in that behalf and agreed to between the Board
the Companies Act, 2013 (“the Act”) read with the Companies and the Lender(s) / Agent(s) / Trustee(s) / State Government(s) /
(Meetings of Board and its Powers) Rules, 2014, including Agency(ies), etc.
any statutory modification(s) or re-enactment(s) thereof, for RESOLVED FURTHER THAT the securities to be created as
the time being in force, and the Articles of Association of the aforesaid may rank prior / pari passu / subservient with / to the
Company, consent of the Members be and is hereby accorded mortgages and /or charges already created or to be created in
to the Board of Directors of the Company (hereinafter referred future by the Company or in such other manner and ranking as
to as “the Board” which term shall be deemed to include any may be thought expedient by the Board and as may be agreed
Committee of the Board) for creation of charge / mortgage / to between the concerned parties.
pledge / hypothecation / security in addition to existing charge /
RESOLVED FURTHER THAT for the purpose of giving effect
mortgage / pledge / hypothecation / security, in such form and
to this resolution, the Board be and is hereby authorised to
manner and with such ranking and at such time and on such
finalise, settle, and execute such documents / deeds / writings /
terms as the Board may determine, on all or any of the movable
papers / agreements as may be required and to do all such acts,
and / or immovable properties, tangible or intangible assets of
deeds, matters and things, including the power to delegate
the Company, both present and future and / or the whole or any
authority in favour of such Officers of the Company, as it may
part of the undertaking(s) of the Company, as the case may be
in its absolute discretion deem necessary, proper or desirable
in favour of the Lender(s), Agent(s) and Trustee(s), for securing
and to settle any question, difficulty or doubt that may arise in
the borrowings availed / to be availed by the Company and its
regard to creating mortgages / charges as aforesaid.”
subsidiaries by way of loan(s) (in foreign currency and / or rupee
currency) and securities (comprising fully / partly convertible
debentures and / or non-convertible debentures with or without
By Order of the Board
detachable or non-detachable warrants and / or secured
premium notes and / or floating rate notes / bonds or other
debt instruments), issued / to be issued by the Company and
its subsidiaries including deferred sales tax loans availed / to
be availed by various Units of the Company and its subsidiaries, S. K. Chatterjee
(“hereinafter collectively referred to as “Loans”) provided that Company Secretary
the total amount of loans shall not at any time exceed ` 8,000 Place: Mumbai
crores (rupees eight thousand crores only) over and above the Date: 24th April, 2019

NOTES: from 7th May, 2018, the requirement of seeking ratification
of the Members for the appointment of the Statutory
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE
Auditors has been withdrawn from the Statute.
NINETEENTH ANNUAL GENERAL MEETING (“the
Meeting”) IS ENTITLED TO APPOINT A PROXY TO ATTEND In view of the above, ratification of the Members for
AND VOTE INSTEAD OF HIMSELF/HERSELF AND THE continuance of the appointment of Statutory Auditors
PROXY NEED NOT BE A MEMBER OF THE COMPANY. at this Annual General Meeting is not being sought. The
THE INSTRUMENT APPOINTING A PROXY SHOULD Statutory Auditors have given a confirmation to the effect
HOWEVER BE DEPOSITED AT THE REGISTERED OFFICE that they are eligible to continue with their appointment
OF THE COMPANY NOT LESS THAN FORTY-EIGHT HOURS and that they have not been disqualified in any manner
BEFORE THE COMMENCEMENT OF THE MEETING. from continuing as Statutory Auditors. The remuneration
payable to the Statutory Auditors shall be determined by
2. A PERSON SHALL ACT AS PROXY FOR ONLY 50
the Board of Directors based on the recommendation of
MEMBERS AND HOLDING IN AGGREGATE NOT MORE
the Audit Committee.
THAN 10 PERCENT OF THE TOTAL SHARE CAPITAL OF
THE COMPANY CARRYING VOTING RIGHTS. MEMBER 8. An Explanatory Statement pursuant to Section 102 of the
HOLDING MORE THAN 10 PERCENT OF THE TOTAL Act in respect of Item nos. 3 to 12 of the Notice set out
SHARE CAPITAL OF THE COMPANY CARRYING VOTING above, is annexed hereto. The relevant details as required
RIGHTS MAY APPOINT A SINGLE PERSON AS PROXY under Regulation 36(3) of the Securities and Exchange
AND SUCH PERSON SHALL NOT ACT AS PROXY FOR ANY Board of India (Listing Obligations and Disclosure
OTHER MEMBER. Requirements) Regulations, 2015, (“Listing Regulations”)
of persons seeking re-appointment as Director is also
3. If a Person is appointed as Proxy for more than 50
annexed.
Members, he shall choose any 50 Members and
confirm the same to the Company 24 hours before the 9. The Register of Members and Share Transfer Books of the
commencement of the Meeting. In case, the Proxy fails to Company will remain closed from Friday, 12th July, 2019
do so, the Company shall consider only the first 50 proxies to Thursday, 18th July, 2019 (both days inclusive) for the
received in respect of such person as valid. purpose of payment of dividend, if any, approved by the
4. Proxy holder shall prove his identity at the time of attending Members.
the Meeting. A Proxy Form which does not state the name 10. The dividend, as recommended by the Board of Directors,
of the Proxy shall be considered invalid. if approved at the meeting, will be paid on or after 19th July,
5. Corporate members intending to send their authorised 2019 to those Members or their mandates whose names
representatives to attend the meeting pursuant to Section are registered in the Company’s Register of Members:
113 of Companies Act, 2013 (“the Act”) are requested a) as Beneficial Owners as at the end of business on
to send to the Company a certified copy of the Board 11th July, 2019 as per the lists to be furnished by
resolution authorising their representatives to attend and National Securities Depository Limited (“NSDL”) and
vote on their behalf at the meeting. Central Depository Services (India) Limited (“CDSL”)
6. Proxy Form(s) and certified copy of Board resolution(s) in respect of the shares held in electronic form, and
authorising representative(s) to attend and vote at the b) as Members in the Register of Members of the
meeting shall be sent to the registered office of the Company in physical form which are maintained
Company and addressed to the “Secretarial Department”. with the Company’s Registrar & Transfer Agent
7. The Company’ Statutory Auditors M/s. BSR & Co. LLP, (“RTA”) viz. Karvy Fintech Private Limited having their
Chartered Accountants, Mumbai (Registration No: address at Karvy Selenium, Tower B, Plot No. 31 &
101248W/W100022) and M/s. Khimji Kunverji & Co., 32, Financial District, Gachibowli, Nanakramguda,
Chartered Accountants, Mumbai (Registration No: Hyderabad – 500 032 on 11th July, 2019.
105146W) were appointed as Joint Statutory Auditors of Equity shares that may be allotted upon exercise of stock
the Company for a period of five consecutive years on a options granted under the Employee Stock Option Scheme
remuneration to be determined by the Board of Directors. – 2006 and Employee Stock Option Scheme - 2013 before
Their appointment was subject to ratification by the the book closure date shall rank pari passu with the
Members at every subsequent Annual General Meeting existing equity shares and shall also be entitled to receive
held after their appointment. the dividend, if approved at the Meeting.
Pursuant to the amendments made to Section 139 of the 11. Pursuant to the provisions of Section 124 of the Act, the
Act by the Companies (Amendment) Act, 2017 effective unpaid / unclaimed dividend for the financial year 2010 –

2011 has been transferred by the Company to the Investor 14. Non-resident Indian Members are requested to inform
Education and Protection Fund (IEPF) established by the the Company or its RTA or to the concerned DPs, as the
Central Government. case may be, immediately:
12. In terms of the provisions of Section 124(5) of the Act, (a) the change in the residential status on return to India
dividend, which remains unpaid or unclaimed for a period for permanent settlement.
of 7 (seven) years from the data of declaration will be
transferred to IEPF. (b) the particulars of the NRE Account with a Bank in
India, if not furnished earlier.
Further, in terms of the provisions of the Investor
Education and Protection Fund Authority (Accounting, 15. Members are requested to make all correspondence in
Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”), connection with shares held by them by addressing letters
equity shares in respect of which dividend has not been directly to the Company or its RTA quoting their Folio
paid or claimed for 7 (seven) consecutive years or more number or their Client ID number with DP ID number, as
from the date of declaration will also be transferred to an the case may be.
account viz. IEPF Suspense Account, which is operated by 16. Members who are holding shares in identical order of
the IEPF Authority pursuant to the IEPF Rules. names in more than one folio are requested to send to
Shareholders, who have so far not encashed their dividend the Company or its RTA, the details of such folios together
relating to the financial year 2011-12 are requested to with the share certificates for consolidating their holdings
do so by 30th August, 2019, by writing to the Secretarial in one folio. The share certificates will be returned to the
Department at the Registered Office of the Company or to Members after making requisite changes thereon.
the RTA, failing which the dividend and the equity shares
17. (a) Members are advised to avail of the facility for receipt
relating thereto will be transferred to the IEPF and the
of dividend through National Electronic Clearing
IEPF Suspense Account respectively.
Service (NECS). The NECS facility is available at
In compliance with the aforesaid Rules, the Company specified locations. Members holding shares in
has already transferred equity shares pertaining to the electronic form are requested to contact their
financial year 2010-11 to the IEPF Suspense Account, respective DPs for availing NECS facility. Members
after providing necessary intimations to the relevant holding shares in physical form are requested to
shareholders. download the NECS form from the website of the
Details of unpaid / unclaimed dividend and equity shares Company viz. www.ultratechcement.com and the
for the financial year 2010–11 are uploaded on the website same duly filled up and signed along with a photocopy
of the Company as well as that of the Ministry of Corporate of a cancelled cheque may be sent to the Company
Affairs, Government of India (“MCA”). No claim shall lie or its RTA.
against the Company in respect of unclaimed dividend (b) Members who hold shares in electronic form
amount and equity shares transferred to the IEPF and and want to change / correct the bank account
IEPF Suspense Account, respectively, pursuant to the IEPF details should send the same immediately to their
Rules. Members can however claim both the unclaimed concerned DPs and not to the Company. Members
dividend amount and the equity shares from the IEPF are also requested to give the MICR Code of their
Authority by making applications in the manner provided bank to their DPs. The Company will not entertain
in the IEPF Rules. any direct request from such Members for change of
13. a) Members are requested to notify immediately any address, transposition of names, deletion of name of
change of address: deceased joint holder and change in the bank account
(i) to their Depository Participants (DPs) in respect details. The said details will be considered, as will
of the shares held in electronic form, and be furnished by NSDL/CDSL to the Company.
(ii) to the Company or its RTA, in respect of the (c) The Listing Regulations specifies companies to
shares held in physical form together with a use any of the approved electronic payment facility
proof of address viz. Electricity Bill, Telephone such as NECS or RTGS etc. for making payments
Bill, Voter ID Card, Passport etc. to investors. The Company or its RTA is required to
maintain bank details of their investors as follows:
b) In case the mailing address mentioned on this
Annual Report is without the PINCODE, Members − for investors holding securities in dematerialised
are requested to kindly inform their PINCODE form, companies shall seek relevant bank
immediately. details from the depositories.

− for investors holding securities in physical the securities are held in dematerialised form with the
mode, companies shall maintain updated bank depository, i.e. NSDL and CDSL.
details of the investors at their end. Members are therefore requested to demat their
(d) To avoid the incidence of fraudulent encashment physical holding for any further transfer. Members can
of dividend warrants, Members are requested to however continue to make request for transmission or
intimate the Company under the signature of the transposition of securities held in physical form.
Sole / First Joint holder, the following information, 19. As per the provisions of Section 72 of the Act, facility for
so that the bank account number, name and address making nominations is now available to INDIVIDUALS
of the bank can be printed on the dividend warrants: holding shares in the Company. Members holding shares
1) Name of Sole / First Joint holder and Folio in physical form may obtain the Nomination Form from the
number. Company’s Secretarial Department at its Registered Office
or its RTA or can download the form from the Company’s
2) Particulars of bank account, viz.
website viz. www.ultratechcement.com. Members holding
i) Name of bank shares in electronic form have to approach their DPs for
ii) Name of branch completing the nomination formalities.
20. The Annual Report of the Company for the year 2018-19,
iii) Complete address of bank with PINCODE
circulated to the Members of the Company, is available on
iv) Account type, whether Savings (SB) or the Company’s website viz. www.ultratechcement.com. The
Current Account (CA) annual accounts of the Company’s subsidiary companies
v) Bank Account Number and the related detailed information shall be made
available to shareholders of the holding and subsidiary
18. Depository System companies seeking such information at any point of time.
The Company has entered into agreements with NSDL and 21. In terms of the Listing Regulations, it is mandatory to
CDSL. The Depository System envisages the elimination of furnish a copy of PAN card to the Company or its RTA in
several problems involved in the scrip-based system such the following cases viz. deletion of name, transmission of
as bad deliveries, fraudulent transfers, fake certificates, shares and transposition of shares.
thefts in postal transit, delay in transfers, mutilation of 22. All documents referred to in this Notice will be available
share certificates, etc. Simultaneously, Depository System for inspection at the Company’s registered office between
offers several advantages like exemption from stamp 11:00 am and 1:00 pm up to 17th July, 2019 on all days
duty, elimination of concept of market lot, elimination of (except Saturdays, Sundays and public holidays).
bad deliveries, reduction in transaction costs, improved
23. In terms of the provisions of the Listing Regulations, the
liquidity, etc.
Company is pleased to provide the facility of the webcast
Members, therefore, now have the option of holding and of proceedings of the Meeting. Members can view the
dealing in the shares of the Company in electronic form proceeding of the Meeting by logging on the e-voting
through NSDL or CDSL. Members are encouraged to website of Karvy at https://evoting.karvy.com using their
convert their holdings to electronic mode. remote e-voting credentials.
In terms of the amendments to the Listing Regulations, 24. The route map of the venue of the Meeting is given in the
w.e.f. 1st April, 2019 requests for effecting transfer of Notice. The prominent landmark for the venue is near
securities in physical form shall not be processed unless Siddhivinayak Temple in Prabhadevi.

ANNEXURE TO THE NOTICE
Explanatory Statement Pursuant to Section 102 of the Companies Act, 2013:
Item no. 3 - Retirement by rotation of Mr. O. P. Puranmalka Accordingly, consent of the Members is sought for passing the
In accordance with the provisions of Section 152(6) of resolution as set out in item no. 4 of the Notice for ratification of
the Companies Act, 2013 (“the Act”) and the Articles of the remuneration payable to the Cost Auditors for the financial
Association of the Company, Mr. O. P. Puranmalka is to year ending 31st March, 2020.
retire by rotation at the upcoming Annual General Meeting. None of the Directors, Key Managerial Personnel and their
Mr. Puranmalka has conveyed to the Company that he will not relatives are, in any way, concerned or interested in the said
be seeking re-appointment as a Director due to other personal resolution.
commitments.
The Board accordingly recommends the resolution set out at
At present, it is proposed that the vacancy on the Board of the item no. 4 of this Notice for your approval.
Company created by Mr. Puranmalka’s retirement be not filled-
up. Under Section 152(7) of the Act, where a vacancy created Item nos. 5 and 6 - Appointment of Mr. K. C. Jhanwar as a
by retirement by rotation of a director is not to be filled-up, a Director and as a Whole-time Director designated as Deputy
resolution of the shareholders is required. Managing Director and Chief Manufacturing Officer
Mr. Puranmalka has a long association with the Company. Based on the recommendation of the Nomination, Remuneration
He was earlier the Managing Director of the Company, having and Compensation Committee (“NRC Committee”), Mr. K. C.
retired as such on 31st March, 2016. The Board places on record Jhanwar (DIN: 01743559) was appointed as an Additional Director
its appreciation for the valuable contributions during his tenure on the Board of the Company with effect from 19th October, 2018 to
with the Company. hold office upto the date of the Annual General Meeting and is
None of the Directors, Key Managerial Personnel and their eligible to be appointed as Director. He was also appointed as
relatives, other than Mr. Puranmalka and his relatives, are in Whole-time Director (designated as Deputy Managing Director
any way, concerned or interested in the said resolution. and Chief Manufacturing Officer) of the Company with effect from
The Board accordingly recommends the resolution set out at 19th October, 2018, subject to the approval of the Members.
item no. 3 of this Notice for your approval. Mr. Jhanwar is a Chartered Accountant with over 39 years’
experience, of which 38 years’ have been with the Aditya Birla
Item no. 4 - Ratification of the remuneration of the Cost
Group. He has held various roles in Finance, Operations and
Auditors viz. M/s. D. C. Dave & Co., Cost Accountants, Mumbai
General Management across the Cement and Chemicals
and M/s. N. D. Birla & Co., Cost Accountants, Ahmedabad for
Business of the Group, including greenfield and brownfield
the financial year ending 31st March, 2020
expansions.
The Board of Directors of the Company, on the recommendation
The remuneration and other terms and conditions of
of the Audit Committee, approved the appointment and
Mr. Jhanwar’s appointment as Whole-time Director (designated
remuneration of M/s. D. C. Dave & Co., Cost Accountants,
as Deputy Managing Director and Chief Manufacturing Officer)
Mumbai and M/s. N. D. Birla & Co., Cost Accountants,
as set out in the resolution is subject to your approval.
Ahmedabad, Cost Auditors, to conduct the audit of the cost
records of the Company for the financial year ending 31st March, Mr. Jhanwar is a member of the Company’s Stakeholders
2020 as per the following details: Relationship Committee and the Risk Management and
− M/s. D. C. Dave & Co., Cost Accountants, Mumbai – Sustainability Committee. Other details required to be disclosed
` 13,50,000/- (rupees thirteen lakhs fifty thousand only) in terms of the provisions of the Secretarial Standard on General
Meetings forms part of this Notice.
− M/s. N. D. Birla & Co., Cost Accountants, Ahmedabad –
` 15,00,000/- (rupees fifteen lakhs only) Mr. Jhanwar is not related to any other Director and Key
Managerial Personnel of the Company.
plus tax as applicable and reimbursement of out-of-pocket
expenses. None of the Directors, Key Managerial Personnel and their
relatives other than Mr. Jhanwar and his relatives are, in any
In terms of the provisions of Section 148 of the Companies
way, concerned or interested in the said resolutions.
Act, 2013 read with the Companies (Audit and Auditors) Rules,
2014, the remuneration payable to the Cost Auditors has to be The Board accordingly recommends the resolutions set out at
ratified by the Members of the Company. item nos. 5 and 6 of this Notice for your approval.

Item nos. 7 to 10 - Re-appointment of Mr. Arun Adhikari, Unilever Group in India, UK, Japan and Singapore. His
Mr. S. B. Mathur, Mrs. Sukanya Kripalu and Mrs. Renuka areas of responsibility included, sales and marketing,
Ramnath as Independent Directors culminating in general management and leadership
Mr. Arun Adhikari (DIN: 00591057), Mr. S. B. Mathur (DIN: roles. Mr. Adhikari retired from Unilever in January, 2014
00013239), Mrs. Sukanya Kripalu (DIN: 06994202) and following which he was a Senior Advisor with McKinsey
Mrs. Renuka Ramnath (DIN: 00147182) were appointed as and Company for four years.
Independent Directors on the Board of the Company pursuant - Mr. Mathur is a Chartered Accountant who has served as
to the provisions of Sections 149, 152 and other applicable the Chairman of the Life Insurance Corporation of India
provisions of the Companies Act, 2013 (“the Act”) read with the (LIC) from August, 2002 to October, 2004. He is on the
Companies (Appointment and Qualification of Directors) Rules, board of various companies. He also holds Trusteeships,
2014 and the erstwhile Clause 49 of the Listing Agreement with Advisory/Administrative Roles on Government Bodies,
the stock exchanges. Mr. Adhikari and Mr. Mathur hold office as Authorities and Corporations.
Independent Directors of the Company up to the conclusion /
date of the ensuing Annual General Meeting of the Company - Mrs. Kripalu is a graduate from St. Xavier’s College and
and Mrs. Kripalu and Mrs. Ramnath hold office as Independent the Indian Institute of Management, Calcutta. She is a
Directors of the Company upto 10th October, 2019 (“first term” consultant in the fields of marketing, strategy, advertising
in line with the explanation to Sections 149(10) and 149(11) of and market research. Her experience includes working
the Act). with leading corporates like Nestle India Limited, Cadbury
India Limited and Kellogg’s India. She was also the CEO
The Nomination, Remuneration and Compensation
of Quadra Advisory a WPP Group Company.
Committee (the “NRC Committee”) of the Board of
Directors, on the basis of the report of performance - Mrs. Ramnath has over the course of three decades in
evaluation of Independent Directors, have recommended the financial services, successfully built several businesses.
re-appointment of Mr. Adhikari, Mr. Mathur, Mrs. Kripalu and In 2009, she founded Multiples, a dedicated India focused
Mrs. Ramnath as Independent Directors for a second term private equity fund with an AUM of close to USD 1 billion.
of 5 (five) consecutive years on the Board of the Company in The young independent platform of Multiples has had
accordance with the provisions of the Act and the Securities stellar success under her leadership and has supported
and Exchange Board of India (Listing Obligations and Disclosure transformational journeys of young companies and new-
Requirements) Regulations, 2015 (“Listing Regulations”). age professional entrepreneurs across various sectors
The NRC Committee has also considered the continuation of and situations to build a successful track record for
Mr. Mathur as Director as he will be attaining the age of 75 Multiples.
years.
Mrs. Ramnath started her career with the ICICI Group
The Board, based on the performance evaluation of including stints in investment banking and e-commerce;
Independent Directors and as per the recommendation she led ICICI Venture as the MD & CEO of ICICI Venture,
of the NRC Committee considers that, given their to become one of the largest private equity funds in India,
background and experience and contributions made by scaling the proprietary platform from USD 50 mn to
them during their tenure, the continued association of USD 2.5 bn under her management in 8 years. In the
Mr. Adhikari, Mr. Mathur, Mrs. Kripalu and Mrs. Ramnath would Indian PE market, she has pioneered first-to-market
be beneficial to the Company and it is desirable to continue to transactions like leveraged buyouts and management
avail their services as Independent Directors. Accordingly, it is buyouts as well as incubated several companies.
proposed to re-appoint Mr. Adhikari, Mr. Mathur, Mrs. Kripalu Mrs. Ramnath thrives on the challenges that markets and
and Mrs. Ramnath as Independent Directors of the Company, competition throw in the business, consistently finding
not liable to retire by rotation and to hold office for a second ways to succeed by deploying the full human potential to
term of 5 (five) consecutive years on the Board of the Company. deliver extraordinary returns.
A brief profile of the Directors, being re-appointed, is given The above mentioned Directors are not disqualified from being
below: appointed as Directors in terms of Section 164 of the Act and
- Mr. Adhikari is an alumni of the Indian Institute have given their consent to act as Directors. The Company has
of Technology, Kanpur and the Indian Institute of received declarations from each of them that they meet the
Management, Calcutta. He joined Hindustan Lever Limited criteria of independence as prescribed under Section 149(6)
as a Management Trainee in 1977 and worked with the of the Act and Regulation 16(1)(b) of the Listing Regulations.

In the opinion of the Board, Mr. Adhikari, Mr. Mathur, Keeping in view your Company’s business requirements and
Mrs. Kripalu and Mrs. Ramnath fulfil the conditions for their growth plans, it is considered desirable to increase the said
re-appointment as Independent Directors as specified in the borrowing limits under the provisions of Section 180(1)(c) of the
Act, the Rules made thereunder and the Listing Regulations. Companies Act, 2013 (the “Act”) to ` 8,000 crores (rupees eight
All of them are independent of the management. thousand crores only) above the aggregate of the paid-up share
A copy of their draft letters of appointment as Independent capital, free reserves and securities premium of the Company.
Directors setting out the terms and conditions are available The borrowings by a Company, in general, are required to be
for inspection by the Members at the registered office of the secured by mortgage or charge on all or any of the movable or
Company on all working days (except Saturdays, Sundays and immovable properties of the Company in such form, manner
Public Holidays) between 11:00 am to 1:00 pm up to 17th July, and ranking as may be determined by the Board from time to
2019. time, in consultation with the lender(s).
None of the Directors, Key Managerial Personnel and Your consent is required under the provisions of Sections
their relatives other than Mr. Adhikari, Mr. Mathur,
180(1)(c) and 180(1)(a) of the Act, to increase the borrowing
Mrs. Kripalu and Mrs. Ramnath and their relatives are
limits and to mortgage and / or create a charge over any of the
concerned or interested in the respective resolutions for their
movable and / or immovable properties and / or the whole or
appointment.
any part of the undertaking(s) of your Company to secure its
The Board accordingly recommends the resolutions as set out borrowings and those of its subsidiary(ies).
at item nos. 7 to 10 of this Notice for your approval.
None of the Directors, Key Managerial Personnel and their
Item no. 11 and 12 –Increase in borrowing limits from ` 6,000 relatives, are in any way, concerned or interested in the said
crores over and above the aggregate of the paid-up share resolutions.
capital and free reserves of the Company to ` 8,000 crores The Board accordingly recommends the resolutions set out at
over and above the aggregate of the paid-up share capital, free item nos. 11 and 12 of this Notice for your approval.
reserves and securities premium of the Company and creation
of charge over the movable and immovable properties of the
Company, both present and future, in respect of borrowings
The Members of the Company at the Annual General Meeting
held on 19th July, 2016, authorised the Board of Directors (which By Order of the Board
term shall be deemed to include any Committee of the Board)
to borrow money(ies) on behalf of the Company (apart from
temporary loans obtained or to be obtained from the Company’s
bankers in the ordinary course of business) and for creation
of charge over the movable and immovable properties of the
Company as security in favour of lending agencies for a sum S. K. Chatterjee
not exceeding ` 6,000 crores (rupees six thousand crores only), Company Secretary
over and above the aggregate of the paid-up share capital and Place: Mumbai
free reserves of the Company. Date: 24th April, 2019

12
Disclosure relating to Directors pursuant to Regulation 36(3) of Listing Regulations and Secretarial Standard on General Meetings:
Name of Director K. C. Jhanwar Arun Adhikari S. B. Mathur Sukanya Kripalu Renuka Ramnath
Date of Birth / Age 30th June, 1957 / 20th January, 1954 / 11th October, 1944 / 30th October, 1960 / 14th September, 1961 /
62 years 65 years 75 years 59 years 58 years
Date of First Appointment 19th October, 2018 3rd December, 2013 10th September, 2008 11th October, 2014 11th October, 2014
Expertise in specific functional area Company Executive Company Executive Company Executive Marketing consultant Private equity fund Manager
Qualification Chartered Accountant B Tech, PGDM B.Com, F.C.A, ICWA Part I & IIM, Calcutta BE and MBA from Mumbai
II London University, AMP from Harvard
Business School.

Shareholding in the Company - - - - -
Relationship with other Directors, - - - - -
Manager and Key Managerial Personnel
of the Company
No. of Board meetings attended during 2 6 5 6 2
FY19
Names of other public limited companies 1. Bahar Ready Mix Concrete 1. Aditya Birla Capital 1. DCM Shriram Industries 1. Aditya Birla Fashion and 1. Arvind Limited
in which directorships held Limited Limited Limited Retail Limited 2. Indian Energy Exchange
2. Merit Plaza Limited 2. Aditya Birla Sun Life 2. ITC Limited 2. Aditya Birla Health Limited
3. S w i s s M e r c h a n d i s e Insurance Company 3. National Collateral Insurance Company 3. Institutional Investor
Infrastructure Limited Limited Management Services Limited Advisory Services India
4. U l t ra Te c h N a t h d w a ra 3. Vodafone Idea Limited Limited 3. Colgate-Palmolive (India) Limited
Cement Limited 4. Voltas Limited 4. NSE Investments Limited Limited 4. L&T Technology Services
5. QRG Enterprises Limited 4. Entertainment Network Limited
6. Thomas Cook (India) (India) Limited 5. PVR Limited
Limited 5. Huhtamaki PPL Limited 6. Tata Communications
7. Travel Corporation (India) Limited
Limited 7. Vastu Housing Finance
Corporation Limited
Chairman / Member of the Committee of
Directors of other public limited companies
in which he / she is a Director
a) Audit Committee 1. UltraTech Nathdwara 1. Aditya Birla Sun Life 1. ITC Limited- Chairman 1. Aditya Birla Fashion and 1. Tata Communications
Cement Limited - Insurance Company 2. Travel Corporation (India) Retail Limited-Member Limited – Chairperson
Member Limited - Member Limited - Chairman 2. Aditya Birla Health 2. L&T Technology Services
2. Voltas Limited - Member 3. DCM Shriram Industries Insurance Company Limited - Member
Limited – Member Limited - Member
4. NSE Investments Limited 3. Colgate Palmolive (India)
– Member Limited – Member
5. QRG Enterprises Limited
– Member
6. Thomas Cook (India)
Limited - Member
b) Stakeholders Relationship Committee - - 1. Thomas Cook (India) 1. Huhtamaki PPL Limited- 1. L&T Technology Services
Limited - Member Chairperson Limited - Chairperson
2. Aditya Birla Fashion and
Retail Limited-Member
Note: Pursuant to Regulation 26 of the Listing Regulations, only two Committees viz. Audit Committee and Stakeholders Relationship Committee have been considered.
Instructions for Remote e-voting
1. In compliance with the provisions of Section 108 of the Companies enter any number in “FOR” and partially in “AGAINST”
Act, 2013 read with Rule 20 of the Companies (Management but the total number in “FOR/AGAINST” taken together
and Administration) Rules, 2014 as amended by the Companies should not exceed your total shareholding as mentioned
(Management and Administration) Amendment Rules, 2015 and hereinabove. You may also choose the option ABSTAIN. If the
Regulation 44 of the Securities and Exchange Board of India shareholder does not indicate either “FOR” or “AGAINST” it
(Listing Obligations and Disclosure Requirements) Regulations, will be treated as “ABSTAIN” and the shares held will not
2015, the Company is pleased to provide to its Members facility be counted under either head.
to exercise their right to vote on resolutions proposed to be
(viii)
Shareholders holding multiple folios/demat accounts shall
considered at the Annual General Meeting (“AGM”) by electronic
choose the voting process separately for each folios/demat
means and the business may be transacted through e-voting
accounts.
services arranged by Karvy Fintech Private Limited (“Karvy”). The
Members may cast their votes using an electronic voting system (ix)
Voting has to be done for each item of the Notice separately.
from a place other than the venue of the AGM (“remote e-voting”). In case you do not desire to cast your vote on any specific
item it will be treated as abstained.
2. The facility for voting through electronic voting system or polling
paper shall be made available at the AGM and the Members (x) You may then cast your vote by selecting an appropriate
attending the AGM who have not cast their vote by remote e-voting option and click on “Submit”.
shall be able to exercise their right at the AGM. (xi)
A confirmation box will be displayed. Click “OK” to confirm
3. The Members who have cast their vote by remote e-voting prior else “CANCEL” to modify. Once you confirm, you will not
to the AGM may also attend the AGM but shall not be entitled to be allowed to modify your vote. During the voting period,
cast their vote again. Members can login any number of times till they have voted
on the Resolution(s).
4. The remote e-voting period commences on Monday,
15 th July, 2019 (9:00 a.m. IST) and ends on Wednesday, (xii)
Corporate/Institutional Members (i.e. other than Individuals,
17th July, 2019 (5:00 p.m. IST). During this period, Members HUF, NRI, etc.) are also required to send scanned certified
of the Company holding shares either in physical form true copy (PDF Format) of the Board Resolution/Authority
or in demat form, as on the cut-off date of Thursday, Letter, etc. together with attested specimen signature(s) of
11th July, 2019 may cast their vote by remote e-voting. The remote the duly authorized representative(s), to the Scrutinizer at
e-voting module shall be disabled by Karvy for voting thereafter. e-mail ID: ultratechevoting@karvy.com with a copy marked
Once the vote on a resolution is cast by the Member, the Member to evoting@karvy.com. The scanned image of the above
shall not be allowed to change it subsequently. mentioned documents should be in the naming format
“Corporate Name_ EVENT NO.”
The process and manner for remote e-voting are as under:
A. In case a Member receives an e-mail from Karvy (for Members B. In case a Member receives physical copy of the Notice of AGM
whose e-mail addresses are registered with the Company/ (for members whose email IDs are not registered with the
Depository Participants): Company/ Depository Participant or requesting physical copy)
(i) L a u n c h i n t e r n e t b ro w s e r b y t y p i n g t h e U R L : (i) Initial Password is provided, as below, at the bottom of the
https://evoting.karvy.com. Attendance Slip for the AGM.
(ii) Enter the login credentials (i.e. User ID and Password
User ID Password/PIN
mentioned above). Your Folio No./ DP ID-Client ID will be
your User ID. However, if you are already registered with
- -
Karvy for e-voting, you can use your existing User ID and
password for casting your vote. (ii) Please follow all steps from Sr. No. (i) to Sr. No. (xii) above
(iii)
After entering these details appropriately, Click on “LOGIN”. in (A), to cast your vote.
(iv) You will now reach password change Menu wherein you are
C. Other Instructions:
required to mandatorily change your password. The new
password shall comprise of minimum 8 characters with I. The voting rights of Members shall be in proportion to their
at least one upper case (A-Z), one lower case (a-z), one shares of the paid-up equity share capital of the Company as on
numeric value (0-9) and a special character (@,#,$, etc.). the cut-off date i.e. Thursday, 11th July, 2019.
The system will prompt you to change your password and II. A person, whose name is recorded in the Register of Members
update your contact details like mobile number, email ID, or in the Register of Beneficial Owners maintained by the
etc. on first login. You may also enter a secret question and Depositories as on the cut-off date only shall be entitled to avail
answer of your choice to retrieve your password in case you the facility of remote e-voting as well as voting at the AGM.
forget it. It is strongly recommended that you do not share
your password with any other person and that you take III. Any person who acquires shares of the Company and becomes
utmost care to keep your password confidential. a Member of the Company after dispatch of the Notice of AGM
and holding shares as of the cut-off date i.e. Thursday, 11th July,
(v) You need to login again with the new credentials. 2019 may obtain the User ID and Password in the manner as
(vi) On successful login, the system will prompt you to select mentioned below:
the “EVENT” i.e., UltraTech Cement Limited. a. If the mobile number of the Member is registered against
(vii)
On the voting page, enter the number of shares (which Folio No. / DP ID Client ID, the Member may send SMS:
represents the number of votes) as on the Cut Off date MYEPWD<space>E-voting Event Number + Folio No. or DP
under “FOR/AGAINST” or alternatively, you may partially ID Client ID to +91 9212993399

–––––––––––
Example for NSDL: V. At the AGM, at the end of discussion on the resolutions on which
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –"
MYEPWD<SPACE> XXXXIN12345612345678 voting is to be held, the Chairman shall with the assistance of the
Scrutinizer order voting for all those Members who are present
Example for CDSL:
but have not cast their vote electronically using the remote
MYEPWD<SPACE> XXXX1402345612345678
e-voting facility.
Example for Physical:
VI. The Scrutinizer shall after the conclusion of voting at the AGM,
MYEPWD<SPACE> XXXX1234567890 first count the votes at the meeting, there after unblock the votes
b. If e-mail address of the Member is registered against cast through remote e-voting in the presence of atleast two
Folio No. / DP ID Client ID, then on the home page of witnesses, not in employment of the Company, and make, not
https://evoting.karvy.com, the Member may click ‘Forgot later than three days of the conclusion of the AGM, a consolidated
password” and enter Folio No. or DP ID Client ID and PAN scrutinizer’s report of the total votes cast in favour or against, if
to generate a password. any, to the Chairman in writing, who shall countersign the same
and declare the result of the voting forthwith.
c. M e m b e r s m a y c a l l K a r v y ’s t o l l f re e n u m b e r
1-800-3454-001. VII. T h e re s u l t s d e c l a re d a lo n g w i t h t h e S c r u t i n i z e r ’s
re p o r t s h a l l b e p l a ce d o n t h e C o m p a n y ’s we b s i t e
d. Members may send an e-mail request to evoting: www.ultratechcement.com and on the website of Karvy
evoting@karvy.com. If the Member is already registered www.evoting.karvy.com immediately after the result declared by
with the Karvy e-voting platform then such member can the Chairman or any other person authorised by the Chairman
use his/her existing User ID and password for casting the and the same shall be communicated to BSE Limited and
vote through remote e-voting. National Stock Exchange of India Limited, where the shares of
IV. The Board of Directors has appointed Mr. B. Narasimhan, the Company are listed.
Company Secretary of M/s. B. N. & Associates, Company VIII. In case of any queries, please visit Help and Frequently
Secretaries as a Srutinizer to scrutinize the remote e-voting Asked Questions (FAQs) section available at Karvy’s website
process and voting at the AGM in a fair and transparent manner. www.evoting.karvy.com.
Route map to the venue of the Annual General Meeting
"
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– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –"

Registered Office: ‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093
Tel No.: 022-66917800/29267800, Fax No: 022-66928109, website: www.ultratechcement.com
CIN: L26940MH2000PLC128420
Form No. MGT – 11
PROXY FORM
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of
the Companies (Management and Administration) Rules, 2014]
Name of the Member(s): ………………………...............................................……………………………………..................................……………………..
Registered address: …………………………………................................................…………………………………………………...................................…..
E-mail ID: …………………………………………......…………………………………….........................................…………….........................................………
Folio No. / DP ID and Client ID: ………………………................................................…………………………………………...............................…………
I/We, being the Member(s) of ……...........................................................……… Shares of the above named Company, hereby appoint
1. Name: ………………….......……………..............................................…………… E-Mail ID:……………...…………….......................………………..
Address ………………….............................................……………………………………………………………………........................................…………
Signature ………………………………………..........................................................................……………………………………. or failing him/her
2. Name: ………………….......……………..............................................…………… E-Mail ID:……………...…………….......................………………..
Address ………………….............................................……………………………………………………………………........................................…………
Signature ………………………………………..........................................................................……………………………………. or failing him/her
3. Name: ………………….......……………..............................................…………… E-Mail ID:……………...…………….......................………………..
Address ………………….............................................……………………………………………………………………........................................…………
Signature ………………………………………..........................................................................…………………..............................………………….
as my/our proxy to attend and vote (on a poll) for me/us and my/our behalf at the 19th Annual General Meeting, to be held on
Thursday, 18th July, 2019 at 3:30 p.m. at Ravindra Natya Mandir, P. L. Deshpande Maharashtra Kala Academy, Near Siddhivinayak
Temple, Sayani Road, Prabhadevi, Mumbai – 400 025 and at any adjournment thereof in respect of such resolutions and in such
manner as are indicated below:
* I/We wish my above proxy(ies) to vote in the manner as indicated in the box below:
Resolution Description For Against
No.
1. Adoption of the Audited Financial Statements (including audited consolidated
financial statements) for the financial year ended 31st March, 2019, the Report of
the Board of Directors’ and Auditors’ thereon.
"
2. Declaration of Dividend.
––––––––––––
3. Retirement by rotation of Mr. O. P. Puranmalka.

Resolution Description For Against
No.
4. Ratification of the remuneration of the Cost Auditors viz. M/s. D. C. Dave & Co., Cost
Accountants, Mumbai and M/s. N. D. Birla & Co., Cost Accountants, Ahmedabad for
the financial year ending 31st March, 2020.
5. Appointment of Mr. K. C. Jhanwar as a Director.
6. Appointment of Mr. K. C. Jhanwar as a Whole-time Director (designated as Deputy
Managing Director and Chief Manufacturing Officer).
7. Re-appointment of Mr. Arun Adhikari as an Independent Director.
8. Re-appointment of Mr. S. B. Mathur as an Independent Director.
9. Re-appointment of Mrs. Sukanya Kripalu as an Independent Director.
10. Re-appointment of Mrs. Renuka Ramnath as an Independent Director.
11. Increase in borrowing limits from ` 6,000 crores over and above the aggregate of
the paid-up share capital and free reserves of the Company to ` 8,000 crores over
and above the aggregate of the paid-up share capital, free reserves and securities
premium of the Company.
12. Creation of charge on the movable and immovable properties of the Company, both
present and future, in respect of borrowings.
Affix a
Re. 1/-
Signed this ................................................ day of ................................................ 2019
Revenue
Stamp
.................................................
Signature of Shareholder
................................................. ................................................. .................................................

Signature of first proxy holder Signature of second proxy holder Signature of third proxy holder
* Please Put a (ü) in the appropriate column against the resolution as indicated in the Box. Alternatively, you may mention
the number of shares in the appropriate column in respect of which you would like your proxy to vote. If you leave all the columns
blank against any or all the resolutions, your proxy will be entitled to vote in the manner as he/she thinks appropriate.
Notes:
1. This Form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the
Company, not less than 48 hours before the commencement of the meeting.
2. A proxy need not be a Member of the Company.
3. In case the Member appointing proxy is a body corporate, the proxy form should be signed under its seal or be signed by an
officer or an attorney duly authorised by it and an authenticated copy of such authorisation should be attached to the proxy
form.
4. A person can act as proxy on behalf of such number of Members not exceeding fifty and holding in the aggregate not more
than ten percent of the total share capital of the Company carrying voting rights. Further, a Member holding more than ten
percent of the total share capital of the Company carrying voting rights, may appoint a single person as proxy and such
person shall not act as proxy for any other person or Member.
5. Appointing a proxy does not prevent a Member from attending the meeting in person if he/she so wishes.
6. In case of joint holders, the signature of any one holder will be sufficient, but names of all the joint holders should be stated.

CMYK CMYK

ANNUAL REPORT 2018-19

B Wing, Ahura Centre, 2nd Floor,
Mahakali Caves Road, Andheri (East),
Mumbai - 400 093
www.ultratechcement.com
CMYK CMYK
Mr. Aditya Vikram Birla

We live by his values.
Integrity, Commitment, Passion, Seamlessness and Speed.
The Chairman’s Letter to Shareholders
Dear Shareholder,
Global Economy:
The global economy recorded a

healthy growth of 3.6% in 2018.
During the second half of the year,
however, the global economy lost
some momentum, mainly on account
of the increased trade frictions
between the US and China, and the
tightening of financial conditions.
International Monetary Fund (IMF)
expects growth to decelerate to 3.3%
in 2019 and its projections suggest
that all three major engines of the
global economy, viz. US, China and
Euro area are likely to decelerate in
2019. On the positive side, however,
IMF expects world economic output
to recover and grow at 3.6% in 2020.
Of late, there have been a few

growth-supportive factors such as
the announcement of economic
stimulus in China and halt to
the process of monetary policy
tightening in developed countries.
But the business sentiment has
become somewhat clouded with
challenges arising from the apparent
setback to the US-China trade talks,
the spread of trade frictions to
technology sectors and the increased
intermingling of economic policies.
These challenges signal that global
commodity prices could be under
pressure.
Indian Economy:
The Indian cement Indian economy exhibited mixed record in the just concluded
industry witnessed a year fiscal. GDP growth slowed from 7.2% in FY18 to 6.8% in FY19.
Sub-par rainfall in 2018, tight financial conditions faced by the
of favourable demand
non-banking financial sector and moderation of external demand
scenario, achieving were the key challenges faced by the economy. Consumption
growth declined during the second half of the year, but there
double-digit volume growth,
were some signs of revival in the investment cycle, as the rate
last seen in FY10. of gross fixed capital formation improved from 31.4% of GDP in
With healthy volume FY18 to 32.3% in FY19.
Macroeconomic stability indicators broadly maintained their
off-take and comparatively
health. Low inflation has created the space for monetary policy
lesser new capacity addition easing, which will also help support growth revival. The fiscal
deficit target for FY19 was adhered to, despite a shortfall in tax
of 12 mtpa during FY19,
revenues. While the current account deficit was high at 2.6%
capacity utilisation for the of GDP during the first three quarters of FY19, the softness in
industry improved to 71%, international oil prices portends its narrowing in the coming
quarters. Following the resounding political mandate for the
about 5% higher than the ruling Government, expectations of further economic reforms
previous year. and impetus to large infrastructure investments have been
reinforced. These are reflected in strong inflows in the capital
market, taking equity indices to record levels in the weeks
following the general elections.
India’s medium-term growth prospects continue to be robust.
Significant reforms undertaken in the recent years such as GST
and insolvency code would raise India’s growth potential in the
coming years, amplifying the effect of the long-term structural
cornerstones of the Indian growth story such as demography
and urbanisation. In the near-term, however, uncertainty over
the forthcoming monsoon season and the heightened global
risks present headwinds for FY20. Accordingly, the outlook for
the Indian economy in FY20 is one of cautious optimism at this
juncture.
Your Company’s Performance:
The Indian cement industry witnessed a year of favourable
demand scenario, achieving double-digit volume growth, last
seen in FY10. With healthy volume off-take and comparatively
lesser new capacity addition of 12 mtpa during FY19, capacity
utilisation for the industry improved to 71%, about 5% higher
than the previous year.
During FY19, your Company put in an impressive performance
attaining net revenues of US$ 5.26 billion (` 36,775 crores) and
EBITDA of US$ 1.03 billion (` 7,227 crores).
The significant development of the year was the successful
acquisition of Binani Cement Limited, renamed as UltraTech
Nathdwara Cement Limited, having an installed capacity of
6.25 mtpa in India. The acquisition provides your Company
access to large reserves of high-quality limestone. It also
consolidates your Company’s leadership in the fast-growing
Northern and Western markets in the country. After completing
quality upgradation, the “UltraTech” brand was successfully
launched from the erstwhile Binani plants.
Your Company also commissioned a greenfield cement project
of 3.50 mtpa at Manavar in Madhya Pradesh. With this, the total
cement capacity for your Company has enhanced to 94.75 mtpa
in India.
In the next fiscal, with the acquisition of Century Cement, we
expect UltraTech’s installed capacity to scale up to over 113
mtpa. It gives me great satisfaction to inform you that UltraTech
is today the third largest cement company in the World, excluding
China.
Your Company has also
Your Company has also made rapid strides in its sustainability
journey. UltraTech has a water-positive score of over 2.00 across
made rapid strides in its
its plants as appraised by DNV-GL, a global quality assurance sustainability journey.
and risk management company. Three of its integrated plants
UltraTech has a water-positive
became water-sufficient as a first step towards becoming water-
positive in the foreseeable future. score of over 2.00 across its
Your Company has developed in-house technology to use all plants as appraised by
waste generated from the rejected concrete in the form of
DNV-GL, a global quality
waste sludge or slurry for recycling into Ready Mix Concrete
production. This technology is fully automated and enables the assurance and risk
plant to be real zero discharge with no water and solid waste. management company.
This eliminates the cost of waste disposal and recycling material
generated out of the said process. The partial substitution
I am proud to inform of sand, fly ash and water makes it a sustainable business
that your Company has proposition.
I am proud to inform that your Company has commissioned the
commissioned the First First Green RMC Plant by using the said technology in Mumbai,
Green RMC Plant by having zero discharge - A First of its kind RMC Plant in the World.
using the said technology Outlook:

We remain optimistic in our outlook for the cement sector in
in Mumbai, having zero
FY20 and expect the industry to grow at 7 to 8%.
discharge - A First of its With a stable government at the Centre, we expect a renewed
kind RMC Plant in the thrust on infrastructure development through the construction
of roads, metro rail projects, airports renovation, irrigation
World. projects etc. This augurs well for your Company. UltraTech,
with its strategic expansion plans in the last three years, is well
positioned to participate in the growth story of a rising India.
The Aditya Birla Group: In Perspective
The Aditya Birla Group in many ways is a proxy for a Rising India,
given the diversified nature of our businesses.
FY19 has been one of strategic decisions and partnerships;
with many transformational business transactions: Vodafone-
Idea merger, purchase of Binani Cement, acquisition of Aleris
in Metals and Soktas in Textiles. We have demonstrated the
courage to think mega scale, to act decisively and to be calm in
a volatile and changing environment. We have reaffirmed the
commitment and trust that we can reinvent ourselves and be
game changers in the industry. Consequently, we are globally
the third largest cement company (outside of China), and among
the top 3 telecom players in the world. We closed the year with
revenues of US$ 48.3 billion and an EBITDA of US$ 6.1 billion.
We believe our people and people processes give us the definitive
edge to manage scale and yet remain nimble to embrace change
proactively.
On the people front, I am delighted to share that our robust
people processes that have been the bedrock of our success
over the years continue to evolve and stay contemporary. Let
me give you a flavour of what we have accomplished and how it
is making a difference.
As a Group, we continue to be deeply invested in our talent
pipeline across levels. At one level, we have on-boarded over 200
fresh recruits from top engineering and management institutes
for premier trainee programs, and at the other end, we are
actively building an internal talent pipeline in our businesses.
Our Employee Value Proposition of ‘A World Of Opportunities’
is truly coming alive with this eclectic mix of experienced and
young leaders. We have developed a robust leadership pipeline
with a healthy ratio of 1:1 identified successors for more than
300 leadership roles across the Group.
Gyanodaya, the Aditya Birla Group Centre for Leadership
Development continues to build curiosity for new learning, self-
reflection and coaching in existing and future leaders. Broad-
based leadership programs like Chairman Series brought 300
top leaders across the globe together on marketing, finance and
strategy and built cohesion and cross-functional appreciation.
Functional Academies have been established in 5 distinct areas:
Human Resources, Manufacturing, Sales / Marketing and
Customer Centricity, Information Technology and Finance to
develop cutting edge functional capabilities in these areas. Over
the past three years, over 5,000 employees have refreshed their
skills, thereby enhancing the functional design and experience
across the Group.
ABG Core Conclave, of middle managers across businesses,
enabled 3,000 managers and business leaders to share nuances
and have candid conversations on missed opportunities and
challenges ahead. This unique platform reinforced the One ABG ABG Core Conclave............
connect, brought new perspectives and gave me a first-hand
feel of the excitement, passion and commitment of our vibrant reinforced the One ABG
next generation leaders. connect, brought new
Businesses have adopted new areas like Robotic Process
perspectives and gave me
Automation, Artificial Intelligence, Machine Learning, Analytics,
Design thinking. They are experimenting with the same in a first-hand feel of the
manufacturing processes, servicing customers, logistics,
excitement, passion and
enhancing the agility of the business and turnaround times,
dramatically. commitment of our vibrant
I believe the real test of HR processes lies in advancing business next generation leaders.
outcomes, and we have demonstrated a track record of doing
just that. Greenfield projects were commissioned at earlier than
We are determined planned time, and at a lower cost, acquired units were rebranded
to innovate. We are and recommissioned in days instead of months, earlier. While
saving precious capital and related resources, these initiatives
determined to grow........ inspire confidence within the organisation and in the ecosystem.
We move into 2019, with The Aditya Birla Group, over the years, has institutionalised best
practices that have led to efficiency, safety, sustainability, and
the confidence that we stronger Businesses. We have systematically got the customer
have the right capabilities to the centre of our Business discussions. As we continue to
strive on this front, we need to get closer to the end consumer
not just to seize, but pounce and innovate continuously to ensure a faster growth trajectory.
on every opportunity that With this in mind, we have constituted the Central Innovation
Team. This team will not only build the innovation framework
comes our way. and pipeline but also get an outside-in perspective to our
Businesses. This team works closely with Business R&D and
The best is yet to come.
Marketing teams, Technology talent, and a strong team of Data
scientists. We are also in the process of evaluating partnerships
with Global Universities and Start-ups relevant to the sectors
in which we operate. The intent is to shift the Centre of gravity
of your Company closer to the consumer.
We are determined to innovate. We are determined to grow.
I am excited with the speed and precision with which we are
transforming ourselves to be future-focused while remaining
steadfast to our time-tested values. We move into 2019, with the
confidence that we have the right capabilities not just to seize,
but pounce on every opportunity that comes our way.
The best is yet to come. Thank you for your continuing support.
Yours sincerely,
Kumar Mangalam Birla

BOARD OF DIRECTORS

Chairman
Non-Executive Directors Independent Directors Executive Directors
Mrs. Rajashree Birla Arun Adhikari K. K. Maheshwari

Managing Director
O. P. Puranmalka Mrs. Alka Bharucha
K. C. Jhanwar
G. M. Dave Deputy Managing Director &
Chief Manufacturing Officer
Mrs. Sukanya Kripalu
Atul Daga
S. B. Mathur Whole-time Director & CFO
Mrs. Renuka Ramnath
COMMITTEES OF THE BOARD
Audit Corporate Social Responsibility Nomination, Remuneration &

Compensation
S. B. Mathur Mrs. Rajashree Birla G. M. Dave
Mrs. Alka Bharucha G. M. Dave Arun Adhikari
G. M. Dave K. K. Maheshwari Kumar Mangalam Birla
Mrs. Renuka Ramnath O. P. Puranmalka
K. K. Maheshwari
Stakeholders Relationship Finance Risk Management & Sustainability

S. B. Mathur Arun Adhikari K. K. Maheshwari
Mrs. Sukanya Kripalu Mrs. Alka Bharucha K. C. Jhanwar
K. C. Jhanwar Atul Daga Atul Daga
Senior Management
Vivek Agrawal Ramesh Mitragotri Sujeet Jain
Group Executive President & Chief Human Resource Officer Chief Legal Officer
Chief Marketing Officer
Pramod Rajgaria
President – International Operations
Company Secretary
S. K. Chatterjee
Statutory Auditors Cost Auditors Secretarial Auditor

BSR & Co. LLP, D. C. Dave & Co., BNP & Associates,
Chartered Accountants, Mumbai Cost Accountants, Mumbai Company Secretaries, Mumbai
Khimji Kunverji & Co., N. D. Birla & Co.,

Chartered Accountants, Mumbai Cost Accountants, Ahmedabad
Registrar & Transfer Agent

Karvy Fintech Private Limited,
Hyderabad
Registered Office
‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093.
Tel: (022) 6691 7800/2926 7800 Fax: (022) 6692 8109. Website: www.ultratechcement.com / www.adityabirla.com
CIN: L26940MH2000PLC128420
Registrar & Transfer Agent

Karvy Fintech Private Limited. “Karvy Selenium”, Tower B, Plot No. 31-32,
Gachibowli, Financial District, Nanakramguda, Hyderabad-500032.
Toll Free No.: 1800 5724 001 Fax: +91 40 2342 0814
At UltraTech, growth is not just
about the topline and bottomline.
It is about a number of continuing
business‑strengthening initiatives.
Expanding scale and

presence across a wider
geographic footprint
Strengthening market
position
Improving processes and
resource utilisation
Caring for employees,
communities and the
environment
These pillars help UltraTech
‘Create a Sustainable Ecosystem’.
For today and tomorrow...
UltraTech
Cement Limited
The largest
cement
company in the
second largest
cement market
in the world
Identity Network Capacity

UltraTech is among the largest global UltraTech’s distribution network UltraTech possesses a consolidated
cement manufacturers and the largest comprises a network of 49 cement capacity of 102.75 million tonnes per
manufacturer of grey cement, ready mix plants, over 100 ready mix concrete annum of grey cement (including
concrete and white cement in India. plants, more than 650 warehouses 4.00 million tonnes per annum under
and more than 200 railheads in India. commissioning), a capacity of 0.68
UltraTech services 20,000 orders of million tonnes per annum of white
different order sizes on a daily basis cement and two wall care putty plants at
through a mix of logistical modes the close of FY19.
comprising rail, road and sea.
Certifications Services Respect

UltraTech’s high quality standard has UltraTech provides a range of products UltraTech is a founding member of the
been accredited with the ISO 9001 catering to various construction needs Global Cement & Concrete Association
certification for quality systems, ISO and requirements from foundation to (GCCA), which intends to develop the
14001 for environment management ﬁnishing. The Company’s 360-degree cement sector’s role in the over-arching
systems and OHSAS 18001 for building solution makes it a dependable cause of sustainable construction
occupational hazard and safety one-stop shop for every construction through collaborations with industry
management systems. activity. associations, architects and engineers.
ii
ULTRATECH
POSSESSES A
CONSOLIDATED
CAPACITY OF 102.75
MILLION TONNES
PER ANNUM OF
GREY CEMENT, A
CAPACITY OF 0.68
MILLION TONNES
PER ANNUM OF
WHITE CEMENT AND
A CAPACITY OF 0.85
MILLION TONNES
PER ANNUM OF
WALL CARE PUTTY
AT THE CLOSE OF
FY19.
Presence Branding
UltraTech enjoys an operational presence in five countries UltraTech is India’s No 1 cement and concrete brand, not
(India, UAE, Bahrain, Bangladesh and Sri Lanka), making it just that, it is the brand “Most recommended by Engineers &
the third largest cement company globally (excluding China). Architects” across the nation. The brand has been recognised
as the 26th most valuable Indian brand across product /service
categories by global brand consultancy “InterBrand” in their
latest “Best Indian Brands 2019” report.
UltraTech UltraTech UltraTech UltraTech Birla White

Cement Concrete Building Building Cement
Ordinary Portland Ready-mix-concrete Products Solutions White cement, wall
Cement, Portland (RMC) and a range Aerated Autoclaved Offering a range of care putty and white
Blast Furnace Slag of value-added Concrete blocks construction products cement-based
Cement, Portland concrete varieties, and dry mix addressing pan-India products.
Composite Cement designed to address products comprising construction needs
and Portland typical application waterproofing, with 1,900+ outlets.
Pozzolona Cement. requirements. grouting and
plastering solutions.
iii
Wherever you go
across India, a familiar
sight awaits you
Integrated Unit (20)

Grinding Unit (21)
Bulk Terminals – Sea + Rail (6)
Jetty (5)
White Cement & Putty Units (2)
Under Commissioning (2)
Map is used for representation purpose only
iv
The big numbers at UltraTech*
20 1 25 5
Integrated plants Clinkerisation plant Grinding units Jetties
100+
Ready-mix concrete plants
2
Wall care putty plants
1
White cement plant
7 1900+
Bulk terminals Retail outlets
*Including overseas
Zonal presence
Zones Zonal capacity (MTPA)
UTCL UTCL Industry UTCL
capacity market mix capacity@ share in Industry
North 23.8 24% 102 23%
Central 21.1* 21% 62 32%
East 11.7 12% 92 13%
West 21.7 22% 64 34%
South 20.5 21% 159 13%
All India 98.8 100% 480 20%
Overseas 4.0
Total 102.8
*Including 4.0 mtpa under commissioning
@ Source: Annual Reports and Analyst Reports
OUR SUBSIDIARIES
Gotan Bhagwati
UltraTech Dakshin Harish
Limestone Khanij Limestone
Nathdwara Cements Cement
Udyog Private Company Private
Cement Limited Limited Limited
Limited Limited
UltraTech
UltraTech PT UltraTech PT UltraTech
Cement Middle
Cement Lanka Mining Investments
East Investments
(Pvt.) Limited Indonesia Indonesia
Limited
v
Our Integrated
Value-Creation
Report for
FY19
vi
Our strategy
Strategic Innovate and excel Cost Supplier of Sustainable Robust people Responsible Focus
focus advantage choice growth practices corporate on value
citizenship creation
Key UltraTech is driven UltraTech is UltraTech is UltraTech UltraTech is UltraTech UltraTech
enablers by a culture of India’s largest a preferred reinforces its driven by its works in addresses
product and pro‑ cement supplier on sustainable employees. Its 502 villages the quality
cess innovation, manufacturer account of its commitment competitive‑ across the conscious
reflected in the and one of superior prod‑ through an ness is driven vicinity of and premium
launch of pre‑ the world’s uct quality, enunciation by passion, its manu‑ cement con‑
mium products, largest. It customised of sustaina‑ committment facturing sumer. The
improving capacity leverages grades and bility-centric innovation, plants, Company’s
utilisation and the procurement application targets and safety and touching products de‑
clinker to cement and other assistance commitment outper‑ the lives of liver superior
blending ratio. economies that makes it to protect not formance. more than value and
The R&D team to enhance an engineer’s just the earth 14 lakhs discover new
focuses on the cost-effec‑ preferred but all its people. price points.
development of tiveness. choice. The inhabitants. In FY19,
new products and result is a val‑ UltraTech’s
processes with a ue proposition CSR spend
moderated carbon that extends was a siza‑
footprint. beyond the ble C74.96
product. crores.
Material Technology, Competition, Premium Environment Health and Society Consumer
issues product differen‑ production offerings and safety culture, needs
addressed tiation and carbon cost brand recall employee
footprint reduction engagement
Capitals Manufactured, Financial Intellectual, Natural Intellectual Social Intellectual,
impacted Intellectual and Manufactured and Human Manufac‑
Financial and Social tured and
Social
How is UltraTech enhancing value?

Resources
Financial capital: The financial for the transfer of raw materials and knowledge account for our intellectual
resources that we seek are based on finished products are integral to our resources.
funds we mobilise from investors, banks manufacturing competence.
Natural capital: Adopting new
and financial institutions in the form of
Human capital: Our management, technologies that are greener and
debt, equity or accruals. Effective use
employees and contract workers form cleaner. Relentless drive to reduce the
of funds raised is also part of effective
a part of our workforce, experience, consumption of fossil fuels and the use
financial capital management.
technical know-how and competence of alternative fuels.
Manufactured capital: Our enhancing value.
Social and Relationship capital: Our
manufacturing assets, technologies,
Intellectual capital: Our focus on cost relationships with communities and
equipment for production and value-
optimisation, operational excellence and partners (vendors, suppliers and
added premium products constitute
acquired assets’ integration capability, customers) influence our role as a
our manufactured capital. The logistics
as well as our repository of proprietary responsible corporate citizen.
vii
Value created
Financial capital
K36,775 K88.72 10% ~K1,100

crores billion
Turnover Earnings per ROCE Market

share capitalisation
Growth of Up On expanded As on
20% YoY 10% YoY capital base 31st March, 2019
Manufactured capital
71.43 76%
MT
1.4MT
91%
Grey cement Average White cement Average
produced capacity & wall capacity
utilisation care putty utilisation
produced
Improved Up
18% YoY 4% YoY
Value shared
Suppliers: Employees:
Investors: Customers:
Business with suppliers Provided remuneration of
Capital appreciation by Launched six value-
worth C13,556 crores; C2,059 crores during FY19
20% CAGR over the last added products during
>35% of Company and stable employment to
15 years FY19
revenues 20,901 individuals
viii
Human capital Intellectual capital
New
products
developed
20,901 3,400 • Water positive R&D future

Four products
cement ready and NABL-
patented in FY19
• Rapid hardening 3D accredited
MT
printable mortar
and concrete
Permanent Productivity
Employees per employee
Up
14% YoY
Natural capital Social capital
Reduced CO2
~50,000 ~22,000
WHRS capacity up
intensity by 18.46 %
from 59 MW to
compared to
85 MW
FY18
World’s first Retailers Distributors

zero‑discharge
RMC plant
~1.4
million
K74.96
crores
people
CSR CSR spends

Outreach (over 2% of net profit)
Distributors and
Governmental and suppliers:
regulatory bodies: Enhanced value for
Contributed C9,694 crores distributors and retailers
to the exchequer during through sustained
FY19 resource offtake over
15 years
ix
UltraTech
A commitment
to sustainability
x
AT ULTRATECH, WE BELIEVE THAT PROTECTING THE
ENVIRONMENT IS NOT JUST A BUSINESS TACTIC OR
STRATEGY – IT IS A PHILOSOPHY
The commitment to protect the We endeavour to consume less of finite

environment is not just a response to a resources, re-use resources to the
prevailing environment; it is a way of life extent their residual life permits and
and the right thing to do. maximise recycling.
This commitment has been broadly Over the years, we have reinforced our
and comprehensively enshrined in sustainability commitment through an
UltraTech’s values. enunciation of sustainability-centric
targets with the same seriousness
At UltraTech, this philosophy is neatly
that we bring to our financial numbers,
encapsulated in a simple conviction: less
delegation of responsibilities across
is more.
teams, proactive investment in cutting-
We have implemented this conviction edge technologies and commitment to
through the combination of the Three R’s protect not just the earth but everyone
– Reduce, Re-use and Recycle. who lives within.
xi
UltraTech Creating a
sustainable ecosystem
through a stronger
operational framework
xii
AT ULTRATECH, WE HAVE ADDRESSED
SUSTAINABILITY THROUGH A SINGULAR FOCUS ON
AGGRESSIVE CAPACITY ACCRETION
This capacity aggression has been year under review). The compounded
made in the last decade-and-a-half with annual capacity growth of over 8% is
the need to possess adequate cement considerably higher than the average
capacity to service the growing appetite national economic growth on the one
of the world’s second-fastest-growing hand and growth of the country’s cement
cement market. industry on the other.
The result is that UltraTech enhanced The result is that in the world’s second
its manufacturing capacity from largest cement market, every fourth
31.1 MTPA in 2004 to 102.8 MTPA cement bag sold is an UltraTech.
in 2019 (10% growth in the financial
BIG
NUMBERS
31.1
Installed capacity
102.8
Installed capacity
MTPA in 2004 MTPA in 2019
xiii
UltraTech Strengthening
sustainability through
complementary and
business-strengthening
acquisitions
xiv
AT ULTRATECH, WE BELIEVE THAT ONE OF THE MOST EFFECTIVE
MEANS OF ENHANCING OUR BUSINESS SUSTAINABILITY IS
THROUGH COMPLEMENTARY ACQUISITIONS
These acquisitions represent a number of Five, acquisitions make it possible to

latent advantages. buy into assets and resource linkages at
attractive valuations, strengthening overall
One, they help service new geographies.
competitiveness.
Two, they make it possible to add capacity
Lastly, acquisitions make it possible to raise
in a fraction of the time that would have
operational efficiencies around UltraTech’s
been required to commission a greenfield
high existing benchmarks, enhancing
equivalent.
returns.
Three, prudent acquisitions bring a wealth
In the space of 15 years, UltraTech made
of knowledge capital and distribution
five acquisitions aggregating 52 MTPA;
networks that are required to succeed in a
51% of the FY19 capacity was accounted by
competitive environment.
inorganic growth.
Four, acquisitions help plug strategic gaps
In doing so, UltraTech validated an
that enhance the aggregate value of the
enduring reality: that a prudent acquisition,
whole beyond the simple addition of the
when fused with a superior UltraTech way
constituents.
of doing things, represented a platform for
profitable and sustainable growth.
BIG
NUMBERS
10
UltraTech
21
UltraTech
integrated plants integrated plants
in 2004 in 2019
xv
sustainability through a
moderating carbon footprint
xvi
AT ULTRATECH, WE BELIEVE THAT GREEN BUSINESS IS GOOD BUSINESS
This conviction is particularly relevant in as well. UltraTech was the first company
a business that consumes finite mineral in India to implement the Baton Wash ULTRATECH, A
resources, consumes a vast quantum of (concrete recycling system) technology
SUSTAINABILITY
power and emits greenhouse gases. in 2011, moderating water consumption.
UltraTech was also the first to THOUGHT LEADER
At UltraTech, we believe that our
implement the Filter Press Technology ULTRATECH’S
success is defined by moderating our
resulting in superior industrial waste
carbon footprint on the one hand while SUSTAINABILITY
management. This business is working
scaling our manufacturing operations
on a novel approach to recycle solids
FRAMEWORK IS ALIGNED
on the other. WITH THE GLOBAL
and become a zero-liquid discharge
At UltraTech, we have targeted a high plant. During the year under review, the BENCHMARK.
standard of environmental compliance. manufacture of UltraTech Ready Mix
We have endeavoured to reduce Concrete entailed lower direct specific
THE COMPANY EMBRACED
resource consumption in absolute terms emissions by 6.17%. DEMANDING GLOBAL
even as our production has increased BENCHMARKS (WORLD
UltraTech achieved a water-positive
or generate a decline in our carbon
score of 2.18 across its plants (excluding
BUSINESS COUNCIL
footprint per unit of production. FOR SUSTAINABLE
international) as appraised by DNV-
This green commitment has been GL, a global quality assurance and risk DEVELOPMENT’S
reinforced through specific Key Result management company. Rainwater WATER, SANITATION AND
Areas of our senior management. The harvesting across most units helped HYGIENE) AND SCORED
result is an organisation-wide clarity reduce groundwater dependence.
MORE THAN 1.86.
on the extent we need to moderate our Three of 19 integrated plants became
carbon footprint, by when and through water-sufficient as a first step towards ULTRATECH JOINED EP100
which technologies. becoming water-positive across the INITIATIVE, AN INITIATIVE
foreseeable future.
UltraTech increased the share of THAT CONVERGES
alternative resources (slag, fly ash The knowledge-driven UltraTech took GLOBAL ENERGY-SMART
and industrial waste) from 14.2% to its green commitment ahead through COMPANIES COMMITTED
16.2% in FY19 and achieved a thermal the research-driven filing of four
TO THE EFFICIENT
substitution rate of 3.9%. product patents. These patents validate
the Company’s capacity in utilising a
USE OF ENERGY,
In FY19, CO2 intensity in the business LOWER GREENHOUSE
declining quantum of natural resources
declined from 625.7 kilograms per tonne
(fossil fuels and limestone), moderated GAS EMISSIONS
of cementitious products to 618.86
kilograms per tonne (a ~25% decline
water consumption and the enhanced AND EXTENSIVE
ability to utilise multi-industrial waste. RESPONSIBILITY ACROSS
since 1990). Specific greenhouse gas
emissions declined 18.46% in FY19 over During the reporting period, UltraTech OPERATIONS.
the previous year following a decline in planted more than 314,208 saplings with
the clinker factor. a survival rate of 84.75%, making the
world greener.
This priority was extended to the
UltraTech Ready Mix Concrete business
BIG
NUMBERS
18.46% 25%
Targeted reduction
Targeted reduction
in CO2 intensity in CO2 intensity by
in FY19 when FY21 compared
compared with FY06 with FY06
xvii
UltraTech
Strengthening
enhanced energy-
efficiency
xviii
AT ULTRATECH, WE BELIEVE THAT ENERGY EFFICIENCY
REPRESENTS AN IMPORTANT DRIVER OF BUSINESS
SUSTAINABILITY
There are good reasons for this. of its power requirements during the year.
UltraTech intends to increase it to around
One, electricity accounts for nearly 10% of
12% over the next two years through
the total cost of cement production, so even
capacity enhancements.
a reasonable consumption moderation
can have a transformative impact on UltraTech’s captive renewable capacity
profitability. stands at 66.23 MW. It generated 35 million
units of electricity from renewable sources
Two, power generation in a cement
during the year. UltraTech is a signatory
company comprises the use of finite fossil
of the EP100 and committed to double its
fuels, so an improvement in the input-
energy productivity over the next 25 years.
output ratio across a large production base
reduces the carbon footprint. UltraTech enhanced thermal power plant
efficiency by reducing auxiliary power
Over the years, UltraTech has invested in
consumption by about 100 bps. The
a deeper organisational commitment and
proportion of clean energy in the overall
superior technology investment with the
power mix increased to 8%. UltraTech’s
objective to enhance energy efficiency.
specific thermal energy consumption of
UltraTech has been a serious investor in around 708 kilocalories per kilogram of
waste heat recovery systems (WHRS) with clinker is possibly among the lowest across
the objective to channelise released energy any cement company in the world.
into the system. During the year, UltraTech
The result is that UltraTech achieved the
enhanced its WHRS capacity from 59 MW
Indian government’s Perform, Achieve and
to 85 MW, a 44% increase. The waste heat
Trade (PAT) target well ahead of schedule.
converted into electricity accounted for ~8%
A new
internal carbon
(shadow) pricing
mechanism has
been introduced for
evaluation of capital
projects
xix
sustainability through a
safety-centric work culture
xx
AT ULTRATECH, WE BELIEVE THAT SUSTAINABILITY
IS NOT JUST ABOUT CARBON FOOTPRINT
MODERATION; IT IS ABOUT HOW WE PROTECT OUR
MOST VALUABLE CAPITAL – PEOPLE
At UltraTech, we drive sustainability periodically review performance, engage
through superior recruitment, training in cross-functional analysis, create a
and retention. documentation backbone and analyse
every deviation, an effective framework
The most effective way in which we
to maximise workplace safety.
can protect our knowledge capital is
through their physical safety within our During the year, UltraTech conducted
manufacturing-led workspace. As an 470,890 safety observations. Some 95%
extension of this conviction, we believe of the high-priority points identified
that the more we enhance our workplace during the audit carried out by cross-
safety, the stronger our framework for functional teams and structural stability
business sustainability. assessments carried out by third parties
were immediately addressed.
At UltraTech, this safety priority has
been consistently reinforced through a The result is that UltraTech substantially
commitment to invest in the most secure moderated lost-time injury frequency
technologies, create operating protocols, during the year under review.
strengthen process compliance,
UltraTech – making societies sustainable

The Company undertook a women empowerment &
engagement (wee) initiative to create a level playing field for
all employees, irrespective of their gender.
UltraTech conducted an 18-month programme called
SPRINGBOARD, based around training, mentorship and
gender diversity.
xxi
UltraTech
Strengthening
community engagement
and welfare
xxii
AT ULTRATECH, WE BELIEVE THAT SUSTAINABILITY IS NOT ONLY ABOUT THE
EARTH OR OUR PERFORMANCE; IT IS ABOUT COMMUNITIES
UltraTech possesses a long history UltraTech’s model of engagement
of being engaged deeply with various with peripheral communities around OUR OBJECTIVE: TO
communities, well before it became its factories is partnership-based. It ACTIVELY CONTRIBUTE
mandatory. collaborates with social institutions -
TO THE SOCIAL
district rural development authorities,
UltraTech’s continuous, long-term and
local hospitals, healthcare institutions
AND ECONOMIC
need-based response to the subject has DEVELOPMENT OF THE
and district panchayats - to reach
helped touch the lives of many.
wider, deeper and longer. Monitoring COMMUNITIES IN WHICH
UltraTech’s implementation is centred mechanisms help enhance UltraTech’s WE OPERATE AND, IN SO
round two enablers - engagement and engagement efficiency; periodic DOING, BUILD A BETTER,
empowerment. It engages continuously community needs assessment makes
SUSTAINABLE WAY
with local communities to not merely it possible to align its programmes with
understand their evolving needs but community needs; its periodic impact
OF LIFE FOR WEAKER
also to measure the impact of its assessment and social satisfaction SECTIONS OF SOCIETY,
engagement for prospective remedial survey establishes effectiveness. HELPING RAISE THE
action.
UltraTech touched the lives of more
COUNTRY’S HUMAN
Based on its learnings, UltraTech than 1.4 million people across 502 DEVELOPMENT INDEX.
empowers communities around holistic Indian villages. Some 58 villages were
growth. As a result, the initiatives have selected to be transformed into model
comprised healthcare, education, equivalents. In FY19, UltraTech’s CSR
infrastructure, sustainable livelihood spend was C74 crores.
and social reform, which represent
By embedding community welfare into
an effective spectre of engagement to
its business framework, UltraTech
enhance rural prosperity.
explores opportunities to make the act
of living sustainable for millions.
26,000
BIG
NUMBER
People benefited by
the Company’s reverse
osmosis plants providing
safe drinking water
xxiii
CONTENTS
02 Financial Highlights
04 Directors’ Report and Management Discussion and Analysis
50 Report on Corporate Governance
68 Shareholder Information
79 Social Report
84 Sustainability and Business Responsibility Report
97 Independent Auditors’ Report
108 Standalone Balance Sheet
109 Standalone Statement of Profit and Loss
112 Standalone Cash Flow Statement
114 Notes to Standalone Financial Statements
179 Consolidated Financial Statements

PERFORMANCE INDICATORS (STANDALONE)

Annual Report 2018-19 01
FINANCIAL HIGHLIGHTS
Particulars Units 2018-19# 2017-18# 2016-17#
PRODUCTION (Quantity)
- Clinker Mn.T 52.96 45.41 37.10
- Cement Mn.T 67.20 57.23 47.91
SALES (Quantity) Mn.T 71.12 59.33 48.87
PROFIT & LOSS ACCOUNT
Revenue Net of Excise Duty (Including Operating Income) ` Crs 35,704 29,358 23,891
Operating Expenses ` Crs 29,183 23,475 18,922
Operating Profit ` Crs 6,521 5,883 4,969
Other Income ` Crs 471 600 660
EBITDA ` Crs 6,992 6,483 5,629
Depreciation / Amortisation ` Crs 2,010 1,764 1,268
EBIT ` Crs 4,982 4,719 4,361
Interest ` Crs 1,419 1,191 571
Profit Before Tax ` Crs 3,562 3,528 3,790
Exceptional items Gain / (Loss) ` Crs (226) (14)
Profit after Exceptional items ` Crs 3,562 3,302 3,776
Tax Expenses ` Crs 1,107 1,071 1,148
Net Profit ` Crs 2,456 2,231 2,628
Cash Profit ` Crs 4,836 4,580 4,251
Proposed Dividend (incl. Dividend distribution tax) ` Crs 381 348 330
BALANCE SHEET
Net Fixed Assets including CWIP & Capital Advances ` Crs 40,193 40,782 24,387
Investments (Non - Current & Current) ` Crs 9,212 6,163 9,409
Net Working Capital ` Crs 185 (438) (956)
Derivative Assets (Net) ` Crs 20 10 115
Capital Employed ` Crs 49,610 46,517 32,955
Net Worth represented by:-
Equity Share Capital ` Crs 275 275 275
Reserves & Surplus ` Crs 27,673 25,648 23,667
Net Worth ` Crs 27,948 25,923 23,941
Loan Funds* ` Crs 18,118 17,420 6,240
Deferred Tax Liabilities ` Crs 3,544 3,174 2,774
Capital Employed ` Crs 49,610 46,517 32,955
RATIOS & STATISTICS
EBITDA Margin % 20% 22% 24%
Net Margin % 7% 8% 11%
Interest Cover (EBIT/Gross Interest) Times 3.52 3.98 7.61
ROCE (EBIT/Average Capital Employed) % 10% 10% 13%
Current Ratio Times 1.02 0.94 0.85
Debt Equity Ratio (Net) Times 0.53 0.46 (0.10)
Net Debt/ EBITDA Times 2.13 1.85 (0.43)
Dividend per share ` / Share 11.50 10.50 10.00
Dividend Payout on Net Profit % 16% 16% 13%
EPS ` / Share 89.48 81.27 95.74
Cash EPS ` / Share 176.24 166.81 154.88
Book Value per share ` / Share 1018 944 872
No.of Equity Shares Nos. Crs 27.46 27.46 27.45
* Short Term Borrowings and Current maturities of Long Term debts have been included in Loan Funds. Current
maturities of Long Term debts have been excluded from Current Liabilities.
# Based on IndAS Financials and remaining Financial figures are as per IGAAP

02 Annual Report 2018-19
2015-16# 2014-15 2013-14 2012-13 2011-12 2010-11 2009-10
37.07 35.69 31.52 31.75 31.31 26.75 15.55

47.56 43.88 40.79 40.13 39.43 32.92 17.64
47.96 44.85 41.46 40.66 40.74 34.78 20.23
23,709 22,927 20,280 20,180 18,310 13,312 7,050

19,082 18,732 16,462 15,504 14,162 10,646 5,078
4,627 4,195 3,818 4,675 4,147 2,666 1,972
481 372 329 305 372 155 122
5,107 4,567 4,147 4,980 4,519 2,822 2,094
1,297 1,133 1,052 945 903 766 388
3,810 3,434 3,095 4,035 3,617 2,056 1,706
512 547 319 210 224 273 118
3,299 2,887 2,776 3,825 3,393 1,783 1,588
- - - - - - -
3,299 2,887 2,776 3,825 3,393 1,783 1,588
928 872 631 1,170 947 379 495
2,370 2,015 2,144 2,655 2,446 1,404 1,093
3,972 3,523 3,269 3,765 3,356 2,167 1,589
314 297 289 289 255 191 87
24,499 23,632 18,650 17,415 14,798 12,506 5,201

7,793 5,209 5,392 5,109 3,789 3,730 1,670
(574) 223 551 25 164 305 173
595
32,313 29,064 24,593 22,549 18,750 16,541 7,044
274 274 274 274 274 274 124

21,357 18,583 16,823 14,961 12,586 10,392 4,484
21,632 18,858 17,098 15,235 12,860 10,666 4,609
8,250 7,414 5,199 5,409 4,153 4,145 1,605
2,432 2,792 2,296 1,906 1,738 1,730 831
32,313 29,064 24,593 22,549 18,750 16,541 7,044
22% 20% 21% 25% 25% 21% 30%

10% 9% 11% 13% 13% 11% 16%
7.23 5.83 7.81 12.23 13.82 7.46 12.53
12% 12% 13% 20% 20% 16% 25%
0.90 1.04 1.11 1.01 1.04 1.09 1.13
0.05 0.16 0.02 0.05 0.05 0.06 (0.003)
0.23 0.64 0.09 0.14 0.14 0.23 (0.01)
9.50 9.00 9.00 9.00 8.00 6.00 6.00
13% 15% 14% 11% 10% 14% 8%
86.37 73.44 78.21 96.87 89.26 62.74 87.82
144.74 128.41 119.22 137.36 122.48 95.14 127.65
788 687 623 556 469 389 370
27.44 27.44 27.42 27.42 27.41 27.40 12.45

DIRECTORS’ REPORT AND
MANAGEMENT DISCUSSION AND ANALYSIS
Dear Shareholders, Besides, there has been a significant improvement in
low-cost houses constructed under the Pradhan Mantri
Your Directors present the Nineteenth Annual Report
Awas Yozana (“PMAY”) in rural areas. The government
together with the Audited Accounts of your Company for
st
the year ended 31 March, 2019. has successfully achieved its target of constructing 10
million houses in Phase I and has accelerated the target
OVERVIEW AND THE STATE OF THE COMPANY’S for Phase II to 18.5 million houses by FY22. Similarly,
AFFAIRS the affordable housing segment in the urban areas also
gained momentum in the last year. On the individual
The global economy is estimated to grow at 3.3% in
home building (“IHB”) front, the rural housing market
2019, according to the International Monetary Fund
has shown demand traction in major markets; however,
(“IMF”). This comes on the back of two years of ‘cyclical
Tier 2 and Tier 3 urban markets are yet to pick-up. In
upswing’. However, as the IMF points out, this pace of
expansion could be at risk on account of an increase in Tier 1 or metro cities, with the stabilisation of RERA,
trade tensions, abrupt tightening of financial conditions urban demand has witnessed some improvement.
and policy uncertainty across economies. Emerging With healthy volume off-take and comparatively lesser
economies though remain on a relatively strong growth new capacity addition of 12 MTPA during FY19, capacity
trajectory, driven largely by robust domestic demand utilisation for the industry improved to 71%, about
conditions. 5% higher over the previous year. This is expected to
The Indian economic growth forecast is estimated ~7.3% improve further on likely sustained demand growth with
in FY20 as per IMF, benefiting from moderating oil incremental new supplies at a slower pace vis-à-vis
prices and expected fiscal push. India is less exposed to increment demand.
a slowdown in global manufacturing trade growth than It is against this background, that we share your
other major Asian economies and emerging markets and
Company’s performance during FY19.
is poised to grow at a relatively stable pace. During FY19
(up to February, 2019), merchandise exports from India BUSINESS PERFORMANCE
have increased 8.85% year-on-year to US$ 298.47 billion,
while services exports have grown 8.54% year-on-year Production and Capacity Utilisation (grey cement):
to US$ 185.51 billion. Net employment generation in the
Particulars FY19 FY18 % change
country reached a 17-month high in January, 2019. With
a stable Government at the Centre, the country should Installed capacity (MTPA) 88.50 85.00 4
continue on its path of economic reforms leading to an Production (MMT) 67.20 57.23 17
increase in employment opportunities and consumption.
Capacity Utilisation 76% 71% 5
The Indian cement industry witnessed another good year
of favorable demand scenario. During FY19, industry MTPA – Million Metric Tonnes Per Annum.
achieved double digit volume growth, last witnessed in MMT– Million Metric Tonnes.
FY10. Commendable to note is the volume growth of
During the year, your Company commissioned a
~13% achieved this year in continuation of ~ 9% growth
greenfield cement capacity of 3.50 MTPA at Manavar,
in FY18.
District Dhar, Madhya Pradesh, taking its total capacity
Demand from infrastructure is witnessing growth at a fast to 88.50 MTPA. Besides this, your Company also
pace, backed by Government’s thrust on infrastructure completed the acquisition of Binani Cement Limited
development viz. construction of roads, metro rail (“BCL”), renamed as UltraTech Nathdwara Cement
projects, airports renovation, irrigation projects etc. Limited (“UNCL”), having an installed capacity of 6.25

MTPA in India. With this, the total cement capacity for month on month. As the next phase of improvement, it is
your Company has enhanced to 94.75 MTPA in India and now proposed to invest in Waste Heat Recovery Systems
along with its other subsidiary Star Cement the total (“WHRS”).
capacity of your company stands at 98.75 MTPA. UNCL
Figures in MMT
has operations in UAE and China with a total capacity
of 5.2 MTPA. These companies are held for disposal Particulars FY19 FY18 % Change
and hence not counted as part of your Company’s total Domestic Sales 69.52 57.75 20
capacity.
Exports & Others 3.00 2.90 3
Cement production jumped 17% from 57.23 million
tonnes in the previous year to 67.20 million tonnes. The Total Sales Volume 72.52 60.65 20
increase in production is on account of healthy cement
Domestic sales volume registered a 20% growth, which
demand growth and benefit from increased utilisation
is higher as compared to likely industry growth of ~ 13%.
of the capacities acquired in FY18, where utilisation
Some of the key drivers are:
improved from 53% in the previous year to 72%. Capacity
utilisation also improved 5% on expanded capacity base. (i) Full year benefit of acquired capacity coupled with
increased utilisation level;
With the successful integration of the acquisition
completed in June, 2017 and subsequent improvements (ii) Increased rural penetration, with higher contribution
carried out, these plants are now operating in line with from UltraTech Building Solutions (“UBS”). There
the existing plants of your Company. A planned shutdown are altogether 1,915 such outlets, with 300 being
was undertaken at one of the acquired plants in Madhya added during FY19;
Pradesh for cost improvements, the benefits of which
(iii) higher demand from institutional segment, where
will be fully achieved in Q1FY20. Having achieved a cash
UltraTech is the most preferred brand; and
break even already, the acquisition is now on course to
achieve a PBT break even. The acquisition is generating (iv) Additional sales volume upon acquisition of UNCL
incremental earnings as planned, which are growing w.e.f. 20th November, 2018.
FINANCIAL PERFORMANCE
(` in crores)
Standalone Consolidated
FY19 FY18 FY19 FY18
Net Turnover 35,105 28,930 36,775 30,541
Domestic 34,603 28,455 34,626 28,455
Exports 502 475 2,149 2,086
Other Income 1,070 1,027 1,042 1,026
Total Expenditure 29,183 23,475 30,591 24,833
Profit before Interest, Depreciation and Tax (PBIDT) 6,992 6,483 7,226 6,734
Less: Depreciation 2,010 1,764 2,140 1,848
Profit before Interest and Tax (PBIT) 4,982 4,719 5,086 4,885
Interest 1,419 1,191 1,548 1,237
Profit before Impairment and Tax Expenses / share in 3,562 3,528 3,538 3,648
profit of Associates
Stamp duty on acquisition of assets - (226) - (226)
Impairment of assets - - - (75)
Impairment on deconsolidation of subsidiary - - - (46)
Profit before Tax Expenses 3,562 3,302 3,538 3,301
Tax Expenses 1,106 1,071 1,106 1,077
Profit after tax 2,456 2,231 2,432 2,224
Profit attributable to Non-controlling Interest - - (3) 2
Profit attributable to Owner of the parent 2,456 2,231 2,435 2,222

Net Turnover: - Entering into agreements with third parties for
procuring solar power under ‘Group captive
Your Company’s Net Turnover at ` 35,105 crores is
scheme’, which are under implementation. The
higher over the previous year, driven by higher sales
overall capacity of such tie-ups will increase
volume and improvement in cement prices.
from 62.5 MW to over 500 MW by end of FY21 and
Other Income: cater to ~ 10% of the total power requirement;
Other income is higher compared to the previous year - Use of low cost fuels viz. industrial waste
due to an increase in State Industrial incentives benefit increased from 3% in the previous year to 3.3%.
consequent to the commissioning of capacity in Madhya Around 3.48 LMT industrial waste has been
Pradesh and full year benefits from the acquired used in the kilns;
capacities.
- Power consumption improvement by 100 bps;
Operating Profit (PBIDT) and Margin: - Improved thermal power plant efficiency by
PBIDT for the year at ` 6,992 crores is higher by 8% over reducing auxiliary consumption power.
the previous year. Operating margin declined marginally
(ii) Input material cost:
due to increase in operating costs.
Raw materials cost saw an increase of 4% from
Cost Highlights: ` 473/t to ` 491/t due to increase in slag, iron ore,
(i) Energy Cost: aluminous clay and fly-ash prices and additional
limestone on transfer of lime stone mines in your
Overall energy cost rose 14% from ` 938/t to
Company’s name.
` 1,068/t, attributable to an increase in pet coke
and coal prices. Imported pet coke prices rose 6% To mitigate the impact of the rise in raw material
from US$ 96/t to US$ 102/t coupled with the impact prices, your Company is working on identifying
of currency depreciation of 8% over previous year new sources of materials and alternative low costs
and full year impact of hike in import duty on pet materials. Besides, increasing the clinker to cement
coke from 2.5% to 10% w.e.f. December, 2017. conversion ratio with the launch of new products,
Consequently, effective landed cost of imported pet including composite cement have been started.
coke in energy terms increased more than 20% over
the previous year. Compared to imported pet coke, (iii) Freight and Forwarding expenses:
the average price increase for domestic pet coke
Logistics cost increased from ` 1,124/t to ` 1,170/t,
was higher at 27%, which forms over 60% of total
due to an increase in diesel prices by 16%.
power consumption during FY19.
Increase in cost on account of higher diesel prices was
To curb the impact of the increase in fuel prices,
partially negated with optimisation of lead distance,
your Company continuously works on efficiency
improvement. Key initiatives towards these are: realising synergy benefit from the acquisition and
commissioning the 3.5 MTPA capacity in the State
- Focus on increasing usage of renewable energy of Madhya Pradesh. During the year, your Company
(WHRS, Solar and Wind power), the total share has reduced the overall lead distance by ~ 5% over
of which increased to 8.5%, which was 100
the previous year and 10% since June, 2017.
bps higher over the previous year. During the
year, your Company commissioned 26 MW (iv) Employee costs:
of WHRS capacity, which is under ramp-up
and the full benefit of which will be realised Employee cost went up by 13% from ` 1,706
from FY20 onwards. Your Company is further crores in the previous year to ` 1,926 crores. This
setting up 46 MW of WHRS capacity, expected was on account of normal annual increments,
to be commissioned in FY21. This would cater commissioning of new plants and full year impact of
to ~ 12% of your Company’s current total power the cost of employees from the acquisition in June,
requirement; 2017.

Depreciation: Cash Flow Statement
Depreciation for the year at ` 2,010 crores is higher by (` in crores)
` 246 crores over the previous year, mainly on account of FY19 FY18
the full year impact of the acquisition and capitalisation Sources of Cash
of new capacity.
Cash from operations 5,800 4,885
Finance Cost: Non-operating cash flow 285 192
Increase in finance cost from ` 1,191 crores to ` 1,419 Proceeds from issue of share capital 5 16
crores relate to the full year impact of the acquisition Proceeds from sale of investment - 3,540
and additional debt taken during the year for acquiring (net)
UNCL.
Increase in Borrowings 710 -
Your Company does not accept any fixed deposits from
Total 6,800 8,633
the public falling under Section 73 of the Companies
Act, 2013 (“the Act”) and the Companies (Acceptance of Uses of Cash
Deposits) Rules, 2014. Net capital expenditure 1,527 1,836
Increase in investment 2,653 -
Credit rating:
Increase in working capital 464 1,267
Your Company has adequate liquidity and a strong
Balance Sheet. CRISIL and India Ratings and Research Repayment of borrowings (net) - 4,027
have re-affirmed their credit rating as CRISIL AAA and Interest 1,373 1,159
IND AAA for Long Term and CRISIL A1+ and IND A1+ for Dividend 346 331
Short Term respectively.
Purchase of Treasury Shares 81 -
Income Tax: Total 6,444 8,620
Income tax expenses increased in line with an increase Increase / (Decrease) in cash & 356 13
in taxable income. cash equivalents
Net Profit: Sources of Cash

Profit after tax increased by 10% from ` 2,231 crores to Cash from operations:
` 2,456 crores. Cash from operations was higher compared to the
previous year, on account of higher sales volume.
Significant changes in key financial ratios, along with
detailed explanations: Non-Operating Cash Flow:
There have been no significant changes (more than 25%) Cash from non – operations was higher due to higher
in the key financial ratios as indicated below: interest income.
Particulars FY19 FY18 % Change
Borrowings:
Debtors Turnover (Days) 22 21 3.96
During the year, your Company raised ` 5,360 crores
Inventory Turnover (Days) 41 46 (11.86)
for the refinancing of loans availed / transferred for
Interest Coverage Ratio 3.50 3.96 (11.61) the acquisition of Jaiprakash Associates Limited and
Current Ratio 1.02 0.94 8.15 Jaypee Cement Corporation Limited’s cement capacity.
Your Company raised ` 1,500 crores, which is placed
Debt Equity Ratio (Gross) 0.65 0.67 (3.52)
with UNCL as intercorporate deposits for repayment
Debt Equity Ratio (Net) 0.53 0.46 15.05 of financial and operational creditors. Your Company
Operating Profit Margin (%) 18.57 19.73 (1.15) availed ` 245.32 crores as interest free loan under an
Net Profit Margin (%) 7.00 7.48 (0.49) incentive scheme of a State government and repaid
existing long-term borrowings of ` 884 crores in line
Return on Net Worth (%) 9.12 8.95 0.17
with the agreed repayment schedule.

Uses of Cash of ` 380.76 crores (including tax on dividend of ` 64.92
crores) compared to ` 347.61 crores (including tax on
Net Capital Expenditure:
dividend of ` 59.27 crores) paid for FY18.
Your Company spent over ` 1,600 crores on various
In terms of the provisions of Regulation 43A of the
capex during the year, primarily towards:
Securities and Exchange Board of India (Listing Obligations
- completing work remaining on the green field and Disclosure Requirements) Regulations, 2015 (“Listing
plant at Manavar, District Dhar, Madhya Pradesh, Regulations”) your Company has formulated a dividend
commissioned during Q1FY19; distribution policy. The policy is given in Annexure I to this
- ongoing capex at Bara Grinding Unit, expected to be Report. It is also accessible from your Company’s website
commissioned by Q2FY20; www.ultratechcement.com.
- WHRS - currently work is in progress at 4 different
plant locations, to be operational by FY21; and CAPITAL EXPENDITURE PLAN
- other modernisation capex schemes. Your Company commissioned a greenfield capacity of
3.5 MTPA at Manavar District – Dhar, Madhya Pradesh
Increase in Investments: in June, 2018. This project went on stream in a record
Your Company completed the acquisition of UNCL time of less than 365 days, setting a global benchmark
under the provisions of the Insolvency and Bankruptcy for size of such capacity. The plant has already scaled
Code, 2016. Upon infusion of funds to the extent of up to full capacity and Clinkerisation section operated at
` 3,400 crores; taking over management control and 100% during Q4 FY19.
re-constitution of the Board of Directors; UNCL became Work on the 4.0 MTPA Bara Grinding unit is now
a wholly-owned subsidiary of your Company w.e.f. progressing satisfactorily and is expected to be
20th November, 2018. commissioned by Q2 FY20.
Increase in Working Capital: Your Company has a current cement capacity of 94.8
MTPA in India, which will be augmented to 98.8 MTPA in
Working capital increased on account of an increase
India post commissioning of the Bara capacity.
in inventory, trade receivables, outstanding incentive
receivables under State Industrial Investment Promotion Your Company has further plans to spend ~ ` 2,000
Schemes and upfront royalty payment for the transfer of crores in FY20, related to remaining work at Bara,
mines. WHRS projects, development of coal block at Bicharpur,
packaging terminal at Mumbai, wall care putty projects
Purchase of Treasury Shares: and other normal maintenance capex.
The UltraTech Employee Welfare Trust constituted
in terms of your Company’s Employee Stock Option CORPORATE DEVELOPMENT
Scheme, 2018 (“ESOS 2018”) acquired equity shares of
UltraTech Nathdwara Cement Limited:
your Company to be allotted to eligible employees under
ESOS 2018. As per the Ind AS, purchase of own equity The National Company Law Appellate Tribunal (“NCLAT”)
th
shares are treated as treasury shares. by its order dated 14 November, 2018 approved your
Company’s Resolution Plan for acquiring BCL under the
Transfer to General Reserve: provisions of the Insolvency and Bankruptcy Code, 2016,
as amended. BCL became a wholly-owned subsidiary
Your Company proposes to transfer an amount of ` 1,800
crores to the General Reserves. of your Company w.e.f. 20th November, 2018 and it was
re-named UltraTech Nathdwara Cement Limited, w.e.f.
th
DIVIDEND 13 December, 2018.
Your Directors have recommended a dividend of ` 11.50 The acquisition provides your Company access to large
per equity share (` 10.50 per equity share in the previous reserves of high quality limestone. It consolidates your
year) of ` 10/- each for the year ended 31st March, 2019. Company’s leadership in the fast growing Northern
The dividend distribution would result in a cash outgo and Western markets in the country. Major overhauling

of the plants was undertaken in Q4FY19 to improve ESOS–2013
production efficiencies. The plants have been ramping
During the year, 21,539 Stock Options and 6,207
up on capacity utilisation, achieving 72% in the month of
Restricted Stock Units (“RSUs”) have been vested in
March, 2019. After completing quality upgradation, the
eligible employees. The NRC Committee allotted 28,735
UltraTech brand has been successfully launched from
equity shares of ` 10/- each of your Company upon
the plants. UNCL has a capacity of 6.25 MTPA in the
exercise of Stock Options and RSUs by the employees.
State of Rajasthan.
The paid-up equity share capital of your Company
Scheme of Demerger – Century Textiles and Industries increased from 27,46,13,985 equity shares of ` 10/- each
Limited: to 27,46,42,720 equity shares of ` 10/- each.
Your Company’s Board of Directors approved a Scheme ESOS–2018

of Demerger amongst Century Textiles and Industries
Limited (“Century”), your Company and their respective The Board of Directors of your Company have, based on
shareholders and creditors (“the Scheme”). In terms of the recommendation of the NRC Committee, approved
the Scheme, Century will demerge its cement business formulation of a new scheme viz. ‘UltraTech Cement
into your Company. Century’s cement business consists Limited Employee Stock Option Scheme 2018’ (“ESOS –
of 3 integrated cement units in Madhya Pradesh, 2018”) in terms of the Securities and Exchange Board
Chhattisgarh and Maharashtra and a grinding unit in of India (Share Based Employee Benefits) Regulations,
West Bengal. In terms of the Scheme, your Company will 2014 (“the SEBI SBEB Regulations”). ESOS-2018
issue 1 (one) equity share of face value of ` 10/- each for will be administered by the NRC Committee through
every 8 (eight) equity shares of Century of face value of a trust, viz. the UltraTech Employee Welfare Trust.
` 10/- each to the shareholders of Century. The Scheme Shareholders of your Company have by resolution
having received the approval from the stock exchanges, dated 4th October, 2018 approved ESOS–2018. The NRC
Competition Commission of India and the shareholders, Committee has on 18th December, 2018 formulated
is now awaiting approval of the National Company ESOS–2018 and granted 158,304 Stock Options at
an exercise price of ` 4,009.30/- per Stock Option
Law Tribunal, Mumbai Bench and other regulatory
exercisable into the same number of equity shares of
authorities as may be required.
` 10/- each and 43,718 RSUs at an exercise price of
Upon completion of the acquisition of Century’s cement ` 10/- each.
assets, your Company’s total capacity will reach
113.35 MTPA. In terms of the provisions of the SEBI SBEB Regulations,
the details of the Stock Options and RSUs granted under
CORPORATE GOVERNANCE the above mentioned Schemes are available on your
Your Directors reaffirm their continued commitment to Company’s website viz. www.ultratechcement.com.
good corporate governance practices. During the year A certificate from the Statutory Auditor on the
under review, your Company was in compliance with the implementation of your Company’s Employee Stock
provisions relating to corporate governance as provided Option Schemes will be placed at the ensuing Annual
under the Listing Regulations. The compliance report General Meeting (“AGM”) for inspection by the Members.
is provided in the Corporate Governance section of this
Annual Report. The auditor’s certificate on compliance AWARDS
with the conditions of corporate governance of the
Your Company’s efforts in various areas of its operations
Listing Regulations is given in Annexure II to this
continue to receive recognition. Some of the prestigious
Report.
awards and recognition conferred on your Company
EMPLOYEE STOCK OPTION SCHEMES during the year comprise of:
ESOS-2006 - Silver Prize in ‘6th FICCI Quality Systems Excellence
Awards 2018’ in the Large Category Manufacturing
Under ESOS-2006, the Nomination Remuneration and
Sector – Aditya Cement Works;
Compensation Committee (“NRC Committee”) has
allotted a total of 286,504 equity shares of ` 10/- each of - CII-ITC Sustainability Awards-2018, Government of
your Company. India – Aditya Cement Works;

- CII-ITC Sustainability Awards (Commendation - Water positive cement;
for Significant Achievement in Environment - Fire resisting cement and concrete;
Management Category) – Vikram Cement Works;
- Rapid hardening 3D printable mortar and concrete;
- ET Now CSR Leadership Award, Concern for health
- Red mud based cementitious material.
2019 - Dhar Cement Works;
Your Company’s R&D is future-ready and already
- Golden Peacock Award – Environmental
National Accreditation Board for Testing and Calibration
Management, Ready Mix Concrete (“RMC”); Laboratories (“NABL”) accredited. It has enhanced its
- Ramkrishna Bajaj National Quality Award - capabilities in Pollution Abatement and Carbon Capture,
Certificate of Merit, RMC; Nanotechnology of Cement and Concrete, Concrete
Durability, Concrete Rheology, 3D printable Concrete,
- Ramkrishna Bajaj National Quality Award - Best
Geopolymer Concrete, Modelling Cement & Concrete
Practice in Manufacturing Sector, RMC;
hydration and Chemical Admixtures for cement and
- Economic Times Innovation Award - Innovation for concrete.
Sustainability; RMC. Your Business R&D actively and closely collaborates
with the Aditya Birla Science and Technology Company
RESEARCH AND DEVELOPMENT Private Limited (“ABSTCPL”) and Academia, and
Your Company’s Research and Development (“R&D”) represents your Company in national and international
focused on the development of new types of products, scientific and technical forums.
processes and technologies in line with current and
futuristic customer requirements. It provided top- SUSTAINABILITY
class scientific and technical support to various It has always been your Company’s endeavor to enhance
manufacturing Units, Key Account customers, its environment conservation measures, continue
Marketing, RMC and Corporate Cells. Your Company’s to be profitable and sensitive towards societal well-
R&D tracked global developments in the fields of being. Your Company has been consistently adopting
cement, concrete and construction materials to ensure new technologies that are cleaner and greener. Your
it remains at the highest level of scientific and technical Company’s plants and processes are constantly driven
progress. Customers, Sustainability, Innovation, Quality to become more energy efficient, given its quest to
and Profitability are key attributes of all R&D projects. become better stewards of natural resources. With its
thrust on the use of alternative fuels, your Company
These have resulted in process optimisation and
has been relentlessly striving to reduce consumption
debottlenecking, natural raw materials preservation
of fossil fuels by substituting these with wastes from
and promotion of alternative raw materials, while
other industries. These efforts have resulted in around
complying with quality and environmental norms. It not 3% of your Company’s fuel requirements being met
only explored newer ways of preserving the environment through the use of alternative fuels. Your Company also
and non-renewable resources but also encouraged all continues to increase the use of renewable energy as
stakeholders to utilise resources responsibly. Towards part of its energy mix. It is currently exploring further
this end, your Company’s R&D has developed premium opportunities for purchase of green power as well as
products that extend the life of limestone deposits, investment in solar and wind generation.
reduce clinker factor, save fossil energy, while ensuring Your Company has set a target to reduce its CO2
top product attributes and functionality. intensity by 25% by FY21, as compared to FY06. During
Your Company’s R&D has developed new products like the year, your Company cut its CO2 intensity by 18.65%
low clinker composite cement, red mud based cement, compared to FY06. In energy efficiency, your Company
has overachieved the target set by the Government of
crack resisting cement, water repelling cement, masonry
India for the first Perform, Achieve and Trade (“PAT”)
cement, a series of ultra-lightweight concrete as per ISO
cycle.
standards, a series of high impact resistance concrete
for special applications and a series of cement grinding As part of its continuing initiatives in sustainable growth,
aids and concrete admixtures. It has also developed and your Company has commenced valuation of carbon
patented the following products: emissions with the introduction of shadow price of

USD 10 per tCO2 which will enable it to consider the level, theme-based safety campaigns have been driven
impact on environment of any project / proposed capex across the organisation with an aim to further improve
in its evaluation and decision making. awareness amongst your Company’s own and contract
employees about various elements of safety.
HUMAN RESOURCES
The employees of your Company are the pillars of its CORPORATE SOCIAL RESPONSIBILITY
success and growth. After a phase of rapid growth In terms of the provisions of Section 135 of the Act
through acquisitions, your Company’s larger employee- read with the Companies (Corporate Social
base focused on realignment of their work objectives and Responsibility Policy) Rules, 2014, the Board of Directors
in setting audacious goals to support business growth. of your Company has constituted a Corporate Social
Your Company continued to invest in building talent from Responsibility (“CSR”) Committee which is chaired
within, through a structured process of identification by Mrs. Rajashree Birla. The other Members of the
and development in preparation for roles required by Committee are Mr. G. M. Dave, Independent Director;
your Company, as it grows. Employees are proud to be Mr. O. P. Puranmalka, Non-Executive Director and
part of your Company and are engaged to deliver high Mr. K. K. Maheshwari, Managing Director. Dr. Pragnya
performance. Employees have also played a voluntary Ram, Group Executive President, CSR is a permanent
role in community work across manufacturing Units and invitee to the Committee. Your Company also has in
during natural calamities such as the Kerala floods. place a CSR Policy which is available on your Company’s
As on 31st March 2019, your Company’s employee website viz. www.ultratechcement.com.
strength stood at 19,557 employees. Your Company’s CSR activities are focused on Social
Empowerment and Welfare, Infrastructure Development,
SAFETY Sustainable Livelihood, Health Care and Education.
Various activities have been initiated during the year
Safety is an integral part of your Company. With a view
in neighbouring villages around its plant locations.
to further strengthen focus, safety standards have
It infused ` 74.96 crores, being over 2% of the average
been revised to make them more effective. Standard
net profits of the last three years for the purposes of
champions’ training is organised to enhance the
CSR.
capability of our internal trainers on safety standards
and percolate the learnings down the line. In addition A report on CSR activities is attached as Annexure III
to the existing 7 (seven) safety sub-committees, 2 (two) forming part of this report.
more project safety and mines safety sub-committees
have been constituted and regular review is conducted SUBSIDIARY, JOINT VENTURE OR ASSOCIATE
to track progress of defined key performance indicators COMPANIES
of these sub-committees. Your Company’s Managing
Director chairs the Occupational Health and Safety Board In the matter of your Company’s wholly-owned
to closely review the safety performance once every two subsidiary, Gotan Lime Stone Khanij Udyog Private
months and decide the next course of action to ensure Limited (“GKUPL”), the Supreme Court of India has
that each and every person working for and on behalf of directed the State of Rajasthan to frame and notify its
your Company remains safe always. Surprise safety audit policy relating to transfer of mining lease and thereafter
by external expert agencies and Second Party Safety pass appropriate order in respect of the mining lease
Audits have been carried out at various units to evaluate of GKUPL. The State Government has notified the new
the extent of safety system implementation. Further, policy related to transfer of new mining lease, based on
Safety observation systems for identifying unsafe acts which your Company has requested the Government to
and conditions have been further strengthened. As consider reinstatement of the mines in its favour.
structural stability is critical from a safety point of view, The audited financial statements of your Company’s
almost all high-priority action points recommended in subsidiaries and joint ventures viz. Dakshin Cements
structural stability assessment have been completed to Limited, Harish Cement Limited, GKUPL, Bhagwati
ensure that structures at your Company’s Units are safe. Lime Stone Company Private Limited, UNCL, UltraTech
To take your Company’s safety culture to the next higher Cement Middle East Investments Limited, UltraTech

Cement Lanka (Pvt.) Limited, PT UltraTech Mining BUSINESS RESPONSIBILITY REPORT
Indonesia and PT UltraTech Investments Indonesia as
well as related information are available on the website In terms of Regulation 34(2)(f) of the Listing Regulations,
of your Company viz. www.ultratechcement.com and a Business Responsibility Report forms part of the
also available for inspection during business hours at Annual Report.
the registered office of your Company.
CONTRACT AND ARRANGEMENT WITH RELATED
Any Member who is interested in obtaining a copy of PARTIES
the audited financial statements of your Company’s
subsidiaries may write to the Company Secretary at the During the financial year, your Company entered into
Registered Office of your Company. related party transactions which were on arm’s length
basis and in the ordinary course of business. There are no
In accordance with the provisions of Section 129(3) of the material transactions with any related party as defined
Act, read with the Companies (Accounts) Rules, 2014, a under Section 188 of the Act read with the Companies
report on the performance and financial position of each (Meetings of Board and its Powers) Rules, 2014. All
of the subsidiaries, joint venture or associate companies related party transactions have been approved by the
is attached as Annexure IV to this Report. Audit Committee of your Company and are reviewed by it
on a periodic basis.
PARTICULARS OF LOAN, GUARANTEE AND
The policy on Related Party Transactions as approved by
INVESTMENT
the Audit Committee and the Board is available on your
Details of Loan, Guarantee and Investment covered Company’s website viz. www.ultratechcement.com.
under the provisions of Section 186 of the Act read with
The details of contracts and arrangement with related
the Companies (Meetings of Board and its Powers)
parties of your Company for the financial year ended
Rules, 2014 are given in the Notes to the standalone
31st March, 2019 is given in Note 40 to the standalone
financial statements.
financial statements of your Company.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE RISK MANAGEMENT

Information on conservation of energy, technology Risk is an integral and unavoidable component of
absorption and foreign exchange earnings and outgo, business and your Company is committed to managing
required to be disclosed pursuant to Section 134(3)(m) risk in a proactive manner. Though risks cannot be
of the Act read with the Companies (Accounts) Rules, completely eliminated; an effective risk management
2014 is given in Annexure V to this Report. plan ensures that risks are reduced, avoided, retained or
shared. To have oversight of your Company’s risks, the
PARTICULARS OF EMPLOYEES Risk Management and Sustainability Committee of your
Company is mandated to review the risk management
Disclosures pertaining to remuneration and other
plan / process of your Company. Through the annual
details as required under Section 197(12) read with
risk report processes which are based upon Business
the Companies (Appointment and Remuneration of
Environment, Operational Controls and Compliance
Managerial Personnel) Rules, 2014 are attached as
Procedures, your Company aims to assess and prioritise
Annexure VI. In accordance with the provisions of Section
risks according to their significance and likelihood.
197(12) of the Act read with the Companies (Appointment
The Risk Management and Sustainability Committee
and Remuneration of Managerial Personnel) Rules,
oversees the risk management processes to analyse the
2014, the names and other particulars of employees
risks more deeply and to define risk mitigation actions
drawing remuneration in excess of the limits set out in
where necessary.
the aforesaid Rules, forms part of this Report. However,
in line with the provisions of Section 136(1) of the Act, the Given the challenging and dynamic environment of your
Report and Accounts as set out therein, are being sent Company’s operations, strategies for mitigating the
to all Members of your Company excluding the aforesaid inherent risks in accomplishing the ambitious plans
information. Any Member, who is interested in obtaining for your Company is imperative. The Key Business
these particulars, may write to the Company Secretary risks identified by your Company includes economic
at the Registered Office of your Company. environment and market leadership, inflation and cost

of production, legal and compliance with local laws, Limestone being the primary raw material required
financial and accounting, environment and sustainability, for production of cement, its continuous and long term
information technology and talent management. availability is critical, particularly under the dynamic
regulatory environment. Your Company currently
The risk horizon considered includes long term strategic
possesses sufficient limestone reserves. Securing
risks, short to medium term risks as well as single
events. The risks are analysed considering likelihood additional reserves is critical to address your Company’s
and impact as a basis of determining their management. expansion plans. Apart from the preservation and
elongation of existing reserves, a range of measures
Key Business Risks identified by your Company including strategic sourcing and changing input mix are
Eco nomic Environment and Market Demand adopted by your Company.
Economic slowdown and subdued infrastructural Legal and Compliance

development might lead to low cement demand in The risk that your Company is found to have
the country. The demand for construction material is inadvertently violated laws covering business conduct.
fundamentally driven by economic growth / contraction The country’s regulatory framework is ever evolving
in the country. The growth in construction activity in the and the risk of non-compliance and penalties may
country has been slow over the last few years, impacting increase for your Company, leading to reputational
the cement demand. In a scenario where incremental risks. A comprehensive risk based compliance program
cement demand exceeds incremental capacity addition involving inclusive training and adherence to the Code
and the Government’s push on infrastructure and of Conduct is institutionalised by your Company. The
housing will help the growth in the cement consumption management encourages employees to place reliance
and reduce the overcapacity gap. on professional guidance and opinion to discuss the
The cement industry in India is a myriad aggregation impact of any changes in laws and regulations to
of small and large players. In such an environment the ensure total compliance. Periodic and ad hoc reporting
risk of protecting market share is optimal. With the to various internal committees for oversight ensures
expanding capacities of existing players and also the effectiveness of such program.
emergence of new entrant’s, competition is a sustained
Financial and Accounting Risks
risk. Endeavours to enhance brand equity through
innovative marketing activities and continuous efforts The risk of exposure to interest rates, foreign exchange
in improving the product portfolio and value adding rates and commodity price fluctuations. The risk
services have been the thrust areas for your Company. It management strategy is to identify the risks exposure,
is also worthwhile to note that the engineering expertise measure and evaluate the financial impact, decide on
of your Company and the emphasis on quality also steps to mitigate the risks and regular monitoring and
substantially minimises the risk of market fluctuations. reporting. With the objective of minimising risks arising
from uncertainty and volatility of foreign exchange
Inflation and Cost of Production fluctuations an elaborate financial risk management
Your Company faces the risk of inflationary nature policy is followed for every transaction undertaken in
and market-driven cost of coal, pet coke, power and foreign currency. Your Company’s policies to counter
other fuel. Changes in fuel prices can significantly such risks are reviewed periodically and aligned with the
impact the production costs as the cement industry is financial market practices and regulations.
extremely energy intensive. To de-risk, your Company Changing laws, rules, regulations and standards
has established specific policies of long deliveries and relating to accounting, corporate governance, public
continuously optimises its fuel mix and energy efficiency disclosure and listing regulations are generating
as well as explores the use of alternative fuels. newer and unforeseen risks for companies. The new
The raw materials procurement at economical cost or or changed laws, regulations and standards may lack
of suitable quality have a very high degree of inflationary precedence and are subject to varying interpretations.
certainty. Your Company has established exhaustive Their application in practice may evolve over time, as
policies of procurement of specific raw materials and new guidance is provided by regulatory and governing
stores and those amenable to just in time inventories. bodies. Your Company maintains a high standard of

corporate governance and public disclosure to de-risk Internal control systems comprising of policies and
itself from such dynamic regulatory changes. procedures are designed to ensure sound management
of your Company’s operations, safekeeping of its assets,
Environment and Sustainability optimal utilisation of resources, reliability of its financial
The risks associated with environmental pollution information and compliance. Clearly defined roles and
through the discharge of waste causing damages to responsibilities have been institutionalised. Systems
the fragile surrounding environment is a legal offence. and procedures are periodically reviewed to keep pace
Various initiatives have been undertaken by your with the growing size and complexity of your Company’s
Company like sewage treatment plants, recycling of operations.
industrial waste water, bag filters, WHRS and extensive
plantation and creation of green belts to de-risk and DIRECTOR’S RESPONSIBILITY STATEMENT
protect the environment.
The audited accounts for the year under review are in
Information Technology Risks conformity with the requirements of the Act and the
Risks related to Information Technology systems; data Accounting Standards. The financial statements reflect
integrity and physical assets. Your Company deploys fairly the form and substance of transactions carried out
Information Technology systems including ERP, SCM, during the year under review and reasonably present
Data Historian and Mobile Solutions to support its your Company’s financial condition and results of
business processes, communications, sales, logistics operations.
and production. Risks could primarily arise from the
unavailability of systems and / or loss or manipulation Your Directors confirm that:
of information. To mitigate these risks, your Company
i. in the preparation of the Annual Accounts, applicable
uses back up procedures and stores information at two
accounting standards have been followed along with
different locations. Systems are upgraded regularly with
proper explanations relating to material departures,
the latest security standards. For critical applications,
if any;
security policies and procedures are updated on a
periodic basis and users are educated on adherence to ii. the accounting policies selected have been applied
the policies so as to eliminate data leakages. consistently and judgments and estimates are made
that are reasonable and prudent so as to give a true
Talent Management
and fair view of the state of affairs of your Company
Your Company’s growth has been driven by the ability st
as at 31 March 2019 and of the profit of your
to attract and retain top quality talent and effectively Company for the year ended on that date;
engage them in the right jobs. The risks in talent
management are mitigated by following a policy of iii. proper and sufficient care has been taken for the
being an employer of choice and inculcating a sense of maintenance of adequate accounting records
belonging. Specialised training courses are adopted to in accordance with the provisions of the Act for
enhance and re-skill the employees to prepare them for safeguarding the assets of your Company and
future roles and create a talent pipeline. for preventing and detecting frauds and other
irregularities;
Your Company currently operates in 59 locations in India
and 3 overseas locations. Managing the risk of multi- iv. the Annual Accounts of your Company have been
cultural and diverse workforce is extremely critical prepared on a going concern basis;
to the sustained growth of your Company. Continuous
v. your Company had laid down internal financial
dissemination of the Group Values and a strict adherence
controls and that such internal financial controls
to the adopted Code of Conduct for the employees is
are adequate and were operating effectively;
reiterated through various forums.
vi. your Company has devised a proper system to ensure
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY compliance with the provisions of all applicable laws
Your Company has in place adequate internal control and that such systems were adequate and operating
systems commensurate with the size of its operations. effectively.

DIRECTORS Independent / Non-Executive Directors Evaluation
Re-appointment of Director Evaluation done by Board members excluding the

Director being evaluated is submitted to the Chairman
Mr. O. P. Puranmalka (DIN: 00062212) whose existing
of your Company and individual feedback provided to
term of office is upto the conclusion of the ensuing AGM
each Director.
and who is eligible for re-appointment, has expressed
his unwillingness to be so re-appointed at the ensuing
Chairman / Executive Director Evaluation
AGM due to other personal commitments.
Evaluation as done by the individual Directors is
Meetings of the Board submitted to the Chairman of the NRC Committee and
The Board of Directors of your Company met 7 (seven) subsequently to the Board.
times during the year to deliberate on various matters. The details of program for familiarisation of Independent
th th
The meetings were held on 6 April, 2018, 25 April, Directors of your Company are available on your
th th th
2018, 20 May, 2018, 18 July, 2018, 19 October, 2018, Company’s website viz. www.ultratechcement.com.
th th
19 November, 2018 and 24 January, 2019. Further
details on the Board of Directors are provided in the Policy on Appointment and Remuneration of Directors
Corporate Governance Report forming part of this and Key Managerial Personnel and Remuneration Policy
Annual Report. The NRC Committee has formulated the remuneration
policy of your Company which is attached as
Independent Director’s Statement
Annexure VII to this report.
Definition of ‘Independence’ of Directors is derived
from Regulation 16(1)(b) of the Listing Regulations and KEY MANAGERIAL PERSONNEL
Section 149(6) of the Act and Rules framed thereunder.
In terms of the provisions of Section 203 of the Act,
The Independent Directors on your Company’s Board
Mr. K. K. Maheshwari, Managing Director; Mr. K. C.
have submitted declarations of independence to the
Jhanwar, Whole-time Director (designated as Deputy
effect that they meet the criteria of independence as
Managing Director and Chief Manufacturing Officer);
provided under Section 149(6) of the Act and Regulation
Mr. Atul Daga, Whole-time Director and Chief Financial
16(1) (b) of the Listing Regulations.
Officer and Mr. S. K. Chatterjee, Company Secretary are
Formal Annual Evaluation the Key Managerial Personnel of your Company.
The evaluation framework for assessing the
AUDIT COMMITTEE
performance of Directors of your Company comprises
of contributions at the meetings, strategic perspective The Audit Committee comprises of Mr. S. B. Mathur,
or inputs regarding the growth and performance of your Mr. G. M. Dave, Mrs. Renuka Ramnath, Mrs. Alka
Company, among others. Bharucha and Mr. K. K. Maheshwari. The Committee
The NRC Committee and the Board have laid down comprises of a majority of independent directors with
the manner in which formal annual evaluation of the Mr. Mathur being the Chairman. Mr. Atul Daga, Whole-
performance of the Board, its Committees and individual time Director and CFO is the permanent invitee.
Directors has to be made. It includes circulation of Further details relating to the Audit Committee are
evaluation forms separately for evaluation of the provided in the Corporate Governance Report, forming
Board and its Committees, Independent Directors / part of this Annual Report.
Non-Executive Directors / Executive Directors and the
Chairman of your Company. The process of the annual During the year under review, all recommendations
performance evaluation broadly comprises: made by the Audit Committee were accepted by the
Board.
Board and Committee Evaluation
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Evaluation of Board as a whole and the Committees is
done by the individual Directors, followed by submission Your Company has in place a vigil mechanism for
of collation to the NRC Committee and feedback to the directors and employees to report instances and
Board. concerns about unethical behaviour, actual or suspected

fraud or violation of your Company’s Code of Conduct. The observations made in the Auditor’s Report are self-
Adequate safeguards are provided against victimisation explanatory and therefore, do not call for any further
of those who avail of the mechanism and direct access comments under Section 134(3)(f) of the Act.
to the Chairman of the Audit Committee in exceptional
cases is provided to them. Cost Records and Cost Auditors
The vigil mechanism and whistle-blower policy The cost accounts and records as required to be
is available on your Company’s website viz. maintained under Section 148 (1) of Act are duly made and
www.ultratechcement.com. maintained by your Company. In terms of the provisions
of Section 148 of the Act read with the Companies (Cost
SIGNIFICANT AND MATERIAL ORDERS PASSED Records and Audit) Rules, 2014, the Board of Directors
BY THE REGULATORS of your Company have on the recommendation of the
Your Company had filed appeals against the orders of Audit Committee appointed M/s. D. C. Dave & Co., Cost
the Competition Commission of India (“CCI”) dated Accountants, Mumbai and M/s. N. D. Birla & Co., Cost
31st August, 2016 and 19th January, 2017. Upon the NCLAT Accountants, Ahmedabad, to conduct the cost audit of
disallowing its appeal against the CCI order dated your Company for the financial year ending 31st March,
31st August, 2016, the Hon’ble Supreme Court has, by 2020, at a remuneration as mentioned in the Notice
its order dated 5th October, 2018, granted a stay against convening the AGM.
the NCLAT order. Consequently, your Company has As required under the Act, the remuneration payable to
deposited an amount equivalent to 10% of the penalty cost auditors has to be placed before the Members at a
amount. general meeting for ratification. Hence, a resolution for
Your Company, backed by a legal opinion, believes that it the same forms part of the Notice of the ensuing AGM.
has a good case in both the matters and accordingly no
provision has been made in the accounts. Secretarial Auditors
In terms of the provisions of Section 204 of the Act read
AUDITORS with the Companies (Appointment and Remuneration
Statutory Auditors of Managerial Personnel) Rules, 2014, the Board
has appointed M/s. BNP & Associates, Company
Pursuant to the provisions of Section 139 of the Act
Secretaries, Mumbai as Secretarial Auditors for
and the Companies (Audit and Auditors) Rules, 2014,
conducting Secretarial Audit of your Company for the
M/s. BSR & Co. LLP, Chartered Accountants, Mumbai
financial year ended 31st March, 2019. The report of
(Registration No: 101248W/W-100022) and M/s. Khimji
the Secretarial Auditor is attached as Annexure VIII.
Kunverji & Co., Chartered Accountants, Mumbai
The Secretarial Audit Report does not contain any
(Registration No: 105146W) had been appointed as
qualification, reservation or adverse remark.
Joint Statutory Auditors of your Company for a term
of five years until the conclusion of the 20th and 21st Your Company is in compliance with the Secretarial
AGM respectively. Their appointment was subject to Standards specified by the Institute of Company
ratification by the Members at every subsequent AGM Secretaries of India.
held after their appointment.
EXTRACT OF ANNUAL RETURN
Pursuant to the amendments made to Section 139
of the Act by the Companies (Amendment) Act, 2017 In terms of the provisions of Section 92 (3) of the Act read
effective from 7th May, 2018, the requirement of seeking with the Companies (Management and Administration)
ratification of Members for the appointment of the Rules, 2014, an extract of the Annual Return of your
Statutory Auditors has been withdrawn. Therefore, Company for the financial year ended 31st March, 2019 is
ratification by the Members is not being obtained at the given in Annexure IX to this report.
ensuing AGM.
The Joint Statutory Auditors have however confirmed OTHER DISCLOSURES
that they are not disqualified to continue as Auditors and – There were no material changes and commitments
are eligible to hold office as Auditors of your Company. affecting the financial position of your Company

between the end of the financial year and the date of regulations. Actual results could differ materially from
this report. those expressed or implied. Important factors that could
make a difference to your Company’s operations include
– Your Company has not issued any shares with
global and Indian demand supply conditions, finished
differential voting rights.
goods prices, feed stock availability and prices, cyclical
– There was no revision in the financial statements. demand and pricing in your Company’s principal markets,
_ There has been no change in the nature of business changes in Government regulations, tax regimes,
of your Company. economic developments within India and the countries
within which your Company conducts business and
– Your Company has not issued any sweat equity other factors such as litigation and labour negotiations.
shares. Your Company is not obliged to publicly amend, modify
– Disclosures as per the Sexual Harassment of or revise any forward looking statements, on the basis
Women at Workplace (Prevention, Prohibition and of any subsequent development, information or events
Redressal) Act, 2013 (“POSH Act”): Your Company or otherwise.
has adopted zero tolerance for sexual harassment
at workplace and has formulated a policy on ACKNOWLEDGEMENT
prevention, prohibition and redressal of sexual Your Directors express their deep sense of gratitude to
harassment at workplace in line with the provisions the banks, financial institutions, stakeholders, business
of the POSH Act and the rules framed thereunder associates, Central and State Governments for their
for prevention and redressal of complaints of sexual support and look forward to their continued assistance
harassment at workplace. Your Company has in future. We thank our employees for their contribution
complied with provisions relating to the constitution to your Company’s performance. We applaud them for
of Internal Committee under the POSH Act. During their superior levels of competence, dedication and
the year under review, your Company received five commitment to your Company.
complaints of sexual harassment, all of which have
been resolved. There was no complaint pending as
on 31st March, 2019. For and on behalf of the Board
CAUTIONARY STATEMENT
Statements in the Directors Report and the Management
Discussion and Analysis describing the Company’s Kumar Mangalam Birla
objectives, projections, estimates, expectations or Chairman
predictions may be “forward looking statements” (DIN: 00012813)
within the meaning of applicable securities laws and Mumbai, 24th April, 2019

ANNEXURE I
DIVIDEND DISTRIBUTION POLICY
1.0 Introduction
1.1 As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the Company
is required to formulate and disclose its Dividend Distribution Policy. Accordingly, the Board of Directors of the
Company (‘the Board’) has approved this Dividend Distribution Policy.
1.2 The objective of this policy is to provide clarity to stakeholders on the dividend distribution framework to be
adopted by the Company. The Board of Directors shall recommend dividend in compliance with this policy, the
provisions of the Companies Act, 2013 and Rules made thereunder and other applicable legal provisions.
2.0 Target Dividend Payout
2.1 Dividend will be declared out of the current year’s Profit after Tax of the Company.
2.2 Only in exceptional circumstances including but not limited to loss after tax in any particular financial year, the
Board may consider utilising retained earnings for declaration of dividends, subject to applicable legal provisions.
2.3 ‘Other Comprehensive Income’ (as per applicable Accounting Standards) which mainly comprises of unrealized
gains/losses, will not be considered for the purpose of declaration of dividend.
2.4 The Board will endeavour to achieve a dividend payout ratio (gross of dividend distribution tax) in the range of
15% to 25% of the Standalone Profit after Tax, net of dividend payout to preference shareholders, if any.
3.0 Factors to be considered for Dividend Payout
The Board will consider various internal and external factors, including but not limited to the following before
making any recommendation for dividend:
− Stability of earnings
− Cash flow position from operations
− Future capital expenditure, inorganic growth plans and reinvestment opportunities
− Industry outlook and stage of business cycle for underlying businesses
− Leverage profile and capital adequacy metrics
− Overall economic / regulatory environment
− Contingent liabilities
− Past dividend trends
− Buyback of shares or any such alternate profit distribution measure
− Any other contingency plans
4.0 General
Retained earnings will be used for the Company’s growth plans, working capital requirements, debt repayments
and other contingencies.
5.0 Review
This policy would be subject to revision/amendment on a periodic basis, as may be necessary.
6.0 Disclosure
This policy (as amended from time to time) will be available on the Company’s website and in the annual report.

ANNEXURE II
AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE
To the Members of
We have examined the compliance of conditions of Corporate Governance by UltraTech Cement Limited (the
‘Company’), for the year ended March 31, 2019, as per the relevant provisions of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (‘Listing Regulations’).
The compliance of conditions of Corporate Governance is the responsibility of the management. This responsibility
includes the design, implementation and maintenance of internal control and procedures to ensure the compliance
with the conditions of the Corporate Governance stipulated in Listing Regulations.
Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for
ensuring compliance with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion
on the financial statements of the Company.
We have examined the books of account and other relevant records and documents maintained by the Company for
the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the
Company.
We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note
on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the
Standards on Auditing specified under Section 143(10) of the Companies Act, 2013, in so far as applicable for the
purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by the
ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and
Related Services Engagements.
Based on our examination of the relevant records and according to the information and explanations given to us,
we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above
mentioned Listing Regulations.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
For Khimji Kunverji & Co.

Chartered Accountants
Firm’s Registration No: 105146W
Ketan Vikamsey
Partner
Membership No: 044000
Mumbai
April 24, 2019

ANNEXURE III
ANNUAL REPORT ON CSR ACTIVITIES
1. A brief outline of the Company’s CSR policy, : To actively contribute to the social and economic development
including overview of projects or programs of the communities in which we operate. In so doing and built
proposed to be undertaken and a reference a better, sustainable way of life for weaker sections of society,
to the web link to the CSR policy and to contribute effectively towards inclusive growth and raise the
projects or programs country’s human development index. Our projects focus on –
education, healthcare, sustainable livelihood, infrastructure
development and social reform, epitomizing a holistic approach
to inclusive growth.
The Company’s CSR policy can be accessed on:
http://www.ultratechcement.com.
2. Composition of the CSR Committee : Mrs. Rajashree Birla, Chairperson
Mr. G. M. Dave, Member
Mr. O. P. Puranmalka, Member
Mr. K. K. Maheshwari, Member
Dr. Pragnya Ram, Group Executive President,
CSR, Permanent Invitee
3. Average net profit of the Company for last : ` 3,059 crores
three financial years
4. Prescribed CSR Expenditure (two percent : ` 61.18 crores
of the amount as in item 3 above)
5. Details of CSR spent during the financial year
Total amount to be spent for the financial year : ` 74.96 crores
Amount unspent, if any : Nil
Manner in which the amount spent during the : Details given below
financial year
(1) (2) (3) (4) (5) (6) (7) (8)

Sr. CSR Project / Activity identified Sector in which Project / Programs (1) Local Amount Outlay Amount spent Cumulative Amount spent:
No. the project is Area / others (2) Specify the (budget) on the project Expenditure Direct /
covered State / District where the Project / / programs upto to the through
Project Undertaken Program wise Sub-heads: Reporting implementing
(1) Direct Period agency
expenditure
on project /
programs (2)
Overheads
(` in crores) (` in crores) (` in crores)
1. 1. Preschool education project Education Rajasthan – Jodhpur, Nagaur, 1.03 0.19 36.02 Direct/
Balwadis / playschools / crèches, Jaipur, Chittorgarh, Jhalawar Implementing
strengthening Anganwadi Centre and Baran; Agency
Madhya Pradesh – Neemuch,
Dhar;
Gujarat – Amreli, Bhuj;
Maharashtra – Chandrapur,
Solapur, Ratnagiri;
Chhattisgarh – Baloda Bazar;
Karnataka – Gulbarga;
Andhra Pradesh – Kurnool,
Anantapur;
Tamilnadu – Ariyalur;
Odisha – Jharsuguda;

(1) (2) (3) (4) (5) (6) (7) (8)
expenditure
on project /
programs (2)
Overheads
2. School Education Project West Bengal – Bolpur; 17.74 18.37
Enrollment awareness programs/ Bihar – Patna, Nalanda;
event, Formal schools outside Haryana – Jhajjar, Panipat;
campus (Company run), Education Uttar Pradesh – Aligarh;
Material (Study materials, Punjab – Bathinda;
Uniform, Books etc), Scholarship Uttar Pradesh - Dalla;
(merit and need based Himachal Pradesh - Solan,
assistance), School competitions Bilaspur.
/ best teacher award, cultural
events, quality of education
(support teachers, Improve
education methods), specialised
coaching, exposure visits /
awareness, formal schools inside
campus (Company Schools),
Support to Midday Meal Project.
3. Education support programs 1.80 0.80
Knowledge centre and library,
adult and non formal education,
celebration of national days /
International days, computer
education, reducing drop-
out and continuing education
(Kasturba balika / bridge courses
/ counseling), Career counseling
and orientation.
4. Vocational and Technical 7.35 6.77
Education
Strengthening ITI’s, skills based
individual training program
5. School Infrastructure 8.70 9.89
Buildings and civil structures
(new), buildings and civil
structures (renovation and
maintenance), school sanitation /
drinking water, school facilities
and fixtures (furniture /
blackboards / computers)
2. 1. Preventive Health Care Health Rajasthan – Jodhpur, Nagaur, 0.50 0.49 7.47 Direct/
Immunisation, Pulse polio Jaipur, Chittorgarh; Implementing
immunisation, Health Check- Madhya Pradesh – Neemuch; Agency
up camps, Ambulance Mobile Gujarat – Amreli, Bhuj;
Dispensary Program, Malaria / Maharashtra – Chandrapur,
Diarrhoea / Control programs, Solapur, Ratnagiri;
Health & Hygiene awareness Chhattisgarh – Baloda Bazar;
programs, School health / Eye / Karnataka – Gulbarga;
Dental camps, Yoga / fitness Andhra Pradesh – Kurnool,
classes. Anantapur;
Tamilnadu – Ariyalur;
2. Curative Health Care program 2.87 2.74
Odisha – Jharsuguda;
General Health camps,
West Bengal – Bolpur;
Specialised Health Camps,
Uttar Pradesh - Dalla;
Eye camps, Treatment Camps
Himachal Pradesh - Solan,
(Skin, cleft,etc.), Cleft camp,
Bilaspur.
Homeopathic / Ayurvedic Camps,
Surgical camps, Tuberculosis /
Leprosy Company operated
hospitals/ dispensaries / clinic.

(1) (2) (3) (4) (5) (6) (7) (8)
expenditure
on project /
programs (2)
Overheads
3. Reproductive and Child Health 0.55 0.11
Mother and child health care
(ante natal care, pre natal care
and neonatal care), adolescent
health care, infant and child
health (Healthy baby competition),
support to family planning /
camps, nutritional programs for
mother / child.
4. Quality/ Support Program 0.17 0.14
Referral services treatment of
BPL, old age or needy patient,
HIV- AIDS Awareness Program,
RTI/ STD Awareness Program,
Support for differently abled,
Ambulance services, Blood
donation camps, blood grouping.
5. Health Infrastructure 2.03 3.99
Buildings and civil structures
(new), buildings and civil
structures (renovation and
maintenance), village community
sanitation (toilets/ drainage),
individual toilets, drinking water
new sources, (Hand pump / RO
/ Water Tank / well), drinking
water existing sources (operation
/ maintenance), water source
purification.
3. 1. Agriculture and Farm Based Environment Rajasthan – Jodhpur, Nagaur, 2.07 0.18 4.03 Direct/
Agriculture & horticulture training and livelihood Jaipur, Chittorgarh; Implementing
program / farmers group transfer Madhya Pradesh – Neemuch; Agency
of technology-demonstration Gujarat – Amreli, Bhuj;
plots, support for horticulture Maharashtra – Chandrapur,
plots, seeds improvement Solapur, Ratnagiri, Nagpur;
program, support for improved Chhattisgarh – Baloda Bazar;
agriculture equipment and Karnataka – Gulbarga;
inputs, Exposure visits / support Andhra Pradesh – Kurnool,
for agricultural mela, integrated Anantapur;
agricultural / horticultural Tamilnadu – Ariyalur;
improvement program / Odisha – Jharsuguda;
productivity improvement Uttar Pradesh - Dalla;
programs, soil health and organic Himachal Pradesh - Solan,
farming. Bilaspur.
2. Animal Husbandry Based 1.04 0.49
Treatment and vaccination,
breed improvement productivity,
improvement programs and
training.
3. Non-farm & Skills Based Income 1.08 0.68
generation program
Capacity building program-
Tailoring, Beauty Parlour,
Mechanical, Rural Enterprise
development & Income Generation
Programs, Support to SHGs for
entrepreneurial activities.

(1) (2) (3) (4) (5) (6) (7) (8)
expenditure
on project /
programs (2)
Overheads
4. Natural Resource 3.08 2.08
conservation programs &
Non-conventional Energy
Bio gas support program, Solar
energy support and other energy
support programs - (low smoke
wood stoves / sky light), Plantation
/ Green Belt Development
/ Roadside Plantation, Soil
conservation / Land improvement,
Water conservation and
harvesting (small structures /
bigger structures), Community
Pasture Land Development /
Orchard Development.
5. Livelihood Infrastructure 1.01 0.60
4. Rural Infrastructure Development Rural Rajasthan – Jodhpur, Nagaur, 7.50 9.09 18.39 Direct/
other than for the purpose of health/ Development Jaipur, Chittorgarh; Implementing
education / livelihood projects Gujarat- Amreli; Agency
New roads / culverts / bridges /bus Maharashtra-Chandrapur,
stands, repair roads / community Solapur, Ratnagiri;
halls / housing, other community Chhattisgarh- Baloda Bazar;
assets and shelters. Karnataka- Gulbarga;
Andhra Pradesh- Kurnool,
Support for Roads / Culverts / 2.50 3.41
Anantapur;
Bridges / Bus Stands
Tamilnadu- Ariyalur;
Community Halls Odisha- Jharsuguda; 1.03 0.68
Street lights and other community Punjab – Bathinda. 0.20 5.21
infrastructure
5. 1. Institutional building & Social Rajasthan- Jodhpur, Nagaur, 0.90 0.08 1.73 Direct/
strengthening empowerment Jaipur, Chittorgarh; Implementing
Strengthening / formation of Gujarat- Amreli, Bhuj; Agency
community based organisation Maharashtra - Solapur,
(SHGs), Support to development Ratnagiri;
organisations, Oldage Home, Chhattisgarh- Baloda bazar;
Orphanage Karnataka- Gulbarga;
2. Social Security and support to Andhra Pradesh- Kurnool, 0.20 0.18
Organisations Anantapur;
Support to old age / Widow / Tamilnadu- Ariyalur;
physically challenged person / Odisha- Jharsuguda.
poor Insurance, Pension Scheme
3. Awareness programs 0.10 0.10
Community awareness program,
Awareness campaign social
abuse Early marriage / HIV
Prevention
4. Social Events to minimise 0.35 0.36
causes of poverty
Support to mass marriage /
widow remarriage, National /
International day celebrations
with community, Support with
basic necessities.
5. Promotion of culture/ sports 0.90 0.76
Support to rural cultural
program, festivals & melas
support to rural sports.

(1) (2) (3) (4) (5) (6) (7) (8)
expenditure
on project /
programs (2)
Overheads
6. Disaster Relief Programs and - 0.25
others
6. Protection of Heritage / Art / Protection of 4.50 4.41 4.41 Direct/
Culture Heritage, art Implementing
and culture Agency
Overheads 3.50 2.91 2.91
TOTAL 72.70 74.96 74.96
Note: Implementing Agency is UltraTech Community Welfare Foundation, a company within the meaning of section 8 of the
Companies Act, 2013.
6. Reason for not spending two percent of the average net profit of the last three financial years on CSR:
Not Applicable.
7. A Responsibility Statement of the Corporate Social Responsibility Committee that the implementation and
monitoring of CSR policy is in compliance with CSR objectives and policy of the Company:
. The implementation and monitoring of CSR Policy is in compliance with CSR objectives and policy of the
Company.
K.K. Maheshwari Rajashree Birla

Managing Director Chairperson, CSR Committee
24th April, 2019 (DIN: 00017572) (DIN: 00022995)

Form AOC - 1
Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of Companies ( Accounts) Rules, 2014
Part “A” - Subsidiaries Statement containing salient features of the financial statements of subsidiaries/associate companies/joint ventures
Amount in crores
Sr. Name of the Subsidiary Companies Year Currency Share Reserves Total Assets (Non Total Liabilities (Non Details of Current Net Profit/ Provision Profit/ Proposed % of
No. Capital and Surplus Current Assets Current Liabilities and Non Current Turnover (Loss) for Taxation (Loss) after Dividend share-
including +Current Assets+ +Current Liabilities Investments before Taxation (including holding
Share Deferred Tax Assets) +Deferred tax (excluding Taxation Corporate
application excluding Current Liabilities) Investment in Dividend
Money and Non-Current the Subsidiary Tax)
ANNEXURE IV
Investments companies)-Treasury
Bill
1. Dakshin Cements Limited 2018-19 0.05 (0.05) ` 37,774 ` 73,734 - - ` (10,000) - ` (10,000) - 100%
`
2017-18 0.05 (0.05) ` 37,774 ` 63,734 - - ` (10,000) - ` (10,000) - 100%
2. Harish Cement Limited 2018-19 0.25 153.78 156.40 2.37 - - ` (1,097) - ` (1,097) - 100%
`
2017-18 0.25 153.63 156.25 2.37 - - ` (340) - ` (340) - 100%
3. Gotan Limestone Khanij Udyog Pvt. Ltd. 2018-19 2.33 18.24 21.45 0.88 - - (0.43) - (0.43) - 100%
`
2017-18 2.33 18.67 21.89 0.89 - - (0.43) - (0.43) - 100%
4. Bhagwati Lime Stone Company Pvt. Ltd. 2018-19 0.01 1.77 2.05 0.27 - 0.19 0.01 - 0.01 - 100%
`
2017-18 0.01 1.76 1.95 0.18 - - (0.05) - (0.05) - 100%
5. UltraTech Cement Lanka Pvt. Ltd. SLR 50.00 103.10 397.55 244.45 - 1,581.35 (51.97) (14.27) (37.71) -
2018-19 80%
` 19.76 40.75 157.14 96.63 - 656.16 (21.57) (5.92) (15.65) -
SLR 50.00 140.77 355.85 165.08 - 1,340.87 39.25 12.05 27.20 -
2017-18 80%
` 20.92 58.91 148.89 69.06 - 563.39 16.50 5.06 11.44 16.81
6. UltraTech Cement Middle East Investment Ltd. AED 25.13 14.43 108.64 69.08 - - (0.08) - (0.08) -
2018-19 100%
(Standalone) ` 473.11 271.76 2,045.42 1,300.54 - - (1.53) - (1.53) -
AED 25.13 15.59 112.58 71.86 - - (2.96) - (2.96) -
2017-18 100%
` 445.28 276.29 1,994.87 1,273.30 - - (52.01) - (52.01) -
7. Star Cement Co LLC, Dubai @ AED 1.50 (17.82) 35.99 52.31 - 28.94 (2.36) - (2.36) -
2018-19 100%
` 28.24 (335.52) 677.51 984.80 - 550.95 (44.94) - (44.94) -
AED 1.50 (15.51) 40.07 54.07 - 33.28 (0.71) - (0.71) -
2017-18 100%
` 26.58 (274.75) 710.02 958.19 - 584.19 (12.41) - (12.41) -
@
8. Arabian Cement Industry LLC, Abu Dhabi AED 1.00 (7.11) 16.13 22.23 - 18.97 (0.84) - (0.84) -
2018-19 100%
` 18.83 (133.80) 303.62 418.59 - 361.19 (16.05) - (16.05) -
AED 1.00 (6.27) 19.02 24.29 - 21.86 (0.71) - (0.71) -
2017-18 100%
` 17.72 (111.13) 337.08 430.49 - 383.66 (12.45) - (12.45) -
@
9. Star Cement Co LLC, Ras Al Khaimah AED 0.50 14.48 53.38 38.40 - 39.01 3.85 - 3.85 -
2018-19 100%
` 9.41 272.57 1,004.95 722.96 - 742.74 73.22 - 73.22 -
AED 0.50 11.57 95.00 82.93 - 37.62 0.44 - 0.44 -
2017-18 100%
` 8.86 204.99 1,683.32 1,469.48 - 660.25 7.67 - 7.67 -
@
10. Al Nakhla Crushers LLC, Fujairah AED 0.20 2.99 4.64 1.45 - 4.51 1.12 - 1.12 -
2018-19 100%
Annual Report 2018-19

` 3.77 56.32 87.31 27.22 - 85.93 21.40 - 21.40 -
AED 0.20 1.87 5.00 2.94 - 4.24 0.99 - 0.99 -
2017-18 100%
` 3.54 33.05 88.64 52.05 - 74.45 17.38 - 17.38 -
25
26
Amount in crores
Bill
11. UltraTech Cement Bahrain Company WLL, Bahrain 0.03 1.32 1.45 0.10 - 1.28 0.14 - 0.14 0.13
Bahrain @ Dirham
2018-19 100%
(BHD)

` 5.51 242.39 266.37 18.47 - 238.37 25.75 - 25.75 24.49

Bahrain 0.03 1.32 1.57 0.22 - 2.03 0.36 - 0.36 0.15
Dirham
2017-18 100%
(BHD)
` 5.18 227.59 271.09 38.33 - 346.46 62.44 - 62.44 24.83
12. Emirates Cement Bangladesh Ltd, Bangladesh @ Taka 158.93 (56.69) 207.12 104.88 - 239.31 49.82 6.35 43.47 -
2018-19 100%
` 131.84 (47.03) 171.82 87.01 - 199.93 41.62 5.30 36.32 -
Taka 158.93 (99.81) 222.56 163.44 - 286.49 6.40 2.65 3.75 -
2017-18 100%
` 124.35 (78.09) 174.14 127.88 - 225.77 5.05 2.09 2.95 -
@
13. Emirates Power Company Ltd, Bangladesh Taka 27.00 (16.66) 16.17 5.84 - 2.03 - (4.51) 4.51 -
2018-19 100%
` 22.39 (13.82) 13.42 4.84 - 1.69 - (3.77) 3.77 -
Taka 27.00 (21.15) 17.41 11.57 - 2.07 - - - -
2017-18 100%
` 21.12 (16.55) 13.62 9.05 - 1.63 - - - -
14. Awam Minerals LLC , Sultanate of Oman @ Omani Riyal - - - - - - - - - -
2018-19 0%
(Ceased control w.e.f. April 24, 2017) ` - - - - - - - - - -
Omani Riyal - - - - - - - - - -
2017-18 51%
` - - - - - - - - - -
15. PT UltraTech Mining Indonesia Indonesian 1,158.90 (1,038.26) 120.63 - - - (0.60) - (0.60) -
2018-19 Rupee 80%
` 5.63 (5.05) 0.58 - - - - - - -
Indonesian 1,158.90 (1,037.66) 124.73 3.50 - - (0.19) - (0.19) -
2017-18 Rupee 80%
` 5.49 (4.92) 0.59 0.02 - - - - - -
16. PT UltraTech Investment Indonesia Indonesian 1,992.40 34.08 2,037.01 10.54 - - (3.23) - (3.23) -
2018-19 Rupee 100%
` 9.68 0.16 9.90 0.06 - - (0.02) - (0.02) -
Indonesian 1,992.40 37.30 2,037.24 7.54 - - (0.21) - (0.21) -
2017-18 Rupee 100%
` 9.43 0.18 9.65 0.04 - - - - - -
17. PT UltraTech Cement Indonesia Indonesian 2,033.46 (1,382.29) 648.95 0.78 - - 34.53 - 34.53 -
2018-19 Rupee 99%
` 9.87 (6.70) 3.15 - - - 0.17 - 0.17 -
Indonesian 2,033.46 (1,416.83) 622.42 5.78 - - 22.54 - 22.54 -
2017-18 Rupee 99%
` 9.62 (6.71) 2.94 0.03 - - 0.11 - 0.11 -
Amount in crores
Bill
18. Krishna Holdings Pte. Ltd.(KHL) # USD 6.19 0.35 7.70 1.15 - - (0.00) - (0.00) - BCL-55.54%
2018-19
` 430.13 24.50 534.79 80.16 - - (0.15) - (0.15) - MHL-44.46%
USD - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
19. Mukundan Holdings Ltd. (MHL) # USD 7.70 (1.83) 10.26 4.39 - - (0.02) - (0.02) -
2018-19 100%
` 534.77 (126.96) 712.46 304.65 - - (1.24) - (1.24) -
USD - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
20. Murari Holdings Ltd. (MUHL) # USD 5.48 (0.79) 7.98 3.29 - - (0.05) - (0.05) -
2018-19 100%
` 380.60 (55.20) 553.94 228.54 - - (3.86) - (3.86) -
USD - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
21. Swiss Merchandise Infrastructure Limited # 2018-19 0.05 1.88 60.14 58.22 - - 0.01 0.01 0.00 - 100%
`
2017-18 - - - - - - - - - - 0%
22. Merit Plaza Limited # 2018-19 0.05 2.19 46.42 44.18 - - 0.01 (0.28) 0.28 - 100%
`
2017-18 - - - - - - - - - - 0%
23. Bhumi Resources (Singapore) Pte. Ltd (Bhumi) # USD 1.50 (0.03) 1.54 0.07 - - (0.06) - (0.06) -
2018-19 100%
` 104.17 (2.06) 107.18 5.07 - - (4.19) - (4.19) -
USD - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
24. Binani Cement Factory LLC (BCF LLC) # AED 3.19 (1.81) 25.52 24.14 - 7.57 (1.62) - (1.62) - MUHL- 51%
2018-19
` 60.39 (34.29) 482.45 456.34 - 145.14 (31.14) - (31.14) - MHL-49%
AED - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
25. Binani Cement Fujairah LLC *# AED - - - - - - - - - - BCFLLC-
2018-19
` - - - - - - - - - - 80%
AED - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
26. Smooth Energy Private Ltd # 2018-19 0.01 0.02 0.03 ` 23,107 - - `136 `5,364 `5,500 - 100%
`
2017-18 - - - - - - - - - - 0%
27. Shandong Binani Rong’an Cement Co. Ltd. RMB 45.00 (4.61) 75.50 35.11 - 18.98 5.10 1.47 3.63 -
(SBRCC) # 2018-19 KHL- 92.5%
` 465.60 (47.70) 781.16 363.25 - 196.73 52.83 15.26 37.57 -

RMB - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
27
28
Amount in crores
Bill
28. PT Anggana Energy Resources # IDR 546.30 (106.58) 957.83 518.10 - - (294.08) - (294.08) - BHUMI-
2018-19
` 2.66 (0.52) 4.67 2.53 - - ` (60,450.77) - ` (60,450.77) - 100%
IDR - - - - - - - - - -

2017-18 0%
` - - - - - - - - - -

29. BC Tradelink Limited # TZS `2,000 2.21 2.21 0.00 - - - - - - BCFLLC-
2018-19
` `60 0.07 0.07 0.00 - - - - - - 100%
TZS - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
30. Binani Cement Tanzania Limited # TZS 3.20 (408.67) 330.16 735.63 - - (230.46) - (230.46) - BCFLLC-
2018-19
` 0.10 (12.27) 9.91 22.08 - - (7.01) - (7.01) - 100%
TZS - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
31. Binani Cement (Uganda) Ltd # UGX ` 2,000 0.59 0.59 (0.00) - - - - - - BCFLLC-
2018-19
` `37 0.01 0.01 (0.00) - - - - - - 100%
UGX - - - - - - - - - -
2017-18 0%
` - - - - - - - - - -
32. Bahar Ready Mix Concrete Limited # 2018-19 ` 6.21 (9.62) 0.05 3.46 - - `20,089 - `20,089 - 100%
2017-18 ` - - - - - - - - - - 0%
@ Subsidiaries of UltraTech Cement Middle East Investment Ltd.
# Subsidiaries of UltraTech Nathdwara Cement Ltd. These have been classified as assets held for sale.
PT Ultratech Mining Sumatra is yet to start operations and no equity infusion.
Note: For converting the figures given in foreign currency appearing in the accounts of the subsidiary companies into
equivalent INR, following exchange rates are used for 1 INR.
Sr. Currency Balance Sheet Profit & Loss Account
No. (Closing Rate) (Average Rate)
2018-19 2017-18 2018-19 2017-18
1. Sri Lankan Rupee (SLR) 2.5300 2.3900 2.4100 2.3800
2. UAE Dirham (AED) 0.0531 0.0564 0.0525 0.0570
3. Taka (BDT) 1.2055 1.2780 1.1970 1.2689
4. Bahrain Dirham (BHD) 0.0054 0.0058 0.0054 0.0058
5. Indonesian Rupiah (IDR) 206.1856 211.1932 205.5580 208.4636
6. US Dollar (USD) 69.4460 - 70.4582 -
7. Chinese Yuan (CNY) 10.3468 - 10.3652 -
8. Ugandan shilling (UGX) 0.0187 - 0.0190 -
9. Tanzanian shilling (TZS) 0.0300 - 0.0304 -
Part “B” - Joint Ventures

(` in crores)
Sr. Name of Associates/Joint Ventures Madanpura Bhaskarpara Aditya Birla
No. (North) Coal Coal Company Renewables
Company Ltd. SPV 1 Limited
Pvt. Ltd.
1. Latest audited Balance Sheet Date 31.03.2019 31.03.2019 31.03.2019
2. Shares of Joint ventures held by the company on year end 1,152,560 8,141,050 10,852,442
Nos.
Amount of Investment in Joint venture 1.05 8.15 10.81
Extent of Holding (%) 11.17% 47.37% 26.00%
3. Networth attributable to shareholding as per latest audited 0.95 6.24 11.33
Balance Sheet
4. Profit/(Loss) for the year 0.06 0.02 2.09
(i) Considered in consolidation 0.01 0.01 0.54
(ii) Not considered in Consolidation 0.06 0.01 1.55
For and on behalf of the Board

S.K. Chatterjee Atul Daga K.K. Maheshwari S.B. Mathur
Company Secretary Whole-time Director & CFO Managing Director Director
(DIN: 06416619) (DIN: 00017572) (DIN: 00013239)
Mumbai, 24th April, 2019

ANNEXURE V
DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO AS PRESCRIBED UNDER RULE 8(3) OF THE COMPANIES (ACCOUNTS)
RULES, 2014.
A. CONSERVATION OF ENERGY:
(a) Steps taken or impact on conservation of energy
• Focused drive on improving energy consumption footprint by continual deployment of state-of-art
energy efficient equipments.
• Operational optimisation of Pyro Process & Mills for overall energy optimisation using expert automation
systems.
• Retrofit of old generation coolers to improve kiln heat rate matching performance of new generation
cooler.
• Continual deployment of Non-conventional and clean energy sources like installation of solar heaters
and solar lighting.
• Introduction of novel technology for improving energy efficiency in CPP boilers.
• Optimisation of grinding media, including size and quantity to reduce power consumption.
• Introduction of Latest Advance Process Control softwares.
• Low efficiency process fan impellers are being replaced with high efficiency impellers to improve energy
efficiency.
• Cyclones and ducts modification with CFD analysis to reduce pressure drop.
• Focused drive for energy conservation by forming task forces and implementation of identified schemes.
• Installation of different variable speed drives and energy efficient motors.
• Introduction of latest turbo blower technology wherever applicable.
• Heat reflective coat paint and Nano technology application on roof walls.
(b) Steps taken by the Company for utilising alternate sources of energy
• The Company has prioritised and is using various waste materials as substitute for convention fossil
fuels in its kilns.
• Infrastructure for handling, storage, testing, pre-processing and usage of waste materials as energy
source is being augmented at plants in phased manner based on potential availability of such materials.
• Addition of Waste Heat Recovery Systems.
• Addition of renewable energy sources, mainly solar power at different locations.
(c) The capital investment on energy conservation equipment

• During the year, the Company has made ` 172 crores investment on equipment or various capital
schemes for conserving the energy resources.
B. TECHNOLOGY ABSORPTION:
(a) Efforts made towards technology absorption
• Productivity enhancement/energy efficiency improvement through usage of computational techniques
and modelling.
• Installation of advanced process control systems.
• Implementation of new technology like low NOx burner and low NOx calciner and high frequency
controller to meet new environmental dust and gases norms.
• Six pulse rectifier with three phase transformer technology in electrostatic precipitators.
• Upgradation of existing electrostatic precipitator with Bag house for particulate matter emission
reduction.

• Introduction of new Electro Chemical battery technology for battery life enhancement.
• Implementation of latest Advance Process Control for optimising operations.
• Participation in national / international seminars.
(b) Benefits derived like product improvement, cost reduction, product development or import substitution
• Reduction in specific energy consumption in milling and pyro-processing.
• Achieved energy conservation targets assigned under PAT-Cycle-II (Perform, Achieve and Trade)
targets.
• Improvement in environmental performance of the manufacturing facilities.
• Improved product quality and customer satisfaction.
• Increased skill development of R&D personnel to face future challenges.
• Raw Mix optimisation for conservation of limestone reserves.
• Use of waste material as substitution of natural raw material.
• Design & development of new product to increase market share & profitability.
• Improvement in packaging bags quality through a systematic study including benchmarking.
• Alternate vendor development for cost reduction.
• Getting R&D future-ready by creating new capabilities in the area of new product development, Pollution
abatement, Raw mix optimisation and mill optimisation.
(c) In case of imported technology (imported during the last three years reckoned from the beginning of the
financial year)
Nil
(d) Expenditure incurred on Research and Development (R&D)

(` in crores)
2018-19 2017-18
I. For In-house R&D:
Capital Expenditure 9.92 0.85

Recurring Expenditure 17.31 14.04
Total In-house R&D Expenditure 27.23 14.89
II. Contribution to Scientific Research Company 6.15 14.79
III. Total R&D Expenditure (I+II) 33.38 29.68
IV. R&D Expenditure as % of turnover 0.10 0.10
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:

• Foreign exchange earnings for the year ended 31st March, 2019: ` 567.67 crores.
• Foreign exchange outgo for the year ended 31st March, 2019: ` 314.59 crores.

Chairman
Mumbai, 24th April, 2019 (DIN: 00012813)

ANNEXURE VI
Details pertaining to remuneration as required under section 197(12) of the Companies Act, 2013 read with rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
i. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the
financial year 2018-19, ratio of the remuneration of each Director to the median remuneration of the employees of the
Company for the financial year 2018-19 are as under:
Sr. Name of Director / Key Managerial Remuneration*of % increase in Ratio of

No. Personnel (KMP) and Designation Director / KMP for remuneration in remuneration of
financial year the Financial Year each Director/
2018-19 2018-19 to median
(` in crore) remuneration of
employees
1. Kumar Mangalam Birla, Chairman and 15.53 (18.82) 202.9

Non-Executive Director
2. Mrs. Rajashree Birla, Non-Executive Director 1.32 24.53 17.2
3. Arun Adhikari, Independent Director 0.17 21.43 2.2
4. Mrs. Alka Bharucha, Independent Director 0.19 58.33 2.5
5. G. M. Dave, Independent Director 0.25 4.17 3.3
6. Mrs. Sukanya Kripalu, Independent Director 0.16 0.00 2.1
7. S. B. Mathur, Independent Director 0.29 7.41 3.8
8. Mrs. Renuka Ramnath, Independent Director 0.03 (57.14) 0.4
9. D. D. Rathi, Non-Executive Director 0.05 0.00 0.7

(till 27th July, 2018)
10. O. P. Puranmalka, Non-Executive Director 0.01 0.00 0.1
11. K. K. Maheshwari, Managing Director 12.96 (4.76) 169.4
12. K. C. Jhanwar, Deputy Managing Director and 1.89 Not Applicable 24.7
Chief Manufacturing Officer
(w.e.f. 19th October, 2018)
13. Atul Daga, Whole-time Director and 2.69 (16.37) 35.1

Chief Financial Officer
14. S. K. Chatterjee, Company Secretary 1.22 11.19 Not Applicable
* Remuneration includes commission payable to Directors for the year ended 31 March, 2019 which is subject to the
st
approval of Members of the Company.
ii. The median remuneration of employees of the Company during the financial year was ` 7.65 lakhs.
iii. In the financial year, there was an increase of 8.5% in the median remuneration of employees.
iv. There were 19,557 permanent employees on the rolls of the Company as on 31st March, 2019.
v. Average percentage increase made in the salaries of employees other than the managerial personnel, in the last
financial year i.e. 2018-19 was 8.8% whereas decline in the managerial remuneration for the same financial year
was 11.8%.
vi. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial
Personnel and other Employees.

ANNEXURE VII
UltraTech Cement Limited (“the Company”) an Aditya Birla Group Company adopts/shall adopt this Executive
Remuneration Philosophy/Policy as applicable across Group Companies. This philosophy/policy is detailed below.
Aditya Birla Group: Executive Remuneration Philosophy/Policy

At the Aditya Birla Group, we expect our executive team to foster a culture of growth and entrepreneurial risk-
taking. Our Executive Remuneration Philosophy/Policy supports the design of programs that align executive rewards
– including incentive programs, retirement benefit programs, promotion and advancement opportunities – with the
long-term success of our stakeholders.
Our business and organisational model

Our Group is a conglomerate and organised in a manner such that there is sharing of resources and infrastructure.
This results in uniformity of business processes and systems thereby promoting synergies and exemplary customer
experiences.
I. Objectives of the Executive Remuneration Program

Our executive remuneration program is designed to attract, retain, and reward talented executives who will
contribute to our long-term success and thereby build value for our shareholders.
Our executive remuneration program is intended to:
1. Provide for monetary and non-monetary remuneration elements to our executives on a holistic basis.
2. Emphasize “Pay for Performance” by aligning incentives with business strategies to reward executives
who achieve or exceed Group, business and individual goals.
II. Executives
Our Executive Remuneration Philosophy/Policy applies to the following:
1. Directors of the Company.
2. Key Managerial Personnel: Chief Executive Officer and equivalent (eg: Deputy Managing Director), Chief
Financial Officer and Company Secretary.
3. Senior Management: as may be decided by the Board of Directors.
III. Business and Talent Competitors

We benchmark our executive pay practices and levels against peer companies in similar industries, geographies
and of similar size. In addition, we look at secondary reference (internal and external) benchmarks in order
to ensure that pay policies and levels across the Group are broadly equitable and support the Group’s global
mobility objectives for executive talent. Secondary reference points bring to the table, the executive pay practices
and pay levels in other markets and industries, to appreciate the differences in levels and medium of pay and
build in as appropriate for decision making.
IV. Executive Pay Positioning

We aim to provide competitive remuneration opportunities to our executives by positioning target total
remuneration (including perks and benefits, annual incentive pay-outs, long term incentive pay-outs at target
performance) and target total cash compensation (including annual incentive pay-outs) at target performance
directionally between median and top quartile of the primary talent market. We recognise the size and scope of
the role and the market standing, skills and experience of incumbents while positioning our executives.
We use secondary market data only as a reference point for determining the types and amount of remuneration
while principally believing that target total remuneration packages should reflect the typical cost of comparable
executive talent available in the sector.
V. Executive Pay-Mix
Our executive pay-mix aims to strike the appropriate balance between key components: (i) Fixed Cash
compensation (Basic Salary + Allowances) (ii) Annual Incentive Plan (iii) Long-Term Incentives (iv) Perks and
Benefits.

Annual Incentive Plan:
We tie annual incentive plan pay-outs of our executives to relevant financial and operational metrics achievement
and their individual performance. We annually align the financial and operational metrics with priorities/focus
areas for the business.
Long-Term Incentive:
Our Long-term incentive plans incentivise stretch performance, link executive remuneration to sustained long
term growth and act as a retention and reward tool.
We use stock options as the primary long-term incentive vehicles for our executives as we believe that they best
align executive incentives with stockholder interests.
We grant restricted stock units as a secondary long term incentive vehicle, to motivate and retain our executives.
VI. Performance Goal Setting

We aim to ensure that for both annual incentive plans and long term incentive plans, the target performance
goals shall be achievable and realistic.
Threshold performance (the point at which incentive plans are paid out at their minimum, but non-zero, level)
shall reflect a base-line level of performance, reflecting an estimated 90% probability of achievement.
Target performance is the expected level of performance at the beginning of the performance cycle, taking into
account all known relevant facts likely to impact measured performance.
Maximum performance (the point at which the maximum plan payout is made) shall be based on an exceptional
level of achievement, reflecting no more than an estimated 10% probability of achievement.
VII. Executive Benefits and Perquisites

Our executives are eligible to participate in our broad-based retirement, health and welfare, and other employee
benefit plans. In addition to these broad-based plans, they are eligible for perquisites and benefits plans
commensurate with their roles. These benefits are designed to encourage long-term careers with the Group.
Other Remuneration Elements
Each of our executives is subject to an employment agreement. Each such agreement generally provides for a
total remuneration package for our executives including continuity of service across the Group Companies.
We limit other remuneration elements, for e.g. Change in Control (CIC) agreements, severance agreements, to
instances of compelling business need or competitive rationale and generally do not provide for any tax gross-
ups for our executives.
Risk and Compliance
We aim to ensure that the Group’s remuneration programs do not encourage excessive risk taking. We review
our remuneration programs for factors such as, remuneration mix overly weighted towards annual incentives,
uncapped pay- outs, unreasonable goals or thresholds, steep pay-out cliffs at certain performance levels that
may encourage short-term decisions to meet pay-out thresholds.
Claw back Clause
In an incident of restatement of financial statements, due to fraud or non-compliance with any requirement of
the Companies Act, 2013 and the rules made thereafter, we shall recover from our executives, the remuneration
received in excess, of what would be payable to him/her as per restatement of financial statements, pertaining
to the relevant performance year.
Implementation
The Group and Business Centre of Expertise teams will assist the Nomination, Remuneration and Compensation
Committee in adopting, interpreting and implementing the Executive Remuneration Philosophy/Policy. These
services will be established through “arm’s length”, agreements entered into as needs arise in the normal
course of business.

ANNEXURE VIII
Form No. MR-3
SECRETARIAL AUDIT REPORT
For the Financial Year ended on 31st March, 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
UltraTech Cement Limited,
“B” Wing, 2nd Floor,
Ahura Centre, Mahakali Caves Road,
Andheri (East),
Mumbai 400093.
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by UltraTech Cement Limited (hereinafter called the ‘Company’) for the audit period from
1st April, 2018 to 31st March, 2019 (the “audit period”). Secretarial Audit was conducted in a manner that provided us
a reasonable basis for evaluating the corporate conducts /statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during
the audit period, complied with the statutory provisions listed hereunder and also that the Company has proper Board
processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the audit period according to the provisions of:
(i) The Companies Act, 2013 (the ‘Act’) and the Rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of
Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’);
(a) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015,
(b) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011,
(c) Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018,
(d) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(e) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014,
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 to the extent as applicable to the Company ; and
(g) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
(vi) We have also examined, on ‘test check’ basis, the relevant documents and records maintained by the Company
under the Mines and Minerals (Development and Regulation) Act, 1957 and Rules thereunder which is applicable
specifically to the Company.

We have also examined compliance with the applicable clauses of Secretarial Standards issued by The Institute of
Company Secretaries of India relating to Board meetings and General meetings.
During the audit period under review, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above.
During the audit period under review, provisions of the following laws though prescribed under the Form no. MR-3
were not applicable to the Company:
(i) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment,
(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009,
(iii) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
(iv) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998.
We further report that -

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors.
Adequate notice is given to all Directors to schedule the Board meetings. Agenda and detailed notes on agenda were
sent at least seven days in advance and where the same were given at shorter notice than 7 days, proper consent
thereof were obtained. A system exists for seeking and obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the meeting.
Decisions at the meetings of the Board of Directors of the Company and at Committees thereof were carried through
unanimously.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period, the following specific events were held:
1. The Board of Directors of the Company at its meeting held on 20th May, 2018 approved the Scheme of Demerger
amongst Century Textiles and Industries Limited (“Century”), the Company and their respective shareholders
and creditors (“the Scheme”). The Scheme has received the approval of the stock exchanges, the Competition
Commission of India (“CCI”) and the shareholders of the Company and is now awaiting the approval of the
National Company Law Tribunal and other regulatory authorities.
2. The National Company Law Appellate Tribunal (“NCLAT”) by its order dated 14th November, 2018, approved the
Company’s Resolution plan for acquiring Binani Cement Limited (“BCL”) under the provision of the Insolvency
and Bankruptcy Code, 2016, as amended (“Code”). With effect from 20th November, 2018, being Transfer Date, in
terms of the Resolution Plan the existing issued, subscribed and paid-up share capital of BCL (including 0.01%
non – cumulative redeemable preference shares of Rs.100/- each) stands cancelled fully, without requiring any
further act or deed. Subsequent to the reconstitution of the Board of Directors, taking over management control and
subscribing to the equity and preference share capital, BCL has become a wholly owned subsidiary of the Company.
Effective 13th December, 2018, BCL has been renamed as UltraTech Nathdwara Cement Limited (“UNCL”).
3. Consent of the Shareholders obtained through postal ballot, results of which were announced on 5th October,
2018 for:
• Adopting the UltraTech Cement Limited Employee Stock Option Scheme 2018;
• Extending the benefit of the UltraTech Cement Limited Employee Stock Option Scheme 2018 to the
permanent employees in the management cadre, including Managing Director and Whole-time Directors,
of holding and subsidiary companies of the Company; and

• (a) the use of the trust route for implementation of the UltraTech Cement Employee Stock Option Scheme
2018 (Scheme 2018); (b) secondary acquisition of the equity shares of the Company by the trust to be set up;
(c) grant of financial assistance/ provision of money by the Company to the trust to fund the acquisition of
its equity shares, in terms of the Scheme 2018.
4. Consent of the Shareholders obtained through postal ballot, result of which was announced on 30th March,
2019 for continuation of Mr. G. M. Dave as a Non-Executive Independent Director, for term of his office i.e. upto
5th August, 2019.
5. 7.84% 2,000 Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000/- each have been redeemed on
9th April, 2018.
6. 7.85% 2,000 Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000/- each have been redeemed on
18th December, 2018.
7. 8.36% 3,600 Unsecured Redeemable Non-Convertible Debenture of Rs. 10,00,000/- each have been allotted on
3rd August, 2018.
8. The Company had filed appeals against the orders of the CCI dated 31st August, 2016 and 19th January, 2017. Upon
the NCLAT disallowing its appeal against the CCI order dated 31st August, 2016, the Hon’ble Supreme Court has,
by its order dated 5th October, 2018, granted a stay against the NCLAT order. Consequently, the Company has
deposited an amount of Rs. 117.55 crores equivalent to 10% of the penalty amount.
For BNP & Associates

Company Secretaries
[Firm Regn. No. P2014MH037400]
B. Narasimhan
Partner
Place: Mumbai FCS No.: 1303
Date: 24th April, 2019 C P No.: 10440
Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part
of this report.

Annexure A
To,
The Members,
UltraTech Cement Limited,
“B” Wing, 2nd Floor,
Ahura Centre, Mahakali Caves Road,
Andheri (East),
Mumbai 400093
Our Secretarial Audit Report of even date is to be read along with this letter.
1. The compliance of provisions of all laws, rules, regulations, standards applicable to UltraTech Cement Limited
(the ‘Company’) is the responsibility of the management of the Company. Our examination was limited to the
verification of records and procedures on test check basis for the purpose of issue of the Secretarial Audit
Report.
2. Maintenance of secretarial and other records of applicable laws is the responsibility of the management of
the Company. Our responsibility is to issue Secretarial Audit Report, based on the audit of the relevant records
maintained and furnished to us by the Company, along with explanations where so required.
3. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the secretarial and other legal records, legal compliance mechanism and
corporate conduct. The verification was done on test check basis to ensure that correct facts are reflected in
secretarial and other records. We believe that the processes and practices we followed, provides a reasonable
basis for our opinion for the purpose of issue of the Secretarial Audit Report.
4. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company.
5. Wherever required, we have obtained the management representation about the compliance of laws, rules and
regulations and major events during the audit period.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy
or effectiveness with which the management has conducted the affairs of the Company.
For BNP & Associates

Company Secretaries
B. Narasimhan
Partner
Place: Mumbai FCS No.: 1303
Date: 24th April, 2019 C P No.: 10440

ANNEXURE IX
Form No. MGT – 9
Extract of Annual Return as on the financial year ended on 31st March, 2019
Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014
I. REGISTRATION AND OTHER DETAILS

i) CIN L26940MH2000PLC128420
ii) Registration Date 24th August, 2000
iii) Name of the Company UltraTech Cement Limited
iv) Category / Sub-Category of the Company Public Limited - Limited by shares and company having share capital
v) Address of the Registered office and ‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road,
contact details Andheri (East), Mumbai 400 093
Tel. No: 022 6691 7800/29267800; Fax: 02266928109
vi) Whether Listed Company Yes / No Yes
vii) Name, Address and Contact details of Karvy Fintech Private Limited,
Registrar and Transfer Agent, if any. “Karvy Selenium”, Tower B, Plot No. 31&32, Gachibowli,
Financial District, Nanakramguda, Hyderabad -500 032
Toll Free No. 1800 5724 001
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the company shall be stated
Sl. Name and Description of main products/services NIC Code of the % to total turnover of
No. Product/service the Company
1. Ordinary Portland and Portland Pozzolana Cement 2394 86%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sl. Name & Address of the Company CIN/GLN Holding/ % of Applicable
No. Subsidiary/ shares Section
Associate held
1. Grasim Industries Limited L17124MP1947PLC000410 Holding 60.20 2(46)
Birlagram, Nagda 456 331 Madhya Pradesh
2. Dakshin Cements Limited U26940TG1993PLC016002 Subsidiary 100 2(87)
‘503, Aditya Trade Centre, 5th Floor,
Ameerpet, Hyderabad - 500 038, Telangana
3. Harish Cement Limited U26941HP1996PLC019173 Subsidiary 100 2(87)
Ground Floor, Jagjit Complex,
Near Naresh Chowk, Sundernagar,
Himachal Pradesh - 175 019
4. Gotan Lime Stone Khanji Udyog Pvt. Limited U14200RJ2012PTC038369 Subsidiary 100 2(87)
D-7, Shastri Nagar, Jodhpur,
Rajasthan – 342 003
5. Bhagwati Limestone Company Pvt. Limited U14101RJ1993PTC007788 Subsidiary 100 2(87)
NH-08, Village Mohanpura, Kotputli,
Jaipur, Rajasthan- 303 108
6. UltraTech Nathdwara Cement Limited U26941WB1996PLC076612 Subsidiary 100 2(87)
Block D, 4th Floor, 22 Camac Street,
Kolkata, West Bengal 700 016

Sl. Name & Address of the Company Holding/ CIN/GLN % of Applicable
No. Subsidiary/ shares Section
Associate held
7. Madanpur (North) Coal Company Pvt. Limited U10101CT2007PTC020161 Associate 11.17 2(6)
Navbharat Udyog Bhawan
Ring Road No-1, Telibandha, Raipur,
Chhattisgarh - 492 006
8. Bhaskarpara Coal Company Limited U10100CT2008PLC020943 Associate 47.37 2(6)
Crystal Tower, 1 Floor, G. E. Road,
st
Opp. Minocha Petrol Pump, Telibandha

Raipur, Chhattisgarh - 492 006
9. UltraTech Cement Lanka (Pvt.) Limited Not Applicable Subsidiary 80 2(87)
81/11/1, New Nuge Road, Peliyagoda,
Sri Lanka
10. UltraTech Cement Middle East Investments Not Applicable Subsidiary 100 2(87)
Limited, P. O. Box 4421, Dubai, UAE
11. PT UltraTech Mining Indonesia Not Applicable Subsidiary 76 2(87)
Menara Bataia, 16th Floor,
JI. K. H. Mas Mansyur Kav, 126,
Jakarta 10220, Indonesia
12. PT UltraTech Investments Indonesia Not Applicable Subsidiary 95 2(87)
Menara Bataia, 16th Floor,
JI. K. H. Mas Mansyur Kav, 126,
Jakarta 10220, Indonesia
IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding
Sl. Category of shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
No. Demat Physical Total % of total Demat Physical Total % of total during
Shares Shares the year
A. Promoters
1. Indian
(a) Individual/HUF 77,009 - 77,009 0.03 77,009 - 77,009 0.03 0.00
(b) Central Govt - - - - - - - - -
(c) State Govt (s) - - - - - - - - -
(d) Bodies Corp. 167,382,590 - 167,382,590 60.95 166,593,905 - 166,593,905 60.66 (0.29)
(e) Banks/FI - - - - - - - - -
(f) Any Other…. - - - - - - - - -
Sub-total (A)(1) 167,459,599 - 167,459,599 60.98 166,670,914 - 166,670,914 60.69 (0.29)
2. Foreign
(a) NRIs- Individuals - - - - - - - - -
(b) Other-Individuals - - - - - - - - -
(c) Bodies corp - - - - - - - - -
(d) Banks/FI - - - - - - - - -
(e) Any Other… - - - - - - - - -
Sub-total (A)(2) - - - - - - - - -
Total shareholding of 167,459,599 - 167,459,599 60.98 166,670,914 - 166,670,914 60.69 (0.29)
Promoter (A) = (A)(1) + (A)(2)

Sl. Category of shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
No. Demat Physical Total % of total Demat Physical Total % of total during
Shares Shares the year
B. Public Shareholding
1. Institutions
(a) Mutual Funds 7,179,432 4,722 7,184,154 2.62 8,273,679 1,900 8,275,579 3.01 0.39
(b) Banks/FI 272,801 15,553 288,354 0.11 203,206 15,545 218,751 0.08 (0.03)
(c) Central Govt 82,715 - 82,715 0.03 113,896 - 113,896 0.04 0.01
(d) State Govt(s) - - - - - - - - -
(e) Venture Capital Funds - - - - - - - - -
(f) Insurance Companies 8,398,588 926 8,399,514 3.06 12,903,538 138 12,903,676 4.70 1.64
(g) FIIs 61,156,716 3,773 61,160,489 22.27 54,931,785 3,290 54,935,075 20.00 (2.27)
(h) Foreign Venture Capital - - - - - - - - -
Funds
(i) Others (specify) - - - - - - - - -
Sub-total (B)(1) 77,090,252 24,974 77,115,226 28.09 76,426,104 20,873 76,446,977 27.84 (0.25)
2. Non-Institutions
(a) Bodies Corp. 8,076,011 70,727 8,146,738 2.97 9,747,925 67,399 9,815,324 3.57 0.60
(i) Indian - - - - - - - - -
(ii) Overseas - - - - - - - - -
(b) Individuals - - - - - - - - -
(i) Individual shareholders 12,383,568 2,461,373 14,844,941 5.41 12,492,161 1,988,550 14,480,711 5.27 (0.14)
holding nominal share
capital upto ` 1 lakh
(ii) Individual shareholders 172,844 - 172,844 0.06 207,058 - 207,058 0.08 0.02
holding nominal share
capital in excess of
` 1 lakh
(c) Others (specify)
NBFCs 8,610 - 8,610 0.00 7,392 - 7,392 0.00 0.00
Non-Resident (REP) 451,386 - 451,386 0.16 396,587 - 396,587 0.14 (0.02)
Non-Resident (Non-REP) 152,205 80 152,285 0.06 203,140 160 203,300 0.07 0.01
Non-Domestic Cos./OCB - 1,498,852 1,498,852 0.55 - 1,498,852 1,498,852 0.55 0.00
Foreign National 48,638 1,267 49,905 0.02 48,638 1,267 49,905 0.02 0.00
Clearing Members 11,186 - 11,186 0.00 60,345 - 60,345 0.02 0.02
Non-Resident Indians 79,982 118,218 198,200 0.07 103,172 101,833 205,005 0.07 0.00
Sub-total (B)(2) 21,384,430 4,150,517 25,534,947 9.30 23,266,418 3,658,061 26,924,479 9.80 0.50
Total Public Shareholding 98,474,682 4,175,491 102,650,173 37.38 99,692,522 3,678,934 103,371,456 37.64 0.26
(B) = (B)(1) + (B)(2)
TOTAL (A) + (B) 265,934,281 4,175,491 270,109,772 98.36 266,363,436 3,678,934 270,042,370 98.32 (0.04)
C. Shares held by Custodian
for GDRs & ADRs
Promoter and Promoter 2,744,168 - 2,744,168 1.00 2,744,168 - 2,744,168 1.00 0.00
Group
Public 1,759,960 85 1,760,045 0.64 1,654,160 - 1,654,160 0.60 (0.04)
Shares held by Employee - - - - 202,022 - 202,022 0.07 0.07
Trusts
Grand Total (A + B + C) 270,438,409 4,175,576 274,613,985 100.00 270,963,786 3,678,934 274,642,720 100.00 0.00

(ii) Shareholding of Promoters
Sl. Shareholder’s name Shareholding at the beginning of the year Shareholding at the end of the year % change
No. in share-
No. of Shares % of total % of Shares No. of Shares % of total % of Shares
holding
Shares of the Pledged/ Shares of the Pledged/
during
Company encumbered Company encumbered to
the year
to total Shares total Shares
1. Mr. Kumar Mangalam Birla 3,837 0.00 - 3,837 0.00 - 0.00
2. Aditya Vikram Kumar Mangalam Birla HUF 10,228 0.00 - 10,228 0.00 - 0.00
3. Grasim Industries Limited 165,335,150 60.21 - 165,335,150 60.20 - (0.01)
4. Mrs. Rajashree Birla 41,701 0.02 - 41,701 0.02 - 0.00
5. Mrs. Neerja Birla 8,011 0.00 - 8,011 0.00 - 0.00
6. Mrs. Vasavadatta Bajaj 13,232 0.00 - 13,232 0.00 - 0.00
7. Trapti Trading & Investments Pvt. Limited 520,051 0.19 - 1 0.00 - (0.19)
8. Birla Group Holdings Pvt. Limited 1 0.00 - 1 0.00 - 0.00
9. Turquoise Investment & Finance Pvt. Ltd. 268,636 0.10 - 1 0.00 - (0.10)
10. Hindalco Industries Limited 1,258,515 0.46 - 1,258,515 0.46 - 0.00
11. Rajratna Holdings Pvt. Limited 76 0.00 - 76 0.00 - 0.00
12. Vaibhav Holdings Pvt. Limited 76 0.00 - 76 0.00 - 0.00
13. Vikram Holding Pvt. Limited 85 0.00 - 85 0.00 - 0.00
Total 167,459,599 60.98 - 166,670,914 60.69 - (0.29)
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

Sl. Shareholder’s name Shareholding at the beginning of the year Cumulative Shareholding during the year
No.
No. of Shares % of total Shares No. of Shares % of total Shares
of the Company of the Company
1. Trapti Trading & Investments Private Limited
At the beginning of the year 520,051 0.19
Date wise Increase/Decrease in Promoters Share
holding during the year specifying the reasons for
increase/decrease (e.g. allotment/transfer/
bonus/sweat equity etc):
Sale of shares on 31st July, 2018 (98,414) (0.04) 421,637 0.15
Sale of shares on 1st August, 2018 (73,200) (0.03) 348,437 0.13
Sale of shares on 2 August, 2018
nd
(48,660) (0.02) 299,777 0.11
rd
(84,719) (0.03) 215,058 0.08
Sale of shares on 6th August, 2018 (32,723) (0.01) 182,335 0.07
th
(102,000) (0.04) 80,335 0.03
Sale of shares on 8th August, 2018 (80,334) (0.03) 1 0.00
At the end of the year 1 0.00
2. Turquoise Investments & Finance Private Limited
Date wise Increase/Decrease in Promoters Share
holding during the year specifying the reasons for
increase/decrease (e.g. allotment/transfer/
bonus/sweat equity etc):
Sale of shares on 26th July, 2018 (137,542) (0.05) 131,094 0.05
Sale of shares on 27 July, 2018
th
(53,662) (0.02) 77,432 0.03
Sale of shares on 30th July, 2018 (77,431) (0.03) 1 0.00
At the end of the year 1 0.00

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr. Name of shareholder Shareholding Date of Increase/ Reason Cumulative Shareholding
No. Transaction Decrease in during the year
No. of Shares at % of total Shareholding No. of Shares % of total
the beginning/ Shares of the during the year Shares of the
end of the year Company Company
1. LIFE INSURANCE CORPORATION 6,056,385 2.21 1-Apr-18
OF INDIA 11-May-18 143,937 Transfer 6,200,322 2.26
18-May-18 191,917 Transfer 6,392,239 2.33
25-May-18 459,535 Transfer 6,851,774 2.49
1-Jun-18 292,568 Transfer 7,144,342 2.60
8-Jun-18 228,397 Transfer 7,372,739 2.68
15-Jun-18 116,748 Transfer 7,489,487 2.73
22-Jun-18 267,913 Transfer 7,757,400 2.82
29-Jun-18 138,513 Transfer 7,895,913 2.87
6-Jul-18 211,978 Transfer 8,107,891 2.95
13-Jul-18 136,861 Transfer 8,244,752 3.00
20-Jul-18 205,528 Transfer 8,450,280 3.08
27-Jul-18 126,630 Transfer 8,576,910 3.12
3-Aug-18 107,340 Transfer 8,684,250 3.16
10-Aug-18 156,327 Transfer 8,840,577 3.22
17-Aug-18 39,860 Transfer 8,880,437 3.23
24-Aug-18 13,200 Transfer 8,893,637 3.24
21-Sep-18 37,343 Transfer 8,930,980 3.25
28-Sep-18 246,156 Transfer 9,177,136 3.34
5-Oct-18 279,489 Transfer 9,456,625 3.44
12-Oct-18 277,816 Transfer 9,734,441 3.54
19-Oct-18 182,509 Transfer 9,916,950 3.61
18-Jan-19 112,285 Transfer 10,029,235 3.65
25-Jan-19 76,992 Transfer 10,106,227 3.68
1-Feb-19 267,134 Transfer 10,373,361 3.78
8-Feb-19 128,966 Transfer 10,502,327 3.82
15-Feb-19 96,425 Transfer 10,598,752 3.86
10,598,752 3.86 31-Mar-19
2. OPPENHEIMER DEVELOPING 4,740,142 1.73 1-Apr-18
MARKETS FUND 21-Sep-18 (50,140) Transfer 4,690,002 1.71
28-Sep-18 (303,668) Transfer 4,386,334 1.60
5-Oct-18 (367,233) Transfer 4,019,101 1.46
12-Oct-18 (321,253) Transfer 3,697,848 1.35
19-Oct-18 (98,191) Transfer 3,599,657 1.31
3,599,657 1.31 31-Mar-19
3. EUROPACIFIC GROWTH FUND 2,838,000 1.03 1-Apr-18
6-Apr-18 326,000 Transfer 3,164,000 1.15
1-Feb-19 (116,331) Transfer 3,047,669 1.11
8-Feb-19 (798,070) Transfer 2,249,599 0.82
15-Feb-19 (137,599) Transfer 2,112,000 0.77
2,112,000 0.77 31-Mar-19
4. FRANKLIN TEMPLETON 2,581,104 0.94 1-Apr-18
INVESTMENT FUNDS 6-Apr-18 (249,570) Transfer 2,331,534 0.85
13-Apr-18 (86,683) Transfer 2,244,851 0.82
20-Apr-18 (36,654) Transfer 2,208,197 0.80
27-Apr-18 (31,936) Transfer 2,176,261 0.79
4-May-18 (43,311) Transfer 2,132,950 0.78
11-May-18 (24,039) Transfer 2,108,911 0.77

18-May-18 (101,868) Transfer 2,007,043 0.73
25-May-18 (122,606) Transfer 1,884,437 0.69
1-Jun-18 (73,118) Transfer 1,811,319 0.66
17-Aug-18 (69,400) Transfer 1,741,919 0.63
24-Aug-18 (189,407) Transfer 1,552,512 0.57
7-Sep-18 (70,151) Transfer 1,482,361 0.54
21-Sep-18 (38,725) Transfer 1,443,636 0.53
28-Sep-18 (72,331) Transfer 1,371,305 0.50
19-Oct-18 (23,296) Transfer 1,348,009 0.49
2-Nov-18 146,649 Transfer 1,494,658 0.54
9-Nov-18 51,000 Transfer 1,545,658 0.56
16-Nov-18 158,900 Transfer 1,704,558 0.62
30-Nov-18 51,045 Transfer 1,755,603 0.64
14-Dec-18 38,886 Transfer 1,794,489 0.65
11-Jan-19 466 Transfer 1,794,955 0.65
18-Jan-19 28,148 Transfer 1,823,103 0.66
15-Mar-19 (80,124) Transfer 1,742,979 0.63
22-Mar-19 (600) Transfer 1,742,379 0.63
1,742,379 0.63 31-Mar-19
5. ABERDEEN EMERGING MARKETS 2,103,250 0.77 1-Apr-18
FUND 7-Sep-18 (25,715) Transfer 2,077,535 0.76
21-Sep-18 (84,385) Transfer 1,993,150 0.73
30-Nov-18 (204,206) Transfer 1,788,944 0.65
7-Dec-18 (95,794) Transfer 1,693,150 0.62
21-Dec-18 (48,835) Transfer 1,644,315 0.60
28-Dec-18 (16,100) Transfer 1,628,215 0.59
31-Dec-18 (13,006) Transfer 1,615,209 0.59
4-Jan-19 (23,860) Transfer 1,591,349 0.58
22-Mar-19 (302,282) Transfer 1,289,067 0.47
29-Mar-19 (17,618) Transfer 1,271,449 0.46
1,271,449 0.46 31-Mar-19
6. PILANI INVESTMENT AND 2,457,966 0.90 1-Apr-18
INDUSTRIES CORPORATION LTD. 5-Oct-18 117,318 Transfer 2,575,284 0.94
7-Dec-18 (4,236) Transfer 2,571,048 0.94
21-Dec-18 (237,241) Transfer 2,333,807 0.85
31-Dec-18 (18,022) Transfer 2,315,785 0.84
4-Jan-19 (27,305) Transfer 2,288,480 0.83
2,288,480 0.83 31-Mar-19
7. ABERDEEN GLOBAL-EMERGING 1,541,711 0.56 1-Apr-18
MARKETS EQUITY FUND 27-Apr-18 (99,700) Transfer 1,442,011 0.53
19-Oct-18 (66,100) Transfer 1,375,911 0.50
14-Dec-18 (111,200) Transfer 1,264,711 0.46
21-Dec-18 (67,300) Transfer 1,197,411 0.44
8-Mar-19 (87,000) Transfer 1,110,411 0.40
15-Mar-19 (88,900) Transfer 1,021,511 0.37
1,021,511 0.37 31-Mar-19
8. STITCHING DEPOSITARY APG 1,316,278 0.48 1-Apr-18
EMERGING MARKETS EQUITY P 6-Apr-18 (1,552) Transfer 1,314,726 0.48
22-Jun-18 11,056 Transfer 1,325,782 0.48
6-Jul-18 62,671 Transfer 1,388,453 0.51

13-Jul-18 879 Transfer 1,389,332 0.51
20-Jul-18 59,450 Transfer 1,448,782 0.53
14-Sep-18 (11,056) Transfer 1,437,726 0.52
5-Oct-18 4,739 Transfer 1,442,465 0.53
2-Nov-18 7,665 Transfer 1,450,130 0.53
21-Dec-18 (12,626) Transfer 1,437,504 0.52
28-Dec-18 (3,498) Transfer 1,434,006 0.52
31-Dec-18 (2,826) Transfer 1,431,180 0.52
4-Jan-19 (5,185) Transfer 1,425,995 0.52
25-Jan-19 47,333 Transfer 1,473,328 0.54
1-Feb-19 31,288 Transfer 1,504,616 0.55
15-Feb-19 46,059 Transfer 1,550,675 0.56
22-Feb-19 35,941 Transfer 1,586,616 0.58
22-Mar-19 (26,314) Transfer 1,560,302 0.57
29-Mar-19 (41,786) Transfer 1,518,516 0.55
1,518,516 0.55 31-Mar-19
9. VANGUARD EMERGING MARKETS 1,414,620 0.52 1-Apr-18
STOCK INDEX FUND, A SERIES 4-May-18 (2,640) Transfer 1,411,980 0.51
11-May-18 (2,508) Transfer 1,409,472 0.51
1-Jun-18 (1,980) Transfer 1,407,492 0.51
15-Jun-18 (1,980) Transfer 1,405,512 0.51
22-Jun-18 (6,150) Transfer 1,399,362 0.51
29-Jun-18 (8,571) Transfer 1,390,791 0.51
6-Jul-18 (3,672) Transfer 1,387,119 0.50
13-Jul-18 (5,848) Transfer 1,381,271 0.50
12-Oct-18 31,989 Transfer 1,413,260 0.51
19-Oct-18 10,173 Transfer 1,423,433 0.52
26-Oct-18 40,179 Transfer 1,463,612 0.53
16-Nov-18 68,729 Transfer 1,532,341 0.56
23-Nov-18 6,396 Transfer 1,538,737 0.56
7-Dec-18 3,116 Transfer 1,541,853 0.56
21-Dec-18 8,856 Transfer 1,550,709 0.56
1-Feb-19 9,396 Transfer 1,560,105 0.57
8-Feb-19 29,970 Transfer 1,590,075 0.58
29-Mar-19 3,726 Transfer 1,593,801 0.58
1,593,801 0.58 31-Mar-19
10. NOMURA INDIA INVESTMENT 1,363,970 0.50 1-Apr-18
FUND - MOTHER FUND 25-May-18 182,023 Transfer 1,545,993 0.56
13-Jul-18 (100,000) Transfer 1,445,993 0.53
26-Oct-18 50,000 Transfer 1,495,993 0.54
2-Nov-18 75,000 Transfer 1,570,993 0.57
16-Nov-18 (50,000) Transfer 1,520,993 0.55
23-Nov-18 (20,000) Transfer 1,500,993 0.55
1,500,993 0.55 31-Mar-19
11. GOVERNMENT OF SINGAPORE 1,121,339 0.41 1-Apr-18
6-Apr-18 964 Transfer 1,122,303 0.41
20-Apr-18 (13,629) Transfer 1,108,674 0.40
27-Apr-18 (496) Transfer 1,108,178 0.40
4-May-18 (908) Transfer 1,107,270 0.40
18-May-18 (1,934) Transfer 1,105,336 0.40

25-May-18 (447) Transfer 1,104,889 0.40
1-Jun-18 30,622 Transfer 1,135,511 0.41
8-Jun-18 86,832 Transfer 1,222,343 0.44
15-Jun-18 39,555 Transfer 1,261,898 0.46
22-Jun-18 8,812 Transfer 1,270,710 0.46
20-Jul-18 10,658 Transfer 1,281,368 0.47
27-Jul-18 (765) Transfer 1,280,603 0.47
3-Aug-18 (971) Transfer 1,279,632 0.47
10-Aug-18 (8,620) Transfer 1,271,012 0.46
24-Aug-18 24,661 Transfer 1,295,673 0.47
31-Aug-18 56,152 Transfer 1,351,825 0.49
7-Sep-18 (39,728) Transfer 1,312,097 0.48
14-Sep-18 31,118 Transfer 1,343,215 0.49
21-Sep-18 19,729 Transfer 1,362,944 0.50
5-Oct-18 (4,765) Transfer 1,358,179 0.49
12-Oct-18 (1,586) Transfer 1,356,593 0.49
19-Oct-18 5,033 Transfer 1,361,626 0.50
2-Nov-18 3,240 Transfer 1,364,866 0.50
23-Nov-18 11,301 Transfer 1,376,167 0.50
30-Nov-18 3,724 Transfer 1,379,891 0.50
7-Dec-18 (3,149) Transfer 1,376,742 0.50
21-Dec-18 15,675 Transfer 1,392,417 0.51
28-Dec-18 (822) Transfer 1,391,595 0.51
4-Jan-19 9,662 Transfer 1,401,257 0.51
18-Jan-19 (31,864) Transfer 1,369,393 0.50
8-Feb-19 29,613 Transfer 1,399,006 0.51
1-Mar-19 (26,561) Transfer 1,372,445 0.50
8-Mar-19 (35,714) Transfer 1,336,731 0.49
22-Mar-19 9,330 Transfer 1,346,061 0.49
1,346,061 0.49 31-Mar-19
12. VANGUARD TOTAL 1,106,563 0.40 1-Apr-18
INTERNATIONAL STOCK INDEX 13-Apr-18 14,980 Transfer 1,121,543 0.41
FUND
25-May-18 14,595 Transfer 1,136,138 0.41
15-Jun-18 73,565 Transfer 1,209,703 0.44
22-Jun-18 135,793 Transfer 1,345,496 0.49
29-Jun-18 119,025 Transfer 1,464,521 0.53
20-Jul-18 16,473 Transfer 1,480,994 0.54
24-Aug-18 20,263 Transfer 1,501,257 0.55
7-Sep-18 19,566 Transfer 1,520,823 0.55
5-Oct-18 27,366 Transfer 1,548,189 0.56
2-Nov-18 13,549 Transfer 1,561,738 0.57
16-Nov-18 17,094 Transfer 1,578,832 0.57
4-Jan-19 194 Transfer 1,579,026 0.57
11-Jan-19 22,841 Transfer 1,601,867 0.58
29-Mar-19 12,129 Transfer 1,613,996 0.59
1,613,996 0.59 31-Mar-19

(v) Shareholding of Directors and Key Managerial Personnel (KMP)
Sl. For each of the Directors and KMP Shareholding at the Cumulative Shareholding
No. beginning of the year during the year
No. of Shares % of total Shares No. of Shares % of total Shares
of the Company of the Company
1. Kumar Mangalam Birla
Date-wise increase/decrease - - - -
At the end of the year 14,065 0.00
2. Mrs. Rajashree Birla
3. D.D. Rathi*
4. O.P. Puranmalka
5. Atul Daga
allotment upon exercise of stock options on 3rd May, 2018 518 0.00 6,458 0.00
allotment upon exercise of stock options on 4th June, 2018 300 0.00 6,758 0.00
allotment upon exercise of stock options on 1st November, 2018 170 0.00 6,928 0.00
allotment upon exercise of stock options on 25th March, 2019 140 0.00 7,068 0.00
6. S.K. Chatterjee
allotment upon exercise of stock options on 2nd March, 2019 200 0.00 2,207 0.00
* Mr. D.D. Rathi resigned w.e.f. 27th July, 2018.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding / accrued but not due for payment.
(` in crores)
Secured Loans Unsecured Loans Deposits Total Indebtedness
excluding Deposits
Indebtedness at the beginning of the financial year
(i) Principal Amount 13,001 4,419 - 17,420
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due 143 20 - 163
Total (i +ii + iii) 13,144 4,439 - 17,583
Change in Indebtedness during the financial year
• Addition 1,874 2,084 - 3,958
• Reduction 1,335 1,900 - 3,235
Net Change 539 184 723
Indebtedness at the end of the financial year
(i) Principal Amount 13,534 4,584 - 18,118
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due 149 39 - 188
Total (i + ii + iii) 13,683 4,623 18,306

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Director and/or Manager
(` in crores)
Sl Particulars of Remuneration Name of MD/WTD/Manager Total Amount
No.
Mr. K.K. Maheshwari Mr. K.C. Jhanwar Mr. Atul Daga
Managing Director Deputy Managing Director Whole-time Director & CFO
& CMO*
1. Gross Salary
(a) Salary as per provisions contained in 12.43 1.61 2.50 16.54
section 17(1) of the Income Tax Act,
1961
(b) Value of Perquisites u/s 17(2) of the 0.07 0.23 0.31 0.61
Income Tax Act, 1961
(c) Profit in lieu of Salary under section - - - -
17(3) of the Income Tax Act,1961
2. Stock Option - - 0.24 0.24
3. Sweat Equity - - - -
4. Commission - - - -
– as % of profit - - - -
– others, specify - - - -
5. Others, please specify - - - -
Total (A) 12.50 1.84 3.05 17.39
Ceiling as per the Act (being 10% of the net profit as worked out as per Section 198 of the Companies Act, 2013) 336.60
* Mr. K. C. Jhanwar appointed as Additional Director and Whole-time Director (designated as Deputy Managing Director & Chief Manufacturing officer)
w.e.f. 19th October, 2018.
B. REMUNERATION TO OTHER DIRECTORS

(` in crores)
Sl. No. Particulars of Remuneration Name of Directors Total Amount
1. Independent Directors Arun Adhikari G. M. Dave Mrs. Sukanya S. B. Mathur Mrs. Renuka Mrs. Alka
Kripalu Ramnath Bharucha
Fee for attending board/ 0.04 0.05 0.03 0.04 0.01 0.03 0.20
Committee Meetings
Commission 0.17 0.25 0.16 0.29 0.03 0.19 1.09
Others, please specify - - - - - - -
Total (1) 0.21 0.30 0.19 0.33 0.04 0.22 1.29
2. Other Non-Executive Directors Kumar Mrs. Rajashree D. D. Rathi* O. P. Puranmalka

Mangalam Birla Birla
Fee for attending board/ 0.04 0.01 0.03 0.03 0.11

Committee Meetings
Commission 15.53 1.32 0.05 0.01 16.91
Others, please specify - - - - - - -
Total (2) 15.57 1.33 0.08 0.04 17.02
Total (B) = (1 + 2) 18.31
Total Managerial Remuneration 35.70
Overall Ceiling as per the Act (being 11% of the net profit as worked out as per Section 198 of the Companies Act, 2013) 370.26
* Mr. D.D. Rathi resigned w.e.f. 27th July, 2018.

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
(` in crores)
Sl. Particulars of Remuneration Key Managerial Personnel Total
No.
Atul Daga S.K. Chatterjee
Whole - time Director & CFO Company Secretary
1. Gross Salary
(a) Salary as per provisions contained in section 17(1) of the 2.50 1.13 3.63
Income Tax Act, 1961
(b) Value of Perquisites u/s 17(2) of the Income Tax Act, 1961 0.31 0.01 0.32
(c) Profit in lieu of Salary under section 17(3) of the Income - -
Tax Act,1961
2. Stock Option 0.24 0.03 0.27
3. Sweat Equity - - -
4. Commission - - -
- as % of Profit - - -
- others, specify - - -
5. Others, please specify - - -
Total 3.05 1.17 4.22
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES

There were no penalties / punishment / compounding of offences for the year ended 31st March, 2019.

Chairman
Mumbai, 24th April, 2019 (DIN: 00012813)

REPORT ON CORPORATE GOVERNANCE
The Report on Corporate Governance as prescribed by the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended, (“the Listing Regulations”) is given below:
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE

Your Company is committed to the adoption of best governance practices and their adherence in true spirit at all times.
Your Company’s philosophy on Corporate Governance enshrines the goal of achieving the highest levels of transparency,
accountability and ethical behaviour in all spheres of its operations and in all its communication with its stakeholders.
Your Company continuously strives to achieve excellence in corporate governance through its values – Integrity,
Commitment, Passion, Seamlessness and Speed.
In terms of the Listing Regulations, the details of compliance for the year ended 31st March, 2019 are as follows:
I. BOARD OF DIRECTORS
• Composition
Your Company’s Board comprises of 12 (twelve) Directors, which include the Managing Director, 2 (two) Whole-
time Directors and 6 (six) Independent Directors including 3 (three) women Independent Directors. The Board
composition is compliant with the provisions of the Companies Act, 2013 (“the Act”), Rules made thereunder and
the Listing Regulations. The details of the Directors with regard to outside directorships and committee positions
are as follows:
Name of Director Executive/ No. of outside No. of outside Names of outside listed entities where the person is
Non- Executive/ directorship(s) committee position(s) a director and the category of directorship
Independent1 held2 held3
Public Chairman Member
Kumar Mangalam Birla Non-Executive 8 - - 1. Aditya Birla Capital Limited- Non-Executive Director
(DIN: 00012813) 2. Century Textiles and Industries Limited-
Non-Executive Director
3. Grasim Industries Limited- Non-Executive Director
4. Hindalco Industries Limited- Non-Executive
Director
5. Vodafone Idea Limited- Non-Executive Director
Mrs. Rajashree Birla Non-Executive 6 - - 1. Century Enka Limited- Non-Executive Director
(DIN: 00022995) 2. Century Textiles and Industries Limited- Non-
Executive Director
3. Grasim Industries Limited - Non-Executive Director
4. Hindalco Industries Limited- Non-Executive
Director
5. Pilani Investment and Industries Corporation
Limited- Non-Executive Director
Arun Adhikari Independent 4 - 2 1. Aditya Birla Capital Limited- Independent Director
(DIN: 00591057) 2. Vodafone Idea Limited- Independent Director
3. Voltas Limited- Independent Director
Mrs. Alka Bharucha Independent 8 3 7 1. Birlasoft Limited- Independent Director
(DIN: 00114067) 2. Hindalco Industries Limited- Independent Director
3. Honda Siel Power Products Limited- Independent
Director
4. Orient Electric Limited- Independent Director
G. M. Dave Independent 2 - 1 1. Hindalco Industries Limited- Independent Director
(DIN: 00036455) 2. PCS Technology Limited- Independent Director

Name of Director Executive/ No. of outside No. of outside Names of outside listed entities where the person is
Non- Executive/ directorship(s) committee position(s) a director and the category of directorship
Independent1 held2 held3
Public Chairman Member
Mrs. Sukanya Kripalu Independent 5 1 5 1. Aditya Birla Fashion and Retail Limited- Independent
(DIN: 06994202) Director
2. Colgate-Palmolive (India) Limited- Independent
Director
3. Entertainment Network (India) Limited- Independent
Director
4. Huhtamaki PPL Limited- Independent Director
S. B. Mathur Independent 8 2 7 1. DCM Shriram Industries Limited- Independent
(DIN: 00013239) Director
2. Hindustan Oil Exploration Company Limited* -
Independent Director
3. ITC Limited - Independent Director
4. Thomas Cook (India) Limited- Independent Director
O. P. Puranmalka Non-Executive - - - -
(DIN: 00062212)
Mrs. Renuka Ramnath Independent 7 2 3 1. Arvind Limited- Independent Director
(DIN: 00147182) 2. Indian Energy Exchange Limited- Independent
Director
3. L&T Technology Services Limited- Independent
Director
4. PVR Limited- Independent Director
5. Tata Communications Limited- Independent
Director
K. K. Maheshwari Managing Director - - - -
(DIN: 00017572)
4
K. C. Jhanwar Deputy Managing 4 1 1 -
(DIN: 01743559) Director & CMO
Atul Daga Whole-time 1 - - -
(DIN: 06416619) Director & CFO
* Resigned w.e.f. 17th April 2019.
1. Independent Director means a Director as defined under Clause 16 of the Listing Regulations and Section 149 of the Act.
2. Excluding directorships in private limited companies, foreign companies and companies under Section 8 of the Act.
3. Only two committees viz. Audit Committee and Stakeholders Relationship Committee of all public limited companies are considered.
4. Mr. K. C. Jhanwar appointed as Additional Director and Whole-time Director (designated as Deputy Manager Director & Chief
Manufacturing Officer) w.e.f. 19th October, 2018.
5. No Director is related to any other Director on the Board, except for Mr. Kumar Mangalam Birla and Mrs. Rajashree Birla, who
are son and mother respectively.
6. None of the Directors (i) hold membership in more than ten public limited companies and (ii) is a member of more than ten
committees or chairperson of more than five committees across all the public companies in which he/she is a Director.
• A chart or a matrix setting out the skills/expertise/ - Corporate Governance;

competence of the Board of Directors specifying the
- Strategic expertise;
following:
- Marketing;
Your Company’s Board of Directors have identified the
following skills / expertise / competencies to function - Legal and Compliance;
and discharge their responsibilities effectively: - Sustainability;
- Industry knowledge; - Risk Management;
- Innovation; - Human Resource Development; and
- Financial expertise; - General Management

The Board members collectively display the following raised the Group’s turnover from $2 billion in 1995, to
personal qualities: $44.3 billion today.
- Integrity : fulfilling a Director’s duties and He has been the architect of 36 acquisitions by the group
responsibilities; in 20 years in India and globally, the highest by an Indian
multinational in India. Under his stewardship, the Aditya
- Curiosity and courage : ask questions and
Birla Group enjoys a position of leadership in all the major
persistence in challenging management and
sectors in which it operates. Over the years, Mr. Birla
fellow Board members where necessary;
has built a highly successful meritocratic organisation,
- Interpersonal skills : work well in a group, listen anchored by an extraordinary force of 120,000 employees
well, tactful, ability to communicate their point belonging to 42 different nationalities.
of view frankly;
Outside the Group, Mr. Birla has held several key positions
- Interest : in the organisation, its business and on various regulatory and professional Boards. He was
the people; a Director on the Central Board of Directors of the
Reserve Bank of India. He was Chairman of the Advisory
- Instinct : good business instincts and acumen,
Committee constituted by the Ministry of Corporate Affairs
ability to get to the crux of the issue quickly;
and also served on The Prime Minister of India’s Advisory
- Believer in gender diversity; Council on Trade and Industry. As the Chairman of
- Active participation : at deliberations in the Securities and Exchange Board of India (SEBI) Committee
meeting. on Corporate Governance, he authored the First Report
on Corporate Governance titled ‘‘Report of the Kumar
Your Company’s Board comprises of an equal number Mangalam Birla Committee on Corporate Governance’’.
of Independent and Non-Independent Directors. The Mr. Birla also served as Chairman of SEBI’s committee on
Directors are professionals, possessing wide experience Insider Trading, which formulated Corporate Governance
and expertise in their areas of function - strategy; finance; principles for Indian corporates.
governance and legal; marketing, insurance, among
others, which together with their collective wisdom fuel Mr. Birla is deeply engaged with Educational Institutions.
your Company’s growth. With one -third of the Board He is the Chancellor of the Birla Institute of Technology &
comprising of woman directors, the Board reflects gender Science (BITS) with campuses in Pilani, Goa, Hyderabad
diversity. and Dubai and a Director of the G. D. Birla Medical
Research & Education Foundation. He is also the
A brief profile of the Directors of your Company is as Chairman of Indian Institute of Management, Ahmedabad
follows: and The Rhodes India Scholarship Committee.
Kumar Mangalam Birla, is the Chairman of the $44.3 Mr. Birla serves on the London Business School’s Asia
billion multinational Aditya Birla Group, which operates Pacific Advisory Board and is an Honorary Fellow of the
in 34 countries across six continents. He is a Chartered London Business School.
Accountant and holds an MBA degree from the London
A firm practitioner of the trusteeship concept, Mr. Birla
Business School.
has institutionalised the concept of caring and giving
Mr. Birla chairs the Boards of all major Group companies at the Aditya Birla Group. With his mandate, the Group
in India and globally - Novelis, Columbian Chemicals, is involved in meaningful welfare driven activities that
Aditya Birla Minerals, Aditya Birla Chemicals, Thai Carbon distinctively impact the quality of life of weaker sections
Black, Alexandria Carbon Black, DomsjöFabriker and of society.
Terrace Bay Pulp Mill. In India, apart from chairing your
Mrs. Rajashree Birla is an exemplar in the area of
Company’s Board, he also chairs the Boards of Hindalco
community initiatives and rural development. Mrs. Birla
Industries Limited, Grasim Industries Limited, Vodafone
spearheads the Aditya Birla Centre for Community
Idea Limited and Aditya Birla Capital Limited.
Initiatives and Rural Development, the Group’s apex
In the 23 years that he has been at the helm of the body responsible for development projects. She oversees
Group, he has accelerated growth, built meritocracy the Group’s social and welfare driven work across 40
and enhanced stakeholder value. In the process he has companies. The footprint of the Centre’s work straddles

over 5,000 villages, reaching out to 7.5 million people. & Partners which, since inception, has been ranked by
Furthermore, Mrs. Birla is the Chairperson of the FICCI RSG Consulting, London among the top fifteen firms
– Aditya Birla CSR Centre for Excellence, Habitat for in India. Mrs. Bharucha has been ranked by Chambers
Humanity (India) and is on the Board of the Asia Pacific Global, Legal 500 and Who’s Who Legal amongst India’s
Committee as well as Habitat’s Global Committee. She leading lawyers. She chairs the transactions practice at
is the Chairperson of FICCI’s first ever Expert Committee Bharucha & Partners. Her core areas of expertise are
on CSR. She is Member on the Advisory Board of “The mergers and acquisitions, joint ventures, private equity,
Research Society for the Care, Treatment and Training of banking and finance.
Children in Need of Special Care”, Mumbai, and of BAIF
G. M. Dave holds a Masters Degree in Commerce and
Development Research Foundation, Pune. As a patron of
a Bachelor’s Degree in Law. He is a partner of Dave &
arts and culture, she heads the “Sangit Kala Kendra”, a
Girish & Co., Advocates, a well-known firm of lawyers
Centre for performing arts, as its President.
in Mumbai. He is also on the Board of other companies.
In recognition of the exemplary work done by Mrs. Birla,
Mrs. Sukanya Kripalu is a graduate from St. Xavier’s
leading national and international organisations have
College and the Indian Institute of Management, Calcutta.
showered accolades upon her. Among these the most
She is a consultant in the fields of marketing, strategy,
outstanding ones have been that of the Government
advertising and market research. Her experience includes
of India’s “Padma Bhushan” Award in 2011 in the area
working with leading corporates like Nestle India Limited,
of “Social Work”, The Economic Times “Corporate
Cadbury India Limited and Kellogg’s India. She was also
Citizen of the Year Award” twice over, in 2002 and 2012,
the CEO of Quadra Advisory a WPP Group Company. She
besides the “Global Golden Peacock Award for CSR”
is presently on the Boards of various companies viz.
presented by Dr. Ola Ullsten, the Former Prime Minister
Huhtamaki PPL Limited, Aditya Birla Fashion and Retail
of Sweden in Portugal in 2010. The Institute of Directors
Limited, Aditya Birla Health Insurance Company Limited,
(IOD) Distinguished Fellowship Award, and FICCI FLO’s
Entertainment Network (India) Limited and Colgate
Lifetime Achievement Award, are among the many other
Palmolive (India) Limited.
distinctions received by her.
Apart from your Company, Mrs. Birla is a Director on S. B. Mathur is a Chartered Accountant who has served as
the Boards of Grasim Industries Limited and Hindalco the Chairman of the Life Insurance Corporation of India
Industries Limited. She is also on the Board of the Aditya (LIC) from August, 2002 to October, 2004. He is on the
Birla Group’s international companies spanning Thailand, board of various companies. He also holds Trusteeships,
Indonesia, Philippines and Egypt. Advisory/Administrative Roles on Government Bodies,
Authorities and Corporations.
Arun Adhikari is an alumni of the Indian Institute
of Technology, Kanpur and the Indian Institute of Mrs. Renuka Ramnath has over the course of three
Management, Calcutta. He joined Hindustan Lever decades in financial services, successfully built several
Limited as a Management Trainee in 1977 and worked businesses. In 2009, she founded Multiples, a dedicated
with the Unilever Group in India, UK, Japan and Singapore. India focused private equity fund with an AUM of close
His areas of responsibility included, sales and marketing, to USD 1 billion. The young independent platform of
culminating in general management and leadership Multiples has had stellar success under her leadership
roles. Mr. Adhikari retired from Unilever in January, 2014 and has supported transformational journeys of young
following which he was a Senior Advisor with McKinsey companies and new-age professional entrepreneurs
and Company for four years. He is now an Independent across various sectors and situations to build a successful
Director on the Boards of Vodafone Idea Limited, Aditya track record for Multiples.
Birla Capital Limited and Voltas Limited.
Mrs. Ramnath started her career with the ICICI Group
Mrs. Alka Bharucha is a Master in Law from the University including stints in investment banking and e-commerce;
of Bombay and University of London and Solicitor High she led ICICI Venture as the MD & CEO of ICICI Venture,
Court Mumbai and Supreme Court of England & Wales. to become one of the largest private equity funds in India,
She began her career with Mulla & Mulla & Craigie scaling the proprietary platform from USD 50 mn to
Blunt & Caroe, and joined Amarchand & Mangaldas USD 2.5 bn under her management in 8 years. In the
as partner in 1992. In 2008, she co-founded Bharucha Indian PE market, she has pioneered first-to-market

transactions like leveraged buyouts and management Atul Daga, Whole-time Director and Chief Financial
buyouts as well as incubated several companies. Officer of your Company, is a Chartered Accountant with
Mrs. Ramnath thrives on the challenges that markets and over 32 years’ experience, of which over twenty-five
competition throw in the business, consistently finding years have been with the Aditya Birla Group. His ability to
ways to succeed by deploying the full human potential to penetrate deep into business areas and understanding of
deliver extraordinary returns. the dynamics has been his constant strength.
O. P. Puranmalka, Chartered Accountant, is currently a His key responsibilities, include, risk management, audit
Non-Executive Director on the Board of your Company. He and compliance, planning, treasury, capital structuring
was earlier the Managing Director of your Company, having and capital allocation, among others. He has undertaken
retired on 31st March, 2016. Known for his entrepreneurial several initiatives such as creating a robust platform
capabilities, he has held senior managerial positions in for managing Investor Relations, evaluating M&A
the Cement Business of the Aditya Birla Group, He was opportunities, and setting new benchmarks for raising
part of the Cement Business of the Group since 1994 at long term borrowings in the domestic financial markets.
various positions till his retirement as Managing Director Development of financial strategy and monitoring of
of your Company. control systems, internal audit and actively participating
in the Company’s growth strategy are also part of his
K. K. Maheshwari is a proven leader with expertise in
portfolio.
strategy and finance, a passion for building outstanding
teams and a disciplined focus on innovation and
• Non-Executive Directors’ compensation and
excellence in operations. In a distinguished career
disclosures
spanning 4 decades, of which 35 years have been with the
Aditya Birla Group, Mr. Maheshwari has held several key Sitting fees / commission paid to the
leadership roles, including that of steering the Group’s Non-Executive Directors and Independent Directors
Chemicals, International Trading, Pulp & Fibre, Textiles are recommended by the Nomination, Remuneration
and Cement business. Mr. Maheshwari is credited with and Compensation Committee of the Board and
scripting the growth of each of the businesses towards approved by the Board of Directors and shareholders.
a more competitive and sustainable model and has The details of sitting fees / commission paid to the
overseen various greenfield and brownfield expansions Non-Executive Directors and Independent Directors
as well as strategic acquisitions globally. He also serves are given separately in this Report.
as a Director of Aditya Birla Management Corporation
Private Limited. • Other provisions as to Board and Committees
Mr. Maheshwari has been in his current assignment as The number of Board meetings held during the year,
Managing Director of your Company since 2016, where dates on which held and number of Directors present
he has overseen phenomenal growth, both organic are as follows:
as well as inorganic, catapulting your Company to the Date of Board Meeting Board Strength No. of Directors Present
3rd largest player in the cement industry worldwide, th
6 April, 2018 12 9
outside of China, with its capacity exceeding 100 MT.
25th April, 2018 12 11
Mr. Maheshwari holds a master’s degree in commerce th
20 May, 2018 12 9
(business administration) and is a Fellow Member of the
th
Institute of Chartered Accountants of India. 18 July, 2018 12 11
19th October, 2018 11 9

K. C. Jhanwar, Whole-time Director (designated as
th
Deputy Managing Director and Chief Manufacturing 19 November, 2018 12 7
Officer) of your Company is a Chartered Accountant with th
24 January, 2019 12 9
over 39 years’ experience, of which 38 years’ have been
with the Aditya Birla Group. He has held various roles in Your Company’s Board plays a pivotal role in ensuring
Finance, Operations and General Management across the good governance and functioning of your Company.
Cement and Chemical Business of the Group, including The Board has unfettered and complete access to
greenfield and brownfield projects. any information within your Company. Members of

the Board freely express their views on the meeting All Board members and senior management
agenda and discuss pertinent issues at the meeting personnel have confirmed compliance with the Code.
with the permission of the Chairman. The Board A declaration to that effect signed by the Managing
periodically reviews all the relevant information, Director is attached and forms part of this Annual
which is required to be placed before it, pursuant Report.
to Schedule II of Regulation 17 of the Listing • Induction and training
Regulations and in particular reviews and approves
A letter of appointment together with an induction
corporate strategies, business plans, annual
kit is given to Independent Directors at the time of
budgets, projects and capital expenditure etc. The
their appointment setting out their roles, functions,
Board provides direction and exercises appropriate duties and responsibilities. In terms of the Listing
control to ensure that your Company is managed in Regulations, the terms and conditions of appointment
a manner that fulfils stakeholder aspirations and of Independent Directors are placed on the website
societal expectations. of your Company viz. www.ultratechcement.com.
In addition to the quarterly meetings, the Board The Directors are familiarised with your Company’s
also meets to address specific needs and business business and its operations. Interactions are held
requirement of your Company. between the Directors and senior management
of your Company. Directors are familiarised with
The details of attendance of each Director at the the organisational set-up, functioning of various
Board meetings and the last Annual General Meeting departments, internal control processes and
(AGM) are as follows: relevant information pertaining to your Company.
Name of Director No. of Board Meetings Attended They are periodically updated on the industry
Held Attended Last AGM@ scenario, changes in regulatory framework and the
Kumar Mangalam Birla 7 7 Yes impact thereof on the working of your Company.
Mrs. Rajashree Birla 7 2 Yes Familiarisation programme imparted to Directors
Arun Adhikari 7 6 Yes of your Company is available on your Company’s
Mrs. Alka Bharucha 7 4 Yes website viz. www.ultratechcement.com.
G. M. Dave 7 6 Yes
Mrs. Sukanya Kripalu 7 6 Yes • Performance evaluation of Board
S. B. Mathur 7 5 Yes
A formal evaluation mechanism has been adopted
O. P. Puranmalka 7 7 Yes
for evaluating the performance of the Board,
Mrs. Renuka Ramnath 7 2 No
Committees thereof, individual Directors and the
D. D. Rathi* 7 4 Yes
Chairman of the Board. The evaluation is based on
K. K. Maheshwari 7 7 Yes
criteria which includes, among others, attendance
K. C. Jhanwar# 7 2 Not Applicable
and preparedness for the meetings, contribution
Atul Daga 7 7 Yes
at meetings, effective decision making ability,
@
AGM held on 18th July, 2018 at Ravindra Natya Mandir, P. L. Deshpande role of the Committees. The Directors completed
Maharashtra Kala Academy, Near Siddhivinayak Temple, Sayani
questionnaires providing feedback on functioning of
Road, Prabhadevi, Mumbai-400 025.
the Board, Committees and Chairman of the Board.
* Mr. D. D. Rathi ceased to be Director on the Board of your Company
w.e.f. 27th July, 2018.
#
Mr. K. C. Jhanwar was appointed as Additional Director and Whole-
• Independent Director’s meeting
time Director (designated as Deputy Managing Director and Chief A meeting of the Independent Directors was held,
Manufacturing Officer) of your Company w.e.f. 19th October, 2018.
inter alia, to discuss evaluation of the performance
of Non-Independent Directors, evaluation of the
• Code of Conduct
performance of the Chairman, taking into account
The Board of Directors have laid down a Code of the views of the Executive and Non-Executive
Conduct (“the Code”) for all Board members and Directors and the evaluation of the quality, content
senior management personnel of your Company. and timelines of flow of information between the
The Code is posted on your Company’s website management and the Board that is necessary for
www.ultratechcement.com. the Board to effectively and reasonably perform its

duties. The suggestions made by the Independent Mr. S. B. Mathur is the Chairman of the Committee.
Directors were discussed at the Board meeting and
Permanent Invitee: Mr. Atul Daga, Whole-time
are being implemented.
Director & CFO.
• Prevention of Insider Trading The Statutory and Internal Auditors of your Company
In terms of the provisions of the Securities and attend the Audit Committee meetings.
Exchange Board of India (Prohibition of Insider The Company Secretary acts as the Secretary to the
Trading) Regulations, 2015, as amended, your Committee.
Company has adopted a ‘Code of Conduct to regulate,
monitor and report trading by designated persons The Audit Committee acts as a link between the
in listed or proposed to be listed securities’ of your management, the Statutory and Internal Auditors
Company (“the Code”). The Code aims at preserving and the Board.
and preventing misuse of unpublished price sensitive The Audit Committee monitors and effectively
information. All Designated Persons (including supervises your Company’s financial reporting
Directors, Key Managerial Personnel and employees) process with a view to provide accurate, timely and
of your Company are covered under the Code, which proper disclosure and maintain the integrity and
provides inter alia for periodical disclosures and quality of financial reporting. The Audit Committee
obtaining pre-clearances for trading in securities of also reviews from time to time, the audit and internal
your Company. control procedures, the accounting policies of your
II. AUDIT COMMITTEE Company, oversight of your Company’s financial
reporting process so as to ensure that the financial
• Composition, meetings, attendance during the year
statements are correct, sufficient and credible.
and sitting fees paid
The Audit Committee of the Board comprises 5 • Role
(five) Directors, of which 4 (four) are Independent 1. Oversight of the Company’s financial reporting
Directors. The members of the Audit Committee process and the disclosure of its financial
are financially literate. The composition of the information to ensure that the financial
Audit Committee complies with the requirements statement is correct, sufficient and credible.
of Section 177 of the Act and Regulation 18 of the
Listing Regulations. 2. R e c o m m e n d a t i o n f o r a p p o i n t m e n t ,
remuneration and terms of appointment of
During the year, the Audit Committee meetings were
auditors of the Company.
held on 25th April, 2018, 20th May, 2018, 18th July, 2018,
th th
19 October, 2018, 24 January, 2019 and 20 March,
th
3. Approval of payment to statutory auditors for
2019. any other services rendered by the statutory
auditors.
The composition, attendance and sitting fees paid
are as follows: 4. Reviewing, with the management, the annual
Name of Member No. of meetings Sitting fees financial statements and auditor’s report
paid thereon before submission to the Board for
Held Attended
(` in lakhs) approval, with particular reference to:
S. B. Mathur 6 5 1.25
i. Matters required to be included in the
G.M. Dave 6 6 1.50 Director’s Responsibility Statement to be
Mrs. Renuka Ramnath 6 - - included in the Board’s report in terms of
Mrs. Alka Bharucha 6 4 1.00 clause (c) of sub-section 3 of section 134
K. K. Maheshwari* 6 2 - of the Act;
D. D. Rathi# 6 3 0.75 ii. Changes, if any, in accounting policies and
* Mr. K. K. Maheshwari was appointed as a member of practices and reasons for the same;
the Committee on 19th October, 2018. He was earlier a
permanent invitee to the Audit Committee. iii. Major accounting entries involving
#
Mr. D. D. Rathi ceased to be a member of the Committee estimates based on the exercise of
upon his resignation from the Board w.e.f. 27th July, 2018. judgment by management;

iv. Significant adjustments made in the matters where there is suspected fraud or
financial statements arising out of audit irregularity or a failure of internal control
findings; systems of a material nature and reporting the
v. Compliance with listing and other matter to the Board.
legal requirements relating to financial 16. Discussion with Statutory Auditors before the
statements; audit commences, about the nature and scope
vi. Disclosure of any related party transactions; of audit as well as post-audit discussion to
ascertain any area of concern.
vii. Modified opinion(s) in the draft audit report.
17. To look into the reasons for substantial defaults
5. Reviewing, with the management, the quarterly
in the payment to the depositors, debenture
financial statements before submission to the
holders, shareholders (in case of non-payment
Board for approval.
of declared dividends) and creditors.
6. Reviewing, with the management, the statement
of uses / application of funds raised through an 18. To review the functioning of the Whistle Blower
issue (public issue, rights issue, preferential mechanism;
issue, etc.), the statement of funds utilised 19. Approval of appointment of CFO after assessing
for purposes other than those stated in the the qualifications, experience and background,
offer document / prospectus / notice and the etc. of the candidate.
report submitted by the monitoring agency
20. Carrying out any other function as is mentioned
monitoring the utilisation of proceeds of a
in the terms of reference of the Audit Committee.
public or rights issue, and making appropriate
recommendations to the Board to take up steps 21. Reviewing the utilisation of loans and / or
in this matter. advances from/investment by the holding
7. Reviewing and monitoring the auditor’s Company in the subsidiary exceeding ` 100
i n d e p e n d e n ce a n d p e r fo r m a n ce , a n d crores or 10% of the asset size of the subsidiary,
effectiveness of audit process. whichever is lower including existing loans /
advances / investments existing as on the date
8. Approval or any subsequent modification of of coming into force of this provision.
transactions of the Company with related
parties. • The Audit Committee reviews the following
9. Scrutiny of inter-corporate loans and information
investments. 1. Management Discussion and Analysis of
10. Valuation of undertakings or assets of the financial condition and results of operations;
Company, wherever it is necessary.
2. Statement of significant related party
11. Evaluation of internal financial controls and risk transactions (as defined by the Audit Committee),
management systems. submitted by management;
12. Reviewing, with the management, performance 3. Management letters / letters of internal control
of statutory and internal auditors, adequacy of weaknesses issued by the Statutory Auditors;
the internal control systems.
4. Internal audit reports relating to internal control
13. Reviewing the adequacy of internal audit weaknesses;
function, if any, including the structure of the
internal audit department, staffing and seniority 5. The appointment, removal and terms of
of the official heading the department, reporting remuneration of the Chief Internal Auditor;
structure coverage and frequency of internal 6. Statement of deviations:
audit.
(a) quarterly statement of deviation(s)
14. Discussion with internal auditors of any
including report of monitoring agency, if
significant findings and follow up there on.
applicable, submitted to stock exchange(s)
15. Reviewing the findings of any internal in terms of Regulations 32(1) of the Listing
investigations by the internal auditors into Regulations.

(b) Annual statement of funds utilised for - check whether the remuneration provided to
purposes other than those stated in the Directors and senior management includes
offer document/prospectus/notice in a balance between fixed and incentive pay
terms of Regulation 32(7) of the Listing reflecting short and long-term performance
Regulations. objectives appropriate to the working of your
Company and its goals;
• Vigil Mechanism/Whistle Blower Policy
- formulate appropriate policies, institute
Your Company has in place a vigil mechanism processes which enable the identification
pursuant to which a Values Committee has been of individuals who are qualified to become
constituted for addressing complaints received Directors and who may be appointed in senior
from Directors and employees concerning unethical management and recommend the same to the
behaviour, actual or suspected fraud and violation of
Board;
the Code of Conduct or Ethics Policy of your Company.
The policy provides for adequate safeguards against - review and implement succession and
victimisation and all personnel have access to the development plans for Managing Director,
Audit Committee. The policy is also posted on your Executive Directors and senior management;
Company’s website viz. www.ultratechcement.com. - devise a policy on Board diversity;
- formulate the criteria for determining
III. NOMINATION, REMUNERATION AND
qualifications, positive attributes and
COMPENSATION COMMITTEE
independence of Directors.
• Composition, meetings, attendance during the year
- recommend to the Board, all remuneration, in
and sitting fees paid
whatever form, payable to senior management.
During the year, the Nomination, Remuneration and
Employee Stock Options Scheme – 2006 (“ESOS-
Compensation Committee (“the NRC Committee”)
2006”)
met thrice to deliberate on various matters. The
th th
meetings were held on 25 April, 2018; 18 July, 2018 Under ESOS-2006, the NRC Committee has allotted
th
and 19 October, 2018. a total of 286,504 equity shares of ` 10/- each of your
st
Company, till 31 March, 2019.
The composition, attendance and sitting fees paid
are as follows: Employee Stock Options Scheme – 2013 (“ESOS-
2013”)
Name of Member No. of meetings Sitting fees
paid During the year, the NRC Committee vested 21,539
Held Attended
(` in lakhs) Stock Options and 6,207 Restricted Stock Units
Kumar Mangalam Birla 3 3 0.60 to eligible employees, subject to the provisions of
Arun Adhikari 3 3 0.60 the ESOS – 2013, statutory provisions as may be
G.M. Dave 3 3 0.60
applicable from time to time and the rules and
procedures set out by your Company in this regard.
Mr. G. M. Dave is the Chairman of the Committee. Further, the NRC Committee has during the financial
The Company Secretary acts as the Secretary to the year under review, allotted 28,735 equity shares of
Committee. ` 10/- each of your Company to Option Grantees
upon exercise of Stock Options under ESOS -2013.
• Terms of reference of the NRC Committee
During the year, no Stock Options and Restricted
The NRC Committee is authorised to: Stock Units have been granted under ESOS-2013.
- set the level and composition of remuneration Employee Stock Option Scheme – 2018 (“ESOS-2018”)
which is reasonable and sufficient to attract,
The Board of Directors of your Company have, based
retain and motivate Directors and senior
on the recommendation of the NRC Committee,
managers of the quality required to run your
approved formulation of a new scheme viz. ‘UltraTech
Company successfully;
Cement Limited Employee Stock Option Scheme
- set the relationship of remuneration to 2018’ (“ESOS – 2018”) in terms of the Securities and
performance; Exchange Board of India (Share Based Employee

Benefits) Regulations, 2014. ESOS-2018 will be - assist the Board in determining measures that
administered by the NRC Committee through a trust, can be adopted to mitigate risk, ensure balance
viz. the UltraTech Employee Welfare Trust. between risk and reward and create value for
Shareholders of your Company have by resolution your Company’s stakeholders.
dated 4th October, 2018 approved ESOS – 2018. The Directors’ Report and Management Discussion
th
The NRC Committee has on 18 December, 2018 and Analysis sets out the risks identified and the
formulated ESOS –2018 and granted 158,304 Stock mitigation plans thereof.
Options at an exercise price of ` 4,009.30/- per Stock
Option exercisable into the same number of equity VI. RELATED PARTY TRANSACTIONS
shares of ` 10/- each and 43,718 Restricted Stock
Related party transactions entered by your Company
Units at an exercise price of ` 10/- each.
during the year were on arm’s length basis and in
• Remuneration Policy the ordinary course of business. There were no
Your Company has adopted Executive Remuneration material transactions with any related party as
Philosophy / Policy and the same is disclosed in this defined under the Act and the Listing Regulations.
Annual Report. All related party transactions have prior approval of
the Audit Committee and are reviewed by the Audit
IV. SUBSIDIARY COMPANY Committee on a quarterly basis.
Your Company does not have any material unlisted The policy on Related Party Transactions as
Indian subsidiary company. The Audit Committee and
approved by the Audit Committee and the Board
Board reviews the financial statements, significant
is available on your Company’s website viz.
transactions and working of the unlisted subsidiary
www.ultratechcement.com.
companies and the minutes are placed before
the Board. Your Company has unlisted subsidiary VII. DISCLOSURES
companies in Sri Lanka, Middle East and Indonesia.
The financial results of these companies are • Disclosures on materially significant related
presented to your Company’s Board. The policy for parties
determining material subsidiaries is available on your During the year, there were no material transactions
Company’s website viz. www.ultratechcement.com. with related parties of your Company.
V. RISK MANAGEMENT Particulars of related party transactions are listed
In terms of the provisions of the Listing Regulations, out in Note 40 to the standalone financial statements
your Company has constituted a Risk Management of your Company.
and Sustainability Committee comprising of Mr. K. K. • Your Company has followed all relevant accounting
Maheshwari, Managing Director; Mr. K. C. Jhanwar, standards while preparing the financial statements.
Deputy Managing Director and Chief Manufacturing
Officer and Mr. Atul Daga, Whole-time Director & • Remuneration of Directors
CFO of your Company. Based on the recommendation of the Nomination
The Risk Management and Sustainability Committee Committee, all decisions relating to remuneration
is mandated to review the risk management process of Directors are taken by the Board of Directors of
of your Company. your Company in accordance with the shareholder’s
approval, wherever necessary.
The Company Secretary acts as the Secretary to the
Committee. Shareholders have approved payment of commission
The objectives and scope of the Risk Management to the Non-Executive Directors of an amount not
and Sustainability Committee broadly include: exceeding 1% per annum of the net profit of your
Company. Based on the performance evaluation
- overall responsibility to monitor and approve
of each director and the remuneration policy, the
risk management and sustainability framework;
Board has recommended an amount of ` 18 crores
- ensure proper identification of the risk as commission to be paid to the Non-Executive
associated with cyber security. Directors for 2018-19.

Details of remuneration paid / to be paid to the Directors for attending Board meetings, and their shareholding
in your Company are as under:
Name of Director Sitting fees paid Commission payable Number of
(` in lakhs) (` in lakhs) shares held
Kumar Mangalam Birla 3.50 1,553.00 14,065
Mrs. Rajashree Birla 1.00 132.00 41,701
Arun Adhikari 3.00 17.00 -
Mrs. Alka Bharucha 2.00 19.00 -
G. M. Dave 3.00 25.00 -
Mrs. Sukanya Kripalu 3.00 16.00 -
S. B. Mathur 2.50 29.00 -
O. P. Puranmalka 3.50 1.00 60,571
Mrs. Renuka Ramnath 1.00 3.00 -
D. D. Rathi* 2.00 5.00 2,515
K. K. Maheshwari Nil Nil -
K. C. Jhanwar Nil Nil -
Atul Daga Nil Nil 7,068
th
*Mr. D. D. Rathi ceased to be Director on the Board of your Company w.e.f. 27 July, 2018.
Mr. Kumar Mangalam Birla assumed the role of Executive Chairman of Aditya Birla Management Corporation Private Limited
w.e.f. 1st January, 2019. Accordingly he would not like to receive any commission from your Company w.e.f. 1st January, 2019.
The Directors do not hold any convertible instruments of your Company.
The details of remuneration paid to the Executive Directors are as follows:
Executive Director Relationship Remuneration during 2018-19
with other All elements of Performance Service Stock option
Directors remuneration linked contracts, details, if any
package i.e. incentives, notice period,
salary, benefits, alongwith severance fee
pensions etc. performance
criteria (a) & (b)
K.K. Maheshwari - ` 856.31 lakhs ` 439.85 lakhs
Managing Director
K. C. Jhanwar - ` 189.07 lakhs -
See notes
Deputy Managing Director & See note (c)
(d) & (e)
CMO
Atul Daga - ` 208.97 lakhs ` 60.00 lakhs
Whole-time Director & CFO
(a) Mr. K. K. Maheshwari was paid a sum of ` 439.85 Director & Chief Manufacturing Officer) and
lakhs towards performance linked incentive for Mr. Atul Daga as Whole-time Director & CFO are
achievement of targets for the year 2017-18. subject to termination by three months’ notice
(b) Mr. Atul Daga was paid a sum of ` 60 lakhs in writing on either side.
towards performance linked incentive for (d) In terms of ESOS-2013, 3,760 stock options
achievement of targets for the year 2017-18. have vested in Mr. K. K. Maheshwari; 2,144
(c) Appointment of Mr. K. K. Maheshwari as stock options have vested in Mr. K.C. Jhanwar
Managing Director; Mr. K. C. Jhanwar as Whole- and 1,570 stock options have vested in Mr. Atul
time Director (designated as Deputy Managing Daga during the year, respectively.

(e) In terms of ESOS-2018 29,520 Stock Options Name of Member No. of meetings Sitting fees
and 8,148 RSUs have been granted to Mr. K.K. paid
Held Attended
Maheshwari; 13,184 Stock options and 3,639 (` in lakhs)
RSUs have been granted to Mr. K. C. Jhanwar S. B. Mathur 4 4 0.80
and 4,248 Stock options and 1,173 RSUs have Mrs. Sukanya Kripalu 4 3 0.60
been granted to Mr. Atul Daga, during the year.
D. D. Rathi* 4 2 0.40
There were no pecuniary relationships or transactions K. C. Jhanwar #
4 2 -
between your Company and Non-Executive Directors
* Mr. D. D. Rathi ceased to be member of the Committee
during the year. For further details, please refer to upon his resignation from the Board w.e.f. 27th July, 2018.
the Director’s Report and Management Discussion #
Mr. K. C. Jhanwar was appointed as member of the
& Analysis. Committee w.e.f. 19th October, 2018.
All decisions relating to the remuneration of the Mr. S. B. Mathur is the Chairman of the Committee.
Managing Director and Whole-time Directors is
taken by the Board based on the remuneration policy The Company Secretary acts as Secretary to the
and in terms of the resolution passed / to be passed Committee and is also the Compliance Officer.
by the shareholders of your Company. Your Company’s shares are compulsorily traded in
• Management: the dematerialised form. In terms of the provisions of
the Listing Regulations, w.e.f 1st April, 2019, requests
- The Management Discussion & Analysis
for effecting transfer of securities in physical form
forms part of the Director’s Report and is in
shall not be processed unless the securities are
accordance with the requirements of the Listing
held in dematerialised form with the depositories i.e
Regulations.
National Securities Depository Limited and Central
- No material transaction has been entered into Depository Services (India) Limited. Requests for
by your Company with its related parties that transmission / transposition of shares held in
may have a potential conflict of interest with physical form will however be attended to.
your Company.
• Role
• Shareholders
- To monitor complaints received by your Company
- Details of the Directors seeking re-appointment / from its Shareholders, Debentureholders, other
appointment at the ensuing AGM, are provided security holders, Securities and Exchange
in the Notice convening the AGM. Board of India (SEBI), Stock Exchanges, Ministry
- Press Releases and financial results are made of Corporate Affairs, Registrar of Companies
available on the website of your Company etc. and action taken by your Company for
(www.ultratechcement.com) and also that of redressing the same;
the Aditya Birla Group (www.adityabirla.com).
- To approve allotment of shares, debentures
• Stakeholders Relationship Committee or any other securities as per the authority
conferred / to be conferred to the Committee
Composition, meeting, attendance and sitting fees
by the Board of Directors from time to time;
paid during the year
A Stakeholders Relationship Committee has - To approve requests for transposition, deletion,
been constituted at the Board level, under the consolidation, sub-division, change of name,
Chairmanship of a Non-Executive Independent dematerialisation, rematerialisation etc. of
Director. shares, debentures and other securities;
During the year, the Stakeholders Relationship - To authorise Officers of your Company to
Committee met on 25th April, 2018, 18th July, 2018, approve requests for transposition, deletion,
19 th October, 2018 and 24 th January, 2019. The consolidation, sub-division, change of name,
composition, attendance and sitting fees paid are dematerialisation, rematerialisation etc. of
as follows: shares, debentures and other securities;

- To approve and ratify the action taken by • Details of non-compliance by the Company,
the authorised officers of your Company in penalties and strictures imposed on the Company
compliance of the requests received from the by stock exchanges or SEBI or any other statutory
shareholders / investors for issue of duplicate authority, on any matter relating to capital markets,
/ replacement / consolidation / sub-division, during the year
dematerialisation, rematerialisation and other
There have been no instances of non-compliance
purposes for the shares, debentures and other
by your Company on any matter related to capital
securities of your Company;
markets during the year under review and hence
- To monitor and expedite the status and process no strictures /penalties have been imposed on your
of dematerialisation and rematerialisation of Company by the stock exchanges or the SEBI or any
shares, debentures and other securities of your statutory authority.
Company;
• Finance Committee
- To give directions for monitoring the stock of
blank stationery and for printing of stationery A Finance Committee has been constituted at
required by the Secretarial Department of the Board level, under the Chairmanship of a
your Company from time to time for issuance Non-Executive Director. The Finance Committee
of share certificates, debenture certificates, comprises of Mr. Arun Adhikari, Mrs. Alka Bharucha
allotment letters, dividend warrants, pay orders, and Mr. Atul Daga.
cheques and other related stationery; During the year, the Finance Committee met on
- To review the measures taken to reduce the 25th April, 2018, 18th July, 2018 and 24th January, 2019.
quantum of unclaimed dividend / interest and The composition, attendance and sitting fees paid
ensuring timely receipt of dividend warrants/ are as follows:
annual reports/statutory notices by the Name of Member No. of meetings Sitting fees
shareholders of your Company paid
Held Attended (` in lakhs)
- Resolving grievances of security holders
Arun Adhikari 3 3 0.60
including complaints related to transfers /
transmission of shares, non-receipt of annual Mrs. Alka Bharucha 3 3 0.60
report, non-receipt of dividends, issue of new / D. D. Rathi* 3 2 0.40
duplicate certificates, general meetings etc. #
Atul Daga 3 1 -
- Review measures taken for effective exercise of
voting rights by shareholders. * Mr. D. D. Rathi ceased to be member of the committee
upon his resignation from the Board w.e.f. 27th July, 2018
- Review of adherence to the service standards #
Mr. Atul Daga was appointed as a member of the
adopted by the listed entity in respect of various committee w.e.f 19th October, 2018.
services being rendered by the Registrar &
The Committee is authorised to exercise all powers
Share Transfer Agent.
and discharge all functions relating to working
- To perform such other acts, deeds, and things capital management, foreign currency contracts,
as may be delegated to the Committee by the operation of bank accounts and authorising officers
Board from time to time. of your Company to deal in matters relating to GST,
income tax, customs and other judicial or quasi-
• Number of shareholders’ complaint received judicial authorities.
so far / number not solved to the satisfaction of
shareholders / number of pending complaints • Corporate Social Responsibility Committee
Details of complaints received, number of shares The Corporate Social Responsibility (“CSR”)
transferred during the year, time taken for effecting Committee comprises of Mrs. Rajashree Birla,
these transfers and the number of share transfers Mr. G. M. Dave, Mr. O. P. Puranmalka and Mr. K. K.
pending are furnished in the “Shareholder Maheshwari. Mrs. Rajashree Birla is the chairperson
Information” section of this Annual Report. of the Committee.

Dr. Pragnya Ram, Group Executive President, CSR companies by the Securities and Exchange Board
is a permanent invitee to the Committee. of India / Ministry of Corporate Affairs or any such
statutory authority, forms part of this Annual Report.
The Company Secretary acts as Secretary to the
Committee. • During the year under review, the Board has accepted
the recommendations, which are required to be
During the year, the CSR Committee met on
made by the Committees constituted.
20th March, 2019.
• Total fees for all services paid by your Company
The CSR Committee recommends to the Board
and its subsidiaries, on a consolidated basis, to the
the activities to be undertaken during the year and
Statutory Auditors and all entities in the network firm
amount to be spent on these activities. The CSR / network entity of which the Statutory Auditors are
Policy and the CSR Report forms part of this Annual a part – ` 3.46 crores.
Report.
• Disclosures in relation to the Sexual Harassment of
• Proceeds from public issues, rights issues, Women at Workplace (Prevention, Prohibition and
preferential issues Redressal) Act, 2013:
During the year, your Company did not raise any funds a. number of complaints filed during the financial
by way of public issues, rights issues, preferential year: 05
issues etc. b. number of complaints disposed of during the
financial year: 05
• Confirmation of criteria of Independence
c. number of complaints pending as on end of the
The Board of Directors of your Company confirm financial year: Nil
that the Independent Directors fulfill the conditions
• Status of Compliances of Non – Mandatory
specified in the Listing Regulations and are
Requirements
independent of the management.
1. Your Company maintains a separate office for
VIII. CEO/CFO Certification its Non-Executive Chairman. All necessary
infrastructure and assistance is made available
The Managing Director and the Whole-time
to enable him to discharge his responsibilities
Director & CFO of your Company have issued
effectively.
necessary certificate pursuant to the provisions of
Regulation17(8) of the Listing Regulations and the 2. The position of the Chairman of the Board
same forms part of this Annual Report. of Directors and the Managing Director are
separate.
IX. REPORT ON CORPORATE GOVERNANCE 3. The Internal Auditors report to the Audit
Your Company has complied with the Corporate Committee.
Governance requirements specified in Regulations 4. The statutory financial statements of your
17 to 27 and clauses (b) to (i) of sub-regulation (2) of Company are unqualified.
Regulation 46 of the Listing Regulations.
XI. GENERAL BODY MEETINGS
X. COMPLIANCE Date and time of the AGMs, held during the preceding
3 years and the Special Resolution(s) passed thereat
• A certificate from the Statutory Auditors confirming
are as follows:
compliance with the conditions of Corporate
Governance as stipulated in the Listing Regulations 2018
forms part of this Annual Report. Date and time: 18th July, 2018; 3:30 p.m.
Place: Ravindra Natya Mandir, P. L.
• A certificate from a Company Secretary in practice Deshpande Maharashtra Kala
confirming that none of the Directors on the Board Academy, Near Siddhivinayak
of your Company have been debarred or disqualified Temple, Sayani Road, Prabhadevi,
from being appointed or continuing as Directors of Mumbai – 400 025.

Special Resolution passed: a. Adopting the UltraTech Cement Limited
Employee Stock Option Scheme 2018.
• Issue of Redeemable Non-convertible
Debentures, secured or unsecured in one The results of the postal ballot was announced
or more series / tranches aggregating to an on Friday, 5th October, 2018 at 3:00 p.m. as
amount not exceeding ` 9,000 crores. per the scrutinizer’s report and declared that
the above special resolution was passed with
2017
requisite majority. 19,26,68,400 equity share
Date and time: 18th July, 2017; 3:30 p.m.
votes (86.962%) were in favour to the resolution
Place: Ravindra Natya Mandir, P. L.
and 2,88,86,756 equity share votes (13.038%)
Deshpande Maharashtra Kala
were against the resolution.
Academy, Near Siddhivinayak
Temple, Sayani Road, Prabhadevi, b. To approve the extension of benefits of
Mumbai – 400 025. the UltraTech Cement Limited Employee
Special Resolution passed: Stock Option Scheme 2018 to the permanent
employees in the management cadre, including
• Issue of Redeemable Non-Convertible
Managing and Whole-time Directors, of the
Debentures, secured or unsecured in one
holding and the subsidiary companies of your
or more series / tranches aggregating to an
Company.
amount not exceeding ` 9,000 crores.
2016 The results of the postal ballot was announced
Date and time: 19th July, 2016; 3:30 p.m. on Friday, 5th October, 2018 at 3:00 p.m. as
Place: Nehru Centre Auditorium, Discovery per the scrutinizer’s report and declared that
of India Building, Dr. Annie Besant the above special resolution was passed with
requisite majority. 19,26,60,561 equity share
Road, Worli, Mumbai-400 018.
votes (86.958%) were in favour to the resolution
Special Resolutions passed: and 2,88,94,320 equity share votes (13.042%)
• Issue of Redeemable Non-Convertible were against the resolution.
D e b e n t u re s , s e c u re d o r u n s e c u re d c. To approve (a) the use of the trust route for
in one or more series / tranches the implementation of the UltraTech Cement
aggregating to an amount not exceeding Limited Employee Stock Option Scheme 2018
` 9,000 crores. (Scheme 2018); (b) secondary acquisition of the
• Increase in borrowing limits of your Company equity shares of your Company by the trust to
to an amount not exceeding ` 6,000 crores over be set up; and (c) grant of financial assistance /
and above the aggregate of the paid-up share provision of money by your Company to the trust
capital of your Company and its free reserves. to fund the acquisition of its equity shares, in
terms of the Scheme 2018.
• Creation of security on the properties of your
Company, both present and future, in favour of The results of the postal ballot was announced
lenders. on Friday, 5th October, 2018 at 3:00 p.m. as
• Increase in limits for investment in the equity per the scrutinizer’s report and declared that
share capital of your Company by Registered the above special resolution was passed with
Foreign Portfolio Investors including Foreign requisite majority. 19,27,31,063 equity share
Institutional Investors from 24% to 30%. votes (86.965%) were in favour to the resolution
and 2,88,87,833 equity share votes (13.035%)
Details of voting pattern were against the resolution.
1) Postal ballot conducted pursuant to the provisions 2) Postal ballot conducted pursuant to the provisions
of Section 110 of the Act, read with the Companies of Section 110 of the Act, read with the Companies
(Management and Administration) Rules, 2014, on (Management and Administration) Rules, 2014, on
the Special Resolutions set out in the Notice dated the Special Resolution set out in the Notice dated
th
18 July, 2018 seeking consent of the Members of 22nd February, 2019 seeking consent of the Members
your Company for the following items: of your Company for continuation of Mr. G. M. Dave

as a Non-Executive Independent Director, for the Postal ballot form and postage prepaid
existing term of his office, i.e upto 5th August, 2019. business reply envelopes were dispatched
The results of the postal ballot was announced on to all the Shareholders.
Saturday, 30th March, 2019 at 3:00 p.m. as per the ii. Voting under the Postal Ballot was kept
scrutinizer’s report and declared that the above open from 28th February, 2019 to 29th March,
special resolution was passed with requisite majority. 2019 (either physically or through electronic
22,38,26,799 equity share votes (97.246%) were in mode).
favour to the resolution and 63,38,986 equity share iii. The Scrutinizer submitted his report on
votes (2.754%) were against the resolution. the result of Postal Ballot on 30th March,
- Person who conducted the postal ballot exercise 2019 and the result was announced by the
T h e B o a rd o f D i re c t o r s h a v e a p p o i n t e d authorised person of your Company on the
Mr. B. Narasimhan, Company Secretary of same date.
M/s. B. N. & Associates, Company Secretaries as the
Scrutinizer to conduct both the postal ballot exercise XII. MEANS OF COMMUNICATION
in a fair and transparent manner. • Quarterly results
- Whether any special resolution is proposed to be
- Which newspapers normally published in:
conducted through postal ballot and procedure for
the same Newspaper Cities of Publication
If required, shall be conducted as per law. Business Standard All editions
- Procedure for Postal Ballot Economic Times All editions
(1) Postal Ballot dated 18th July, 2018: Free Press Journal Mumbai
i. The Postal Ballot Notice dated 18th July, 2018, Navshakti Mumbai
together with Explanatory Statement, Postal
ballot form and postage prepaid business - Any website, where displayed:
reply envelopes were dispatched to all the www.ultratechcement.com
Shareholders.
www.adityabirla.com
ii. Voting under the Postal Ballot was kept
open from 5th September, 2018 to 4th October, - Whether your Company’s website displays
2018 (either physically or through electronic
mode). All official news releases Yes
iii. The Scrutinizer submitted his report on Presentation made to Institutional Yes
the result of Postal Ballot on 5th October, Investors/Analysts
2018 and the result was announced by the
authorised person of your Company on the XIII. WEBSITE DISCLOSURES
same date.
The information as required to be disseminated on
(2) Postal Ballot Dated 22nd February, 2019: the website of your Company pursuant to the Listing
The Postal Ballot Notice dated 22nd February,
i. Regulations, have been updated on the website of
2019, together with Explanatory Statement, your Company viz. www.ultratechcement.com.

CODE OF CONDUCT
DECLARATION
As provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board of Directors and the Senior Management Personnel have confirmed compliance with
the Code of Conduct for the year ended 31st March, 2019.
K. K. Maheshwari
Mumbai Managing Director
th
24 April, 2019 (DIN: 00017572)
CEO/CFO CERTIFICATION
The Board of Directors
We certify that:
1. We have reviewed the financial statement, read with the cash flow statement of UltraTech Cement Limited (“the
Company”) for the year ended 31st March, 2019 and to best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.
2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year
which are fraudulent, illegal or violative of the Company’s Code of Conduct;
3. We are responsible for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of the internal control systems of the Company pertaining to financial reporting and have
disclosed to the Company’s Auditors and the Audit Committee of the Company’s Board of Directors deficiencies
in the design or operation of internal controls, if any, of which we are aware and the steps taken or proposed to
be taken to rectify the deficiencies.
4. We have indicated to the Auditors and the Audit Committee:
a) significant changes in the Company’s internal control over financial reporting during the year.
b) significant changes in accounting policies during the year, if any, and that the same have been disclosed in
the notes to the financial statements.
c) instances of significant fraud of which we have become aware and involvement therein if any of management
or other employees having a significant role in the Company’s internal control system over financial reporting.
Atul Daga K. K. Maheshwari

Mumbai Whole-time Director & CFO Managing Director
24th April, 2019 (DIN: 06416619) (DIN: 00017572)

CERTIFICATE
Pursuant to regulation 34(3) and Schedule V Para C clause (10)(i) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)
To
The Members
B-Wing, Ahura Centre, 2nd Floor
Mahakali Caves Road, Andheri (East)
Mumbai - 400093
This certificate is being issued pursuant to regulation 34(3) and Schedule V Para C clause (10)(i) of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing
Regulations”) to UltraTech Cement Limited CIN.: L26940MH2000PLC128420 (hereinafter called “the Company” having
its Registered office at B-Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai - 400093.
For the purposes of issuance of this certificate, we have examined the relevant books, papers, forms and returns filed;
notices received from the Directors of the Company for the financial year 2018-19; other records maintained by the
Company and also the information provided by its Officers and authorised representatives.
In our opinion and to the best of our knowledge and based on such examination as well as information and explanations
furnished to us, we hereby certify that none of the Directors of the Company stated below, and who were on the Board
of Directors of the Company as on 31st March, 2019, are debarred or disqualified from being appointed or continue to
act as Directors of the Companies by the Securities and Exchange Board of India or the Ministry of Corporate Affairs,
Government of India or any other statutory authority(ies) :
S. Name of the Director DIN Date of Appointment in the Company

No.
1 Mr. Kumar Mangalam Birla 00012813 14/05/2004
2 Mrs. Rajashree Birla 00022995 14/05/2004
3 Mr. Arun Kumar Adhikari 00591057 03/12/2013
4 Mrs. Alka Marezban Bharucha 00114067 09/06/2016
5 Mr. Girish Mohanlal Dave 00036455 07/07/2006
6 Mrs. Sukanya Kripalu Anand 06994202 11/10/2014
7 Mr. Sunil Behari Mathur 00013239 10/09/2008
8 Mr. Omprakash Puranmalka 00062212 16/01/2010
9 Mrs. Renuka Ramnath 00147182 11/10/2014
10 Mr. Krishna Kishore Maheshwari 00017572 01/04/2016
11 Mr. Kailash Chandra Jhanwar 01743559 19/10/2018
12 Mr. Atul Daga 06416619 09/06/2016
th
Dated : 24 April, 2019 For BNP & Associates
Place : Mumbai Company Secretaries
B. Narasimhan
Partner
FCS No.: 1303
C P No.: 10440

SHAREHOLDER INFORMATION
1. Annual General Meeting
- Date and Time Thursday, 18th July, 2019 at 3:30 p.m.
- Venue Ravindra Natya Mandir, P. L. Deshpande
Maharashtra Kala Academy, Near
Siddhivinayak Temple, Sayani Road,
Prabhadevi, Mumbai – 400 025
2. Financial Calendar
• Financial reporting for the quarter ending 30th June, 2019 End July, 2019
th
• Financial reporting for the half year ending 30 September, 2019 End October, 2019
st
• Financial reporting for the quarter ending 31 December, 2019 End January, 2020
st
• Financial reporting for the year ending 31 March, 2020 End April, 2020
st
• Annual General Meeting for the year ending 31 March, 2020 End July / August, 2020
th
3. Dates of Book Closure Friday, 12 July, 2019 to
Thursday, 18th July, 2019
(both days inclusive)
4. Dividend Payment Date On or after Friday, 19th July, 2019
5. Registered Office UltraTech Cement Limited
‘B’ Wing, Ahura Centre,
nd
2 Floor, Mahakali Caves Road,
Andheri (East),
Mumbai – 400 093.
Tel.: (022) 6691 7800
Fax: (022) 6692 8109
Email: sharesutcl@adityabirla.com
Web: www.ultratechcement.com
www.adityabirla.com
CIN: L26940MH2000PLC128420
6. (a) Listing Details:

Equity Shares Non-Convertible Debentures Global Depository Receipts
(GDRs)
1. BSE Limited National Stock Exchange of India Limited Luxembourg Stock Exchange
Phiroze Jeejeebhoy Towers ”Exchange Plaza”, Plot No. C-1, 35 A, Boulevard Joseph II
Dalal Street, Block G, Bandra-Kurla Complex, L-1840 Luxembourg.
Mumbai – 400 001 Bandra (East), Mumbai - 400 051
2. National Stock Exchange of India Limited
”Exchange Plaza”, Plot No. C-1,
Block G, Bandra-Kurla Complex,
Bandra (East), Mumbai - 400 051
Note: Listing fees for the year 2019 – 20 has been paid to the BSE Limited (BSE) and the National Stock Exchange
of India Limited (NSE). Listing fee for the GDRs has been paid to Luxembourg Stock Exchange (LSE) for the
calendar year 2019.

(b) Name and address of Trustees
for the Debentureholders : SBICAP Trustee Company Limited
Appejay House, 6th Floor,
West Wing, 3, Dinshaw Wachha Road,
Churchgate, Mumbai – 400 020
Tel No: (022) 4302 5555
Fax No: (022) 2204 0465
(c) Overseas Depository for GDRs : Citibank N. A.
Depository Receipt Services
388, 6th Floor, Greenwich Street,
New York; NY-10013 USA
Tel: +212 – 816 – 6852
Fax: +212 –816 – 6876
(d) Domestic Custodian of GDRs : Citibank N.A.
Custody Services
th
FIFC 11 Floor,
C 54 & 55, G Block,
Bandra Kurla Complex
Bandra (East), Mumbai – 400 098
Tel: (022) 61756895
Fax: (022) 26532205
7. Stock Code : ISIN for equity shares – INE481G01011
: ISIN for 144A GDRs – US90403E1038
: ISIN for Level 1 GDRs – US90403E2028
Stock Code Reuters Bloomberg
BSE 532538 ULTC.BO UTCEM IB
NSE ULTRACEMCO ULTC.NS UTCEM IS
LSE UTCEM LX
8. Stock Price Data:

BSE NSE LSE
High Low Close Volume High Low Close Volume High Low Close
(In Nos.) (In Nos.)
(In I) (In I) (In USD)
Apr-18 4,174.95 3,792.40 4,109.95 1,59,726 4,175.00 3,862.50 4,108.85 4,822,165 62.50 59.00 62.00
May-18 4,150.00 3,632.25 3,734.70 4,49,522 4,155.00 3,631.75 3,744.90 7,051,667 61.50 53.50 55.00
Jun-18 3,858.00 3,566.45 3,802.00 3,22,712 3,863.95 3,563.00 3,818.60 6,585,112 56.50 53.00 55.50
Jul-18 4,245.00 3,727.95 4,189.95 5,41,742 4,250.00 3,730.35 4,193.80 7,450,840 61.50 54.50 61.00
Aug-18 4,490.00 4,142.85 4,470.15 5,85,222 4,493.65 4,137.05 4,475.50 5,519,262 63.00 60.00 63.00
Sep-18 4,471.00 3,910.00 4,055.75 2,93,826 4,470.00 3,910.50 4,059.95 6,105,928 62.50 54.50 56.00
Oct-18 4,055.00 3,263.70 3,498.75 3,21,772 4,050.00 3,260.45 3,499.40 8,230,328 54.00 44.40 46.80
Nov-18 4,082.00 3,473.10 3,992.85 3,09,471 4,081.00 3,470.00 3,999.65 6,006,791 57.50 48.80 57.50
Dec-18 4,170.95 3,738.45 4,002.70 2,62,144 4,173.75 3,725.05 3,990.95 5,951,871 58.50 49.20 57.50
Jan-19 4,018.85 3,340.00 3,520.70 4,92,430 4,018.95 3,332.45 3,519.35 8,994,653 57.00 47.40 49.40
Feb-19 3,940.00 3,372.05 3,827.85 3,45,670 3,915.00 3,367.05 3,826.50 7,329,872 54.50 47.80 53.50
Mar-19 4,145.65 3,832.10 3,999.05 4,09,549 4,147.95 3,826.55 3,998.35 6,973,461 59.00 53.00 58.00

9. Stock Performance:
240
200
160
120
80
40
0
Apr -18
Oct -18
Feb -19
Jul -18
May -18
Jun -18
Jan -19
Aug -18
Sep -18
Nov -18
Dec -18
Mar -19
Sensex Nifty UltraTech
10. Stock Performance and Returns:

(In Percentage) 1 Year 3 Years 5 Years
Absolute Returns
UltraTech 1.22 23.84 82.83
BSE Sensex 17.30 52.60 72.75
NSE Nifty 14.93 52.60 73.38
Annualised Returns
(In Percentage) 1 Year 3 Years 5 Years
UltraTech 1.22 7.39 12.83
BSE Sensex 17.30 15.13 11.55
NSE Nifty 14.93 14.52 11.64
11. Registrar and Transfer Agent (RTA) : Karvy Fintech Private Limited
(For share transfers and other communication relating Karvy Selenium, Tower B,
to share certificates, dividend and change of address) Plot number 31 - 32
Gachibowli, Financial District,
Nanakramguda, Hyderabad – 500 032
Toll Free No. 1800 5724 001
Email: ultratech.ris@karvy.com/
einward.ris@karvy.com

12. Share Transfer system:
Share transfers in physical form are registered and returned within a period of 12 days from the date of receipt,
if the necessary documents are clear in all respects. Officers of your Company have been authorised to approve
transfers upto 500 shares in physical form under one transfer deed. One Director jointly with one Officer of your
Company have been authorised to approve the transfers exceeding 500 shares under one transfer deed.
The RTA attends to investor grievances in consultation with the Secretarial Department of your Company.
Transfer 2018-19 2017-18

Period (in days)
No. of transfers No. of shares % No. of transfers No. of shares %
1 – 15 1,987 58,263 100 704 19,787 100
Total 1,987 58,263 100 704 19,787 100
Number of pending share transfers as at 31st March, 2019 : Nil
13. Investor Services:

Complaints received during the year
Nature of Complaints 2018-19 2017-18
Received Cleared Received Cleared
Relating to Transfer, Transmission, Dividend,

78 70 46 44
Demat and Change of address etc.
Note: 8 complaints were pending as on 31st March, 2019 which were resolved subsequently.
Legal proceedings on share transfer issues, if any :

No major legal proceedings relating to
transfer of shares.
14. Distribution of Shareholding as on 31st March, 2019 :
Range of Shareholding No. of share % of share No. of shares % share

holders holders held holding
1 – 100 225,478 88.35 5,883,120 2.14
101 – 200 16,063 6.29 2,338,586 0.85
201 – 500 9,094 3.56 2,831,751 1.03
501 – 1000 2,464 0.97 1,729,179 0.63
1001 - 5000 1,509 0.59 2,815,965 1.03
5001-10000 176 0.07 1,227,359 0.45
10001 & above 421 0.17 257,816,760 93.87
Total 255,205 100.00 274,642,720 100.00

15. Category of Shareholding as on 31st March, 2019:
Category No. of share % of share No. of shares % share
holders holders held holding
Promoter & Promoter Group 13 0.01 166,670,914 60.69
Banks/MFs / FIs 189 0.07 8,494,330 3.09
Insurance Companies 6 0.00 12,903,676 4.70
Foreign Portfolio Investors 623 0.25 54,935,075 20.00
Central / State Government 2 0.00 113,896 0.04
Bodies Corporate 1,668 0.65 9,875,669 3.60
Foreign Investors 6,939 2.72 2,353,649 0.86
Individuals 245,746 96.29 14,687,769 5.35
NBFCs 17 0.01 7,392 0.00
@
GDRs 1 0.00 4,398,328 1.60
Employee Welfare Trust 1 0.00 2,020,22 0.07
Total 255,205 100.00 274,642,720 100.00
@
2,744,168 GDRs held by Promoter and Promoter Group.
Foreign Investors GDRs
NBFCs Employee
0.86% 1.60%
0.00% Welfare Trust
Bodies Corporate Individuals 0.07%
3.60% 5.35%
Central / State Government
0.04%
Foreign Portfolio
Investors
20.00%
Insurance Companies
4.70%
Promoters &
Promoter Group
Banks/MFs/FI’s 60.69%
3.09%
16. Dematerialisation of Shares and Liquidity : 98.66% of outstanding equity shares have been
dematerialised as on 31st March, 2019. Trading in shares
of your Company is permitted only in the dematerialised
form.
17. Details on use of public funds obtained in the : No public funds have been obtained.
last three years
18. Outstanding GDR/Warrants and Convertible Bonds : 4,398,328 GDRs are outstanding as on 31st March, 2019.
Each GDR represents one underlying equity share. There
are no warrants/convertible bonds outstanding as at
the year end.
19. Commodity Price Risk or Foreign Exchange Risk and Hedging Activities:
Your Company hedges its foreign currency exposure in respect of its imports, borrowings and export receivables
as per its laid down policies. Your Company uses a mix of various derivatives instruments like forward covers,
currency swaps, interest rates swaps or a mix of all. Further, your Company also hedges its commodity price risk
through fixed price swaps.
Your Company does not have material exposure of any commodity and accordingly, no hedging activities for the
same are carried out. Therefore, there is no disclosure to offer in terms of SEBI circular no. SEBI/HO/CFD/CMD1/
CIR/P/2018/0000000141 dated 15th November, 2018.

20. Plant Locations
Integrated Units:
Aditya Cement Works Andhra Pradesh Cement Works Awarpur Cement Works
Adityapuram, Bhogasamudram, P.O. Awarpur,
Sawa – Shambhupura Road, Tadipatri Mandal, Taluka: Korpana,
District: Chittorgarh, District: Anantapur, District: Chandrapur,
Rajasthan – 312 622 Andhra Pradesh – 515 413 Maharashtra – 442 917
Tel: 01472- 221014-15 Tel: 08558 – 288001 Tel: 07173-266233 / 036
Fax: 01472- 221020 Fax: 08558-288859 Fax: 07173-266339
Baga Cement Works Balaji Cement Works Bela Cement Works
Village Baga, Survey No. 99, Jaypee Puram
P.O. Kandhar, Vill. + Post Budawada P.O. Jaypee Puram
Tehsil Arki, Mandal-Jaggaiahpet, District: Rewa
District: Solan, District: Krishna, Madhya Pradesh – 486 450
Himachal Pradesh – 171 102 Andhra Pradesh – 521 175 Tel: 07662 - 403301 - 8
Fax: 07662 - 409309
Dalla Cement Works Dhar Cement Works Gujarat Cement Works
SH-5, Kota, Village: Tonki; P.O. Kovaya,
Post: Dalla, Tehsil: Manawar, Taluka: Rajula,
District: Sonebhadra, District: Dhar, District: Amreli,
Uttar Pradesh – 231 207 Madhya Pradesh – 454 446 Gujarat – 365 541
Tel: 02794 – 283034
Fax: 02794 – 283036
Hirmi Cement Works Jafrabad Cement Works Kotpuli Cement Works
Village & Post: Hirmi P. B. No. 10, V & P. O. Mohanpura,
Taluka: Simga, Village: Babarkot, Tehsil: Kotputli,
District: Baloda Bazar, Taluka: Jafrabad, District: Jaipur,
Bhatapara, District: Amreli, Rajasthan - 303 108
Chhattisgarh – 493 195 Gujarat – 365 540 Tel: 01421-243702
Tel: 07726-281217-222 Tel: 02794-245109
Fax: 07726-281572 Fax: 02794-245110
Rajashree Cement Works Rawan Cement Works Reddipalayam Cement Works
Aditya Nagar, Village: Rawan, Reddipalayam PO
Malkhed Road, PO: Grasim Vihar, District: Ariyalur,
Tehsil: Sedam, Tehsil: Simga, Tamil Nadu – 621 704
District: Gulbarga District: Baloda Bazar–Bhatapara, Tel: 04329 - 249240
Karnataka – 585 292 Chhattisgarh - 493 196 Fax: 04329 - 249253
Tel: 08441-288888 Tel: 07726 – 288668/367
Fax: 08441-288624/ 288365 Fax: 07726 - 288215, 288208
Sewagram Cement Works Sidhi Cement Works Vikram Cement Works
Village: Vayor, Aditya Vihar, Vikram Nagar,
Taluka Abdasa, Majhigawan, P.O. Khor, Tehsil - Jawad,
District: Kutch, P.O. Bharatpur, District: Neemuch,
Gujarat – 370 511 Tehsil – Rampur Naikin, Madhya Pradesh – 458 470
Tel: 02831-279200 Sidhi – 486 776, Tel: 07420 - 230554, 230567
Fax: 02831-279279 Madhya Pradesh Fax: 07420 - 235524

Grinding Units:
Aligarh Cement Works Arakkonam Cement Works Bagheri Cement Works
Village: Kasimpur, Chitteri post, Village - Pandiyana
Tehsil: Koel Arakkonam PO- Khillian
District: Aligarh District: Vellore Tehsil Nalagarh, Solan,
Uttar Pradesh – 202 127 Tamil Nadu – 631 003 Himachal Pradesh – 174 101
Tel: 9105000 843-44 Tel: 812 - 4086 9629
Bathinda Cement Works Dadri Cement Works Dankuni Cement Works
Behind G.H.T.P. Village: Ranuali JL-80, Village: Panchghara,
Lehra Mohabbat, Latiffpur, PO: Panchghara Bazar,
Tehsil – Rampuraphul, Post Vidyutnagar, PS: Chanditala
District: Bathinda, Tehsil: Dadri, District: Hooghly,
Punjab - 151 111 District: Gautambudh Nagar, West Bengal – 712 306
Tel: 0164-2863100-105 Uttar Pradesh – 201 008 Tel.: 03212 - 223822
Tel: 0120-2809056
Ginigera Cement Works Hotgi Cement Works Jhajjar Cement Works
Gangavathi Road, Near Railway Station, Village: Jharli,
Ginigera, Hotgi, Tehsil: Matanhail,
District: Koppal, District: Solapur, District: Jhajjar,
Karnataka – 583 228 Maharashtra - 413 215 Haryana – 124 106
Tel: 08539 - 286572 Tel: 0217-2250303-04 Tel: 8221902800
Jharsuguda Cement Works Magdalla Cement Works Nagpur Cement Works
Near Dhutra Railway Station, Magdalla Port, Village: Ashti,
P.O. Arda, Dumas Road, Navegaon and Tarsa,
District: Jharsuguda, Surat, Tehsil: Mauda,
Odisha – 768 202 Gujarat – 395 007 District: Nagpur,
Tel: 06645-283161 Tel: 0261-2725175 Maharashtra – 441 106
Tel: 7720037095
Panipat Cement Works Patliputra Cement Works Ratnagiri Cement Works
Village: Karad, Village: Shajahnapur, MIDC Indl. Estate,
Israna Pardhana Road, Near Sigariyawan Station, Zadgaon Block,
Israna, Panipat, Daniyawana Hilsa Road, Ratnagiri,
Haryana – 132 107, Patna, Bihar – 801 305. Maharashtra – 415 639
Tel: 9992112031/32 Tel: 02352-223997
Roorkee Cement Works Sikandrabad Cement Works Tanda Cement Works
Village- Nalheri Dehviran 19-20, Industrial Area Post: Hussainpur Sudhana Tanda,
Tehsil - Roorkee Post: Sikandrabad, District: Ambedkarnagar,
Taluka Roorkee, District: Bulandshahr, Uttar Pradesh – 224 190
District: Haridwar, Uttar Pradesh – 203 205
Uttarakhand – 247 668
Wanakbori Cement Works West Bengal Cement Works
Village: Sangol, Near EPIP Plot,
Post. Sonipur, P.O - Rajbandh Muchipara,
Taluka: Thasra, Durgapur,
District: Kheda, West Bengal – 713 212
Gujarat – 388 245 Tel: 0343-2002489
Tel: 02699-232000

Bulk Terminals:
Birla Super Bulk Terminal Cochin Bulk Terminal Mangalore Bulk Terminal
Near Railway Station Survey No. 2578/4 Post Box No. 17
Veerapura Indira Gandhi Road, Beach Road,
Doddaballapur, Dist. Bengaluru, Willingdon Island, Kochi, Panambur, Mangaluru,
Karnataka – 561 163 Kerala - 682 003 Karnataka – 575 010
Tel: 080-28020444 Tel: 04844-055229 Tel: 0824-2408112
Navi Mumbai Bulk Terminal Pune Bulk Terminal Shankarpalli Bulk Terminal
Sector-1, Dronagiri Indl., Tah-Haveli, Village: Fathepur,
Area Uran, Navi Mumbai Village: Peth Naygaon Shankarpalli Mandal,
Maharashtra - 400 707 District: Pune, District: Rangareddy,
Tel: 022-27241930 Maharashtra – 412 110 Telangana – 501 203
Tel: 7722065952 - 53 Tel: 9743893113
White Cement
Birla White Birla White Unit: Katni Birla White Unit: GRC
Birla White Rajashree Nagar, Village: Pati – Jharela, Plot No.14,
P.O. Kharia Khangar Post: Bijori, GIDC Estate Village: Manjusar
Tehsil: Bhopalgarh, Tehsil: Badwara, Taluka: Savli
District: Jodhpur, District: Katni, District: Vadodara
Rajasthan – 342 606 Madhya Pradesh - 483 773 Gujarat - 391 775
Tel: 02920-264040/ 47 Tel: 07622-298001 Tel: 02667-264380/81
Fax: 02920-264225 / 264222
21. Investor Correspondence:

Registered Office Registrar & Transfer Agent
UltraTech Cement Limited Karvy Fintech Private Limited
‘B’ Wing, Ahura Centre, 2nd Floor, Karvy Selenium, Tower B,
Mahakali Caves Road, Andheri (East), Plot number 31 & 32,
Mumbai – 400 093 Gachibowli, Financial District, Nanakramguda
Tel: (022) 6691 7800 Hyderabad – 500 032
Fax: (022) 6692 8109 Toll Free No. 1800 5724 001
Email: sharesutcl@adityabirla.com; Email: ultratech.ris@karvy.com;
swati.patil@adityabirla.com einward.ris@karvy.com
Contact Person: Ms. Swati Patil Contact Person: Mr. Satish Poojary
Email for investor correspondence under SEBI requirements: sharesutcl@adityabirla.com
22. Credit Ratings:
Instrument Rating Agency Rating

Non-Convertible Debentures CRISIL CRISIL AAA/Stable
India Ratings and Research (Ind-Ra) IND AAA/Stable
External Commercial Borrowing CRISIL CRISIL AAA/Stable
Commercial Paper CRISIL CRISIL A1+
India Ratings and Research (Ind-Ra) IND A1+
Rupee Term Loan CRISIL CRISIL AAA/Stable
Working Capital Limits India Ratings and Research (Ind-Ra) IND AAA/Stable IND A1+
Short Term Loan India Ratings and Research (Ind-Ra) IND A1+

23. Other Useful Information for Shareholders: account and due dates of transfer to the IEPF is
given below:
Unpaid/Unclaimed Dividends:
Sr Financial Year Due date of Amount
Dividend warrants in respect of the dividend No transfer to IEPF (I in crores)
declared in July, 2018 have been despatched to the
1 2011-2012 5th October, 2019 1.12
shareholders at the addresses registered with the rd
2 2012-2013 3 September, 2020 1.31
Company. Those shareholders who have not yet th
3 2013-2014 11 September, 2021 1.42
received the dividend warrants may please write to
rd
the Company or its RTA for further information in 4 2014-2015 3 October, 2022 1.41
this behalf. Shareholders who have not encashed 5 2015-2016 th
25 August, 2023 1.70
the warrants are requested to do so by getting 6 2016-2017 nd
2 September, 2024 1.80
them revalidated from the Registered Office of the 7 2017-2018 th
24 August, 2025 1.50
Company or its RTA.
Total 10.26
Transfer of Unclaimed Equity Shares to Investor Shareholders, who have so far not encashed their
Education and Protection Fund (IEPF) Account: dividend relating to the financial year 2011-12 are
requested to do so by 30th August, 2019, by writing
In terms of the provisions of Section 124(5) of the
to the Secretarial Department at the Registered
Act, dividend which remains unpaid / unclaimed for
Office of the Company or to the RTA, failing which the
a period of seven years from the date of declaration dividend and the equity shares relating thereto will
will be transferred to the IEPF. be transferred to the IEPF and the IEPF Suspense
Further, in terms of the provisions of the Investor Account respectively.
Education and Protection Fund Authority (Accounting, Details of unpaid / unclaimed dividend and equity
Audit, Transfer and Refund) Rules, 2016 (“IEPF shares for the financial year 2010 – 11 are uploaded
Rules”), equity shares in respect of which dividend on the website of the Company as well as that of the
has not been paid or claimed for seven consecutive Ministry of Corporate Affairs, Government of India
years or more from the date of declaration will also (“MCA”). No claim shall lie against the Company in
be transferred to an account viz. IEPF Suspense respect of unclaimed dividend amount and equity
Account, which is operated by the IEPF Authority shares transferred to the IEPF and IEPF Suspense
pursuant to the IEPF Rules. Account, respectively, pursuant to the IEPF Rules.
Shareholders can however claim both the unclaimed
The Company had issued individual notices to all dividend amount and the equity shares from the
shareholders who have not claimed dividend for IEPF Authority by making applications in the manner
the last seven consecutive years. Further, notices provided in the IEPF Rules.
were also published in newspapers on 14th July
2018 respectively. The Company has transferred Unclaimed shares in physical form:
` 8,121,395 to the IEPF being the unclaimed/unpaid Regulation 39(4) of the Securities and
dividend for 2010-11 during the year. Exchange Board of India (Listing Obligations and
In compliance with the aforesaid Rules, the Company Disclosure Requirements) Regulation, 2015 (the
“Listing Regulations”) provide the manner of dealing
has already transferred equity shares pertaining to
with the shares issued in physical form pursuant
the financial year 2010-11 to the IEPF Suspense
to a public issue or any other issue, which remains
Account, after providing necessary intimations to
unclaimed with the Company. In compliance with
the relevant shareholders.
the provisions of the above Regulation, the Company
As required in terms of the Secretarial Standard has sent three reminders to the shareholders whose
on Dividend (SS-3), details of unpaid dividend share certificates are lying unclaimed.

Disclosure in terms of Regulation 39(4) of the Listing after implementation of CBS. The account number must
Regulations: be provided to the Company or its RTA in respect of shares
• Aggregate number of 3,134 shareholders holding held in physical form and to the Depository Participants
shareholders and the 105,181 equity shares. in respect of shares held in electronic form. The SEBI
o u t sta n d i n g s h a re s vide its Circular dated 21st March, 2013 provided that
lying in the Unclaimed companies making cash payments to its shareholders
Suspense Account as at shall use approved electronic mode of payment such as
1st April, 2018. NECS, NEFT etc. To enable usage of electronic payment
• Number of shareholders 55 shareholders holding instruments, companies are required to maintain
who approached the 2,358 equity shares. requisite bank details of their shareholders:-
issuer for transfer of - For securities held in electronic form, companies shall
shares from Unclaimed seek relevant bank details from the Depositories.
Suspense Account - For securities held in physical form, companies shall
during the year. maintain updated bank details of its shareholders.
• Number of shareholders 55 shareholders holding
to whom shares were 2,358 equity shares. Share Transfer / Dematerialisation
transferred from the 1. Share transfer requests are acted upon within 12
Unclaimed Suspense days from the date of their receipt at the Share
Account during the year. Department. In case no response is received from
• No. of shareholders 500 shareholders holding the Company within 15 days of lodgement of transfer
whose shares were 10,035 equity shares request, the lodger should immediately write to the
transferred to IEPF Company or its RTA with full details so that necessary
account pursuant to action could be taken to safeguard interest of the
MCA circular dated concerned against any possible loss / interception
5th September, 2016 during postal transit.
• Aggregate number of 2,579 shareholders holding
2. Dematerialisation requests duly completed in all
shareholders and the 92,788 equity shares.
respects are normally processed within 7 days from
o u t sta n d i n g s h a re s
the date of their receipt at the Company or its RTA.
lying in the Unclaimed
Suspense Account as at 3. Equity Shares of the Shareholders Company
31st March, 2019. are under compulsory demat trading by all
investors. Considering the advantages of scripless
NECS Facility trading, shareholders are requested to consider
The Company uses ‘‘Electronic Clearing Service’’ dematerialisation of their shareholding so as to avoid
(ECS) facility for remitting dividend to its shareholders inconvenience in future.
wherever available. In terms of a notification issued by 4. The equity shares of the Company have been admitted
the Reserve Bank of India, with effect from 1st October, with the National Securities Depository Limited
2009, remittance of dividend through ECS is replaced by (“NSDL”) and Central Depository Services (India)
“National Electronic Clearing Service” (NECS). Banks Limited (“CDSL”) bearing ISIN No. INE481G01011.
have been instructed to move to the NECS platform.
The advantages of NECS over ECS include faster credit Correspondence with the Company
of remittance to the beneficiary’s account, coverage Shareholders / Beneficial Owners are requested to quote
of more bank branches and ease of operations. NECS their Folio Number / DP & Client ID Numbers as the case
essentially operates on the new and unique bank account may be, in all correspondence with the Company. All
number, allotted by banks post implementation of Core correspondence regarding shares and debentures of the
Banking Solutions (CBS) for centralised processing Company should be addressed to the Company or its RTA.
of inward instructions and efficiency in handling bulk
transactions. To enable remittance of dividend through Non-Resident Shareholders
NECS, shareholders are requested to provide their new Non-resident shareholders are requested to immediately
account number allotted to them by their respective banks notify:

• Indian address for sending all communications, if form) or to DPs (if shares held in electronic form),
not provided so far; as the case may be, for printing of the same on their
• Change in their residential status on return to India dividend warrants.
for permanent settlement;
4. In case of loss / misplacement of shares, shareholders
• Particulars of their NRE Bank Account with a bank should immediately lodge a FIR / Complaint with the
in India, if not furnished earlier. Police and inform the Company or its RTA along with
original or certified copy of FIR / Acknowledged copy
Others
of Police complaint.
1. In terms of the Regulations of NSDL and CDSL,
5. For expeditious transfer of shares, shareholders
the bank account details of Beneficial Owners of
should fill in complete and correct particulars in
shares in demat form will be printed on the dividend
the transfer deed. Wherever applicable, registration
warrants as furnished by the Depository Participants
number of Power of Attorney should also be quoted
(DP). The Company will not entertain any request
in the transfer deed at the appropriate place.
for change of bank details printed on their dividend
warrants. In case of any changes in your bank details 6. Shareholders are requested to keep record of their
please inform your DPs immediately. specimen signature before lodgement of shares with
the Company to obviate possibility of difference in
2. Shareholders holding shares in physical form are
signature at a later date.
requested to notify to the Company or its RTA,
change in their address / pin code number and bank 7. Section 72 of the Companies Act, 2013 extends
account details promptly by written request under nomination facility to individuals holding shares
the signatures of sole / first joint holder. Beneficial in physical form in companies. Shareholders,
Owners of shares in demat form are requested to particularly those holding shares in single name,
send their instructions regarding change of name, should avail of the above facility by furnishing the
change of address, bank details, nomination, power particulars of their nominations in the prescribed
of attorney, etc. directly to their DPs as the same are Nomination Form which can be obtained from the
maintained by the DPs. Company or its RTA or download the same from the
Company’s website.
3. To prevent fraudulent encashment of dividend
warrants, shareholders are requested to provide 8. Shareholders are requested to give us their valuable
their bank account details (if not provided earlier) to suggestions for improvement of our shareholder
the Company or its RTA (if shares held in physical services.
9. Addresses of the redressal agencies for shareholders to lodge their grievances:

Ministry of Corporate Affairs (MCA) Securities and Exchange Board of India (SEBI)
‘A’ Wing, Shastri Bhawan, Plot No.C4-A,‘G’ Block, Bandra Kurla Complex,
Rajendra Prasad Road, New Delhi – 110 001 Bandra (East), Mumbai – 400 051
Tel.: (011) 23381226 Tel.: (022) 26449000/40459000
Web: www.mca.gov.in Fax: (022) 26449019-22 / Web: www.sebi.gov.in
Stock Exchanges:
BSE Limited (BSE) National Stock Exchange of India Limited (NSE)
Phiroze Jeejeebhoy Towers, “Exchange Plaza”, Plot No. C-1,
Dalal Street, Block G, Bandra-Kurla Complex,
Mumbai – 400 001 Bandra (East), Mumbai - 400 051
Tel.: (022) 22721233/34 Fax: (022) 22721919 Tel.: (022) 26598100-8114 Fax: (022) 26598120
Web: www.bseindia.com Web: www.nseindia.com
Depositories:
National Securities Depository Limited (NSDL) Central Depository Services (India) Limited (CDSL)
Trade World, ‘A’ Wing, 4th & 5th Floors, Kamala Mills Marathone Futurex, A-Wing, 25th Floor,
Compound, Lower Parel, Mumbai – 400 013 N. M. Joshi Marg, Lower Parel, Mumbai – 400 013
Tel.: (022) 24994200 Fax: (022) 24976351 Tel.: (022) 2305 8640
Web: www.nsdl.co.in Web: www.cdslindia.com

SOCIAL REPORT
“‘No one’, said Mahatma Gandhiji, ‘is free, until everyone, regardless of caste, and creed, is rid of not only
discrimination, but also deprivation’. On this 150th Birth Anniversary of the Father of the Nation, we reaffirm our
pledge to inclusive growth.
As inclusive growth is our overall vision, we feel it is worthwhile to link our community engagement with the UN
Sustainability Development Goals (SDGs).
We have set expectations in line with these goals. The SDGs, are a bold universal agreement, to end poverty, every
which way. Its laudable vision, is also to craft an equal, fair and secure world for people, the planet and prosperity,
by 2030. These, were adopted by 193 member states, at the UN General Assembly Summit. The SDGs, came into
effect, on January 1st, 2016.
The SDGs outlines 17 clear goals, all of which are universally relevant. They have also given 169 targets, specific
to the different goals. Our Government, has accepted the goals, and based the structure and focus of our nation’s
social investment, on the SDG goals as well.
India has made huge strides. Poverty, in India is down to 21%, according to the Government estimates. In a
highly laudatory article on India recently in the New York Times, it mentioned that “A booming economy is lifting
40 million, out of poverty and is expected to have the majority of its population in the middle-class, already equal
to the entire US population by 2025”.
As a point in reference, let’s take the year 1947, when we became an independent country. In 1947, life expectancy
was 32 years. Today, it is nearly 69 years. Infant mortality, is down from 161, for every thousand births, to 40 now.
Access to quality maternal health services, has more than tripled as have institutional deliveries, which now stand
at over 80% according to the WHO Report. The overall death rate, which was at 25.5 per thousand, has fallen to
7 per thousand. So, we see a phenomenal improvement.
Even as the struggle for equality, for dignity and for raising the quality of life of, each and every person in 1.2 billion
cohort is still on, every effort is being made to mitigate this issue. The Government, has done enormous work
and continues to focus on poverty alleviation but we have to do more. Fortunately, social investment, is gaining
traction. There is the eco system of investors, entrepreneurs and enablers, all of whom are significantly engaged,
in social impact initiatives. India, is in the midst, of a historic transformation. There is the promise, of the end to
poverty by 2022. A decent roof, over every individual’s head, and a life of dignity, through sustainable livelihood.
Pursuing the SDGs, I strongly believe is, one of the ways to fast forward inclusive growth, and our social progress.
In this context, I am very pleased to share with you, that in our CSR engagement, we are totally in sync with the
first 8 goals. The remaining 9 goals pertain to sustainability, responsible industrialization and geopolitical issues.
On sustainable development, climate change, ecosystems, among others, our Group is in line with them”.
Rajashree Birla
Chairperson
Aditya Birla Centre for Community Initiatives and Rural Development
On Track With SDGs We are spread across 16 States, spanning 502 villages,
Our community engagement in our five focus areas reaching out to 14 lakh people. Over decades of
viz. education, healthcare, sustainable livelihood, unrelentingly battling with poverty, in collaboration with
infrastructure development and social reform, have the District Authorities and leveraging Government
been linked with the key nine SDGs. A number of SDGs Schemes, collectively we have been able to lift the burden
flow into each other and hence have been clubbed. For of poverty from the shoulders of nearly 80% of the people.
instance, SDG-1, which is to end poverty is an overarching With Government initiatives, in full throttle, it should
goal that connects to all the other goals. Collectively our seem possible, to cut the poverty levels even further in
programmes aim at this very objective. the ensuing years.

Additionally, our fodder support programme in
collaboration with the Panchayat in the drought prone
areas of Sewagram (Gujarat), caters to the entire populace
in 14 villages.
The third SDG, pertains to ensuring healthy lives and
promoting well-being for all, at all ages. Here what we
do is indeed impressive. Nearly 4 lakh people across our
Units, have been the beneficiaries of our projects.
In over 261 rural medical and awareness camps and
56 specialty camps, 160,000 people were examined.
Health check-ups were conducted for ailments such
The second SDG, is to end hunger, achieve food security, as malaria, diarrhea, diabetes, hepatitis, arthritis,
and improved nutrition and promote sustainable skin diseases, gynecological disorders and cardiac
agriculture. Hunger issues are inextricably linked with related issues. Our rural mobile medical van services
poverty alleviation where water and agriculture play a complemented these efforts.
major part. In the villages where we work, the malnutrition
rate is minimal, in the range of approximately 4% to 5%. One of the major concern issues is that even where we are
We have set for ourselves the target to lower it to 1% to working, more than 70% of women including adolescent
2% in the next 2-3 years, through our projects and taking girls are anemic. In the near future, our aim is to bring
Government Schemes forward as catalysts. it down to less than 20%, with the support of the District
Authorities.
Water positivity, within the fence and beyond, is one of
Splendid patient care is accorded at your Company’s
the most important tasks before us. It includes water
8 hospitals located at Khor; Shambhupura and Kharia
conservation, and water harvesting structures. Water is
Khangar (Rajasthan); Kovaya, Jafrabad and Sewagram;
the lifeline for agriculture. The farm based interventions,
Rawan (Chhattisgarh) and Malkhed (Karnataka). More
farmer training programmes, farmer producer groups,
than 70,093 patients were treated. We would also like to
improved agriculture techniques, and animal husbandry
mention that our medical teams at Hirmi (Chhattisgarh),
management, take us close to the goal of sustainable
Kovaya and Jafrabad have gone in for alternate therapies,
agriculture.
such as homeopathy, ayurveda and yoga. Over 3,130
Our farmer meetings aimed at knowledge sharing on farm patients recoursed to these therapies.
related activities, boosting agriculture and horticulture At mega eye camps, we treated 11,092 people, performed
and training programmes that profess the best-in-class 3,271 intraocular operations and distributed 4,122
agricultural practices and mechanism, have touched the spectacles.
lives of over 25,000 farmers.
Dental and health check-up camps are carried out
Furthermore, farmers are taken to the Krishi Vigyan regularly in schools at our Units. These included Kharia
Kendras largely in Tamil Nadu and Chhattisgarh to attune Khangar, Awarpur (Maharashtra), Tadipatri (Andhra
them to the latest cropping patterns, which they can apply Pradesh), Malkhed, Khor (Madhya Pradesh), Kovaya,
to their field. Small farmers are helped through exposure Reddipalayam (Tamil Nadu), Dankuni (West Bengal),
to demonstration plots in waste lands where the farming
inputs are minimal.
We maintain 121 biogas plants at Jafrabad and Kovaya

(Gujarat) and Khor (Madhya Pradesh) and sponsor
plantations alongside roads, wastelands and farm
boundaries in support of the green movement.
This year 50,000 animals were immunised in veterinary

camps and a large number were artificially inseminated
for better breed. This has raised the milk output and
consequently there has been a surge in the income of
the farmers. BAIF and the JK Trust have been our project
partners in the cattle breeding project. Over 15,000 cattle
owners have been the beneficiaries.

titled “Shala Praveshotsav”. This was popularised in
Bela and Sidhi (Madhya Pradesh), Dalla (Uttar Pradesh),
Arakkonam, Jafrabad, Khor, Shambhupura and Kharia
Khangar. The campaign was successful. It not only got
students in schools but also stemmed the dropout rate.
Under its aegis we also distributed education material
including notebooks, school bags and uniforms to over
40,200 children. We leveraged the Sarva Shiksha Abhiyan.
We align very well with the Kasturba Balika Vidyalayas at
Malkhed, Reddipalayam, Kharia Khangar, Jafrabad, Kovaya
and Tadipatri encouraging girls to pursue education.
Through the talent search programmes, we recognised
1,274 bright students, giving them scholarships.
Over 3,866 students from the hinterland attended the
6-month computer literacy programmes conducted by us.
We would like to make a particular mention of specialized
coaching classes across 13 of our plants, covering 35,612
high school students. They shone at the Board exams.
Shahjahanpur (Uttar Pradesh) and Hirmi. Our teams Likewise, tutoring Grade-V students for the Navodaya
examined 5,192 students on their dental hygiene and competitive exams has been a very fulfilling project.
treatment. At the same time, they underwent eye check- Digitization at schools in tandem with the Government
ups as well. was yet another exciting project that energized school
children.
In collaboration with the District Health Department, our
mother and child healthcare project served 12,107 women In collaboration with Government of Rajasthan in Kharia
(antenatal, post-natal care, mass immunisation, nutrition Khangar technology enabled education: ‘Utkarsh’ viz. the
and escort services for institutional delivery). Over smart class computer project, enthuses 22,745 children.
122,204 children were immunised against polio, BCG, DPT Facilities such as transport and other support processes
and Hepatitis-B across your Company’s Units. – better infrastructure, sanitation and safe drinking water
Our focused programme on adolescent health care benefits yet another 50,345 children.
covered, 2,685 girls at the Government’s Girls High
Schools and Kasturba Gandhi Balika Vidyalayas. SDG-5
Our intensive motivational drive towards responsible Women empowerment and gender equality, is the focus
family raising led to 1,247 villagers opting for planned of the fifth SDG. We already have 840 self-help groups
families across 13 locations.
At blood donation camps, we garnered 1,776 donors in
Ginigera (Karnataka), Jafrabad, Kovaya, Khor, Hirmi,
Kharia Khangar and Reddipalayam. Several of your
Company colleagues were among the donors.
SDG-4 Education
Inclusive and equitable quality education, and in the
larger context, promoting lifelong learning opportunities,
for all, is the pivot of the fourth SDG. HG Wells, the
renowned, (early 20th Century) historian in his voluminous
work “The Outline of History”, wrote “Human history
becomes more and more, a race between education
and catastrophe”.
Our proactive initiatives to foster education in the
villages have yielded encouraging results. We would
like to particularly mention our enrolment campaign

Towards providing accessibility to safe drinking water, we
have installed 23 Reverse Osmosis plants at Tadipatri,
Awarpur, Kotputli and Kharia Khangar, which serve 26,000
villagers.
Pipelines, bore wells provide access to water, benefiting
82,000 villagers at Khor, Shambhupura, Bela, Hirmi,
Rawan, Sewagram, Malkhed, and Baga (Himachal
Pradesh).
Additionally, 442 individual toilets and sanitation facilities
were set-up at schools at various locations. In the villages
that we operate in, 38 villages have been declared ODF.
Imparting vocational training, skills training, coupled
with our farm based programmes and SHGs, meet with
these goals. The three ITIs, at Rajashree Cement Works,
Sidhi Cement Works, Dalla Cement Works and, the Birla
comprising of 8,000 women. We are working to broaden White applicators programme, are splendid examples.
the base, and provide the last mile linkage. Over the Collectively they touch the lives of nearly 100,000 people.
last couple of years, we have been very successful in
getting five of our Units, have the uniforms tailored by Watershed management project beyond the fence
our rural poor trained in tailoring and self-help groups. Our multidisciplinary teams at Kovaya, Jafrabad and
Andhra Pradesh Cement Works, Rajashree Cement Sewagram have helped survey, design and create water
Works, Rawan Cement Works, Hirmi Cement Works and harvesting structures. These cater to a 6,500 population
Reddipalayam Cement Works, have taken this forward. in the coastal districts of Amreli and Bhuj (Gujarat). These
Over time we will have all of the other cement Units structures are designed to support water recharge in
follow suit. This entails that uniforms at the plant at all wells, drinking water for cattle and other animals, reduce
levels will be tailored by SHGs or women driven tailoring salt ingress through ground water recharge.
units. At Rajashree Cement Works, Karnataka, we have
It might interest you to read that we have conceptualized a collaborated with NABARD (National Bank for Agriculture
unique program, specifically for women in Maharashtra’s and Rural Development). We have signed an MoU
Chandrapur district. We encourage women to move out (Memorandum of Understanding) for the execution of
of the confines of their homes and engage in indigenous a watershed project in Udgi Gram Panchayat, Sedam
sports of Indian origin. Many women have welcomed Taluka. The Udgi Watershed Project will cover an area
this initiative, which besides their talent also celebrates of 1,149 hectare, encompassing five villages under the
the states’ cultural heritage. As women play games
in the open in a competitive spirit, they feel a different
kind of empowerment and their self-esteem increases
phenomenally. At the special festival titled “Ulhas Ustav”,
the women teams play against each other, cheered by
their families and the District Officials along with our
teams. Their joy and camaraderie is perceptible, as they
shatter the myth that women don’t wear pants in the
villages. Inspired by the women of Chandrapur through
our Awarpur Cement Works, the programme is now
replicated at Units in Madhya Pradesh and Karnataka. Of
recent origin it has already garnered participation from
2,032 women.
The sixth, seventh and eighth SDGs, can be bunched
together, as they are interlinked. These SDGs call for,
water and sanitation, reliable, sustainable and modern
energy and decent work and economic growth.

and assets, rest places, installation of solar lights,
construction of water tanks and installation of piped
water supply. These activities have aided 823,461 people.
Finally, on model villages

Of the 502 villages that we work in, we have zeroed in on
100 villages for a transformative process that raises them
to become model villages. So far in a 7-year timeframe, we
have been able to morph 38 villages into model villages.
We are proud to report that many of these villages have
been recognised as model villages by the assessments
carried out by Government bodies. In fact, the Bibee
village in Chandrapur district has been selected as one of
the five most smart villages in Maharashtra from among
3,000 villages evaluated on 30 major criteria.
Udgi Gram Panchayat. The Mysore Resettlement and
Development Agency (MYRADA), is implementing the Our CSR spends
project, working closely with us.
For FY19, our CSR spend was ` 749.6 million (over 2%
Andhra Pradesh Cement Works (APCW) to work for of the average net profit of your Company for the last
watershed project 3 financial years) vis-à-vis ` 607.1 million in the preceding
year. In addition, we mobilised over ` 540 million through
Likewise, Andhra Pradesh Cement Works, at Government Schemes.
Anantapuramu district, has signed an MoU in association
with International Crops Research Institute for the In sum
Semi-Arid Tropics (ICRISAT). ICRISAT has been assigned
to execute the watershed project in Petnikota and With all of us working so wholeheartedly, and the
Ayyavaripalli villages of Kolimigundla and Tadipatri Government also fully committed, to inclusive growth,
Taluks. It covers an area of 1,750 hectares. The expected transparency and good governance, we can hope for a
outcome is increased water availability, improved holistic transformation of our country. Very soon, in the
agricultural productivity and ensured efficient and next 5 years, India will be an even more resplendent
sustainable water usage. It will have a very salutary nation. By then the word poverty will be struck off the
impact on rural livelihoods. lexicon and no mention of it will be made in relation to
India.
SDG-9 Build resilient infrastructure
Our Board of Directors, our Management and our
Towards better infrastructure, we are engaged in colleagues across your Company are committed to
the connecting / repairing of roads, community halls inclusive growth.

SUSTAINABILITY AND BUSINESS RESPONSIBILITY REPORT
Building Sustainable Businesses at the Aditya Birla Group: We began our quest with the question, “If everyone and
At the Aditya Birla Group, we endeavour to become the every business followed the law as written today, is the
planet sustainable?” We quickly concluded that around
leading Indian conglomerate for sustainable business
the year 2050, when the Earth’s population reaches
practices across our global operations. We define a
an estimated 9 billion, climate change, water scarcity,
“Sustainable Business” as one that can continue to
pollution, biodiversity loss and an overload of waste,
survive and thrive within the growing needs and tightening
if left unchecked, would set the planet on a possibly
legal and resource constraints of a “Sustainable World”.
irreversible unsustainable course. It is therefore intuitive
We believe that this means that as we go forward towards
that leaders must find ways to transform industries such
the constrained operating environments of 2030 and
that international bodies can codify and governments
2050 that for a continued “Sustainable World” it can can legislate over time to reduce the damage and it is
increasingly only contain “Sustainable Businesses”. imperative that the Aditya Birla Group remains ahead of
To achieve our Group vision, we are innovating away from the curve.
the traditional sustainability models to one consistent The first step of our programme to build sustainable
with our vision to build sustainable businesses capable businesses is focused on increasing the capability of our
of operating in the next three decades. It is in our own business management systems. Under this programme
interests to mitigate our own impact in every way we can called “Responsible Stewardship” we try to move from
as this is a direct assistance to creating a sustainable merely complying with current legal standards to
planet. It also prepares us for further mitigation and the conforming to the international standards set by the
need to adapt to a world that is a full two degrees or even global bodies of the International Finance Corporation
three or four hotter than today. (IFC), the Organisation for Economic Cooperation and

Development (OECD), the International Standards physically, technologically and how the legal system
Organisation (ISO), Occupational Health and Safety (including regulations and tax) will need to change in
Advisory Services (OHSAS), the Global Reporting Initiative order to motivate business to create a sustainable world.
(GRI), the Forestry Stewardship Council and others. To Our performance will need to be improved further to
support our businesses in this endeavour, we have created meet the changes needed to mitigate and adapt to these
the Aditya Birla Group’s Sustainable Business Framework External Factors. By talking to our Strategic Stakeholders
of Policies, Technical Standards, and Guidance Notes knowledgeable in these issues, we can scan the horizon
to give our leaders, managers, employees and contract to better understand their likely risk to our business.
employees the chance to train, learn, understand, and With this information, we enhance our business models,
apply improvement techniques to help our businesses strategies and risk profiles in order to “Future Proof” them
reach higher standards of performance. Our Group and our value chains in the medium to long term. Since
Sustainable Business Framework is currently certified only “Sustainable” business can exist in a Sustainable
to 14 international standards (http://sustainability. World then a Sustainable Value Chain can also only
adityabirla.com/) So far, we have had much success with contain these businesses and so it becomes imperative
respect to reductions in accidents, energy use, water to map our value chains to look for vulnerabilities. Our
use, and have implemented our first Biodiversity plans. goal is to create not only Sustainable Businesses but
also Sustainable Value Chains of which we can be a key
Our programme to achieve the World Business Council
member. We are helping our leaders to understand which
for Sustainable Development’s Water and Sanitation
external changes might heavily influence our value chains
and Hygiene pledge (WASH) to ensure that we provide
and business models in the future and what might be
safe drinking water, sanitation and hygiene in all our
expected of our products and brands. For example, the
operations has resulted in our building over 600 new
world will need businesses that are able to mitigate and
bathrooms, many for women and differently abled people.
adapt to climate change, with robust and sustainable
Each of these achievements helps reduce and mitigate
supply chains that are also impervious to all external
our impact on the planet and are imperative to building
forces that will inevitably begin to affect us in the future.
the sustainable business platform for our future.
To build sustainable businesses will take time, particularly
If we are to create fully sustainable business models and when we consider some of our very complex value chains
systems for the future then “Responsible Stewardship” by but by pushing to be a leader today, we are giving our
itself is not enough. We need other components to help us businesses the best possible chance of achieving long-
with a greater transformation. We need to understand the term success not only for ourselves but also for our value
global mega-trends and their effect on us; geographically, chains and hence for our planet.

BUSINESS RESPONSIBILITY REPORT
Section A : General Information about the Company
1. Corporate Identity Number (CIN) of the L26940MH2000PLC128420
Company
2. Name of the Company UltraTech Cement Limited
3. Registered address B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road,
Andheri (East), Mumbai 400 093
4. Website www.ultratechcement.com
5. E-mail id brr.utcl@adityabirla.com
6. Financial Year reported 1st April, 2018 to 31st March, 2019
7. Sector(s) that the Company is engaged Group Class Sub Class Description
in (industrial activity code-wise) 239 2394 23941 Manufacture
23942 of cement
8. List three key products/services that (i) Ordinary Portland and Portland Pozzolana Cement
the Company manufactures/provides (ii) Ready-Mix Concrete
(as in balance sheet) (iii) White Cement and Wall Care Putty
9. Total number of locations where i. Number of International Locations (Provide details of major 5):
business activity is undertaken by the • United Arab Emirates
Company • Sri Lanka
• Bahrain
• Bangladesh
ii. Number of National Locations:
20 Integrated Cement Units; 21 Grinding Units; 1 White Cement
Unit; 2 Wall Care Putty; 6 Bulk Terminals; over 100 Ready Mix
Concrete Units, Registered Office and Zonal Marketing Offices
10. Markets served by the Company Local State National International
√ √ √ √
Section B: Financial Details of the Company

1. Paid-up Capital (INR) ` 275 crores
2. Total Turnover (INR) ` 35,104.76 crores
3. Total Profits after taxes (INR) ` 2,455.72 crores
4. Total Spending on Corporate Social Responsibility The Company has spent ` 74.96 crores during financial year
(CSR) as percentage of profit after tax (%) 2018-19 which amounts to over 2% of the average profit
after taxes in the previous three financial years.
5. List of activities in which expenditure in 4 above a. Education
has been incurred b. Health Care
c. Women empowerment
d. Sustainable Livelihood
e. Infrastructure Development
f. Social Welfare

Section C: Other Details
1. Does the Company have any Subsidiary Company/ Companies?
Yes, the Company has 9 (nine) subsidiaries - 5 (five) domestic and 4 (four) foreign.
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent Company? If yes, then
indicate the number of such subsidiary Company(s):
The Business Responsibility initiatives of the parent Company apply to its subsidiaries.
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate
in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%,
30-60%, More than 60%]:
Other entities viz. suppliers, distributors etc with whom the Company does business, do not participate in the
Business Responsibility initiatives of the Company.
Section D: BR Information
1. Details of Director/Directors responsible for BR
a) Details of the Director/Director responsible for implementation of the BR policy/policies
DIN Number 00017572
Name Mr. K. K. Maheshwari
Designation Managing Director
b) Details of the BR head

Sr. Particulars Details
No.
1. DIN Number (if applicable) 01743559
2. Name Mr. K. C. Jhanwar
3. Designation Whole-time Director (designated as Deputy Managing Director
and Chief Manufacturing Officer)
4. Telephone number 022 66917800
5. e-mail id brr.utcl@adityabirla.com
2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)

The 9 principles are:
P1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout
their life cycle.
P3 Businesses should promote the wellbeing of all employees.
P4 Businesses should respect the interests of and be responsive towards all stakeholders, especially those
who are disadvantaged, vulnerable and marginalised.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect, protect and make efforts to restore the environment.
P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.
P8 Businesses should support inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner.

(a)
Details of compliance:
Sr. Questions
P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. Do you have a policy / policies for… Y Y Y Y Y Y Y Y Y
2. Has the policy being formulated
in consultation with the relevant Y Y Y Y Y Y Y Y Y
stakeholders?
3. Does the policy conform to any
national / international standards? —
If yes, specify?
4. Has the policy being approved by
the Board?
If yes, has it been signed by MD/ Y Y Y Y Y Y Y Y Y
Owner / CEO/ appropriate Board
Director?
5. Does the Company have a
specified committee of the Board
Y Y Y Y Y Y Y Y Y
/ Director / Official to oversee the
implementation of the policy?
6. Indicate the link for the policy to be
view restricted to employees
viewed online?
7. Has the policy been formally
The policies have been communicated to key internal stakeholders
communicated to all relevant
of the Company. The communication is an on-going process to cover
internal and external
all stakeholders.
stakeholders?
8. Does the Company have in-house
structure to implement the policy / Y Y Y Y Y Y Y Y Y
policies.
9. Does the Company have a
grievance redressal mechanism
related to the policy/policies to Y Y Y Y Y Y Y Y Y
address stakeholders’ grievances
related to the policy/policies ?
10. Has the Company carried out
The Company publishes a Sustainability Report which is GRI
independent audit / evaluation of
Standard and covers policies mentioned herein. The Report is
the working of this policy by an
assured by an independent certifying agency.
internal or external agency ?
(b) If answer to Sr. No.1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
S.No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The Company has not understood the
Principles
2. The Company is not at a stage where it finds
itself in a position to formulate and implement
the policies on specified principles
3. The Company does not have financial or Not Applicable
manpower resources available for the task
4. It is planned to be done within next 6 months
5. It is planned to be done within the next 1 year
6. Any other reason (please specify)

3. Governance related to BR The Company is strategically focusing on development
of products and services that help customers build
(a) Indicate the frequency with which the Board of
sustainable structures which are more durable,
Directors, Committee of the Board or CEO to
more resource-efficient, more cost-effective and
assess the BR performance of the Company.
more conducive to human lifestyle. We manufacture
Within 3 months, 3-6 months, Annually, More
a range of products that cater to construction needs
than 1 year
from foundation to finish. These include Ordinary
The Business Responsibility performance of Portland Cement (OPC), Portland Composite Cement
the Company is assessed periodically by the (PCC), Portland Pozzolana Cement (PPC), White
management. Cement and White Cement based Products, Ready
Mix Concrete including Specialty Concrete, building
(b) Does the Company publish a BR or a
products like AAC blocks and jointing mortars and a
Sustainability Report? What is the hyperlink
host of others in Retail Formats. We are continuously
for viewing this report? How frequently it is
striving for developing products which are greener
published?
in nature and less resource intensive.
The Company publishes its Sustainability
For manufacturing blended cements (PPC, PCC and
Report annually. The Report is compliant with
PSC), we use waste materials such as fly ash and
the GRI Standard. The Report is assured by
slag that helps in the substitution of natural resource
an independent certifying agency and will be
such as limestone. These cements are also less
available on the website of the Company – carbon and energy intensive.
www.ultratechcement.com.
Our Building Products Division (BPD) also
Section E: Principle-wise performance manufactures number of products which are smarter
in nature and help in saving natural resources. Some
Principle 1 – Businesses should conduct and govern
of these are listed below:
themselves with Ethics, Transparency and Accountability
• Super Stucco (a self-curing- no water curing
1. Does the policy relating to ethics, bribery and plaster).
corruption cover only the Company? Yes/ No. Does
it extend to the Group/Joint Ventures/ Suppliers/ • Power Grout (a self-curing Industrial grout for
Contractors/NGOs /Others? anchoring / grouting applications).
The Company’s governance structure guides the • Seal & Dry – water proofing systems which helps
in water conservations (arresting leakages) in
organisation keeping in mind the core values of
water storage tanks, canals, thus preserving
Integrity, Commitment, Passion, Seamlessness
water. The water proofing system is also
and Speed. The Corporate Principles and Code of
developed with “Food grade” certification so
Conduct cover the Company and its subsidiaries and
that the water stored is fit for potable usage.
is applicable to all the employees of the Company
and its subsidiaries. • Repair mortars and concrete in the name of
Basekrete and Microkrete are self- curing (no
2. How many stakeholder complaints have been
water curing required) variants, which are used
received in the past financial year and what
in repair of buildings.
percentage was satisfactorily resolved by the
management? If so, provide details thereof, in about • C’retePro, a liquid system for mortar and
50 words or so. concrete modifier, which reduces the water
intake into the cement mixes used for preparing
No complaints were received during the year. mortars, plasters and concrete (10-15 % water
reduction possible).
Principle 2 – Businesses should provide goods and
services that are safe and contribute to sustainability In addition to the above, other sustainable products
throughout their life cycle. such as Xtralite (AAC blocks) and Readiplast are also
catering to our customers.
1. List up to 3 of your products or services whose
design has incorporated social or environmental Some of our BPD products are also listed in the
concerns, risks and/or opportunities. Indian Green Building Council Directory of green

products under the category of energy efficiency and 3. Does the Company have procedures in place for
low emitting materials. White Cement, Wall Care sustainable sourcing (including transportation)? If
Putty, Textura & Level Plast have been recognised yes, what percentage of your inputs was sourced
by Indian Green Building Council (IGBC) for use in sustainably? Also, provide details thereof, in about
Green Building. 50 words or so.
We are focusing on different options to reduce Procurement practices and selection criteria by the
our carbon footprint and other emissions such as Company are focused on protection of environment,
replacing traditional fuels with alternative fuels, societal interest and cost effective procurement
seeking resources efficiency, improving the quality
improving energy efficiency of our products, using
of products and services and ultimately optimising
clinker additives, implementing waste heat recovery
the cost.
systems wherever possible. This will eventually
reflect in lower carbon footprint of our products The criteria for procurement of equipment are
(OPC, PPC, PCC etc). based upon resource efficiency, mainly comprising
of but not limited to energy efficiency, fuel efficiency,
The Company has also taken initiatives for educating emission control etc. The impact of the product /
its stakeholders on the sustainable aspects of services being procured is considered over its
its products. The Technical Services Department whole life cycle i.e. from cradle to grave, including
educates the users of cement like masons and the giving due weightage to the disposal aspect also,
Individual House Builder (IHB) on using cement e.g. E-waste/ hazardous waste is disposed of in an
optimally and reducing wastage. The Company also environmental friendly manner and no compromise,
informs government agencies about the advantages what so ever, is made on the same. As regard social
of using cement for mass housing and roads and the aspect, the emphasis is made on ethical issues
benefits of using blended cement. Several seminars at the time of vendor evaluation stage itself. The
have been conducted on concrete roads and white vendor registration form of the Company requires
toping to impress on the environmental benefits of its potential vendors to specify their commitment
switching from bituminous roads. on the following social aspects:
2. For each such product, provide the following details 1. Child Labour
in respect of resource use (energy, water, raw 2. Forced and Compulsory Labour
material etc.) per unit of product (optional): 3. Health and Society
i. Reduction during sourcing/production/ 4. Working Hours
distribution achieved since the previous year
5. Statutory compliances
throughout the value chain?
The Company believes that sustainability in logistics
The Company consumes alternate materials may be achieved by using less polluting and less fuel
like flyash, chemical gypsum, slag etc which consuming transport options or selecting vendors
help in conserving natural raw materials used who are close to the manufacturing locations.
for the cement production. Alternative fuels We import fuel in bulk size vessels with full cost
are also used for thermal energy generation advantage of freight. This consumes lesser fuel as
which help in the substitution of fossil fuels compared to smaller size shipment in terms of per
and allow better management of industrial ton of material shipped. The Company also maps the
waste. Recycling water, rainwater harvesting Polypropylene (PP) bags suppliers across the country
and recharging of ground water are standard to minimise distance between supplier plants and
operating procedures at all our manufacturing units across the country. We have also encouraged
sites. and empowered our PP bag suppliers to achieve
9001:2008 certification.
ii. Reduction during usage by consumers (energy,
water) has been achieved since the previous E-procurement has made our sourcing process
year? more transparent and efficient. It includes a web-
based supplier portal with features like Request For
Cement as a product is used for variety of Quote (RFQ), submission of offers by the suppliers,
purposes and by diverse consumers. Hence it generation of comparative charts and the release
is not feasible to measure the usage (energy, of orders. The module is integrated with our SAP
water) by consumers. system. A reverse auction process of real time

competitive bidding for buying and transportation of recycling of products and waste (separately as
of material, adds to the efficacy of the process. <5%, 5-10%, >10%). Also, provide details thereof,
E-procurement has resulted in more effective in about 50 words or so.
communication with our vendors and enabled
The cement manufacturing process as such does
significant reduction in paper work as well as travel
not involve production of any by products or waste.
hours.
However, the flyash generated from the Company’s
captive power plants are utilised in blended cement.
4. Has the Company taken any steps to procure goods
The Company also uses alternative materials such
and services from local and small producers,
as flyash, chemical gypsum, slag etc that are
including communities surrounding their place of
waste materials generated from other industries
work?
to substitute the raw material required for cement
If yes, what steps have been taken to improve their production.
capacity and capability of local and small vendors?
Principle 3 – Businesses should promote the wellbeing
The Company has consistently increased the breadth of all employees
of vendors across goods and services through
vendor base enhancement. The objective is to focus 1. Please indicate the total number of employees.
on indigenous suppliers, mutual collaboration and 19,557
partnership for long term growth. 2. Please indicate the total number of employees hired
The Company has always given preference to local on temporary/contractual/casual basis.
vendors when it comes to sourcing materials. In case 36,873
of PP packing bags vendors, we have optimised the
3. Please indicate the number of permanent women
vendors located near to our cement plants, based
employees.
on their capability and capacity. Sourcing of PP bag
from vendors located close to the plants has resulted 353
in lower fuel consumption. 4. Please indicate the number of permanent employees
The Company also believes in long term partnership with disabilities.
with the vendors by having rate contracts with 40
them and providing periodical feedback on their
5. Do you have an employee association that is
performances in terms of quality, delivery, services,
recognised by management.
environmental health and safety etc, which helps
the vendors to improve their performance by taking Yes, we have recognised trade unions constituted
corrective actions on the parameters where they are in terms of the Trade Union Act at the Company’s
found lacking. Transparency and fair approach are manufacturing Units.
maintained while dealing with the vendors during 6. What percentage of your permanent employees is
the entire procurement cycle. The Company uses members of this recognised employee association?
information technology efficiently for reducing the
Around 21.13% of our permanent employees are
procurement cycle time and has launched a vendor
members of the above mentioned trade unions.
portal which not only reduces the cycle time but
also empowers vendors to make use of its useful 7. Please indicate the number of complaints relating
features like knowing the approval status of their to child labour, forced labour, involuntary labour,
material, payment status, posting advance shipping sexual harassment in the last financial year and
notification etc. It also helps in reduction of paper pending, as on the end of the financial year.
usage as most of the activities / documentation are Sr. Category No. of complaints No. of complaints
done in electronic format. The Company has a zero No. filed during the pending as at end of
tolerance policy for safety compromise and business financial year the financial year
1. Child labour / forced NIL NA
is done only with those vendors who are approved on
labour / involuntary
stringent safety parameters. labour
2. Sexual harassment 05 NIL
5. Does the Company have a mechanism to recycle 3. Discriminatory NIL NA
products and waste? If yes what is the percentage employment

8. What percentage of your under mentioned Principle 5 – Businesses should respect and promote
employees were given safety & skill up-gradation human rights.
training in the last year? 1. Does the policy of the Company on human rights
Safety Skill cover only the Company or extend to the Group/Joint
upgradation Ventures/Suppliers/Contractors/NGOs/Others?
Permanent Employees (Management) 56.66% 53.26%
The Company has a Human Rights Policy which is
Permanent Women Employees 40.79% 38.24% also applicable to its subsidiaries.
Casual / Temporary / Contractual Employees 80.75% 8.69%
2. How many stakeholder complaints have been
Employees with Disabilities 70.27% 45.94% received in the past financial year and what percent
was satisfactorily resolved by the management?
Principle 4 – Businesses should respect the interests
of and be responsive towards all stakeholders, No complaints were received during the last financial
year.
especially those who are disadvantaged, vulnerable and
marginalised.
Principle 6 – Businesses should respect, protect and
1. Has the Company mapped its internal and external make efforts to restore the environment.
stakeholders? Yes/No 1. Does the policy related to Principle 6 cover only the
Yes, the Company has mapped its internal as well Company or extends to the Group/Joint Ventures/
as external stakeholders. Suppliers/Contractors/NGOs/others.
The Company’s policy on Safety, Health and
2. Out of the above, has the Company identified
Environment extends to its subsidiaries as well.
the disadvantaged, vulnerable and marginalised
stakeholders? 2. Does the Company have strategies/ initiatives
to address global environmental issues such as
The Company has identified the disadvantaged,
climate change, global warming, etc? Y/N. If yes,
vulnerable and marginalised stakeholder’s viz.
please give hyperlink for webpage etc.
communities around its manufacturing Units and
its workers / contractual workers. The Company has taken long-term target to
reduce CO2 emission intensity by 25% from 2005-
3. Are there any special initiatives taken by the 06 levels by 2021. To achieve this it has developed
Company to engage with the disadvantaged, a roadmap focusing on key areas such as further
vulnerable and marginalised stakeholders. If so, reducing specific energy consumption (We are
provide details thereof, in about 50 words or so. amongst the best in the industry in terms of specific
thermal energy consumption), increasing the flyash
The Company’s endeavor to bring in inclusive growth
utilisation rate, increase thermal substitution rate,
are channelised through the Aditya Birla Centre for increase our share of power from renewable energy
Community Initiatives and Rural Development. sources and from WHRS system. Currently our
Several initiatives such as health care, education, installed WHRS capacity stands at around 85 MW
infrastructure, watershed management, safe which is expected to increase to 131 MW by FY21.
drinking water and sanitation, sustainable livelihood, The Company has committed to EP100 to double
self-help groups and income generation etc. are the energy productivity by 2035 from 2009-10 levels.
We have also been certified to be 2.18 times water
extended to the Company’s contract workers and
positive by an external agency.
people living near to the Company’s manufacturing
Units. Please refer our sustainability reports for more
details at: https://www.ultratechcement.com/
The Company has adopted safety as a culture. It sustainability
has engaged employees at all levels - whether
employees, contractors, suppliers or the community 3. Does the Company identify and assess potential
and has taken a structured approach, through environmental risks? Y/N
leadership involvement, in order to bring about a The Company follows a structured risk management
culture change that views safety as non-negotiable. approach which encompasses identifying potential

risks, assessing their impact, mitigating them by 6. Are the emissions/waste generated by the Company
taking timely action and continuous monitoring. within the permissible limits given by CPCB/SPCB
The Company uses various tools such as Aqueduct/ for the financial year being reported?
India Water Tool, Integrated Biodiversity Assessment
Yes, the emissions / waste generated by the Company
Tool (IBAT) to assess the potential water and
are within the permissible limits given by Central
biodiversity risks arising out of its operations and
Pollution Control Board / State Pollution Control
takes necessary steps to mitigate the same. The
Boards.
Company will also be using the recently launched
GeoSust Tool developed by the Aditya Birla Group 7. Number of show cause/ legal notices received from
Sustainability Cell to identify climate change related CPCB/SPCB which are pending (i.e. not resolved to
risks for its operations. satisfaction) as on end of Financial Year.
4. Does the Company have any project related to No such cases are pending at the end of the financial
Clean Development Mechanism? If so, provide year.
details thereof, in about 50 words or so. Also, if Yes,
whether any environmental compliance report is Principle 7 – Businesses, when engaged in influencing
filed? public and regulatory policy, should do so in a responsible
manner
Yes, the Company has two registered projects under
Clean Development Mechanism (CDM). 1. Is your Company a member of any trade and
chamber or association? If Yes, Name only those
• use of alternative fuels at Reddipalayam Cement
major ones that your business deals with:
Works, Tamil Nadu.
a. Global Cement & Concrete Association (GCCA).
• Waste Heat Recovery [WHR] based power
generation at Andhra Pradesh Cement Works b. Confederation of Indian Industry (CII).
– Tadipatri, Andhra Pradesh. Five others WHR c. Federation of Indian Chambers of Commerce
projects are registered. and Industry (FICCI).
5. Has the Company undertaken any other initiatives 2. Have you advocated/lobbied through above
on – clean technology, energy efficiency, renewable associations for the advancement or improvement
energy, etc. Y/N. If yes, please give hyperlink for of public good? Yes/No; if yes specify the broad
web page etc. areas ( drop box: Governance and Administration,
The Company continually strives to play a key Economic Reforms, Inclusive Development Policies,
role in finding effective and responsible ways Energy security, Water, Food Security, Sustainable
to preserve the environment. The Company is a Business Principles, Others)
founding member of Global Cement & Concrete The Company continuously advocates the use of eco-
Association (GCCA) and will play a key role in friendly mining practices, use of alternative fuels,
defining the sustainable construction landscape. It energy conservation and construction of concrete
has a thermal substitution rate of ~3.3% which is roads.
achieved by using alternate waste materials. The
Company has an installed capacity of about 85 MW Principle 8 – Businesses should support inclusive growth
of waste heat recovery system which is expected and equitable development
to increase to 131 MW by FY21. It has tied up 62
1. Does the Company have specified programmes /
MW of effective renewable energy from solar and
initiatives / projects in pursuit of the policy related
wind mills. The Company has the lowest specific
to Principle 8? If yes details thereof.
thermal energy consumption of around 708 kcal/
kg of clinker when compared to global and national The Company has specified programs in pursuit of its
numbers. This has been possible through a myriad policy on inclusive growth and equitable development.
of energy conserving measures implemented at These cover education, basic healthcare, women
various units. The Company is continuously striving empowerment, sustainable livelihood, infrastructure
to increase its renewable energy share. and social reform.

2. Are the programmes / projects undertaken through 2. Does the Company display product information
in-house team / own foundation /external NGO / on the product label, over and above what is
government structures/any other organisation? mandated as per local laws? Yes/No/N.A. /Remarks
The Company’s social projects are carried on under (additional information)
the aegis of the Aditya Birla Centre for Community The Company displays only product information as
Initiatives and Rural Development. Collaborative mandated by Bureau of Indian Standards.
partnerships are formed with the government,
3. Is there any case filed by any stakeholder against
district authorities, village panchayats, NGOs and
the company regarding unfair trade practices,
like-minded stakeholders. The Company also
irresponsible advertising and/or anti-competitive
engages with CII, FICCI in its social activities. It
behaviour during the last five years and pending
also collaborates with District Authorities, Village
as on end of financial year. If so, provide details
Panchayats, NGOs and likeminded stakeholders for
thereof, in about 50 words or so.
its CSR initiatives.
The Company had filed appeals against the orders of
3. Have you done any impact assessment of your
the Competition Commission of India (“CCI”) dated
initiative?
31st August, 2016 and 19th January, 2017. Upon the
To measure the impact of the work done, a social NCLAT disallowing its appeal against the CCI order
satisfaction survey / audit is carried out by an dated 31st August, 2016, the Hon’ble Supreme Court
external agency. has, by its order dated 5th October, 2018, granted a
4. What is your Company’s direct contribution to stay against the NCLAT order. Consequently, the
community development projects- Amount in INR Company has deposited an amount equivalent to
and the details of the projects undertaken. 10% of the penalty amount.
The Company has spent an amount of ` 74.96 crores The Company, backed by a legal opinion, believes that
on its CSR activities during 2018-19 on education, it has a good case in both the matters and accordingly
women empowerment, sustainable livelihood, no provision has been made in the accounts.
infrastructure development etc.
4. Did your Company carry out any consumer survey
5. Have you taken steps to ensure that this community / consumer satisfaction trends?
development initiative is successfully adopted by Yes, the Company carries out a Brand Health
the community? Please explain in 50 words, or so. Study regularly (thrice a year) across urban and
Prior to the commencement of projects, a baseline rural markets. The study is conducted by globally
study of the villages is carried out. The study renowned research agency – Nielsen India Pvt.
encompasses various parameters such as health Ltd., for tracking performance of brands on various
indicators, literacy levels, sustainable livelihood matrics, across multiple segments (consumers,
processes, population data, state of infrastructure, influencers and channel partners).
among others. From the data generated a 1-year The Company also conducts a Customer Loyalty /
plan and a 5-year rolling plan is developed. Projects Net Promoter Score (NPS) study once in 2 years with
are assessed under the agreed strategy and are the Key Account (B2B) customers. The most recent
monitored on a quarterly basis. Wherever necessary, NPS study was done in FY 17-18. Cedar Management
midcourse corrections are carried out. Consulting Pvt. Ltd was the agency engaged for the
Principle 9 – Businesses should engage with and NPS study.
provide value to their customers and consumers in a
responsible manner
1. What percentage of customer complaints/consumer
cases are pending as on the end of financial year.
24 cases of customer complaints / consumer cases
were pending as on the end of FY 19.

2.13 0.53
1.85 0.46
0.64 0.16
0.23 0.05
-0.43 -0.10
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Net Debt: EBITDA (Times)

STANDALONE
FINANCIAL STATEMENTS

Independent Auditors’ Report
To the Members of
Report on the Audit of the standalone Ind AS Financial Statements
Opinion
We have audited the standalone Ind AS financial statements of UltraTech Cement Limited (‘the Company’), which
comprise the balance sheet as at 31 March 2019, and the statement of profit and loss (including other comprehensive
income), the statement of changes in equity and the cash flow statement for the year then ended, and notes to
the standalone Ind AS financial statements, including a summary of the significant accounting policies and other
explanatory information (herein after referred to as ‘standalone Ind AS financial statements’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
Ind AS financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2019, its profit (including other comprehensive income), changes in
equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the
Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the
standalone Ind AS financial Statements section of our report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the standalone Ind AS financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Emphasis of matter
We draw attention to Note 32 (b) of the standalone Ind AS financial statements, which describes the following matters:-
(a) In terms of order dated 31 August 2016, the Competition Commission of India (‘CCI’) has imposed penalty of
Rs.1,175.49 crore for alleged contravention of the provisions of the Competition Act, 2002 by the Company. The
Company had filed an appeal against CCI Order before the Competition Appellate Tribunal (‘COMPAT’). Consequent
to reconstitution of Tribunals by the Government, this matter was transferred to the National Company Law
Appellate Tribunal (‘NCLAT’). NCLAT completed its hearing on the matter and disallowed the appeal filed by the
Company against the CCI order. Aggrieved by the order of NCLAT, the Company has filed an appeal before the
Honorable Supreme Court, which has granted a stay against the NCLAT order on the condition that the Company
deposits 10% of the penalty amounting to Rs.117.55 crore which has been deposited. Based on a legal opinion,
the Company believes that it has a good case in this matter. Considering the uncertainty relating to the outcome
of this matter, no provision has been considered in the books of account. Our opinion is not modified in respect
of this matter.
(b) In terms of order dated 19 January 2017, the CCI had imposed penalty of Rs.68.30 crore pursuant to a reference
filed by the Government of Haryana for alleged contravention of the provisions of the Competition Act, 2002 in
August, 2012 by the Company. The Company had filed an appeal before COMPAT and received the stay order
dated 10 April 2017. Consequent to reconstitution of Tribunals by the Government, this matter was transferred
to the NCLAT for which hearing is pending. Based on legal opinion, the Company believes that it has a good
case in this matter. Considering the uncertainty relating to the outcome of this matter, no provision has been
considered in the books of account. Our opinion is not modified in respect of this matter.

Independent Auditors’ Report (Continued)
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone Ind AS financial statements of the current year. These matters were addressed in the context of our audit
of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Description of Key Audit Matters:
Key Audit Matters How the matter was addressed in our audit
Revenue recognition – Discounts, incentives, rebates etc. Our procedures included:
§ Revenue is measured net of discounts, incentives, § Assessing the appropriateness of the Company’s
rebates etc. earned by customers on the Company’s accounting policies relating to discounts, incentives,
sales. rebates, etc by comparing with applicable accounting
§ Due to the Company’s presence across different standards.
marketing regions within the country and the § Assessing the design and testing the implementation
competitive business environment, the estimation and operating effectiveness of Company’s internal
of the various types of discounts, incentives and controls over the approvals, calculation, provision
rebate schemes to be recognised based on sales and disbursement of discounts, incentives and
made during the year is material and considered rebates.
to be complex and judgmental. § Obtaining management’s calculations for discounts,
§ Therefore, there is a risk of revenue being misstated incentives and rebates accruals under applicable
as a result of faulty estimations over discounts, schemes on a sample basis and comparing the
incentives and rebates. accruals made with the approved schemes.
§ Given the judgement required to estimate the § Obtaining and inspecting, on a sample basis,
amount of provisions, this is a key audit matter. supporting documentation for discounts, incentives
and rebates recorded and disbursed during the year
as well as credit notes issued after the year end
date to determine whether these were recorded
appropriately.
§ Comparing the historical trend of payments and
reversal of discounts, incentives and rebates to
provisions made to determine the appropriateness
of current year provisions.
§ Examining manual journals posted to discounts,
rebates and incentives to identify unusual or
irregular items.
Regulations - Litigations and claims Our procedures included:
§ The Company operates in various States within § Review the outstanding litigations against the
India, exposing it to a variety of different Central and Company for consistency with the previous years.
State/Local laws, regulations and interpretations Enquire and obtain explanations for movement
thereof. In this regulatory environment, there is an during the year.
inherent risk of litigations and claims. § Reading the latest correspondence between the
§ Consequently, provisions and contingent liability Company and the various tax/legal authorities and
disclosures may arise from direct and indirect review of correspondence with / legal opinions
tax proceedings, legal proceedings, including obtained by the management, from external legal
regulatory and other government/department advisors, where applicable, for significant matters.
proceedings, as well as investigations by authorities § Discussing the status of significant litigation with
and commercial claims. the Company’s in-house Legal Counsel and other

§ At 31 March 2019, the Company’s contingent senior management personnel and assessing their
liabilities were Rs. 4,646.73 crore (refer note 32 to responses.
the standalone Ind AS financial statements). § On sample basis, examine the Company’s legal
§ Management applies significant judgement in expenses and read the minutes of the board
estimating the likelihood of the future outcome meetings, in order to ensure all cases have been
in each case when considering whether, and how identified.
much, to provide or in determining the required § With respect to tax matters, involving our tax
disclosure for the potential exposure of each specialists, and discussing with the Company’s tax
matter. This is due to the highly complex nature and officers, their views and strategies on significant
magnitude of the legal matters involved along with cases, as well as the related technical grounds
the fact that resolution of tax and legal proceedings relating to their conclusions based on applicable
may span over multiple years, and may involve tax laws.
protracted negotiation or litigation.
§ Assessing the decisions and rationale for provisions
§ These estimates could change substantially over held or for decisions not to record provisions or
time as new facts emerge and each legal case make disclosures.
progresses.
§ For those matters where management concluded
§ Given the inherent complexity and magnitude of that no provisions should be recorded, considering
potential exposures across the Company and the the adequacy and completeness of the Company’s
judgement necessary to estimate the amount disclosures.
of provisions required or to determine required
disclosures, this is a key audit matter.
Other Information
The Company’s management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include the financial statements
and our auditors’ report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the standalone
Ind AS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Management’s Responsibility for the Standalone Ind AS Financial Statements
The Company’s management and Board of Directors are responsible for the matters stated in Section 134(5) of the
Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view
of the state of affairs, profit and other comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
(Ind AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements, management and Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the standalone Ind AS financial statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone Ind
AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including
the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone Ind AS financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors’ Report) Order, 2016 (‘the Order’) issued by the Central Government in
terms of Section 143 (11) of the Act, we give in the ‘Annexure A’ a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.
(A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books;
c) The balance Sheet, the statement of profit and loss (including other comprehensive income), the
statement of changes in equity and the cash flow statement dealt with by this report are in agreement
with the books of account;
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS specified
under Section 133 of the Act;
e) On the basis of the written representations received from the directors as on 31 March 2019 taken on
record by the Board of Directors, none of the directors is disqualified as on 31 March 2019 from being
appointed as a director in terms of Section 164(2) of the Act; and
f) With respect to the adequacy of the internal financial controls with reference to financial statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in ‘Annexure
B’.
(B) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March 2019 on its financial
position in its standalone Ind AS financial statements - Refer Note 32 to the standalone Ind AS financial
statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts- Refer Note
47 to the standalone Ind AS financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company; and
iv. The disclosures in the standalone Ind AS financial statements regarding holdings as well as dealings
in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been
made in these financial statements since they do not pertain to the financial year ended 31 March 2019.

(C ) With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act, in our
opinion and according to the information and explanations given to us, the remuneration paid by the Company
to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The
remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to
be commented upon by us.
For B S R & Co. LLP For Khimji Kunverji & Co.

Chartered Accountants Chartered Accountants
Firm’s Registration No: 101248W/W-100022 Firm’s Registration No: 105146W
Vijay Mathur Ketan Vikamsey

Partner Partner
Membership No: 046476 Membership No: 044000
Mumbai Mumbai
24 April 2019 24 April 2019

Annexure A to the Independent Auditors’ Report – 31 March 2019
(Referred to in our report of even date)
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets
are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and the nature of its assets. Pursuant
to the programme, certain fixed assets were physically verified by the Management during the year. In our
opinion, and according to the information and explanations given to us, no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations given to us and on the basis of our examination
of the records of the Company, the title deeds of immovable properties are held in the name of the Company
except for the following which are not held in the name of the Company:
Particulars Leasehold Land Freehold Land Buildings

Gross block as at 31 March 2019 (Rs. in Crore) 696.88 2125.24 43.34
Net block as at 31 March 2019 (Rs. in Crore) 627.65 2125.24 33.35
Total number of cases 424 2890 48
ii. The inventory, except for goods-in-transit and stocks lying with third parties, has been physically verified by
the management at reasonable intervals during the year. In our opinion, the frequency of such verification is
reasonable. For stocks lying with third parties at the year-end, written confirmations have been obtained and in
respect of goods-in-transit, subsequent goods receipts have been verified or confirmations have been obtained
from the parties. The discrepancies noticed on verification between the physical stocks and the book records
were not material.
iii. In our opinion and according to the information and explanations given to us, the Company has not granted any
loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the
register maintained under Section 189 of the Act. Accordingly, paragraph 3(iii) of the Order is not applicable to
the Company.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with
the provisions of Sections 185 and 186 of the Act, with respect to the loans given, investments made, guarantees
given and security provided.
v. In our opinion and according to the information and explanations given to us, the Company has not accepted
any deposits from the public during the year in terms of the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable
to the Company.
vi. We have broadly reviewed the books of account maintained by the Company as specified under Section 148(1)
of the Act, for maintenance of cost records in respect of products manufactured by the Company, and are of the
opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we
have not made a detailed examination of the cost records with a view to determine whether they are accurate or
complete.
vii. (a) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues
including Provident Fund, Employees’ State Insurance, Income-tax, Goods and Service Tax, Duty of Customs,
Cess and other material statutory dues have been regularly deposited during the year by the Company with
the appropriate authorities.

Annexure A to the Independent Auditors’ Report – 31 March 2019 (Continued)
According to the information and explanations given to us, no undisputed amounts payable in respect of
Provident Fund, Employees’ State Insurance, Income-tax,, Goods and Service Tax, Duty of Customs, Cess
and other material statutory dues were in arrears as at 31 March 2019 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, details of dues of Income-tax, Sales-tax, Service tax, Duty of Customs, Duty of Excise and
Value added tax which have not been deposited as at 31 March 2019 on account of disputes are given below:
Name of the Statute Nature of the Dues Forum where dispute Period to which Amount*
is pending amount relates Rs. in Crore)
(Assessment Year)
Sales Tax/ Value Sales Tax, VAT, Supreme Court 2000 to 2006 214.61
Added Tax (VAT) Interest and Penalty High Court 1988 to 2017 20.00
Tribunal(s) 1985 to 2017 136.68
Appellate Authorities 1990 to 2016 197.95
Assessing Officers 1997 to 2014 4.42
Customs Act, 1962 Customs Duty, High Court 2002 to 2006 48.86
Interest and Penalty Tribunal(s) 2000 to 2014 206.89
Central Excise Act, Excise Duty, Interest Supreme Court 1999 to 2011 98.97
1944 and Penalty High Court 1998 to 2013 71.27
Tribunal(s) 1994 to 2017 989.93
Finance Act, 1994 Service Tax, Interest Supreme Court 2004 to 2012 20.80
and Penalty High Court 2004 to 2010 19.00
Tribunal(s) 2005 to 2019 486.23
Income Tax Act, 1961 Income Tax, Interest High Court 2001 to 2006 1.32
and Penalty
* net of amounts paid under protest.

viii. According to the information and explanations given to us, and based on the records of the Company, the Company
has not defaulted in the repayment of loans or borrowings to financial institutions, banks, government and dues
to debenture holders.
ix. According to the information and explanations given to us, the term loans have been applied by the Company
during the year for the purposes for which they were obtained. The Company did not raise money by way of initial
public offer or further public offer (including debt instruments) during the year.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company
by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanations give to us and based on our examination of the records of the
Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company.
Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

Annexure A to the Independent Auditors’ Report – 31 March 2019 (Continued)
xiii. According to the information and explanations given to us and based on our examination of the records of the
Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where
applicable and details of such transactions have been disclosed in the standalone Ind AS financial statements
as required by the applicable accounting standards.
xiv. According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.
xv. According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has not entered into non-cash transactions with directors or persons connected with
them. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
xvi. According to the information and explanations given to us, the Company is not required to be registered under
Section 45 - IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi) of the Order is not applicable
to the Company.


Partner Partner
Mumbai Mumbai
24 April 2019 24 April 2019

Annexure B to the Independent Auditors’ Report - 31 March 2019
(Referred to in paragraph A(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)
Opinion
In conjunction with our audit of the standalone Ind AS financial statements of the Company as of and for the year
ended 31 March 2019,we have audited the internal financial controls with reference to standalone Ind AS financial
statements of UltraTech Cement Limited (‘the Company’) as of that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls system with reference
to standalone Ind AS financial statements and such internal financial controls were operating effectively as at 31
March, 2019, based on the internal financial controls with reference to standalone Ind AS financial statements criteria
established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India (the ‘Guidance Note’).
Management’s Responsibility for Internal Financial Controls
The Company’s management and the Board of Directors are responsible for establishing and maintaining internal
financial controls based on the internal financial controls with reference to standalone Ind AS financial statements
criteria established by the Company considering the essential components of internal control stated in the Guidance
Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013 (hereinafter referred to as ‘the Act’).
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to standalone
Ind AS financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and
the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal
financial controls with reference to standalone Ind AS financial statements. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls with reference to standalone Ind AS financial statements were
established and maintained and whether such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system with reference to standalone Ind AS financial statements and their operating effectiveness. Our audit of internal
financial controls with reference to standalone Ind AS financial statements included obtaining an understanding of
such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone Ind AS
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Company’s internal financial controls with reference to standalone Ind AS financial statements.
Meaning of Internal Financial controls with Reference to standalone Ind AS financial statements
A company’s internal financial controls with reference to standalone Ind AS financial statements is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone
Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A

Annexure B to the Independent Auditors’ Report - 31 March 2019 (Continued)
company’s internal financial controls with reference to standalone Ind AS financial statements include those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of standalone Ind AS financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have
a material effect on the standalone Ind AS financial statements.
Inherent Limitations of Internal Financial controls with Reference to standalone Ind AS financial statements
Because of the inherent limitations of internal financial controls with reference to standalone Ind AS financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with
reference to standalone Ind AS financial statements to future periods are subject to the risk that the internal financial
controls with reference to standalone Ind AS financial statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.


Partner Partner
Mumbai Mumbai
24 April 2019 24 April 2019

Standalone Balance Sheet as at March 31, 2019
` in Crores
Note As at As at
Particulars No. March 31, 2019 March 31, 2018
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 34,365.67 34,218.98
Capital Work-in-Progress 2 1,075.85 1,472.97
Intangible Assets 2 2,929.72 2,991.86
Intangible Assets under Development 2 3.80 0.91
38,375.04 38,684.72
Financial Assets:
Investments 3 5,549.66 2,214.19
Loans 4 109.77 115.15
Other Financial Assets 5 37.94 5,697.37 17.84
Income Tax Assets (Net) 127.18 140.33
Other Non-Current Assets 6 2,758.14 2,615.16
Total Non-Current Assets 46,957.73 43,787.39
Current Assets
Inventories 7 3,273.62 3,101.50
Financial Assets:
Investments 8 1,514.85 3,948.71
Trade Receivables 9 2,097.59 1,714.20
Cash and Cash Equivalents 10 419.48 63.91
Bank Balances other than Cash and Cash Equivalents 11 204.48 135.41
Loans 4 1,919.49 111.02
Other Current Assets 12 1,151.53 971.11
Assets held for Disposal 53 55.18 42.35
Total Current Assets 11,478.72 10,585.61
TOTAL ASSETS 58,436.45 54,373.00
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 13 (a) 274.64 274.61
Other Equity 13 (b) 27,672.43 25,648.41
27,947.07 25,923.02
Share Application Money Pending Allotment 0.65 -
LIABILITIES
Non-Current Liabilities
Financial Liabilities:
Borrowings 14 14,939.28 13,878.36
Other Financial Liabilities 15 - 14,939.28 28.27
Provisions 16 135.58 136.78
Deferred Tax Liabilities (Net) 17 3,544.35 3,174.05
Other Non-Current Liabilities 18 6.27 6.57
Total Non-Current Liabilities 18,625.48 17,224.03
Current Liabilities
Borrowings 19 2,642.74 2,687.83
Trade Payables
Total Outstanding Dues of Micro Enterprises and Small Enterprises 56 20.28 9.73
Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises 20 2,633.46 2,214.43
Other Financial Liabilities 15 2,443.66 7,740.14 2,666.80
Other Current Liabilities 21 3,228.50 2,720.09
Provisions 16 439.17 485.32
Current Tax Liabilities (Net) 455.44 441.75
Total Current Liabilities 11,863.25 11,225.95
TOTAL EQUITY AND LIABILITIES 58,436.45 54,373.00
Significant Accounting Policies 1
The accompanying notes form an integral part of the Standalone Financial Statements.
In terms of our report attached. For and on behalf of the Board of Directors
For B S R & Co. LLP For Khimji Kunverji & Co. K.K. MAHESHWARI S.B. MATHUR
Chartered Accountants Chartered Accountants Managing Director Director
Firm Registration No: 101248W/W-100022 Firm Registration No: 105146W DIN: 00017572 DIN: 00013239
VIJAY MATHUR KETAN VIKAMSEY ATUL DAGA

Partner Partner Whole-time Director and CFO
Membership No: 46476 Membership No: 44000 DIN: 06416619
S.K. CHATTERJEE
Mumbai: April 24, 2019 Company Secretary

Standalone Statement of Profit and Loss for the year ended March 31, 2019
` in Crores
Note Year ended Year ended
Particulars
No. March 31, 2019 March 31, 2018
Revenue from Operations (Refer Note 55 and 58) 22 35,703.50 30,251.75
Other Income 23 471.45 599.55
TOTAL INCOME (I) 36,174.95 30,851.30
EXPENSES
Cost of Materials Consumed 24 4,737.22 3,978.36
Purchases of Stock-in-Trade 25 1,582.35 814.37
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 26 (103.86) (113.08)
Employee Benefits Expense 27 1,926.01 1,706.24
Finance Costs 28 1,419.15 1,191.15
Depreciation and Amortisation Expense 29 2,010.27 1,763.56
Power and Fuel 7,830.96 5,959.50
Freight and Forwarding Expense 30 8,782.28 7,281.63
Excise Duty (Refer Note 58) - 893.83
Other Expenses 31 4,452.42 3,885.94
32,636.80 27,361.50
Less: Captive Consumption of Cement (24.15) (38.32)
TOTAL EXPENSES (II) 32,612.65 27,323.18
Profit before Exceptional Items and Tax Expense (I) – (II) 3,562.30 3,528.12
Exceptional Items
Stamp Duty on Acquisition of Assets (Refer Note 37) - (226.28)
Profit before Tax Expense 3,562.30 3,301.84
Tax Expense:
Current Tax 736.12 712.00
Excess Tax Provision reversed related to prior years (3.69) (33.97)
Deferred Tax 374.15 392.53
Total Tax Expense 1,106.58 1,070.56
Profit for the Year (III) 2,455.72 2,231.28
Other Comprehensive Income
A (i) Items that will not be reclassified to Profit or Loss – Re-measurement Gain/(Loss) on defined benefit plan (14.93) 37.65
(ii) Income Tax Relating to Items that will not be reclassified to Profit or Loss 5.22 (8.45)
B (i) Items that will be reclassified to Profit or Loss – Cash Flow Hedge (11.01) (3.46)
(ii) Income Tax Relating to Items that will be reclassified to Profit or Loss 3.85 3.57
Other Comprehensive Income for the year (IV) (16.87) 29.31
Total Comprehensive Income for the year (III + IV) 2,438.85 2,260.59
Earnings Per Equity Share (Face Value ` 10 each) 42
Basic (in `) 89.48 81.27
Diluted (in `) 89.46 81.25

S.K. CHATTERJEE

Standalone Statement of Changes in Equity for the year ended March 31, 2019
` in Crores
A. Equity Share Capital
For the year ended March 31, 2019

Balance as at April 01, 2018 Changes in Equity Share Capital during the Year Balance as at March 31, 2019
274.61 0.03 274.64

Balance as at April 01, 2017 Changes in Equity Share Capital during the Year Balance as at March 31, 2018
274.51 0.10 274.61
B. Other Equity

Reserves & Surplus Cash Flow Total Other
Hedge Equity
Particulars Capital Securities Debenture General Share Option Treasury Retained
Reserve
Reserve Premium Redemption Reserve Outstanding Shares @@ Earnings
Reserve Reserve #
Balance as at April 01, 2018 170.72 69.67 324.17 20,030.41 17.29 - 5,042.79 (6.64) 25,648.41
Profit for the year - - - - - - 2,455.72 - 2,455.72
Other Comprehensive Income/
(Loss) for the year
Re-measurement Gain/(Loss) - - - - - - (9.71) * - (9.71)
on defined benefit plan
Effective portion of Gains/ - - - - - - - (7.16) @ (7.16)
(Loss) on hedging instruments
Total Comprehensive Income/ - - - - - - 2,446.01 (7.16) 2,438.85
(Loss) for the year
Purchase of Treasury Shares - - - - - (81.21) - - (81.21)
Contribution by and Distribution
to Owners
Dividends (includes Dividend - - - - - - (347.63) ## - (347.63)
Distribution Tax)
Transfer to Retained Earnings - - (100.00) - - - 100.00 - -
Transfer from Retained - - 142.08 1,800.00 - - (1,942.08) - -
Earnings
Employees Stock Options - 8.30 - - (3.77) - - - 4.53
Exercised
Employees Stock Options - - - - 9.48 - - - 9.48
Granted
Total Contribution by and - 8.30 42.08 1,800.00 5.71 - (2,189.71) - (333.62)
Distribution to Owners
Balance as at March 31, 2019 170.72 77.97 366.25 21,830.41 23.00 (81.21) 5,299.09 (13.80) 27,672.43
#
Net of Deferred Employees Compensation Expenses ` 38.02 Crores.
@@
The Company has formed an Employee Welfare Trust for purchasing Company’s share to be allotted to eligible employees under Employees Stock Options
Scheme, 2018 (ESOS 2018). As per Ind AS 32 - Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares
and deducted from equity.
* Net of Tax amounting to ` 5.22 Crores.
@
Net of Deferred Tax amounting to ` 3.85 Crores.
##
Dividend of ` 10.50/- per share and including Dividend Distribution Tax of ` 59.27 Crores.

Standalone Statement of Changes in Equity for the year ended March 31, 2019 (Continued)
` in Crores
Reserves & Surplus Cash Flow Total
Hedge Equity
Particulars Capital Securities Debenture General Share Option Treasury Retained
Reserve
Reserve Premium Redemption Reserve Outstanding Shares Earnings
Reserve Reserve#
Balance as at April 01, 2017 142.46 42.55 241.25 18,430.41 20.94 - 4,795.64 (6.75) 23,666.50
Profit for the year - - - - - - 2,231.28 - 2,231.28
Other Comprehensive Income/
(Loss) for the year
Re-measurement Gain/(Loss) - - - - - - 29.20 * - 29.20
on defined benefit plan
Effective portion of Gains/ - - - - - - - 0.11 @ 0.11
(Loss) on hedging instruments
Total Comprehensive Income/ - - - - - - 2,260.48 0.11 2,260.59
(Loss) for the year
On Account of Business 28.26 ** - - - - - - - 28.26
Combination (Refer note 37)
Contribution by and Distribution
to Owners
Dividends (includes Dividend - - - - - - (330.41)## - (330.41)
Distribution Tax)
Transfer to Retained Earnings - - (62.50) - - - 62.50 - -
Transfer from Retained - - 145.42 1,600.00 - - (1,745.42) - -
Earnings
Employees Stock Options - 27.12 - - (11.50) - - 15.62
Exercised
Employees Stock Options - - - - 7.85 - - - 7.85
Granted
Total Contribution by and - 27.12 82.92 1,600.00 (3.65) - (2,013.33) - (306.94)
Distribution to Owners
Balance as at March 31, 2018 170.72 69.67 324.17 20,030.41 17.29 - 5,042.79 (6.64) 25,648.41
#
@
Net of Deferred Tax amounting to ` (3.57) Crores.
** Net of Deferred Tax amounting to ` 11.53 Crores.
##
Dividend of ` 10/- per share and including Dividend Distribution Tax of ` 55.89 Crores.
Significant Accounting Policies Note 1

S.K. CHATTERJEE

Standalone Cash Flow Statement for the year ended March 31, 2019
` in Crores
Year Ended Year Ended
Particulars
March 31, 2019 March 31, 2018
A. Cash Flow from Operating Activities:
Profit Before tax 3,562.30 3,301.84
Adjustments for:
Depreciation and Amortisation 2,010.27 1,763.56
Gain on Fair Valuation of Investments (120.36) (263.57)
Gain on Fair Valuation of VAT Deferment Loan (45.49) (3.86)
Gain on Fair Value movement in Derivative Instruments (1.66) (3.07)
Compensation Expenses under Employees Stock Options Scheme 9.48 7.85
Allowances for Credit Losses on Advances/Debts (net) 11.43 22.94
Bad Debts Written-off 0.66 0.06
Excess Provision written back (net) (50.91) (136.88)
Provision for Mines Restoration - (Release)/Charge (6.69) 30.53
Interest and Dividend Income (175.89) (77.36)
Finance Costs 1,419.15 1,191.15
(Profit)/Loss on Sale/Retirement of Property, Plant and Equipment (net) (3.33) 5.44
Profit on Sale of Current and Non-Current Investments (net) (108.92) (114.81)
Operating Profit before Working Capital Changes 6,500.04 5,723.82
Movements in working capital:
Increase in Trade payables and other Liabilities 1,116.72 308.53
Increase/(Decrease) in Provisions (10.60) 169.25
(Increase) in Trade receivables (394.08) (427.70)
(Increase) in Inventories (172.12) (629.63)
(Increase) in Financial and Other Assets (1,003.13) (687.52)
Cash generated from Operations 6,036.83 4,456.75
Taxes paid (net of refunds) (700.37) (839.07)
Net Cash generated from Operating Activities (A) 5,336.46 3,617.68
B. Cash Flow from Investing Activities:
Purchase of Property, Plant and Equipment (1,630.80) (1,938.00)
Sale of Property, Plant and Equipment 156.32 108.38
Expenditure for Cost of transfer of Assets (52.32) (6.16)
Sale of Liquid Investment (net) 108.92 13.80
Purchase of Investments (1,700.00) (3,960.23)
Sale of Investments 4,356.35 5,574.22
Investment in Non-Current Bank Fixed deposits (1.11) (1.23)
Redemption/(Investment) in Other Bank deposits (69.07) 2,031.45
Investment in Subsidiaries/Joint Venture and Associates (3,407.70) (3.64)
Investment in Preference Shares (20.00) -
Redemption of Preference Shares 20.00 -
Inter Corporate Deposit to Subsidiary (net) (1,799.75) -
Dividend Received - 13.68
Interest Received 144.04 64.47
Net Cash generated from/(used in) Investing Activities (B) (3,895.12) 1,896.74

Standalone Cash Flow Statement for the year ended March 31, 2019 (Continued)
` in Crores
Particulars
March 31, 2019 March 31, 2018
C. Cash Flow from Financing Activities:
Proceeds from Issue of Share Capital on Exercise of ESOS 5.21 15.72
Purchase of Treasury Shares (81.21) -
Repayment of Non-Current Borrowings (6,345.76) (6,160.09)
Proceeds from Non-Current Borrowings 7,100.41 15,772.26
Repayment of Current Borrowings (net) (45.09) (2,953.01)
Repayment of Borrowings transferred from JAL and JCCL, pursuant to - (10,686.55)
Scheme of Arrangement
Interest Paid (1,373.17) (1,159.04)
Dividend Paid Including Dividend Distribution Tax (346.16) (330.68)
Net Cash used in Financing Activities (C) (1,085.77) (5,501.39)
Net Increase in Cash and Cash Equivalents (A + B + C) 355.57 13.03
Cash and Cash Equivalents at the beginning of the year 63.91 50.88
Cash and Cash Equivalents at the end of the year (Refer Note 10) 419.48 63.91
Notes:
1. Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section
133 of the Act.
2. Purchase of Property, Plant and Equipment includes movements of capital work-in-progress (including capital
advances) during the year.
3. The Scheme of arrangement between JAL, JCCL and the Company does not involve any cash outflow and the
consideration has been discharged through issue of debentures and preference shares. (Refer Note 37)
4. Changes in liabilities arising from financing activities:
As at Cashflows Non Cash changes As at
Particulars March 31, 2018 (Foreign Exchange March 31, 2019
rates)
Non-Current Borrowing (including current maturities of 14,731.67 754.65 (10.92) 15,475.40
Non-Current Borrowing)
Current Borrowing 2,687.83 (45.09) - 2,642.74
17,419.50 709.56 (10.92) 18,118.14


S.K. CHATTERJEE

Notes to Standalone Financial Statements
Note 1(A) Company Overview and Significant Accounting Policies:
Company Overview
UltraTech Cement Limited (“the Company”) is a Public Limited Company incorporated in India having its registered
office at Mumbai, Maharashtra, India. The Company is engaged in the manufacture and sale of Cement and Cement
related products.
Significant Accounting Policies

(a) Statement of Compliance:
These standalone financial statements (hereinafter referred to as “financial statements”) are prepared in
accordance with the Indian Accounting Standards (“Ind AS”) as per the Companies (Indian Accounting Standards)
Rules, 2015 notified under Section 133 of Companies Act, 2013 (“the Act’’), amendments thereto and other relevant
provisions of the Act and guidelines issued by the Securities and Exchange Board of India (“SEBI”), as applicable.
The financial statements were authorised for issue by the Board of Directors of the Company at their meeting
held on April 24, 2019.
(b) Basis of Preparation and Presentation:

Basis of Preparation
The financial statements have been prepared on a historical cost basis, except for the following assets and
liabilities:
(i) Derivative Financial Instruments measured at fair value
(ii) Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial
instruments)
(iii) Assets held for disposal – measured at the lower of its carrying amount and fair value less costs to sell
(iv) Employee’s Defined Benefit Plan as per actuarial valuation.
(v) Assets and liabilities acquired under Business Combination measured at fair value; and
(vi) Employee share based payments measured at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date under current market conditions, regardless of whether
that price is directly observable or estimated using another valuation technique. In determining the fair value
of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market
participants would take those characteristics into account when pricing the asset or liability at the measurement
date.
Functional and Presentation Currency

(i) The financial statements are presented in Indian Rupees, which is the functional currency of the Company
and the currency of the primary economic environment in which the Company operates.
(ii) Figures less than ` 50,000 have been shown at actual, wherever statutorily required to be disclosed, all other
figures have been rounded off to the nearest ` in lakhs, unless otherwise stated.
Classification of Assets and Liabilities into Current/Non-Current

The Company has ascertained its operating cycle as twelve months for the purpose of Current / Non-Current
classification of its Assets and Liabilities.

Notes to Standalone Financial Statements (Continued)
For the purpose of Balance Sheet, an asset is classified as current if:
(i) It is expected to be realised, or is intended to be sold or consumed, in the normal operating cycle; or
(ii) It is held primarily for the purpose of trading; or
(iii) It is expected to realise the asset within twelve months after the reporting period; or
(iv) The asset is a cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting period.
All other assets are classified as non-current.
Similarly, a liability is classified as current if:

(i) It is expected to be settled in the normal operating cycle; or
(iii) It is due to be settled within twelve months after the reporting period; or
(iv) The Company does not have an unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period. Terms of a liability that could result in its settlement by the issue of equity
instruments at the option of the counterparty does not affect this classification.
All other liabilities are classified as non-current.
(c) Property, Plant and Equipment (PPE):

The initial cost of PPE comprises its purchase price, including import duties and non-refundable purchase taxes,
and any directly attributable costs of bringing an asset to working condition and location for its intended use,
including relevant borrowing costs and any expected costs of decommissioning.
Subsequent costs are included in the assets’s carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the
cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the Statement
of Profit and Loss during the period in which they were incurred.
If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items
(major components) of PPE.
Material items such as spare parts, stand-by equipment and service equipment are classified as PPE when they
meet the definition of PPE as specified in Ind AS 16 – Property, Plant and Equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in the Statement of Profit
and Loss.
(d) Expenditure during construction period:
Expenditure/ Income during construction period (including financing cost related to borrowed funds for construction
or acquisition of qualifying PPE) is included under Capital Work-in-Progress, and the same is allocated to the
respective PPE on the completion of their construction. Advances given towards acquisition or construction of
PPE outstanding at each reporting date are disclosed as Capital Advances under “Other non-current Assets”.
(e) Depreciation:
Depreciation is the systematic allocation of the depreciable amount of PPE over its useful life and is provided on
a straight-line basis over the useful lives as prescribed in Schedule II to the Act or as per technical assessment.
Freehold Land with indefinite life is not depreciated.

Depreciable amount for PPE is the cost of PPE less its estimated residual value. The useful life of PPE is the
period over which PPE is expected to be available for use by the Company, or the number of production or similar
units expected to be obtained from the asset by the Company.
In case of certain classes of PPE, the Company uses different useful lives than those prescribed in Schedule II
to the Act. The useful lives have been assessed based on technical advice, taking into account the nature of the
PPE and the estimated usage of the asset on the basis of management’s best estimation of obtaining economic
benefits from those classes of assets.
Such classes of assets and their estimated useful lives are as under:
No Nature Estimated Useful life

1 Buildings 3-60 Years
2 Plant & machinery 8-30 Years
3 Leasehold Land Over the lease agreement
4 Office Equipment 4-7 Years
5 Furniture and Fixtures 7-12 Years
6 Mobile Phones 3 Years
7 Company Vehicles (other than those provided to the employees) 5-12 Years
8 Motor Cars given to the employees as per the Company’s Scheme 4-5 Years
9 Servers and Networks 3 Years
10 Stores and Spares in the nature of PPE 10-30 Years
11 Assets individually costing less than or equal to Rs.10,000 Fully Depreciated in the year of
purchase
Depreciation on additions is provided on a pro-rata basis from the month of installation or acquisition and in case
of Projects from the date of commencement of commercial production. Depreciation on deductions/disposals is
provided on a pro-rata basis up to the month preceding the month of deduction/disposal.
(f) Intangible Assets and Amortisation:

• Internally generated Intangible Assets:
Expenditure pertaining to research is expensed out as and when incurred. Expenditure incurred on
development is capitalised if such expenditure leads to creation of an asset, otherwise such expenditure is
charged to the Statement of Profit and Loss.
• Intangible Assets acquired separately:
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated
amortisation and accumulated impairment, if any. The Company determines the amortisation period as the
period over which the future economic benefits will flow to the Company after taking into account all relevant
facts and circumstances. The estimated useful life and amortisation method are reviewed periodically, with
the effect of any changes in estimate being accounted for on a prospective basis.
• Class of intangible assets and their estimated useful lives / basis of amortisation are as under:
No Nature Estimated Useful life / Basis of amortisation

1 Jetty Rights Over the period of the relevant agreement such that the cumulative
amortisation is not less than the cumulative rebate availed by the Company.
2 Mining Rights Over the period of the respective mining agreement
3 Mining Reserve On the basis of mineral material extraction (proportion of mineral material
extracted per annum to total estimated mining reserve)
4 Software 3 Years

(g) Non-current assets (or disposal groups) classified as held for sale:
To classify any asset or disposal groups (comprising assets and liabilities) as “Asset / Disposal groups held
for sale” they must be available for immediate sale and its sale must be highly probable. Such assets or group
of assets / liabilities are presented separately in the Balance Sheet, in the line “Assets / Disposal groups held
for sale” and “Liabilities included in disposal group held for sale” respectively. Once classified as held for sale,
intangible assets and PPE are no longer amortised or depreciated.
Such assets or disposal groups held for sale are stated at the lower of carrying amount and fair value less costs
to sell.
(h) Impairment of Non-Financial Assets:

At the end of each reporting period, the Company reviews the carrying amounts of non-financial assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the
recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent
basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or
otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent
allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment
at least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised immediately in Statement of Profit and Loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the
Statement of Profit and Loss.
(i) Inventories:
Inventories are valued as follows:
• Raw materials, fuel, stores & spare parts and packing materials:
Valued at lower of cost and net realisable value (NRV). However, these items are considered to be realisable
at cost, if the finished products, in which they will be used, are expected to be sold at or above cost. Cost is
determined on weighted average basis which includes expenditure incurred for acquiring inventories like
purchase price, import duties, taxes (net of tax credit) and other costs incurred in bringing the inventories
to their present location and condition.
• Work-in- progress (WIP), finished goods, stock-in-trade and trial run inventories:
Valued at lower of cost and NRV. Cost of Finished goods and WIP includes cost of raw materials, cost of
conversion and other costs incurred in bringing the inventories to their present location and condition. Cost
of inventories is computed on weighted average basis.

• Waste / Scrap:
Waste / Scrap inventory is valued at NRV.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make the sale.
(j) Employee Share based payments:
Equity- settled share-based payments to employees are measured at the fair value of the employee stock options
at the grant date.
The fair value determined at the grant date of the equity-settled share-based payments is amortised over the vesting
period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding
increase in equity.
At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected
to vest. The impact of the revision of the original estimates, if any, is recognised in the Statement of Profit and
Loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the
equity-settled employee benefits reserve.
For Stock Appreciation Rights (“SARs”) which are cash-settled share-based payments, the fair value of liability
is recognised for the services acquired over the period that the employees unconditionally become entitled to the
payment. At the end of each reporting period until the liability is settled, and at the date of settlement, the liability
is re-measured based on the fair value of the SAR’s and any changes in fair value of the liability are recognised
in the Statement of Profit and Loss.
(k) Borrowing Costs:
General and specific borrowing costs that are attributable to the acquisition, construction or production of a
qualifying asset are capitalised as part of the cost of such asset till such time the asset is ready for its intended
use and borrowing costs are being incurred. A qualifying asset is an asset that necessarily takes a substantial
period of time to get ready for its intended use. All other borrowing costs are recognised as an expense in the
period in which they are incurred.
Borrowing cost includes interest expense, amortization of discounts, hedge related cost incurred in connection
with foreign currency borrowings, ancillary costs incurred in connection with borrowing of funds and exchange
difference arising from foreign currency borrowings to the extent they are regarded as an adjustment to the
Interest cost.
(l) Government Grants:
Government grants, related to assets, are recognised in the Statement of Profit and Loss on a systematic basis over
the periods in which the Company recognises the related costs for which the grants are intended to compensate.
Government grants related to income under State Investment Promotion Scheme linked with VAT / GST payment,
are recognised in the Statement of Profit and Loss in the period in which they become receivable.
Government grants are not recognised until there is reasonable assurance that the Company will comply with
the conditions attached to them and that the grants will be received.
The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured
as the difference between proceeds received and the fair value of the loan based on prevailing market interest
rates and is being recognised in the Statement of Profit and Loss.

(m) Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such
an obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments
of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is
recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each reporting date
and are adjusted to reflect the current best estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will
be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability.
Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company.
Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not
disclosed as contingent liabilities.
Contingent assets are not recognised or disclosed in financial statements since this may result in the recognition
of income that may never be realised. However, when the realisation of income is virtually certain, then the related
asset is not a contingent asset and is recognised.
(n) Mines Restoration Provision:

An obligation for restoration, rehabilitation and environmental costs arises when environmental disturbance
is caused by the development or ongoing extraction from mines. Costs arising from restoration at closure of
the mines and other site preparation work are provided for based on their discounted net present value, with a
corresponding amount being capitalised at the start of each project. The amount provided for is recognised, as
soon as the obligation to incur such costs arises. These costs are charged to the Statement of Profit and Loss
over the life of the operation through the depreciation of the asset and the unwinding of the discount on the
provision. The costs are reviewed periodically and are adjusted to reflect known developments which may have
an impact on the cost or life of operations. The cost of the related asset is adjusted for changes in the provision
due to factors such as updated cost estimates, new disturbance and revisions to discount rates. The adjusted
cost of the asset is depreciated prospectively over the lives of the assets to which they relate. The unwinding of
the discount is shown as a finance cost in the Statement of Profit and Loss.
(o) Revenue Recognition:

(i) Revenue from Contracts with Customers
• Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services
to a customer for an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services.
• Revenue is measured at the fair value of consideration received or receivable taking into account the
amount of discounts, incentives, volume rebates, outgoing taxes on sales. Any amounts receivable from
the customer are recognised as revenue after the control over the goods sold are transferred to the
customer which is generally on dispatch/delivery of goods.
• Variable consideration - This includes incentives, volume rebates, discounts etc. It is estimated at
contract inception considering the terms of various schemes with customers and constrained until it
is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised

will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
It is reassessed at end of each reporting period.
• Significant financing component - Generally, the Company receives short-term advances from its
customers. Using the practical expedient in Ind AS 115, the Company does not adjust the promised
amount of consideration for the effects of a significant financing component if it expects, at contract
inception, that the period between the transfer of the promised good or service to the customer and
when the customer pays for that good or service will be one year or less.
(ii) Dividend income is accounted for when the right to receive the income is established.
(iii) Interest income is recognised using the Effective Interest Method.
(p) Lease :
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee. All other leases are classified as Operating Leases.
Operating Lease: Lease rentals are charged or recognised in the Statement of Profit and Loss on a straight-line
basis over the lease term, except where the payment are structured to increase in line with expected general
inflation to compensate for the expected inflationary cost increase.
Finance Lease: Assets held under finance leases are recognised as assets of the Company at their fair value at
the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding
liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned
between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are charged to the Statement of Profit and Loss, unless they
are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company’s
policy on borrowing costs.
(q) Employee benefits:

Gratuity
The gratuity, a defined benefit plan, payable to the employees is based on the Employees’ service and last drawn
salary at the time of the leaving of the services of the Company and is in accordance with the Rules of the Company
for payment of Gratuity. Liability with regards to gratuity plan is determined using the projected unit credit method,
with actuarial valuations being carried out by a qualified independent actuary at the end of each annual reporting
period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling
(if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the Balance
Sheet with a charge or credit recognised in Other Comprehensive Income (OCI) in the period in which they occur.
Re-measurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to
Statement of Profit and Loss. Past service cost is recognised in the Statement of Profit and Loss in the period of
a plan amendment. Interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset and is recognised in the Statement of Profit and Loss. Defined benefit costs are
categorised as follows:
• service cost (including current service cost, past service cost, as well as gains and losses on curtailments
and settlements);
• net interest expense or income; and
• re-measurement
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by
reference to market yields at the end of the reporting period on government bonds.

The defined benefit obligation recognised in the Balance Sheet represents the actual deficit or surplus in the
Company’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of
any economic benefits available in the form of refunds from the plans or reductions in future contributions to the
plans.
Superannuation
Certain employees of the Company are eligible for participation in defined contribution plans such as superannuation
and national pension fund. Contributions towards these funds are recognized as an expense periodically based
on the contribution by the Company, since Company has no further obligation beyond its periodic contribution.
Provident Fund
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, which is a
defined benefit plan, for which both the employees and the Company make monthly contributions at a specified
percentage of the covered employees’ salary. The contributions as specified under the law are made to the
approved provident fund which is set up by the Company. The Company is liable for annual contributions and any
shortfall in the fund assets based on the government specified minimum rates of return and recognises such
contributions and shortfall, if any, as an expense in the year incurred.
Other employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and
sick leave in the period the related service is rendered.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of
the benefits expected to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured using the projected unit
credit method by a qualified independent actuary at the end of each annual reporting period, at the present value
of the estimated future cash outflows expected to be made by the Company in respect of services provided by
employees up to the reporting date. Re-measurement gains / losses are recognised in the Statement of Profit
and Loss in the period in which they arise.
(r) Income Taxes:

Income Tax expenses comprise current tax and deferred tax charge or credit.
Current Tax is measured on the basis of estimated taxable income for the current accounting period in accordance
with the applicable tax rates and the provisions of the Income-tax Act, 1961 and other applicable tax laws.
Deferred tax is recognised, on all temporary differences at the reporting date between the tax base of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities
are measured at the tax rates that are expected to be applied to the temporary differences when they reverse,
based on the laws that have been enacted or substantively enacted at the reporting date. Tax relating to items
recognised directly in equity or OCI is recognised in equity or OCI and not in the Statement of Profit and Loss.
MAT Credits are in the form of unused tax credits that are carried forward by the Company for a specified period
of time, hence it is grouped with Deferred Tax Asset. MAT is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income tax during the specified period.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax
assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities; and the deferred tax assets and the deferred tax liabilities relate to income taxes
levied by the same taxation authority.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date
and are recognised / reduced to the extent that it is probable / no longer probable respectively that the related
tax benefit will be realised.
(s) Earnings Per Share:

Basic Earnings Per Share (“EPS”) is computed by dividing the net profit / (loss) after tax for the year attributable
to the equity shareholders by the weighted average number of equity shares outstanding during the year. The
weighted average number of equity shares outstanding during the year is adjusted for treasury shares.
For the purpose of calculating diluted earnings per share, net profit / (loss) after tax for the year attributable
to the equity shareholders is divided by the weighted average number of equity shares which could have been
issued on the conversion of all dilutive potential equity shares and is adjusted for the treasury shares held by the
Company to satisfy the exercise of the share options by the employees.
(t) Foreign Currency transactions:

Transactions in currencies other than the Company’s functional currency (i.e. foreign currencies) are recognised
at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items
carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date
when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate as at the date of initial transactions.
Exchange differences on monetary items are recognised in the Statement of Profit and Loss in the period in which
they arise except for:
• exchange differences on foreign currency borrowings relating to assets under construction for future
productive use, which are included in the cost of those assets when they are regarded as an adjustment to
interest costs on those foreign currency borrowings;
• exchange differences relating to qualifying effective cash flow hedges and qualifying net investment hedges
in foreign operations which are recognised in OCI.
(u) Investment in Subsidiaries, Associates and Joint Ventures:

The Company’s investment in its subsidiaries, associates and Joint Ventures are carried at cost net of accumulated
impairment, if any.
On disposal of the Investment, the difference between the net disposal proceeds and the carrying amount is
charged or credited to the Statement of Profit and Loss.
(v) Financial Instruments:

Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual
provisions of the instruments.
Initial Recognition:
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss and ancillary costs related to borrowings) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
through profit or loss are charged to the Statement of Profit and Loss over the tenure of the financial assets or
financial liabilities.

Classification and Subsequent Measurement: Financial Assets
The Company classifies financial assets as subsequently measured at amortised cost, Fair Value through
Other Comprehensive Income (“FVOCI”) or Fair Value through Profit or Loss (“FVTPL”) on the basis of following:
• the entity’s business model for managing the financial assets and
• the contractual cash flow characteristics of the financial asset.
Amortised Cost:
A financial asset shall be classified and measured at amortised cost if both of the following conditions are met:
• the financial asset is held within a business model whose objective is to hold financial assets in order to
collect contractual cash flows and
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
In case of financial assets classified and measured at amortised cost, any interest income, foreign exchange
gains or losses and impairment are recognised in the Statement of Profit and Loss.
Fair Value through OCI:

A financial asset shall be classified and measured at fair value through OCI if both of the following conditions are
met:
• the financial asset is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and
Fair Value through Profit or Loss:

A financial asset shall be classified and measured at fair value through profit or loss unless it is measured at
amortised cost or at fair value through OCI.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,
depending on the classification of the financial assets.
For financial assets at FVTPL, net gains or losses, including any interest or dividend income, are recognised in
the Statement of Profit and Loss.
Classification and Subsequent Measurement: Financial liabilities

Financial liabilities are classified as either financial liabilities at FVTPL or ‘other financial liabilities’.
Financial Liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or is a derivative
(except for effective hedge) or are designated upon initial recognition as FVTPL.
Gains or Losses, including any interest expense on liabilities held for trading are recognised in the Statement of
Profit and Loss.
Other Financial Liabilities:

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at
amortised cost using the effective interest method.

The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter
period, to the amortised cost on initial recognition.
Interest expense (based on the effective interest method), foreign exchange gains and losses, and any gain or
loss on derecognition is recognised in the Statement of Profit and Loss.
Impairment of financial assets:

Expected credit losses are recognized for all financial assets subsequent to initial recognition other than financial
assets in FVTPL category. For financial assets other than trade receivables, as per Ind AS 109, the Company
recognises 12 month expected credit losses for all originated or acquired financial assets if at the reporting date
the credit risk of the financial asset has not increased significantly since its initial recognition. The expected credit
losses are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly
since its initial recognition.
The Company’s trade receivables do not contain significant financing component and as per simplified approach,
loss allowances on trade receivables are measured using provision matrix at an amount equal to life time expected
losses i.e. expected cash shortfall.
The impairment losses and reversals are recognised in Statement of Profit and Loss.
Derecognition of financial assets and financial liabilities:

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to
another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership
and continues to control the transferred asset, the Company recognises its retained interest in the asset and an
associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards
of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also
recognises an associated liability for amounts it has to pay.
On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the
consideration received and receivable and the cumulative gain or loss that had been recognised in OCI and
accumulated in equity is recognised in the Statement of Profit and Loss.
The Company de-recognises financial liabilities when and only when, the Company’s obligations are discharged,
cancelled or have expired. The difference between the carrying amount of the financial liability de-recognised
and the consideration paid and payable is recognised in the Statement of Profit and Loss.
Financial Guarantee Contract Liabilities:

Financial Guarantee Contract Liabilities are disclosed in financial statements in accordance with Ind AS 37 –
Provisions, Contingent Liabilities and Contingent Assets.
(w) Cash and cash equivalents:

Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand and short-term deposits
with banks that are readily convertible into cash which are subject to insignificant risk of changes in value and
are held for the purpose of meeting short-term cash commitments.
(x) Financial liabilities and equity instruments:

• Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity

in accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument.
• Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by a Company are recognised at the proceeds received.
(y) Derivative financial instruments:

The Company enters into derivative financial instruments viz. foreign exchange forward contracts, interest
rate swaps and cross currency swaps to manage its exposure to interest rate, foreign exchange rate risks and
commodity prices. The Company does not hold derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are
subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is
recognised in profit or loss immediately excluding derivatives designated as cashflow hedge.
(z) Hedge accounting:

The Company designates certain hedging instruments in respect of foreign currency risk, interest rate risk and
commodity price risk as cash flow hedges. At the inception of the hedge relationship, the entity documents the
relationship between the hedging instrument and the hedged item, along with its risk management objectives
and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an
ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes
in fair values or cash flows of the hedged item attributable to the hedged risk.
The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow
hedges is recognised in OCI and accumulated under equity. The gain or loss relating to the ineffective portion is
recognised immediately in profit or loss.
Amounts previously recognised in OCI and accumulated in equity relating to effective portion as described above
are reclassified to Statement of Profit and Loss in the periods when the hedged item affects the Statement of Profit
or Loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results
in the recognition of a non-financial asset or a non-financial liability, such gains and losses are transferred from
equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated, or
exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognised in OCI and accumulated
in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised
in the Statement of Profit and Loss. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in equity is recognised immediately in the Statement of Profit and Loss.
(aa) Segment Reporting - Identification of Segments:

An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expenses, whose operating results are regularly reviewed by the company’s Chief Operating
Decision Maker (“CODM”) to make decisions for which discrete financial information is available. Based on the
management approach as defined in Ind AS 108, the CODM evaluates the Company’s performance and allocates
resources based on an analysis of various performance indicators by business segments and geographic segments.
(bb) Business Combination:

The Company applies the acquisition method in accounting for business combinations. The consideration
transferred by the Company to obtain control of a business is calculated as the sum of the fair values of assets

transferred, liabilities incurred and the equity interests issued by the Company as at the acquisition date i.e. date
on which it obtains control of the acquiree which includes the fair value of any asset or liability arising from a
contingent consideration arrangement. Acquisition-related costs are recognised in the statement of profit and
loss as incurred, except to the extent related to the issue of debt or equity securities.
Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair
values on acquisition-date.
Intangible Assets acquired in a Business Combination and recognised separately from Goodwill are initially
recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a Business Combination are reported at cost less
accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are
acquired separately.
Goodwill is measured as the excess of the aggregate of the consideration transferred and the amount recognised
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities
assumed. Such goodwill is tested annually for impairment. If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the excess is termed as bargain purchase.
In case of a bargain purchase, before recognizing a gain in respect thereof, the Company determines whether
there exists clear evidence of the underlying reasons for classifying the business combination as a bargain
purchase thereafter, the Company reassesses whether it has correctly identified all the assets acquired and
liabilities assumed and recognises any additional assets or liabilities that are so identified, any gain thereafter
is recognised in OCI and accumulated in equity as Capital Reserve. If there does not exist clear evidence of the
underlying reasons for classifying the Business combination as a bargain purchase, the Company recognises the
gain, after reassessing and reviewing, directly in equity as Capital Reserve.
Contingent consideration is classified either as equity or financial liability. Amount classified as financial liability
are subsequently re-measured to fair value with changes in fair value recognised in statement of profit and loss.
Note 1(B) Critical accounting judgements and key sources of estimation uncertainty:
The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods.
(a) Critical judgments in applying accounting policies:

In the process of applying the Company’s accounting policies, management has made the following judgments,
which have the most significant effect on the amounts recognised in the standalone financial statements.
Classification of Madanpur (North) Coal Company Limited as Investment in an Associate:

A Joint Venture Company (JV) “Madanpur (North) Coal Company Limited” was formed by allocatees of Madanpur
North Coal Block. As per Ind AS 111, when all the parties, or a group of parties, considered collectively, are able to
direct the activities that significantly affect the returns of the arrangement (i.e. the relevant activities), the parties
control the arrangement collectively. Also, joint control exists only when decisions about the relevant activities
require the unanimous consent of all the parties. In terms of the JV agreement between the parties, each JV
partner has right to nominate one director on the board of JV and major decisions shall be taken by a majority of
75% of the directors present. Since there is no unanimous consent required from the parties, in the judgement
of the management the Company does not have joint control over the JV. However, considering the Company’s
representation in the board and the extent of its ability to exercise the influence over the decision over the relevant
activities, the JV has been considered as an associate and accounted under the equity method.

(b) Key assumptions:
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control
of the Company. Such changes are reflected in the assumptions when they occur.
(i) Useful Lives of Property, Plant & Equipment and Intangible Assets:
The Company uses its technical expertise along with historical and industry trends for determining the
economic life of an asset/component of an asset. The useful lives are reviewed by management periodically
and revised, if appropriate. In case of a revision, the unamortised depreciable amount is charged over the
remaining useful life of the assets. In case of certain mining rights the amortisation is based on the extracted
quantity to the total mineral reserve.
(ii) Fair value measurement of financial instruments:
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including the Discounted Cash Flow model. The inputs to these models are taken from observable markets
where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.
Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.
(iii) Defined benefit plans:
The cost of the defined benefit gratuity plan, provident fund and other post-employment medical benefits
and the present value of the gratuity and provident fund obligation are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases and mortality rates. Due
to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
(iv) Mines Restoration Obligation:
In determining the fair value of the Mines Restoration Obligation, assumptions and estimates are made in
relation to discount rates, the expected cost of mines restoration and the expected timing of those costs.
(v) Share-based payments:
The Company measures the cost of equity-settled transactions with employees using Black-Scholes model
and cash settled transactions with employees using Binomial Tree model to determine the fair value of the
liability incurred on the grant date. Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on the terms and conditions of
the grant.
This estimate also requires determination of the most appropriate inputs to the valuation model including
the expected life of the share option, volatility and dividend yield and making assumptions about them.
The assumptions and models used for estimating fair value for share-based payment transactions are
disclosed in Note 45.

(vi) Business Combination:
(a) Fair Valuation of Intangibles:
The Company has used royalty saved method for value analysis of limestone mining rights. The method
estimates the value of future savings in royalty payments over the life of the mine accruing to the Company,
by virtue of the transaction instead of obtaining the mining rights via the Government e-auction process.
The resulting post-tax cash flows for each of the years are recognised at their present value using a
Weighted Average Cost of Capital (‘WACC’) relating to the risk of achieving the mine’s projected savings.
(b) Fair Valuation of Tangibles:

Freehold land:
Freehold land was valued using the sales comparison method using prevailing rates of similar plots
of land, circle rates provided by department of revenue and general market intelligence based on the
size of land parcel.
Leasehold land:
Leasehold land was valued basis the leasehold interest for the remaining duration of the lease.
Other Assets:
The cost approach has been adopted for fair valuing all the assets except vehicles which have been
measured at the old book values less depreciation.
The cost approach includes calculation of depreciated replacement cost using price trends applied to
historical cost and capitalisation of all the indirect cost, these trends are on the basis of price indices
obtained from recognized sources such as the RBI/ OEA or market intelligence. In the case of buildings
in cement plants, appropriate weightages have been applied to cement, iron & steel and labour indices
to arrive at the escalation factor and depreciating the same for past usage based on estimated total
and remaining useful life of the asset.

` in Crores
NOTE 2: PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Gross Block Depreciation and Amortisation Net Block
As at Additions Deductions/ As at As at For the Deductions/ As at As at
Particulars April 01, Adjustments/ March 31, April 01, year Adjustments/ March 31, March 31,
2018 Held for 2019 2018 Held for 2019 2019
Disposal Disposal
A. Tangible Assets *
Land:
Freehold Land 5,310.96 121.53 (10.67) 5,443.16 - - - - 5,443.16
Leasehold Land 930.03 74.98 127.63 877.38 47.38 46.89 7.12 87.15 790.23
Buildings 4,206.55 203.88 58.41 4,352.02 412.12 172.01 3.23 580.90 3,771.12
Railway Sidings 653.08 39.75 0.03 692.80 98.27 44.17 - 142.44 550.36
Plant and Equipment:
Own 26,698.11 1,669.68 2.55 28,365.24 3,277.35 1,548.45 16.33 4,809.47 23,555.77
Given on Lease 142.38 - 0.64 141.74 37.39 10.06 - 47.45 94.29
Office Equipment 148.99 36.81 14.11 171.69 84.40 28.45 12.40 100.45 71.24
Furniture and Fixtures 70.49 10.81 1.10 80.20 38.01 12.45 0.73 49.73 30.47
Vehicles 82.74 26.31 9.74 99.31 29.43 16.35 5.50 40.28 59.03
Total Tangible Assets 38,243.33 2,183.75 203.54 40,223.54 4,024.35 1,878.83 45.31 5,857.87 34,365.67
B. Capital Work-in-Progress 1,075.85
C. Intangible Assets
Software 52.75 10.13 - 62.88 42.13 7.87 - 50.00 12.88
Mining Rights 160.53 14.97 0.11 175.39 12.18 10.14 0.04 22.28 153.11
Mining Reserve 2,715.87 - - 2,715.87 39.07 66.61 - 105.68 2,610.19
Jetty Rights 182.86 - - 182.86 26.77 7.86 5.31 29.32 153.54
Total Intangible Assets 3,112.01 25.10 0.11 3,137.00 120.15 92.48 5.35 207.28 2,929.72
D. Intangible Assets under 3.80
Development
Total Assets (A + B + C + D) 41,355.34 2,208.85 203.65 43,360.54 4,144.50 1,971.31 50.66 6,065.15 38,375.04
* Net Block of Tangible Assets, amounting to ` 17,961.06 Crores (March 31, 2018 ` 14,787.09 Crores) are pledged as security against the Secured Borrowings.

As at Additions Additions Deductions/ As at As at For the Deductions/ As at As at
Particulars April 01, on Adjustments/ March 31, April 01, year Adjustments/ March 31, March 31,
2017 acquisition Held for 2018 2017 Held for 2018 2018
Disposal Disposal
A. Tangible Assets
Land
Freehold Land 3,429.91 1,795.74 139.64 54.33 5,310.96 - - - - 5,310.96
Leasehold Land 234.68 656.08 42.72 3.45 930.03 21.02 27.42 1.06 47.38 882.65
Buildings 2,654.42 1,388.03 182.87 18.77 4,206.55 260.49 155.78 4.15 412.12 3,794.43
Railway Sidings 444.14 80.64 128.30 - 653.08 58.64 39.63 - 98.27 554.81
Own 18,142.98 7,747.57 847.07 39.51 26,698.11 1,912.52 1,375.02 10.19 3,277.35 23,420.76
Given on Lease 143.43 - - 1.05 142.38 28.83 8.56 - 37.39 104.99
Office Equipment 113.84 6.25 30.07 1.17 148.99 58.42 26.69 0.71 84.40 64.59
Furniture and Fixtures 62.24 2.19 6.64 0.58 70.49 26.01 12.37 0.37 38.01 32.48
Vehicles 54.31 13.19 20.17 4.93 82.74 15.79 15.96 2.32 29.43 53.31
Total Tangible Assets 25,279.95 11,689.69 1,397.48 123.79 38,243.33 2,381.72 1,661.43 18.80 4,024.35 34,218.98
B. Capital Work-in- 1,472.97
Progress
C. Other Intangible Assets
Software 48.42 0.01 4.33 0.01 52.75 32.42 9.72 0.01 42.13 10.62
Mining Rights 162.89 - 8.22 10.58 160.53 9.31 4.62 1.75 12.18 148.35
Mining Reserve - 2,715.87 - - 2,715.87 - 39.07 - 39.07 2,676.80
Jetty Rights 182.86 - - - 182.86 18.91 7.86 - 26.77 156.09
Total Other Intangible 394.17 2,715.88 12.55 10.59 3,112.01 60.64 61.27 1.76 120.15 2,991.86
Assets
D. Intangible Assets 0.91
under Development
Total Assets (A+B+C+D) 25,674.12 14,405.57 1,410.03 134.38 41,355.34 2,442.36 1,722.70 20.56 4,144.50 38,684.72

` in Crores
NOTE 2: PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (Continued)
Year ended Year ended
Particulars
March 31, 2019 March 31, 2018
A. Depreciation and Amortisation for the year 1,971.31 1,722.70
Add: Obsolescence (Including impairment of ` 18.63 Crores (March 31, 2018 39.21 42.92
` 27.39 Crores) towards Assets classified as held for disposal) (Refer Note 53)
Less: Depreciation transferred to Pre-operative Expenses (0.25) (2.06)
Depreciation as per Statement of Profit and Loss 2,010.27 1,763.56
B. 1. Tangible Assets include assets for which ownership is not in the name of the Company - Gross Block of
` 359.08 Crores (March 31, 2018 ` 398.84 Crores).
2. Buildings include ` 12.13 Crores (March 31, 2018 ` 12.13 Crores) being cost of Debentures and Shares in a
company entitling the right of exclusive occupancy and use of certain premises.
3. Opening Gross Block includes Research and Development Assets (Building, Plant and Equipment, Furniture
and Fixtures, Office Equipment and Intangible Assets) of ` 34.64 Crores (March 31, 2018 ` 33.63 Crores) and
Net Block of ` 23.15 Crores (March 31, 2018 ` 25.84 Crores). Addition for the Research and Development
Assets during the year is ` 9.92 Crores (March 31, 2018 ` 0.85 Crores).
4. Title of immovable properties having Gross Block of ` 2,869.26 Crores (March 31, 2018 ` 3,037.86 Crores) and
Net Block of ` 2,786.23 Crores (March 31, 2018 ` 2,993.98 Crores) is yet to be transferred in the name of the
Company.
5. The amount of expenditures recognised in the carrying amount of an item of PPE in the course of its
construction:
Particulars
March 31, 2019 March 31, 2018
Pre-operative expenses pending allocation:
Raw Materials Consumed 0.39 0.92
Power and Fuel Consumed 8.56 7.32
Salary, Wages, Bonus, Ex-gratia and Provisions 6.63 24.11
Insurance 0.06 1.38
Depreciation 0.25 2.06
Finance Costs 6.45 2.44
Miscellaneous expenses 17.63 9.89
Total Pre-operative expenses 39.97 48.12
Less: Sale of Products/Other Income (1.38) -
Less: Trial Run production transferred to Inventory (8.46) (6.60)
Add: Brought forward from Previous Year 85.65 74.50
Less: Capitalised/Charged during the Year (83.26) (30.37)
Balance included in Capital Work-in-Progress 32.52 85.65

` in Crores
NOTE 3: INVESTMENTS
As at March 31, 2019 As at March 31, 2018
Particulars
Nos. Amount Nos. Amount
Unquoted:
Investments measured at Cost:
Equity Instruments:
Subsidiaries:
Face value of ` 10 each fully paid:
Dakshin Cements Limited 50,000 0.05 50,000 0.05
Harish Cement Limited 247,217 153.93 247,217 153.93
Bhagwati Lime Stone Company Private Limited 11,900 13.03 11,900 13.03
Gotan Lime Stone Khanij Udyog Private Limited 2,315,780 184.48 2,315,780 184.48
(Refer Note 34)
UltraTech Nathdwara Cement Limited 3,400,000,000 3,429.20 - -
(Refer Note 35) *
Face value of ` 10 each partly paid:
Gotan Lime Stone Khanij Udyog Private Limited 23,000 0.98 23,000 0.98
(Refer Note 34)
Harish Cement Limited 384 0.15 - -
Face Value of Sri Lankan Rupee 10 each fully paid:
UltraTech Cement Lanka (Private) Limited 40,000,000 23.03 40,000,000 23.03
Face Value of UAE Dirham 10 each fully paid:
UltraTech Cement Middle East Investments Limited 25,128,890 345.37 25,128,890 345.37
Face Value of Indonesian Rupiah 8,923 each fully paid:
PT UltraTech Mining Indonesia 987,069 4.75 987,069 4.75
Face Value of Indonesian Rupiah 9,163 each fully paid:
PT UltraTech Investment Indonesia 1,900,000 11.46 1,900,000 11.46
Less: Provision for Impairment in value of (13.69) (13.69)
Investment in both Indonesian Subsidiaries
4,152.74 723.39
Joint Ventures:
Bhaskarpara Coal Company Limited 8,141,050 8.14 8,141,050 8.14
Less: Provision for Impairment in value of Investment (1.65) (1.65)
6.49 6.49
Associates:
Madanpur (North) Coal Company (P) Limited 1,152,560 1.15 1,152,560 1.15
Less: Provision for Impairment in value of Investment (0.22) (0.22)
0.93 0.93
Aditya Birla Renewables SPV 1 Limited 10,852,442 10.85 3,523,520 3.52

` in Crores
NOTE 3: INVESTMENTS (Continued)
Particulars
Investments measured at Fair value through Profit or Loss:
Equity Instruments:
Raj Mahal Coal Mining Limited 1,000,000 1.00 1,000,000 1.00
Green Infra Wind Power 120,000 0.12 144,000 0.14
NU Power Wind Farm 39,548 0.04 39,548 0.04
Watsun Infrabuild Private Limited 203,115 0.24 - -
1.40 1.18
Preference Shares:
4.5% Cumulative Non-Convertible Redeemable
Preference Shares of ` 100 each fully paid
Aditya Birla Health Services Limited - - 2,000,000 15.30
7% Non Cumulative Non-Convertible Redeemable
Aditya Birla Health Services Limited 2,000,000 16.00 - -
Units of Debt schemes of Various Mutual Funds 890.35 889.25
5,078.76 1,640.06
Quoted:
Tax free Bonds 356.40 362.74
Taxable Corporate Bonds 114.50 211.39
5,549.66 2,214.19
Aggregate Book Value of:
Quoted Investments 470.90 574.13
Unquoted Investments 5,078.76 1,640.06
5,549.66 2,214.19
Aggregate Market Value of Quoted Investments 470.90 574.13
Aggregate amount of impairment in value of investment 15.56 15.56
* Includes waiver of preference dividend of ` 29.20 Crores considered as deemed investment.

` in Crores
NOTE 4: LOANS
Non-Current Current
Particulars As at As at As at As at
March 31, March 31, March 31, March 31,
2019 2018 2019 2018
Considered good, Secured:
Loans against House Property (Secured by way of title 0.01 0.01 - 0.01
deeds)
Considered good, Unsecured:
Security Deposits 97.16 106.52 112.44 100.20
Loans to Related Parties (Refer Note 40) - - 1,799.75 2.86
Loans to Employees 12.60 8.62 7.30 7.95
109.77 115.15 1,919.49 111.02
Note 4.1: Disclosure of Loans and Advances given to subsidiaries as per Regulation 34 (3) and 53 (f) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 186 of the Companies Act, 2013:
Amount Maximum Balance Investment by
Outstanding Outstanding during Subsidiary in Shares
Name of the Subsidiary as at the year ended of the Company
Companies (No. of Shares)
March 31, March 31, March 31, March 31, March 31, March 31,
2019 2018 2019 2018 2019 2018
Ultratech Nathdwara Cement 1,799.75 - 1,834.75 - - -
Limited (avg. interest rate 3M
MCLR+15 bps) (For discharging
the liabilities in UNCL upon its
acquisition)
NOTE 5: OTHER FINANCIAL ASSETS

Non-Current Current
As at As at As at As at
Particulars
2019 2018 2019 2018
Derivative Assets 19.99 1.00 - 37.07
Interest Accrued on Deposits and Investment - - 16.19 18.24
Fixed Deposits with Bank with Maturity Greater than twelve 17.95 16.84 - -
Months*
Government Grants Receivable - - 713.33 430.30
Others (Includes Insurance Claims, Railway Claims and - - 112.98 11.79
Other Receivables)
37.94 17.84 842.50 497.40
* Lodged as Security with Government Departments.

` in Crores
NOTE 6: OTHER NON-CURRENT ASSETS
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital Advances 1,848.44 2,126.38
Less: Provision for Impairment (30.58) (29.18)
1,817.86 2,097.20
Balance with Government Authorities 939.36 516.46
Prepaid Expenses 0.92 1.50
2,758.14 2,615.16
NOTE 7: INVENTORIES (Valued at lower of cost and net realisable value, unless otherwise stated)
As at As at
Particulars
March 31, 2019 March 31, 2018
Raw Materials {includes in transit ` 42.65 Crores, (March 31, 2018: ` 17.13 Crores)} 337.19 276.74
Work-in-Progress 629.04 594.15
Finished Goods {includes in transit ` 25.61 Crores, (March 31, 2018: ` 8.14 Crores)} 338.71 280.52
Stock-in-trade 30.35 11.11
Stores & Spares {includes in transit ` 2.26 Crores, (March 31, 2018: ` 5.04 Crores)} 937.06 858.51
Fuel {includes in transit ` 430.99 Crores, (March 31, 2018: ` 381.98 Crores)} 936.75 1,001.00
Packing Materials {includes in transit ` 0.24 Crores, (March 31, 2018: ` 0.06 Crores)} 57.04 71.09
Scrap (valued at net realisable value) 7.48 8.38
3,273.62 3,101.50
The Company follows suitable provisioning norms for writing down the value of Inventories towards slow moving,
non-moving and surplus inventory. Provision for the year ` 18.17 Crores (March 31, 2018 ` Nil Crores).
NOTE 8: CURRENT INVESTMENTS – OTHERS

As at As at
Particulars
March 31, 2019 March 31, 2018
Quoted:
Taxable Corporate Bonds 57.54 -
Unquoted:
Units of Debt Schemes of Various Mutual Funds 1,457.31 3,948.71
1,514.85 3,948.71
Quoted Investments 57.54 -
1,514.85 3,948.71
Aggregate Market Value of Quoted Investments 57.54 -

` in Crores
NOTE 9: TRADE RECEIVABLES
As at As at
Particulars
March 31, 2019 March 31, 2018
Considered good, Secured 423.40 323.53
Considered good, Unsecured 1,674.19 1,390.67
Significant increase in Credit Risk 51.53 41.50
2,149.12 1,755.70
Less: Allowances for credit losses (51.53) (41.50)
2,097.59 1,714.20
NOTE 10: CASH AND CASH EQUIVALENTS

As at As at
Particulars
March 31, 2019 March 31, 2018
Balance with banks (Current Account) 361.61 28.70
Cheques on hand 56.74 34.19
Cash on hand 1.13 1.02
419.48 63.91
NOTE 11: BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
As at As at
Particulars
March 31, 2019 March 31, 2018
Fixed Deposits with Banks *(Maturity more than three months and upto twelve 194.21 126.61
months)
Earmarked Balance with Bank for Unpaid Dividends 10.27 8.80
204.48 135.41
* Lodged as security with Government Departments ` 1.66 Crores (March 31, 2018 ` 0.51 Crores). Earmarked for
specific purpose ` 192.55 Crores (March 31, 2018 ` 126.10 Crores).
NOTE 12: OTHER CURRENT ASSETS

As at As at
Particulars
March 31, 2019 March 31, 2018
Advances to related parties (Refer Note 40) 65.91 5.80
Advances to Employees 4.54 3.92
Advances to Suppliers 495.02 435.14
Others (Receivable from Gratuity Trust and Other Receivables) 70.93 80.30
1,151.53 971.11

` in Crores
NOTE 13 (a): EQUITY SHARE CAPITAL
Particulars
No. of Shares Amount No. of Shares Amount
Authorised
Equity Shares of ` 10 each 280,000,000 280.00 280,000,000 280.00
Issued, Subscribed and Fully Paid-up
Equity Shares of ` 10 each fully paid-up 274,642,720 274.64 274,613,985 274.61
(a) Reconciliation of the Shares Outstanding at the
beginning and at the end of the year
Outstanding at the beginning of the year 274,613,985 274.61 274,507,906 274.51
Add: Shares issued under Employees Stock 28,735 0.03 106,079 0.10
Options Scheme (ESOS)
Outstanding at the end of the year 274,642,720 274.64 274,613,985 274.61
(b) Shares held by Holding Company
Grasim Industries Limited 165,335,150 165.34 165,335,150 165.34
(c) List of shareholders holding more than 5% of No. of Shares % Holding No. of Shares % Holding
Paid-up Equity Share Capital
Grasim Industries Limited 165,335,150 60.20% 165,335,150 60.21%

(d) Equity Shares of ` 10 each reserved for issue 316,974 0.32 144,499 0.14
under ESOS
(e) Aggregate number of Shares issued for
consideration other than cash during the period
of five years immediately preceding the reporting
date
Equity Shares of ` 10 each issued in the financial 141,643 0.14 141,643 0.14
year 2014-2015 as fully paid up to the shareholders
of Jaypee Cement Corporation Ltd (JCCL), pursuant
to the Scheme of Arrangement
(f) The Company has only one class of Equity Shares having a par value of ` 10 per share. Each shareholder is
eligible for one vote per share held except for Global Depository Receipts. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
(g) Pursuant to the Scheme of Amalgamation of SCL with the Company in the year 2014, the Company issued
149,533,484 Equity Shares of ` 10 each issued as fully paid up, for a consideration other than cash, to the
shareholders of erstwhile Samruddhi Cement Limited (SCL). {Excluding issue of 8,503 Equity Shares kept in
abeyance against shares of Grasim Industries Limited}.

` in Crores
NOTE 13 (b): OTHER EQUITY
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital Reserve 170.72 170.72
Securities Premium 77.97 69.67
Debenture Redemption Reserve 366.25 324.17
General Reserve 21,830.41 20,030.41
Share option outstanding reserve 23.00 17.29
Treasury Shares (81.21) -
Retained Earnings 5,299.09 5,042.79
Cash Flow Hedge Reserve (13.80) (6.64)
Total Other Equity 27,672.43 25,648.41
The Description of the nature and purpose of each reserve within equity is as follows:
(a) Capital Reserve: Company’s capital reserve is mainly on account of acquisition of cement business of Larsen &
Toubro Ltd., Gujarat Units of JCCL and cement capacities of 21.2 MTPA of Jaiprakash Associates Ltd (JAL) and
JCCL, being excess of the net assets acquired over the consideration paid.
(b) Securities Premium: Securities premium is credited when shares are issued at premium. It is utilised in
accordance with the provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares
or debentures, equity related expenses like underwriting costs, etc.
(c) Debenture Redemption Reserve (DRR): The Company has issued redeemable non-convertible debentures.
Accordingly, the Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the company to
create DRR out of profits of the company available for payment of dividend. DRR is required to be created for an
amount which is equal to 25% of the value of debentures issued.
(d) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring
dividend to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to
general reserve is not required under the Act.
(e) Shares Options Outstanding Reserve: The Company has three share option schemes under which options to
subscribe for the Company’s shares have been granted to certain executives and senior employees. The share-
based payment reserve is used to recognise the value of equity-settled share-based payments provided to
employees, including key management personnel, as part of their remuneration. Refer to Note 45 for further
details of these plans.
(f) Treasury Shares: The Company has formed an Employee Welfare Trust for purchasing Company’s share to be
allotted to eligible employees under Employees Stock Options Scheme, 2018 (ESOS 2018). As per Ind AS 32 -
Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury Shares and
deducted from equity.
(g) Cashflow Hedge Reserve: The Company has designated its hedging instruments obtained after April 01, 2015
as cash flow hedges and any effective portion of cashflow hedge is maintained in the said reserve. In case the
hedging becomes ineffective, the amount is recognised in the Statement of Profit and Loss.

` in Crores
NOTE 14: NON-CURRENT BORROWINGS
Current Maturities of
Non-Current
Long-Term debts *
2019 2018 2019 2018
Secured:
Non-Convertible Debentures – Note (a1) 1,050.00 1,525.00 475.00 400.00
Term Loans from Banks:
In Foreign Currency – Note (b1) 345.78 325.88 - 260.70
In Local Currency – Note (c) 11,483.38 10,489.00 5.62 -
11,829.16 10,814.88 5.62 260.70
Sales Tax Deferment Loan – Note (d1) 142.40 - 31.87 -
13,021.56 12,339.88 512.49 660.70
Unsecured:
Non-Convertible Debentures – Note (a2) 1,010.00 650.00 - -
In Foreign Currency - Note (b2) 666.85 628.47 - 162.94
Sales Tax Deferment Loan – Note (d2) 240.87 260.01 23.63 29.67
1,917.72 1,538.48 23.63 192.61
14,939.28 13,878.36 536.12 853.31
* Amount disclosed under the head ‘Other Financial Liabilities’ (Refer Note 15).
(a1) Non-Convertible Debentures (NCDs):

As at As at
Particulars
March 31, 2019 March 31, 2018
Secured:
7.53% NCDs (Redeemable at par on August 21, 2026) 500.00 500.00
7.15% NCDs (Redeemable at par on October 18, 2021) 300.00 300.00
7.85% NCDs (Redeemable at par on December 18, 2018) - 200.00
7.84% NCDs (Redeemable at par on April 09, 2018) - 200.00
1,525.00 1,925.00
Less: Current Portion of NCDs shown under Other Financial Liabilities (475.00) (400.00)
1,050.00 1,525.00
The NCDs are secured by way of first charge, having pari passu rights, on the Company’s fixed assets (save and
except stocks and book debts), both present and future, situated at certain locations, in favour of Debenture Trustees.

` in Crores
NOTE 14: NON-CURRENT BORROWINGS (Continued)
(a2) Non-Convertible Debentures (NCDs):
As at As at
Particulars
March 31, 2019 March 31, 2018
Unsecured:
6.93% NCDs (Redeemable at par on November 25, 2021) 250.00 250.00
8.36% NCDs (Redeemable at par on June 07, 2021) 360.00 -
1,010.00 650.00
(b1) Term Loans from Banks in Foreign Currency:

Repayment As at As at
Particulars Schedule March 31, March 31,
2019 2018
Secured:
State Bank of India, New York @
(US Dollar: 1.00 Crores; March 31, 2018: 1.00 Crores) March 2023 69.16 65.18
(US Dollar: 2.00 Crores; March 31, 2018: 2.00 Crores) February 2023 138.31 130.35
(US Dollar: 2.00 Crores; March 31, 2018: 2.00 Crores) February 2023 138.31 130.35
HSBC Bank (Mauritius) Ltd., Mauritius
(US Dollar: Nil; March 31, 2018: 4.00 Crores) Repaid in February 2019 - 260.70
345.78 586.58
Less: Current Portion of Foreign Currency Loans - (260.70)
shown under Other Financial Liabilities
345.78 325.88
The above mentioned loans are secured by way of first charge, having pari passu rights, on the Company’s fixed
assets, both present and future, situated at certain locations, in favour of Company’s lenders/trustees.
Initially availed from J P Morgan Chase Bank N.A., Singapore; transferred to State Bank of India, New York in
@
August 2018 by the lender.
(b2) Term Loans from Banks in Foreign Currency:

2019 2018
Unsecured:
Export Development, Canada (US Dollar: 4.64 Crores; June 2021 321.08 302.60
March 31, 2018: 4.64 Crores)
Export Development, Canada (US Dollar: 5.00 Crores; May 2021 345.77 325.87
March 31, 2018: 5.00 Crores)
Bank of America N.A., Taiwan (US Dollar: Nil; March Repaid in October 2018 - 162.94
31, 2018: 2.50 Crores)
666.85 791.41
Less: Current Portion of Foreign Currency Loans - (162.94)
shown under Other Financial Liabilities
666.85 628.47

` in Crores
(c) Term Loans from Banks in Local Currency:
As at As at
Particulars Repayment Schedule March 31, March 31,
2019 2018
Secured:
Axis Bank Ltd 26 quarterly instalments beginning December 2022 757.08 2,664.71
ICICI Bank Ltd 28 quarterly instalments beginning December 2022 614.00 2,000.00
HDFC Bank Ltd 60 quarterly instalments beginning September 2022 3,317.92 3,317.92
Axis Bank Ltd Repaid in February 2019 - 592.37
ICICI Bank Ltd Repaid in February 2019 - 1,614.00
State Bank of India 4 Half yearly instalments beginning May 2022 300.00 300.00
State Bank of India @ 60 quarterly instalments beginning September 2022 5,000.00 -
HDFC Bank Ltd @ 76 quarterly instalments beginning February 2020 1,500.00 -
11,489.00 10,489.00
Less: Current Portion of (5.62) -
Term Loans shown under
Other Financial Liabilities
11,483.38 10,489.00
@
The Company is in the process of creating Security against the loan.
(d1) Sales Tax Deferment Loan:

As at As at
2019 2018
Secured:
Uttar Pradesh Financial Corporation Varied Annual Payments from 174.27 -
August 2019 to December 2024
Less: Current Portion of Sales Tax Deferment (31.87) -
loan shown under Other Financial Liabilities
142.40 -
Sales Tax Deferment Loan is secured by bank guarantee backed by hypothecation of Inventories and Book debts
of the Company.

As at As at
2019 2018
Unsecured:
Department of Industries and Commerce, Haryana Varied Annual Payments from 63.69 64.26
January 2017 to March 2022
Commercial Tax Department, Hyderabad Varied Annual payments from 196.68 221.29
October 2012 to October 2026
Commercial Tax Department, Chhattisgarh Payable in FY 2020 4.13 4.13
264.50 289.68
Less: Current Portion of Sales tax deferment (23.63) (29.67)
loan shown under Other Financial Liabilities
240.87 260.01

` in Crores
NOTE 15: OTHER FINANCIAL LIABILITIES
Non-Current Current
Particulars
2019 2018 2019 2018
Current maturities of long-term debts (Refer Note 14) - - 536.12 853.31
Interest Accrued but not due on Borrowings - - 188.01 161.94
Derivative Liability - 28.27 - -
Liability for Capital Goods - - 177.22 238.83
Security Deposits - - 1,334.83 1,224.98
Salaries, Wages, Bonus and Other Employee Payables - - 197.20 178.93
Investor Education and Protection Fund, will be credited with - - 10.28 8.81
the following amounts (as and when due)
Unpaid Dividends
- 28.27 2,443.66 2,666.80
NOTE 16: PROVISIONS

Non-Current Current
Particulars
2019 2018 2019 2018
Provision for Employee Benefits:
For Employee Benefits (Refer Note 38) 5.36 7.20 221.59 214.51
Others:
For Mines Restoration Expenditure 130.22 129.58 - -
For Cost of transfer of Assets - - 217.58 270.81
135.58 136.78 439.17 485.32
Note 16.1: Movement of provisions during the year as required by Ind AS - 37 “Provisions, Contingent Liabilities and
Contingent Asset” specified under Section 133 of the Companies Act, 2013:
(a) Mines Restoration Expenditure:
As at As at
Particulars
March 31, 2019 March 31, 2018
Opening Balance 129.58 91.75
Add: Provision during the year (6.69) 30.53
Add: Unwinding of discount on Mine Restoration Provision 7.33 7.30
Closing Balance 130.22 129.58
(b) Provision for Cost of Transfer of Assets:
As at As at
Particulars
March 31, 2019 March 31, 2018
Add: Provision during the year - 226.28
Less: Utilisation during the year (53.23) (89.44)

` in Crores
NOTE 17: DEFERRED TAX LIABILITIES (NET)
As at As at Recognised Recognised Recognised
March 31, March 31, in Statement in OCI directly in
Particulars
2019 2018 of Profit and Other Equity
Loss
Deferred Tax Assets:
MAT Credit Entitlement (1,365.60) (1,168.40) (197.20) - -
Provision allowed under tax on payment basis (162.56) (166.35) 3.79 - -
Others (111.55) (103.01) (4.69) (3.85) -
(1,639.71) (1,437.76) (198.10) (3.85) -
Deferred Tax Liabilities:
Tangible and Intangible Assets 5,135.76 4,487.87 647.89 - -
Fair valuation of Investments 30.77 117.05 (86.28) - -
Others 17.53 6.89 10.64 - -
5,184.06 4,611.81 572.25 - -
Net Deferred Tax Liability 3,544.35 3,174.05 374.15 (3.85) -

Particulars
2018 2017 of Profit and Other Equity
Loss
MAT Credit Entitlement (1,168.40) (838.12) (330.28) - -
Provision allowed under tax on payment basis (166.35) (158.55) (7.80) - -
Others (103.01) (103.51) 4.07 (3.57) -
Unabsorbed depreciation/losses - (56.45) 56.45 - -
(1,437.76) (1,156.63) (277.56) (3.57) -
Tangible and Intangible Assets 4,487.87 3,785.11 691.23 - 11.53
Others 6.89 1.01 5.88 - -
4,611.81 3,930.19 670.09 - 11.53
Net Deferred Tax Liability 3,174.05 2,773.56 392.53 (3.57) 11.53
In respect of Deferred taxes, all items are attributable to origination and reversal of temporary differences.
Deferred tax benefits are generally recognised for all deductible temporary differences to the extent it is probable that
taxable profits will be available against which, those deductible temporary differences can be realised.

` in Crores
NOTE 18: OTHER NON-CURRENT LIABILITIES
As at As at
Particulars
March 31, 2019 March 31, 2018
Deferred Income on Government Grants 4.33 4.50
Others 1.94 2.07
6.27 6.57
NOTE 19: CURRENT BORROWINGS

As at As at
Particulars
March 31, 2019 March 31, 2018
Unsecured:
Redeemable preference shares issued on Business Combination (Refer Note 37) 1,000.10 1,000.10
Loans repayable on demand:
From Banks - Cash Credits/Working Capital Borrowings 0.18 694.86
Others:
From Banks (includes commercial paper) 846.23 496.82
From Others (commercial paper) 796.23 496.05
2,642.74 2,687.83
NOTE 20: TRADE PAYABLES

As at As at
Particulars
March 31, 2019 March 31, 2018
Trade Payables (other than Micro and Small Enterprises) 2,628.02 2,214.03
Due to Related Parties (Refer Note 40) 5.44 0.40
2,633.46 2,214.43
NOTE 21: OTHER CURRENT LIABILITIES

As at As at
Particulars
March 31, 2019 March 31, 2018
Advance from Customers and Others 247.21 300.35
Others (including Provision for Expenses, Statutory liabilities) 2,981.12 2,419.57
3,228.50 2,720.09

` in Crores
NOTE 22: REVENUE FROM OPERATIONS (Refer Note 55 and 58)
Particulars
March 31, 2019 March 31, 2018
Sale of Products and Services
Sale of Manufactured Products 32,914.44 28,803.46
Sale of Traded Products 2,188.95 1,004.48
Sale of Services 1.37 16.28
35,104.76 29,824.22
Other Operating Revenues
Scrap Sales 68.52 57.61
Lease Rent 0.02 0.06
Insurance Claim 15.55 18.44
Provisions no longer required written back 24.27 9.23
Unclaimed Liabilities written back 26.42 23.23
Government Grants (Refer Note 52) 443.92 304.58
Miscellaneous Income/Receipts 20.04 14.38
598.74 427.53
35,703.50 30,251.75
NOTE 23: OTHER INCOME

Particulars
March 31, 2019 March 31, 2018
Interest Income on
Government and Other Securities 24.90 34.65
Bank and Other Accounts 128.54 29.03
153.44 63.68
Dividend Income on
Current Investments - Mutual Fund 22.45 -
Non-Current Investment - From a Subsidiary Company - 13.68
22.45 13.68
Exchange Gain (net) 43.00 30.14
Profit on Sale of Property, plant and equipment (net) 3.33 -
Fair Value movement in Derivative Instruments 1.66 3.07
Gain on Fair valuation of Investments through Profit or Loss 120.36 263.57
Profit on Sale of Current and Non-Current Investments (net) 108.92 114.81
Provision no Longer required written back (Refer Note 59) 0.22 104.42
Others 18.07 6.18
471.45 599.55

` in Crores
NOTE 24: COST OF MATERIALS CONSUMED
Particulars
March 31, 2019 March 31, 2018
Opening Stock 276.74 229.10
Add: Stock transferred from JAL and JCCL, pursuant to Scheme of Arrangement - 8.72
Purchases 4,797.67 4,017.28
5,074.41 4,255.10
Less: Closing Stock 337.19 276.74
4,737.22 3,978.36
NOTE 25: PURCHASES OF STOCK-IN-TRADE

Particulars
March 31, 2019 March 31, 2018
Grey Cement 1,161.49 434.16
Others (UltraTech Building Solution) 420.86 380.21
1,582.35 814.37
NOTE 26: CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS

Particulars
March 31, 2019 March 31, 2018
Closing Inventories
Work-in-progress 629.04 594.15
Finished Goods 338.71 280.52
Stock in Trade 30.35 11.11
998.10 885.78
Opening Inventories
Stock in Trade 11.11 -
885.78 753.01
(Increase)/Decrease in Inventories (112.32) (132.77)
Add: Stock transferred from JAL and JCCL, pursuant to Scheme of - 66.79
Arrangement
(Less): Reversal in Excise Duty on Inventories - (53.70)
Add: Stock Transfer from Pre-Operative Account 8.46 6.60
(103.86) (113.08)

` in Crores
NOTE 27: EMPLOYEE BENEFITS EXPENSE
Particulars
March 31, 2019 March 31, 2018
Salaries, Wages and Bonus 1,725.04 1,525.06
Contribution to Provident and Other Funds:
Contribution to Gratuity and Other Defined Benefit Plans 82.27 88.96
Contribution to Superannuation and Other Defined Contribution Funds 19.71 11.72
Expenses on Employees Stock Options Scheme 9.48 7.85
Staff Welfare Expenses 89.51 72.65
1,926.01 1,706.24
NOTE 28: FINANCE COSTS

Particulars
March 31, 2019 March 31, 2018
Interest Expense:
On Borrowings (at amortised cost) 1,310.52 1,107.22
Others (including interest on deposits from dealers and 106.37 73.41
contractors)
Interest paid to Income Tax Department 0.23 4.85
Unwinding of discount on Mine Restoration Provision 7.33 7.30
1,424.45 1,192.78
Other Borrowing Cost (Finance Charges) 1.15 0.81
Less: Finance Costs Capitalised (6.45) (2.44)
1,419.15 1,191.15
Borrowing costs are capitalised using rates based on specific borrowings ranging from 7.34% to 7.88% per annum.
(For the year ended March 31, 2018: 7.50% to 9.15% per annum)
NOTE 29: DEPRECIATION AND AMORTISATION EXPENSE

Particulars
March 31, 2019 March 31, 2018
Depreciation 1,878.58 1,659.37
Amortisation 92.48 61.27
Obsolescence 39.21 42.92
2,010.27 1,763.56
NOTE 30: FREIGHT AND FORWARDING EXPENSE

Particulars
March 31, 2019 March 31, 2018
On Finished Products 7,244.66 6,032.28
On Clinker Transfer 1,537.62 1,249.35
8,782.28 7,281.63

` in Crores
NOTE 31: OTHER EXPENSES
Particulars
March 31, 2019 March 31, 2018
Consumption of Stores, Spare Parts and Components 714.16 683.11
Consumption of Packing Materials 1,105.55 921.44
Repairs to Plant and Machinery, Buildings and Others 685.52 602.74
Insurance 60.67 63.41
Rent (including Lease Rent) (Refer Note 54) 143.32 141.32
Rates and Taxes 139.78 141.60
Directors’ Fees 0.35 0.32
Directors’ Commission 18.00 21.25
Contribution to General Electoral Trust 23.00 3.00
Advertisement 315.15 243.49
Sales Promotion and Other Selling Expenses 453.91 354.70
Miscellaneous Expenses 793.01 709.56
4,452.42 3,885.94
NOTE 32: CONTINGENT LIABILITIES (to the extent not provided for) (Ind AS 37)
(a) Claims against the Company not acknowledged as debt:
As at March As at March
Particulars Brief Description of Matter
31, 2019 31, 2018
(a) Excise Duty and Service Tax Related to valuation matter (Rule 8 vs. Rule 4), 1,518.70 1,178.56
Matters Denial of Cenvat credit on ISD/GTA and others
(b) Sales-tax/VAT/Entry Tax Related to stock transfer treated as interstate 436.76 432.45
Matters sales, Demand on freight component and levy
of purchase tax on exempted supply, Demand of
Entry Tax and others
(c) Royalty on Limestone/ Based on fixed conversion factor on limestone, 352.92 184.00
Marl/Shale royalty rate difference on Marl and additional
royalty on mines transfer
(d) Land Related Matters Demand of Higher Compensation 239.80 -
(e) Electricity Duty/Energy Related to electricity duty, Minimum power 202.92 179.40
Development Cess consumption, Energy development cess and
denial of electricity duty exemption
(f) Customs Related to classification dispute 190.18 179.37
(g) State Industrial Incentive Related to matters on quantum 181.86 174.45
Matters
(h) Others (primarily related to Related to stamp duty, claim raised by vendor/ 348.09 316.48
Income Tax, Fly ash matters, supplier, Road Tax matter, Income Tax matters
road tax etc.) and others
Cash outflows for the above are determinable only on receipt of judgments pending at various forums/authorities.

NOTE 32: CONTINGENT LIABILITIES (to the extent not provided for) (Ind AS 37) (Continued)
(b) The Company had filed appeals against the orders of the Competition Commission of India (“CCI”) dated August
31, 2016 and January 19, 2017. Upon the National Company Law Appellate Tribunal (“NCLAT”) disallowing the
Company’s appeal against the CCI order dated August 31, 2016, the Hon’ble Supreme Court has, by its order
dated October 05, 2018, granted a stay against the NCLAT order. Consequently, the Company has deposited an
amount of ` 117.55 Crores equivalent to 10% of the penalty amount. The Company, backed by legal opinions,
believes that it has a good case in both the matters and accordingly no provision has been made in the accounts.
(c) Guarantees:
The Company has issued corporate guarantees as under:
(i) In favour of the Banks/Lenders on behalf of some of its Subsidiaries and Joint Venture (JV), as mentioned
below, for the purposes of replacing old loans, acquisition financing, working capital and other general
corporate purposes:
 UltraTech Nathdwara Cement Limited: ` 3,050.00 Crores (March 31, 2018 ` Nil Crores).
 Bhaskarpara Coal Company Limited (JV): ` 4.00 Crores (March 31, 2018 ` 4.00 Crores).
 UltraTech Cement Middle East Investment Limited and its subsidiaries: Equivalent to USD 395.66
Million (` 2,736.16 Crores) {March 31, 2018 USD 395.66 Million (` 2,578.71 Crores)}.
(These Corporate Guarantees are issued in different currencies viz. USD, UAE Dirham, Bangladesh Taka,
etc.).
(ii) In favour of the Government Authority of an amount not exceeding ` Nil Crores (March 31, 2018 ` 3.00
Crores) towards exemption from payment of excise duty.
(d) The Hon’ble Supreme Court of India (“SC”) by their order dated February 28, 2019, in the case of Surya Roshani
Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should
be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution.
Subsequently, a review petition against this decision has been filed and is pending before the SC for disposal.
Pending decision on the subject review petition and directions from the EPFO, the impact, if any, is not
ascertainable and consequently no effect has been given in the accounts.
NOTE 33: CAPITAL AND OTHER COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances)
` 831.62 Crores. (March 31, 2018 ` 867.73 Crores).
NOTE 34:
The Supreme Court of India has allowed an appeal filed by the State of Rajasthan in a matter relating to transfer of
mining lease in the name of the Company’s wholly-owned subsidiary, Gotan Lime Stone Khanij Udyog Private Limited
(“GKUPL”) and has directed the State of Rajasthan to frame and notify its policy relating to transfer of mining lease
and thereafter pass appropriate order in respect of the mining lease of GKUPL. State Government has notified the
new policy related to transfer of new mining lease, based on which the Company has requested the State Government
to consider reinstatement of the mines in its favour.
NOTE 35: ACQUISITION OF BINANI CEMENT LIMITED

NCLAT by its order dated November 14, 2018, approved the Company’s Resolution Plan for acquiring Binani Cement
Limited (“BCL”) under the provisions of the Insolvency and Bankruptcy Code 2016, as amended (“Code”). With effect
from November 20, 2018, being the Transfer Date, in terms of the Resolution Plan the existing issued, subscribed
and paid up share capital of BCL (including 0.01% non-cumulative redeemable preference shares of ` 100/- each)
stands cancelled fully, without requiring any further act or deed. Subsequent to the reconstitution of the Board of
Directors, taking over management control and subscribing to the equity and preference share capital, BCL has
become a wholly owned subsidiary of the Company and has since been renamed UltraTech Nathdwara Cement
Limited (“UNCL”), with effect from December 13, 2018.

NOTE 35: ACQUISITION OF BINANI CEMENT LIMITED (Continued)
UNCL has a capacity of 6.25 MTPA in the State of Rajasthan comprising an integrated cement unit with capacity of
4.85 MTPA and a split grinding unit with capacity of 1.4 MTPA. In addition, UNCL has investments in subsidiaries in
China and UAE.
This acquisition will create value for shareholders as the acquisition adds 1/3rd additional ready to use capacity in
the highly growing North market where the Company was already at high capacity utilisation levels so as to cater to
the growing market. This acquisition also provide abundant additional limestone reserves sufficient to cater to even
additional capacities at lower prices compared to auctioned prices and creates synergies in logistics and procurement
which offers many advantages to the Company.
NOTE 36: ACQUISITION OF CEMENT BUSINESS OF CENTURY TEXTILES AND INDUSTRIES LIMITED
During the year, the Company’s Board of Directors approved a Scheme of Arrangement amongst Century Textiles
and Industries Limited (“Century”), the Company and their respective shareholders and creditors (“the Scheme”).
In terms of the Scheme, Century will demerge its cement business into the Company. Century’s cement business
consists of 3 integrated cement units in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 12.6
MTPA and a grinding unit in West Bengal of 2.0 MTPA.
Upon effectiveness of the Scheme, equity shares of the Company shall be issued to shareholders of Century, as on the
Record Date, as defined in the Scheme, in the ratio of 1 (one) equity share of the Company of face value ` 10/- each for
every 8 (eight) equity shares of Century. The Scheme has received approval of the stock exchanges, the Competition
Commission of India and the shareholders of the Company and is now awaiting the approval of the National Company
Law Tribunal and other regulatory authorities, as may be required.
NOTE 37: ACQUISITION OF IDENTIFIED CEMENT UNITS OF JAL AND JCCL (Ind AS 103)
A. Pursuant to the Scheme of Arrangement between the Company, JAL, JCCL and their respective shareholders
and creditors (“the Scheme”), the Company had acquired identified cement units of JAL and JCCL on June 29,
2017 at an enterprise valuation of ` 16,189.00 Crores having total cement capacity of 21.2 MTPA including 4 MTPA
under construction. The acquisition provides the Company a geographic market expansion with entry into high
growth markets where it needed greater reinforcement and creating synergies in manufacturing, distribution
and logistics which offers many advantages. This will also create value for shareholders with the ready to use
assets reducing time to markets, availability of land, mining leases, fly ash and railway infrastructure leading
to overall operating costs advantage.
B. Fair Value of the Consideration transferred:

Against the total enterprise value of ` 16,189.00 Crores, the Company had taken over borrowings of ` 10,189.00
Crores and negative working capital of ` 1,375.00 Crores from JAL and JCCL. After taking these liabilities into
account, effective purchase consideration of ` 4,625.00 Crores had been discharged as under:
` in Crores
Particulars Amount
Issue of 6.37% Non-Convertible Debentures 3,124.90
Issue of Redeemable Preference Shares 1,500.10*
Total Consideration transferred for Business Combination 4,625.00
* Redemption is linked with fulfilment of certain conditions. Out of that, ` 500 Crores have already been
redeemed in the previous year.
C. Acquired Receivables:
As on the date of acquisition, gross contractual amount of the acquired Trade Receivables and Other Financial
Assets was ` 17.07 Crores against which no provision had been considered since fair value of the acquired
Receivables were equal to carrying value as on the date of acquisition.

` in Crores
NOTE 37: ACQUISITION OF IDENTIFIED CEMENT UNITS OF JAL AND JCCL (Ind AS 103) (Continued)
D. The Fair Value of identifiable assets acquired and liabilities assumed as on the acquisition date:
Particulars Amount
Property, Plant and Equipment 11,689.69
Capital Work-In-Progress 218.78
Intangible assets 2,715.88
Other Non-Current Assets 1,604.43
Inventories 246.88
Trade and Other receivables 16.21
Other Financial Assets 0.86
Other Current Assets 30.49
Total Assets 16,523.22
Non-Current Borrowings 10,189.00
Current Borrowings 497.55
Provisions 28.67
Trade Payables 806.05
Other Financial Liabilities 33.19
Other Current Liabilities 303.97
Total Liabilities 11,858.43
Total Fair Value of the Net Assets 4,664.79
E. Amount recognised directly in other equity (Capital Reserve):

Particulars Amount
Fair value of the net assets acquired 4,664.79
Less: Fair value of consideration transferred 4,625.00
Capital Reserve 39.79
F. Acquisition related costs

During the previous year acquisition related costs of ` 5.57 Crores had been recognised under Miscellaneous
Expenses and Rates and Taxes in the Statement of Profit and Loss. The stamp duty paid/payable on transfer of
the assets amounting to ` 226.28 Crores had been charged to the Statement of Profit and Loss and had been
shown as an exceptional item during the previous year.
G. The Company runs an integrated operation with material movement across geographies and a common
sales organization responsible for existing business as well as acquired business. Therefore, separate sales
information for the acquired business is not exactly available and accordingly disclosures for revenue and profit/
loss of the acquired business since acquisition date have not been made.
Further, it is impracticable to provide revenue and profit/loss of the combined entity for the previous year as
though the acquisition date had been April 01, 2017 since these amounts relating to the acquired business for
the period prior to the acquisition date are not readily available with the Company.

NOTE 38: EMPLOYEE BENEFITS (Ind AS 19)
A. Defined Benefit Plans:
(a) Gratuity:
The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of
leaving the services of the Company and is in accordance with the Rules of the Company for payment of
gratuity.
Inherent Risk
The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the
risks pertaining to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary
growth, change in demographic experience, inadequate return on underlying plan assets. This may result
in an increase in cost of providing these benefits to employees in future. Since the benefits are lump sum in
nature, the plan is not subject to any longevity risks.
(b) Pension:
The Company considers pension for some of its employees at senior management based on the period of
service and contribution for the Company.
(c) Post-Retirement Medical Benefits:

The Company provides post-retirement medical benefits to certain ex-employees who were transferred
under the Scheme of arrangement for acquiring Larsen & Toubro cement business and eligible for such
benefits from earlier Company.
` in Crores
Gratuity Pension Post- Gratuity Pension Post-
Particulars (Funded) Retirement (Funded) Retirement
Medical Medical
Benefits Benefits
(i) Change in defined benefit obligation
Balance at the beginning of the year 451.75 7.57 0.58 407.33 7.88 0.61
Adjustment of:
Current Service Cost 36.15 - - 33.29 - -
Past Service Cost - - 2.12 - -
Interest Cost 33.63 0.55 0.04 29.13 0.48 0.04
Actuarial (gains) losses recognised in

Other Comprehensive Income:
– Change in Financial Assumptions 11.32 0.07 0.01 (16.65) (0.27) (0.02)
– Change in Demographic Assumptions (0.05) (0.24) (0.01) (5.27) - -
– Experience Changes 6.36 0.05 0.01 (8.53) 0.39 0.01
Benefits Paid (27.86) (0.91) (0.06) (22.30) (0.91) (0.06)
Obligation transferred from JAL/JCCL - - - 32.63 - -
Balance at the end of the year 511.30 7.09 0.57 451.75 7.57 0.58

` in Crores
NOTE 38: EMPLOYEE BENEFITS (Ind AS 19) (Continued)
Medical Medical
Benefits Benefits
(ii) Change in Fair Value of Assets
Balance at the beginning of the year 497.64 - - 431.70 - -
Expected Return on Plan Assets 37.27 - - 30.96 - -
Re measurements due to:
Actual Return on Plan Assets less 2.59 - - 7.31 - -
interest on Plan Assets
Contribution by the employer 27.86 - - 22.30 - -
Benefits Paid (27.86) - - (22.30) - -
Assets transferred from JAL/JCCL - - - 27.67 - -
Balance at the end of the year 537.50 - - 497.64 - -
(iii) Net Asset/(Liability) recognised in the
Balance Sheet
Present value of Defined Benefit (511.30) (7.09) (0.57) (451.75) (7.57) (0.58)
Obligation
Fair Value of Plan Assets 537.50 - - 497.64 - -
Net Asset/(Liability) in the Balance 26.20 (7.09) (0.57) 45.89 (7.57) (0.58)
Sheet
(iv) Expenses recognised in the
Statement of Profit and Loss
Current Service Cost 36.15 - - 33.29 - -
Past Service Cost - - - 2.12 - -
Interest Cost 33.63 0.55 0.04 29.13 0.48 0.04
Expected Return on Plan Assets (37.27) - - (30.96) - -
Total Expense 32.51 0.55 0.04 33.58 0.48 0.04
Less: Transferred to Pre-operative - - - (0.15) - -
Expenses
Amount charged to the Statement of 32.51 0.55 0.04 33.43 0.48 0.04
Profit and Loss
(v) Re-measurements recognised in
Other Comprehensive Income (OCI):
Changes in Financial Assumptions 11.32 0.07 0.01 (16.65) (0.27) (0.02)
Changes in Demographic (0.05) (0.24) (0.01) (5.27) - -
Assumptions
Experience Adjustments 6.36 0.05 0.01 (8.53) 0.39 0.01
Actual return on Plan assets less (2.59) - - (7.31) - -
interest on plan assets
Loss/(Gain) recognised in Other 15.04 (0.12) 0.01 (37.76) 0.12 (0.01)
Comprehensive Income (OCI):

` in Crores
Medical Medical
Benefits Benefits
(vi) Maturity profile of defined benefit
obligation:
Within the next 12 months 59.50 0.97 0.06 52.05 0.07 0.06
Between 1 and 5 years 169.91 3.33 0.24 150.40 0.28 0.24
Between 5 and 10 years 178.11 2.63 0.23 165.75 0.27 0.23
10 Years and above 843.40 4.44 0.52 763.40 0.84 0.61
(vii) Sensitivity analysis for significant
assumptions:*
Increase/(Decrease) in present value
of defined benefits obligation at the
end of the year
1% increase in discount rate (42.80) (0.34) (0.03) (37.50) (0.49) (0.04)
1% decrease in discount rate 49.95 0.37 0.04 43.64 0.55 0.04
1% increase in salary escalation rate 49.14 - - 43.01 - -
1% decrease in salary escalation rate (42.95) - - (37.68) - -
1% increase in employee turnover rate (14.73) - - (12.24) - -
1% decrease in employee turnover 16.16 - - 14.41 - -
rate
(viii) The major categories of plan assets
as a percentage of total plan @
Insurer Managed Funds 100% N.A. N.A. 100% N.A. N.A.
(ix) Actuarial Assumptions:
Discount Rate (p.a.) 7.65% 7.65% 7.65% 7.90% 7.90% 7.90%
Turnover Rate 1.5% to - - 1.5% to - -
8.00% 8.00%
Mortality tables Indian Indian
Assured Assured
S1PA mortality PA (90) mortality
Lives Lives
table adjusted table rated down by
Mortality Mortality
suitably 4 years
(2012- (2006-08)
14)
Salary Escalation Rate (p.a.) 8.00% - - 8.00% - -
Retirement age:
Management - 60 Yrs. - - 60 Yrs. - -
Non-Management- 58 Yrs. 58 Yrs.
(x) Weighted Average duration of Defined 9.0 Yrs. 6.5 Yrs. 6.1 Yrs. 8.9 Yrs. 7.0 Yrs. 6.5 Yrs.
benefit obligation
* These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation
and assuming there are no other changes in market conditions at the accounting date. There have been no
changes from the previous periods in the methods and assumptions used in preparing the sensitivity analyses.
@
The plan does not invest directly in any property occupied by the Company nor in any financial securities
issued by the Company.

(xi) Discount Rate:
The discount rate is based on the prevailing market rates of Indian government securities for the
estimated term of obligations.
(xii) Salary Escalation Rate:
The estimates of future salary increases are considered taking into account inflation, seniority,
promotion and other relevant factors.
(xiii) Asset Liability matching strategy:
The money contributed by the Company to the Gratuity fund to finance the liabilities of the plan has to
be invested.
The trustees of the plan have outsourced the investment management of the fund to an insurance
Company. The insurance Company in turn manages these funds as per the mandate provided to
them by the trustees and the asset allocation which is within the permissible limits prescribed in the
insurance regulations. Due to the restrictions in the type of investments that can be held by the fund,
it is not possible to explicitly follow an asset liability matching strategy.
There is no compulsion on the part of the Company to fully prefund the liability of the Plan. The
Company’s philosophy is to fund these benefits based on its own liquidity and the level of underfunding
of the plan.
(xiv) The Company’s expected contribution during next year is ` Nil Crores (March 31, 2018 ` Nil Crores).
(d) Provident Fund:

The Company is liable for any shortfall in the fund assets based on the Government specified rate of return.
Such shortfall, if any, is recognised in the Statement of Profit and Loss as an expense in the year of incurring
the same.
Amount recognized as an expense under the head “Contribution to Provident and other Funds” of Statement
of Profit and Loss ` 92.76 Crores (March 31, 2018 ` 85.97 Crores).
The actuary has provided for a valuation and based on the below provided assumptions there is no interest
shortfall as at March 31, 2019 and March 31, 2018.
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
(a) Plan Assets at Fair Value 1,196.03 957.22
(b) Present value of defined benefit obligation at year end 1,193.89 956.96
(c) Liability recognised in Balance Sheet NIL NIL
(d) Assumptions used in determining the present value obligation of
interest rate guarantee under the Deterministic Approach
Government of India bond yield for the outstanding term of liabilities 7.65% 7.90%
Remaining term of the maturity of Investment Portfolio 13.72 Yrs. 13.85 Yrs.
Discount Rate for the remaining term of the maturity of 8.56% 8.63%
Investment Portfolio
Expected Guaranteed Interest Rate 8.65% 8.55%
B. Amount recognized as an expense in respect of Compensated Absences is ` 24.52 Crores (March 31, 2018
` 14.97 Crores).
C. Amount recognized as expense for other long term employee benefits is ` 0.96 Crores (March 31, 2018 ` 0.87
Crores).

NOTE 39: SEGMENT REPORTING (Ind AS 108)
The Company has presented segment information in the consolidated financial statements which are presented in
the same financial report. Accordingly, as per Ind AS 108 ‘Operating Segments’, no disclosures related to segments
are presented in these standalone financial statements.
NOTE 40: RELATED PARTY DISCLOSURES (Ind AS 24)

A. List of Related Parties where control exists:
% Shareholding and
Principal Place of Voting Power
Name of the Related Party
Business As at March As at March
31, 2019 31, 2018
(i) Holding Company:
Grasim Industries Limited India NA
(ii) Subsidiary Companies:
(a) Dakshin Cements Limited India 100% 100%
(b) UltraTech Cement Lanka Private Limited Sri Lanka 80% 80%
(c) Harish Cement Limited India 100% 100%
(d) PT UltraTech Mining Indonesia Indonesia 80%! 80%!
(e) PT UltraTech Investments Indonesia Indonesia 100%& 100%&
(f) UltraTech Cement SA (PTY) @@ South Africa - -
(g) UltraTech Cement Middle East Investments United Arab Emirates 100% 100%
Limited (UCMEIL)
(h) Star Cement Co. LLC, Dubai* United Arab Emirates 100%$ 100%$
(i) Star Cement Co. LLC, Ras-Al-Khaimah* United Arab Emirates 100%$ 100%$
(j) Al Nakhla Crusher LLC, Fujairah* United Arab Emirates 100%$ 100%$
(k) Arabian Cement Industry LLC, Abu Dhabi* United Arab Emirates 100%$ 100%$
(l) UltraTech Cement Bahrain Company WLL, Bahrain 100%^ 100%^
Bahrain (formerly known as Arabian Gulf
Cement Co WLL)*
(m) Emirates Power Company Limited, Bangladesh* Bangladesh 100% 100%
(n) Emirates Cement Bangladesh Limited, Bangladesh 100% 100%
Bangladesh*
(o) Awam Minerals LLC, Oman* Oman 37%## 37%##
(p) Bhagwati Limestone Company Private Limited India 100% 100%
(BLCPL)
(q) UltraTech Cement Mozambique Limitada, Mozambique - -
Mozambique @@
(r) Gotan Limestone Khanij Udyog Private Limited India 100% 100%
(s) PT UltraTech Cement Indonesia# Indonesia 99% 99%
(t) PT UltraTech Mining Sumatera # Indonesia 100% 100%
(u) UltraTech Nathdwara Cement Limited (UNCL) India 100% -
(formerly known as Binani Cement Limited) $$
(v) Smooth Energy Private Limited (formerly known India 100%!! -
as Binani Energy Private Limited) $$
(w) Bahar Ready Mix Concrete Limited (formerly India 100%!! -
known as Binani Ready Mix Concrete Limited) $$
(x) Merit Plaza Limited $$ India 100%!! -
(y) Swiss Mercandise Infrastructure Limited $$ India 100%!! -
(z) Krishna Holdings PTE Limited (KHPL) $$ Singapore 100%&& -

NOTE 40: RELATED PARTY DISCLOSURES (Ind AS 24) (Continued)
% Shareholding and
31, 2019 31, 2018
(aa) Bhumi Resources PTE Limited (BHUMI) $$ Singapore 100%!! -
(ab) Murari Holdings Limited (MUHL)$$ British Virgin Islands 100%!! -
(ac) Mukundan Holdings Limited (MHL) $$ British Virgin Islands 100% !!
-
(ad) Binani Cement Factory LLC (BCFLLC) $$ United Arab Emirates 100%** -
(ae) Binani Cement Fujairah LLC $$ United Arab Emirates 100%*** -
(af) Binani Cement (Tanzania) Limited $$ Tanzania 100%*** -
(ag) BC Tradelink Limited., Tanzania $$ Tanzania 100% ***
-
(ah) Shandong Binani Rongan Cement Company Republic of China 92.5%^^ -
Limited (SBRCC), China $$
(ai) PT Anggana Energy resources (Anggana), Indonesia 100%^^^ -
Indonesia $$
(aj) Binani Cement (Uganda) Limited $$ Uganda 100%*** -
! 4% Shareholding of UCMEIL.
&
5% Shareholding of UCMEIL.
##
Ceased control with effect from April 24, 2017
* Subsidiaries of UCMEIL.
$
51% held by nominee as required by local law for beneficial interest of the Company.
^ 1 share held by employee as nominee for the beneficial interest of the Company.
#
Subsidiary of PT UltraTech Investments Indonesia.
@@
Ceased to exist with effect from July 06, 2017
$$
with effect from November 20, 2018
!! Wholly owned subsidiary of UNCL
&&
55.54% held by UNCL and 44.46% held by MHL
** Wholly owned subsidiary of MUHL
*** Wholly owned subsidiary of BCFLLC
^^ Subsidiary of KHPL
^^^ Wholly owned subsidiary of BHUMI
B. List of Related Parties with significant influence:

% Shareholding and
31, 2019 31, 2018
(i) Joint Venture: India 47.37% 47.37%
Bhaskarpara Coal Company Limited (BCCL)
(ii) Associate:
(a) Madanpur (North) Coal Company Private Limited India 11.17% 11.17%
(MNCCPL)
(b) Aditya Birla Renewable SPV 1 Limited (w.e.f. India 26.00% 26.00%
June 19, 2017)

C. Other Related Parties with whom there were transactions during the year:
Name of the Related Party Relationship
Samruddhi Swastik Trading and Investments Limited Fellow Subsidiary
Aditya Birla Sun Life Insurance Company Limited (formerly Fellow Subsidiary
known as Birla Sun Life Insurance Company Limited)
Aditya Birla Health Insurance Limited Fellow Subsidiary
ABNL Investment Limited Fellow Subsidiary
Ultratech Provident Fund Post-Employment Benefit Plan
Bharucha & Partners Entity Controlled by Key Management Personnel
Dave Girish & Company Entity Controlled by Key Management Personnel
Mr. Kumar Mangalam Birla – Non-Executive Chairman Key Management Personnel (KMP)
Mrs. Rajashree Birla – Non-Executive Director Key Management Personnel (KMP)
Mr. D.D. Rathi – Non-Executive Director (Till July 27, 2018) Key Management Personnel (KMP)
Mr. O.P Puranmalka - Non-Executive Director Key Management Personnel (KMP)
Mr. Arun Adhikari – Independent Director Key Management Personnel (KMP)
Mr. G.M. Dave - Independent Director Key Management Personnel (KMP)
Mrs. Alka Bharucha - Independent Director Key Management Personnel (KMP)
Mrs. Sukanya Kripalu - Independent Director Key Management Personnel (KMP)
Mr. S.B. Mathur - Independent Director Key Management Personnel (KMP)
Mrs. Renuka Ramnath - Independent Director Key Management Personnel (KMP)
Mr. K.K. Maheshwari - Managing Director Key Management Personnel (KMP)
Mr. K.C. Jhanwar – Deputy Managing Director (w.e.f. Key Management Personnel (KMP)
October 19, 2018)
Mr. Atul Daga - Whole-time Director and CFO Key Management Personnel (KMP)
Mrs. Kritika Daga Relative of KMP (Wife of Mr. Atul Daga)
(a) The following transactions were carried out with the related parties in the ordinary course of business:
` in Crores
Nature of Transaction/Relationship
March 31, 2019 March 31, 2018
Sale of Goods:
Holding Company 16.09 11.73
Fellow Subsidiary - 0.02
Subsidiaries 500.55 311.47
Total 516.64 323.22
Purchase of Goods:
Associate 12.66 0.20
Total 477.68 2.19

` in Crores

March 31, 2019 March 31, 2018
Sale of Fixed Assets:
Subsidiary 0.27 -
Purchase of Fixed Assets:
Fellow Subsidiary 0.24 -
Services received from:
Fellow Subsidiary 12.33 7.33
KMP 35.89 38.40
Entity Controlled by KMP 0.04 0.03
Relative of KMP 0.27 0.26
Total 50.30 47.18
Services rendered to:
Total 67.30 38.83
Dividend and Interest Income:
Dividend Paid:
Contribution to:
Post-Employment Benefit Plan 129.79 102.43
Investments:
Preference Shares in Subsidiary (Refer Note 3) 1900.00 -
Loans Given:
Subsidiary 1,834.75 -
Loans repaid by Subsidiary:
Subsidiary 35.00 -
Advances against Supply:
Subsidiary 55.00 -
Corporate Guarantees on behalf of subsidiaries:
Given/issued during the year 3,050.00 101.52

` in Crores
(b) Outstanding balances:
As at As at
March 31, 2019 March 31, 2018
Loans and Advances:
Subsidiaries 1,867.00 0.07
Joint Venture and Associates 2.49 2.49
Total 1,877.47 8.66
Trade Receivables:
Total 66.50 44.89
Trade Payables:
Subsidiaries 4.60 -
Associate 0.57 0.19
Total 5.44 0.40
Deposit:
KMP (Pending shareholder’s approval) 3.59 -
Corporate Guarantees:
Joint Ventures 4.00 4.00
Subsidiaries 5,786.16 2,578.71
Total 5,790.16 2,582.71
(c) Compensation of KMP of the Company:

Nature of transaction
March 31, 2019 March 31, 2018
Short-term employee benefits 17.54 16.83
Post-employment benefits 1.24 0.67
Share based payment 1.79 1.13
Total compensation paid to KMP 20.57 18.63
Based on the recommendation of the Nomination, Remuneration and Compensation Committee, all
decisions relating to the remuneration of the Directors are taken by the Board of Directors of the Company,
in accordance with shareholders’ approval, wherever necessary.
Compensation paid for the year ended March 31, 2019 includes remuneration paid to Mr. K.C. Jhanwar,
Deputy Managing Director, which is subject to shareholder’s approval in ensuing Annual general meeting.
The company is a member of Aditya Birla Management Corporation Private Limited (ABMCPL), a company
limited by guarantee formed for the purpose of its members to mutually avail and share common facilities,
expertise and other support on an arms’ length basis. The transactions between the Company and ABMCPL
are approved by the Audit Committee and during the year the amount spent on such transactions is ` 172.69
Crores.

Terms and Conditions of transactions with Related Parties:
The sales to and purchases from related parties including fixed Assets are made in the normal course of
business and on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances
at the year-end are unsecured and interest free and settlement occurs in cash.
During the year, the Company has provided inter corporate loan to its subsidiary at a rate of 3M MCLR+15
bps which is repayable on demand.
For the year ended March 31, 2019, the Company has not recorded any impairment of receivables relating
to amounts owed by related parties. This assessment is undertaken each financial year through examining
the financial position of the related party and the market in which the related party operates.
NOTE 41: INCOME TAXES (Ind AS 12)

(i) Reconciliation of Effective Tax Rate:
In %
Particulars
March 31, 2019 March 31, 2018
Applicable tax rate 34.94 34.61
Effect of Tax Exempt Income (0.46) (0.35)
Effect of Non-Deductible expenses 1.28 0.97
Effect of Allowances for tax purpose (3.19) (2.10)
Effect of Tax paid at a lower rate (1.37) (0.98)
Effect of changes in Tax rate - 1.26
Effect of Previous year adjustments (0.11) (1.03)
Others (0.03) 0.04
Effective Tax Rate 31.06 32.42
NOTE 42: EARNINGS PER SHARE (EPS) (Ind AS 33)

` in Crores
Particulars
March 31, 2019 March 31, 2018
A. Basic EPS:
(i) Net Profit attributable to Equity Shareholders 2,455.72 2,231.28
(ii) Weighted average number of Equity Shares outstanding (Nos.) 274,632,160 274,543,934
(iii) Less: Treasury Shares acquired by the Company under Trust (202,022) -
(iv) Weighted average number of Equity Shares outstanding for calculation of 274,430,138 274,543,934
Basic EPS
Basic EPS (`) (i)/(iv) 89.48 81.27
B. Diluted EPS:
(i) Weighted average number of Equity Shares Outstanding (Nos.) 274,430,138 274,543,934
(ii) Add: Potential Equity Shares on exercise of options (Nos.) 79,361 69,787
(iii) Weighted average number of Equity Shares Outstanding for calculation of 274,509,499 274,613,721
Dilutive EPS (i + ii)
Diluted EPS (`) {(A) (i)/(B) (iii)} 89.46 81.25

` in Crores
NOTE 43: AUDITORS’ REMUNERATION (EXCLUDING SERVICE TAX/GST) AND EXPENSES
Particulars
March 31, 2019 March 31, 2018
(a) Statutory Auditors:
Audit fees (including Quarterly Limited Reviews) 2.94 2.62
Tax audit fees 0.16 0.14
Fees for other services 0.16 0.05
Expenses reimbursed 0.12 0.12
(b) Cost Auditors:
Audit fees 0.25 0.19
NOTE 44:
The following expenses are included in the different heads of expenses in the Statement of Profit and Loss:
Year Ended March 31, 2019 Year Ended March 31, 2018
Raw Power Total Raw Power Total
Particulars
Materials and Fuel Materials and Fuel
Consumed Consumed Consumed Consumed
Stores and Spares Consumed 88.00 49.69 137.69 95.01 55.33 150.34
Royalty and Cess 1,021.53 - 1,021.53 748.52 - 748.52
NOTE 45: SHARE BASED PAYMENTS (Ind AS 102)

The Company has granted 207,030 options (including Restricted Stock units) to its eligible employees in various ESOS
Schemes, details are as under:
A. Employee Stock Option Scheme (ESOS 2006):
Particulars Tranche I Tranche II Tranche III Tranche IV* Tranche V* Tranche VI
Nos. of Options 99,010 69,060 60,403 88,907 8,199 7,890
Vesting Plan Graded Graded Graded Graded
Vesting - Vesting - Vesting - Vesting -
25% every 25% every 25% every 25% every
year year year As per the As per the year
Terms of Terms of
Exercise Period 5 Years 5 Years 5 Years Scheme Scheme 5 Years
from the from the from the from the
date of date of date of date of
Vesting Vesting Vesting Vesting
Grant Date 23.08.2007 25.01.2008 08.09.2010 20.09.2010 20.09.2010 01.06.2012
Exercise Price (` per share) 606 794 655 709 1,061 974
Fair Value on the date 502 404 547 447 281 762
of Grant of Option (` per
share)
Method of Settlement Equity Equity Equity Equity Equity Equity
* Issued to Employees of erstwhile Samruddhi Cement Limited (SCL) option holders pursuant to Scheme of
Amalgamation of SCL with the Company.

NOTE 45: SHARE BASED PAYMENTS (Ind AS 102) (Continued)
B. Employee Stock Option Scheme (ESOS 2013) including Stock options and Restricted Stock Units (RSU):
Tranche I Tranche II Tranche III
Particulars RSU Stock RSU Stock RSU Stock
Options Options Options
Nos. of Options 84,056 237,953 12,313 34,859 2,218 6,280
Vesting Plan 100% on Graded 100% on Graded 100% on Graded
19.10.2016 Vesting - 18.10.2017 Vesting - 28.01.2018 Vesting -
25% every 25% every 25% every
year after year after year after
1 year 1 year 1 year
from date from date from date
of grant, of grant, of grant,
subject to subject to subject to
achieving achieving achieving
performance performance performance
targets targets targets
Exercise Period 5 Years 5 Years from 5 Years 5 Years from 5 Years 5 Years from
from the the date of from the the date of from the the date of
date of Vesting date of Vesting date of Vesting
Vesting Vesting Vesting
Grant Date 19.10.2013 19.10.2013 18.10.2014 18.10.2014 28.01.2015 28.01.2015
Exercise Price (` per share) 10 1,965 10 2,318 10 3,122
Fair Value on the date 1,862 750 2,241 870 3,048 1,207
share)
Tranche IV Tranche V Tranche VI

Nos. of Options 9,059 25,645 5,313 15,042 10,374 29,369
19.10.2018 Vesting - 13.04.2019 Vesting - 27.01.2020 Vesting -
25% every 25% every 25% every
year after year after year after
1 year 1 year 1 year


Grant Date 19.10.2015 19.10.2015 13.04.2016 13.04.2016 27.01.2017 27.01.2017
Fair Value on the date 2,897 1,728 3,108 1,810 3,608 2,080
share)
C. Employee Stock Option Scheme (ESOS 2018) including Stock options, Restricted Stock Units (RSU) and Stock
Appreciation Rights Scheme – 2018 (SAR 2018) including Stock options and RSU
Tranche I (ESOS, 2018) Tranche I (SAR, 2018)
Particulars
RSU Stock Options RSU Stock Options
Nos. of Options 43,718 1,58,304 1,084 3,924
Vesting Plan 100% on Graded Vesting 100% on Graded Vesting
18.12.2021 - 25% every 18.12.2021 - 25% every
year after 1 year year after 1 year
from date of from date of
grant, subject grant, subject
to achieving to achieving
performance performance
targets targets
Exercise Period 5 Years from the 5 Years from the 3 Years from the 3 Years from the
date of Vesting date of Vesting date of Vesting date of Vesting
Grant Date 18.12.2018 18.12.2018 18.12.2018 18.12.2018
Exercise Price (` per share) 10 4,009.30 10 4,009.30
Fair Value on the date of Grant of 3,942 1,476 3,946 1,539
Option (` per share)
Method of Settlement Equity Equity Cash Cash
D. Movement of Options Granted including RSU along with weighted average exercise price (WAEP):
Particulars
Nos. WAEP (`) Nos. WAEP (`)
Outstanding at the beginning of the year 144,499 2,171.13 251,577 1,880.59
Granted during the year 202,022 3,143.84 - -
Exercised during the year (28,735) 1,585.05 (106,079) 1,482.43
Forfeited during the year (812) 568.53 (999) 2,134.23
Outstanding at the end of the year 316,974 2,848.32 144,499 2,171.13
Options exercisable at the end of the year 73,273 2,394.44 74,262 2,090.76

The weighted average share price at the date of exercise for options was ` 3,844.48 per share (March 31, 2018
` 4,123.18 per share) and weighted average remaining contractual life for the share options outstanding as at
March 31, 2019 was 4.6 years (March 31,2018: 3.9 years).
The Company has granted 5,008 SAR to its employees during the year with a weighted average exercise price
of ` 3,143.64 per share and weighted average fair value of ` 2,060 per share. The weighted average remaining
contractual life for SAR is 5.3 years.
The exercise price for outstanding options and SAR is ` 10 per share for RSU’s and ranges from ` 655 per share
to ` 4,009 per share for options.
E. Fair Valuation:
202,022 share options were granted during the year. Weighted Average Fair value of the options granted during
the year is ` 2,009.83 per share (March 31, 2018 ` Nil per share).
The fair value of option has been done by an independent firm of Chartered Accountants on the date of grant
using the Black-Scholes Model.
The Key assumptions in the Black-Scholes Model for calculating fair value as on the date of grant:
(a) For ESOS 2006:

1. Risk Free Rate - 8% (Tranche I-V), 8.14% (Tranche VI)
2. Option Life - Vesting period (1 Year) + Average of exercise period
3. Expected Volatility* - Tranche-I: 0.49, Tranche-II: 0.52,Tranche-III: 0.30,
Tranche-IV: 0.30, Tranche-V: 0.30, Tranche-VI: 0.25
4. Expected Growth in Dividend - 20%
(b) For ESOS 2013:

1. Risk Free Rate - 8.5% (Tranche I), 7.8% (Tranche II-III), 8.56% (Tranche IV)
7.6% (Tranche V), 6.74% (Tranche VI)
2. Option Life - (a) For Options - Vesting period (1 Year) + Average of exercise period
(b) For RSU – Vesting period (3 Years) + Average of exercise period
3. Expected Volatility* - Tranche-I: 0.29, Tranche-II: 0.27, Tranche-III: 0.28, Tranche-IV: 0.60
Tranche–V: 0.60, Tranche–VI: 0.61
4. Expected Growth in Dividend - Tranche -I: 20%, Tranche II-III: 15%, Tranche-IV: 5%,
Tranche-V: 5%, Tranche-VI: 5%
(c) For ESOS 2018:
1. Risk Free Rate - 7.47% (Tranche I)
3. Expected Volatility* - Tranche-I: 0.24
4. Dividend Yield - Tranche -I: 0.46%
* Expected volatility on the Company’s stock price on National Stock Exchange based on the data
commensurate with the expected life of the options/RSU’s up to the date of grant.
The fair value of SAR has been done by an independent firm of Chartered Accountants on the date of grant using
the Binomial Tree model.

The Key assumptions in the Binomial Tree Model for calculating fair value as on the date of grant:
(a) For ESOS – SAR - 2018:
F. Details of Liabilities arising from Company’s cash settled share based payment transactions:
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
Other non-current liabilities 0.01 -
Other current liabilities - -
Total carrying amount of liabilities 0.01 -
NOTE 46 (A): CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES (Ind AS 107)

Particulars Carrying Fair Value Carrying Fair Value
Value Value
Financial Assets at amortised cost
Trade Receivables 2,097.59 2,097.59 1,714.20 1,714.20
Loans 2,029.26 2,029.26 226.17 226.17
Cash and Bank Balances 623.96 623.96 199.32 199.32
Other Financial Assets 860.45 860.45 477.17 477.17
Financial Assets at fair value through Profit or Loss
Investments 2,893.50 2,893.50 5,428.57 5,428.57
Fair Value Hedging Instruments
Derivative Assets 19.99 19.99 38.07 38.07
Total 8,524.75 8,524.75 8,083.50 8,083.50
Financial liabilities at amortised cost
Non-Convertible Debentures 2,535.00 2,462.79 2,575.00 2,509.35
Term Loan from Banks 11,489.00 11,489.00 10,489.00 10,489.00
Cash Credits/Working Capital Borrowing 0.18 0.18 694.86 694.86
Commercial Papers 1,642.46 1,642.46 992.87 992.87
Sales Tax Deferment Loan 438.77 438.77 289.68 289.68
Redeemable Preference Shares 1,000.10 1,000.10 1,000.10 1000.10
Trade Payables 2,653.74 2,653.74 2,224.16 2,224.16
Other Financial Liabilities 1,907.54 1,907.54 1,813.49 1,813.49
Foreign Currency Borrowings 1,012.63 1,012.63 1,377.99 1,377.99
Fair Value Hedging Instrument
Derivative Liability - - 28.27 28.27
Total 22,679.42 22,607.21 21,485.42 21,419.77
Investment in Subsidiaries, Joint ventures and Associates amounting to ` 4,171.01 Crores (March 31, 2018 ` 734.33
Crores) are measured at Cost in accordance with Ind AS 109.

NOTE 46 (B): FAIR VALUE MEASUREMENTS (Ind AS 113)
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the
current market condition regardless of whether that price is directly observable or estimated using other valuation
techniques.
The Company has established the following fair value hierarchy that categorises the values into 3 levels. The inputs
to valuation techniques used to measure fair value of financial instruments are:
Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The
fair value of all bonds which are traded in the stock exchanges is valued using the closing price or dealer
quotations as at the reporting date.
Level 2: The fair value of financial instruments that are not traded in an active market (For example traded
bonds, over the counter derivatives) is determined using valuation techniques which maximize the use of
observable market data and rely as little as possible on company specific estimates. The mutual fund units
are valued using the closing Net Asset Value. If all significant inputs required to fair value an instrument
are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in Level 3.
` in Crores
Fair Value
Particulars As at As at
March 31, 2019 March 31, 2018
Financial Assets at fair value through profit or loss
Investments – Level 2 2,876.10 5,412.09
Investments – Level 3 17.40 16.48
Derivative assets – Level 2 19.99 38.07
Total 2,913.49 5,466.64
Derivative liability – Level 2 - 28.27
Total - 28.27
The management assessed that cash and bank balances, trade receivables, loans, trade payables, cash credits,
commercial papers and other financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.
The following methods and assumptions were used to estimate the fair values:
(a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset
value at the reporting date.
(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on observable yield curves and an appropriate discount factor.
(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward
exchange rates and interest rate curve of the respective currencies.
(d) The fair value of currency swap is calculated as the present value determined using forward exchange rates,
currency basis spreads between the respective currencies, interest rate curves and an appropriate discount factor.
(e) The fair value of foreign currency option contracts is determined using the Black Scholes valuation model.
(f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The
discount rates used is based on management estimates.

NOTE 46 (B): FAIR VALUE MEASUREMENTS (Ind AS 113) (Continued)
The significant unobservable inputs used in the fair value measurement of the fair value hierarchy together with a
quantitative sensitivity analysis as at March 31, 2019 and March 31, 2018 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation Significant Discounting Rate Sensitivity of the input to fair
Particulars
Technique unobservable inputs value.
Investments in DCF Average Cost of March 31, 2019: 8.50% 0.5% (March 31 2018: 0.5%)
Unquoted instruments method Borrowings to arrive March 31, 2018: 8.50% increase/(decrease) would
accounted for as fair at discount rate. result in increase/(decrease)
value through Profit in fair value by ` (1.14) Crores
and Loss (March 31 2018: ` (0.35) Crores)
Reconciliation of Level 3 Fair Value Measurements:

` in Crores
Balance as at March 31, 2017 15.31
Add: Change in Value of Investment in Preference Shares measured at FVTPL 1.20
Add: Purchase of Investment during the year 0.02
Less: Sale of Investment during the year (0.05)
NOTE 47: FINANCIAL RISK MANAGEMENT OBJECTIVES (Ind AS 107)

The Company’s principal financial liabilities, other than derivatives, comprises of borrowings, trade and other
payables. The main purpose of these financial liabilities is to finance the company’s operations. The company’s
principal financial assets, other than derivatives include trade and other receivables, investments and cash and cash
equivalents that derive directly from its operations.
The Company’s activities exposes it to market risk, liquidity risk and credit risk. Company’s overall risk management
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the company. The company uses derivative financial instruments, such as foreign exchange forward
contracts, foreign currency option contracts, principal only swaps, cross currency swaps that are entered to hedge
foreign currency risk exposure, interest rate swaps, coupon only swaps to hedge variable interest rate exposure and
commodity fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for hedging purposes
and not as trading or speculative instruments.
The sources of risks which the company is exposed to and their management is given below:
Risk Exposure Arising From Measurement Management
(I) Market Risk
A. Foreign Currency Committed commercial Cash Flow (a) Forward foreign exchange
Risk transaction Forecasting contracts
Financial asset and Sensitivity Analysis (b) Foreign currency options
Liabilities not denominated (c) Principal only/Currency swaps
in INR
B. Interest Rate Risk Long Term Borrowings at Sensitivity Analysis, (a) Interest Rate swaps, Coupon
variable rates Interest rate only swaps
Investments in Debt movements (b) Portfolio Diversification
Schemes of Mutual Funds
and Other Debt Securities

NOTE 47: FINANCIAL RISK MANAGEMENT OBJECTIVES (Ind AS 107) (Continued)
Risk Exposure Arising From Measurement Management
C. Commodity Price Movement in prices of Sensitivity Analysis, (a) Commodity Fixed Prices
Risk commodities mainly Commodity price (b) Swaps/Options
Imported Thermal Coal and tracking
Pet Coke
(II) Credit Risk Trade receivables, Ageing analysis, (a) Diversification of mutual
Investments, Derivative Credit Rating fund investments,
Financial instruments, Loans (b) Credit limit & credit
and Bank balances worthiness monitoring,
(c) Criteria based approval
process
(III) Liquidity Risks Borrowings and Other Rolling cash flow (a) Adequate unused credit
Liabilities and Liquid forecasts lines and borrowing facilities
Investments Broker Quotes (b) Portfolio Diversification
The Company has standard operating procedures and investment policy for deployment of surplus liquidity, which
allows investment in debt securities and mutual fund schemes of debt categories only and restricts the exposure in
equity markets.
Compliances of these policies and principles are reviewed by internal auditors on periodical basis.
The Corporate treasury team updates the Audit Committee on a quarterly basis about the implementation of the
above policies. It also updates to the Internal Risk Management Committee of the Company on periodical basis about
the various risks to the business and status of various activities planned to mitigate the risks.
(I) Market Risk:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change
in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes
that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
instruments including investments and deposits, foreign currency receivables, payables and borrowings.
A. Foreign Currency Risk:

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign
currency, which fluctuate due to changes in foreign exchange rates. The Company’s exposure to the risk
of changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels,
raw materials and spare parts, capital expenditure, exports of cement and the Company’s net investments
in foreign subsidiaries.
When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of
those derivatives to match the terms of the hedged exposure.
The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company
follows established risk management policies and standard operating procedures. It uses derivative
instruments like foreign currency swaps and forwards to hedge exposure to foreign currency risk.

In Crores
Outstanding foreign currency exposure (Gross) as at March 31, 2019 March 31, 2018
Trade receivables
USD 1.10 0.83
Euro 0.08 0.10
Others - 0.01
Trade Payables
USD 3.14 1.30
Euro 0.26 0.75
Others 0.03 0.02
Borrowings
USD 14.64 21.14
Investments
USD 6.92 6.92
Foreign currency sensitivity on unhedged exposure:

100 bps increase in foreign exchange rates will have the following impact on profit before tax.
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
USD (4.79) (4.51)
Others - (0.01)
Note: If the rate is decreased by 100 bps profit will increase by an equal amount.
B. Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company’s exposure to the risk of changes in market
interest rates relates primarily to the Company’s short term borrowing (excluding commercial paper) with
floating interest rates. For all long-term borrowings with floating rates, the risk of variation in the interest
rates is mitigated through interest rate swaps. The Company constantly monitors the credit markets and
rebalances its financing strategies to achieve an optimal maturity profile and financing cost.
Interest rate exposure:
Total Floating Fixed Rate Non-
Borrowings Rate Borrowings Interest
Particulars
Borrowings Bearing
Borrowings
INR 17,105.51 11,489.18 5,177.56 438.77
USD 1,012.63 - 1,012.63 -
Total as at March 31, 2019 18,118.14 11,489.18 6,190.19 438.77
INR 16,041.51 10,563.86 5,187.97 289.68
USD 1,377.99 - 1,377.99 -
Total as at March 31, 2018 17,419.50 10,563.86 6,565.96 289.68
Note: Interest rate risk hedged for FCY borrowings has been shown under Fixed Rate borrowings

` in Crores
Interest rate sensitivities for unhedged exposure (impact on profit before tax due to increase in 100 bps):
As at As at
Particulars
March 31, 2019 March 31, 2018
INR (114.89) (105.64)
Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date
have been outstanding for the entire reporting period. Further, the calculations for the unhedged floating
rate borrowing have been done on the notional value of the foreign currency (excluding the revaluation).
Foreign Currency and Interest Rate Risk Management:
Forward Exchange and Interest Rates Swaps Contracts:
A. Derivatives for hedging currency and interest rates, outstanding are as under:
Hedged Currency As at March As at March Cross
Particulars
Item 31, 2019 31, 2018 Currency
Imports USD 10.73 6.47 Rupees
Imports Euro 0.11 0.15 Rupees
(a) Forward Contracts
Imports Euro 1.24 1.11 USD
Exports USD 0.71 - Rupees
(b) Other Derivatives:
i) Currency & Interest Rate ECB* USD 7.32 9.82 Rupees
Swap (CIRS)
ii) Principal only Swap ECB* USD 7.32 11.32 Rupees
iii) Interest Rate Swap ECB* USD 7.32 11.32 USD
* External Commercial Borrowings
B. Cash Flow Hedges: The Company has raised foreign currency external commercial borrowings and
to mitigate the risk of foreign currency and floating interest rates the Company has taken forward
contracts, currency swaps, interest rates swaps and principal only swaps. The Company is following
hedge accounting for all the foreign currency borrowings raised on or after April 01, 2015 based on
qualitative approach. The Company assesses hedge effectiveness based on following criteria:
(i) an economic relationship between the hedged item and the hedging instrument;
(ii) the effect of credit risk; and
(iii) assessment of the hedge ratio
The Company designates the derivatives to hedge its currency risk and generally applies a hedge ratio
of 1:1. The Company’s policy is to match the critical terms of the forward exchange contracts to match
with the hedged item.
Foreign currency cash flows:
As at Average Nominal Fair Value
Exchange Rate Foreign Assets
Particulars
(USD/INR) Currency (Liabilities)
USD Crores ` in Crores
Buy Currency for External March 31, 2019 65.19 7.32 17.25
Commercial Borrowings (USD)
Buy Currency for External March 31, 2018 65.19 7.32 (10.90)

Interest rates outstanding on Receive Floating and Pay Fix contracts:
contracted fixed Amount Assets
Particulars
interest rates* USD Crores (Liabilities)
` in Crores
2 to 5 years March 31, 2019 7.47% 7.32 (0.02)
2 to 5 years March 31, 2018 7.47% 7.32 7.19
Cross Currency and Interest rate Swaps:

As at Average Average Nominal Fair Value
contracted fixed Exchange Rate Amount Assets
Particulars
interest rates* (USD/INR) USD Crores (Liabilities)
` in Crores
2 to 5 years March 31, 2019 7.79% 67.49 7.32 2.76
2 to 5 years March 31, 2018 7.79% 67.49 7.32 (23.57)
* Includes weighted average rate for Cross Currency Interest Rate Swaps, Principal Only Swap and
Coupon Swaps
The above Hedging Instruments are included in the Balance Sheet under the head “Other Financial
Assets”/“Other Financial Liabilities”. Refer Statement of changes in equity for movement on OCI.
Recognition of gains/(losses) under forward exchange and interest rates swaps contracts designated
under cash flows hedges:
` in Crores
As at March 31,2019 As at March 31,2018
Effective Hedge Ineffective Effective Hedge Ineffective
Particulars
(OCI) Hedge (OCI) Hedge
(Profit and Loss) (Profit and Loss)
Gain/(Loss) (11.01) - (3.46) -
C. Commodity price risk management:

Commodity price risk for the Company is mainly related to fluctuations in coal and pet coke prices
linked to various external factors, which can affect the production cost of the Company. Since the
Energy costs is one of the primary costs drivers, any fluctuation in fuel prices can lead to drop in
operating margin. To manage this risk, the Company enters into forward covers for imported coal, enter
into long-term supply agreement for pet coke, identifying new sources of supply etc. While forward
covers are prevailing in the markets for coal but in case of pet coke no such derivative is available; it has
to be procured at spot prices. Additionally, processes and policies related to such risks are reviewed and
controlled by senior management and fuel requirement are monitored by the central procurement team.
(II) Credit Risk Management:

Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primarily trade receivables) and from its financing/investing activities, including deposits with banks, mutual
fund investments, and investments in debt securities, foreign exchange transactions and financial guarantees.
The Company has no significant concentration of credit risk with any counterparty.
Trade receivables
Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for
each customer and based on the evaluation credit limit of each customer is defined. Wherever the Company

assesses the credit risk as high the exposure is backed by either bank guarantee/letter of credit or security
deposits.
Total Trade receivable as on March 31, 2019 is ` 2,097.59 Crores (March 31, 2018 ` 1,714.20 Crores)
The Company does not have higher concentration of credit risks to a single customer. A single largest customer
has total exposure in sales 2.4% (March 31, 2018: 1.9%) and in receivables 9.9% (March 31, 2018: 8.7%).
As per simplified approach, the Company makes provision of expected credit losses on trade receivables using
a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting
date wherever outstanding is for longer period and involves higher risk.
As per policy receivables are classified into different buckets based on the overdue period ranging from 6
months – one year to more than two years. There are different provisioning norms for each bucket which are
ranging from 25% to 100%.
Movement of provision for doubtful debts:
` in Crores
Particulars March 31, 2019 March 31, 2018
Opening provision 41.50 35.68
Add: Provided during the year 10.11 5.85
Less: Utilised during the year (0.07) (0.03)
Closing Provision 51.53 41.50
Investments, Derivative Instruments, Cash and Cash Equivalent and Bank Deposit
Credit Risk on cash and cash equivalent, deposits with the banks/financial institutions is generally low as the
said deposits have been made with the banks/financial institutions who have been assigned high credit rating
by international and domestic rating agencies.
Credit Risk on Derivative Instruments are generally low as Company enters into the Derivative Contracts with
the reputed Banks and Financial Institutions.
Investments of surplus funds are made only with approved Financial Institutions/Counterparty. Investments
primarily include investment in units of mutual funds, quoted Bonds, Non-Convertible Debentures issued by
Government/Semi Government Agencies/PSU Bonds/High Investment grade corporates etc. These Mutual
Funds and Counterparties have low credit risk.
Total Non-current and current investments as on March 31, 2019 is ` 7,064.51 Crores (March 31, 2018 ` 6,162.90
Crores)
Financial Guarantees
The Company has given corporate guarantees amounting to ` 5,790.16 Crores in favour of its subsidiaries and
joint ventures (Refer note 32 (c)).
(III) Liquidity risk management:

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time
or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
securities and the availability of funding through an adequate amount of credit facilities to meet obligations
when due. The Company’s treasury team is responsible for liquidity, funding as well as settlement management.
In addition, processes and policies related to such risks are overseen by senior management. Management
monitors the Company’s liquidity position through rolling forecasts on the basis of expected cash flows.

The table below provides details regarding the remaining contractual maturities of financial liabilities and
investments held for managing the risk at the reporting date based on contractual undiscounted payments.
` in Crores
Less than 1 to 5 Years More than Total
As at March 31, 2019
1 Year 5 Years
Borrowings (including current maturities of long-term debts) 3,178.86 4,223.47 10,715.81 18,118.14
Trade Payables 2,653.73 - - 2,653.73
Interest accrued but not due on borrowings 188.01 - - 188.01
Other Financial Liabilities (excluding Derivative Liability) 1,719.53 - - 1,719.53
Investments 1,514.85 1,010.81 350.44 2,876.10
Less than 1 to 5 Years More than Total

1 Year 5 Years
Borrowings (including current maturities of long-term debts) 3,545.16 3,182.76 10,691.58 17,419.50
Trade Payables 2,224.16 - - 2,224.16
Derivative Liability - 28.27 - 28.27
Investments 3,948.71 1,106.72 356.66 5,412.09
NOTE 48: DISTRIBUTION MADE AND PROPOSED (Ind AS 1)

Particulars
March 31, 2019 March 31, 2018
Proposed dividends on Equity shares:
Final dividend for the year ended on March 31, 2019: ` 11.50 per share 315.84 288.34
(March 31, 2018: ` 10.50 per share)
DDT on proposed dividend 64.92 59.27
Proposed dividends on Preference shares:
Final dividend for the year ended on March 31, 2019 0.01 0.01
DDT on proposed dividend (FY 2017-2018: ` 17,098) - -
Total Dividend proposed 380.77 347.62
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised
as a liability (including Dividend Distribution Tax thereon) as at March 31.
NOTE 49: CAPITAL MANAGEMENT (Ind AS 1)

The Capital management objective of the Company is to (a) maximise shareholder value and provide benefits to other
stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.
For the purposes of the Group’s capital management, capital includes issued equity share capital, share premium
and all other equity.

` in Crores
NOTE 49: CAPITAL MANAGEMENT (Ind AS 1) (Continued)
The Company monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits
divided by total equity.
As at As at
Particulars
March 31, 2019 March 31, 2018
Total Debt (Bank and other borrowings) 18,118.14 17,419.50
Equity 27,947.72 25,923.02
Liquid Investments and bank deposits 3,145.80 5,555.54
Debt to Equity (Net) 0.54 0.46
In addition, the Company has financial covenants relating to the borrowing facilities that it has taken from the lenders
like interest coverage service ratio, Debt to EBITDA, etc. which is maintained by the Company.
NOTE 50: RESEARCH AND DEVELOPMENT

Revenue expenditure on Research and Development included in different heads of expenses in the Statement of
Profit and Loss is ` 17.31 Crores. (March 31, 2018 ` 14.04 Crores).
NOTE 51: CORPORATE SOCIAL RESPONSIBILITY

Expenditure incurred in cash on Corporate Social Responsibility activities, included in different heads of expenses
in the Statement of Profit and Loss is ` 74.96 Crores (March 31, 2018 ` 60.71 Crores) and on account of capital
expenditure ` 2.16 Crores (March 31, 2018 ` 0.96 Crores).
The amount required to be spent under Section 135 of the Companies Act, 2013 for the year ended March 31, 2019 is
` 61.17 Crores (March 31, 2018 ` 58.91 Crores) i.e. 2% of average net profits for last three financial years, calculated
as per section 198 of the Companies Act, 2013.
NOTE 52: GOVERNMENT GRANT (Ind AS 20)

(a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion
Scheme of ` 398.43 Crores (March 31, 2018 ` 300.72 Crores).
(b) Sales Tax deferment loan granted under State Investment Promotion Scheme has been considered as a
government grant and the difference between the fair value and nominal value as on date is recognized as an
income. Accordingly, an amount of ` 45.49 Crores (March 31, 2018: ` 3.86 Crores) has been recognized as an
income. Every year change in fair value is accounted for as an interest expense.
(c) Interest and Repairs to plant and machinery are net of subsidy received, under State Investment Promotion
Scheme of ` Nil Crores (March 31, 2018 ` 5.81 Crores) and ` 1.46 Crores (March 31, 2018 ` 0.98 Crores)
respectively.
NOTE 53: ASSETS HELD FOR DISPOSAL (Ind AS 105)

The Company has identified certain assets like Aggregate Mines, Pre Grinders, Vibrating Mill, Naptha based power
plant etc which are available for sale in its present condition. The Company is committed to plan the sale of asset and
an active programme to locate a buyer and complete the plan have been initiated. The Company expects to dispose
off these assets within twelve months from its classification.

` in Crores
NOTE 54: OPERATING LEASE (Ind AS 17)
(a) Future minimum rental payables under non-cancellable operating lease
Sr. Year Ended Year Ended
Particulars
No March 31, 2019 March 31, 2018
(i) Not later than one year 5.32 2.45
(ii) Later than one year and not later than five years 6.42 4.14
(iii) More than five years - -
(b) Operating lease payment recognised in the Statement of Profit and Loss amounting to ` 143.32 Crores (March
31, 2018 ` 141.32 Crores)
(c) General Description of leasing agreements:
 Leased Assets: Land, Godowns, Offices, Flats, Machinery and Others.
 Future Lease rentals are determined on the basis of agreed terms.
 At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving
notice in writing.
 Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed
terms.
NOTE 55: REVENUE (Ind AS 115)

A. The Company is primarily in the Business of manufacture and sale of cement and cement related products. The
product shelf life being short, all sales are made at a point in time and revenue recognised upon satisfaction
of the performance obligations which is typically upon dispatch/delivery. The Company has a credit evaluation
policy based on which the credit limits for the trade receivables are established, the Company does not give
significant credit period resulting in no significant financing component. The Company, however, has a policy for
replacement of the damaged goods.
In compliance with Ind AS 115, certain sales promotion schemes are now treated as variable components of
consideration and have been recognised as revenue deductions instead of other expenses. Consequently, all
comparative period numbers have been restated, adhering to the full retrospective approach under Ind AS 115.
The Revenue and Other expenses for the year ended March 31, 2018 have both been reduced by ` 432.18 Crores
due to the aforesaid regrouping and there is no impact on the Profit, financial position and Cashflow of the
Company.
B. Revenue recognised from Contract liability (Advances from Customers):

Particulars
March 31, 2019 March 31, 2018
Closing Contract liability 247.21 300.35
The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year
ended March 31, 2019.
C. Reconciliation of revenue as per contract price and as recognised in statement of profit and loss:
Particulars
March 31, 2019 March 31, 2018
Revenue as per Contract price 38,192.72 32,387.94
Less: Discounts and incentives (3,087.96) (2,563.72)
Revenue as per statement of profit and loss 35,104.76 29,824.22

` in Crores
NOTE 56:
Information as per the requirement of Section 22 of The Micro, Small and Medium Enterprises Development Act,
2006
As at As at
Particulars
March 31, 2019 March 31, 2018
(a) (i) The principal amount remaining unpaid to any supplier at the end of 20.28 9.73
accounting year included in trade payables
(ii) The interest due on above - 0.01
The total of (i) & (ii) 20.28 9.74
(b) The amount of interest paid by the buyer in terms of section 16 of the Act - -
(c) The amount of the payment made to the supplier beyond the appointed day - -
during the accounting year
(d) The amounts of interest accrued and remaining unpaid at the end of financial 0.01
year
(e) The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the due date during the year) but
without adding the interest specified under this Act.
(f) The amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues above are actually
paid to the small enterprise, for the purpose of disallowance of a deductible
expenditure under section 23 of the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information has been determined to the extent such parties have been identified on the basis of information
available with the Company and the same has been relied upon by the auditors.
NOTE 57:
Ind AS 116 – on March 30, 2019, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)
Amendment Rules, 2019, notifying Ind AS 116 “Leases”, which replaces Ind AS 17 “Leases”. The new standard
introduces a single on-balance sheet lease accounting model for lessee. This will result in the company recognising
right of use assets & lease liability in the books.
The Company is in the process of analyzing the impact of Ind AS 116 on its financials.
The amendment will come into force from April 01, 2019.
Others
Ministry of Corporate Affairs (“MCA”) has notified following amendments to Ind AS on March 30, 2019 which is effective
for the annual period beginning or or after April 01, 2019.
1. Ind AS 12 - Appendix C, Uncertainty over Income Tax Adjustments
The amendment requires an entity to determine probability of the relevant tax authority accepting the uncertain
tax treatment that the Company have used in tax computation or plan to use in their income tax filings.
2. Amendment to Ind AS 12 – Income taxes
The amendment clarifies that an entity shall recognise the income tax consequences of dividends in profit
or loss, other comprehensive income or equity according to where the entity originally recognised those past
transactions or events

3. Ind AS 19 - Plan amendment, curtailment or settlement
The amendments require an entity to use updated assumptions to determine current service cost and net
interest for the remainder of the period after a plan amendment, curtailment or settlement and to recognise in
profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that
surplus was not previously recognised because of the impact of the asset ceiling.
Based on preliminary assessment, the Company does not expect any significant impact on its financial
statements on account of above amendments.
NOTE 58:
Effective July 01, 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which
formed part of expenses.
NOTE 59:
Other income for year ended March 31, 2018 includes reversal of earlier years provision of ` 103.79 Crores related
to contribution towards District Mineral Fund (DMF) under the Mines and Mineral (Development and Regulation)
Amendment Act, 2015, on the basis of Supreme Court Judgment dated October 13, 2017.
NOTE 60:
Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year
classification/disclosure.
Signatures to Note ‘1’ to ‘60’

S.K. CHATTERJEE


CONSOLIDATED
FINANCIAL STATEMENTS

Independent Auditors’ Report
To the Members of
Report on the Audit of consolidated Ind AS financial statements
Opinion
We have audited the consolidated Ind AS financial statements of Ultratech Cement Limited (hereinafter referred to
as the ‘Company’) and its subsidiaries (‘the Company and its subsidiaries together referred to as ‘the Group’), its
associates and its joint venture which comprise the consolidated balance sheet as at 31 March 2019, and the consolidated
statement of profit and loss (including other comprehensive income), the consolidated statement of changes in equity
and consolidated cash flow statement for the year then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies and other explanatory information (hereinafter referred to as
‘the consolidated Ind AS financial statements’).
In our opinion and to the best of our information and according to the explanations given to us, and based on the
consideration of reports of other auditors on standalone or consolidated financial statements, as applicable, of such
subsidiaries, associates and joint venture as were audited by the other auditors, the aforesaid consolidated Ind AS
financial statements give the information required by the Companies Act, 2013 (‘Act’) in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated
state of affairs of the Group, its associates and its joint venture as at 31 March 2019, and of its consolidated profit and
other comprehensive income, consolidated changes in equity and consolidated cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the consolidated
financial statements section of our report. We are independent of the Group and its associates and its joint venture
in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in
India in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant provisions
of the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter
We draw attention to Note 37 of the consolidated Ind AS financial statements, which describes the following matters:
a) In terms of Order dated 31 August 2016, the Competition Commission of India (‘CCI’) had imposed penalty of
Rs.1,175.49 crore for alleged contravention of the provisions of the Competition Act, 2002 by the Company. The
Company had filed an appeal against the CCI Order before the Competition Appellate Tribunal (‘COMPAT’).
Consequent to reconstitution of Tribunals by the Government, this matter was transferred to the National Company
Law Appellate Tribunal (‘NCLAT’). NCLAT completed its hearing on the matter and disallowed the appeal filed by
the Company against the CCI Order. Aggrieved by the order of the NCLAT, the Company has filed an appeal before
the Honorable Supreme Court of India, which has granted a stay against the NCLAT Order on the condition that
the Company deposits 10% of the penalty amounting to Rs.117.55 crore which has been deposited. Based on legal
opinion, the Company believes that it has a good case in this matter. Considering the uncertainty relating to the
outcome of this matter, no provision has been considered in the books of account. Our opinion is not modified in
respect of this matter.
b) In terms of Order dated 19 January 2017, the CCI had imposed penalty of Rs.68.30 crore pursuant to a reference
filed by the Government of Haryana for alleged contravention of the provisions of the Competition Act, 2002 in

August, 2012 by the Company. The Company had filed an appeal before COMPAT and received the stay order dated
10 April 2017. Consequent to reconstitution of Tribunals by the Government, this matter was transferred to the
NCLAT for which hearing is pending. Based on legal opinion, the Company believes that it has a good case in this
matter. Considering the uncertainty relating to the outcome of this matter, no provision has been considered in
the books of account. Our opinion is not modified in respect of this matter.
c) The Statutory Auditors of UltraTech Nathdwara Cement Limited (‘UNCL’), a wholly owned subsidiary of the
Company, without modifying their opinion on the audited consolidated financial statements as at and for the year
ended 31 March 2019 have reported that UNCL had filed an appeal before the Competition Appellate Tribunal
(COMPAT) against the Order of the Competition Commission of India (CCI) dated 31 August 2016. Consequent to
reconstitution of Tribunals by the Government, this matter was transferred to the National Company Law Appellate
Tribunal (NCLAT). NCLAT completed its hearing on the matter and disallowed the appeal filed by UNCL against
the CCI order. Aggrieved by the order of NCLAT, UNCL has filed an appeal before the Honorable Supreme Court
of India, which has granted a stay vide its order dated 18 January 2019 against the NCLAT order. Consequently,
UNCL has deposited an amount of Rs.16.73 crore equivalent to 10% of the penalty amount. Based on the legal
opinion taken by the Company, UNCL believes that it has a good case in this matter. Considering the uncertainty
relating to the outcome of this matter, no provision has been considered in the books of account of UNCL. Our
opinion is not modified in respect of this matter.
Key Audit Matters

Key audit matters (KAM) are those matters that, in our professional judgment, were of most significance in our audit
of the consolidated Ind AS financial statements of the current year. These matters were addressed in the context of
our audit of the consolidated Ind AS financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
Description of Key Audit Matter:
Key Audit Matters How the matter was addressed in our audit
Business combination - Acquisition of Ultratech Our procedures included:
Nathdwara Cement Limited (formerly Binani Cement § Reading the documents pertaining to the acquisition
Limited) to understand the key terms and conditions of the
§ The Company completed the acquisition of 100% of acquisition.
the shares of Binani Cement Limited (BIL) through § Assessing the competence, capabilities and
the Insolvency process vide the NCLAT order dated objectivity of the experts engaged by the Company
November 14, 2018 and accounted for this acquisition and gaining an understanding of the work of the
as a business combination as per Ind AS 103 with experts by reviewing the valuation reports.
effect from 20 November 2018 by recognizing
§ Reviewed and challenged the reasonableness of key
identifiable assets (including intangible assets) and
assumptions, purchase price allocation adjustments
liabilities (including contingent liabilities) acquired
and the identification and valuation of acquired
at fair value (Refer note 41 to the consolidated Ind
intangible assets based on our knowledge of the
AS financial statements).
Company and the industry.
§ The measurement of the identifiable assets and
§ Assessing the adequacy of the Company’s disclosures
liabilities acquired at fair value is inherently
in respect of the acquisition in accordance with the
judgmental.
accounting standards.
§ Fair value was determined by the Company with
the assistance of an external valuation expert
using various valuation models, which were applied
according to the assets and liabilities being measured.
§ Refer note 41 to the consolidated Ind AS financial
statements for the details of the basis used and
judgements and estimates involved in measuring
the acquired assets and liabilities.

§ Given the complexity and judgement involved in
fair value measurements and magnitude of the
acquisition made by the Company, this is a key audit
matter.
Revenue recognition – Discounts, incentives, rebates etc. Our procedures included:
§ Revenue is measured net of discounts, incentives, § Assessing the appropriateness of the Company’s
rebates etc. earned by customers on the Company’s accounting policies relating to discounts, incentives,
sales. rebates, etc by comparing with applicable accounting
§ Due to the Company’s presence across different standards.
marketing regions within the country and the § Assessing the design and testing the implementation
competitive business environment, the estimation and operating effectiveness of Company’s internal
of the various types of discounts, incentives and controls over the approvals, calculation, provision
rebate schemes to be recognised based on sales and disbursement of discounts, incentives and
made during the year is material and considered to rebates.
be complex and judgmental. § Obtaining management’s calculations for discounts,
§ Therefore, there is a risk of revenue being misstated incentives and rebates accruals under applicable
as a result of faulty estimations over discounts, schemes on a sample basis and comparing the
incentives and rebates. accruals made with the approved schemes.
§ Given the judgement required to estimate the § Obtaining and inspecting, on a sample basis,
amount of provisions, this is a key audit matter. supporting documentation for discounts, incentives
and rebates recorded and disbursed during the year
as well as credit notes issued after the year end
date to determine whether these were recorded
appropriately.
§ Comparing the historical trend of payments and
reversal of discounts, incentives and rebates to
provisions made to determine the appropriateness
of current year provisions.
§ Examining manual journals posted to discounts,
rebates and incentives to identify unusual or
irregular items.
Regulations - Litigations and claims Our procedures included:
§ The Company operates in various States within India, § Review the outstanding litigations against the
exposing it to a variety of different Central and State/ Company for consistency with the previous years.
Local laws, regulations and interpretations thereof. Enquire and obtain explanations for movement
In this regulatory environment, there is an inherent during the year.
risk of litigations and claims. § Reading the latest correspondence between
§ Consequently, provisions and contingent liability the Company and the various tax / legal authorities
disclosures may arise from direct and indirect tax and review of correspondence with / legal
proceedings, legal proceedings, including regulatory opinions obtained by the management, from
and other government/department proceedings, as external legal advisors, where applicable, for
well as investigations by authorities and commercial significant matters.
claims. § Discussing the status of significant litigation with
§ At 31 March 2019, the Company’s contingent the Company’s in-house Legal Counsel and other
liabilities as per the Standalone financial statements senior management personnel and assessing their
were Rs. 4,646.73 crore. responses.

§ Management applies significant judgement in § On sample basis, examine the Company’s legal
estimating the likelihood of the future outcome expenses and read the minutes of the board
in each case when considering whether, and how meetings, in order to ensure all cases have been
much, to provide or in determining the required identified.
disclosure for the potential exposure of each § With respect to tax matters, involving our tax specialists,
matter. This is due to the highly complex nature and and discussing with the Company’s tax officers, their
magnitude of the legal matters involved along with views and strategies on significant cases, as well as the
the fact that resolution of tax and legal proceedings related technical grounds relating to their conclusions
may span over multiple years, and may involve based on applicable tax laws.
protracted negotiation or litigation.
§ Assessing the decisions and rationale for provisions
§ These estimates could change substantially over held or for decisions not to record provisions or
time as new facts emerge and each legal case make disclosures.
progresses.
§ For those matters where management concluded
§ Given the inherent complexity and magnitude of that no provisions should be recorded, considering
potential exposures across the Company and the the adequacy and completeness of the Company’s
judgement necessary to estimate the amount disclosures.
of provisions required or to determine required
disclosures, this is a key audit matter.
Subsidiaries Classified as Held for Sale (KAM of Auditors of UNCL have carried out the following
Ultratech Nathdwara Cement Limited) procedures in respect of these matters:
UNCL is in the process of entering into a sale agreement Obtained management note from UNCL management for
which results into loss of control of subsidiaries evaluation of discontinued operations. For this purpose:
located in China and UAE. The assets and liabilities of § Read minutes of meetings of Board of Directors of
these subsidiaries are classified as ‘held for sale’. The UNCL.
same is considered as key audit matter as it involves
§ Verified the Non-Disclosure Agreement entered in to
evaluation of conditions that is required to be satisfied
by UNCL with the banker to identify prospective buyer.
for classification of assets held for sale, fair valuation
of assets less cost of disposal and liabilities on such § Read communications between bankers and
classification and consequential impairment, if any, and prospective buyers.
disclosure and presentation in the financial statements. Verified that impairment loss that is recognised on
(Refer note 59 to the consolidated Ind AS financial initial recognition and on subsequent measurement
statements) when carrying amount exceeds its fair value less costs
of disposal. For this purpose:
§ Obtained and relied on the audited financial statements
of these subsidiaries audited by another auditor.
§ Obtained the valuation report of disposal group. For
this purpose, we have involved our internal valuation
experts to review the reasonableness of the valuer’s
assumptions.
Verified the disclosure and presentation of financial
statement in accordance with Ind AS- 105 ‘Non-current
Assets held for sale and discontinued operations’
Other Information
The Company’s management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include the financial statements
and our auditors’ report thereon.
Our opinion on the consolidated Ind AS financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the consolidated Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated
Ind AS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed and based on the audit reports of other auditors, we conclude that there is
a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of Management and Those Charged with Governance for the consolidated Ind AS financial statements
The Company’s management and Board of Directors are responsible for the preparation and presentation of these
consolidated Ind AS financial statements in term of the requirements of the Act that give a true and fair view of the
consolidated state of affairs, consolidated profit and other comprehensive income, consolidated statement of changes
in equity and consolidated cash flows of the Group including its associates and joint venture in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under
section 133 of the Act. The respective Board of Directors of the companies included in the Group and of its associates
and joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of each company and for preventing and detecting frauds and other irregularities;
the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the consolidated financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated
Ind AS financial statements by the Directors of the Company, as aforesaid.
In preparing the consolidated Ind AS financial statements, the respective management and Board of Directors of the
companies included in the Group, its associates and joint venture are responsible for assessing the ability of the Group
and of its associates and joint venture to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends to liquidate the
Company/Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group, its associates and joint venture is responsible
for overseeing the financial reporting process of each company.
Auditor’s Responsibilities for the Audit of the consolidated Ind AS financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated Ind AS financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated Ind AS financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our

opinion on whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation
of consolidated Ind AS financial statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and
its associates and joint venture to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in the consolidated Ind AS
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause
the Group as well as associates and joint venture to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated Ind AS financial statements, including
the disclosures, and whether the consolidated Ind AS financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business activities
within the Group and its associates and joint venture to express an opinion on the consolidated Ind AS financial
statements. We are responsible for the direction, supervision and performance of the audit of financial information
of such entities included in the consolidated Ind AS financial statements of which we are the independent auditors.
For the other entities included in the consolidated Ind AS financial statements, which have been audited by other
auditors, such other auditors remain responsible for the direction, supervision and performance of the audits
carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are
further described in para (a) and (b) of the section titled ‘Other Matters’ in this audit report.
We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors
as noted in ‘Other Matters’ paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on
the consolidated Ind AS financial statements.
We communicate with those charged with governance of the Company and such other entities included in the
consolidated Ind AS financial statements of which we are the independent auditors regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated Ind AS financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Other Matters
(a) We did not audit the financial statements of twenty subsidiaries, whose financial statements reflect total assets
of Rs.7,408.54 crore as at 31 March 2019, total revenues of Rs. 2,398.09 crore and net cash flows amounting to
Rs.(4.32) crore for the year ended on that date, as considered in the consolidated Ind AS financial statements. The
consolidated Ind AS financial statements also include the Group’s share of net profit (and other comprehensive
income) of Rs.0.53 crore for the year ended 31 March 2019, in respect of one joint venture and one associate,

whose financial statements have not been audited by us. These financial statements have been audited by other
auditors whose reports have been furnished to us by the Management of the Company and our opinion on the
consolidated Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect
of these subsidiaries and joint venture and our report in terms of sub-section (3) of Section 143 of the Act, in so
far as it relates to the aforesaid subsidiaries and joint venture is based solely on the audit reports of the other
auditors.
(b) We did not audit the financial statements of twelve subsidiaries, whose financial statements reflect total assets
of Rs.18.57 crore as at 31 March 2019, total revenues of Rs.Nil crore and net cash outflows amounting to Rs.
(0.10) crore for the year ended on that date, as considered in the consolidated Ind AS financial statements. The
consolidated Ind AS financial statements also include the Group’s share of net profit of Rs. 0.01 crore for the
year ended 31 March 2019, in respect of one associate whose financial statements have not been audited by us.
These financial statements of the aforesaid subsidiaries and associates are unaudited and have been furnished
to us by the Management of the Company and our opinion on the consolidated Ind AS financial statements, in so
far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, and our
report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries and
associates is based solely on such unaudited financial statements. In our opinion and according to the information
and explanations given to us by the Management of the Company, these financial statements are not material to
the Group.
Our opinion on the consolidated Ind AS financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports
of the other auditors and the financial statements certified by the Management.
Report on Other Legal and Regulatory Requirements

A. As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the other
auditors on standalone or consolidated financial statements, as applicable, of such subsidiaries, associates and
joint venture as were audited by other auditors, as noted in the ‘Other Matters’ paragraph, we report, to the extent
applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
Ind AS financial statements have been kept so far as it appears from our examination of those books and
the reports of the other auditors.
c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated cash flow statement dealt with
by this Report are in agreement with the relevant books of account maintained for the purpose of preparation
of the consolidated Ind AS financial statements.
d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Ind AS specified under
Section 133 of the Act.
e) On the basis of the written representations received from the directors of the Company as on 31 March 2019
taken on record by the Board of Directors of the Company and the reports of the statutory auditors of its
subsidiary companies, associate companies and joint venture incorporated in India, none of the directors of
the Group companies, its associate companies, and joint venture incorporated in India is disqualified as on
31 March 2019 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company, its subsidiary companies, associate companies and joint venture incorporated in India and the
operating effectiveness of such controls, refer to our separate Report in ‘Annexure A’.

B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us and based on the consideration of the reports of the other auditors on standalone
or consolidated financial statements, as applicable, of the subsidiaries, associates and joint venture, as noted in
the ‘Other Matters’ paragraph:
i. The consolidated Ind AS financial statements disclose the impact of pending litigations as at 31 March 2019
on the consolidated financial position of the Group, its associates and joint venture. Refer Note 37 to the
consolidated Ind AS financial statements.
ii. Provision has been made in the consolidated Ind AS financial statements, as required under the applicable
law or Ind AS, for material foreseeable losses, on long-term contracts, if any, including derivative contracts.
Refer Note 53 to the consolidated Ind AS financial statements in respect of such items as it relates to the
Group, its associates and joint venture.
iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the
Company or its subsidiary companies, associate companies and joint venture incorporated in India during
the year ended 31 March 2019.
iv. The disclosures in the consolidated Ind AS financial statements regarding holdings as well as dealings in
specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in
the consolidated Ind AS financial statements since they do not pertain to the financial year ended 31 March
2019.
C. With respect to the matter to be included in the Auditor’s report under section 197(16) of the Act:
In our opinion and according to the information and explanations given to us and based on the reports of the
statutory auditors of such subsidiary companies, associate companies and joint venture incorporated in India which
were not audited by us, the remuneration paid during the current year by the Company, its subsidiary companies,
associate companies and joint venture to its directors is in accordance with the provisions of Section 197 of the
Act. The remuneration paid to any director by the Company, its subsidiary companies, associate companies and
joint venture is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs
has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.


Partner Partner
Mumbai Mumbai
April 24, 2019 April 24, 2019

Annexure A to the Independent Auditors’ report - 31 March 2019
(Referred to in paragraph A(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)
Opinion
In conjunction with our audit of the consolidated Ind AS financial statements of the Company as of and for the year
ended 31 March 2019, we have audited the internal financial controls with reference to consolidated Ind AS financial
statements of Ultratech Cement Limited (hereinafter referred to as ‘the Company’) and such companies incorporated
in India under the Companies Act, 2013 which are its subsidiary, its associate and its joint venture as of that date.
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of the other auditors as mentioned in the Other Matters paragraph, the Company and
such companies incorporated in India which are its subsidiary, its associate and joint venture, have, in all material
respects, adequate internal financial controls with reference to consolidated Ind AS financial statements and such
internal financial controls were operating effectively as at 31 March 2019, based on the internal financial controls
with reference to consolidated Ind AS financial statements criteria established by such companies considering the
essential components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India (the ‘Guidance Note’).
Management’s Responsibility for Internal Financial Controls

The respective company’s management and the Board of Directors are responsible for establishing and maintaining
internal financial controls with reference to consolidated Ind AS financial statements based on the criteria established
by the respective company considering the essential components of internal control stated in the Guidance Note.
These responsibilities include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information,
as required under the Companies Act, 2013 (hereinafter referred to as ‘the Act’).
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to consolidated
Ind AS financial statements of the Company, its subsidiaries, its associate company and its Joint venture which are
companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note and
the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal
financial controls with reference to consolidated Ind AS financial statements. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls with reference to consolidated Ind AS financial statements were
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system with reference to consolidated Ind AS financial statements and their operating effectiveness. Our audit of internal
financial controls with reference to consolidated Ind AS financial statements included obtaining an understanding
of internal financial controls with reference to consolidated Ind AS financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of the internal controls
based on the assessed risk. The procedures selected depend on the auditor’s judgements, including the assessment
of the risks of material misstatement of the consolidated Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the
relevant subsidiary, associate and joint venture in terms of their reports referred to in the Other Matters paragraph
below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system
with reference to consolidated Ind AS financial statements.

Annexure A to the Independent Auditors’ report - 31 March 2019 (Continued)
Meaning of Internal Financial controls with Reference to Consolidated Ind AS Financial Statements
A company’s internal financial controls with reference to consolidated Ind AS financial statements is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles. A company’s
internal financial controls with reference to consolidated Ind AS financial statements includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorisations
of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Inherent Limitations of Internal Financial Controls with Reference to Consolidated Ind AS Financial Statements
Because of the inherent limitations of internal financial controls with reference to consolidated Ind AS financial
statements, including the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls
with reference to consolidated Ind AS financial statements to future periods are subject to the risk that the internal
financial controls with reference to consolidated Ind AS financial statements may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial controls with reference to consolidated Ind AS financial statements in so far as it relates to nine subsidiaries,
one associate and one joint venture, which are companies incorporated in India, is based on the corresponding reports
of the auditors of such companies incorporated in India.


Partner Partner
Mumbai Mumbai
24 April 2019 24 April 2019

Consolidated Balance Sheet as at March 31, 2019
` in Crores
Note As at As at
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 38,604.14 35,637.59
Capital Work-in-Progress 2 1,118.29 1,510.30
Goodwill 2 2,847.10 1,036.30
Other Intangible Assets 2 4,684.60 3,041.41
Intangible Assets under development 2 3.80 0.91
47,257.93 41,226.51
Investments Accounted using Equity Method 3 18.68 10.81
Financial Assets:
Investments 4 1,386.16 1,486.97
Loans 5 1,123.32 127.00
Income Tax Assets (Net) 127.57 140.33
Deferred Tax Assets (Net) 7 12.06 9.43
Other Non-Current Assets 8 2,814.70 2,668.43
Total Non-Current Assets 52,780.50 45,689.21
Current Assets
Inventories 9 3,585.11 3,267.59
Financial Assets:
Investments 10 1,516.49 3,949.12
Trade Receivables 11 2,531.43 2,220.63
Cash and Cash Equivalents 12 437.24 77.19
Bank Balances other than Cash and Cash Equivalents 13 269.93 141.88
Loans 5 183.71 111.02
Current Tax Assets (Net) 37.50 33.16
Other Current Assets 14 1,188.71 1,036.22
Assets/Disposal Group held for sale 59 1,093.50 43.40
Total Current Assets 11,755.16 11,461.31
TOTAL ASSETS 64,535.66 57,150.52
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 15 (a) 274.64 274.61
Other Equity 15 (b) 28,113.66 26,106.55
Non-Controlling Interest 12.15 16.02
28,400.45 26,397.18
Share Application Money Pending Allotment 0.65 -
LIABILITIES
Non-Current Liabilities
Borrowings 16 19,551.16 15,863.47
Other Financial Liabilities 17 - 19,551.16 28.27
Provisions 18 166.10 156.89
Deferred Tax Liabilities (Net) 19 3,553.89 3,182.70
Other Non-Current Liabilities 20 6.35 6.57
Total Non-Current Liabilities 23,277.50 19,237.90
Current Liabilities
Borrowings 21 2,724.32 2,763.44
Trade Payables
Total Outstanding Dues of Micro Enterprises and Small Enterprises 62 20.82 9.73
Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises 22 2,824.73 2,375.14
Other Financial Liabilities 17 2,524.68 8,094.55 2,678.05
Other Current Liabilities 23 3,365.96 2,749.37
Provisions 18 451.06 496.04
Current Tax Liabilities (Net) 456.49 443.67
Liabilities included in Disposal Group held for sale 59 489.00 -
Total Current Liabilities 12,857.06 11,515.44
TOTAL EQUITY AND LIABILITIES 64,535.66 57,150.52
The accompanying notes form an integral part of the Consolidated Financial Statements.

S.K. CHATTERJEE

Consolidated Statement of Profit and Loss for the year ended March 31, 2019
` in Crores
Note Year ended Year ended
Continuing Operations
Revenue from Operations (Refer Note 61 and 65) 24 37,379.20 31,872.45
Other Income 25 438.07 588.57
TOTAL INCOME (I) 37,817.27 32,461.02
EXPENSES
Cost of Materials Consumed 26 5,409.01 4,519.95
Purchases of Stock-in-Trade 27 1,238.54 880.03
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 28 (120.45) (111.20)
Employee Benefits Expense 29 2,058.79 1,810.24
Finance Costs 30 1,548.57 1,237.60
Depreciation and Amortisation Expense 31 2,139.80 1,847.93
Power and Fuel 8,427.90 6,334.07
Freight and Forwarding Expense 32 8,846.74 7,309.99
Excise duty (Refer Note 65) - 893.83
Other Expenses 33 4,754.69 4,128.70
34,303.59 28,851.14
Less: Captive Consumption of Cement (24.15) (38.32)
TOTAL EXPENSES (II) 34,279.44 28,812.82
Profit from Continuing Operations before Exceptional Items and Tax Expense (I) – (II) 3,537.83 3,648.20
Exceptional Items
Stamp Duty on Acquisition of Assets (Refer Note 42) - (226.28)
Impairment of Assets - (74.86)
Impairment on loss of control in subsidiary (Refer Note 36) - (45.46)
Profit from Continuing Operations before Tax Expense and Share in Profit/(Loss) of Associate and Joint Venture 3,537.83 3,301.60
Share in Profit/(Loss) of Associate and Joint Venture (net of Tax expense) 0.54 (0.13)
Profit from Continuing Operations before Tax Expense 3,538.37 3,301.47
Tax Expense of continuing operations:
Current Tax 738.85 718.53
Excess Tax Provision reversed related to prior years (3.69) (33.97)
Deferred Tax 371.62 392.45
Total Tax Expense 1,106.78 1,077.01
Profit for the Year from continuing operations (III) 2,431.59 2,224.46
Profit/(Loss) attributable to Non-Controlling Interest (3.13) 2.29
Profit attributable to Owners of the Parent 2,434.72 2,222.17
Discontinued Operations
Profit before tax from discontinued operations 54.94 -
Tax expense of discontinued operations 15.31 -
Less: Impairment of disposal group classified as held for sale (39.63) -
Profit after tax from discontinued operations (IV) - -
Profit for the year (V = III + IV) 2,431.59 2,224.46
Profit/(Loss) attributable to Non-Controlling Interest (3.13) 2.29
Profit attributable to Owners of the Parent 2,434.72 2,222.17
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to Profit or Loss – Re-measurement Gain/(Loss) on Defined Benefit Plan (13.90) 37.95
(ii) Income Tax Relating to Items that will not be reclassified to Profit or Loss 5.03 (8.45)
B. (i) Items that will be reclassified to Profit or Loss – Cash flow Hedge and Foreign Currency Translation
Reserve (FCTR) (7.01) 12.61
(ii) Income Tax Relating to Items that will be reclassified to Profit or Loss 3.85 3.57
Other Comprehensive Income/(Loss) for the Year (VI) (12.03) 45.68
Other Comprehensive Income attributable to Non-Controlling Interest (0.74) -
Other Comprehensive Income/(Loss) attributable to Owners of the Parent (11.29) 45.68
Total Comprehensive Income for the Year (V + VI) 2,419.56 2,270.14
Total Comprehensive income attributable to Non-Controlling Interest (3.87) 2.29
Total Comprehensive income attributable to Owners of the Parent 2,423.43 2,267.85
Earnings Per Equity Share (Face Value ` 10 each) – Continuing Operations 47
Basic (in `) 88.72 80.94
Diluted (in `) 88.69 80.92
Earnings Per Equity Share (Face Value ` 10 each) – Discontinued Operations
Basic (in `) - -
Diluted (in `) - -
Earnings Per Equity Share (Face Value ` 10 each) – Continuing & Discontinued Operations 47
Basic (in `) 88.72 80.94
Diluted (in `) 88.69 80.92

S.K. CHATTERJEE

Consolidated Statement of Changes in Equity for the year ended March 31, 2019
` in Crores
A. Equity Share Capital

Balance as at April 01, 2018 Changes in Equity Share Capital during the year Balance as at March 31, 2019
274.61 0.03 274.64

Balance as at April 01, 2017 Changes in Equity Share Capital during the year Balance as at March 31, 2018
274.51 0.10 274.61
B. Other Equity
Attributable to Owners of the Company Attributable Total

to Other
Reserves & Surplus Cash Flow Exchange Total Other Non- Equity
Hedge differences Equity Controlling
Capital Securities Debenture General Share Treasury Retained Reserve on Attributable Interest
Particulars Reserve Premium Redemption Reserve Option Shares @@
Earnings translating to Owners
Reserve Outstanding the financial of the
Reserve # statements Company
of foreign
operations
Balance as at April 01, 2018 170.72 69.67 324.17 20,024.73 17.29 - 5,338.86 78.74 82.37 26,106.55 16.02 26,122.57
Profit for the year - - - - - - 2,434.72 - - 2,434.72 (3.13) 2,431.59
Other Comprehensive Income/(Loss) for

the year
Re-measurement gain/(loss) on
defined benefit plan - - - - - - (8.87) * - - (8.87) - (8.87)
Effective portion of gains/(loss) on

hedging instruments and FCTR - - - - - - - (46.53) @ 44.11 (2.42) (0.74) (3.16)
Transaction cost on cancellation of

shares in UNCL - - - - - - (1.50) - - (1.50) - (1.50)
Total Comprehensive Income/(Loss) for

the year - - - - - - 2,424.35 (46.53) 44.11 2,421.93 (3.87) 2,418.06
Purchase of Treasury Shares - - - - - (81.21) - - - (81.21) - (81.21)
Contribution by and Distribution to

Owners
Dividends (includes Dividend

Distribution Tax) - - - - - - (347.63) ## - - (347.63) - (347.63)
Transfer to Retained Earnings - - (100.00) - - - 100.00 - - - - -
Transfer from Retained Earnings - - 142.08 1,800.00 - - (1,942.08) - - - - -
Employees Stock Options Exercised - 8.30 - - (3.77) - - - - 4.53 - 4.53
Employees Stock Options Granted - - - - 9.48 - - - - 9.48 - 9.48
Total Contribution by and Distribution to

Owners - 8.30 42.08 1,800.00 5.71 - (2,189.71) - - (333.62) - (333.62)
Balance as at March 31, 2019 170.72 77.97 366.25 21,824.73 23.00 (81.21) 5,573.50 32.21 126.48 28,113.66 12.15 28,125.81
#
@@
The Company has formed an Employee Welfare Trust for purchasing Company’s share to be allotted to eligible employees under Employees Stock Option
Scheme, 2018 (ESOS 2018). As per Ind AS 32 - Financial Instruments: Presentation, reacquired equity shares of the Company are called Treasury shares
and deducted from equity.
@
Net of Deferred Tax amounting to ` 3.85 Crores.
##
Dividend of ` 10.50/- per share and including Dividend Distribution Tax of ` 59.27 Crores.

Consolidated Statement of Changes in Equity for the year ended March 31, 2019 (Continued)
` in Crores
Attributable to Owners of the Company Attributable Total
to Other
Reserves & Surplus Cash Flow Exchange Total Other Non- Equity
Hedge differences Equity Controlling
Capital Securities Debenture General Share Treasury Retained Reserve on Attributable
Particulars Reserve Premium Redemption Reserve Option Shares Earnings Interest
translating to Owners
Reserve Outstanding the financial of the
Reserve # statements Company
of foreign
operations
Balance as at April 01, 2017 142.46 42.55 241.25 18,424.73 20.94 - 5,100.52 65.12 79.81 24,117.38 9.71 24,127.09
Profit for the year - - - - - - 2,222.17 - - 2,222.17 2.29 2,224.46
Other Comprehensive Income/(Loss)

for the year
Re-measurement gain/(loss) on
defined benefit plan - - - - - - 29.50 * - - 29.50 - 29.50
Effective portion of gains/(loss) on

hedging instruments and FCTR - - - - - - - 13.62 @ 2.56 16.18 - 16.18
Total Comprehensive Income/(Loss) for

the year - - - - - - 2,251.67 13.62 2.56 2,267.85 2.29 2,270.14
On Account of Business Combination

(Refer note 42) 28.26 ** - - - - - - - - - - 28.26
Contribution by and Distribution to

Owners
Dividends (includes Dividend

Distribution Tax) - - - - - - (330.41) ## - - (330.41) (3.36) (333.77)
Transfer to Retained Earnings - - (62.50) - - - 62.50 - - - - -
Transfer from Retained Earnings - - 145.42 1,600.00 - - (1,745.42) - - - - -
Employees Stock Options Exercised - 27.12 - - (11.50) - - - - 15.62 - 15.62
Employees Stock Options Granted - - - - 7.85 - - - - 7.85 - 7.85
Total Contribution by and distribution

to owners - 27.12 82.92 1,600.00 (3.65) - (2,013.33) - - (306.94) (3.36) (310.30)
Loss of Control in Subsidiary - - - - - - - - - - 7.38 7.38
Balance as at March 31, 2018 170.72 69.67 324.17 20,024.73 17.29 - 5,338.86 78.74 82.37 26,106.55 16.02 26,122.57
#
@
Net of Deferred Tax amounting to ` (3.57) Crores.
** Net of Deferred Tax amounting to ` 11.53 Crores.
##
Dividend of ` 10/- per share and including Dividend Distribution Tax of ` 55.89 Crores.


S.K. CHATTERJEE

Consolidated Cash Flow Statement for the year ended March 31, 2019
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
A. Cash Flow from Operating Activities:
Profit Before tax 3,538.37 3,301.47
Adjustments for:
Depreciation and Amortisation 2,139.80 1,847.93
Gain on Fair Valuation of Investments (120.36) (263.57)
Gain on Fair Valuation of VAT Deferment Loan (45.49) (3.86)
Gain on Fair Value movement in Derivative Instruments (30.07) (3.07)
Unrealised Exchange Loss 32.19 -
Share in (Profit)/Loss on equity accounted investment (0.54) 0.13
Impairment on deconsolidation of subsidiary - 45.46
Impairment in Assets - 74.86
Compensation Expenses under Employees Stock Options Scheme 9.60 7.85
Allowances for credit losses on Advances/debts (net) 12.10 22.93
Bad Debts Written-off 0.66 0.06
Excess Provision written back (net) (50.91) (136.88)
Provision for Mines Restoration - (Release)/Charge (6.69) 30.53
Interest and Dividend Income (94.48) (66.11)
Finance Costs 1,548.57 1,237.60
(Profit)/Loss on Sale/Retirement of Property, Plant and Equipment (net) (3.33) 5.44
Profit on Sale of Current and Non-Current Investments (net) (122.08) (114.81)
Operating Profit before Working Capital Changes 6,807.34 5,985.96
Movements in working capital:
Increase in Trade payables and other Liabilities 1,053.66 346.15
Increase/(Decrease) in Provisions (63.39) 164.50
(Increase) in Trade receivables (313.39) (454.00)
(Increase) in Inventories (241.61) (622.62)
(Increase) in Financial and Other Assets (1,372.70) (689.38)
Cash generated from Operations 5,869.92 4,730.61
Taxes paid (net of refund) (710.05) (842.89)
Net Cash generated from Operating Activities (A) 5,159.87 3,887.72
B. Cash Flow from Investing Activities:
Purchase of Property, Plant and Equipment (1,660.67) (2,096.50)
Sale of Property, Plant and Equipment 156.76 219.90
Expenditure for Cost of transfer of Assets (52.32) (6.16)
Sale of Liquid Investment (net) 122.08 13.80
Purchase of Investments (1,700.00) (3,960.23)
Sale of Investments 4,356.35 5,574.22
Investment in Non-Current Bank deposits (1.36) (2.33)
Investment in Joint Venture and Associates (7.95) (0.83)
Investment in Preference Shares (20.00) -
Redemption of Preference Shares 20.00 -
Redemption/(Investment) in Other Bank deposits (108.74) 2,052.75
Interest Received 102.10 66.95
Net Cash generated from Investing Activities (B) 1,206.25 1,861.57

Consolidated Cash Flow Statement for the year ended March 31, 2019 (Continued)
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
C. Cash Flow from Financing Activities:
Proceeds from Issue of Share Capital on exercise of ESOS 5.21 15.72
Transaction Cost on cancellation of equity shares of Subsidiary (1.50) -
Purchase of Treasury Shares (81.21) -
Repayment of Non-Current Borrowings (13,869.21) (6,354.71)
Proceeds from Non-Current Borrowings 9,801.03 15,775.12
Repayment of Short-Term Borrowings (net) (69.53) (2,940.74)
Repayment of Borrowings transferred from JAL and JCCL, pursuant to - (10,686.55)
Scheme of Arragement
Interest Paid (1,483.66) (1,209.85)
Dividend Paid Including Dividend Distribution Tax (346.16) (334.04)
Net Cash used in Financing Activities (C) (6,045.03) (5,735.05)
Net Increase in Cash and Cash Equivalents (A + B + C) 321.09 14.24
Cash and Cash Equivalents at the Beginning of the Year 77.19 58.80
Cash and Cash Equivalents transferred from UNCL 38.52 -
Effect of Exchange rate fluctuation on Cash and Cash Equivalents 0.45 4.15
Cash and Cash Equivalents at the end of the Year (Refer Note 12) 437.24 77.19
Notes:
1. Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section
133 of the Act.
2. Purchase of Property, Plant and Equipment includes movements of capital work-in-progress (including capital
advances) during the year.
3. The Scheme of arrangement between JAL, JCCL and the Company does not involve any cash outflow and the
consideration has been discharged through issue of debentures and preference shares. (Refer Note 42)
4. Repayment of Borrowings includes amount paid to financial creditors as per the resolution plan. (Refer Note 41)
5. Changes in liabilities arising from financing activities
As at Cashflows Non-Cash changes As at
March 31, 2018 March 31, 2019
Particulars On account of Others on account
foreign exchanges of acquisition
rates (Refer note 41)
Non-Current Borrowing (including current
maturities of Non-Current Borrowing) 16,716.78 (4,068.18) 124.29 7,321.14 20,094.03
Current Borrowing 2,763.44 (69.53) (4.72) 35.13 2,724.32
19,480.22 (4,137.71) 119.57 7,356.27 22,818.35

The accompanying notes form an integral part of the Consolidated Financial Statements

S.K. CHATTERJEE

Notes to Consolidated Financial Statements
Note 1(A) Company Overview and Significant Accounting Policies:
Company Overview
UltraTech Cement Limited (“the Holding Company”) is a Public Limited Company incorporated in India having its
registered office at Mumbai, Maharashtra, India. The Holding Company and its subsidiaries are engaged in the
manufacture and sale of Cement and Cement related products. The Holding Company, its subsidiaries, associates
and joint venture together referred to as “the Company” or “the Group”.
Significant Accounting Policies

(a) Statement of Compliance:
These consolidated financial statements (hereinafter referred to as “financial statements”) are prepared in
accordance with the Indian Accounting Standards (“Ind AS”) as per the Companies (Indian Accounting Standards)
Rules, 2015 notified under Section 133 of Companies Act, 2013 (“the Act’’) and amendments thereto, other relevant
provisions of the Act and guidelines issued by the Securities and Exchange Board of India (“SEBI”), as applicable.
The financial statements were authorised for issue by the Board of Directors of the Company at their meeting
held on April 24, 2019.
(b) Basis of Preparation and Presentation:

Basis of Preparation
The financial statements have been prepared on a historical cost basis, except for the following assets and
liabilities:
(i) Derivative Financial Instruments measured at fair value
(ii) Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial
instruments)
(iii) Assets held for disposal – measured at the lower of its carrying amount and fair value less costs to sell
(iv) Employee’s Defined Benefit Plan as per actuarial valuation.
(v) Assets and liabilities acquired under Business Combination measured at fair value; and
(vi) Employee share based payments measured at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date under current market conditions, regardless of whether
that price is directly observable or estimated using another valuation technique. In determining the fair value
of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market
participants would take those characteristics into account when pricing the asset or liability at the measurement
date.
Functional and Presentation Currency

(i) The financial statements are presented in Indian Rupees, which is the functional currency of the Company
and the currency of the primary economic environment in which the Company operates.
(ii) Figures less than ` 50,000 have been shown at actual, wherever statutorily required to be disclosed, all other
figures have been rounded off to the nearest ` in lakhs, unless otherwise stated.
Classification of Assets and Liabilities into Current/Non-Current

The Company has ascertained its operating cycle as twelve months for the purpose of Current / Non-Current
classification of its Assets and Liabilities.

Notes to Consolidated Financial Statements (Continued)
For the purpose of Balance Sheet, an asset is classified as current if:
(i) It is expected to be realised, or is intended to be sold or consumed, in the normal operating cycle; or
(iii) It is expected to realise the asset within twelve months after the reporting period; or
(iv) The asset is a cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting period.
All other assets are classified as non-current.
Similarly, a liability is classified as current if:

(i) It is expected to be settled in the normal operating cycle; or
(iii) It is due to be settled within twelve months after the reporting period; or
(iv) The Company does not have an unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period. Terms of a liability that could result in its settlement by the issue of equity
instruments at the option of the counterparty does not affect this classification.
All other liabilities are classified as non-current.
(c) Property, Plant and Equipment (PPE):

The initial cost of PPE comprises its purchase price, including import duties and non-refundable purchase taxes,
and any directly attributable costs of bringing an asset to working condition and location for its intended use,
including relevant borrowing costs and any expected costs of decommissioning.
Subsequent costs are included in the assets’s carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the
cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the Statement
of Profit and Loss during the period in which they were incurred.
If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items
(major components) of PPE.
Material items such as spare parts, stand-by equipment and service equipment are classified as PPE when they
meet the definition of PPE as specified in Ind AS 16 – Property, Plant and Equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in the Statement of Profit
and Loss.
(d) Expenditure during construction period:

Expenditure/ Income during construction period (including financing cost related to borrowed funds for construction
or acquisition of qualifying PPE) is included under Capital Work-in-Progress and the same is allocated to the
respective PPE on the completion of their construction. Advances given towards acquisition or construction of
PPE outstanding at each reporting date are disclosed as Capital Advances under “Other non-current Assets”.
(e) Depreciation:
Depreciation is the systematic allocation of the depreciable amount of PPE over its useful life and is provided on
a straight-line basis over the useful lives as prescribed in Schedule II to the Act or as per technical assessment.
Freehold Land with indefinite life is not depreciated.

Depreciable amount for PPE is the cost of PPE less its estimated residual value. The useful life of PPE is the
period over which PPE is expected to be available for use by the Company, or the number of production or similar
units expected to be obtained from the asset by the Company.
In case of certain classes of PPE, the Company uses different useful lives than those prescribed in Schedule II
to the Act. The useful lives have been assessed based on technical advice, taking into account the nature of the
PPE and the estimated usage of the asset on the basis of management’s best estimation of obtaining economic
benefits from those classes of assets.
Such classes of assets and their estimated useful lives are as under:
No Nature Estimated Useful life

1 Buildings 3-60 Years
2 Leasehold land Over the lease agreement
3 Plant & machinery 8-30 Years
4 Office Equipment 4-7 Years
5 Furniture and Fixtures 7-12 Years
6 Mobile Phones 3 Years
7 Company Vehicles (other than those provided to the employees) 5-12 Years
8 Motor Cars given to the employees as per the Company’s Scheme 4-5 Years
9 Servers and Networks 3 Years
10 Stores and Spares in the nature of PPE 10-30 Years
11 Assets individually costing less than or equal to ` 10,000 Fully Depreciated in the year of
purchase
Depreciation on additions is provided on a pro-rata basis from the month of installation or acquisition and in case
of Projects from the date of commencement of commercial production. Depreciation on deductions/disposals is
provided on a pro-rata basis up to the month preceding the month of deduction/disposal.
(f) Intangible Assets and Amortisation:

• Internally generated Intangible Assets:
Expenditure pertaining to research is expensed out as and when incurred. Expenditure incurred on
development is capitalised if such expenditure leads to creation of an asset, otherwise such expenditure is
charged to the Statement of Profit and Loss.
• Intangible Assets acquired separately:
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated
amortisation and accumulated impairment, if any. The Company determines the amortisation period as the
period over which the future economic benefits will flow to the Company after taking into account all relevant
facts and circumstances. The estimated useful life and amortisation method are reviewed periodically, with
the effect of any changes in estimate being accounted for on a prospective basis.
• Class of intangible assets and their estimated useful lives / basis of amortisation are as under:
No Nature Estimated Useful life / Basis of amortisation

1 Jetty Rights Over the period of the relevant agreement such that the cumulative
amortisation is not less than the cumulative rebate availed by the Company.
2 Mining Rights Over the period of the respective mining agreement
3 Mining Reserve On the basis of mineral material extraction (proportion of mineral material
extracted per annum to total mining reserve)
4 Software 3 Years

(g) Non-current assets (or disposal groups) classified as held for sale:
To classify any asset or disposal groups (comprising assets and liabilities) as “Asset / Disposal groups held
for sale” they must be available for immediate sale and its sale must be highly probable. Such assets or group
of assets / liabilities are presented separately in the Balance Sheet, in the line “Assets / Disposal groups held
for sale” and “Liabilities included in disposal group held for sale” respectively. Once classified as held for sale,
intangible assets and PPE are no longer amortised or depreciated.
Such assets or disposal groups held for sale are stated at the lower of carrying amount and fair value less costs
to sell.
(h) Impairment of Non-Financial Assets:

At the end of each reporting period, the Company reviews the carrying amounts of non-financial assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the
recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent
basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or
otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent
allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment
at least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised immediately in Statement of Profit and Loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the
(i) Inventories:
Inventories are valued as follows:
• Raw materials, fuel, stores & spare parts and packing materials:
Valued at lower of cost and net realisable value (NRV). However, these items are considered to be realisable
at cost, if the finished products, in which they will be used, are expected to be sold at or above cost. Cost is
determined on weighted average basis which includes expenditure incurred for acquiring inventories like
purchase price, import duties, taxes (net of tax credit) and other costs incurred in bringing the inventories
to their present location and condition.
• Work-in- progress (WIP), finished goods, stock-in-trade and trial run inventories:
Valued at lower of cost and NRV. Cost of Finished goods and WIP includes cost of raw materials, cost of
conversion and other costs incurred in bringing the inventories to their present location and condition. Cost
of inventories is computed on weighted average basis.

• Waste / Scrap:
Waste / Scrap inventory is valued at NRV.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make the sale.
(j) Employee Share based payments:
Equity-settled share-based payments to employees are measured at the fair value of the employee stock options
at the grant date.
The fair value determined at the grant date of the equity-settled share-based payments is amortised over the vesting
period, based on the Company’s estimate of equity instruments that will eventually vest, with a corresponding
increase in equity.
At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected
to vest. The impact of the revision of the original estimates, if any, is recognised in the Statement of Profit and
Loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the
equity-settled employee benefits reserve.
For Stock Appreciation Rights (“SARs”) which are cash-settled share-based payments, the fair value of liability
is recognised for the services acquired over the period that the employees unconditionally become entitled to the
payment. At the end of each reporting period until the liability is settled, and at the date of settlement, the liability
is re-measured based on fair value of the SAR’s and any changes in fair value of the liability are recognised in the
(k) Borrowing Costs:
General and specific borrowing costs that are attributable to the acquisition, construction or production of a
qualifying asset are capitalised as part of the cost of such asset till such time the asset is ready for its intended
use and borrowing costs are being incurred. A qualifying asset is an asset that necessarily takes a substantial
period of time to get ready for its intended use. All other borrowing costs are recognised as an expense in the
period in which they are incurred.
Borrowing cost includes interest expense, amortization of discounts, hedge related cost incurred in connection
with foreign currency borrowings, ancillary costs incurred in connection with borrowing of funds and exchange
difference arising from foreign currency borrowings to the extent they are regarded as an adjustment to the
Interest cost.
(l) Government Grants:
Government grants, related to assets, are recognised in the Statement of Profit and Loss on a systematic basis over
the periods in which the Company recognises the related costs for which the grants are intended to compensate.
Government grants related to income under State Investment Promotion Scheme linked with VAT / GST payment,
are recognised in the Statement of Profit and Loss in the period in which they become receivable.
Government grants are not recognised until there is reasonable assurance that the Company will comply with
the conditions attached to them and that the grants will be received.
The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured
as the difference between proceeds received and the fair value of the loan based on prevailing market interest
rates and is being recognised in the Statement of Profit and Loss.

(m) Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such
an obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments
of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is
recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each reporting date
and are adjusted to reflect the current best estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will
be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability.
Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company.
Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not
disclosed as contingent liabilities.
Contingent assets are not recognised or disclosed in financial statements since this may result in the recognition
of income that may never be realised. However, when the realisation of income is virtually certain, then the related
asset is not a contingent asset and is recognised.
(n) Mines Restoration Provision:

An obligation for restoration, rehabilitation and environmental costs arises when environmental disturbance
is caused by the development or ongoing extraction from mines. Costs arising from restoration at closure of
the mines and other site preparation work are provided for based on their discounted net present value, with a
corresponding amount being capitalised at the start of each project. The amount provided for is recognised, as
soon as the obligation to incur such costs arises. These costs are charged to the Statement of Profit and Loss over
the life of the operation through the depreciation of the asset and the unwinding of the discount on the provision.
The cost are reviewed periodically and are adjusted to reflect known developments which may have an impact on
the cost or life of operations. The cost of the related asset is adjusted for changes in the provision due to factors
such as updated cost estimates, new disturbance and revisions to discount rates. The adjusted cost of the asset
is depreciated prospectively over the lives of the assets to which they relate. The unwinding of the discount is
shown as a finance cost in the Statement of Profit and Loss.
(o) Revenue Recognition:

(i) Revenue from Contracts with Customers
• Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services
to a customer for an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services.
• Revenue is measured at the fair value of consideration received or receivable taking into account the
amount of discounts, incentives, volume rebates, outgoing taxes on sales. Any amounts receivable from
the customer are recognised as revenue after the control over the goods sold are transferred to the
customer which is generally on dispatch/delivery of goods.
• Variable consideration - This includes incentives, volume rebates, discounts etc. It is estimated at
contract inception considering the terms of various schemes with customers and constrained until it
is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised

will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
It is reassessed at end of each reporting period.
• Significant financing component - Generally, the Company receives short-term advances from its
customers. Using the practical expedient in Ind AS 115, the Company does not adjust the promised
amount of consideration for the effects of a significant financing component if it expects, at contract
inception, that the period between the transfer of the promised good or service to the customer and
when the customer pays for that good or service will be one year or less.
(ii) Dividend income is accounted for when the right to receive the income is established.
(iii) Interest income is recognised using the Effective Interest Method.
(p) Lease :
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee. All other leases are classified as Operating Leases.
Operating Lease: Lease rentals are charged or recognised in the Statement of Profit and Loss on a straight-line
basis over the lease term, except where the payment are structured to increase in line with expected general
inflation to compensate for the expected inflationary cost increase.
Finance Lease: Assets held under finance leases are recognised as assets of the Company at their fair value at
the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding
liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned
between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are charged to the Statement of Profit and Loss, unless they
are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company’s
policy on borrowing costs.
(q) Employee benefits:

Gratuity
The gratuity, a defined benefit plan, payable to the employees is based on the Employees’ service and last drawn
salary at the time of the leaving of the services of the Company and is in accordance with the Rules of the Company
for payment of Gratuity. Liability with regards to gratuity plan is determined using the projected unit credit method,
with actuarial valuations being carried out by a qualified independent actuary at the end of each annual reporting
period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling
(if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the Balance
Sheet with a charge or credit recognised in Other Comprehensive Income (OCI) in the period in which they occur.
Re-measurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to
Statement of Profit and Loss. Past service cost is recognised in the Statement of Profit and Loss in the period of
a plan amendment. Interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset and is recognised in the Statement of Profit and Loss. Defined benefit costs are
categorised as follows:
• service cost (including current service cost, past service cost, as well as gains and losses on curtailments
and settlements);
• net interest expense or income; and
• re-measurement
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by
reference to market yields at the end of the reporting period on government bonds.

The defined benefit obligation recognised in the Balance Sheet represents the actual deficit or surplus in the
Company’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of
any economic benefits available in the form of refunds from the plans or reductions in future contributions to the
plans.
Superannuation
Certain employees of the Company are eligible for participation in defined contribution plans such as superannuation
and national pension fund. Contributions towards these funds are recognized as an expense periodically based
on the contribution by the Company, since Company has no further obligation beyond its periodic contribution.
Provident Fund
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, which is a
defined benefit plan, for which both the employees and the Company make monthly contributions at a specified
percentage of the covered employees’ salary. The contributions as specified under the law are made to the
approved provident fund which is set up by the Company. The Company is liable for annual contributions and any
shortfall in the fund assets based on the government specified minimum rates of return and recognises such
contributions and shortfall, if any, as an expense in the year incurred.
Other employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and
sick leave in the period the related service is rendered.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of
the benefits expected to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured using the projected unit
credit method by a qualified independent actuary at the end of each annual reporting period, at the present value
of the estimated future cash outflows expected to be made by the Company in respect of services provided by
employees up to the reporting date. Re-measurement gains / losses are recognised in the Statement of Profit
and Loss in the period in which they arise.
(r) Income Taxes:

Income Tax expenses comprise current tax and deferred tax charge or credit.
Current Tax is measured on the basis of estimated taxable income for the current accounting period in accordance
with the applicable tax rates and the provisions of the Income-tax Act, 1961 and other applicable tax laws.
Deferred tax is recognised, on all temporary differences at the reporting date between the tax base of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities
are measured at the tax rates that are expected to be applied to the temporary differences when they reverse,
based on the laws that have been enacted or substantively enacted at the reporting date. Tax relating to items
recognised directly in equity or OCI is recognised in equity or OCI and not in the Statement of Profit and Loss.
MAT Credits are in the form of unused tax credits that are carried forward by the Company for a specified period
of time, hence it is grouped with Deferred Tax Asset. MAT is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income tax during the specified period.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax
assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities; and the deferred tax assets and the deferred tax liabilities relate to income taxes
levied by the same taxation authority.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date
and are recognised / reduced to the extent that it is probable / no longer probable respectively that the related
tax benefit will be realised.
(s) Earnings Per Share:
Basic Earnings Per Share (“EPS”) is computed by dividing the net profit / (loss) after tax for the year attributable
to the equity shareholders by the weighted average number of equity shares outstanding during the year. The
weighted average number of equity shares outstanding during the year is adjusted for treasury shares.
For the purpose of calculating diluted earnings per share, net profit / (loss) after tax for the year attributable
to the equity shareholders is divided by the weighted average number of equity shares which could have been
issued on the conversion of all dilutive potential equity shares and is adjusted for the treasury shares held by the
Company to satisfy the exercise of the share options by the employees.
(t) Foreign Currency transactions:
Transactions in currencies other than the Company’s functional currency (i.e. foreign currencies) are recognised
at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items
carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date
when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate as at the date of initial transactions.
Exchange differences on monetary items are recognised in the Statement of Profit and Loss in the period in which
they arise except for:
• exchange differences on foreign currency borrowings relating to assets under construction for future
productive use, which are included in the cost of those assets when they are regarded as an adjustment to
interest costs on those foreign currency borrowings;
• exchange differences relating to qualifying effective cash flow hedges and qualifying net investment hedges
in foreign operations which are recognised in OCI.
(u) Foreign operations:
The assets and liabilities of foreign operations including goodwill and fair value adjustments arising on acquisition
are translated into INR, the functional currency of the Company, at the exchange rates at the reporting date.
The income and expenses of foreign operations are translated into INR at the exchange rates at the dates of the
transactions or an average rate if the average rate approximates the actual rate at the date of the transaction.
Exchange differences are recognized in OCI and accumulated in equity (as exchange differences on translating
the financial statements of a foreign operation), except to the extent that the exchange differences are allocated
to NCI.
When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint
control is lost, the cumulative amount of exchange differences related to that foreign operation recognized in
OCI is reclassified to Statement of Profit and Loss as part of the gain or loss on disposal. If the Group disposes
of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is
re-allocated to NCI. When the Group disposes of only a part of its interest in an associate or a joint venture while
retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to

(v) Financial Instruments:
Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual
provisions of the instruments.
Initial Recognition:
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss and ancillary costs related to borrowings) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
through profit or loss are charged to the Statement of Profit and Loss over the tenure of the financial assets or
financial liabilities.
Classification and Subsequent Measurement: Financial Assets

The Company classifies financial assets as subsequently measured at amortised cost, Fair Value through Other
Comprehensive Income (“FVOCI”) or Fair Value through Profit or Loss (“FVTPL”) on the basis of following:
• the entity’s business model for managing the financial assets and
• the contractual cash flow characteristics of the financial asset.
Amortised Cost:
A financial asset shall be classified and measured at amortised cost if both of the following conditions are met:
• the financial asset is held within a business model whose objective is to hold financial assets in order to
collect contractual cash flows and
In case of financial assets classified and measured at amortised cost, any interest income, foreign exchange
gains or losses and impairment are recognised in the Statement of Profit and Loss.
Fair Value through OCI:

A financial asset shall be classified and measured at fair value through OCI if both of the following conditions are
met:
• the financial asset is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and
Fair Value through Profit or Loss:

A financial asset shall be classified and measured at fair value through profit or loss unless it is measured at
amortised cost or at fair value through OCI.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,
depending on the classification of the financial assets.
For financial assets at FVTPL, net gains or losses, including any interest or dividend income, are recognised in
the Statement of Profit and Loss.

Classification and Subsequent Measurement: Financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or ‘other financial liabilities’.
Financial Liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or is a derivative
(except for effective hedge) or are designated upon initial recognition as FVTPL.
Gains or Losses, including any interest expense on liabilities held for trading are recognised in the Statement of
Profit and Loss.
Other Financial Liabilities:

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at
amortised cost using the effective interest method.
The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period,
to the amortised cost on initial recognition.
Interest expense (based on the effective interest method), foreign exchange gains and losses, and any gain or
loss on derecognition is recognised in the Statement of Profit and Loss.
Impairment of financial assets:

Expected credit losses are recognized for all financial assets subsequent to initial recognition other than financial
assets in FVTPL category. For financial assets other than trade receivables, as per Ind AS 109, the Company
recognises 12 month expected credit losses for all originated or acquired financial assets if at the reporting date
the credit risk of the financial asset has not increased significantly since its initial recognition. The expected credit
losses are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly
since its initial recognition.
The Company’s trade receivables do not contain significant financing component and as per simplified approach,
loss allowances on trade receivables are measured using provision matrix at an amount equal to life time expected
losses i.e. expected cash shortfall.
The impairment losses and reversals are recognised in Statement of Profit and Loss.
Derecognition of financial assets and financial liabilities:

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to
another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership
and continues to control the transferred asset, the Company recognises its retained interest in the asset and an
associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards
of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also
recognises an associated liability for amounts it has to pay.
On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the
consideration received and receivable and the cumulative gain or loss that had been recognised in OCI and
accumulated in equity is recognised in the Statement of Profit and Loss.
The Company de-recognises financial liabilities when and only when, the Company’s obligations are discharged,
cancelled or have expired. The difference between the carrying amount of the financial liability de-recognised
and the consideration paid and payable is recognised in the Statement of Profit and Loss.

Financial Guarantee Contract Liabilities:
Financial Guarantee Contract Liabilities are disclosed in financial statements in accordance with Ind AS 37 -
Provisions, Contingent Liabilities and Contingent Assets.
(w) Cash and cash equivalents:

Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand and short-term deposits
with banks that are readily convertible into cash which are subject to insignificant risk of changes in value and
are held for the purpose of meeting short-term cash commitments.
(x) Financial liabilities and equity instruments:

• Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity
in accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument.
• Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by a Company are recognised at the proceeds received.
(y) Derivative financial instruments:

The Company enters into derivative financial instruments viz. foreign exchange forward contracts, interest
rate swaps and cross currency swaps to manage its exposure to interest rate, foreign exchange rate risks and
commodity prices. The Company does not hold derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are
subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is
recognised in profit or loss immediately excluding derivatives designated as cashflow hedge.
(z) Hedge accounting:

The Company designates certain hedging instruments in respect of foreign currency risk, interest rate risk and
commodity price risk as cash flow hedges. At the inception of the hedge relationship, the entity documents the
relationship between the hedging instrument and the hedged item, along with its risk management objectives
and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an
ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes
in fair values or cash flows of the hedged item attributable to the hedged risk.
The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow
hedges is recognised in OCI and accumulated under equity. The gain or loss relating to the ineffective portion is
recognised immediately in profit or loss.
Amounts previously recognised in OCI and accumulated in equity relating to effective portion as described above
are reclassified to Statement of Profit or Loss in the periods when the hedged item affects the Statement of Profit
or Loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results
in the recognition of a non-financial asset or a non-financial liability, such gains and losses are transferred from
equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated, or
exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognised in OCI and accumulated
in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised
in the Statement of Profit and Loss. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in equity is recognised immediately in the Statement of Profit and Loss.

(aa) Segment Reporting: Identification of Segments:
An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expenses, whose operating results are regularly reviewed by the company’s Chief Operating
Decision Maker (“CODM”) to make decisions for which discrete financial information is available. Based on the
management approach as defined in Ind AS 108, the CODM evaluates the Company’s performance and allocates
resources based on an analysis of various performance indicators by business segments and geographic segments.
(bb) Goodwill:
Goodwill arising out of Consolidation of financial statements of subsidiaries are tested for impairment at each
reporting date.
(cc) Business Combination:

The Company applies the acquisition method in accounting for business combinations. The consideration
transferred by the Company to obtain control of a business is calculated as the sum of the fair values of assets
transferred, liabilities incurred and the equity interests issued by the Company as at the acquisition date i.e. date
on which it obtains control of the acquiree which includes the fair value of any asset or liability arising from a
contingent consideration arrangement. Acquisition-related costs are recognised in the statement of profit and
loss as incurred, except to the extent related to the issue of debt or equity securities.
Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair
values on acquisition-date.
Intangible Assets acquired in a Business Combination and recognised separately from Goodwill are initially
recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a Business Combination are reported at cost less
accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are
acquired separately.
Goodwill is measured as the excess of the aggregate of the consideration transferred and the amount recognised
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities
assumed. Such goodwill is tested annually for impairment. If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the excess is termed as bargain purchase.
In case of a bargain purchase, before recognizing a gain in respect thereof, the Company determines whether
there exists clear evidence of the underlying reasons for classifying the business combination as a bargain
purchase thereafter, the Company reassesses whether it has correctly identified all the assets acquired and
liabilities assumed and recognises any additional assets or liabilities that are so identified, any gain thereafter
is recognised in OCI and accumulated in equity as Capital Reserve. If there does not exist clear evidence of the
underlying reasons for classifying the Business combination as a bargain purchase, the Company recognises the
gain, after reassessing and reviewing, directly in equity as Capital Reserve.
Contingent consideration is classified either as equity or financial liability. Amount classified as financial liability
are subsequently re-measured to fair value with changes in fair value recognised in statement of profit and loss.
(dd) Discontinued Operations:

A discontinued operation is a component of the group’s business, the operations and cashflows of which can be
clearly distinguished from those of the rest of the group and which represent a separate major line of business
or geographical area of operations and
- Is a part of single coordinated plan to dispose of a separate major line of business or geographical area of
operations; or
- Is a subsidiary acquired exclusively with a view to re-sale.

Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be
classified as held for sale, if earlier.
When an operation is classified as a discontinued operation, the comparative Statement of Profit and Loss is
represented as if the operation had been discontinued from the start of the comparative period.
Note 1(B) Critical accounting judgements and key sources of estimation uncertainty:
The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods.
(a) Critical judgments in applying accounting policies:

In the process of applying the Company’s accounting policies, management has made the following judgments,
which have the most significant effect on the amounts recognised in the consolidated financial statements.
Classification of Madanpur (North) Coal Company Limited as Investment in an Associate:
A Joint Venture Company (JV) “Madanpur (North) Coal Company Limited” was formed by allocatees of Madanpur
North Coal Block. As per Ind AS 111, when all the parties, or a group of parties, considered collectively, are able to
direct the activities that significantly affect the returns of the arrangement (i.e. the relevant activities), the parties
control the arrangement collectively. Also, joint control exists only when decisions about the relevant activities
require the unanimous consent of all the parties. In terms of the JV agreement between the parties, each JV
partner has right to nominate one director on the board of JV and major decisions shall be taken by a majority of
75% of the directors present. Since there is no unanimous consent required from the parties, in the judgement
of the management the Company does not have joint control over the JV. However, considering the Company’s
representation in the board and the extent of its ability to exercise the influence over the decision over the relevant
activities, the JV has been considered as an associate and accounted under the equity method.
Non Classification of Awam Minerals LLC, Oman (AWAM) as an Associate:
During the year, UltraTech Cement Middle East Investments Limited (“UCMEIL”), the Company’s wholly-owned
subsidiary in UAE, which held 51% equity in AWAM, transferred 14% of its holding in AWAM. Consequent to dilution
of its stake and as per terms of the restructuring agreement, UCMEIL ceased to have management control as
well as does not have any power to participate in financial and operating policy decision of AWAM. AWAM thus
ceased to be a subsidiary as well as an associate of UCMEIL.
(b) Key assumptions:

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control
of the Company. Such changes are reflected in the assumptions when they occur.
(i) Useful Lives of Property, Plant & Equipment and Intangible Assets:
The Company uses its technical expertise along with historical and industry trends for determining the
economic life of an asset/component of an asset. The useful lives are reviewed by management periodically
and revised, if appropriate. In case of a revision, the unamortised depreciable amount is charged over the
remaining useful life of the assets. In case of certain mining rights the amortisation is based on the extracted
quantity to the total mineral reserve.

(ii) Fair value measurement of financial instruments:
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including the Discounted Cash Flow model. The inputs to these models are taken from observable markets
where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.
Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.
(iii) Defined benefit plans:

The cost of the defined benefit gratuity plan, provident fund and other post-employment medical benefits
and the present value of the gratuity and provident fund obligation are determined using actuarial valuations.
An actuarial valuation involves making various assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future salary increases and mortality rates. Due
to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
(iv) Mines Restoration Obligation:

In determining the fair value of the Mines Restoration Obligation, assumptions and estimates are made in
relation to discount rates, the expected cost of mines restoration and the expected timing of those costs.
(v) Share-based payments:

The Company measures the cost of equity-settled transactions with employees using Black-Scholes model
and cash settled transactions with employees using Binomial Tree model to determine the fair value of the
liability incurred on the grant date. Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on the terms and conditions of
the grant.
This estimate also requires determination of the most appropriate inputs to the valuation model including
the expected life of the share option, volatility and dividend yield and making assumptions about them.
The assumptions and models used for estimating fair value for share-based payment transactions are
disclosed in Note 51.
(vi) Business Combination:

(a) Fair Valuation of Intangibles:
The Company has used royalty saved method for value analysis of limestone mining rights. The method
estimates the value of future savings in royalty payments over the life of the mine accruing to the Company,
by virtue of the transaction instead of obtaining the mining rights via the Government e-auction process.
The resulting post-tax cash flows for each of the years are recognised at their present value using a
Weighted Average Cost of Capital (‘WACC’) relating to the risk of achieving the mine’s projected savings.
(b) Fair Valuation of Tangibles:

Freehold land:
Freehold land was valued using the sales comparison method using prevailing rates of similar plots
of land, circle rates provided by department of revenue and general market intelligence based on size
of land parcel.
Leasehold land:
Leasehold land was valued basis the leasehold interest for the remaining duration of the lease.

Other Assets:
The cost approach has been adopted for fair valuing all the assets except vehicles which have been
measured at the old book values less depreciation.
The cost approach includes calculation of depreciated replacement cost using price trends applied to
historical cost and capitalisation of all the indirect cost, these trends are on the basis of price indices
obtained from recognized sources such as the RBI/ OEA or market intelligence. In the case of buildings
in cement plants, appropriate weightages have been applied to cement, iron & steel and labour indices
to arrive at the escalation factor and depreciating the same for past usage based on estimated total
and remaining useful life of the asset.
(vii) Disposal Groups:

The Company has used comparable market multiple approach to assess the fair value of the disposal group.
Under the market multiple approach, enterprise value of a company is determined by using multiples
derived from valuations of comparable companies, as manifested through stock market valuations of listed
companies considering Enterprise Value/ Revenue and Enterprise value/ EBITDA multiples based on their
market price and latest published financial information.
Appropriate adjustments are made (e.g. for debt and surplus assets) to arrive at the equity value of the
disposal group. (Refer Note 59)

` in Crores
NOTE 2: PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
As at Additions Other Additions Deductions/ As at As at Other For the Deductions/ As at As at
Particulars April 1, on Adjustments* Adjustments/ March 31 April 1, Adjustments* year Adjustments/ March 31 March 31
2018 Acquisition Held for 2019 2018 Held for 2019 2019
(Refer disposal disposal
Note 41)
A. Tangible Assets@
Land:
Freehold Land 5,428.88 297.60 0.51 121.53 (10.67) 5,859.19 - - - - - 5,859.19
Leasehold Land 932.56 135.43 (0.09) 74.98 127.63 1,015.25 48.16 (0.06) 47.77 7.12 88.75 926.50
Buildings 4,345.82 96.40 8.11 211.93 58.42 4,603.84 426.70 0.62 181.13 3.23 605.22 3,998.62
Railway Sidings 653.08 36.11 - 39.75 0.03 728.91 98.27 - 45.01 - 143.28 585.63
Own 28,047.86 2,263.72 79.71 1,685.38 2.65 32,074.02 3,461.31 8.64 1,653.52 16.37 5,107.10 26,966.92
Given on Lease 142.38 - - - 0.64 141.74 37.39 - 10.06 - 47.45 94.29
Office Equipment 149.84 3.04 (0.07) 37.19 14.13 175.87 84.94 (0.06) 28.88 12.41 101.35 74.52
Furniture and Fixtures 80.03 1.19 0.57 12.23 1.20 92.82 43.21 0.29 13.90 0.82 56.58 36.24
Vehicles 90.67 0.29 0.18 27.16 10.28 108.02 33.55 0.09 17.84 5.69 45.79 62.23
Total Tangible Assets 39,871.12 2,833.78 88.92 2,210.15 204.31 44,799.66 4,233.53 9.52 1,998.11 45.64 6,195.52 38,604.14
Software 52.76 - - 10.13 - 62.89 42.14 - 7.87 - 50.01 12.88
Mining Rights 161.81 - - 14.97 0.11 176.67 12.60 - 10.28 0.04 22.84 153.83
Mineral Reserve 2,715.87 1,712.50 - - - 4,428.37 39.07 - 72.30 - 111.37 4,317.00
Jetty Rights 182.86 - - - - 182.86 26.77 - 7.86 5.31 29.32 153.54
Power Line Rights 61.06 - 3.82 - - 64.88 12.37 0.73 4.43 - 17.53 47.35
Total Intangible Assets 3,174.36 1,712.50 3.82 25.10 0.11 4,915.67 132.95 0.73 102.74 5.35 231.07 4,684.60
(D) Intangible Assets under Development 3.80
Total Assets (A + B + C + D) 43,045.48 4,546.28 92.74 2,235.25 204.42 49,715.33 4,366.48 10.25 2,100.85 50.99 6,426.59 44,410.83
* On account of Foreign Currency Translation
@
Net Block of Tangible Assets, amounting to ` 17,961.06 Crores (March 31, 2018 ` 14,787.09 Crores) are pledged as security against the Secured Borrowings.

As at Transferred Other Additions Deductions/ As at As at Other For the Deductions/ As at As at
Particulars April 1, on Adjustments* Adjustments/ March 31 April 1, Adjustments* year Adjustments/ March 31 March 31
2017 Acquisition Held for 2018 2017 Held for 2018 2018
(Refer disposal disposal
Note 42)
A. Tangible Assets
Land:
Freehold Land 3,547.98 1,795.74 (0.15) 139.64 54.33 5,428.88 - - - - - 5,428.88
Leasehold Land 237.24 656.08 (0.03) 42.72 3.45 932.56 21.55 (0.02) 27.69 1.06 48.16 884.40
Buildings 2,766.01 1,388.03 0.01 214.57 22.80 4,345.82 269.44 - 161.73 4.47 426.70 3,919.12
Railway Sidings 444.14 80.64 - 128.30 - 653.08 58.64 - 39.63 - 98.27 554.81
Own 19,569.50 7,747.57 1.93 889.79 160.93 28,047.86 2,039.21 0.29 1,445.73 23.92 3,461.31 24,586.55
Given on Lease 143.43 - - - 1.05 142.38 28.83 - 8.56 - 37.39 104.99
Office Equipment 114.56 6.25 (0.03) 30.23 1.17 149.84 58.79 (0.02) 26.88 0.71 84.94 64.90
Furniture and Fixtures 71.03 2.19 - 7.29 0.48 80.03 29.84 0.01 13.99 0.63 43.21 36.82
Vehicles 62.79 13.19 (0.06) 20.48 5.73 90.67 18.83 (0.02) 17.39 2.65 33.55 57.12
Total Tangible Assets 26,956.68 11,689.69 1.67 1,473.02 249.94 39,871.12 2,525.13 0.24 1,741.60 33.44 4,233.53 35,637.59
Software 48.43 0.01 - 4.33 0.01 52.76 32.42 - 9.72 - 42.14 10.62
Mining Rights 164.17 - - 8.22 10.58 161.81 9.59 - 4.76 1.75 12.60 149.21
Mineral Reserve - 2,715.87 - - - 2,715.87 - - 39.07 - 39.07 2,676.80
Jetty Rights 182.86 - - - - 182.86 18.91 - 7.86 - 26.77 156.09
Power Line Rights 60.85 - 0.19 0.03 0.01 61.06 8.29 0.01 4.08 0.01 12.37 48.69
Total Intangible Assets 456.31 2,715.88 0.19 12.58 10.60 3,174.36 69.21 0.01 65.49 1.76 132.95 3,041.41
D. Intangible Assets under Development 0.91
Total Assets (A + B + C + D) 27,412.99 14,405.57 1.86 1,485.60 260.54 43,045.48 2,594.34 0.25 1,807.09 35.20 4,366.48 40,190.21
* On account of Foreign Currency Translation

` in Crores
NOTE 2: PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS (Continued)
Particulars
March 31, 2019 March 31, 2018
A. Depreciation and Amortisation for the year 2,100.85 1,807.09
Add: Obsolescence (Including impairment of ` 18.63 Crores (March 31, 2018
` 27.39 Crores) towards Assets classified as held for disposal) (Refer Note 59) 39.21 42.92
Less: Depreciation transferred to Pre-operative Expenses (0.25) (2.08)
Depreciation as per Statement of Profit and Loss 2,139.80 1,847.93
B. 1. Tangible Assets include assets for which ownership is not in the name of the Company – Gross Block of
` 412.26 Crores (March 31, 2018 ` 447.86 Crores).
2. Buildings include ` 12.13 Crores (March 31, 2018 ` 12.13 Crores) being cost of Debentures and Shares in a
company entitling the right of exclusive occupancy and use of certain premises.
3. Title of Immovable properties having Gross Block of ` 2,869.26 Crores (March 31, 2018 ` 3,037.86 Crores) and
Net Block of ` 2,786.23 Crores (March 31, 2018 ` 2,993.98 Crores) is yet to be transferred in the name of the
Company.
4. The amount of expenditures recognised in the carrying amount of an item of PPE in the course of its con-
struction:

Particulars
March 31, 2019 March 31, 2018
Pre-operative expenses pending allocation:
Raw Materials Consumed 0.39 0.92
Power and Fuel Consumed 8.56 7.32
Salary, Wages, Bonus, Ex-gratia and Provisions 6.63 24.11
Insurance 0.06 1.38
Depreciation 0.26 2.08
Finance Costs 6.45 2.44
Miscellaneous expenses 19.09 13.33
Total Pre-operative expenses 41.44 51.58
Less: Sale of Products / Other Income (1.38) -
Less: Trial Run production transferred to Inventory (8.46) (6.60)
Add: Brought forward from Previous Year 104.52 101.66
Less: Capitalised / Charged during the Year (85.81) (42.12)
Balance included in Capital Work-in-Progress 50.31 104.52
5. Movement in Goodwill:

Particulars
March 31, 2019 March 31, 2018
Opening Balance 1,036.30 1,085.11
Less: Derecognised Goodwill on loss of Control (Refer Note 36) - (55.07)
Add: Exchange difference recognised in foreign currency translation reserve 53.11 6.26
Add: Goodwill recognised on account of Business Combination (Refer Note 41) 1,757.69 -
Closing Balance 2,847.10 1,036.30

` in Crores
NOTE 3: INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
Particulars
Unquoted:
Equity Instruments:
Associates:
Madanpur (North) Coal Company (P) Limited 1,152,560 1.05 1,152,560 1.15
Add: Share in Profit/(Loss) of Associate 0.01 (0.10)
Less: Provision for impairment in value of Investment (0.22) (0.22)
0.84 0.83
Aditya Birla Renewables SPV 1 Limited 10,852,442 10.81 3,523,520 3.52
Add: Share in Profit/(Loss) of Associate 0.52 (0.04)
11.33 3.48
12.17 4.31
Joint Venture:
Bhaskarpara Coal Company Limited 8,141,050 8.15 8,141,050 8.14
Add: Share in Profit of Joint Venture 0.01 0.01
Less: Provision for impairment in value of Investment (1.65) (1.65)
6.51 6.50
Aggregate Value of:
Unquoted Investments 18.68 10.81
Aggregate amount of impairment in value of investment 1.87 1.87

` in Crores
NOTE 4: INVESTMENTS
Particulars
Unquoted
Investments measured at Fair value through Profit or Loss
Equity Instruments:
Face value of Omani Riyal 1 each fully paid:
AWAM Minerals LLC (Refer Note 36) 168,035 7.51 168,035 7.11
Raj Mahal Coal Mining Limited 1,000,000 1.00 1,000,000 1.00
Green Infra Wind Power 120,000 0.12 144,000 0.14
NU Power Wind Farm 39,548 0.04 39,548 0.04
Watsun Infrabuild Private Limited 203,115 0.24 - -
8.91 8.29
Preference Shares:
4.5% Cumulative Non-Convertible Redeemable
Aditya Birla Health Services Limited - - 2,000,000 15.30
7% Non-Cumulative Non-Convertible Redeemable
Aditya Birla Health Services Limited 2,000,000 16.00 - -
Units of Debt schemes of Various Mutual Funds 890.35 889.25
915.26 912.84
Quoted:
Tax Free Bonds 356.40 362.74
Taxable Corporate Bonds 114.50 211.39
1,386.16 1,486.97
Aggregate Value of:
Unquoted Investments 915.26 912.84
1,386.16 1,486.97

` in Crores
NOTE 5: LOANS
Non-current Current
2019 2018 2019 2018
Considered good, Secured:
Loans against House Property (Secured by way of title deeds) 0.01 0.01 - 0.01
Loans to Others (Secured by the way of shares lien with 986.73 - 63.97 -
the Company)
Considered good, Unsecured:
Security Deposits 123.98 118.37 112.44 100.20
Loans to Related Parties (Refer Note 45) - - - 2.86
Loans to Employees 12.60 8.62 7.30 7.95
1,123.32 127.00 183.71 111.02
NOTE 6: OTHER FINANCIAL ASSETS

Non-current Current
2019 2018 2019 2018

Interest Accrued on Deposits and Investments - - 6.13 18.45
Fixed Deposits with Bank with maturity greater than twelve
months* 20.09 18.73 - -
Government grants receivable - - 713.33 430.30
Others (Includes Insurance Claims, Railway Claims and
Other Receivables) - - 113.02 11.83
40.08 19.73 911.54 581.10
* Lodged as Security with Government Departments.
NOTE 7: DEFERRED TAX ASSETS (Net)

As at As at
Particulars
March 31, 2019 March 31, 2018
Provision allowed under tax on payment basis 0.84 0.09
Unabsorbed Losses 27.37 28.66
Others 3.31 -
31.52 28.75
Accumulated Depreciation (14.79) (19.32)
Others (4.67)
(19.46) (19.32)
Net Deferred Tax Asset 12.06 9.43

` in Crores
NOTE 8: OTHER NON-CURRENT ASSETS
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital Advances 1,862.90 2,134.80
Less: Provision for Impairment (30.58) (29.18)
1,832.32 2,105.62
2,814.70 2,668.43
NOTE 9: INVENTORIES (Valued at lower of cost and net realisable value, unless otherwise stated)
As at As at
Particulars
March 31, 2019 March 31, 2018
Raw Materials {includes in transit ` 42.81 Crores, (March 31, 2018: ` 17.13 Crores)} 385.88 317.87
Finished Goods {includes in transit ` 25.81 Crores, (March 31, 2018: ` 18.07 Crores)} 366.17 304.14
Stock-in-trade 30.35 11.11
Stores & Spares {includes in transit ` 5.57 Crores, (March 31, 2018: ` 5.04 Crores)} 1,053.66 926.65
Fuel {includes in transit ` 430.99 Crores, (March 31, 2018: ` 381.98 Crores)} 997.74 1,011.71
Packing Materials {includes in transit ` 0.24 Crores, (March 31, 2018: ` 0.06 Crores)} 62.26 74.24
Scrap (valued at net realisable value) 7.50 8.61
3,585.11 3,267.59
The Company follows suitable provisioning norms for writing down the value of Inventories towards slow moving,
non-moving and surplus inventory. Provision for the year ` 23.58 Crores (March 31, 2018 ` Nil Crores).
NOTE 10: CURRENT INVESTMENTS

As at As at
Particulars
March 31, 2019 March 31, 2018
Quoted:
Taxable Corporate Bonds 57.54 -
Government Securities 1.64 0.41
Unquoted:
Units of Debt Schemes of Various Mutual Funds 1,457.31 3,948.71
1,516.49 3,949.12
1,516.49 3,949.12

` in Crores
NOTE 11: TRADE RECEIVABLES
As at As at
Particulars
March 31, 2019 March 31, 2018
Considered good, Secured 651.26 557.55
Considered good, Unsecured 1,880.17 1,663.08
Significant increase in Credit Risk 59.69 48.99
2,591.12 2,269.62
Less: Allowances for credit losses (59.69) (48.99)
2,531.43 2,220.63
NOTE 12: CASH AND CASH EQUIVALENTS

As at As at
Particulars
March 31, 2019 March 31, 2018
Balance with banks (Current Account) 378.93 41.73
Cheques on hand 56.75 34.19
Cash on hand 1.56 1.27
437.24 77.19
NOTE 13: BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
As at As at
Particulars
March 31, 2019 March 31, 2018
Balance with banks # 1.69 -
Fixed Deposits with Banks* (Maturity more than three months and upto twelve 257.97 133.08
months)
Earmarked Balance with Bank for Unpaid Dividends 10.27 8.80
269.93 141.88
# Bank accounts freezed by Govt. Authorities, the balance of which is not available to the Company.
* Lodged as security with Government Departments ` 1.66 Crores (March 31, 2018 ` 0.51 Crores). Earmarked for
specific purpose ` 192.55 Crores (March 31, 2018 ` 126.10 Crores).
NOTE 14: OTHER CURRENT ASSETS

As at As at
Particulars
March 31, 2019 March 31, 2018
Advances to related parties (Refer Note 45) 10.59 5.73
Advances to Employees 6.38 5.32
Less: Provision for Impairment (35.90) -
531.73 454.12
Advances to suppliers 520.61 455.67
Others (Receivable from Gratuity Trust & Other Receivables) 77.63 81.84
1,188.71 1,036.22

` in Crores
NOTE 15 (a): EQUITY SHARE CAPITAL
Particulars
Authorised
Equity Shares of ` 10 each 280,000,000 280.00 280,000,000 280.00
Issued, Subscribed and Fully Paid-up
Equity Shares of ` 10 each fully paid-up 274,642,720 274.64 274,613,985 274.61
(a) Reconciliation of the Shares Outstanding at the
beginning and at the end of the year
Outstanding at the beginning of the year 274,613,985 274.61 274,507,906 274.51
Add: Shares issued under Employees Stock
Options Scheme (ESOS) 28,735 0.03 106,079 0.10
Outstanding at the end of the year 274,642,720 274.64 274,613,985 274.61
(b) Shares held by Holding Company
Grasim Industries Limited 165,335,150 165.34 165,335,150 165.34
(c) List of shareholders holding more than 5% of No. of Shares % Holding No. of Shares % Holding
Paid-up Equity Share Capital
Grasim Industries Limited 165,335,150 60.20% 165,335,150 60.21%
(d) Equity Shares of ` 10 each reserved for issue
under ESOS 316,974 0.32 144,499 0.14
(e) Aggregate number of Shares issued for
consideration other than cash during the period
of five years immediately preceding the reporting
date
Equity Shares of ` 10 each issued in the financial
year 2014-2015 as fully paid up to the shareholders
of JCCL, pursuant to the Scheme of Arrangement 141,643 0.14 141,643 0.14
(f) The Company has only one class of Equity Shares having a par value of ` 10 per share. Each shareholder is
eligible for one vote per share held except for Global Depository Receipts. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
(g) Pursuant to the Scheme of Amalgamation of SCL with the Company in the year 2014, the Company issued
149,533,484 Equity Shares of ` 10 each issued as fully paid up, for a consideration other than cash, to the
shareholders of erstwhile Samruddhi Cement Limited (SCL), {Excluding issue of 8,503 Equity Shares kept in
abeyance against shares of Grasim Industries Limited}.

` in Crores
NOTE 15 (b): OTHER EQUITY
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital Reserve 170.72 170.72
Securities Premium 77.97 69.67
Debenture Redemption Reserve 366.25 324.17
General Reserve 21,824.73 20,024.73
Share Option Outstanding Reserve 23.00 17.29
Treasury Shares (81.21) -
Retained Earnings 5,573.50 5,338.86
Cash Flow Hedge Reserve 32.21 78.74
Exchange differences on translating the financial statements of foreign operations 126.48 82.37
Total Other Equity 28,113.66 26,106.55
The Description of the nature and purpose of each reserve within equity is as follows:
(a) Capital Reserve: Company’s capital reserve is mainly on account of acquisition of cement business of Larsen
& Toubro Ltd., Gujarat Units of Jaypee Cement Corporation Ltd (JCCL) and cement capacities of 21.2 MTPA of
Jaiprakash Associates Ltd (JAL) and JCCL, being excess of the net assets acquired over the consideration paid.
(b) Securities Premium: Securities premium is credited when shares are issued at premium. It is utilised in
accordance with the provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares
or debentures, equity related expenses like underwriting costs, etc.
(c) Debenture Redemption Reserve (DRR): The Company has issued redeemable non-convertible debentures.
Accordingly, the Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the company to
create DRR out of profits of the company available for payment of dividend. DRR is required to be created for an
amount which is equal to 25% of the value of debentures issued.
(d) General reserve: The Company has transferred a portion of the net profit of the Company before declaring
dividend to general reserve pursuant to the earlier provision of Companies Act, 1956. Mandatory transfer to
general reserve is not required under the Act.
(e) Shares Options Outstanding Reserve: The Company has three share option schemes under which options to
subscribe for the Company’s shares have been granted to certain executives and senior employees. The share-
based payment reserve is used to recognise the value of equity-settled share-based payments provided to
employees, including key management personnel, as part of their remuneration. Refer to Note 49 for further
details of these plans.
(f) Treasury Shares: The Company has formed an Employee Welfare Trust for purchasing Company’s share to be
allotted to eligible employees under Employees Stock Option Scheme, 2018 (ESOS 2018). As per Ind AS 32 -
Financial Instruments: Presentation, Reacquired equity shares of the Company are called Treasury shares and
deducted from equity.
(g) Cashflow Hedge Reserve: The Company has designated its hedging instruments obtained after April 01, 2015
as cash flow hedges and any effective portion of cashflow hedge is maintained in the said reserve. In case the
hedging becomes ineffective, the amount is recognised to the Statement of Profit and Loss.
(h) Exchange differences on translating the financial statements of foreign operations: Exchange variation in
Opening Equity Share Capital and Reserves and Surplus of UltraTech Cement Lanka (Pvt.) Ltd, UltraTech Cement
Middle East Investments Ltd, PT UltraTech Mining Indonesia and PT UltraTech Investment Indonesia is accounted
under this reserve.

` in Crores
NOTE 16: NON-CURRENT BORROWINGS
Current Maturities of
Non-Current
Long-Term debts*
2019 2018 2019 2018
Secured:
Non-Convertible Debentures - Note (a1) 1,050.00 1,525.00 475.00 400.00
In Foreign Currency - Note (b1) 345.78 325.88 - 260.70
In Local Currency - Note (c) 14,176.26 10,489.00 12.37 -
14,522.04 10,814.88 12.37 260.70
Sales Tax Deferment Loan - Note (d1) 142.40 - 31.87 -
15,714.44 12,339.88 519.24 660.70
Unsecured:
Non-Convertible Debentures - Note (a2) 1,010.00 650.00 - -
In Foreign Currency - Note (b2) 2,585.85 2,613.58 - 162.94
Sales Tax Deferment Loan - Note (d2) 240.87 260.01 23.63 29.67
3,836.72 3,523.59 23.63 192.61
19,551.16 15,863.47 542.87 853.31
* Amount disclosed under the head ‘ Other Financial Liabilities’ (Refer Note 17).
(a1) Non-Convertible Debentures (NCDs)

As at As at
Particulars
March 31, 2019 March 31, 2018
Secured:
7.15% NCDs (Redeemable at par on October 18, 2021) 300.00 300.00
7.85% NCDs (Redeemable at par on December 18, 2018) - 200.00
7.84% NCDs (Redeemable at par on April 09, 2018) - 200.00
1,525.00 1,925.00
Less: Current Portion of NCDs shown under Other Current Liabilities (475.00) (400.00)
1,050.00 1,525.00
The NCDs are secured by way of first charge, having pari passu rights, on the Company’s fixed assets (save and
except stocks and book debts), both present and future, situated at certain locations, in favour of Debenture Trustees.

` in Crores
(a2) Non-Convertible Debentures (NCDs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Unsecured:
8.36% NCDs (Redeemable at par on June 07, 2021) 360.00 -
1,010.00 650.00
1,010.00 650.00
(b1) Term Loans from Banks in Foreign Currency

2019 2018
Secured:
State Bank of India, New York @ March 2023
(US Dollar: 1.00 Crores; March 31, 2018: 1.00 Crores) 69.16 65.18
State Bank of India, New York @ February 2023
State Bank of India, New York @ February 2023
HSBC Bank (Mauritius) Ltd., Mauritius Repaid in
(US Dollar: Nil; March 31, 2018: 4.00 Crores) February 2019 - 260.70
345.78 586.58
Less: Current Portion of Foreign Currency Loans shown under
Other Current Liabilities - (260.70)
345.78 325.88
@
Initially availed from J.P. Morgan Chase Bank N.A, Singapore; transferred to State Bank of India, New York in
August 2018 by the Lender.
(b2) Term Loans from Banks in Foreign Currency

2019 2018
Unsecured:
Export Development, Canada June 2021 321.08 302.60
(US Dollar: 4.64 Crores; March 31, 2018: 4.64 Crores)
Export Development, Canada May 2021 345.77 325.87
(US Dollar: 5.00 Crores; March 31, 2018: 5.00 Crores)
Bank of America N.A., Taiwan Repaid in - 162.94
(US Dollar: Nil; March 31, 2018: 2.50 Crores) October 2018
Standard Chartered Bank July 2020 1,296.62 1,269.17
(US Dollar: 18.75 Crores; March 31,2018: 19.50 Crores)
Export Development Canada Starting in 622.38 715.94
(USD Dollars:9.00 Crores; March 31, 2018: 11.00 Crores) June 2020
2,585.85 2,776.52
Less: Current Portion of Foreign Currency Loans shown under - (162.94)
Other Current Liabilities
2,585.85 2,613.58

` in Crores
(c) Term Loans from Banks in Local Currency - Secured:
As at As at
2019 2018
Axis Bank Ltd 26 quarterly instalments beginning 757.08 2,664.71
December 2022
ICICI Bank Ltd 28 quarterly instalments beginning 614.00 2,000.00
December 2022
HDFC Bank Ltd 60 quarterly instalments beginning 3,317.92 3,317.92
September 2022
Axis Bank Ltd Repaid in February 2019 - 592.37
ICICI Bank Ltd Repaid in February 2019 - 1,614.00
State Bank of India @ 60 quarterly instalments beginning 5,000.00 -
September 2022
State Bank of India 4 Half yearly instalments beginning 300.00 300.00
May 2022
HDFC Bank Ltd @ 76 quarterly instalments beginning 1,500.00 -
February 2020
HDFC Bank Ltd @ 76 quarterly instalments beginning 2,699.63 -
February 2020
14,188.63 10,489.00
Less: Current Portion of Term (12.37) -
Loans shown under Other Current
Liabilities
14,176.26 10,489.00
@
The Company is in the process of creating security against this loan.

As at As at
2019 2018
Secured:
Uttar Pradesh Financial Corporation Varied Annual Payments from 174.27 -
August 2019 to December 2024
Less: Current Portion of Sales Tax Deferment (31.87) -
Loan shown under Other Financial Liabilities
142.40 -
Sales Tax Deferment Loan is secured by bank guarantee backed by hypothecation of Inventories and book debts
of the Company.

` in Crores
As at As at
2019 2018
Unsecured:
Department of Industries and Commerce, Varied Annual Payments from 63.69 64.26
Haryana January 2017 to March 2022
Commercial Tax Department, Hyderabad Varied Annual payments from 196.68 221.29
October 2012 to October 2026
Commercial Tax Department, Chhattisgarh Payable in FY 2020 4.13 4.13
264.50 289.68
Less: Current Portion of Sales tax deferment (23.63) (29.67)
loan shown under Other Current Liabilities
240.87 260.01
NOTE 17: OTHER FINANCIAL LIABILITIES

Non-current Current
Particulars
2019 2018 2019 2018
Current maturities of long-term debts (Refer Note 16) - - 542.87 853.31
Interest Accrued but not due on Borrowings - - 212.31 166.93
Derivative Liability - 28.27 0.15 -
Liability for Corporate/Bank Guarantee - - 45.13 -
Liability for Capital Goods - - 181.90 244.89
Security Deposit - - 1,334.83 1,225.08
Salary, Wages, Bonus and Other Employee Payables - - 197.20 178.93
Investor Education and Protection Fund, will be credited with - - 10.28 8.81
following amounts (as and when due)
Unpaid Dividends
Due to related party - - 0.01 0.10
- 28.27 2,524.68 2,678.05
NOTE 18: PROVISIONS

Non-current Current
Particulars
2019 2018 2019 2018
For Employee Benefits (Refer Note 43) 31.63 27.30 233.48 225.23
Others:
For Mines Restoration Expenditure 134.47 129.59 - -
For Cost of transfer of Assets - - 217.58 270.81
166.10 156.89 451.06 496.04

` in Crores
Note 18.1: Movement of provisions during the year as required by Ind AS - 37 “Provisions, Contingent Liabilities and
Contingent Asset” specified under Section 133 of the Companies Act, 2013:
(a) Mines Restoration Expenditure:

As at As at
Particulars
March 31, 2019 March 31, 2018
Add: Balance Transferred from UNCL 4.13 -
Add: Provision during the year (6.69) 30.53
Add: Unwinding of discount on Mine Restoration Provision 7.44 7.30
(b) Provision for Cost of Transfer of Assets:

As at As at
Particulars
March 31, 2019 March 31, 2018
Add: Provision during the year - 226.28
Less: Utilisation during the year (53.23) (89.44)
NOTE 19: DEFERRED TAX LIABILITIES (NET)

As at As at Recognised Recognised On
March 31, March 31, in Statement in OCI Account of
Particulars 2019 2018 of Profit and Acquisition
Loss (Refer
Note 41)
MAT Credit Entitlement (1,365.60) (1,168.40) (197.20) - -
Provision allowed under tax on payment basis (162.74) (167.00) 4.26 - -
Others (111.55) (103.01) (8.54) (3.85) -
(1,639.89) (1,438.41) (201.48) (3.85) -
Tangible and Intangible Assets 5,135.76 4,487.87 647.89 - -
Others 27.25 16.19 9.90 - 1.16
5,193.78 4,621.11 571.51 - 1.16

` in Crores
NOTE 19: DEFERRED TAX LIABILITIES (NET) (Continued)
Particulars
2018 2017 of Profit and Other
Loss Equity
MAT Credit Entitlement (1,168.40) (838.12) (330.28) - -
Provision allowed under tax on payment basis (167.00) (159.01) (7.99) - -
Others (103.01) (103.51) 4.07 (3.57) -
Unabsorbed depreciation/losses - (56.45) 56.45 - -
(1,438.41) (1,157.09) (277.75) (3.57) -
Tangible and Intangible Assets 4,487.87 3,785.39 690.95 - 11.53
Others 16.19 10.00 6.19 - -
4,621.11 3,939.46 670.12 - 11.53
In respect of Deferred taxes, all items are attributable to origination and reversal of temporary differences.
Deferred tax benefits are generally recognised for all deductible temporary differences to the extent it is probable that
taxable profits will be available against which, those deductible temporary differences can be realised.
NOTE 20: OTHER NON-CURRENT LIABILITIES

As at As at
Particulars
March 31, 2019 March 31, 2018
Others (Including Employee Share based payments) 2.02 2.07
6.35 6.57
NOTE 21: CURRENT BORROWINGS

As at As at
Particulars
March 31, 2019 March 31, 2018
Secured:
Loans repayable on demand:
From Banks – Cash Credits/Working Capital Borrowings (Secured by - 56.57
Hypothecation of Stocks and Book Debts of the Company)
Unsecured:
Redeemable preference shares issued on Business Combination (Refer Note 42) 1,000.10 1,000.10
Loans repayable on demand: From Banks – Cash Credits/Working Capital 68.94 694.86
Borrowings
Others:
From Banks (includes commercial paper) 859.05 515.86
From Others (commercial paper) 796.23 496.05
2,724.32 2,706.87
2,724.32 2,763.44

` in Crores
NOTE 22: TRADE PAYABLES
As at As at
Particulars
March 31, 2019 March 31, 2018
Trade Payables (other than Micro and Small Enterprises) 2,823.89 2,374.74
Due to Related Party (Refer Note 45) 0.84 0.40
2,824.73 2,375.14
NOTE 23: OTHER CURRENT LIABILITIES

As at As at
Particulars
March 31, 2019 March 31, 2018
Advance from Customers and Others 284.23 304.95
Deferred Revenue 0.17 0.17
Others (including Provision for Expenses, Statutory liabilities) 3,081.56 2,444.25
3,365.96 2,749.37
NOTE 24: REVENUE FROM OPERATIONS (Refer Note 61 and 65)

Particulars
March 31, 2019 March 31, 2018
Sale of Products and Services
Sale of Manufactured Products 34,584.37 30,414.25
Sale of Traded Products 2,188.95 1,004.48
Sale of Services 1.37 16.28
36,774.69 31,435.01
Other Operating Revenues
Scrap Sales 70.85 58.76
Lease Rent 0.02 0.06
Insurance Claim 15.55 20.01
Provision no longer required written back 24.27 9.23
Unclaimed Liabilities written back 26.42 23.23
Government Grants 443.92 304.58
Miscellaneous Income/Receipts 23.48 21.57
604.51 437.44
37,379.20 31,872.45

` in Crores
NOTE 25: OTHER INCOME
Particulars
March 31, 2019 March 31, 2018
Interest Income on
Government and Other Securities 25.04 34.80
Bank and Other Accounts 46.99 31.31
72.03 66.11
Dividend Income on Current Investments - Mutual Fund 22.45 -
Exchange Gain (net) 49.06 30.25
Profit on Sale of Property, Plant & Equipment (net) 3.33 -
Fair Value movement in Derivative Instruments 30.07 3.07
Gain on Fair valuation of Investments through Profit or loss 120.36 263.57
Profit on Sale of Current and Non-Current Investments (net) 122.08 114.81
Provision no longer required written back 0.22 104.42
Others 18.47 6.34
438.07 588.57
NOTE 26: COST OF MATERIALS CONSUMED

Particulars
March 31, 2019 March 31, 2018
Opening Stock 317.87 281.12
Add: Exchange rate fluctuation on account of average rate transferred to 3.04 (0.40)
currency translation reserve
Add: Stock transferred from JAL, JCCL and UNCL 3.26 8.72
Purchases 5,471.21 4,548.03
5,795.38 4,837.47
Less: Exchange rate fluctuation on account of average rate transferred to 0.49 (0.35)
Less: Closing Stock 385.88 317.87
5,409.01 4,519.95
NOTE 27: PURCHASES OF STOCK-IN-TRADE

Particulars
March 31, 2019 March 31, 2018
Grey Cement 804.46 434.16
Others (Ultratech Building Solution) 434.08 445.87
1,238.54 880.03

` in Crores
NOTE 28: CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
Particulars
March 31, 2019 March 31, 2018
Closing Inventories
Stock in Trade 30.35 11.11
Add/(Less): Exchange rate fluctuation on account of average rate transferred to
currency translation reserve 0.56 (0.24)
1,078.43 918.34
Opening Inventories
Stock in Trade 11.11 (2.49)
Add/(Less): Exchange rate fluctuation on account of average rate transferred to 2.20 (0.28)
920.78 787.45
(Increase)/Decrease in Inventories (157.65) (130.89)
Add: Stock transferred from JAL, JCCL and UNCL 28.74 66.79
Add: Reversal in Excise Duty on Inventories - (53.70)
Add: Stock Transfer from Pre-Operative Account 8.46 6.60
(120.45) (111.20)
NOTE 29: EMPLOYEE BENEFITS EXPENSE

Particulars
March 31, 2019 March 31, 2018
Salaries, Wages and Bonus 1,843.45 1,618.59
Contribution to Provident and Other Funds
– Contribution to Gratuity Fund and Other Defined Benefit Plans 87.69 92.81
– Contribution to Superannuation and Other Defined Contribution Funds 22.67 12.96
Expenses on Employees Stock Options Scheme 9.60 7.85
Staff Welfare Expenses 95.38 78.03
2,058.79 1,810.24

` in Crores
NOTE 30: FINANCE COSTS
Particulars
March 31, 2019 March 31, 2018
Interest Expense:
On Borrowings (at amortised cost) 1,432.52 1,147.42
Others (including interest on deposits from dealers and 108.69 74.48
contractors)
Interest paid to Income Tax Department 0.23 4.85
Unwinding of discount on Mine Restoration Provision 7.44 7.30
1,548.88 1,234.05
Other Borrowing Cost (Finance Charges) 6.14 5.99
Less: Finance Costs Capitalised (6.45) (2.44)
1,548.57 1,237.60
Borrowing costs are capitalised using rates based on specific borrowings ranging between 7.34% to 7.88% per
annum. (For the year ended March 31, 2018: 7.50% to 9.15%.)
NOTE 31: DEPRECIATION AND AMORTISATION EXPENSE
Particulars
March 31, 2019 March 31, 2018
Depreciation 2,003.54 1,739.52
Amortisation 97.05 65.49
Obsolescence 39.21 42.92
2,139.80 1,847.93
NOTE 32: FREIGHT AND FORWARDING EXPENSE
Particulars
March 31, 2019 March 31, 2018
On Finished Products 7,308.24 6,060.64
On Clinker Transfer 1,538.50 1,249.35
8,846.74 7,309.99
NOTE 33: OTHER EXPENSES
Particulars
March 31, 2019 March 31, 2018
Consumption of Stores, Spare Parts and Components 769.23 726.09
Consumption of Packing Materials 1,174.18 962.47
Repairs to Plant and Machinery, Building and Others 722.86 639.29
Insurance 67.48 68.65
Rent (including Lease Rent) (Refer Note 60) 162.55 158.74
Rates and Taxes 165.37 161.65
Directors’ Fees 0.36 0.32
Directors’ Commission 18.00 21.25
Contribution to General Electoral Trust 23.00 3.00
Advertisement 316.78 245.72
Sales Promotion and Other Selling Expenses 463.71 371.24
Exchange Loss (net) - 3.67
Miscellaneous Expenses 871.17 766.61
4,754.69 4,128.70

NOTE 34: PRINCIPLES OF CONSOLIDATION
These Consolidated Financial Statements (CFS) are prepared on the following basis in accordance with Ind AS on
“Consolidated Financial Statements” (Ind AS – 110), “Investments in Associates and Joint Ventures” (Ind AS – 28)
and “Disclosure of interests in other entities” (Ind AS – 112), specified under Section 133 of the Companies Act, 2013.
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. The financial statements of subsidiaries are included in the consolidated financial
statements from the date on which controls commences until the date on which control ceases.
(ii) Non-controlling interest (NCI)

NCI are measured at their proportionate share of the acquirer’s net identifiable assets at the date of acquisition.
Changes in the Group’s equity interest in a subsidiary that do not result in a loss of control are accounted for as
equity transactions.
(iii) Loss of control

When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and
any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at
fair value at the date the control is lost. Any resulting gain or loss is recognized in profit or loss.
(iv) Equity accounted investees

The Group’s interests in equity accounted investees comprise interest in associates and joint venture.
An associate is an entity in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control and has
rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and joint venture are accounted for using equity method. They are initially recognized
at cost which includes transaction costs. Subsequent to initial recognition, consolidated financial statements
include the Group’s share of profit or loss and OCI of equity accounted investees until the date on which
significant influence or joint control ceases.
(v) Transactions eliminated on consolidation

The financial statements of the Company, its Subsidiaries, Joint Ventures and Associates used in the consolidation
procedure are drawn upto the same reporting date i.e. March 31, 2019.
The financial statements of the Company and its subsidiary companies are combined on a line-by-line basis
by adding together the book values of like items of assets, liabilities, income and expenses. Intra-group
balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are
eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that
there is no evidence of impairment. The Company follows uniform accounting policies for like transactions and
other events in similar circumstances.

NOTE 34: PRINCIPLES OF CONSOLIDATION (Continued)
The Consolidated Financial Statements are comprised of the financial statements of the members of the Group
as under:
Principal Place of % Shareholding and

Business Voting Power
Name of the Company
31, 2019 31, 2018
(i) Subsidiary Companies:
(a) Dakshin Cements Limited India 100% 100%
(b) UltraTech Cement Lanka Private Limited Sri Lanka 80% 80%
(c) Harish Cement Limited India 100% 100%
(d) PT UltraTech Mining Indonesia Indonesia 80%! 80%!
(e) PT UltraTech Investments Indonesia Indonesia 100%& 100%&
(f) UltraTech Cement SA (PTY) @@ South Africa - -
(g) UltraTech Cement Middle East Investments Limited United Arab Emirates 100% 100%
(UCMEIL)
(h) Star Cement Co. LLC, Dubai* United Arab Emirates 100%$ 100%$
(i) Star Cement Co. LLC, Ras-Al-Khaimah* United Arab Emirates 100%$ 100%$
(j) Al Nakhla Crusher LLC, Fujairah* United Arab Emirates 100%$ 100%$
(k) Arabian Cement Industry LLC, Abu Dhabi* United Arab Emirates 100%$ 100%$
(l) UltraTech Cement Bahrain Company WLL Bahrain Bahrain 100%^ 100%^
(formerly known as Arabian Gulf Cement Co W.L.L)*
(m) Emirates Power Company Limited, Bangladesh* Bangladesh 100% 100%
(n) Emirates Cement Bangladesh Limited, Bangladesh* Bangladesh 100% 100%
(o) Awam Minerals LLC, Oman* Oman 37% ##
37%##
(p) Bhagwati Limestone Company Private Limited (BLCPL) India 100% 100%
(q) UltraTech Cement Mozambique Limitada, Mozambique - -
Mozambique@@
(r) Gotan Limestone Khanij Udyog Private Limited India 100% 100%
(s) PT UltraTech Cement Indonesia# Indonesia 99% 99%
(t) PT UltraTech Mining Sumatera # Indonesia 100% 100%
(u) UltraTech Nathdwara Cement Limited (UNCL) (formerly India 100% -
known as Binani Cement Limited) $$
(v) Smooth Energy Private Limited (formerly known as India 100%!! -
Binani Energy Private Limited) $$
(w) Bahar Ready Mix Concrete Limited (formerly known as India 100%!! -
Binani Ready Mix Concrete Limited)$$
(x) Merit Plaza Limited $$ India 100%!! -
(y) Swiss Mercandise Infrastructure Limited $$ India 100%!! -
(z) Krishna Holdings PTE Limited (KHPL) $$
Singapore 100% &&
-

NOTE 34: PRINCIPLES OF CONSOLIDATION (Continued)
Principal Place of % Shareholding and
Business Voting Power
Name of the Company
31, 2019 31, 2018
(aa) Bhumi Resources PTE Limited (BHUMI) $$ Singapore 100%!! -
(ab) Murari Holdings Limited (MUHL) $$
Birtish Virgin Islands 100% !!
-
(ac) Mukundan Holdings Limited (MHL) $$
Birtish Virgin Islands 100% !!
-
(ad) Binani Cement Factory LLC (BCFLLC) $$
United Arab Emirates 100% **
-
(ae) Binani Cement (Tanzania) Limited $$
Tanzania 100% ***
-
(af) BC Tradelink Limited., Tanzania $$ Tanzania 100%*** -
(ag) Shandong Binani Rongan Cement Company Limited Republic of China 92.50%^^ -
(SBRCC), China $$
(ah) PT Anggana Energy resources (Anggana), Indonesia $$ Indonesia 100%^^^ -
(ai) Binani Cement (Uganda) Limited $$
Uganda 100% ***
-
(ii) Joint Operations: India 47.37% 47.37%
Bhaskarpara Coal Company Limited (BCCL)
(iii) Associate:
(a) Madanpur (North) Coal Company Private Limited India 11.17% 11.17%
(MNCCPL)
(b) Aditya Birla Renewable SPV 1 Limited India 26.00% 26.00%
! 4% Shareholding of UCMEIL.
&
5% Shareholding of UCMEIL.
##
Ceased control with effect from April 24, 2017
* Subsidiaries of UCMEIL.
$
51% held by nominee as required by local law for beneficial interest of the Company.
^ 1 share held by employee as nominee for the beneficial interest of the Company.
#
Subsidiary of PT UltraTech Investments Indonesia.
@@
Ceased to exist with effect from July 06, 2017
$$
with effect from November 20, 2018
!! Wholly owned subsidiary of UNCL
&&
55.54% held by UNCL and 44.46% held by MHL
** 51% held by MUHL and 49% held by MHL
*** Wholly owned Subsidiary of BCFLLC
^^ Subsidiary of KHPL
^^^ Wholly owned subsidiary of BHUMI
NOTE 35: GOODWILL ON CONSOLIDATION

Goodwill represents the difference between the Company’s share in the net worth of subsidiaries and the cost of
acquisition at each point of time of making the investment in the subsidiaries. For this purpose, the Company’s
share of net worth is determined on the basis of the latest financial statements prior to the acquisition after making
necessary adjustments for material events between the date of such financial statements and the date of respective
acquisition.

NOTE 36:
Pursuant to loss of control in Awam Minerals LLC with effect from April 24, 2017, the investments have been
reclassified to Investment measured at Fair value through and Profit or Loss. In the previous year, the Company has
made a provision of ` 31.47 Crores towards impairment arising from fair valuation of the investments and written
off ` 13.99 Crores towards working capital loans on the basis of board resolution dated December 10, 2017 and had
disclosed the same as an exceptional item in the Statement of Profit and Loss. Further, the Company has derecognised
goodwill of ` 55.07 Crores on loss of control.
NOTE 37: CONTINGENT LIABILITIES (to the extent not provided for) (Ind AS 37)
(a) Claims against the Group not acknowledged as debt:
` in Crores
As at As at
Particulars Brief Description of Matter March 31, March 31,
2019 2018
(a) Excise Duty and Related to valuation matter (Rule 8 vs. Rule 4), 1,518.70 1,178.56
Service Tax Matters Denial of Cenvat credit on ISD/GTA and others
(b) Sales-tax/VAT/Entry Tax Related to stock transfer treated as interstate 436.76 432.45
Matters sales, Demand on freight component and levy
of purchase tax on exempted supply, Demand of
Entry Tax and others
(c) Royalty on Limestone/ Based on fixed conversion factor on limestone, 352.92 184.00
Marl/Shale royalty rate difference on Marl and additional
royalty on mines transfer
(d) Land Related Matters Demand of Higher Compensation 239.80 -
(e) Electricity Duty/Energy Related to electricity duty, Minimum power 202.92 179.40
Development Cess consumption, Energy development cess and
denial of electricity duty exemption
(f) Customs Related to classification dispute 190.18 179.37
(g) State Industrial Incentive Related to matters on quantum 181.86 174.45
Matters
(h) Others (primarily related Related to stamp duty, claim raised by vendor/ 348.09 316.48
to Income Tax, Fly ash supplier, Road Tax matter, Income Tax matters
matters, road tax etc.) and others
Cash outflows for the above are determinable only on receipt of judgments pending at various forums/authorities.
(b ) The Company had filed appeals against the orders of the Competition Commission of India (“CCI”) dated August
31, 2016 and January 19, 2017. Upon the National Company Law Appellate Tribunal (“NCLAT”) disallowing the
Company’s appeal against the CCI order dated August 31, 2016, the Hon’ble Supreme Court has, by its order
dated October 05, 2018, granted a stay against the NCLAT order. Consequently, the Company has deposited
an amount of ` 117.55 Crores equivalent to 10% of the penalty amount. UNCL has also filed an appeal in the
Supreme Court against a similar CCI Order dated August 31, 2016 and has deposited an amount of ` 16.73
Crores equivalent to 10% of the penalty amount. The Company, backed by legal opinions, believes that it has a
good case in both the matters and accordingly no provision has been made in the accounts.
(c) Guarantees:
The Company has issued corporate guarantees as under:
(i) In favour of the Banks/Lenders on behalf of its Joint Venture (JV), as mentioned below, for the purposes of
replacing old loans, acquisition financing, working capital and other general corporate purposes:
• Bhaskarpara Coal Company Limited (JV) ` 4 Crores (March 31, 2018 ` 4.00 Crores).

NOTE 37: CONTINGENT LIABILITIES (to the extent not provided for) (Ind AS 37) (Continued)
(ii) In favour of the Government Authority of an amount not exceeding ` Nil Crores (March 31, 2018 ` 3.00
Crores) towards exemption from payment of excise duty.
(d) The Sri Lankan Customs commenced an inquiry on the allegation that dividends declared by ‘Ultratech Cement
Lanka Private Limited’ (‘’UCLPL’’) and remitted to the Company represents part of settlement in respect of the
cement imported by UCLPL and alleged that additional duty is payable by UCLPL. The Sri Lankan Customs have
not provided a basis for any value to be attributed as alleged additional duty payable.
UCLPL filed a Writ Application in the Court of Appeal in seeking inter alia to quash the aforesaid decision by
Sri Lankan Customs to hold the said inquiry. However, the application was dismissed by the Court of Appeal
on March 28, 2014. UCLPL filed a Special Leave Application in the Supreme Court against the judgment of the
Court of Appeal in the above Writ Application which is currently pending before the Supreme Court and fixed to
be mentioned before Supreme Court on May 30, 2019.
(e) In one of the case, UCLPL filed the appeal against the Director General of Customs and the inquiring officer
appointed in terms of the Customs Ordinance for the customs case No PCAD/HQO/091/2016 initiated at the
Sri Lankan customs, on the alleged basis that UCLPL has not declared the unloading charges (stevedoring
charges) paid to the Sri Lanka Ports Authority in relation to imported cement.
The matter has been fixed for the Respondents objections to be filed on or before May 06, 2019 and for UCLPL’s
counter objections to be filed on or before June 07, 2019. The matter has also been fixed for argument on July 10, 2019.
(f) The Hon’ble Supreme Court of India (“SC”) by their order dated February 28, 2019, in the case of Surya Roshani
Limited & others v/s EPFO, set out the principles based on which allowances paid to the employees should
be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution.
Subsequently, a review petition against this decision has been filed and is pending before the SC for disposal.
Pending decision on the subject review petition and directions from the EPFO, the impact, if any, is not
ascertainable and consequently no effect has been given in the accounts.
NOTE 38: CAPITAL AND OTHER COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account, not provided for (net of advances)
` 1,086.04 Crores. (March 31, 2018 ` 937.15 Crores).
NOTE 39:
The Supreme Court of India has allowed an appeal filed by the State of Rajasthan in a matter relating to transfer of
mining lease in the name of the Company’s wholly-owned subsidiary, Gotan Lime Stone Khanij Udyog Private Limited
(“GKUPL”) and has directed the State of Rajasthan to frame and notify its policy relating to transfer of mining lease
and thereafter pass appropriate order in respect of the mining lease of GKUPL. State Government has notified the
new policy related to transfer of new mining lease, based on which the Company has requested the State Government
to consider reinstatement of the mines in its favour.
NOTE 40: ACQUISITION OF CEMENT BUSINESS OF CENTURY TEXTILES AND INDUSTRIES LIMITED
During the year the Company’s Board of Directors approved a Scheme of Arrangement amongst Century Textiles
and Industries Limited (“Century”), the Company and their respective shareholders and creditors (“the Scheme”).
In terms of the Scheme, Century will de-merge its cement business into the Company. Century’s cement business
consists of 3 integrated cement units in Madhya Pradesh, Chhattisgarh and Maharashtra with a total capacity of 12.6
mpta and a grinding unit in West Bengal of 2.0 mtpa.
Upon effectiveness of the Scheme, equity shares of the Company shall be issued to shareholders of Century, as on the
Record Date, as defined in the Scheme, in the ratio of 1 (one) equity share of the Company of face value ` 10/- each for
every 8 (eight) equity shares of Century. The Scheme has received approval of the stock exchanges, the Competition
Commission of India and the shareholders of the Company and is now awaiting the approval of the National Company
Law Tribunal and other regulatory authorities, as may be required.

NOTE 41: ACQUISITION OF BINANI CEMENT LIMITED (Ind AS 103)
A. NCLAT by its order dated November 14, 2018, approved the Company’s Resolution Plan (“RP”) for acquiring
Binani Cement Limited (“BCL”) under the provisions of the Insolvency and Bankruptcy Code 2016, as amended
(“Code”). With effect from November 20, 2018, being the Transfer Date, in terms of the Resolution Plan the
existing issued, subscribed and paid up share capital of BCL (including 0.01% non-cumulative redeemable
preference shares of ` 100/- each) stands cancelled fully, without requiring any further act or deed. Subsequent
to the reconstitution of the Board of Directors, taking over management control and subscribing to the equity and
preference share capital, BCL has become a wholly owned subsidiary of the Company (100% Voting interest) and
has since been renamed UltraTech Nathdwara Cement Limited (“UNCL”), with effect from December 13, 2018.
The Consolidated financial statements include the financial results for UNCL w.e.f. November 20, 2018 and
hence the figures for the year ended March 31, 2019 are not comparable with the previous corresponding period.
UNCL has a capacity of 6.25 MTPA in the State of Rajasthan comprising an integrated cement unit with capacity of
4.85 MTPA and a split grinding unit with capacity of 1.4 MTPA. In addition, UNCL has investments in subsidiaries
in China and UAE.
This acquisition will create value for shareholders as the acquisition adds 1/3rd additional ready to use capacity
in the highly growing North market where the Company was already at high capacity utilisation levels so as to
cater to the growing market. This acquisition also provides abundant additional limestone reserves sufficient
to cater to even additional capacities at lower prices compared to auctioned prices and creates synergies in
logistics and procurement which offers many advantages to the Company.
B. Consequent to the acquisition, the Holding Company subscribed to equity share capital of ` 1,500 Crores and
8.75% preference share capital of ` 1,900 Crores of UNCL and provided an Inter corporate loan of ` 1,799.75
Crores to UNCL. Further, UNCL obtained a loan (non-current borrowing) of ` 2,700.00 Crores (pursuant to a
corporate guarantee provided by the Holding Company). Subsequently, the group paid to financial and operational
creditors as per the RP.
Assets was ` 1,159.71 Crores against which no provision had been considered since fair value of the acquired
D. The Fair Value of Assets and Liabilities assumed as on the acquisition date:
` in Crores
Particulars Amount
Non-Current Loans 1,058.85
Non-Current Financial Asset 0.48
Other Non-Current Assets 5.88
Inventories 75.91
Cash & Cash Equivalents 38.52
Bank Balances other than above 20.54
Current Loans 57.92
Other Current Financial Assets 1.05
Assets of disposal group held for sale 1,037.20
Total Assets (A) 6,890.76

` in Crores
NOTE 41: ACQUISITION OF BINANI CEMENT LIMITED (Ind AS 103) (Continued)
Particulars Amount
Other Non-Current Financial Liabilities 36.84
Non-Current Provision 10.06
Deferred Tax Liabilities 1.16
Other Current Financial Liabilities (including current maturities of non-current borrowings) 7,321.14
Current Provisions 2.00
Liabilities included in disposal group held for sale 489.00
Total Liabilities (B) 8,648.45
Goodwill Recognised (B – A) 1,757.69
As per Ind AS 103, purchase consideration has been allocated on the basis of fair valuation determined by an
independent Valuer.
Goodwill represents growth potential through brown field expansion at a lower cost compared to a green-field
plant cost by developing and utilising acquired land and limestone reserves.
E. Acquisition related costs

Acquisition related costs of ` 24.32 Crores on legal fees, due diligence costs, valuation fees, etc. have been
recognized under Miscellaneous Expenses and Rates and Taxes in the Statement of Profit and Loss.
F. (a) The Revenue and Profit / (Loss) after Tax of UNCL for the period ended March 31, 2019 from the acquisition
date are ` 485.44 Crores and ` (59.63) Crores respectively which has been included in the consolidated
financial statements of the Company.
(b) If the acquisition had occurred on April 01, 2018, consolidated revenue and consolidated profit for the year
ended March 31, 2019 would have been ` 39,294.15 Crores and ` 1,191.42 Crores (after considering loss
on exceptional items of ` 923.52 Crores), respectively. Management has determined these amounts on the
basis that the fair value adjustments that arose on the date of acquisition would have been the same if the
acquisition had occurred on April 01, 2018.
NOTE 42: ACQUISITION OF IDENTIFIED CEMENT UNITS OF JAL AND JCCL (Ind AS 103)
A. Pursuant to the Scheme of Arrangement between the Company, JAL, JCCL and their respective shareholders
and creditors (“the Scheme”), the Company had acquired identified cement units of JAL and JCCL on June 29,
2017 at an enterprise valuation of ` 16,189.00 Crores having total cement capacity of 21.2 MTPA including 4 MTPA
under construction. The acquisition provides the Company a geographic market expansion with entry into high
growth markets where it needed greater reinforcement and creating synergies in manufacturing, distribution
and logistics which offers many advantages. This will also create value for shareholders with the ready to use
assets reducing time to markets, availability of land, mining leases, fly ash and railway infrastructure leading
to overall operating costs advantage.
B. Fair Value of the Consideration transferred:

Against the total enterprise value of ` 16,189.00 Crores, the Company had taken over borrowings of ` 10,189.00
Crores and negative working capital of ` 1,375.00 Crores from JAL and JCCL. After taking these liabilities into
account, effective purchase consideration of ` 4,625.00 Crores had been discharged as under:

` in Crores
Particulars Amount
Issue of 6.37% Non-Convertible Debentures 3,124.90
Issue of Redeemable Preference Shares 1,500.10*
Total Consideration transferred for Business Combination 4,625.00
* Redemption is linked with fulfilment of certain conditions. Out of that, ` 500 Crores have already been
redeemed in the previous year.
Assets was ` 17.07 Crores against which no provision had been considered since fair value of the acquired
D. The Fair Value of identifiable assets acquired and liabilities assumed as on the acquisition date:
Particulars Amount
Other Non-Current Assets 1,604.43
Inventories 246.88
Other Financial Assets 0.86
Total Assets 16,523.22
Non-Current Borrowings 10,189.00
Provisions 28.67
Other Financial Liabilities 33.19
Total Liabilities 11,858.43
Total Fair Value of the Net Assets 4,664.79
E. Amount recognised directly in other equity (Capital Reserve):

Particulars Amount
Fair value of the net assets acquired 4,664.79
Less: Fair value of consideration transferred 4,625.00
Capital Reserve 39.79
F. Acquisition related costs
During the previous year acquisition related costs of ` 5.57 Crores had been recognised under Miscellaneous
Expenses and Rates and Taxes in the Statement of Profit and Loss. The stamp duty paid/payable on transfer of
the assets amounting to ` 226.28 Crores had been charged to the Statement of Profit and Loss and had been
shown as an exceptional item during the previous year.
G. The Company runs an integrated operation with material movement across geographies and a common
sales organization responsible for existing business as well as acquired business. Therefore, separate sales
information for the acquired business is not exactly available and accordingly disclosures for revenue and profit/
loss of the acquired business since acquisition date have not been made.

Further, it is impracticable to provide revenue and profit/loss of the combined entity for the previous year as
though the acquisition date had been April 01, 2017 since these amounts relating to the acquired business for
the period prior to the acquisition date are not readily available with the Company.
NOTE 43: EMPLOYEE BENEFITS (Ind AS 19)

A. Defined Benefit Plans:
(a) Gratuity:
The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of
leaving the services of the Group and is in accordance with the Rules of the Group for payment of gratuity.
Inherent Risk
The plan is defined benefit in nature which is sponsored by the Group and hence it underwrites all the risks
pertaining to the plan. In particular, this exposes the Group to actuarial risk such as adverse salary growth,
change in demographic experience, inadequate return on underlying plan assets. This may result in an
increase in cost of providing these benefits to employee in future. Since the benefits are lump sum in nature
the plan is not subject to any longevity risks.
(b) Pension:
The Group considers pension for some of its employees at senior management based on the period of
service and contribution for the Group.
(c) Post-Retirement Medical Benefits:
The Company provides post-retirement medical benefits to certain ex-employees who were transferred
under the Scheme of arrangement for acquiring Larsen & Toubro cement business and eligible for such
benefits from earlier Company.
` in Crores
Gratuity Post- Gratuity Post-
Particulars Retirement Retirement
Pension Pension
Funded Others Medical Funded Others Medical
Benefits Benefits
(i) Change in defined benefit obligation
Balance at the beginning of the year 451.75 22.95 7.57 0.58 407.33 20.49 7.88 0.61
Effect of Loss of Control in Subsidiary - - - - - (0.19) - -
Adjustment of:
Current Service Cost 36.45 3.30 - - 33.29 2.95 - -
Past Service Cost - 0.67 - - 2.12 - - -
Interest Cost 33.87 1.05 0.55 0.04 29.13 0.90 0.48 0.04
Actuarial (gains) losses recognised in
Other Comprehensive Income:
– Change in Financial Assumptions 11.61 (1.90) 0.07 0.01 (16.65) 0.05 (0.27) (0.02)
– Change in Demographic Assumptions (0.05) - (0.24) (0.01) (5.27) - - -
– Experience Changes 6.36 0.71 0.05 0.01 (8.53) (0.36) 0.39 0.01
Benefits Paid (28.08) 0.04 (0.91) (0.06) (22.30) (0.89) (0.91) (0.06)
Obligation transferred from JAL/JCCL/ 8.64 - - - 32.63 - - -
UNCL
Balance at the end of the year 520.56 26.82 7.09 0.57 451.75 22.95 7.57 0.58

` in Crores

Pension Pension
Benefits Benefits
(ii) Change in Fair Value of Assets
Balance at the beginning of the year 497.64 - - - 431.70 - - -
Expected Return on Plan Assets 37.37 - - - 30.96 - - -
Re measurements due to: 2.72 - - - 7.31 - - -
Actual Return on Plan Assets less
interest on Plan Assets
Contribution by the employer 36.93 - - - 22.30 - - -
Benefits Paid (28.08) - - - (22.30) - - -
Assets transferred from JAL/JCCL/ 3.85 - - - 27.67 - - -
UNCL
Balance at the end of the year 550.43 - - - 497.64 - - -
(iii) Net Asset/(Liability) recognised in
the Balance Sheet
Present value of Defined Benefit (520.56) (26.82) (7.09) (0.57) (451.75) (22.95) (7.57) (0.58)
Obligation
Fair Value of Plan Assets 550.43 - - - 497.64 - - -
Net Asset/(Liability) in the Balance 29.87 (26.82) (7.09) (0.57) 45.89 (22.95) (7.57) (0.58)
Sheet
(iv) Expenses recognised in the
Consolidated Statement of Profit and
Loss
Current Service Cost 36.45 3.30 - - 33.29 2.95 - -
Past Service Cost - 0.67 - - 2.12 - - -
Interest Cost 33.87 1.05 0.55 0.04 29.13 0.90 0.48 0.04
Expected Return on Plan Assets (37.37) - - - (30.96) - - -
Total Expense 32.95 5.02 0.55 0.04 33.58 3.85 0.48 0.04
Less: Transferred to Pre-operative - - - - (0.15) - - -
Expenses
Amount charged to the Consolidated 32.95 5.02 0.55 0.04 33.43 3.85 0.48 0.04
Statement of Profit and Loss
(v) Re-measurements recognised in
Other Comprehensive Income (OCI):
Changes in Financial Assumptions 11.61 (1.90) 0.07 0.01 (16.65) 0.05 (0.27) (0.02)
Changes in Demographic (0.05) - (0.24) (0.01) (5.27) - - -
Assumptions
Experience Adjustments 6.36 0.71 0.05 0.01 (8.53) (0.36) 0.39 0.01
Actual return on Plan assets less (2.72) - - - (7.31) - - -
interest on plan assets
Amount recognised in Other 15.20 (1.19) (0.12) 0.01 (37.76) (0.31) 0.12 (0.01)
Comprehensive Income (OCI):

` in Crores

Pension Pension
Benefits Benefits
(vi) Maturity profile of defined benefit
obligation:
Within the next 12 months 60.10 3.38 0.97 0.06 52.05 2.90 0.07 0.06
Between 1 and 5 years 172.24 6.48 3.33 0.24 150.40 6.52 0.28 0.24
Between 5 and 10 years 181.38 9.46 2.63 0.23 165.75 6.28 0.27 0.23
10 Years and above 859.68 36.30 4.44 0.52 763.40 21.63 0.84 0.61
(vii) Sensitivity analysis for significant
assumptions:*
Increase/(Decrease) in present value
of defined benefits obligation at the
end of the year
1% increase in discount rate (43.58) (2.21) (0.34) (0.03) (37.50) (2.10) (0.49) (0.04)
1% decrease in discount rate 50.85 2.57 0.37 0.04 43.64 2.48 0.55 0.04
1% increase in salary escalation rate 50.04 2.54 - - 43.01 2.42 - -
1% decrease in salary escalation rate (43.74) (2.22) - - (37.68) (2.09) - -
1% increase in employee turnover (14.69) 0.03 - - (12.24) (0.20) - -
rate
1% decrease in employee turnover 16.11 (0.05) - - 14.41 0.22 - -
rate
(viii) The major categories of plan assets
as a percentage of total plan @
Insurer Managed Funds 100% N.A. N.A. N.A. 100% N.A. N.A. N.A
(ix) Actuarial Assumptions:
Discount Rate (p.a.) 7.65- 5- 7.65% 7.65% 7.90% 3.2- 7.90% 7.90%
7.79% 11.28% 10.5%
Turnover Rate 1.5% to 1-12% - - 1.5% to 1-12% - -
8.00% 8.00%
Mortality tables Indian
Assured Indian
Lives Assured
S1PA mortality PA(90) mortality
Mortality Lives
** table adjusted ** table rated down
(2012- Mortality
suitably by 4 years
14)/ (2006-
(2006- 08)
08)
Salary Escalation Rate (p.a.) 7.00- 5.5- - - 8.00% 5-10% - -
8.00% 10%

Pension Pension
Benefits Benefits
Retirement age:
Management - 60 Yrs. 55-60 - - 60 Yrs. 55-60 - -
Non-Management- 58 Yrs. Yrs. 58 Yrs. Yrs.
(x) Weighted Average duration of 9.0- 5.5- 6.5 Yrs. 6.1 Yrs. 8.9 Yrs. 6.4- 7.0 Yrs. 6.5 Yrs.
Defined benefit obligation 11.0 11.86 13.0
Yrs. Yrs. Yrs.
* These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and
assuming there are no other changes in market conditions at the accounting date. There have been no changes
from the previous periods in the methods and assumptions used in preparing the sensitivity analyses.
@
The plan does not invest directly in any property occupied by the Group nor in any financial securities issued by the
Group.
** GA 1983 Mortality Table/UK Mortality Table AM92 [UK] & Indian Assured Lives Mortality (2006-08) Ult table
(xi) Discount Rate:
The discount rate is based on the prevailing market rates of Indian government securities for the estimated
term of obligations.
(xii) Salary Escalation Rate:
The estimates of future salary increases are considered taking into account inflation, seniority, promotion and
other relevant factors.
(xiii) Asset Liability matching strategy:
The money contributed by the Group to the Gratuity fund to finance the liabilities of the plan has to be invested.
The trustees of the plan have outsourced the investment management of the fund to an insurance company.
The insurance company in turn manages these funds as per the mandate provided to them by the trustees and
the asset allocation which is within the permissible limits prescribed in the insurance regulations. Due to the
restrictions in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset
liability matching strategy.
There is no compulsion on the part of the Group to fully prefund the liability of the Plan. The Group’s philosophy
is to fund these benefits based on its own liquidity and the level of underfunding of the plan.
(xiv) The Group’s expected contribution during next year is ` Nil Crores (March 31, 2018 ` Nil Crores).

(d) Provident Fund:
The Company is liable for any shortfall in the fund assets based on the Government specified rate of return.
Such shortfall, if any, is recognised in the Statement of Profit and Loss as an expense in the year of incurring
the same.
Amount recognized as an expense under the head “Contribution to Provident and other Funds” of Statement
of Profit and Loss ` 94.93 Crores (March 31, 2018 ` 86.76 Crores).
The actuary has provided for a valuation and based on the below provided assumptions there is no interest
shortfall as at March 31, 2019 and March 31, 2018.
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
(a) Plan Assets at Fair Value 1,196.03 957.22
(b) Present value of defined benefit obligation at year end 1,193.89 956.96
(c) Liability recognised in Balance Sheet NIL NIL
(d) Assumptions used in determining the present value obligation of
interest rate guarantee under the Deterministic Approach
Government of India bond yield for the outstanding term of liabilities 7.65% 7.90%
Remaining term of the maturity of Investment Portfolio 13.72 Yrs. 13.85 Yrs.
Discount Rate for the remaining term of the maturity of Investment 8.56% 8.63%
Portfolio
Expected Guaranteed Interest Rate 8.65% 8.55%
B. Amount recognized as an expense in respect of Compensated Absences is ` 25.89 Crores (March 31, 2018
` 15.87 Crores).
C. Amount recognized as expense for other long term employee benefits is ` 0.96 Crores (March 31, 2018 ` 0.87
Crores).
NOTE 44: SEGMENT REPORTING (Ind AS 108)

The Group is exclusively engaged in the business of cement and cement related products. As per Ind AS 108 “Operating
Segments”, specified under Section 133 of the Companies Act, 2013, there are no reportable segments applicable to
the Group.
The Group’s revenue from continuing operations from external customers by location of operations and information
about its non-current assets by location of assets are detailed below.
Revenue from External Non-Current Assets

Customers
Particulars
Year Ended Year Ended As at As at
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
India (Country of Domicile) 34,814.85 28,618.92 47,758.82 41,642.66
Others 1,959.84 1,922.26 2,313.81 2,252.28
Total 36,774.69 30,541.18 50,072.63 43,894.94

NOTE 45: RELATED PARTY DISCLOSURES (Ind AS 24)
Names of Related Parties with whom transactions were carried out during the year:
Name of Related Party Relationship
Grasim Industries Limited Holding Company
Samruddhi Swastik Trading and Investments Limited Fellow Subsidiary
Aditya Birla Sun Life Insurance Company Limited (formerly Fellow Subsidiary
known as Birla Sun Life Insurance Company Limited)
Aditya Birla Health Insurance Limited Fellow Subsidiary
ABNL Investment Limited Fellow Subsidiary
Aditya Birla Renewable SPV 1 Limited Associate
Bhaskarpara Coal Company Limited Joint Venture
Ultratech Provident Fund Post-Employment Benefit Plan
Bharucha & Partners Entity Controlled by Key Management Personnel
Dave Girish & Company Entity Controlled by Key Management Personnel
Mr. Kumar Mangalam Birla – Non-Executive Chairman Key Management Personnel (KMP)
Mrs. Rajashree Birla – Non-Executive Director Key Management Personnel (KMP)
Mr. D.D. Rathi – Non-Executive Director (Till July 27, 2018) Key Management Personnel (KMP)
Mr. O.P Puranmalka - Non-Executive Director Key Management Personnel (KMP)
Mr. Arun Adhikari – Independent Director Key Management Personnel (KMP)
Mr. G.M. Dave - Independent Director Key Management Personnel (KMP)
Mrs. Alka Bharucha - Independent Director Key Management Personnel (KMP)
Mrs. Sukanya Kripalu - Independent Director Key Management Personnel (KMP)
Mr. S.B. Mathur - Independent Director Key Management Personnel (KMP)
Mrs. Renuka Ramnath - Independent Director Key Management Personnel (KMP)
Mr. K.K. Maheshwari - Managing Director Key Management Personnel (KMP)
Mr. K. C. Jhanwar – Deputy Managing Director (w.e.f. October Key Management Personnel (KMP)
19, 2018)
Mr. Atul Daga - Whole-time Director and CFO Key Management Personnel (KMP)
Mrs. Kritika Daga Relative of KMP (Wife of Mr. Atul Daga)
(a) The following transactions were carried out with the related parties in the ordinary course of business:
` in Crores
March 31, 2019 March 31, 2018
Sale of Goods:
Total 16.09 11.75
Purchase of Goods:
Associate 12.66 0.20
Total 15.35 2.14

` in Crores

March 31, 2019 March 31, 2018
Purchase of Fixed Assets
Fellow Subsidiary 0.24 -
Services received from:
KMP 35.89 38.40
Entity Controlled by KMP 0.04 0.03
Total 50.30 47.18
Services rendered to:
Dividend Paid
Contribution to:
Post-Employment Benefit Plan 129.79 102.43
(b) Outstanding balances:

As at As at
March 31, 2019 March 31, 2018
Loans and Advances:
Joint Venture 2.49 2.49
Total 10.47 8.59
Trade Receivables:
Trade Payables:
Associate 0.57 0.19
Total 0.84 0.40
Deposit:
KMP (Pending Shareholder’s Approval) 3.59 -
Total 8.59 5.00
Corporate Guarantees:
Joint Ventures 4.00 4.00

` in Crores
(c) Compensation of KMP of the Company:
Nature of transaction
March 31, 2019 March 31, 2018
Short-term employee benefits 17.54 16.83
Post – employment benefits 1.24 0.67
Share based payment 1.79 1.13
Total compensation paid to KMP 20.57 18.63
Based on the recommendation of the Nomination, Remuneration and Compensation Committee, all decisions
relating to the remuneration of the Directors are taken by the Board of Directors of the Company, in accordance
with shareholder’s approval, wherever necessary.
Compensation paid for the year ended March 31, 2019 includes remuneration paid to Mr. K.C. Jhanwar, Deputy
Managing Director, which is subject to shareholders approval in ensuing Annual general meeting.
The Company is a member of Aditya Birla Management Corporation Private Limited (ABMCPL), a company
limited by guarantee formed for the purpose of its members to mutually avail and share common facilities,
expertise and other support on an arms’ length basis. The transactions between the Company and ABMCPL are
approved by the Audit Committee and during the year the amount spent on such transactions is ` 172.69 Crores.
Terms and Conditions of transactions with Related Parties:
The sales to and purchases from related parties are made in the normal course of business and on terms
equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured
and interest free and settlement occurs in cash. There have been no guarantees provided or received for any
related party receivables or payables.
For the year ended March 31, 2019, the Group has not recorded any impairment of receivables relating to
amounts owed by related parties. This assessment is undertaken each financial year through examining the
financial position of the related party and the market in which the related party operates.
NOTE 46: INCOME TAXES (Ind AS 12)

(i) Reconciliation of effective tax rate:
In %
Particulars
March 31, 2019 March 31, 2018
Applicable tax rate 34.94 34.61
Effect of Tax Exempt Income (0.47) (0.36)
Effect of Non-Deductible expenses 1.28 1.02
Effect of Allowances for tax purpose (3.21) (2.16)
Effect of Tax paid at a lower rate (1.38) (0.99)
Effect of Previous year adjustments (0.12) (1.02)
Effect of changes in Tax rate - 1.26
Effect of Lower Jurisdiction Tax Rate (0.70) -
Others 0.93 0.25
Effective Tax Rate 31.28 32.61
(ii) At March 31, 2019 a deferred tax liability of ` 60.36 Crores (March 31, 2018 ` 48.88 Crores) in respect of temporary
differences related to undistributed profit in subsidiaries has not been recognized because the Group controls
the dividend policy of its subsidiaries and management is satisfied that they are not expecting to distribute profit
in the foreseeable future.

NOTE 46: INCOME TAXES (Ind AS 12) (Continued)
(iii) The Company has not recognized Deferred Tax Assets on the unabsorbed depreciation, business losses and other
temporary differences amounting to ` 670.04 Crores in respect of a Subsidiary, since it is not probable that future
taxable income will be available wherein such deferred tax assets can be realized in normal course of business.
NOTE 47 – EARNINGS PER SHARE (EPS) (Ind AS 33)

` in Crores
Particulars
March 31, 2019 March 31, 2018
A. Basic EPS:
(i) Net Profit attributable to Equity Shareholders 2,434.72 2,222.17
(ii) Weighted average number of Equity Shares outstanding (Nos.) 274,632,160 274,543,934
(iii) Less: Treasury Shares acquired by the Company under Trust (202,022) -
(iv) Weighted average number of Equity Shares outstanding for calculation of 274,430,138 274,543,934
Basic EPS
Basic EPS (`) (i)/(iv) 88.72 80.94
B. Diluted EPS:
(i) Weighted average number of Equity Shares Outstanding (Nos.) 274,430,138 274,543,934
(ii) Add: Potential Equity Shares on exercise of options (Nos.) 79,361 69,787
(iii) Weighted average number of Equity Shares Outstanding for calculation of 274,509,499 274,613,721
Dilutive EPS (i + ii)
Diluted EPS (`) {(A) (i)/(B) (iii)} 88.69 80.92
NOTE 48: SUMMARISED FINANCIAL INFORMATION OF INDIVIDUALLY IMMATERIAL ASSOCIATES AND JOINT
VENTURE
The Company’s interests in below mentioned associates and joint venture are accounted for using the equity method
in the consolidated financial statements. The summarized financial information below represents amounts shown
in the associate’s financial statements prepared in accordance with Ind AS adjusted by the Company for equity
accounting purposes:
Madanpur (North) Coal Company Private Limited:
Particulars
March 31, 2019 March 31, 2018
Profit or Loss from continuing Operations 0.01 (0.10)
Post-tax Profit or Loss from discontinued Operations - -
Other Comprehensive Income - -
Total Comprehensive Income 0.01 (0.10)
Aditya Birla Renewable SPV 1 Limited:

Particulars
March 31, 2019 March 31, 2018
Profit or Loss from continuing Operations 0.54 (0.04)
Other Comprehensive Income (0.02) -
Total Comprehensive Income 0.52 (0.04)

` in Crores
NOTE 48: SUMMARISED FINANCIAL INFORMATION OF INDIVIDUALLY IMMATERIAL ASSOCIATES AND JOINT
VENTURE (Continued)
Bhaskarpara Coal Company Limited:

Particulars
March 31, 2019 March 31, 2018
Profit or Loss from continuing Operations 0.01 0.01
Other Comprehensive Income - -
Total Comprehensive Income 0.01 0.01
NOTE 49: AUDITORS’ REMUNERATION INCLUDING REMUNERATION FOR SUBSIDIARIES’ AUDITORS (EXCLUDING
SERVICE TAX/GST) AND EXPENSES

Particulars
March 31, 2019 March 31, 2018
(a) Statutory Auditors:
Audit fees (including Quarterly Limited Reviews) 4.49 3.60
Tax audit fees 0.26 0.25
Fees for other services 0.28 0.12
(b) Cost Auditors:
Audit fees 0.26 0.19
Fees for other services (March 31, 2019 ` 3,000/-) 0.00 -
NOTE 50:
The following expenses are included in the different heads of expenses in the Consolidated Statement of Profit and
Loss:
Year Ended March 31, 2019 Year Ended March 31, 2018
Particulars Raw Power Total Raw Power Total

Materials and Fuel Materials and Fuel
Consumed Consumed Consumed Consumed
Stores and Spares Consumed 110.84 52.05 162.89 113.06 56.81 169.87
Royalty and Cess 1,036.47 - 1,036.47 748.52 - 748.52

NOTE 51: SHARE BASED PAYMENTS (Ind AS 102)
The Group has granted 207,030 options (including Restricted Stock units and Share Appreciation Rights) to its eligible
employees in various ESOS Schemes, details are as under:
A. Employee Stock Option Scheme (ESOS 2006):
Particulars Tranche I Tranche II Tranche III Tranche IV* Tranche V* Tranche VI
Nos. of Options 99,010 69,060 60,403 88,907 8,199 7,890
Vesting Plan Graded Graded Graded Graded
Vesting - Vesting - Vesting - Vesting -
25% every 25% every 25% every 25% every
year year year As per the As per the year
Terms of Terms of
Exercise Period 5 Years 5 Years 5 Years Scheme Scheme 5 Years
from the from the from the from the
date of date of date of date of
Vesting Vesting Vesting Vesting
Grant Date 23.08.2007 25.01.2008 08.09.2010 20.09.2010 20.09.2010 01.06.2012
Exercise Price (` per share) 606 794 655 709 1,061 974
Fair Value on the date of 502 404 547 447 281 762
Grant of Option
(` per share)
* Issued to Employees of erstwhile Samruddhi Cement Limited (SCL) option holders pursuant to Scheme of
Amalgamation of SCL with the Group.
B. Employee Stock Option Scheme (ESOS 2013) including Stock options and Restricted Stock Units (RSU):
Tranche I Tranche II Tranche III
Nos. of Options 84,056 237,953 12,313 34,859 2,218 6,280
19.10.2016 Vesting - 25% 18.10.2017 Vesting - 25% 28.01.2018 Vesting - 25%
every year every year every year
after 1 year after 1 year after 1 year
Grant Date 19.10.2013 19.10.2013 18.10.2014 18.10.2014 28.01.2015 28.01.2015
Fair Value on the date of 1,862 750 2,241 870 3,048 1,207
Grant of Option
(` per share)


Nos. of Options 9,059 25,645 5,313 15,042 10,374 29,369
19.10.2018 Vesting - 25% 13.04.2019 Vesting - 25% 27.01.2020 Vesting - 25%
every year every year every year
after 1 year after 1 year after 1 year
Grant Date 19.10.2015 19.10.2015 13.04.2016 13.04.2016 27.01.2017 27.01.2017
Fair Value on the date of 2,897 1,728 3,108 1,810 3,608 2,080
Grant of Option
(` per share)
C. Employee Stock Option Scheme (ESOS 2018) including Stock options, Restricted Stock Units (RSU) and Stock
Appreciation Rights Scheme – 2018 (SAR 2018) including Stock options and RSU

Particulars
Nos. of Options 43,718 1,58,304 1,084 3,924
Vesting Plan 100% on Graded Vesting 100% on Graded Vesting
18.12.2021 - 25% every 18.12.2021 - 25% every
year after 1 year year after 1 year
from date of from date of
grant, subject grant, subject
to achieving to achieving
performance performance
targets targets
Exercise Period 5 Years from the 5 Years from the 3 Years from the 3 Years from the
date of Vesting date of Vesting date of Vesting date of Vesting


Particulars
Grant Date 18.12.2018 18.12.2018 18.12.2018 18.12.2018
Exercise Price (` per 10 4,009.30 10 4,009.30
share)
Fair Value on the date 3,942 1,476 3,946 1,539
share)
Method of Settlement Equity Equity Cash Cash
D. Movement of Options Granted including RSU along with weighted average exercise price (WAEP):
Particulars
Nos. WAEP (`) Nos. WAEP (`)
Outstanding at the beginning of the year 144,499 2,171.13 251,577 1,880.59
Granted during the year 202,022 3,143.84 - -
Exercised during the year (28,735) 1,585.05 (106,079) 1,482.43
Forfeited during the year (812) 568.53 (999) 2,134.23
Outstanding at the end of the year 316,974 2,848.32 144,499 2,171.13
Options exercisable at the end of the year 73,273 2,394.44 74,262 2,090.76
The weighted average share price at the date of exercise for options was ` 3,844.48 per share (March 31, 2018
` 4,123.18 per share) and weighted average remaining contractual life for the share options outstanding as at
March 31, 2019 was 4.6 years (March 31,2018: 3.9 years).
The Company has granted 5,008 SAR to its employees during the year with a weighted average exercise price
of ` 3,143.64 per share and weighted average fair value of ` 2,060 per share. The weighted average remaining
contractual life for SAR is 5.3 years.
The exercise price for outstanding options and SAR is ` 10 per share for RSU’s and ranges from ` 655 per share
to ` 4,099 per share for options.
E. Fair Valuation:
202,022 options were granted during the year. Weighted Average Fair value of the options granted during the
year is ` 2,009.83 per share (March 31, 2018 - ` Nil per share).
The fair value of options has been done by an independent firm of Chartered Accountants on the date of grant
using the Black-Scholes Model.
The Key assumptions in the Black-Scholes Model for calculating fair value as on the date of grant:
(a) For ESOS 2006:

1. Risk Free Rate - 8% (Tranche I-V), 8.14% (Tranche VI)
2. Option Life - Vesting period (1 Year) + Average of exercise period
3. Expected Volatility* - Tranche-I: 0.49, Tranche-II: 0.52,Tranche-III: 0.30,
Tranche-IV: 0.30, Tranche-V: 0.30, Tranche-VI: 0.25
4. Expected Growth in Dividend - 20%

(b) For ESOS 2013:
1. Risk Free Rate - 8.5% (Tranche I), 7.8% (Tranche II-III), 8.56% (Tranche IV)
7.6% (Tranche V), 6.74% (Tranche VI)
2. Option Life - (a) For Options – Vesting period (1 Year) + Average of exercise period
3. Expected Volatility* - Tranche-I: 0.29, Tranche-II: 0.27, Tranche-III: 0.28, Tranche-IV: 0.60
Tranche–V: 0.60, Tranche–VI: 0.61
4. Expected Growth in Dividend - Tranche -I: 20%, Tranche II-III: 15%, Tranche-IV: 5%, Tranche-V: 5%,
Tranche-VI: 5%
(c) For ESOS 2018:

4. Dividend Yield- - Tranche -I: 0.46%
The fair value of SAR has been done by an independent firm of Chartered Accountants on the date of grant
using the Binomial Tree model.
The Key assumptions in the Binomial Tree Model for calculating fair value as on the date of grant:
(d) For ESOS – SAR - 2018:

F. Details of Liabilities arising from Company’s cash settled share based payment transactions:
` in Crores
Other non-current liabilities 0.09 -
Other current liabilities 0.04 -
Total carrying amount of liabilities 0.13 -

` in Crores
NOTE 52 (A): CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES (Ind AS – 107)
Particulars Carrying Fair Value Carrying Fair Value
Value Value
Financial Assets at amortised cost
Trade Receivables 2,531.43 2,531.43 2,220.63 2,220.63
Loans 1,307.03 1,307.03 238.02 238.02
Cash and Bank Balances 707.17 707.17 219.07 219.07
Other Financial Assets 852.57 852.57 479.31 479.31
Investments 2,902.65 2,902.65 5,436.09 5,436.09
Total 8,399.90 8,399.90 8,714.64 8,714.64
Financial liabilities at amortised cost
Non-Convertible Debentures 2,535.00 2,462.79 2,575.00 2,509.35
Term Loan from Banks 14,188.63 14,188.63 10,489.00 10,489.00
Cash Credits/Working Capital Borrowing 81.76 81.76 770.47 770.47
Commercial Papers 1,642.46 1,642.46 992.87 992.87
Sales Tax Deferment Loan 438.77 438.77 289.68 289.68
Trade Payables 2,845.55 2,845.55 2,384.87 2,384.87
Preference Shares 1,000.10 1,000.10 1,000.10 1,000.10
Other Financial Liabilities 1,981.66 1,981.66 1,824.74 1,824.74
Foreign Currency Borrowings 2,931.63 2,931.63 3,363.10 3,363.10
Fair Value Hedging Instrument
Derivative Liability 0.15 0.15 28.27 28.27
Total 27,645.71 27,573.50 23,718.10 23,652.45
NOTE 52 (B): FAIR VALUE MEASUREMENTS (Ind AS 113)

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the
current market condition regardless of whether that price is directly observable or estimated using other valuation
techniques.
The Group has established the following fair value hierarchy that categorises the values into 3 levels. The inputs to
valuation techniques used to measure fair value of financial instruments are:
Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The
fair value of all bonds which are traded in the stock exchanges is valued using the closing price or dealer
quotations as at the reporting date.
Level 2: The fair value of financial instruments that are not traded in an active market (For example traded
bonds, over the counter derivatives) is determined using valuation techniques which maximize the use of
observable market data and rely as little as possible on company specific estimates. The mutual fund units
are valued using the closing Net Asset Value. If all significant inputs required to fair value an instrument
are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in Level 3.

` in Crores
Fair Value
Particulars As at As at
March 31, 2019 March 31, 2018
Investments – Level 2 2,877.74 5,412.50
Investments – Level 3 24.91 23.59
Fair value Hedge Instruments
Derivative assets – Level 2 99.05 121.52
Total 3,001.70 5,557.61
Fair value Hedge Instruments
Derivative liability – Level 2 0.15 28.27
Total 0.15 28.27
The management assessed that cash and bank balances, trade receivables, loans, trade payables, cash credits,
commercial papers and other financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.
The following methods and assumptions were used to estimate the fair values:
(a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset
value at the reporting date.
(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on observable yield curves and an appropriate discount factor.
(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward
exchange rates and interest rate curve of the respective currencies.
(d) The fair value of currency swap is calculated as the present value determined using forward exchange rates,
currency basis spreads between the respective currencies, interest rate curves and an appropriate discount
factor.
(e) The fair value of foreign currency option contracts is determined using the Black Scholes valuation model.
(f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The
discount rates used is based on management estimates.
The significant unobservable inputs used in the fair value measurement of the fair value hierarchy together with a
quantitative sensitivity analysis as at March 31, 2019 and March 31, 2018 are as shown below:
Description of significant unobservable inputs to valuation:
Particulars Valuation Significant Discounting Rate Sensitivity of the input to fair
Technique unobservable inputs value.
Investments in DCF Average Cost of March 31, 2019: 0.5% (March 31 2018: 0.5%)
Unquoted instruments method Borrowings to arrive 8.50% increase/(decrease) would
accounted for as fair at discount rate. March 31, 2018: result in increase/(decrease)
value through Profit 8.50% in fair value by ` (1.14)
and Loss Crores (March 31, 2018:
` (0.35) Crores)

` in Crores
Reconciliation of Level 3 Fair Value Measurements:

Add: Investment at Fair value on Loss of Control in Subsidiary 7.11
NOTE 53: FINANCIAL RISK MANAGEMENT OBJECTIVES (Ind AS 107)

The Group’s principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables.
The main purpose of these financial liabilities is to finance the Group’s operations. The group’s principal financial
assets, other than derivatives include trade and other receivables, investments and cash and cash equivalents that
derive directly from its operations.
The Group’s activities expose it to market risk, liquidity risk and credit risk. Group’s overall risk management
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the group. The group uses derivative financial instruments, such as foreign exchange forward
contracts, foreign currency option contracts, principal only swaps, cross currency swaps that are entered to hedge
foreign currency risk exposure, interest rate swaps, coupon only swaps to hedge variable interest rate exposure and
commodity fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for hedging purposes
and not as trading or speculative instruments.
The several sources of risks which the group is exposed to and their management are given below:
Risk Exposure Arising Measurement Management
From
(I) Market Risk
A. Foreign Currency Committed Cash Flow Forecasting (a) Forward foreign exchange
Risk commercial Sensitivity Analysis contracts
transaction (b) Foreign currency options
Financial asset (c) Principal only/Currency
and Liabilities not swaps
denominated in INR
B. Interest Rate Risk Long Term Sensitivity Analysis, Interest (a) Interest Rate swaps, Coupon
Borrowings at variable rate movements Only swaps
rates (b) Portfolio Diversification
Investments in Debt
Schemes of Mutual
Funds and Other Debt
Securities

Risk Exposure Arising Measurement Management

From
C. Commodity Price Movement in prices of Sensitivity Analysis, (a) Commodity Fixed Prices
Risk commodities mainly Commodity price tracking (b) Swaps/Options
Imported Thermal
Coal and Pet Coke
(II) Credit Risk Trade receivables, Ageing analysis, Credit (a) Diversification of mutual
Investments, Rating fund investments,
Derivative financial (b) Credit limit & credit
instruments, Loans worthiness monitoring,
and Bank balances
(c) Criteria based approval
process
(III) Liquidity Risks Borrowings and Other Rolling cash flow forecasts (a) Adequate unused credit
Liabilities and Liquid Broker Quotes lines and borrowing
Investments facilities
(b) Portfolio Diversification
The Group has standard operating procedures and investment policy for deployment of surplus liquidity, which allows
investment in debt securities and mutual fund schemes of debt categories only and restricts the exposure in equity
markets.
Compliances of these policies & principles are reviewed by internal auditors on periodical basis.
The Corporate treasury team updates the Audit Committee on a quarterly basis about the implementation of the
above policies. It also updates to the Internal Risk Management Committee of the Group on periodical basis about
the various risks to the business and status of various activities planned to mitigate the risks.
(I) Market Risk:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change
in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes
that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
instruments including investments and deposits, foreign currency receivables, payables and borrowings.
A. Foreign Currency Risk:
Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign
currency, which fluctuate due to changes in foreign exchange rates. The Company’s exposure to the risk
of changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels,
raw materials & spare parts, capital expenditure, exports of cement and the Company’s net investments in
foreign subsidiaries.
When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of
those derivatives to match the terms of the hedged exposure.
The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company
follows established risk management policies and standard operating procedures. It uses derivative
instruments like foreign currency swaps and forwards to hedge exposure to foreign currency risk.

` in Crores
Outstanding foreign currency exposure (Gross) as at March 31, 2019 March 31, 2018
Trade and advances receivables
USD 19.60 0.83
Euro 0.08 0.10
Others - 0.01
Trade Payables
USD 3.26 1.30
Euro 0.26 0.75
Others 0.03 0.02
Borrowings
USD 15.25 21.14
Investments
USD 6.92 6.92
Foreign currency sensitivity on unhedged exposure:

100 bps increase or decrease in foreign exchange rates will have the following impact on profit before tax.
As at As at
Particulars
March 31, 2019 March 31, 2018
USD (4.79) (4.51)
Others - (0.01)
B. Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest
rates relates primarily to the Group’s short term borrowing (excluding commercial paper) with floating
interest rates. For all long-term borrowings with floating rates, the risk of variation in the interest rates is
mitigated through interest rate swaps. The Group constantly monitors the credit markets and rebalances
its financing strategies to achieve an optimal maturity profile and financing cost.

` in Crores
Interest rate exposure
Total Floating rate Fixed rate Non-Interest

Particulars borrowings borrowings borrowings bearing
borrowings
INR 19,805.14 14,188.81 5,177.56 438.77
USD 2,974.10 42.47 2,931.63 -
AED 12.29 12.29 - -
BDT 26.29 26.29 - -
BHD 0.53 0.53 - -
Total as at March 31, 2019 22,818.35 14,270.39 8,109.19 438.77
INR 16,041.51 10,563.86 5,187.97 289.68
USD 3,392.46 29.36 3,363.10 -
AED 16.98 16.98 - -
BDT 27.21 27.21 - -
BHD 2.06 2.06 - -
Total as at March 31, 2018 19,480.22 10,639.47 8,551.07 289.68
Note: Interest rate risk hedged for FCY borrowings has been shown under Fixed Rate borrowings.
Interest rate sensitivities for unhedged exposure (impact on profit before tax due to increase in 100 bps):
As at As at
Particulars
March 31, 2019 March 31, 2018
INR (141.89) (105.64)
USD (0.42) (0.29)
AED (0.12) (0.17)
BDT (0.26) (0.27)
BHD (0.01) (0.02)
Interest rate sensitivity has been calculated assuming the borrowings outstanding at reporting date have
been outstanding for the entire reporting period. Further, the calculations for the unhedged floating rate
borrowing have been done on the notional value of the foreign currency (excluding the revaluation).

Foreign Currency and Interest Rate Risk Management:
Forward Exchange and Interest Rates Swaps Contracts:
A. Derivatives for hedging currency and interest rates, outstanding are as under:
` in Crores
Hedged Currency As at As at Cross
Particulars
Item March 31, 2019 March 31, 2018 Currency
(a) Forward Contracts Loan USD 18.50 - Rupees
Receivable
Imports USD 11.06 6.47 Rupees
Imports Euro 0.12 0.15 Rupees
Imports Euro 1.24 1.11 USD
Exports USD 0.71 - Rupees
(b) Other Derivatives:
(i) Currency & Interest Rate ECB* USD 7.32 9.82 Rupees
Swap (CIRS)
(ii) Principal only Swap ECB* USD 7.32 11.32 Rupees
Imports Euro - 0.05 USD
(iii) Interest Rate Swap ECB* USD 7.32 11.32 USD
ECB* USD 27.75 30.50 AED
*External Commercial Borrowings
B. Cash Flow Hedges: The Company has raised foreign currency external commercial borrowings and
to mitigate the risk of foreign currency and floating interest rates the Company has taken forward
contracts, currency swaps, interest rates swaps and principal only swaps. The Company is following
hedge accounting for all the foreign currency borrowings raised on or after April 01, 2015 based on
qualitative approach.
The Company assesses hedge effectiveness based on following criteria:
(i) an economic relationship between the hedged item and the hedging instrument;
(ii)1 the effect of credit risk; and
(iii)1 assessment of the hedge ratio
The Company designates the derivatives to hedge its currency risk and generally applies a hedge ratio
of 1:1. The Company’s policy is to match the critical terms of the forward exchange contracts to match
with the hedged item.
Foreign currency cash flows:

Particulars
(USD/INR) Currency (Liabilities)
USD Crores ` in Crores
Buy Currency for External March 31, 2019 65.19 7.32 17.25
Buy Currency for External March 31, 2018 65.19 7.32 (10.90)

Particulars
(USD/Euro) Currency (Liabilities)
Euro Crores ` in Crores
Buy Currency for Imports (Euro) March 31, 2019 - - -
Buy Currency for Imports (Euro) March 31, 2018 1.25 0.05 3.66
Interest rates outstanding on Receive Floating and Pay Fix contracts:

contracted fixed Amount Assets
Particulars
interest rates* USD Crores (Liabilities)
` in Crores
1 to 2 years March 31, 2019 0.90% 18.75 30.32
2 to 5 years March 31, 2019 3.92% 16.32 19.39
2 to 5 years March 31, 2018 2.21% 37.82 74.48
Cross Currency and Interest rate Swaps:

As at Average Average Nominal Fair Value
contracted fixed Exchange Rate Amount Assets
Particulars
interest rates* (USD/INR) USD Crores (Liabilities)
` in Crores
2 to 5 years March 31, 2019 7.79% 67.49 7.32 2.76
2 to 5 years March 31, 2018 7.79% 67.49 7.32 (23.57)
* Includes weighted average rate for Cross Currency Interest Rate Swaps, Principal Only Swap and Coupon
Swaps.
The above Hedging Instruments are included in the Balance Sheet under the head “Other Financial
Assets”/“Other Financial Liabilities”.
Refer Statement of changes in equity for movement on OCI.
Recognition of gains/(losses) under forward exchange and interest rates swaps contracts designated
under cash flows hedges:
` in Crores
Effective Hedge Ineffective Effective Hedge Ineffective
Particulars
(OCI) Hedge (OCI) Hedge
(Profit and Loss) (Profit and Loss)
Gain/(Loss) (50.38) - 10.05 -
C. Commodity price risk management:

Commodity price risk for the Company is mainly related to fluctuations in coal and pet coke prices linked
to various external factors, which can affect the production cost of the Company. Since the Energy costs
is one of the primary costs drivers, any fluctuation in fuel prices can lead to drop in operating margin. To
manage this risk, the Company enters into forward covers for imported coal, enter into long-term supply
agreement for pet coke, identifying new sources of supply etc. While forward covers are prevailing in
the markets for coal but in case of pet coke no such derivative is available; it has to be procured at spot
prices. Additionally, processes and policies related to such risks are reviewed and controlled by senior
management and fuel requirement are monitored by the central procurement team.

(II) Credit Risk Management:
Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument
or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing/investing activities, including deposits with
banks, mutual fund investments, and investments in debt securities, foreign exchange transactions and
financial guarantees. The Group has no significant concentration of credit risk with any counterparty.
Trade receivables
Trade receivables are consisting of a large number of customers. The Group has credit evaluation policy for
each customer and based on the evaluation credit limit of each customer is defined. Wherever the Group
assesses the credit risk as high the exposure is backed by either bank guarantee / letter of credit or security
deposits.
Total Trade receivables as on March 31, 2019 is ` 2,531.43 Crores (March 31, 2018 ` 2,220.63 Crores)
The Group does not have higher concentration of credit risks to a single customer. Single largest customer
has total exposure in sales 2.3% (March 31, 2018 1.8%) and in receivables 8.2% (March 31, 2018 6.7%).
As per simplified approach, the Company makes provision of expected credit losses on trade receivables
using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each
reporting date wherever outstanding is for longer period and involves higher risk.
As per policy receivables are classified into different buckets based on the overdue period ranging from 6
months - one year to more than two years. There are different provisioning norms for each bucket which
are ranging from 25% to 100%.
Movement of provision for doubtful debts:

` in Crores

Opening provision 48.99 42.25
Add: Provided during the year 10.33 7.04
Less: Utilised during the year (0.07) (0.03)
Add/(Less): Effect of Foreign Currency Conversion 0.45 (0.27)
Closing Provision 59.69 48.99
Investments, Derivative Instruments, Cash and Cash Equivalent and Bank Deposit
Credit Risk on cash and cash equivalent, deposits with the banks/financial institutions is generally low as
the said deposits have been made with the banks/financial institutions who have been assigned high credit
rating by international and domestic rating agencies.
Credit Risk on Derivative Instruments is generally low as Group enters into the Derivative Contracts with the
reputed Banks and Financial Institutions.
Investments of surplus funds are made only with approved Financial Institutions/Counterparty. Investments
primarily include investment in units of mutual funds, Quoted Bonds, Non-Convertible Debentures issued
by Government/Semi Government Agencies/PSU Bonds/High Investment grade corporates etc. These
Mutual Funds and Counterparties have low credit risk.
Total Non-current and current investments as on March 31, 2019 is ` 2,877.74 Crores (March 31, 2018
` 5,412.50 Crores)
Financial Guarantees:
The company has given corporate guarantees of ` 4 crores. (Refer Note 37(c)).

(III) Liquidity risk management:
Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or
at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
securities and the availability of funding through an adequate amount of credit facilities to meet obligations
when due. The Group’s treasury team is responsible for liquidity, funding as well as settlement management.
In addition, processes and policies related to such risks are overseen by senior management. Management
monitors the Group’s liquidity position through rolling forecasts on the basis of expected cash flows.
The table below provides details regarding the remaining contractual maturities of financial liabilities and
investments held for managing the risk at the reporting date based on contractual undiscounted payments.
` in Crores
Less than 1 to 5 years More than Total
1 year 5 Years
Borrowings (including current maturities of long-term 3,267.19 6,432.72 13,118.44 22,818.35
debts)
Trade Payables 2,845.55 - - 2,845.55
Other Financial Liabilities (excluding Derivative 1,769.35 - - 1,769.35
Liability)
Derivative Liability 0.15 - - 0.15
Investments 1,516.49 1,004.59 356.66 2,877.74
Less than 1 to 5 years More than Total

1 year 5 Years
Borrowings (including current maturities of long-term 3,620.77 4,298.76 11,564.71 19,480.22
debts)
Trade Payables 2,384.87 - - 2,384.87
Derivative Liability - 28.27 - 28.27
Investments 3,949.12 1,106.72 356.66 5,412.50
NOTE 54: DISTRIBUTION MADE AND PROPOSED (Ind AS 1)

Particulars
March 31, 2019 March 31, 2018
Proposed dividends on Equity shares:
Final dividend for the year ended on March 31, 2019: ` 11.50 per share
(March 31, 2018: ` 10.50 per share) 315.84 288.34
DDT on proposed dividend 64.92 59.27
Proposed dividends on Preference shares:
Final dividend for the year ended on March 31, 2019 0.01 0.01
DDT on proposed dividend (FY 2017-18: ` 17,098) - -
Total Dividend proposed 380.77 347.62
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised
as a liability (including Dividend Distribution Tax thereon) as at March 31.

NOTE 55: CAPITAL MANAGEMENT (Ind AS 1)
The capital management of the Company is to (a) maximise shareholder value and provide benefits to other
stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.
For the purposes of the Group’s capital management, capital includes issued equity share capital, share premium
and all other equity.
The Group monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits
divided by total equity.
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
Total Debt (Bank and other Borrowings) 22,818.35 19,480.22
Equity 28,388.95 26,381.16
Liquid Investments and bank deposits 3,135.71 5,545.58
Debt to Equity (Net) 0.69 0.53
In addition, the Group has financial covenants relating to the borrowing facilities that it has taken from the lenders
like interest coverage service ratio, Debt to EBITDA, etc. which is maintained by the Group.
NOTE 56: RESEARCH AND DEVELOPMENT

Revenue expenditure on Research and Development included in different heads of expenses in the Statement of
Profit and Loss is ` 17.31 Crores. (March 31, 2018 ` 14.04 Crores).
NOTE 57: CORPORATE SOCIAL RESPONSIBILITY

Expenditure incurred in cash on Corporate Social Responsibility activities, included in different heads of expenses in
the Consolidated Statement of Profit and Loss is ` 74.96 Crores (March 31, 2018 ` 60.71 Crores) and on account of
capital expenditure ` 2.16 Crores (March 31, 2018 ` 0.96 Crores).
The amount required to be spent under Section 135 of the Companies Act, 2013 for the year ended March 31, 2019 is
` 61.17 Crores (March 31, 2018 ` 58.91 Crores) i.e. 2% of average net profits for last three financial years, calculated
as per section 198 of the Companies Act, 2013.
NOTE 58: GOVERNMENT GRANT (Ind AS 20)

(a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion
Scheme of ` 398.43 Crores (March 31, 2018 ` 300.72 Crores).
(b) Sales Tax deferment loan granted under State Investment Promotion Scheme has been considered as a
government grant and the difference between the fair value and nominal value as on date is recognised as an
income. Accordingly, an amount of ` 45.49 Crores (March 31, 2018: ` 3.86 Crores) has been recognised as an
income. Every year change in fair value is accounted for as an interest expense.
(c) Interest, Wages Expenses and Repairs to plant and machinery are net of subsidy received, under State
Investment Promotion Scheme of ` Nil Crores (March 31, 2018 ` 5.81 Crores), and ` 1.46 Crores (March 31, 2018
` 0.98 Crores) respectively.

Note 59: Assets / Disposal group held for sale (Ind AS 105)
(a) The Group has identified certain assets like Aggregate Mines, Pre Grinders, Vibrating Mill, Naptha based power
plant, Waste Heat Recovery System (WHRS) etc., which are available for sale in its present condition. The Group
is committed to plan the sale of these assets and an active programme to locate a buyer and complete the plan
have been initiated. The Group expects to dispose of these assets within twelve months from its classification.
These assets have been stated at fair value less cost to sell (being lower of the carrying amount) amounting to
` 56.30 Crores (March 31, 2018: ` 43.40 Crores). Refer Note 2 for impairment relating to these assets.
(b) Consequent to the acquisition of UNCL (refer note 41), the Group has identified disposal groups (foreign
subsidiaries of UNCL) that meet the criteria to be classified as held for sale on acquisition, as these are not
considered core to the groups ongoing business activities and management is committed to sell these disposal
groups, active efforts have been initiated to locate a buyer. The Group expects to sell the disposal group within
twelve months from its classification. The disposal group comprises assets held for sale amounting to ` 1,037.20
Crores (March 31, 2018: Nil) and liabilities amounting to ` 489.00 Crores (March 31, 2018: Nil), which have been
stated at fair value less cost to sell (being lower of their carrying amount). The disposal group have also been
considered as discontinued operations.
The non-recurring fair value measurement for the disposal group has been categorised as a level 2 fair value
based on the inputs to the valuation technique used. Refer note 1(B) (b) (vii) in respect of the valuation basis
used in measuring the fair value of the disposal group.
NOTE 60: OPERATING LEASE (Ind AS 17)

(a) Future minimum rental payables under non-cancellable operating lease
` in Crores
Sr. Year Ended Year Ended
Particulars
No. March 31, 2019 March 31, 2018
(i) Not later than one year 21.92 15.73
(ii) Later than one year and not later than five years 64.60 57.81
(iii) More than five years 93.09 99.55
(b) Operating lease payment recognised in the Statement of Profit and Loss amounting to ` 162.55 Crores (March
31, 2018 ` 158.74 Crores)
(c) General Description of leasing agreements:
 Leased Assets: Land, Godowns, Offices, Flats, Machinery and Others.
 Future Lease rentals are determined on the basis of agreed terms.
 At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving
notice in writing.
 Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed
terms.
NOTE 61: REVENUE (Ind AS 115)

A. The Company is primarily in the Business of manufacture and sale of cement and cement related products. The
product shelf life being short all sales are made at a point in time and revenue recognised upon satisfaction
of the performance obligations which is typically upon dispatch/delivery. The Company has a credit evaluation
policy based on which the credit limits for the trade receivables are established The Company does not give
significant credit period resulting in no significant financing component. The Company, however, has a policy for
replacement of the damaged goods.
In compliance with Ind AS 115, certain sales promotion schemes are now treated as variable components of
consideration and have been recognised as revenue deductions instead of other expenses. Consequently, all
comparative period numbers have been restated, adhering to the full retrospective approach under Ind AS 115.
The Revenue and Other expenses for the year ended March 31, 2018 have both been reduced by ` 432.18 Crores
due to the aforesaid regrouping and there is no impact on the Profits, financial position and Cashflow of the
Company.

` in Crores
NOTE 61: REVENUE (Ind AS 115) (Continued)
B. Reconciliation of revenue recognised from Contract liability:

Particulars
March 31, 2019 March 31, 2018
Closing Contract liability-Advances from Customers 284.23 304.95
The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year
ended March 31, 2019.
C. Reconciliation of revenue as per contract price and as recognised in statement of profit and loss:

Particulars
March 31, 2019 March 31, 2018
Revenue as per Contract price 39,920.99 34,072.89
Less: Discounts and incentives (3,146.30) (2,637.88)
Revenue as per statement of profit and loss 36,774.69 31,435.01
NOTE 62: INFORMATION AS PER THE REQUIREMENT OF SECTION 22 OF THE MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006
As at As at
Particulars
March 31, 2019 March 31, 2018
(a) (i) The principal amount remaining unpaid to any supplier at the end of 20.82 9.73
accounting year included in trade payables
(ii) The interest due on above - 0.01
The total of (i) & (ii) 20.82 9.74
(b) The amount of interest paid by the buyer in terms of section 16 of the Act - -
(c) The amount of the payment made to the supplier beyond the appointed day - -
during the accounting year
(d) The amounts of interest accrued and remaining unpaid at the end of financial - 0.01
year
(e) The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the due date during the year) but
without adding the interest specified under this Act.
(f) the amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues above are actually
paid to the small enterprise, for the purpose of disallowance of a deductible
expenditure under section 23 of the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information has been determined to the extent such parties have been identified on the basis of information
available with the Company and the same has been relied upon by the auditors.

NOTE 63: ADDITIONAL INFORMATION AS REQUIRED BY PARAGRAPH 2 OF PART III - GENERAL INSTRUCTION FOR
PREPARATION OF CFS OF SCHEDULE III of the Companies Act, 2013.
Sr. Name of the entity in Net Assets i.e. total Share in profit or loss Share in Other Share in Total
No. the group assets minus total Comprehensive Income Comprehensive Income
liabilities (OCI) (TCI)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` Crores) consolidated (` Crores) consolidated (` Crores) consolidated (` Crores)
net assets profit/loss OCI TCI
1. Parent 93.69% 26,607.05 100.14% 2,435.00 –61.51% 7.40 100.94% 2,442.40
2. Subsidiaries
Indian
(i) Dakshin Cements 0.00% (0.00) 0.00% - - - 0.00% -
Limited
(ii) Harish Cement Limited 0.54% 153.96 0.00% - - - - -
(iii) Bhagwati Limestone 0.01% 2.03 0.00% 0.01 - - 0.00% 0.01
Company Private
Limited
(iv) Gotan Lime Stone 0.07% 20.57 –0.02% (0.43) - - –0.02% (0.43)
Khanij Udyog Private
Limited
(v) Ultratech Nathdwara 2.19% 622.19 –2.44% (59.36) 2.24% (0.27) –2.46% (59.63)
Cement Limited
Foreign
(i) UltraTech Cement 0.40% 113.46 –0.61% (14.81) –0.17% 0.02 –0.61% (14.79)
Lanka (Private) Limited
(ii) UltraTech Cement 2.99% 849.64 3.03% 73.62 153.28% (18.44) 2.28% 55.18
Middle East
Investments Limited
(iii) PT UltraTech Mining 0.00% 0.46 0.00% - - - 0.00% -
Indonesia
(iv) PT UltraTech 0.00% 0.13 0.01% 0.15 - - 0.01% 0.15
Investment Indonesia
3. Non-Controlling
Interests in
Subsidiaries
Foreign
(i) UltraTech Cement Lanka 0.04% 12.10 –0.13% (3.13) 6.15% (0.74) –0.16% (3.87)
(Private) Limited
(ii) PT UltraTech Mining 0.00% 0.12 0.00% - - - 0.00% -
Indonesia
(iii) PT UltraTech 0.00% (0.07) 0.00% - - - 0.00% -
Investment Indonesia
4. Joint Venture-Indian
Bhaskarpara Coal 0.02% 6.50 0.00% 0.01 - - 0.00% 0.01
Company Limited
5. Associate-Indian
(i) Madanpur (North) Coal 0.00% 0.94 0.00% 0.01 - - 0.00% 0.01
Company Limited
(ii) Aditya Birla Renewable 0.04% 11.37 0.02% 0.52 - - 0.02% 0.52
SPV 1 Limited
Total 100% 28,400.45 100% 2,431.59 100% (12.03) 100% 2,419.56

NOTE 64:
Ind AS 116 – on March 30, 2019, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards)
Amendment Rules, 2019, notifying Ind AS 116 “Leases”, which replaces Ind AS 17 “Leases”. The new standard
introduces a single on-balance sheet lease accounting model for lessee. This will result in the company recognising
right of use assets & lease liability in the books.
The Company is in the process of analyzing the impact of Ind AS 116 on its financials.
The amendment will come into force from April 01, 2019.
Others
Ministry of Corporate Affairs (“MCA”) has notified following amendments to Ind AS on March 30, 2019 which is effective
for the annual period beginning or or after April 01, 2019.
1. Ind AS 12 - Appendix C, Uncertainty over Income Tax Adjustments
The amendment requires an entity to determine probability of the relevant tax authority accepting the uncertain
tax treatment that the Company have used in tax computation or plan to use in their income tax filings.
2. Amendment to Ind AS 12 – Income taxes
The amendment clarifies that an entity shall recognise the income tax consequences of dividends in profit
or loss, other comprehensive income or equity according to where the entity originally recognised those past
transactions or events
3. Ind AS 19 - Plan amendment, curtailment or settlement
The amendments require an entity to use updated assumptions to determine current service cost and net
interest for the remainder of the period after a plan amendment, curtailment or settlement and to recognise in
profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that
surplus was not previously recognised because of the impact of the asset ceiling.
Based on preliminary assessment, the Company does not expect any significant impact on its financial
statements on account of above amendments.
NOTE 65:
Effective July 01, 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which
formed part of expenses.
NOTE 66:
Other income for year ended March 31, 2018 includes reversal of earlier years provision of ` 103.79 Crores related
to contribution towards District Mineral Fund (DMF) under the Mines and Mineral (Development and Regulation)
Amendment Act, 2015, on the basis of Supreme Court Judgment dated October 13, 2017.
NOTE 67:
Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year
classification/disclosure.
Signatures to Note ‘1’ to ‘67’
For and on behalf of the Board of Directors
In terms of our report attached.
Firm Registration No.: 101248W/W-100022 Firm Registration No.: 105146W DIN: 00017572 DIN: 00013239

Membership No.: 46476 Membership No.: 44000 DIN: 06416619
S.K. CHATTERJEE

NOTES

CMYK CMYK
Mr. Aditya Vikram Birla

We live by his values.
Integrity, Commitment, Passion, Seamlessness and Speed.
CMYK CMYK

ANNUAL REPORT 2018-19

B Wing, Ahura Centre, 2nd Floor,
Mahakali Caves Road, Andheri (East),
Mumbai - 400 093
www.ultratechcement.com
22nd July, 2019
BSE Limited The Manager

Corporate Relationship Department Listing Department
Phiroze Jeejeebhoy Towers, The National Stock Exchange of India Limited
Dalal Street, "Exchange Plaza", Bandra-Kurla Complex,
Mumbai 400 001. Bandra (East), Mumbai 400 051.
Tel.: 22721233/4 Tel.: 26598236
Fax: 022 2272 2039 Fax: 2659 8237 I 38.
Scrip Code: 532538 Scrip Code: ULTRACEMCO
Dear Sirs,
Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015
Sustainability Report 2018-19
We are pleased to enclose a copy of the Sustainability Report 2018-19 - 'Driving Growth Through
SDGs'. The Report is also available on the Company's website www.ultratechcement.com.
This is for your information and records, please.
Thanking you,
Yours faithfully,
For UltraTech Cement Limited
S.K. Chatterjee
Company Secretary
Encl. a/a.
UltraTech
IWM,iMW'M#
The Engineer's Choice

Registered Office : Ahura Centre, B - Wing, 2"' Floor, Mahakali Caves Road, Andheri (East}, Mumbai 400 093, India
T: +91 22 6691 7800 / 2926 7800 I F: +91 22 6692 8109 I W:www.ultratechcement.com/ www.adityabirla.com J CIN : L26940MH2000PLC128420
ULTRATECH CEMENT LIMIITED | SUSTAINABILITY REPORT 2018-19
REGISTERED OFFICE
ULTRATECH CEMENT LIMITED
B WING, SECOND FLOOR, AHURA CENTRE, MAHAKALI CAVES ROAD,
DRIVING GROWTH
design partner: SGA Adsvita
content partner: thinkstep
ANDHERI (E), MUMBAI, MAHARASHTRA, INDIA.

+91 22 669 17800
+91 22 669 28109
THROUGH SDGs
S U S TA I N A B I L I T Y R E P O R T 2018-19
WWW.ULTRATECHCEMENT.COM
2
Executive Message
6
Reporting Scope
and Boundary
7
UltraTech
Overview
10
Sustainability 16
and Us
RESPONSIBLE
18 Our Value Creation Model

15
CSI Dashboard
20 Corporate Governance
STEWARDSHIP
27 Economic Performance
29 Environment Performance
37 Product Performance
43 Occupational Health and Safety
46 People Performance
49 Social Performance
62
future
proofing
56
Stakeholder
67
Engagement
GRI Content Index

and Performance
Tables
73
Independent
Assurance Statement
2
Message from
the Chairman
Dear Stakeholders,
The Indian economy is set to grow more than 7 percent in the year 2019, consolidating
its position as the fastest-growing large economy in the world and on course to become
the world’s second-largest economy by 2030. The phenomenal growth is powered by a
rising middle class that is expected to more than triple to 89 million households by 2025,
indicating an attractive long-term economic future. Rapid urbanisation has created a
significant demand for urban housing and infrastructure with the number of cities with
populations of more than one million increasing every year. Rural demand is also on the
rise with the improvement in the rural economy.
3
The industry is expected

to witness positive growth
in the coming years,
with consumption set
to increase at a CAGR of
around 9% from FY 2017
The increased focus of the government on infrastructure and to FY 2020
low cost housing on the back of rapid urbanization and uptick
in rural economy augurs well for the Indian cement industry.
Government projects including ‘Housing for All’, Pradhan
Mantri Awas Yozana–Gramin, Bharatmala Project, and Smart plants, which is currently contributing to 3.9% of our energy
Cities project are expected to give an impetus to cement requirement. We have been able to turn around our acquired
demand in the near future. The industry is expected to witness assets and integrate them into our existing system with great
positive growth in the coming years, with consumption set to success. We have benchmarked norms for our acquired units
increase at a CAGR of around 9% from FY 2017 to FY 2020. to work on par with our existing units in terms of quality and
The demand for the sector is expected to move above the safety standards.
national GDP rate with government-led spending continuing
Under the aegis of the Aditya Birla Centre for Community
to be a key growth driver. UltraTech Cement, the largest
Initiatives and Rural Development, UltraTech contributes
cement manufacturer in India, is positioned favorably with
significantly to the Group’s commitment to inclusive growth. It
both the capacity and the capability to leverage this spurt in
works in 502 villages in proximity to its plants, touching more
demand.
than 1.6 million lives. Over a period, we expect to see a major
Responsible growth will continue to be the underlying transformation of these villages. More than 80 of these villages
principle for UltraTech Cement, with sustainability being have already transformed into model villages. Our focus
identified as a key pillar in our long-term growth strategy. areas include education, healthcare, sustainable livelihood,
Sustainable development goals (SDGs), as identified by infrastructure and social reform.
the United Nations, have become a guiding framework for
Our most valued assets, our people, are committed to
mature and modern organizations to align their sustainability
contributing their best to the sustainable growth of the
strategies, and this applies to UltraTech as well. As a
business which is based on values, driven by performance and
responsible organization, UltraTech has aligned its business
empowered by meritocracy. Empowering our people is one of
strategy to contribute significantly towards SDGs that are
our pillars for building leadership capability for the future.
relevant to the business and the industry. We have developed
Our unrelenting focus on improvement of efficiency,
our sustainability framework on the three pillars of responsible
productivity and customer centricity, driven by the
stewardship, strategic stakeholder engagement and future
unparalleled talent in our organization, helps us in being
proofing.
prepared for a challenging business environment that lies
The past year saw UltraTech make rapid strides towards its
ahead of us. I have firm faith that our business is future-ready to
efforts to achieve long-term sustainability targets. UltraTech
respond to new age challenges and to deliver superior value
became a member of EP100 and has committed to double
to all our stakeholders.
its energy productivity (revenue/GJ) by 2035, compared to
its 2010 baseline. Energy productivity is a way of measuring
energy efficiency that aligns directly with business growth Kumar Mangalam Birla
and sustainable development goals. Our performance on the Chairman
ambitious target of reducing our CO2 emission intensity by
25% from 2005-06 levels is on track.
We are continuously working towards increasing the fly
ash and slag utilization rate in our cement products, which
constitutes 16.2% of our total raw material use. We convert
municipal waste into alternative fuel and use it in our
4
Message from the

Managing Director
Dear Stakeholders, Our progress in our focus areas has been consistent over
Being the largest cement manufacturer in India, and among the years, and we are taking the right strides to achieve our
the largest globally, UltraTech Cement has a sizeable impact sustainability targets and also set new benchmarks. We
proposition in the area of SDGs. True to our organizational became the founding members of the Global Cement and
values, we have made impressive contributions in this area in a Concrete Association, which drives responsible industry
steady manner. leadership in the manufacture and use of cement and
concrete. We have put in place a clear roadmap for reducing
The successful implementation of sustainable development
our carbon footprint. Product mix and effective energy
goals (SDGs) requires a systemic approach. Systemic solutions
management has been a key tool in helping us achieve
encourage us to explore inter-relationships (context and
18.46% reduction in our CO2 intensity as compared to FY
connections), perspectives (each component with a unique
2005-06. Our plants are amongst the best in thermal and
perception of the situation) and boundaries (agreeing on
electrical energy performance. We have implemented a
scope, scale and route for improvement). Systemic thinking is
robust energy management framework which has facilitated
particularly useful in addressing complex problem situations
our performance towards ‘Perform, Achieve and Trade’ (PAT)
like sustainability.
5
We have installed reverse

osmosis plants which provide
safe drinking water to more safe drinking water and sanitation, education, sustainable
than 30,000 villagers livelihood, animal husbandry, infrastructure development and
social reform. We have installed reverse osmosis plants which
provide safe drinking water to more than 30,000 villagers. We
have worked in collaboration with various state governments
targets. We have invested significantly both in terms of ‘Capex’ for the implementation of projects under Swachh Bharat
and ‘Opex’ to reduce the environmental footprint of our Abhiyan and created 5,840 individual toilets and sanitation
manufacturing operations. facilities at 126 schools.
India has been aggressively promoting renewable energy in UltraTech works with over 800 self-help groups in the local
the past two years. International Solar Alliance, an alliance of communities around our factories and this has helped
more than 121 countries, was initiated by India and France for enhance the livelihoods of about 8,000 households. These
efficient exploitation of solar energy to reduce dependence self-help groups provide livelihood training to women and
on fossil fuels. As the largest player in the Indian cement more importantly work with them for market access to ensure
industry, it is our responsibility to contribute to this national sustainability of the interventions. We are also implementing
commitment. Our effective renewable energy capacity (solar integrated watershed management projects to enable farmers
and wind energy) stands at 62 MW and is expected to increase around our sites to enhance their incomes.
in future. We have also made rapid advances in the area of
UltraTech has taken up several interventions to support
waste heat recovery systems and are planning to expand
access to quality education in rural areas such as pre-school
capacity from 85 MW to 131 MW by 2021.
education by strengthening over three hundred aanganwadis
We have increased the use of alternative fuel to more and balwadies in terms of facilities as well as infrastructure
than 8% compared to last year and achieved a thermal benefitting over six thousand five hundred children. Our Sarva
substitution rate of 3.9%. UltraTech Cement is supporting Shikhsha Abhiyan programme focuses on reduce school
municipal corporations and burning their solid waste as a fuel drop out rates of girls by providing support facilities such as
in its cement kilns, thereby helping them to manage non- transport, infrastructure development, sanitation and safe
biodegradable waste in a safe and sustainable manner. Out drinking water facility, which has benefited more than fifty
of the total raw material used for production, 16.2% recycled thousand children.
material comprising fly ash, slag, and waste gypsum has been
This sustainability report showcases our efforts in
used with an increase of 14.2% compared to the previous year.
implementing the SDGs through our policies, strategies,
We continue to invest in our water management and processes and targets. We have made significant progress
conservation initiatives to enhance our water positive index on our business targets as aligned with SDGs and have
from the current status of ‘2.18x’. We are expanding rainwater made strategic plans to make further contributions to these
harvesting facilities at different locations. Going forward, we global goals in future. UltraTech is committed to embedding
are committed to further increasing this water positive index sustainability into its business conduct, and we recognize
based on water conservation and management plans in place. that we need to embrace new ways of working and adopt
We have made meaningful contribution towards the SDGs innovative solutions to provide a strategic boost to our low
on Poverty, Hunger, Health, Education, Economic Growth, carbon growth business model.
Sanitation and Infrastructure through our CSR activities
spearheaded by Aditya Birla Centre for Community Initiatives
and Rural Development. We work in 502 villages in proximity K. K. Maheshwari
to our plants, making a difference to the lives of over 1.6 million Managing Director
people. UltraTech Cement Limited
Our social responsibility initiatives aligned with global SDGs
work towards inclusive growth in areas such as healthcare,
6
Reporting
Scope
and Boundary
102-45, 102-48, 102-49, 102-50, 102-51, 102-52
COMPLIANCE
This sustainability report is a testimony of our commitment WITH GLOBAL
to the UN Sustainable Development Goals (SDGs) and how
we are driving our triple bottom line performance through
REPORTING NORMS
these SDGs. For our various stakeholders, it showcases the 102-46
efforts and initiatives we undertake for creating a better world

This report is in accordance with Global Reporting Initiatives
for all. We follow an annual cycle of reporting. The last report
(GRI) Standards Core option. Additionally, our disclosures are
was released in FY 2017-18 which was aligned with SDG’s.
aligned with the following international and national charters
This year we have kept the same approach to report on our
and guidelines:
performances across three pillars of sustainability.
National Voluntary Guidelines on Social, Environmental
REPORT BOUNDARY and Economic Responsibilities of Businesses in India,
This report covers our performance* for the period 1st April issued by the Ministry of Corporate Affairs, Government of
2018 to 31st March 2019 and addresses the performance India.**
of all our operations at UltraTech Cement Limited including Suggested Framework on Business Responsibility Reports,
manufacturing locations, subsidiaries and bulk terminals by Securities and Exchange Board of India circular dated
in India, Sri Lanka and the Middle East. There has been a August 13, 2012.
change in the reporting boundary with addition of three
Cement Sustainability Initiative (CSI) on key performance
newly commissioned plants namely Dhar Cement Works,
indicators in the cement industry. For detailed index, refer
Nagpur Cement Works and Patliputra Cement Works and nine
to page no. 15.
acquired units from Jaypee Associates.
**
www.mca.gov.in/Ministry/pdf/voluntary_guidelines.pdf
The ready-mix concrete (RMC) plants operated by the
Company for specific customers, within their premises on a
temporary basis, have not been included. There have been no SUGGESTIONS
restatements of data for any of the previous year’s reports.
The economic indicators presented in the report are based on
*
& FEEDBACK
the data that forms a part of UltraTech’s Annual Report. 102-3, 102-53, 102-54
INDEPENDENT ASSURANCE This report has been prepared in accordance with the
The veracity and credibility of this report is assured by Ernst latest GRI standards and incorporates all prospects of our
and Young our external auditor, after proper due diligence. sustainability performance. Feedback from our concerned
The assurance statement can be viewed on page no. 73 of the stakeholders is of utmost importance to us as it will enable us
report. to bring continuous improvement in our policies, processes
and performance.
You can reach us at:
Email: sustainability.UltraTech@adityabirla.com
Website: www.UltraTechcement.com
Address: UltraTech Cement Limited

B Wing, Second Floor, Ahura Centre,
Mahakali Caves Road, Andheri (E),
Mumbai, Maharashtra, India
Phone: +91 22 669 17800, +91 22 669 28109
7
UltraTech
Overview
About Aditya Birla Group UltraTech at a Glance
102-1 102-6, 102-7
UltraTech Cement Ltd is the consolidated cement business of Largest manufacturer of grey cement, ready mix concrete
the Aditya Birla Group., The Group is a $44.3 billion corporation (RMC) and white cement in India
with its operations spanning across 36 countries and more Has a consolidated capacity* of 102.75 million tonnes per
than 50% of the revenue generated overseas. It is anchored annum (MTPA) of grey cement.
by a strong and dedicated workforce of 120,000 employees
Operations spanning across India, UAE, Bahrain,
belonging to 42 nationalities. It is also a member of Global
Bangladesh and Sri Lanka
Compact, an international forum that operates under the aegis
Member of Global Concrete and Cement Association
of the United Nations. The forum’s vision is to usher in a “more
sustainable and global economy.” Aditya Birla Group was End-to-end solutions in building construction: A product
named as AON best employer in India for 2018 – the third portfolio ranging for applications from foundation to finish
time over the last eight years. Embodiment of strength, reliability and innovation
Please refer our Annual Report FY 2018-19 for additional
information.
8
Our
Integrated
20 Subsidiaries
Plants
Dakshin Cements Limited
clinkerisation
1 Harish Cement Limited
plant
Gotan Limestone Khanij

grinding Udyog Private Limited
26
units
Physical Bhagwati Limestone

Footprint: bulk Company Private Limited
India and 7
terminals
Overseas
102-5 UltraTech Cement Lanka
(Pvt.) Limited
Wallcare putty
2
plants
UltraTech Cement Middle
East Investments Limited
white cement
1
plant
UltraTech Nathdwara
Cement Limited
5 jetties
PT UltraTech Mining
Indonesia
retail format
1600+ PT UltraTech
stores
Investments Indonesia
Products & Services and an assortment of ready mix concretes (UltraTech

102-2, 102-6 Concrete) catering to wide range of construction industry
needs and applications. Our focus on quality and durability
UltraTech Cement is a 360 degree building material
of the product has strengthened UltraTech’s position as
destination providing end-to-end solutions from foundation
the market leader in cement industry in India. Continuous
to finish with its host of products. Our product portfolio ranges
innovation and use of state-of-the-art technology has enabled
from grey cement (UltraTech Cement) to white cement (Birla
us to respond effectively and manage the demand and
White), from building products (UltraTech Building Products
requirements of the new-age construction market.
Division) to building solutions (UltraTech Building Solutions)
UltraTech Cement UltraTech Concrete UltraTech Building Products

Ordinary Portland Cement, Portland Ready-mix-concrete (RMC) and a Aerated autoclaved concrete (AAC)
Blast Furnace Slag Cement, Portland broad range of value-added concrete blocks and dry mix products that
Pozzolana Cement, UltraTech Super, specifically designed to meet typical include waterproofing, grouting and
Composite Cement application requirements plastering solutions
9
Birla White Key Account

White cement, Wall care putty and white Management
cement-based products The key account management cell
as a first of its kind in construction
industry was started in 2002. It is aimed
UltraTech Building Solutions
at developing and strengthening B2B
Retail stores offering a wide range of construction
relationships with established market
products to meet all the primary construction
players in construction industry. It also
needs with more than 1,600+ outlets across India
serves as a medium to communicate
our unique product service offering
which enhance increased customer
profitability and satisfaction.
Technical Services
Technical assistance for architects,
masons, contractors and home builders
We are not restricted by industry
sectors or type of customers while
providing products and services. For
additional information please refer our
Annual Report FY 2018-19.
Birla White bagged three prestigious awards at the

Apex India Excellence Awards 2018. Birla White was
honoured with Platinum Award in the Environment
Excellence category, Gold Award in Energy Efficiency,
and Occupational Health & Safety categories, for its
outstanding performance in the respective domains
Star Cement clinkerisation unit in Ras Al Khaimah (RAK),
UAE, was honored with the Environment Appreciation
Award 2018 by the Environment Protection Development
Authority (EPDA), Government of Ras Al Khaimah
Vikram Cement Works and Aditya Cement Works
Awards & Accolades were conferred the Sustainability Award 2018 by CII-
UltraTech’s efforts towards sustainability and consistent ITC Centre of Excellence, for sustainable development,
pursuit of excellence has gained us recognition at under the ‘Commendation for Significant Achievement in
regional and national levels. These awards serve as an Environment Management’ category
indicator of our outstanding performance and also spur Vikram Cement Works was also recognized for
us on to achieve higher benchmarks. Below is a list of excellence in CSR initiatives by Madhya Pradesh
select few awards. Chambers of Commerce & Industry (FMPCCI).
UltraTech Concrete has won at the Economic Times Birla White and Ginigera Cement Works bagged the
Innovation Awards 2019 under the ‘Innovation for SEEM National Energy Management Award 2017
Sustainability’ category
Four Ready Mix Concrete (RMC) plants of UltraTech
UltraTech Concrete was conferred with Golden Peacock Cement, bagged the National Safety Council of India’s
Environment Management Award 2018 under the (NSCI) Safety Award -2017 under Micro, Small & Medium
Excellence in Environment Management category Enterprises (MSME) category
10
Sustainability
and Us
Cement is considered a barometer of As a global citizen in a global industry, UltraTech is aligning
economic activity of a country, more so in itself with the United Nations Sustainable Development Goals
(SDG’s). Recognizing the strategic importance of the SDGs
the developing world. UltraTech Cement
both in our business and in the world, we have aligned our
Limited is the largest manufacturer of sustainability strategy with the 17 SDGs, that are a universal
cement in India and ranks among world’s call to action to end poverty, protect the planet and ensure
leading cement makers. With its vision that all people enjoy peace and prosperity in inclusive
of becoming “The Leader” in Building societies.
Solutions, UltraTech is committed to value We are actively contributing to try and achieve these global
creation for its stakeholders in social, development goals through our sustainability initiatives. By
environment and economic terms. aligning ourselves to SDGs we can assess, moderate and
showcase how we are contributing to sustainability in a global
context.
NO AFFORDABLE AND
POVERTY CLEAN ENER GY
Kailash Jhanwar,
Deputy Managing Director
ZERO
HUNGER
Sustainability & innovation are amongst the
core of our business vision and strategy.
We are committed to invest our resources
in area of low carbon products, sustainable
GOOD HEALTH
energy sources, water management and AND WELL-BEING
circular economy and thereby taking lead

in making our manufacturing operations
sustainable.
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
11
It also instills greater responsibility and strengthens trust of Joining EP100 and pledging to double energy productivity
our stakeholders amidst their growing concern on various by 2035
socio-environment issues. Infrastructure development an Carrying out a structured materiality assessment
activity which drives the economic development engine,
Voluntarily embracing global benchmarks like World
poses potential challenge to the society and the environment.
Business Council for Sustainable Development’s (WBCSD)
Responding to these challenges is necessary to realize
Water, Sanitation and Hygiene (WASH) pledge
a sustainable society and improve quality of life that will
ultimately lead to sustainable growth. Going beyond improvement approach and reinforcing
commitment to complete transformation approach
Apart from pivoting our sustainability strategy on SDGs,
UltraTech is making great progress towards being a Thinking beyond resource conservation
sustainable enterprise and is continuously improving and Redesigning the traditional sustainability models in
innovating the process, policies and practices by: UltraTech through a series of strategic, innovative and
Adopting the Aditya Birla Group Sustainability Framework systemic interventions, with an aim to future-proof our
aligned to international standards businesses
Formulation and Launch of policies on Energy and

Carbon, Water Stewardship and Biodiversity
SUSTAINABILITY FRAMEWORK
To focus on practical aspects of operating in a sustainable world, Aditya Birla Group has developed a Group Sustainability framework
that aims to align all the business under a common sustainability vision. The three strategic pillars that support this framework are:
Responsible Stewardship, Stakeholder Engagement and Future Proofing.
Responsible Stewardship is the first pillar in our sustainability strategy. As a part of Group sustainability vision,
we are in the process of development of policies, technical and management standards and guidelines that conform to
international standards such as UN SDGs, IFC, OECD, UNGC, ISO and OHSAS. These documents steer our business activities
towards excellence that lead to or become best practices in our sector. Installation of capable management systems will
help UltraTech to excel across all the three verticals of sustainability; economic, environmental and social.
Stakeholder Engagement is the pillar that connects us to the most important components of sustained
existence of business – our stakeholders. Our institutionalized channels of interactions with the stakeholders provide us
perspectives on internal and external scenarios that have potential to impact our business. Through engagement with our
strategic selected stakeholders we work out the key issues and trends to identify the external factors that poses risks
to our business. Hence, we have established various thought exchange platforms with key technical experts and strategic
stakeholders to gain knowledge on critical parameters and stay abreast with evolving industry paradigms.
Future Proofing is continuously shaping our business strategy to minimize the risk and maximize the opportunities
that various future trends and externalities have to offer. It helps us to chalk out appropriate mitigation, adaptation and
transformational programmes against the potential risks. Anticipating the future and developing capabilities to leverage the
opportunities is what makes a business risk resilient and future ready. The risk-map developed by our Group Sustainability
Cell is being used as an operational guidance across our business to map our current status and develop a strategy best suited
to mitigate the risks.
12
MATERIALITY
102-29
Our Approach importance. These interactions enabled us to capture their

forward-looking perspective towards sustainable business
At UltraTech, materiality assessment is conducted on a
scenarios and set the context for relevant sustainability topics
periodic basis to identify sustainability topics that are relevant
for disclosure.
to us. In 2018-19, a comprehensive materiality assessment
exercise was carried out to cover larger stakeholder groups There were 22 topics out of which,9 material topics were
and keep pace with rapid changing context of sustainability identified. In FY 2017-18, we mapped our eight material
along with the risk and challenges that our business face. We topics with the SDGs and aligned our corporate priorities
engaged with our senior management team and multiple with the relevant SDGs to create a positive impact on all our
internal and external stakeholders (employee, customer, stakeholders. This year we are doing the same exercise with
supplier, investor, trade bodies, associations) to identify new set of material topics identified as shown in the Materiality
and prioritize material topics based on their relative Matrix below.
Table below shows how we have mapped each of our material topics to the SDGs and the corresponding initiatives we have taken to
contribute to them.
13
MATERIAL TOPICS MAPPED TO THE SDGs

102-47
UltraTech follows a structured risk management approach, which encompasses identifying potential risks, assessing their potential
impact and mitigating them through timely action and continuous monitoring. The risk management strategy and processes; are
regularly reviewed by the Risk Management Committees, at the corporate and unit levels. Business risks and climate change risks are
also continuously tracked and assessed by the committee, to help timely mitigation and facilitate sustainable growth.
Key Material Issue SDGs Action Points

Economic value NO
POVERTY
SDG1: Sustainable livelihood projects
End poverty in all its forms everywhere Vocational training and skills
and Business development
performance
ZERO
HUNGER
SDG2: Integrated watershed management
End hunger, achieve food security and programme for generating livelihood
improved nutrition, and promote sustainable Increasing the income of landless
agriculture labourers/farmers
SDG9: Developing a green product portfolio
Build resilient infrastructure, promote Driving technological innovation
inclusive and sustainable industrialisation which extends beyond conventional
and foster innovation cost management outcomes
Transparency, SDG8: Company strives to achieve
Promote sustained, inclusive and sustainable excellence in corporate governance
Corporate economic growth, full and productive through its values – Integrity,
Governance and employment and decent work for all Commitment, Passion, Seamlessness
Ethics in Business and Speed
SDG10: Company has a vigil mechanism,
Reduce inequality within and among Code of Conduct or ethical policy
countries applicable to all the employees of the
company and its subsidiaries.
Product SDG11: Process optimisation and
Make cities and human settlements debottlenecking, natural raw materials
Stewardship inclusive, safe, resilient and sustainable conservation and promotion of
alternative fuels while complying with
SDG12: the increasingly stringent quality and
Ensure sustainable consumption and environmental norms
production patterns Conducting Life Cycle Assessment
(LCA) for products to understand their
environmental impact.
Our Concrete products are certified
to meet the requirements of green
building certification
Increasing awareness amongst
customers for climate friendly and
sustainable products. Support the IHB
(Individual House Buyers) on green
product selection
Raw Material SDG12: Enhanced focus on use of alternative
Ensure sustainable consumption and fuel and raw materials
Security and production patterns Development of low carbon products
Circular Economy
SDG11: Supporting Rapid Monolithic Disaster
Make cities and human settlements (RMD) technology in pushing the
inclusive, safe, resilient and sustainable boundary for affordable housing
sector
SDG15: Biodiversity and ecosystem service
Protect, restore and promote sustainable management plan implementation
use of terrestrial ecosystems, sustainably underway at one of the sites
manage forests, combat desertification, and Tree plantation & green zone
halt and reverse land degradation and halt development
biodiversity loss Rehabilitation of exhausted mines and
reclamation of land
14
Key Material Issue SDGs Action Points

Climate Change, AFFORDABLE AND
CLEAN ENER GY
SDG7: Scaling up share of renewable
Ensure access to affordable, reliable, energy-based electricity
Energy and sustainable and modern energy for all Installed 85 MW of Waste Heat
Emissions Recovery based power plants
SDG13: Signatory to EP100 with commitment
Take urgent action to combat climate to double our energy productivity in
change and its impacts 25 years by 2035
Target to reduce carbon emission
intensity
Integrated the low carbon strategy
into our business roadmap
Health & Safety GOOD HEALTH
AND WELL-BEING
SDG3: Immunisation programme for children
Ensure healthy lives and promote well-being Programme on antenatal care,
for all, at all ages postnatal care, mass immunisation,
nutrition
Awareness programme on road safety
covering employees and their families
Employee SDG8: Equal opportunity employer
Promote sustained, inclusive and sustainable Hiring from within the local
Well-being economic growth, full and productive communities we operate in
employment and decent work for all Sourcing from local suppliers and
vendor
SDG10: Making our workforce more gender
Reduce inequality within and among diverse
countries
GENDER
EQUALITY
SDG5: Women Empowerment &
Achieve gender equality and empower all Engagement (WEE) initiative at
women and girls UltraTech works on the issues of
importance for the women employees
Springboard, an 18-month
programme which is based on the
pillars of training, mentorship and
gender diversity
Comprehensive Maternity Support
Programme
Community SDG16: Engaging with local communities
Promote peaceful and inclusive societies for to understand the impact of our
engagement sustainable development, provide access to operations
justice for all and build effective, accountable Empowering the communities
and inclusive institutions at all levels through initiatives under healthcare,
education, infrastructure, sustainable
livelihood and social reform
QUALITY
EDUCATION
SDG4: School enrolment awareness
Ensure inclusive and equitable quality programmes
education and promote lifelong learning Preschool education project Balwadis
opportunities for all / playschools / crèches
Mid-day meal programme at various
schools across India
SDG12: Utilising waste from other industries
Ensure sustainable consumption and and municipalities as alternate fuels
production patterns and materials
Reducing consumption of natural
limestone and other raw materials
15
CSI Dashboard
# KPI FY 2016-17 FY 2017-18 FY 2018-19
A Climate Protection (excludes captive power)
i CO2 Emissions - Gross (Million Tonnes) 32.95 34.72 45.85
ii CO2 Emissions - Net (Million Tonnes) 32.77 34.45 45.41
iii Specific CO2 Emissions - Net (kg/tonne of cementitious 632.09 625.7 618.87
material)#
iv Target Reduction for CO2 Reduction in CO2 emission intensity by 25% from
FY 2005-06 level by FY 2020-21
v Independently verified CO2 data Externally verified
B Fuels & Raw Materials
i Specific heat consumption of clinker production (MJ/tonne 2966 2961 2984
clinker)
ii Total Alternative Fuel Rate (% of thermal energy 2.30 3.60 3.90
consumption)
iii Alternative Fuel Rate Non Biomass (% of thermal energy 1.9 2.70 3.20
consumption)
iv Biomass Alternative Fuel Rate (% of thermal energy 0.4 0.9 0.7
consumption)
Vi Alternative Raw Materials Rate (% of total raw materials for 13.58 13.46 16.17
cement production)
Vi Clinker/Cement Ratio (%) 76.8 76.5 76.2
C Health & Safety
i Number of fatalities (directly employed) 1 0 0
ii Number of fatalities (indirectly employed) 2 2 4
iii Number of fatalities (involving 3rd parties) 0 3 0
iv Number of fatalities per 10,000 directly employed 0.95 0 0
v Lost Time Injuries (LTIs) per million man-hours (directly 0.38 0.34 0.47
employed)
D Emissions Reduction
i NOx emissions (tonnes/year)* 67682 59211 89083
ii SO2 emissions (tonnes/year) *
4316 4026 6926
iii Dust emissions (tonnes/year)* 1630 1477 2190
iv Specific NOx emissions (g/tonne clinker) *
1,676.04 1,388.39 1580
v Specific SO2 emissions (g/tonne clinker) *
106.88 94.40 122.87
vi Specific Dust emissions (g/tonne clinker)* 40.36 34.63 38.85
vii Target reduction for NOx
As per the regulatory compliance by the
viii Target reduction for SO2
State Pollution Control Board
ix Target reduction for Dust
x % Clinker produced with monitoring of major and minor Major emissions - as in the next row. Minor emissions -
emissions measured only on sample basis if hazardous wastes are
used as fuel.
xi % Clinker produced with continuous monitoring of major Dust – 100% Dust – 100% Dust – 100%
emissions - NOx, SO2, Dust NOx, SO2 – 100% NOx, SO2 – 100% NOx, SO2 – 100%
*
The values reported for NOx, Sox and dust are only for Kiln stacks as per CSI Guideline for Emission Monitoring and Reporting.
#
Direct CO2 emissions from operations
16
RESPONSIBLE
STEWARDSHIP
17
18
Our Value Creation Model

Indicator & Key Inputs Business Activities
Human capital FY-18 FY-19
Total employee Salaries,Wages and expense(INR Crores) 1,706.24 1,926.01

Total training hours (Hr) 2,25,540 3,56,323
Total employees (Number) 14,176 20,901

Safety Training Hours (Employees and Contractors) 2,61,033 6,32,566
Financial capital FY-18 FY-19

Limestone Quarrying
Net Capex (INR cr) 1527 1836
Raw Material Limestone Crushing
Net Fixed Assets(includingCWIP and Capital advances) 40,782 40,193
Mining Storage of raw material
(INR Cr)
Net working Capital (INR Cr) 438 185
Cost of Raw Materials and Fuel (INR Cr) 9,938 12,568
Raw material preparation
Relationship capital FY-18 FY-19 Clinkerization
Amount spend on CSR projects (INR Crores) 60.71 74.96 Grinding

CSR Voluntary Hours 29,615 26,050 Cement Storage
Cement packaging
Total number of customer complaints resolved 1,823 3,399
Storage &
Customers
Marketing & Sales
packaging
Intellectual capital FY-18 FY-19
Total capital spend on R&D (INR Cr ) 29.68 33.38

Product Stewardship and LCA (Number of initiatives) NIL 2 Ready Mix Concrete
Ongoing Transit Mixer
Concrete Curing
Manufacturing Finishing
Manufacturing capital FY-18 FY-19
Total production capacity (Million metric tonne per 96.5 102.75

annum of grey cement)
Physical Assets (Total number of plant by type) 55 57
Planning
Building
Natural capital FY-18 FY-19 Products and Building
Energy from WHRS (TJ) 1,205 1,458 Solutions Finishing
Renewable Energy (TJ) 148.43 280.76
Specific Energy consumption (Kcal/Kg of clinker) 707 713

Water Consumption (L/Tonnes of cementitious 175 189
production) (excluding colony & horticulture)
*
Natural Raw material Procured (Million tonnes) 65 80

19
Key Outputs Indicator & Key Outcomes
Human capital FY-18 FY-19
Employee Productivity ( Tonnes/FTE) 3,883 3,400

Attrition rate (%) 6.18 5.90
Lost time Injury 0.34 0.47

(per million man hours)(Directly Employed)
Number of fatality (direct) 0 0
Number of fatality (indirect) 2 4
UltraTech Cement
(Tonnes) Financial capital FY-18 FY-19
Earnings per Share( in Rs) 80.94 88.72

Net Revenue (INR Cr) 29,358 35,704
EBDITA (INR Cr) 6,483 6,992

Profit after Tax (INR Cr) 2,231 2,456
UltraTech Return on Capital Investment (%) 10 10.4
Concrete
(Tonnes)
Relationship capital FY-18 FY-19
Beneficiaries covered under CSR (Number In millions) 1.6 1.6

UltraTech building
Customer Satisfaction Index 64 64
products and
solution (Tonnes
or Number of
products by type)
Intellectual capital FY-18 FY-19
No. of new products developed 3 3
Birla White
(Tonnes)
Manufacturing capital FY-18 FY-19
Grey Cement Produced (Million Tonnes) 57.23 71.43

Capacity Utilisation (%) of Installed Capacity 71 76
Key Support Function
Clinker Factor improvement (clinker/cement %) 76.5 76.20
Marketing
Finanace
Human Resource Management
Technical Services
Logistic Department
Natural capital FY-18 FY-19
Specific GHG emission 635.7 634.87

Procurement (Kg CO2 per tonne cementitious material)*
Readymix Concrete and key Accounts Thermal substitution rate (%) 3.60 3.9
White Cement Divison Alternative Raw Material Rate (% of total raw material) 14.16 16.27
Technical and Performance Monitoring Water Recycled % 12.98 13.03
Sustainability * doesn’t include captive power plant
20
CORPORATE
GOVERNANCE
102-16, 102-17
Good corporate governance has been the mainstay GOVERNANCE STRUCTURE

of UltraTech in its quest for excellence in sustainable 102-18, 102-19, 102-20, 102-26, 102-27, 102-28
development. Robust management practices have been
Guided by our core values, our governance structure acts as a
created and strengthened towards compliance with the laws,
overarching mechanism to achieve the organizational goals.
adherence to the highest ethical standards and ensuring
The Sustainability Committee is headed by the Managing
transparency in business. These practices have facilitated
Director with members being CXOs and Business Heads of
creation of value for all our stakeholders reinforcing our vision
Grey Cement, White Cement and RMC business units.
of becoming the leading Indian conglomerate in sustainable
business practices across all our operations. The major responsibilities of the Sustainability
The three pillars of our Sustainability Framework i.e. Committee are:
Responsible Stewardship, Strategic Stakeholder Engagement
and Future Proofing are driven by corporate governance To drive the implementation of sustainability
which ensures the delivery of superior value to our 1 roadmap across business functions and verticals
stakeholders. Good corporate governance complimented by
strategic stakeholder engagement and our core values leads To set targets and identify various business risks
to responsible stewardship which facilitates required actions (including climate change risk) and recommend
taken in a timely and proactive manner to achieve future
2 action plans
proofing. Our deep sense of responsibility to our stakeholders
has led to the alignment with the Sustainable Development
Goals (SDG) of United Nations.
t
en
itm
m
m
Co
Integ
rity
Core
Values
Passi
on
d
ee
Sea
Sp
mle
s
sne
ss
21
Chief
Managing Chief Sustainability
Chairman Manufacturing
Director Officer
Officer
Chief
Sustainability
Marketing
Cell
Officer
Chief
Financial
Officer
The committee meets periodically, to discuss the work done

and strategize the way forward. Outcomes of the meeting Chief Human
Resource Officer
are then circulated to the committee members and a
brief is presented to the Managing Director.
The plant level sustainability committee is led by the
respective Unit Head and represented by the key functions.
The aim is to establish sustainability as an integral part of our
work culture. This committee identifies areas for improvement
and implements performance enhancement measures.
The Sustainability Cell, a network of coordinators located
across our plants and offices, has provided ample on-ground
support. The sustainability cell at Aditya Birla Group also
supports the corporate team at UltraTech in conducting
capability building workshops and implementing various
projects under the sustainability framework.
22
BOARD OF DIRECTORS
102-22, 102-23,102-24, 102-26, 102-33
Our governance system is driven by the Board of Directors

whose role is to promote the long-term success of the
6 Mrs. Sukanya Kripalu
business for the benefit of its shareholders through sustainable Independent
development practices. It reviews and approves corporate
strategies, business plans, projects, annual budgets and
capital expenditure. Our Board comprises twelve directors, 7 Mr. S. B. Mathur
which include the executive directors, non-executive directors Independent
and independent directors. The details of the directors are as
follows:
8 Mr. O. P. Puranmalka
Non-Executive
1 Mr. Kumar Mangalam Birla
Non-Executive
9 Mrs. Renuka Ramnath

Independent
2 Mrs. Rajashree Birla
Non-Executive
10 Mr. K. K. Maheshwari
Managing Director
3 Mr. Arun Adhikari
Independent
Mr. K. C. Jhanwar
Dy. Managing Director &
11 Chief Manufacturing Officer
4 Mrs. Alka Bharucha
Independent
12 Mr. Atul Daga

Whole-time Director & Chief Financial Officer
5 Mr. G.M. Dave
Independent
BOARD COMMITTEES
102-22, 102-28
The Board Committees, headed by Independent Directors,

ensure excellence through continuous supervision, rigorous
review, and implementation of policies and procedures. While
taking into account the interests of its various stakeholders,
the Board delegates certain responsibilities to a number of
committees viz. Audit, Nomination, Remuneration, Risk &
Sustainability Committee and Compensation Committee
among others. The details of various Board Committees are
given below:
23
Audit Committee Nomination, Remuneration &

Responsibilities Compensation Committee
Overseeing financial reporting process and disclosure of Responsibilities
financial information Set the level and composition of remuneration of the
Appointment, re-appointment, replacement or removal of Directors and the Senior Management and link it to
the statutory auditor, cost auditor and fixation of audit fees performance
Approval of payment to statutory auditors for any services Formulate appropriate policies and institute processes in
rendered by them order to identify potential candidates for Directorship and
Review with management, the annual financial statements, Senior Management
before submission to the Board for approval Review and implement succession and development
plans for Directors and Senior Management
Members
Devise a policy on Board diversity
Mr. S. B. Mathur | Mr. G. M. Dave | Mrs. Renuka Ramnath
Mrs. Alka Bharucha | Mr. K. K. Maheshwari Members
Permanent Invitees Mr. Kumar Mangalam Birla | Mr. Arun Adhikari | Mr. G.M. Dave
Mr. Atul Daga

Corporate Social Responsibility
Stakeholder Relationship Committee
Committee Responsibilities
Responsibilities To monitor and implement the Company’s CSR policy
Issues relating to share and debenture holders including Recommend the activities to be undertaken during the
transfer / transmission of shares / debentures year to the Board and amount to be spent for the same
Issue of duplicate share / debenture certificate Members

Non-receipt of dividend Mrs. Rajashree Birla | Mr. G. M. Dave | Mr. O. P. Puranmalka
Non-receipt of annual report Mr. K. K. Maheshwari
Non-receipt of share certificate after transfers Permanent Invitees

Delay in transfer of shares Dr. Pragnya Ram (Group Executive President, CSR)
Any other issues of shareholders
Members Finance Committee

Mr. S.B. Mathur | Mr. K. C. Jhanwar | Mrs. Sukanya Kripalu
Responsibilities
Exercise all powers and discharge all functions relating to
Risk Management and working capital management, foreign currency contracts
Sustainability Committee and operation of bank accounts
Authorise officers to deal in matters relating to excise, sales
Responsibilities tax, income tax, customs and other judicial or quasi-judicial
Identification, assessment and classification of risks authorities
relating to business including cyber security
Members
Conceiving mitigation plans to minimise risk
Mr. Arun Adhikari | Mrs. Alka Bharucha | Mr. Atul Daga
Monitoring various risks
Members
Mr. K. K. Maheshwari | Mr. K. C. Jhanwar | Mr. Atul Daga
24
CODE OF RISK
CONDUCT MANAGEMENT
102-17 102-15, 102-30, 102-33
Formulation and fair implementation of the right processes UltraTech follows a structured risk management approach,
go a long way in establishing a value based organizational which encompasses identifying potential risks, assessing
culture. At UltraTech, a comprehensive and uniform Code of their potential impact and mitigating them through timely
Conduct applies to the entire workforce across designations. action and continuous monitoring. The risk management
The Company website hosts a copy of the Code of strategy and processes; are regularly reviewed by the Risk
Conduct, which is regularly updated in view of the changing Management Committees, at the corporate and unit levels.
requirements. We have also defined norms in alignment Business risks and climate change risks are also continuously
with the uniform code for various policies and processes in tracked and assessed by the committee, to help timely
the functions like HR, procurement and investor relations. mitigation and facilitate sustainable growth.
Together, these measures provide our employees the right
direction towards moral conduct and foster an ethical work
culture.
Economic
environment
Market leadership
Business Risks Sustainability Risks
Inflation and cost of
production
Legal and compliance
with local laws GHG Reduction
Financial and
Carbon Regulations
accounting
Information Securing Critical
technology Resources
Talent management Energy Efficiency

Regulations
Water Availability
Raw Materials and
Mineral Components
25
RISK MANAGEMENT MECHANISM the Apex Committee for review. Based on the degree of impact
of the risk on the unit/company, the Apex Committee lays
UltraTech has a comprehensive risk down its risk mitigation recommendations every quarter. Risks
management mechanism both, at corporate with the highest level of impacts are directly reported to the
and unit levels. Group Apex Committee.
The Apex Committee then prioritizes these risks. Post this,
Corporate Level
a mitigation strategy is worked out and assigned to the
The corporate risk management follows a similar structure,
respective business heads.
where the Chief Finance Officer (CFO) is the risk manager
who collates the risks from various business heads. The Unit Level
sustainability team supports the Chief Manufacturing Officer Key functional heads are appointed members of the risk
(CMO) to identify the climate change risks. The risks are then management committee that has been constituted at each
marked to a ranking matrix based on criticality to the unit/ unit. The risks identified from each function are aggregated
organization (reputational, regulatory and financial impact) and categorized by the functional head for Finance. The unit
and are noted in the risk register with the recommended head is in charge of the assessment of risks associated to
mitigations/action plans. This risk register is then presented to climate change, while the operational risks are analyzed by
different functional heads.
PUBLIC POLICY
AND ADVOCACY
102-12, 102-13
We are members of various industrial and Federation of Indian Chambers of Commerce and Industry
commercial organizations such as: (FICCI)
Global Cement and Concrete Association (GCCA) – one of Confederation of Indian Industries (CII)
the founding members Advertising Association of India
Cement Manufacturers Association (CMA) In alignment to this vision, we associate with organizations
under Task Forces and Committees of Bureau of Indian
Standards (BIS) and Bureau of Energy Efficiency (BEE).
UltraTech constantly
endeavors to innovate
green products
and incorporate
green processes to
ensure long-term
sustainable growth and
development.
26
Economic Performance
Environment Performance
Product Performance
Occupational Health and Safety
People Performance
Social Performance
27
ECONOMIC
PERFORMANCE
102-11, 102-31, 103-1, 103-2, 103-3, 200
At UltraTech, we are driven by a relentless pursuit of excellence and an intent to make a

significant contribution in the lives of our stakeholders. This has helped us evolve from a
cement manufacturer to a building solutions provider, and from being a commodity selling
business to a brand that is synonymous with consumer delight. We measure growth not
only by our financial performance, but also through the positive contribution we make to the
society.
With this context, we have aligned our business strategy with the sustainable development
QUALITY AFFORDABLE AND
EDUCATION CLEAN ENER GY
goals (SDGs). Alignment with SDGs ensures our growth is inclusive and sustainable for all our
stakeholders. We see SDG’s as a roadmap that enhances business growth and continuity.
Quality education (SDG4), clean water & sanitation (SDG7), affordable and clean energy (SDG7),
decent work and economic growth (SDG8), responsible consumption and production (SDG12),
climate action (SDG13), and life on land (SDG15) are the most relevant and important SDGs for
us, and we are contributing to them through sustained business initiatives.
UltraTech fuels the world’s fastest growing economy as a

cement manufacturer by meeting its huge infrastructure
needs. While continuing to deliver products for India’s
prominent urban landmarks, we also work closely with the
Atul Daga,
government schemes to enhance the rural infrastructure such
Chief Financial Officer
as affordable homes, roads and schools. Cement demand is
The role of finance & accounts in the changing seeing an upward trend, continuing from the last fiscal period
time has evolved from being a bean counter at 4.5%*.This growth is backed by a series of economic reforms
to that of a Business support and with the undertaken by the government in the past year as well as its
framework of sustainable finance, it has constant thrust on infrastructure development.
transitioned from the narrow shareholder model * https://economictimes.indiatimes.com/industry/indl-goods/
to a broader stakeholder model. As a business of svs/cement/cement-demand-to-see-4-5-growth-in-fy19/
articleshow/63094576.cms?from=mdr
the Aditya Birla Group, we have a clear focus of
having a healthy balance sheet for sustainable
growth over the long term with a view of
Shareholding Pattern
considering the overall ESG performance of the
company. Other Public
Holding GDRs
9.90% 1.60%
Mutual fund,
In FY 2018-19,
Institutions
UltraTech reported 7.80%
a turnover of
INR
288 Foreign Portfolio

Investors
Promoter
Group
BILLION. 20.0% 60.70%
28
CAPACITY EXPANSION
India is expected to be the world’s fastest growing economy in India, we are committed to invest in non-fossil fuel based
in the coming years., To meet the needs that are expected to resources as a sustainable alternative to power generation.
emerge with this growth, we must grow faster. For the past Currently, our installed WHRS capacity stands at around
few years we have been investing ahead of the industry curve. 85 MW, one of the highest in the Indian cement sector.
Through strategic acquisitions, greenfield projects and Our WHRS capacity met 8% of our total power requirement
brownfield expansions, we have reached a consolidated during FY 2018-19.
capacity* of 102.75 Million Tonnes Per Annum (MTPA) of Additionally, we have 62 MW of effective renewable
grey cement. energy from solar and wind mills. All this, combined with
In the manufacturing sector, expansion in production capacity our 717 MW thermal power capacity, ensure that majority
needs to be fueled and supported by sufficient quantity of of our total power requirement gets met through internal
power generation. As the largest player in the cement industry means.
FINANCIAL IMPLICATIONS
OF CLIMATE CHANGE
103-1,103-2,103-3, 102-31, 201-2
We understand our dual responsibility towards the Responsible Stewardship, Strategic Stakeholder Engagement
environment and to the nation’s progress. Hence, we have and Future Proofing. The framework, in turn, is aligned with the
a strategic long-term plan for GHG emissions reduction and international standards.
mitigation linked to planned business growth. As part of this We have been the member of Cement Sustainability
plan, we have identified key priorities to mitigate climate Initiative (CSI) of the World Business Council for Sustainable
change, which includes improving share of blended cement, Development (WBCSD), since 2006. Cement Sustainability
energy efficiency, waste heat recovery, use of alternative Initiative (CSI) now is officially transferred from the World
materials & fuel, and generation of renewable energy. Business Council for Sustainable Development (WBCSD) to
Being part of Aditya Birla Group, we have adopted ABG the Global Cement & Concrete Association (GCCA) as of 1
Sustainable Business Framework with three core pillars – January 2019, of which UltraTech is a founding member.
*Including 4 MTPA commissioning in June 2019
LOCAL SUPPLY
204-1
Local support and capabilities are essential for the

Organization to thrive in the geography it operates. To achieve
sustainable growth with positive impact on local communities,
we procure majority of our raw materials and other essentials
locally. It is our continuing endeavour even when we operate
in some of the remotest corners of India. We leverage local
suppliers and labour workforce to do more while doing better
for everyone.
Purchase from locally-based suppliers*
FY 2016-17 71.25%
FY 2017-18 68.51 %
FY 2018-19 57.55%
*Includes only purchase at unit level

29
ENVIRONMENT
PERFORMANCE
103-1,103-2,103-3, 102-31,300
UltraTech is aware of environmental risks and is proactively addressing the environmental challenges such as climate change,
resource depletion, water scarcity, biodiversity, air pollution, and waste management. As our operations are resource intensive, we
are taking proactive measures to address these challenges and wherever possible, converting these challenges into economic
opportunities. We have aligned our actions to the relevant Sustainable Development Goals to sharpen our strategies and in turn
contribute to the bigger goal of a sustainable world.
Best Practices Adopted for

Mitigating Environmental Risks
Climate Change – Lower clinker factor, energy
efficiency, waste heat recovery and generation of
Arvind Bodhankar, renewable energy are our key priorities
Chief Sustainability Officer

Resource Management - Efficient use of natural
At UltraTech we strongly believe in
resources and reducing dependence on it by using
principles of Circular Economy, an alternative fuels and materials
economy which is a close loop and
regenerative in nature, providing a new life Water Management – Our water management

to the product after its’ end. Last year we best practices consist of water recycling and reuse,
have repurposed about 16 Million tonnes rainwater harvesting and artificial aquifer recharge,
of waste from industries/municipalities and and source vulnerability assessment
reduced substantial pressure on natural
resources. Waste Management - Reducing use of natural raw

materials, utilization of waste from other industries
for blended cements and using industrial waste as
alternative fuel
Biodiversity Management - Working on tree

plantation, green zone development, rehabilitation of
exhausted mines and reclamation of land
30
We have adopted an Reduced CO2 intensity by 18.46% Committed

internal carbon price of compared to Base Year 2005-06 against to EP 100
USD 10/ton of CO2 emission the target of 25% reduction by 2020-21
HIGHLIGHTS
Scored “B” in CDP 2018 Certified as 2.18 One of the founding

Climate Change Disclosure times water positive members of GCCA
WHRS installed Implementation of biodiversity management plan at Sewagram

capacity increased to Cement Works (Gujarat) and assessment at Aditya Cement Works
85 MW from 59MW (Rajasthan) and Rajashree Cement Works (Karnataka)
Solar energy generation Thermal substitution Recycled material

increased to 54.65 TJ rate increased to used increased to
from 16.72 TJ 3.9% from 3.6% 16.2% from 14.2%
31
CLIMATE CHANGE Contributing to mitigate climate change

302-4
impacts
Take urgent action to combat climate change and We acknowledge the climate risk challenge and contribute
its impacts to the goal by integrating low carbon strategy and scaling up
investments in the development of innovative products and
Actions
services. We have formulated strategic action plans in line
Launched Energy and Carbon Policy
with sectoral low carbon roadmap. The key priorities are
Integrated the low carbon strategy into our energy efficiency, waste heat recovery, use of alternative
business roadmap materials & fuel, generation of renewable energy and
Achieved a 3.90% thermal substitution rate by development of low carbon products. It also provides
using waste materials in kiln a strategic boost to our low carbon growth target of
Joined EP100, a global leadership initiative to reducing carbon intensity by 25% by 2020-2021 (2005-06
double energy productivity baseline). We annually report on our emissions performance
through sustainability reports, Cement Sustainability Initiative
(CSI) dashboard and the Climate Disclosure Project (CDP).
In our cement operations, specific

direct GHG emissions witnessed Internal carbon price assigns a monetary value to
a decrease of over 1.1% in FY each ton of CO2 emitted. While weighing business
2018-19, as compared to the decisions the impact of the decision on environment
previous year. This reduction is USD 10 is captured in terms of monetary value through ICP.
primarily attributed to decrease in per Tonne CO2 This reveals hidden risks and opportunities and
clinker factor. Our specific direct internal carbon supports strategic decision making related to future
price investments. The company has commenced valuation
and indirect GHG of the concrete
business registered a reduction of carbon emissions with the introduction of shadow
of 6% and 18.62% respectively price of USD 10 per Tonne CO2 which will enable it
compared to the previous year to consider the environmental aspects of projects
The total scope 3 emissions stood before it decides to pursue them. This is being used
5.88 million tonnes in FY 2018-19. for appraisal of all capital expenditures proposals
including growth plans
Managing Air Emissions Nox Emission Reduction Strategy

103-1,103-2,103-3, 102-31,305-7
Initiatives in place to reduce NOx emission include:
Raw mix, coal residue and process optimization
UltraTech continues to implement various initiatives for
improving environmental performance related to NOx, SOx Burner management - conversion of old burner with low
and dust emissions and continuously monitors the same. NOx burner Low NOx calciner selection for new plant and
modification in old calciner for incorporation of low NOx
feature
Dust Emission Reduction Strategy

UltraTech has undertaken upgradation of existing
electrostatic precipitator with bag house for particulate
matter emission reduction at most of its plants.
32
ENERGY MANAGEMENT
Besides being intricately linked to other SDGs such as
103-1,103-2,103-3, 102-31
climate change, energy is a key enabler for wider economic
AFFORDABLE AND
CLEAN ENER GY
Ensure access to affordable, sustainable and development, higher social equity, and better environmental
reliable modern energy sustainability.
Actions UltraTech has committed to double its energy productivity by
Launched Energy and Carbon Policy becoming a member of EP100. A global leadership initiative,
EP 100 is founded by The Climate Group and brings together
Utilised 78 million units from renewable
a growing group of energy-smart companies. It constitutes
electricity.
organizations that commit to energy productivity, which is a
Total installed capacity of WHRS is 85 MW
way of measuring energy efficiency that aligns directly with
which is expected to increase to 131 MW
business growth and sustainable development goals.
Signatory to EP100 with a commitment to
Improvement of energy performance is one of those critical
double energy productivity by 2035.
levers that help us reduce the carbon intensity of our
operations. This pledge reaffirms our commitment to driving
sustainability across our value chain.
A majority share of our power requirement is met

through internal means - captive power plants and waste
heat recovery.
Our energy management approach at UltraTech is driven in

Case three areas:
Study: Adopting digital solutions to
improve energy productivity
Our Company has always been a pioneer in adopting

Energy Waste heat Generation of
the latest technologies to improve efficiency and efficiency recovery renewable
set a benchmark for the industry. Adoption of digital energy
technologies has become imperative to achieve optimal

energy efficiency. UltraTech entered into a contract with
a technology provider for supply and implementation of
Energy Efficiency
latest digital solutions at Rajashree Cement Works.
103-1,103-2,103-3, 102-31, 302-4
Expert optimizer, a computer-based system for controlling,
stabilizing, and optimizing industrial processes has been UltraTech continually works on various energy efficiency
installed. initiatives such as technological upgradation, process
optimization, and productivity improvement.
An Expert Optimizer enables the systems to function with a
‘best operator’ performing at its optimum for 24 hours a day, We have taken up several operational control measures across
every day. The potential benefits include: stages of production and across our plants to ensure energy
savings. Some of the levers adopted by UltraTech is provided
1. Increased output
below:
2. Lower fuel consumption on kilns and furnaces
Improvement in Clinker Factor
3. Better and more consistent quality in general
Use of Alternative Fuel Resource (AFR)
4. Reduced grinding costs due to energy savings
Power Generation through Waste Heat Recovery System
5. Reduced standard deviation of key variables (WHRS)
The project will result in 1.5-2% savings of electrical Improvement in Electrical Efficiency
consumption, approximately 1% savings in heat, and 0.6% Improvement in Thermal / Operational Efficiency
heat rate improvement in captive power plant. Technological Upgradation
33
Energy Conservation Energy Generated through WHRS

Parameter Units 2016-17 2017-18 2018-19 Parameter Units 2016-17 2017-18 2018-19
Energy conserved (GJ) GJ 674834 608974 449882 Waste Heat TJ 984.53 1,205.06 1458.46
UltraTech has gradually increased the use of hazardous and Recovery System
non-hazardous wastes from other industries to address energy
Renewable Energy
requirements. Thermal substitution rate through alternative
Replacing fossil fuels in the global energy system and bringing
fuels has considerably increased to 3.9% witnessing a
modern, affordable and renewable energy is critical to
growth of 8.3% compared to previous year.
progress towards global targets. At UltraTech, we continue to
Waste Heat Recovery Systems advance on our renewable energy agenda through large-scale
Energy constitutes 20% to 40% of the total cost of cement investments in solar and wind projects. We are also entering
production, making a significant dent on the economic into solar power purchase agreements to cut power costs at
bottom line. With high input costs and the growing emphasis grinding units and to meet renewable energy obligations. Our
of the stakeholders on adopting eco-friendly manufacturing effective renewable energy capacity is 62 MW.
processes, the significance of waste heat recovery systems There has been a significant jump in renewable energy
is growing. UltraTech has been amongst the forefront in the generation by 123% compared to previous year.
industry in WHRS and continues to enhance its capacity. Total Renewable Energy Produced
Our waste heat recovery capacity has moved up to 1458.46 Parameter Units 2016-17 2017-18 2018-19
TJ from 1,205.06 TJ an increase of over 21% compared to Wind Energy TJ 6.78 6.37 6.16
previous year.
Solar Energy TJ 10.27 16.72 54.65
UltraTech has been one of the first in the Indian cement
industry to embrace the technology of WHRS. The initiative
was taken to secure our energy requirements. Subsequently, it
turned out to be an inexpensive energy source for moderating
our carbon footprint, besides providing enhanced energy
security. It accounts for 8% of our power needs. With an
aggregate capacity of about 85 MW, we have emerged
as one of the leaders in waste heat recovery systems in
India’s cement sector. This is expected to double to 131
MW.
34
Resource MANAGEMENT
103-1,103-2,103-3, 102-31 Cement, being a natural resource intensive sector, can
play a significant role in supporting a low-carbon economy
Promote sustainable consumption and production
where raw materials are consumed judiciously, and products
patterns
produced sustainably. UltraTech has been focusing on
Actions doing more and better using fewer natural resources and
has promoted the same in the industry. This has helped us in
Co-processing of waste materials for reducing
strengthening our financial performance, reducing resource
emissions and cleaner society
use, and curbing degradation and pollution.
Using waste materials as raw materials and fuel
We follow a dual approach for efficient waste management:
to substitute natural resources
Judicious use of raw material
Constructive use of alternative material
First, we generate less waste judicious use of raw materials
so that it can be managed easily. Second, we substitute fossil
fuels and raw materials with waste material generated not only
from our plants, but also from other industries., We continue
Case to innovate to explore ways to reduce our reliance through
Study: Sustainable usage of natural
resources at Awarpur Cement utilisation of low grade limestone, use of Alternative sources
Works and productive use of waste.
Out of the total raw material used for production, 16.2%
Our team at Awarpur Cement Works, in Chandrapur district recycled material comprising fly ash, slag, and waste
in Maharashtra, has taken a unique initiative by utilizing gypsum, has been used with increase of 14.2% compared
lime sludge, a by-product of a nearby paper mill, as a raw to the previous year’s utilization.
material. The objective of the team was to optimize the While we focus on reducing waste at source, we ensure its
conservation of the limestone reserves at the mines by responsible disposal. Waste inventory gets mapped on a
using alternative additives. regular basis and it is sent to authorised recyclers for recovery
The Awarpur team started analyzing the usage of Lime and disposal.
Sludge (300 LSF - lime saturation factor) as a sweetener to We are responding to the resource challenge through
the raw meal, thereby maintaining the quality of (<130 LSF) the following initiatives:
required at the plant. There were several challenges to feed Innovations for ‘closing the loop’
this material; certain modifications had to be carried out at Technical upgradation to enhance mine life
the plant, and it required continuous monitoring of blast
Increasing use of low-grade limestone
wise quality to get the desired feed of limestone having 128
Concrete mix which is more energy efficient and conserves
LSF, to which the lime sludge can be added.
water
The successful trails for this innovative initiative began in
Increasing the share of green energy
2014 and since then the plant has been able to consume
around 96,000 MT of lime sludge resulting in an increase of
Utilization of alternative material
limestone reserve by 0.8% annually.
At UltraTech, we have always been at the forefront in Use of industrial waste as alternative fuel and material in
leveraging latest technologies and principles to achieve cement manufacturing serves two purposes. It reduces the
sustainable business development. Adopting the need for natural raw materials without compromising on the
principles of circular economy is also a move in-line with product quality, and helps moderate carbon footprint. Fly
this objective. Circular economy is a system of resource ash, chemical gypsum and slag are some of the alternative
utilization where reduction, re-use, and recycling of materials being used in cement production at UltraTech for
elements/natural resources is a constant endeavor. Many of conserving natural raw materials.
our units have been working towards increasing the circular CEMENT -
usage of the natural resources; for example using pond ash Total Recycled Material Used: 15,516 (thousand tonnes)
from captive power plant for blending, utilization of waste CONCRETE -
gases for generating electricity, etc. Total Recycled Material Used: 354 (thousand tonnes)
35
WATER MANAGEMENT
water management.
103-1,103-2,103-3, 102-31,303-1
Rainwater Harvesting and Artificial Aquifer Recharge: To
CLEAN WATER
AND SANITATION
Secure water and sanitation for a sustainable world identify opportunities for designing and implementing
Actions harvesting systems.
Launched Water Stewardship Policy Source Vulnerability Assessment: To present a step-wise

approach to assessing vulnerability of a site’s water source
Water harvesting structures available at all
and to help identify actions for water source protection
integrated units
planning.
Implemented WASH pledge at all units and
In April 2018, UltraTech was certified as a water positive
scored more than 1.86 which is the benchmark
company. We have taken up a target to be 4 times water
score
positive in 3 years by implementing the above approach which
As part of CSR, we have implemented involves activities both inside and outside plant boundaries
various projects for the community to ensure to help minimize fresh water consumption, increase rainwater
availability of safe drinking water, sanitation and harvesting potential, increase ground water recharge rate,
hygiene facilities e.g., installation of RO plants, identify alternative source of water, construction of check
construction of toilets, etc. dams, pond desiltation etc.
Target to become 4 times water positive in 3
years
UltraTech Cement fulfils WASH pledge compliance

UltraTech’s journey for WASH pledge started in 2015,
The need for robust water management systems in an
when the pledge was signed by Aditya Birla Group. We
increasingly water scarce world cannot be underestimated.
are committed to provide for the basic needs of safe water,
Understanding, managing and mitigating our water
sanitation and hygiene, not only to all our employees but also
consumption and creating water management practices
to the villagers & communities living around our plants.
aligned with international standards is crucial for an
Over a period of three years, our teams conducted around 200
organization of our scale. Developing new techniques
awareness campaigns and acted upon 300 plans to deliver
for conservation, efficiency, reuse, capture and storage of
the results. With the help of continuous monitoring and efforts
water is critical for us to sustain the changing trends in water
of our several teams, UltraTech managed to build more than
management.
400 new facilities for sanitation & hygiene. This included
Our approach to water management special access facilities for physically challenged workers,
Reduction of water demand: To decrease the stress on improved existing facilities and access to safe drinking water at
fresh water sources workplace for all employees.
Water Recycling and Reuse: To identify opportunities for
designing and implementing steps towards integrated
36
BIODIVERSITY MANAGEMENT
We recognize that our businesses can influence the local
103-1,103-2,103-3, 102-31,304-1
ecology of the areas where we operate and that we have an
Protect and restore terrestrial ecosystems and halt important role to play in protecting the fragile ecosystems
all biodiversity loss around us. Effective biodiversity management means
protecting our future capacity to operate in the most basic
Actions
ways. Massive plantation drive has been launched across
Launched Biodiversity policy
various sites resulting in afforestation of more than
Creating awareness at units by conducting 314,208 saplings with survival rate over 84%.
capacity building on the importance of
UltraTech has worked with the IUCN to create a
biodiversity and ecosystem services
scientific and systematic approach towards biodiversity
Developed biodiversity and ecosystem management for its operations. The organisation has
services management plan for one of our carried out a comprehensive baseline assessment of
units, Sewagram Cement Works in Gujarat and biodiversity and ecosystem services in and around
initiated the implementation work. Sewagram Cement Work’s area of operations, including
All our sites have been assessed for potential the quarries. This included defining habitats inside and
biodiversity related features through Integrated outside the quarried and operational areas. The results
Biodiversity Assessment Tool (IBAT). There is no from the biodiversity assessment were used to develop a
site which has any key biodiversity area within robust Biodiversity Management Plan (BMP) for Sewagram.
10 km radius The BMP includes a suite of measures designed to avoid,
Target to complete biodiversity assessment for minimise, rectify, and/or compensate for impacts to
all sites by 2024. biodiversity resulting from the development and operations
of the cement unit and mines area. SCW has already
completed Phase-1 of the implementation of management
plan. UTCL has also initiated biodiversity assessment at two
of its units Rajashree Cement Works and Aditya Cement
Works.
37
PRODUCT
PERFORMANCE
The cement industry in India constitutes one of the core sectors and its products and services play a vital role in the growth and
development of the nation. The challenge for cement companies is to balance the growing demand for its products with its effect on
the society and the environment, by developing sustainable solutions for the industry.
Being the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India and one of the leading cement
producers globally, we are driving thought and practice leadership in the sustainability space. The SDGs provide a structured
framework to further enhance the good work that we are doing in that space. So, while driving growth, we are contributing in a
meaningful manner to the SDGs - some directly, while others are addressed in some way as the goals are interconnected
Regular Customer Engagement

Vivek Agrawal,
Through our multi-channel stakeholder engagements, we
Chief Marketing Officer
understand the expectations of our customers, professionals,
We take pride in servicing our Customers retailers and distributors and build a long-term relationship
& Consumers by reaching the last mile &
providing them with a bouquet of best-in-class
products, services & solutions. We actively
engage with multiple stakeholders in our eco- Continuous Innovation
system in the quest to co-create sustainable
building solutions. With the onset of the Offering a diversified range of products and services with the
Industry 4.0 era, we are focusing on leveraging approach of continuous innovation for improved process
digitization, analytics & automation across the parameters, offers top-notch quality and lower environmental
value chain with a sharper eye on lowering impacts.
carbon footprint.
Sustainable thinking and Life cycle approach comes as

standard feature to each of the products as hallmark of Responsible Value Chain
brand UltraTech.
We have a consolidated** capacity of 102.75 Million UltraTech is committed to driving sustainability across its
Tonnes Per Annum(MTPA) of grey cement. This capacity entire value chain. We subscribe to the belief that this will
not only helps manufacture more products to build add to profitability and prosperity both for us and for our
infrastructure and sustainable cities (SDG 9 and 11), but stakeholders.
also catalyses the development and employment in rural

India where the cement plants are primarily located (SDG
1, 2, 8 and 10). By developing a green product portfolio,
innovating on our industrial by-product recycling Benchmarking and Beyond
measures and introducing sustainable technologies in our
processes, we are also contributing towards lowering the All our products comply to national and international
carbon footprint of our products (SDG 12 and 13). standards and are benchmarked to the best practices to
evolve and adapt to the ever-changing environment
As we grow, it is imperative for us to accelerate the
implementation of our sustainability commitments to
contribute in a meaningful manner to the SDGs. We have * Includes 4 MTPA commissioning in June 2019
adopted four mechanisms which help us accelerate.

38
Regular Customer Demystifying the complex

Our interaction programmes focus on simplifying the
Engagement complexities involved in construction and improve the
overall understanding of the customer.
UltraTech upholds “customer satisfaction”
Sharing knowledge- building expertise
as a significant element of company
We organize technical seminars and exhaustive
business activities and a catalyst to
training programmes specifically designed to address
enhance overall performance. the concerns of individual home builders, architects,
We are focused on development of customer engagement engineers and our channel partners on a regular basis.
programmes that help us to identify the needs and
These services also act as touchpoints, where we can
expectations of our customer and to incorporate them
understand customer issues and provide innovative
accordingly in our products and services. We are investing
solutions.
time in reaching out to our customers, building strong
relationships and actively listening to ensure that we create Other Touchpoints
value for them. We systematically measure customer
Initiatives for educating our customers on the product
satisfaction through well-established channels and
sustainability aspects. Our technical services team educates
continuously innovate in our services to help customers build
masons (who are influencers in buying of cement) and the
structures that are more durable, resource-efficient and cost-
Individual Home Builder (IHB) on using cement optimally
effective. Our customer engagement programme focuses on
and reducing wastage.
following aspects:
Regularly inform government agencies about the
Products advantages of using cement for mass housing and roads
We believe our products are our continuous touchpoints and the benefits of using blended cement.
with our customers. They reiterate, reflect and reinforce our
Several seminars have been conducted on concrete roads
response to them. We manufacture a range of products that
and white topping to impress upon the environmental
cater to construction needs from foundation to finish. These
benefits of replacing bitumen roads.
include OPC, PSC, PPC, UltraTech Super, white cement and
white cement-based products, composite cement, ready mix We conduct an extensive Customer Loyalty / Net Promoter
concrete including specialty concrete, and building products Score (NPS) study with an external research agency once in
like AAC blocks and jointing mortars. We display all the 2 years. The most recent NPS study was done in FY 2018-19.
product information as per the Bureau of Indian Standards.
We support rapid monolithic disaster management
Services technology for mass housing, which helps in pushing the
boundary for affordable housing sector in India.
In building better and sustainable structures, we help our
customers with a gamut of services, some of which are: We are working closely with the government on rural
infrastructure schemes like the Pradhan Mantri Gram Sadak
Providing the ‘expert’ factor
Yojana, Swachh Bharat Abhiyan and Indira Awaas Yojana.
Our team of dedicated civil engineers and construction
experts share their collective experience with customers For more information about our engagement initiatives, please
to help them meet their specific requirements. This helps refer to the Stakeholder Engagement section on page no. XX.
in enhancing customer delight with our products and

services.
39
UltraTech Super - an outcome of our endeavour to fulfil customer needs

UltraTech Super is an outcome of our continual and consistent endeavour to fulfil customer demands. The idea for the product
emanated from a survey conducted by our team, which covered several customer segments.
Based on these insights, our manufacturing team developed a hybrid product, which had an initial strength of ordinary portland
cement (OPC) and long-term strength and durability of portland pozzolana cement (PPC).
Gaining the competitive edge

One of the major challenges was to disrupt the already established OPC cement market with PPC cement. UltraTech Super
provides several benefits to customers; strong initial and ultimate strength, superior performance regarding workability and
cohesiveness, and improved packaging and eco-friendliness; making it an ideal cement for ‘safe and sustainable construction.
Extensive field trials were carried out at customer sites to understand the cement performance of our existing products versus
competition in the end-product market before launch.
Continuous Innovation
Research & development (R&D) and innovation have been Fostering a better understanding of advanced cement-
the prime focus areas for UltraTech ever since its inception. based building materials
Our strong history of research and development has led Providing a forum for closer customer-manufacturer
to development of products and services that surpass the interaction
expectations and needs of our customers. We have improved
Increased customer delight
the sustainability portfolio of our company by developing
environment friendly and sustainable solutions that facilitate Demonstrating and encouraging development of low-cost
sustained growth of our business and also create value for our energy-saving materials
customers over time.

Our innovation strategy pivots around product quality
improvement, cost-effectiveness, customisation, responsible
UltraTech Concrete
use of resources, usage of alternative fuels, sustainable wins ET ‘Innovation for
technologies, waste heat recovery, improving energy Sustainability’ Award
efficiency and enhancing cement plant productivity. These
innovations are aimed at lowering carbon footprint of our Our ready-mix concrete business emerged a
products.
winner at the Economic Times Innovation Awards
Institutes and Initiatives under the ‘Innovation for Sustainability’ category.
The ET Innovation Awards seeks to identify and
Our R&D centre concentrates on the development of new
reward out-of-the-box thinking and innovation in
products and processes with a significantly moderate
corporate India.
environmental footprint. It has a clear mission of integrating the
latest scientific and technological developments in the field The innovative product, UltraTech Litecon, is a
of cement and concrete. With this objective, our R&D centre useful lightweight construction material with both
provides comprehensive technical and analytical support to non-structural as well as structural versions. It is used
the business. as a smart filler material for sunken and roof slabs.
The Technology Innovation & Knowledge Management It provides the structural designer with an ability
Centre drives technological innovation that extends beyond to design the structural elements with lesser dead
conventional cost management concepts. With a team of loads, eventually saving costs and improving the
more than 50 scientists and engineers, it focuses on raw mix, feasibility of the structure. Buildings using Litecon
process improvements (clinker-cement conversion ratio) and are much greener as it enables superior energy
use of hard-to-burn but cost-effective fuels. The activities and conservation and fire safety.
initiatives include basic as well as applied research for:
40
New Product Development Our green concrete product such as UltraTech Pervious is
a special concrete, with a high porosity used for concrete
We have developed premium products that aid in limestone
flatwork application that allows water from precipitation or
deposits and clinker conservation, energy savings, ensuring
other sources to pass through, thereby reducing the runoff
enhanced concrete durability and maintaining top product
and ensuring recharge of ground water.
attributes and functionality. This includes:
Some of our BPD products are listed in the Indian Green
Developed and patented a new variant of green and low-
Building Council Directory of green products under the
temperature clinker
category of energy efficiency and low emitting materials. White
A new type of high-early and long-term strength cement
Cement, Wall Care Putty, Textura and Level Plast have also
Three types of high-early strength water-saving cement been recognised by Indian Green Building Council (IGBC) for
We are future ready by creating totally new capabilities in the use in Green Building.
area of pollution abatement, nanotechnology of cement and
concrete, concrete durability, concrete rheology, 3d printable UltraTech is India’s first concrete company to meet
concrete, geopolymer concrete, modelling cement & concrete the requirement of LEED (Leadership in Energy and
hydration and chemical admixtures for cement and concrete. Environmental Design) and other green building rating
systems as recognised by the Indian Green Building
Our Central R&D Laboratories are NABL
Council
(National Accreditation Board for Testing
and Calibration Laboratories) accredited.
Responsible Use of Resources
UltraTech launches India’s first mix-in-the-bag
We offer a range of blended cements (PPC, PSC and PPCS)
concrete
that use fly ash and slag as part materials for substitution.
UltraTech is the first company to launch a do-it-yourself
Our Building Products Division (BPD) manufactures several
concrete product, UMix in India. This unique product
environment friendly products that help in saving natural
enables customers to get minor repairs done quickly
resources as given below:
without creating a mess in their homes.
The process of making concrete-mix from the basic
Super Stucco
1 (a self-curing, no-water curing plaster)
ingredients of cement and sand involves elaborate
arrangements. Both of these being bulk materials,
their availability in small quantities is a challenge and
Power Grout mostly result in a large quantity remaining unused in
(a self-curing industrial grout for anchoring / maintenance and repair works. The left-over mixed
2 grouting applications) concrete is an environment hazard as it quickly settles as
a hard-solid mass at the site of mixing or disposal due to
Seal & Dry - water proofing systems which help its basic nature of solidification.
in water conservation (arresting leakages) in This unique product reduces consumption of cement,
water storage tanks and canals, thus preserving sand and water and also virtually eliminates wastage of
3 water. mixed concrete. The cumulative effect of small savings
of these natural resources achieved in the frequent and
prevalent domestic repair works has a potential to result
in substantial impact on environment conservation.
41
Responsible
Value Chain
We ensure that emphasis is made on ethical issues at the
102-9, 102-10
time of vendor evaluation stage itself. Our vendor registration
UltraTech is committed to driving sustainability across the form requires commitment from vendors on following societal
value chain of its operations i.e. from mines to the end user. aspects:
To drive our sustainability vision, we need to look beyond Child Labour
our own operations and consider opportunities to reduce
Forced & Compulsory Labour
environmental footprint, increase resource efficiency
Health & Society
and negate the impact on communities across the entire
value chain. Efforts in this direction will help us build a Working Hours
robust and sustainable supply chain that is able to mitigate Statutory compliances
risk from externalities and adapt to changes quickly. Taking Once cleared, we have a long-term relationship with the
our business forward in the most efficient and sustainable vendors with annual rate contracts, periodical feedback and
way possible, we have institutionalized a methodology to fair approach.
evaluate and engage with such vendors who align with our
Sourcing through e-procurement
sustainability paradigms.
E-procurement has made our sourcing process more
Procurement Management transparent and efficient. It includes a web-based supplier
103-1,103-2,103-3, 102-31,204-1 portal with features like Request for Quote (RFQ), submission
of offers by the suppliers, generation of comparative charts
Procurement practices aim at meeting the business needs
and release of orders. The module is integrated with our SAP
for materials, goods, utilities and services by focusing on
system.
aspects like societal interest, environment protection, resource
A reverse auction process of real time competitive bidding
optimization, and quality control that eventually lead to
for buying and transportation of material adds to efficacy of
optimization of product cost.
the process. E-procurement has resulted in more effective
While procuring equipment, we give due importance to factors
communication with our vendors and enabled significant
like energy efficiency, fuel efficiency, and emission control. We
reduction in paper work as well as travel hours.
consider the impacts of equipment purchased over the entire
Giving preference to local vendors
life cycle including its disposal phase.
We have always given preference to local vendors when it
We have a well-established vendor onboarding process. It
comes to sourcing materials. In case of PP bags vendors, we
involves third party screening of all new suppliers on aspects
have optimised the vendors located near our cement plants,
like financial risks, legal risks, quality systems, technical
based on their capability and capacity. This has resulted in
capabilities, and adherence to social and environmental
lower fuel consumption and has aided in bringing prosperity
norms.
to the society around our works.
While encouraging indigenous suppliers, we do not
compromise on quality. We have a zero-tolerance policy
on safety and we work only with those vendors who
adhere to our stringent safety and quality parameters.
42
Logistics Management
Reducing carbon footprint by adopting reverse
103-1,103-2,103-3, 102-31,204-1 logistics at Awarpur Cement Works
With increasing demand and expanding capacities, our Awarpur Cements embarked on an innovative solution of
challenge is to manage our logistics such that it reduces not “Reverse Logistics” to reduce its logistics related carbon
only the cost, but also the carbon footprint. We effectively emission i.e. Scope 3. The plant used to source flyash
and efficiently plan, implement, and control the forward from various power plants located within the radius of 50
and reverse flow of goods, services, and related information to 200 Km. In the similar way, the logistics team also used
between the point of origin and the point of consumption. to hire bulkers for cement dispatch.
Some of the best-in-class supply chain management With the help of logistics team, the routes of cement
processes adopted by UltraTech include: outgoing which were in line with the flyash incoming
was identified and the potential for two-way integration
Network optimisation
was established. This two-way transportation of Fly Ash
Computer-based order management system with real-time
Vs Cement proved to be a win-win situation for both i.e
visibility of order status
Materials and Logistics team. It resulted in reduction of
Customer service level measurement on real-time basis CO2 emission by around 2,000 tons and cost saving of
GPS-based vehicle tracking system for dedicated fleet around INR 56.46 Lacs over the year.
Automation at secondary service points like railheads and
warehouses
43
OCCUPATIONAL
HEALTH AND SAFETY
103-1,103-2,103-3, 102-31,403-3
Health and Safety at UltraTech is given utmost importance on a regular basis. To further strengthen the governance
covering all the people working for and on behalf of our structure, there are apex committees at each Unit headed by
Company. Our Safety Goals are Zero Harm, Zero Injuries and respective unit heads. Apex committees are duly supported
Zero Excuses which drive us to set a world class safety culture. by 7 sub-committees, each chaired by Functional Heads and/
UltraTech has instituted a robust safety governance system to or senior Department Heads. In addition to the existing 7 sub-
strive towards Zero Harm. The highest governance body is the committees, 2 more sub-committees (Project Safety and Mines
OH&S Board, chaired by the Managing Director, which reviews Safety) were formed.
the organisation’s safety performance and provides guidance The Role of the Sub Committees:
The creation of sub-committees has helped drive consistency
across the business and strengthen major elements of
For year
2019-2020,
our OHS management system. In order to ensure active
the target for involvement and instill a sense of ownership, these sub-
LTIFR is committees comprise of people from across line functions.
0.25
Sub-Committee Title Roles of the Sub-Committee

Standards, Rules and Procedures Developing, reviewing, implementing and communicating the safety
standards, rules and procedures.
Identifying areas where standards and procedures need to be evolved and
inform the Board-level sub-committee about the same.
The sub- committee implements audit protocols for all standards at each
line function
Training and Capability Building Conduct Training Need Identification initiatives,
Sourcing capable internal trainers to impart knowledge to future trainers.
All gaps discovered in the training need identification processes are a 100%
addressed.
Contractor Safety Management Ensure safety capability building of our contractors and conduct Contractor
Field Safety Audits (CFSA).
Red notices are issued for high severity violations,
All contractors go through mandatory pre-medical examinations, trade
tests and safety induction, before issuance of gate pass.
100% of workers are represented in formal joint management and all Health
& Safety topics are covered in formal agreements with trade unions.
Safety Observation and Audit Ensure effective implementation of Safety Observation (SO) and First Party
Safety Audit (FPSA)
Review, and monitor compliance of observations/findings raised through
the processes of SO and FPSA periodically
Incident Investigation Ensures the reporting of all incidents including near misses.
Line managers are trained in quality incident investigation and active
communication of significant incidents.
Identifying and analysing incident trends, briefing the site apex committee
and monitoring to ensure timely closure of recommended actions
44
Sub-Committee Title Roles of the Sub-Committee

Logistics/Transport Safety Ensure all vehicles engaged for business are equipped with mandatory
gadgets and have statutory documents
In charge of taking declarations from transporters and commitment from
drivers for safe driving
Defensive driving training programmes are a regular feature that the
committee takes care of.
Occupational Health Ensures provision of adequate resources for occupational health
Identify occupational health hazards and manage associated risks to be
contained to ‘As Low as Reasonably Practicable’ (ALARP) levels
Health surveillance, sickness, absenteeism, rehabilitation and recovery
programmes all fall under the purview of the committee
The Safety Governance Structure has resulted in an increased leadership being heads of the groups has helped address two
involvement, ownership and buy-in from sub-committee critical issues within safety management; inter departmental or
members and an understanding that safety is everyone’s inter functional conflicts and resource allocation issues. There
responsibility where Line Function is the cutting edge of is a marked improvement in the ownership and accountability
the safety management system. The mechanism of senior by teams.
The comprehensive safety management system consists
of 26 critical standards, 20 procedures and 12 guidelines
which are in place and are mandatory at all our facilities.
Case
Study: Establishing a culture of
ownership by Line Management
It is always a challenge to integrate safety thought

processes in leadership decisions and aligning with our
goal of ZERO harm. Our actions resulting from OH&S
board decisions are owned by senior leadership team
from line functions and duly guided by Corporate Safety.
Line function takes lead in implementing these decisions.
Following are some of the illustrative examples where
senior line management teams own the initiatives and drive
safety cultural transformation;
a. Surprise cross cluster safety audits by Cluster Heads.
b. Linkage of annual performance management system
(PMS) of employees with safety lagging indicators
c. Cluster heads responsible for the smooth functioning of
various subcommittees across business.
d. Senior line management team including Unit Heads
to be available at shop floor during 9-11 everyday
focusing on safety aspects and counselling workmen
towards safe work practices.
e. Project safety team owning and driving improvements
in the areas of structural stability and leading the efforts
of ensuring safe workplace at units.
45
Case
Study:
Progressive consequence
management (PCM)
UltraTech has articulated its safety
belief as “Life is Precious, We care for
it.” We need to ensure that each and every
person working for or on behalf of UltraTech is
safe from any harm or injury. To enhance awareness
and accountability of the role towards OH&S and to
bring uniformity in management credibility, a progressive
consequence management procedure was developed and
implemented across UltraTech after adequate communication to all
concerned teams and employees.
The applied disciplinary actions included: coaching and training,
counselling, verbal warning, issuance of warning letter, stopping annual
increment, suspension under enquiry and Termination based on the guidelines of
the organizational progressive consequence management procedure.
Case
Study:
Safety Standard Champions as our To support this, a third party team has been engaged to deliver
change agents and role models safety standards training across units at UltraTech Cement.
From this exercise, it is expected that employees will become
Our business has grown in terms of capacity and scale, and
familiar with UltraTech’s safety standards and ensure 100%
a number of new manufacturing units have come under the
adherence to the standards to avoid occurrences/incidents.
UltraTech gamut through either greenfield expansions or
The Safety Standard Champion Training programme has been
acquisitions. As we grow in size and scale, the need to have an
organized at six units (in 2-phases) and consists of both theory
inclusive journey with our stakeholders to imbibe the culture
and practical sessions:
of safety and promote it across the organization becomes
increasingly important. Training followed by an assessment to be considered as
Train the Trainer (TtT).
It was decided to identify safety standard champions at each
Selected employees are taken through an exclusive one
unit so that the identified champions can replicate the same
day session on TtT (including soft skills)
process and ensure all the employees at respective units are
trained using the following approach; During 2018-19, total six sessions were organized at various
units and Standard Champions were developed as under;
Approach to develop Safety Standard Champion
The Standards & Procedure Subcommittees at respective units
Education
take the help of these safety standard champions to evaluate
First, we got their attention. Education helps to
and gauge the implementation of UltraTech safety standards
understand the expectations and what role they need to
across units. The safety standard champions are assisting
play in safe execution
units to identify gaps and devising methods to comply with
Involvement
UltraTech Safety standards as well.
Second, they must be actively involved in creating a
proactive process to help prevent injuries. No of Standard No of Units No of person trained
Support Champions benefited by these Standard
Finally, when employees manage the process and developed
29 Champions (Oct 2018-
coordinate management support, everyone wins through 173 Mar 2019) at units
a safer workplace 3373

46
PEOPLE
fair appraisals and stimulating career development options.
All our employees are eligible for, and receive regular
PERFORMANCE performance and career development reviews which pave the

way for future growth and development. Building leadership
capabilities and meritocracy based appraisal creates a talent
103-1,103-2,103-3, 102-31, 400, 401
pipeline to take up challenging job roles and drive employee
Being part of the Aditya Birla Group, one of the best employers growth.
in the country, we attract the best talent and provide Internal Recruitment System
them a stimulating and rewarding work environment and
Our employees are encouraged to pursue career moves that
experience across locations through our Group-wide ‘One
are mutually beneficial to them and the organization. True to
HR’ policy. The HR function covers multiple dimensions like
our ‘Employee First’ philosophy, internal talent is provided;
employee engagement, employee health and wellness,
the first right to apply for any open position over external
talent management, change management, organization
candidates and vacancies across locations are first posted
effectiveness.
on the internal portal. During the last three years, there has
Employee Engagement been a significant number of inter-business and intra-business
movements of employees across levels.
Effective engagement acts as a bridge between employee
needs and organizational goals. While it drives job satisfaction, Nurturing Leadership
high productivity and low attrition, soliciting feedback from Empowering our best talent with stimuli to climb the leadership
employees also develops in them a sense of belonging ladder is a continuing process. Building a leadership pipeline
towards the organization. At UltraTech, we rely on our people’s is a part of our talent identification process wherein candidates
feedback to develop robust processes, policies and initiatives. with high potential are spotted, and then exposed to
Some of our new and ongoing engagement initiatives that challenging projects and stimulating roles. We follow a unique
give us a perspective on where we stand on the employee ‘2x2x2 Philosophy’, which implies that every employee must
satisfaction index are given below. work across two businesses, two functions (or sub-functions)
and two geographies for a broader understanding of the
INITIATIVE
business and the Company. This enables one to become a
Employee Engagement Survey well-groomed leader ready for future challenges.
UltraTech conducts Vibes survey biennially which

is a platform that provides an opportunity to every
employee to participate and share their workplace
experiences. Employee satisfaction survey in the
manufacturing division was conducted to understand
what energizes them to deliver their best and sought Ramesh Mitragotri,
their opinion on the work culture and environment. Chief Human Resource Officer
Due diligence was carried out on the survey findings, At UltraTech, we are committed to integrate
especially in the areas identified as requiring sustainability into our business conduct as part of our
improvement. Action plans were drawn and efforts to build a sustainable business. Our employees
monitoring mechanisms were set up along with roles have a critical role in enabling this. During the year,
and responsibilities towards the plans. Some of the we have taken up specific programmes to increase
awareness among our employees on our sustainability
major actions taken included inclusion of staff cadre
agenda which has resulted in bringing sharper focus
in employee health check-up, first time half yearly
on our SDG commitments within the organization.
appraisal for staff cadre and inclusion of staff cadre in
centralized wellness calendar. Equally, as part of our sustainability agenda, it is our
endeavor to constantly enhance our human capital
in the organization. This includes strengthening
Ensuring Employee Growth our values-driven work culture as well as people
We encourage and facilitate our employees at UltraTech capabilities. Learning and Development and employee
to grow in the organization based on their aspirations well-being have been a key focus during the year.
These efforts have helped to not only enhance
and competencies. Employees achieve growth through a
employee morale and talent retention but also helped
spectrum of opportunities on offer which include learning & to improve organizational performance with engaged
development, leadership platforms, competitive remuneration, employees.
47
INITIATIVE Meritocracy-Based Appraisal

UltraTech’s Annual Compensation Review is a comprehensive
Welcoming Mothers Back to The and transparent appraisal process. A true growth compass,
Workplace it factors in parameters like self-assessment, supervisor
assessment, business performance, employee performance,
We have a comprehensive Maternity Support
market information and variable pay.
Program which provides options and choices to
women employees, so that they can effectively Training & Development
manage the maternity phase and return to work
404-2
in a seamless manner. A bouquet of benefits, the
maternity program is available to our full-time women We have consistently fostered a culture that rewards
employees belonging to the management cadre, continuous learning, collaboration and talent for the
and who have completed a service period of a organization to be future-ready and to meet the challenges
minimum of 18-months within the organization. The posed by ever- changing market realities. Combining formal
benefits offered includes maternity leave of up to learning with vigorous on-the-job development, coaching
26 weeks, Mediclaim coverage, prenatal support and feedback, the competencies and skills of executives and
through ‘Healthy Pregnancy Programme’, phase-back workmen are enhanced to result in improved performance.
programme to support the returning mothers and The training programs are custom designed to meet the
emotional assistance support through the ‘World of desired objective in an effective manner.
Women Network’. Orientation Process
As of April 2018, we have introduced Paternity Leave UltraTech’s comprehensive induction programme lays a firm
as well, for new fathers to enjoy this exciting phase and foundation for a lasting relationship with new employees.
to play an active role in welcoming the change in their Conducted by senior professionals across functions, all
lives. new hires undergo this programme on their different roles,
responsibilities, goals, systems and processes, in turn aligning
them with the vision, mission, values and code of conduct of
the organisation.
The details of various training imparted to employees are given below:

Training Title Brief Description
Technical Training Our state-of-the-art training centre at UltraTech, is supported by more than 40 subject
matter experts. This unique, forward-thinking initiative is dedicated extensively to
train graduate engineer trainees and make them job-ready. For building Technical
Expertise, Margdarshan initiative has been launched. Margdarshan is a multipronged
capability building intervention and is directed towards achieving technical
excellence along with learning.
Technology Leaders We select high performers who are experts in functional areas to work on process
improvement projects like mining, coolers and thermal power plants. This approach
creates a pool of subject matter experts.
Executive Education We have an ongoing relationship with the Birla Institute of Technology and Science
(BITS), and our employees are encouraged to pursue a degree in subjects such as
Power and Process Engineering, for which we have introduced two such courses.
Non-executive Education Nothing Stops Me” is a Continuous Education Program for “B Tech.” in Process &
Power Engineering. The program is designed for Diploma engineers whose career
comes to a plateau stage at Jr. Management level, The B. Tech degree opens the
avenue for senior positions and facilitates growth
Online MBA Having initiated e-learning modules, our employees have the opportunity to upgrade
their skills on the job. Several of our management cadre employees have seized the
opportunity and completed their online MBA course from U21, Singapore
E-learning: Various Modules in Multiple Languages
48
INITIATIVE equal opportunity employer, we are actively aligned with two

critical SDGs – Gender Equality and Reduced Inequalities.
UltraTech launches Ulchemies to Local Employment
nurture leadership talent While we continue to hire people based on their potential
and train them on knowledge and skills, we also give
UltraTech has launched Ulchemies, a strategic
preference to hiring from within the local communities where
campus recruitment programme, to attract and nurture
we operate. This not only cascades prosperity across the
future leadership talent for the organization. Over neighboring villages and towns, but also reinforces our social
1300 students from top 10 business schools and top license to operate. Furthermore, the company has multiple
scoring Chartered Accountancy students from across capital investments through a combination of greenfield and
India were evaluated through a rigorous four-step brownfield expansions facilitating development of the local
selection process that lasted for over two months. economy and job creation.
Gender Diversity
45 young talented professionals were selected as
Embracing and encouraging all types of diversity adds
part of the first batch of Ulchemies to nurture them
significant value to any organization. In the cement industry,
into future business leaders for UltraTech. A special
female employees are conventionally fewer in numbers
induction programme was organized for them in June and represent a small percentage of the total workforce. In
2018. order to change this representation and make our workforce
more gender diverse, we have developed several women-
INITIATIVE friendly initiatives. The Women Empowerment & Engagement
(WEE) initiative at UltraTech deals with issues of importance
Margdarshan II – Capability for women employees. It includes a WEE community - an
Building in Technical Expertise intranet-based forum for them. We also have Springboard, an
18-month programme with emphasis on training, mentorship
Margdarshan is a multipronged capability building and gender diversity, focused on high caliber women leaders.
intervention in the area of technical learning. Phase-I
We have a zero-tolerance policy towards any form of
of Margdarshan focused on building a culture of sexual harassment and conform to the Group policy on
technical learning and there has been a great success prevention of sexual harassment at the workplace. We
in this endeavor as the base has been set for technical have received zero grievances this financial year as per
learning culture. After creating a favorable culture our special Complaints Committee that has been set up at
of technical learning, Phase II is directed towards Unit, Business and Group Levels.
capability building and technical excellence. This Labor Management
will lead to creating a pool of technically sound 102-41
professionals which in turn will contribute towards
A structured labour management system is in place to ensure
operational excellence. fair and proper management of labour. We adhere in intent
and action to the Group policy on Human Rights, in line with
principles ascribed in the UN Global Compact:
Outcome
Support and respect the protection of internationally
528 Arjuns
proclaimed Human Rights
239 Dronas
Make sure that we are not complicit in Human Rights
15750 Learning Hours abuses
378 Topics Completed Elimination of all forms of forced and compulsory labor
376 Business Improvement Projects Uphold the freedom of association and the effective
Equal Opportunity Employer recognition of the right to collective bargaining
At UltraTech, merit is the only parameter for recruitment and Effective abolition of child labour
growth, and this approach has led us to build teams with an Elimination of discrimination in respect of employment and
array of experience, demographics and skill sets. By being an occupation
49
SOCIAL PERFORMANCE
103-1,103-2,103-3, 102-31, 400
UltraTech Cement is proud to be part of a legacy of the Aditya

Birla Group, where caring for the underserved is an unwritten
Corporate Social
edict that has been followed for generations. We believe that Responsibility (CSR)
performance of any business organization is truly measured by 413-1
the value it creates for the society.
Reaching out to underserved communities is part of our DNA.
Our focus is on education, Pursuant to the provisions of Section 135 of the Companies
healthcare, sustainable livelihood, Act, a CSR Policy is in place which is available on the
infrastructure and social reform. Company’s website viz. www.UltraTechcement.com.
We steer our social projects with the same acumen as our All our community projects/programmes are identified and
business projects. These projects are based on the needs of carried out in consultation with the community under the
the communities in the neighbourhood of our plants. Our work aegis of The Aditya Birla Centre for Community Initiatives
rests on four pillars: and Rural Development., under the leadership of the
Chairperson, Mrs. Rajashree Birla. The activities are in line
Embedding our social vision in the business vision
with Schedule VII of the Companies Act, 2013.
Having a well-crafted strategy, for execution, factoring
milestones, targets, performance management, and Our CSR Vision
accountability “To actively contribute to the social and economic
Obtaining the impact assessment of our work by reputed development of the communities in which we operate and
agencies in the CSR domain, to ascertain the value we have beyond. In so doing, build a better, sustainable way of life for
created the weaker sections of society and raise the country’s Human
Working in tandem with Government agencies, and re- Development Index”.
coursing to their various development schemes, which
Focus Areas
foster inclusive growth, thus extending our reach
Education and Capacity Building - our endeavor is to
The leadership, management, employees and a strong
spark the desire for learning and knowledge at every stage
CSR team are committed to make a difference to the
through Balwadies, Formal Schools, Quality elementary
underprivileged and make our work count. The projects
education, Aditya Bal Vidya Mandirs, Girl child education
arising from our focus areas directly or indirectly contribute to
and non-formal education.
various SDGs.
Healthcare - our goal is to render quality healthcare facilities
We have selected 300 villages that we hope to turn into to people living in the villages and elsewhere through our
model villages. Over a period, we expect to see a major hospitals, primary healthcare centers, mother and child
transformation of these villages. More than 80 villages care projects, immunization program, adolescent health,
in the hinterlands have already transformed into model preventive healthcare through awareness programs.
villages. Sustainable Livelihood - our programs aim at providing
livelihood in a locally appropriate and environmentally
sustainable manner through formation of Self-Help
groups for women empowerment, skill enhancement and
vocational training, partnership with industrial training
institutes, agriculture development and better farmer focus,
animal husbandry, soil and water conservation, watershed
development and agro-forestry.
50
Infrastructure Development - we endeavor to set up

essential services that form the foundation of sustainable
development through basic infrastructure facilities, housing
Education
facilities, safe drinking water, health and hygiene and QUALITY
EDUCATION
Education not only equips with knowledge, it also
renewable source energy.
empowers everyone to lead a decent life as it helps
Social Reform - we advocate and support dowry less in a holistic development of an individual in terms
marriages, widow remarriages, awareness program on of social, economic and hence developing the
anti-social issue, de-addiction campaigns, espousing basic nation. Aligned with SDG 4 – ‘Providing inclusive
moral values and gender quality. and equitable quality education and promote
lifelong learning opportunities to all’, we run our
For the year 2018-19, our CSR spend was INR 749.6 million
initiatives that support education from the pre-
as compared to INR 607.1 million in the previous year and
school in the form of Balwadies and elementary
was well above the 2% of the average net profits of the last
schools. Some of the key areas under education are:
three financial years.
Pre School Education Projects Education support Programmes

Strengthening Anganwadi centres/Balwadis/Playschools/Creches Village knowledge centre and library, adult and
non-formal education, celebration of national days/
School Education Programme international days, computer education, reducing
Education material (study material, uniform, books, etc.) dropout and continuing education
Scholarships (merit and need-based assistance) Career counselling and orientation
School competitions Value education programmes
Quality of education Support to Mid Day Meal project
Vocational and Technical education/Taining

Strengthening ITIs
Skill-based individual training programme
INITIATIVE bags and uniforms. Support is also provided through

coaching classes and counseling sessions at (Malkhed,
Pre-School Education
Kovaya, Jafrabad, Kotputli, Kharia Khangar, Reddipalayam,
Strengthening 310 aanganwadis and balwadies in terms of Shambhupura and Awarpur covering 35612 students and
facilities as well as infrastructure, benefiting more than 6759 special coaching classes to children for Government’s
children. Navodaya program.
School Education Technology supported education such as smart class
We reached out to 14300 students through our enrollment computer project - ‘Utkarsh’ has been implemented in
campaign- Shala Praveshotsav. collaboration with Government of Rajasthan in Kharia Khangar,
We supported below poverty line children with quality supporting 22745 children.
education and over 40200 students have received support Our programmes to support the visually challenged at two
in the form of education material such as notebooks, school residential schools at Kovaya and Malkhed are gaining
traction, as is the child centre for special children at
Reddipalayam.
51
Furthermore, we treated 3,133 people through alternate

Healthcare therapies i.e. Yoga, Homeopathy and Ayurveda at Hirmi,
Kovaya and Jafrabad.
GOOD HEALTH
AND WELL-BEING
Our goal is to render quality healthcare facilities.
Mother and Child Healthcare
The activities that are carried out in the villages are
aligned with SDG – 3 and SDG -6 of ‘Ensuring We serve over 12,000 women through our mother and child
healthy lives and promoting well- being for all healthcare programs. Awareness programs are organized
at all ages’ and ‘Availability and sustainable to disseminate information about the healthy practices and
management of water and sanitation for all’ hygiene, nutritional programs for mother and child.
respectively. Over 1,22,204 children are immunized against Pulse Polio,
A total of 3,93,367 people have been benefitted BCG, DPT and Hepatitis-B.
from the various activities carried out. Adolescent period is believed to be difficult period and very
critical stage of transition because of various qualitative shifts
that they pass through at that moment of life. We organize
INITIATIVE
various awareness programs for the adolescent about
improved personal hygiene and changes that take place
Regular preventive healthcare facilities are provided through
during this phase, thus, supporting 2,685 girls.
general health check- up camps involving 69,432 people. 261
rural camps and 56 specialized health camps were conducted. Safe Drinking Water and Sanitation
The health camp are set up to check for the ailments such as Water is a fundamental human need and accessibility to safe
malaria, anemia, diabetes, skin diseases or any other disease drinking water has now become a necessity in rural India.
that needs to be referred for further treatment. We have installed Reverse Osmosis 23 at Tadipatri, Awarpur,
Mega eye camps treated 11,092 people and the teams also Kotputli and Birla White covering 26,000 villagers. We have
distributed 4,122 spectacles. also installed pipelines, bore well supporting 82,000 villagers
The practice of good hygiene starts from an early age. To with access to drinking water facility.
imbibe these practices, dental check-up camps and health Water is important for humans but so is sanitation as lack of
check- up camps are carried out regularly in schools at various proper sanitation facility can be the cause for diseases. Thus,
locations benefitting 5,192 students. 442 individual toilets and sanitation facilities were set-up at
school. In total 38 villages have been declared ODF.
Preventive Healthcare Curative Healthcare

Immunisation (Pulse-polio, neonatal) health check-up camps General health camps
Ambulance Mobile Dispensary Programme Specialised health camps
Safe & hygienic drinking water Eye camps
Sanitation blocks Treatment camps(skin, cleft)
Reproductive and child health
Quality/Support Programme
Mother and child healthcare (antenatal care, prenatal
Referral services
care and neonatal care)
Treatment of BPL, elderly or needy patient
Adolescent healthcare
HIV-AIDS Awareness Programme
Healthy baby competition
RTI/STD Awareness Programme
Support to family planning activities
52
Under the social forestry programme, we continue to sponsor

Sustainable plantations beside the roads, wastelands and farm boundaries
through distributing saplings and tree plantation
Livelihood
Animal husbandry
NO
POVERTY
Activities are carried out to support both agriculture To support the people in this venture, we organize vaccination
needs such as improved productivity and crops, camp and also carry out the process of artificial insemination
vocational skills for youths as well as supporting to improve the breed, which improves the productivity and
ZERO
HUNGER
animal Husbandry. The activities are aligned to which in turn improves the income of the people does making
SDG 1 of ‘No poverty’, SDG 2 of ‘Zero Hunger, them self-sustainable. 49,650 animals were immunised in
achieve food security and improved nutrition, veterinary camps held at our units.
and promote sustainable agriculture’, and SDG 8 At the Navjeevan Gaushala set up by us at Kharia Khangar, we
of ‘decent work and economic growth’. Some of continue to look after 810 stray cows and oxen
the key areas are: We work with BAIF for integrated breed programme at our
Kovaya, Jafrabad, Wanakbori locations in Gujarat and Khor
in Madhya Pradesh. These programmes have reached out to
8,052 milch cattle. The resultant increased output of milk has
Agriculture and Farm Based led to a significant rise in the income of the cattle owners
We promote Farmers meeting as they can become self – Our fodder support programme in collaboration with the
reliant and discuss their problems with respect to farming Panchayat implemented in the drought prone areas of
and come up with a possible/ feasible solution. 12349 people Sewagram caters to the entire populace in 14 villages
were benefitted from our farm related activities, support and alleviating their distress to an extent
guidance.
Supporting livelihood initiative in cattle
To boost agricultural and horticultural activities and help
breeding
farmers reap a rich harvest, we reached out to 8,000 farmers
In 2008, the CSR team at Gujarat Amreli started a unique CSR
across UltraTech’s operations. Farmer training programmes to
initiative in cattle breeding. A dedicated Cattle Breeding Centre
enable them to be in sync with the most modern agricultural
(CBC) was established to improve the breed of cattle through
practices, demonstration plots, soil testing, providing quality
artificial insemination (AI) and steadily convert the progeny to
seeds, tutoring them in intercropping, forms the spectrum of
high breed cows like GIR, Holstein Friesian and Jersey. This
our work
project was initiated to develop the small farming systems and
Over 217 farmers from Reddipalyam and Hirmi were taken help the farmers to increase their income.
for field visits to the Krishi Vigyan Kendras in Tamil Nadu
From the initiation of the project, it has matured to the current
and Chhattisgarh. We wanted to familiarise them with state where more than 7,500 cattle owners are associated
contemporary cropping pattern and techniques, which could with this project. Till date, the centre has performed artificial
be transferred to their field insemination on approx. 22,002 cattle and 11,576 calves were
Furthermore, in solidarity with the green energy movement, we born with the help of the Cattle Breeding Centre. The Cattle
continue to maintain 121 biogas plants at Jafrabad, Kovaya Breeding Centre improved breed of cattle, produce more milk
and Neemuch. than the traditional cattle. Total milk production has reached
3080 liters per day.
Agricultural Productivity Animal Husbandry

Agriculture & horticulture training programmes Treatment and vaccination
Transfer of technology - demonstration plots (support for Breed improvement
horticulture plots) Productivity improvement programmes and training
Seeds improvement programmes
Natural Resource Conservation
Support for improved agriculture equipment Programmes
Non-Farm & Skills-Based Income Generation Watershed management programmes
Programme Biogas support programmes
Skills-based training programmes Solar energy support
Rural enterprise development Other energy support programmes - low smoke wood
Self-help groups stocks/sky light
Plantation/Green belt development/land improvement/
water conservation (small structures)
53
Self-Help Groups (SHGs)

Rajashree Cement to work with NABARD and
The 840 SHGs set- up empower 7,987 households MYRADA for Udgi Watershed Project
economically and socially. Most of the SHGs have been linked
Rajashree Cement Works, located in Gulbarga district,
with economic centres. Women are engaged in a varied
Karnataka, has collaborated with NABARD (National
number of economic activities through tailoring, masala
making, creating traditional things for the purpose of marriage Bank for Agriculture and Rural Development) and signed
or for decoration. ; a MoU (Memorandum of Understanding), in association
with, for part funding for execution of a watershed
The carpet centre which was set up at Khor, a decade ago, is
project in Udgi Gram Panchayat, Sedam Taluka.The Udgi
now an independent high quality carpet making centre. All of
Watershed Project will cover an area of 1149 hectare,
its carpets are exported to the developed countries.
encompassing five villages under the Udgi Gram
Watershed Management Projects beyond Panchayat. The Mysore Resettlement and Development
the fence. Agency (MYRADA), is implementing the project.
Collaborative funded projects
Vikram Cement Self Funded projects
The Public Private Partnership (PPP) watershed management Andhra Pradesh Cement to work with ICRISAT for
project in the Neemuch district of Madhya Pradesh watershed project
worked closely with the National Watershed Program for Andhra Pradesh Cement Works (APCW), at
conceptualization and implementation of the project. The Anantapuramu district, has signed a Memorandum of
project has been consolidated and continues to impact the Understanding (MoU) in association with International
socio-economic and cultural development of the village by Crops Research Institute for the Semi-Arid Tropics
increased man-days at agriculture to more than 60000 days, (ICRISAT). A completely self-funded project by UltraTech
intensified crop production increased income of up to 30%, Cement. ICRISAT will be responsible ;for execution of a
INR 20000 per acre per year, the total irrigated area increased watershed project in Petnikota and Ayyavaripalli villages
by 804 ha per year with the total water holding capacity
of Kolimigundla and Tadipatri Taluks, respectively in an
increased.
area of 1750 hectares. The project seeks to increase
water availability, improve agricultural productivity, and
ensure efficient & sustainable usage of water and will
bring an overall impact on rural livelihood development
Water harvesting initiatives in Gujarat

Our multidisciplinary teams at Kovaya, Jafrabad and
Sewagram have helped survey, design and create water
harvesting structures supporting the sustenance needs of a
population of more than 6,500 in the coastal districts of Amreli
and Bhuj. The structures will support water recharge in wells,
drinking water for cattle and other animals, reduce salt ingress
through ground water recharge.
54
Infrastructure Social
Development Reform
Infrastructure plays an important role in the progress of We advocate and support the community through a varied
human development. Infrastructure development will number of initiatives apart from those in the area of Education,
benefit the agriculture as the farmers would be able to sell Healthcare and Sustainable Livelihood. The initiatives include
their produces elsewhere as well and they can have better awareness programs about Government schemes, digitization
access to education and healthcare facilities which will and anti- social issues, de-addiction campaigns and other
improve the quality of life of the people we serve. We support programs. Blanket distribution and mass marriage are few
communities through the construction or repairing of roads, of the other initiatives. Our cultural programs along with
community halls and assets, rest places, installation of solar community support program touched 3,38,075 people.
lights, construction of water tanks and installation of pipe
water supply. The activities carried out across the units have
benefitted 8,23,461 people.
55
List of Beneficiaries
Activities FY 18-19
Healthcare Medical Camp No. of Rural camp 261
No. of Speciality camp 56
Necessary medical attention No. of hospitals 8
No. of patients 70,093
Eye camp Person treated 11,092
Distribution of spectacles 4,122
Dental camp Person treated 5,192
Blood donation camp no. of donors 1,776
Alternate Therapy Number 3,133
Mother and Child Health Care Immunization Number 1,22,204
Coverage in adolescent Number 2,685
healthcare
Safe drinking water Access to safe drinking water Number 82,000
and sanitation
Construction of toilets Number 442
Education Aanganwadi 310 and 6,759 enrolled
Sarva Siksha Abhiyan 40,200
Scholarship 1,247
Coaching classes and 35,612
counselling
Computer Literacy program 3,866
Smart Class project 22,745
Enrolment Campaign 14,300
Extended facility 50,345
Sustainable Livelihood Farmers involved Number 8,000
Installation of biogas plant Number 121
Water availability through 24,000
watershed
Animal Husbandry Immunization Number 49,650
Navjeevan Gaushala 810
Vocational Training Skill Training provided 5,000
Self-Help Groups SHGs set-up 840
SHGs empowerment 7,987
56
STAKEHOLDER
ENGAGEMENT
57
58
STAKEHOLDER ENGAGEMENT
103-1,103-2,103-3, 102-31, 400
UltraTech believes that sustainability can be fully cascaded actively partner with government bodies and NGOs, in the
and integrated into the core business model of the areas of education, skill, and watershed development projects
organisation, through collaboration with the stakeholders. contributing to SDG17.
Being one of the three pillars of our Group Sustainability *CSI has now officially transferred from the World Business
Framework, stakeholder engagement occupies centre- Council for Sustainable Development (WBCSD) to the Global
stage in our sustainability journey. Our approach and aim Cement & Concrete Association (GCCA) since 1 January
is to keep our stakeholders well informed about our 2019. UltraTech Cement is one of the founding members of
policies, programmes, performance and concerns. Active GCCA.
engagement with global associations that share the same
belief of sustainable development in cement sector gives Continuous consultation, holistic and transparent
us strength to scale-up the sustainability agenda. Our disclosure of vital company information and regular
engagement with Cement Sustainability Initiative (CSI*), since engagement with our stakeholders, form the robust
2006, has helped us to gain access to best practices in the foundation of our business value system.
sector and benchmark our sustainability performance. We
OUR ENGAGEMENT
APPROACH
102-43
Our engagement approach follows the following fundamentals:

Informative Descriptive Interactive Collaborative Proactive Inclusive
Disclose key Communicate Identify Encourage active Identify and Ensure that every
information timely comprehensively stakeholder collaborations with address concerns stakeholder
and honestly to provide a concerns through stakeholders and before they considers
holistic picture regular feedback set the priorities escalate in terms themselves
to get multi-lateral accordingly of severity to be a part of
viewpoints the company’s
progress
Our Stakeholder Circle

102-40, 102-42
Our business is intricately linked to our stakeholders. The

Stakeholder Engagement Circle
stakeholder engagement circle is a 360-degree inclusive
Employees approach to involve all stakeholders that can influence our
business or be influenced/impacted by the way we operate..
Customers This also helps us in mapping our external, as well as internal
Government & Regulatory bodies stakeholders.
Shareholders, Lenders & Investors

Suppliers & Contractors
Local communities
Media & NGOs
59
OUR ENGAGEMENT PLATFORMS

102-21, 102-40, 102-43, 102-44
Effective engagement with stakeholders include active sharing of the business objectives, that form the foundation of successful
collaborations. We have devised a combination of platforms, both formal and informal, to disseminate desired information to all the
stakeholders as well as to receive candid feedback.
Stakeholders Engagement platforms Engagement topics

Shareholders, Lenders and Investors Annual report and regulatory filings Financial performance
Annual General Meeting Annual performance, Progress Plans
Shareholder meetings and and New Projects
presentations Change in governance structure
Carbon Disclosure Project Report Disclosure on our carbon
Sustainability Report performance
Grievance redressal Triple bottom line performance
One-on-one meetings, investor Addressing concerns
conferences, investor calls Clarity on business direction
Government and Regulatory Annual report and regulatory filings Ethical business conduct
Authorities Meetings on government directives Regulatory Compliance
and policy development Environmental stewardship
Facility inspections Safety
Regular meetings Project Approvals
Adherence to Statutory Norms
Employees Organisational health survey Health and safety
Annual Performance review Career growth and progression,
Employee health check-ups Competitive Salary
Employee volunteering in Work-life balance
engagement activities Building camaraderie
Intranet, Annual Report, Sustainability Regular sharing of company
Report information
Employee Reward & Recognition Employee motivation
schemes Employee Involvement
Employee satisfaction survey
Customers Company website Product information
Product campaigns Product benefits and features
Satisfaction surveys Product quality and feedback
Grievance redressal Timely availability and Customer
Customer oriented initiatives Satisfaction
Feedback surveys Building relationships and Trust
Product and service innovations
Suppliers and Contractors Contract procedures and project Product quality and pricing
timelines Supply quality
Facility inspections Organisational performance
Review meetings Timely payments
Vendor interaction meets Containing Cost overrun
Feedback forms Compliance with company laws
Annual performance report Unbiased treatment
Annual stakeholder meets Adherence to SLA (Service Level
Agreement)
Business security and growth
60
Stakeholders Engagement platforms Engagement topics

Local Community Community need assessments Identification of Focus areas
Disaster management workshops Mitigation of Emergencies
Community visits Building relationships
Satisfaction surveys Improving Living standards
Meetings with community Direction and Deployment of
Representatives resources
Media and NGOs Published articles Transparency
One-on-one interactions Timely information on future plans
Direct contact during activities Support to social causes
Social surveys Identification of areas of collaboration
Disclosure on compliance
Listed below are a few key engagement activities that were Building the communication bridge
conducted with some of our stakeholders. The Construction Digest is a one-stop shop for professionals
CUSTOMERS who are in the field of building and architecture, where they
get regular updates on the latest developments in their field.
Customer centricity brings in new insights that help create
better products and deliver better services. At UltraTech, we EMPLOYEES
engage with our customers regularly to communicate with Employee satisfaction survey is conducted on a biennial basis
them on products, services and solutions that we are offering. to gather employee feedback and views.
Their feedback helps us align our sustainability agenda with INITIATIVE
their requirements, concerns and issues. This year, our efforts
Staff Cadre Employee Mid Year Appraisal Feedback through
to engage with multiple customer groups continued through
Ping Me
various platforms.
Employee Engagement Program
INITIATIVE
To mark the occasion of World Environment Day, UTCL
Individual Home Builder (IHB) Meet
organised a week long campaign to increase awareness on
These meets cater to a larger group of customers who have sustainability and environment across units and corporate
started building their own house or intend to start doing so. office. The main theme of the campaign was “Zero and the
The objective is to enlighten the IHBs on the complexities Guardians of the Earth” which had four sub- themes such
involved in construction, effective planning to achieve as Energy, Carbon, Water and Waste. Employees and their
economy and finally constructing a strong and durable house families were engaged through various activities such as
with superior quality materials without any time overrun drawing competition in school, adopting sustainable living
through presentations and one-on-one interactions. habit, personal carbon footprint calculator, ideas for improving
Technical assistance to customers on their doorstep- sustainability and selfie contest for showcasing sustainability
Expert Testing Van practices.
The Expert Testing Van is a value-added service to the The outcome was a success with the involvement of
customers, at no extra cost, aimed at providing technical employees across integrated units, grinding units, bulk
assistance during concreting, to ensure quality and terminal. RMC locations and international units.
consistency in concrete. This service is provided at the site,
through a van manned by a qualified and trained civil engineer.
61
First Time Ever – Staff Cadre Employee Mid Year Appraisal Feedback through
PING
ME
30% staff cadre employees covered in
PING ME for Mid Year Appraisal Review
out of total 2161 staff employees
Few snapshots of Feedback
Manager for Emp –

Manager for Emp –
Your efforts to maintain Manager for Emp –
You did a proper planning Manager for Emp –
the Stores yard and storage Prepare the plan to save
and provided proper Good team player.
of items is appreciable. More the cost of HEMM-
man power installation Managed and
efforts require to listing the Excavator and loader.
of humidity sensor, also coordinated site
items which are lying in yard Maintained the safety
with your continuous NDT requirements
without showing in stock and and WCM culture in
supervision of job we satisfactorily.
preservation of items. mines workshop
made it in one day.
Also, complete
reconciliation of
cylinders as per
party as well as
with departments.
CONTRACTORS EMPOWERING MASONS

Supply chains are the lifelines of any organisation and at Mason Meet
UltraTech, selection of suppliers and contractors is done with This program is aimed at presenting to a group of masons, the
an eye on sustainability agenda. technical inputs from foundation to finishing, which enables
Enhancing the knowledge of Contractors - Construction them maintain quality in construction and improves their
Manual productivity. The properties of various types of cement and its
With an objective to ensure that a project undertaken not suitability to different types of work are explained to them in
only meets the quality norms, but is also finished on time and simple language. The interaction that follows the presentation
in a set budget by a contractor, we have a comprehensive clarifies the doubts on day-to-day problems faced by masons.
construction manual which compiles the various steps in Masons Training Program
construction that will help plan better and deliver a quality
This seven-day skill building workshop is conducted for
project.
masons where the teaching methodology is a combination
Educating Stakeholders to be More Efficient of theory and practice. This program is jointly organized by
This program is targeted for engineers, channel partners UltraTech Cement and a reputed professional institution.
(dealers and retailers), builders and contractors, including Individual attention is given to each mason during practical
masons. This is aimed at providing knowledge on the training to upgrade his skills and thereby improve the quality of
cement manufacturing process - from raw material selection construction and productivity. A proficiency test is conducted
to packing, to the visitors. This helps them understand and at the end of the workshop and certificates are awarded to
appreciate the quality of cement as they see various quality those who pass the test.
control measures and quality assurance systems which are in
place at the plant.
62
Future
Proofing
63
64
Future Proofing
Sustainability is the ability to satisfy
needs of the present without adversely
affecting the ability to satisfy the needs Raw
of future. At UltraTech we believe Material
Security
in getting prepared in advance for
different externalities that have the
potential to disrupt our growth.
Aligning our sustainability strategy
with SDG framework has helped us to
identify the external risks that poses
threat to our business and the society.
Scale Future Water
Identification of such factors, developing
and Size Proofing Consevation
appropriate mitigation plans and taking
timely actions to safeguard our future
in a sustainable world would place us a
step ahead of our competitors.
Some of the major external factors
that may impact our business in the
long term have been identified and are
Climate
mapped as below: Change and
Energy Mix
Raw Material Security: Action Plan
We are aware of the fact that availability of the two basic Use of alternative materials and fuels and resource
natural resources for our industry i.e. Coal and Limestone is circularity: Fly ash, chemical gypsum and slag are some
quite limited in India. Moreover, the ever-constraining statutory of the alternative raw materials being used in cement
obligations and government regulations will make access production. Blending alternative materials with the
to them much more difficult. Thus, conservation of existing conventional raw materials in our products has helped
reserves and ensuring longer durability of these reserves is us conserve limestone, thereby ensuring longevity of
critical to the sustainability of our company. our mines. We are also using waste from other industries
as alternative fuel in our kiln. This is not only helping in
SDG 12: resource conservation but also in reducing our carbon
Ensure Sustainable Consumption and
emissions. Currently, recycled percentage amounts to
Production patterns
16.2% of total raw materials and thermal substitution rate of
SDG 8: 3.9%
Decent work and economic growth Responsible Mining: To make the best use of our
resources, we have also started using low grade limestone
in our operations. This has resulted in utilising the material
which would otherwise have been disposed of.
65
Climate Change and Energy Mix Water Availability

Cement as a material is key to economic and sustainable Water is at the core of sustained economic growth. At
development and at the same time contributes to 5-6% of UltraTech, we ensure availability and sustainable management
global emissions and 7% of the global industrial energy of water and sanitation for our business and for the progress
use. We realise this impact and are committed to driving of the neighbouring communities. Most of our cement plants
are located in water-stressed regions of the country and we
sustainability across the value chain of our operations. Our
consistently work towards rejuvenating resources through our
strategy involves moving towards low carbon products,
3R approach - reduce, recycle and reuse.
enhancing renewable energy share, improving energy
efficiency etc. This is being driven through innovations in CLEAN WATER
AND SANITATION
process and technology while keeping in mind compliance SDG 6:

Clean water and Sanitation
to various international and national regulations such as PAT,
Paris Agreement etc.
SDG 12:
AFFORDABLE AND Responsible consumption and production
CLEAN ENER GY
SDG 7:
Affordable and Clean Energy
SDG 15:
Life on Land
SDG 8:
Decent work and economic growth
Action Plan
Reduce freshwater withdrawal across all plants
SDG 12:
Conducting source water vulnerability assessments
Responsible consumption and production
Achieve water positive status for all plants.
Promoting responsible water management in partnership
SDG 13:
Climate Action with government and other key stakeholders.
Community level integrated watershed development
Action Plan projects.
Optimising Energy Mix and Use of Renewable Fuel: We
are focused on optimizing the energy mix using alternative
fuels and renewable power. Switching to alternative fuels
like refuse derived fuel and bio-based fuels that are less
carbon intensive helps us in dual ways. At one end, it
decreases coal consumption and at the other, it brings
down our carbon footprint.
Commitment to EP 100: UltraTech is a proud signatory
to EP 100 with the commitment to double its energy
productivity over a period of 25 years. We plan to achieve
this by deploying state-of-the-art technologies in new
cement plants as well as retrofitting existing facilities to
improve their energy performance levels.
Development of new products that promote energy
conservation throughout their life cycle and support the
infrastructure of future.
Use of waste heat energy recovery systems to generate
power.
66
Scale & Size

Long term water security study UltraTech Cement understands the strategic importance
A detailed Source Water Vulnerability Assessment of cement in the process of economic development.
(SVA) and Alternative Water Source Evaluation (AWS) Acknowledging the global nature of this critical industry
was commissioned at Birla White, Kharia, Rajasthan. and the impending increase in its demand with the increase
The study was undertaken with an objective to find in ongoing urbanisation, the company has upscaled its
a long-term solution on water security. With other capacities from 61 Million tonnes to its current consolidated**
parameters, it also included a perception survey which capacity of 102.75 Million tonnes. With manufacturing plants
was conducted in villages included in the core zone and units spread across all the regions of the country, a need
(within 2 Km), buffer zone (within 5 km) and beyond was felt to redesign our business processes.
buffer zone. Various stakeholder categories including
Action Plan
local community, village gram panchayat, municipal
To cater to the diversified nature of business in each
corporations, and technology suppliers were
geography, we decided to regroup our business in 5 zones
interviewed as part of the project. The study covered
across India.
the following broad scope:
a. Source water vulnerability Further corporate roles will bring in functional expertise and
will help in capacity building of respective Zonal teams.
b. Demand reduction in plant and colony
Corporate teams will also work on improving synergies
c. Alternative water source assessment
of tasks among the zonal teams to reduce overall costs of
The study has helped in identifying the risks related operations.
to climate change and its associated impact on water
availability. It helped in formulation of short- and
* Include 4 MTPA commissioning in June 2019
medium-term action plans for water conservation:
Short term:
Pilot project for construction of water harvesting
pond in mines area
Increase recovery of grey water from housing
colony & reduce domestic usage of water
Medium term:
Evaluate options of alternate water source and study
its feasibility
67
Annexures
Performance Tables with Content Index
Economic Performance
Indicator Unit GRI 2016-17 2017-18 2018-19
Net Sales 238.91 293.58 357.04
201-1
Net Profit 26.28 22.31 24.56
Economic Value Generated
Gross Value of Operations 201-1 329.35 388.86 451.17
Economic Value Distributed
Operating Costs 178.32 227.73 271.2
Govt. Taxes including Excise / VAT /
89.25 90.41 99.49
Income Tax / Other Levies
Depreciation 201-1 13.48 18.47 20.96
INR Billion
Payment to Lenders 6.4 12.33 14.64
Proportionate Dividend to Shareholders 2.92 3.05 3.16
Total Economic Value Distributed 305.59 370.1 429.86
Employees Welfare and Community
413-1 15.22 18.1 20.41
Development
Economic Value Retained
Retained Earnings for Reinvestment /
201-1 23.76 18.76 21.34
Modernization
Financial Assistance Received from the
NIL NIL NIL
Government
201-4
Benefits received under state
INR Million 1,711 3,112 4,454
investment promotion schemes
Environment Performance
Environment Performance – Cement
Emissions to air
GHG Emissions
Direct CO2 (Includes CPP) Thousand tCO2/ 305-1 37,135.52 39,295.72 51,267.80
Indirect CO2 (External power) year 305-2 710.51 625.59 1,208.76
Total use of ODS Equivalent 305-6 0.27 0.29 0.32
tonnes/year
Scope 3 Emissions Million tCO2/year 305-3 4.35 4.79 5.88
Specific GHG Emissions
Specific Direct GHG emissions* 632.09 625.70 618.87
kg CO2 per
tonne of
cementitious 305-4
Specific Indirect GHG emissions 14.00 11.00 16.00
material
produced
Excluding captive power

*
68
Performance Tables with Content Index (Contd)

Other atmospheric emissions
SPM* 4,558.16 3,835.00 5,547.78
SOx* Tonnes/year 305-7 19,595.36 17,725.00 26,020.79
NOx* 74,593.92 64,007.17 96,904.03
Energy
Direct Energy Consumption – Production
Coal and Lignite 34.44 36.95 35.18
Pet coke 88.66 85.13 111.64
Waste Fuel 2.76 4.57 6.36
PJ 302-1
Others (Includes Diesel oil, furnace oil, 0.20 0.20 0.30
LDO and other fuel)
Mining and Transportation 0.80 0.96 1.65
Direct Energy Consumption – for Captive Power Plant
Coal and lignite 19.73 23.70 43.58
Pet coke 30.26 21.79 7.95
PJ 302-1
Others (Includes Diesel oil, furnace oil, 0.36 0.66 0.42
LDO and other fuel)
Indirect Energy Consumption
Electricity - Purchased 2,492.96 2,223.11 4,042.14
TJ 302-1
Electricity Purchased - Renewables 42.58 125.34 220
Renewable Energy - Produced
Solar Energy 10.27 16.72 54.65
Wind Energy TJ 302-1 6.78 6.37 6.11
Waste heat recovery system 984.53 1,205.06 1,458.46
Specific Energy Consumption
Specific Thermal Energy kcal/kg of clinker 302-3 708.55 707.36 712.85
Specific Electrical Energy kWh/t of cement 78.70 76.90 78.90
Waste
Hazardous Waste Details
Hazardous Waste (Solid) 326.90 475.83 872.39
Tonnes 306-2
Hazardous Waste (Liquid) 709.30 738.65 930.45
Non-Hazardous Waste Details
Non-Hazardous Waste (Solid) Thousand 306-2 1,023.88 1,101.45 706.18
Tonnes
Material
Total Material Consumption
Natural raw materials Million Tonnes 65.19 65.47 80.42
Associated materials 301-1 60.48 55.92 68.45
Semi manufactured goods Thousand 7.91 9.10 7.28
Packaging materials (Plastic and paper Tonnes 301-3 67.83 65.98 77.87
bags)
69

Recycled Materials used by Weight
Fly ash 8,754.38 9,021.77 13,363.17
Slag 605.10 767.14 727.26
Waste materials such as gypsum (also Thousand 805.77 914.39 1,245.49
301-2
includes Chemical and Marine Gypsum) Tonnes
Other industrial wastes 79.83 95.59 179.62

Water
Surface water 5.18 5.40 7.38
Ground water 2.90 2.84 4.23
Million m3 303-1
Rainwater 6.47 6.28 8.80
Water from municipality 0.30 0.27 0.34
Water recycled and reused % of water 303-3 13.10 12.98 13.03
withdrawn
Biodiversity
Total number of saplings planted- Number 2,83,873 2,02,027 3,14,208
Cement 304-1
Saplings survival rate- Cement % 78.15 82.76 84.75
Environment Performance – RMC

Emissions to air
GHG Emissions
Direct CO2 (Includes CPP) Thousand tCO2/ 305-1 3.11 2.91 2.88
Indirect CO2 (External power) year 305-2 7.50 7.53 7.64
Specific GHG Emissions
Specific Direct GHG emissions kg CO2 per m3 0.83 0.81 0.76

of concrete 305-4
Specific Indirect GHG emissions produced 2.01 2.47 2.01
Energy
Direct Energy Consumption – Production
Others (Includes Diesel oil, furnace oil,
PJ 302-1 0.03 0.02 0.02
LDO and other fuel)
Direct Energy Consumption – Captive Power Plant
Others (Includes Diesel oil, furnace oil,
PJ 302-1 0.017 0.016 0.015
LDO and other fuel)
Indirect Energy Consumption
Electricity - Purchased TJ 302-1 32.97 32.97 33.52
Specific Energy Consumption
GJ/100 m3 of
Specific thermal energy 302-3 2.02 2.01 1.85
Concrete
70

Waste
Hazardous Waste Details
Hazardous Waste (Solid) 10.42 8.73 5.22
Tonnes 306-2
Hazardous Waste (Liquid) 1.14 0.46 0.82
Non-Hazardous Waste Details
Thousand
Non-Hazardous Waste (Solid) 306-2 72.94 64.54 118.89
Tonnes
Material
Total Material Consumption
Natural raw materials Million Tonnes 7.16 6.86 7.29
Associated materials Thousand 301-1 0.03 0.03 0.03
Semi manufactured goods Tonnes 1080.93 1053.88 1092.04
Recycled Materials used by Weight
Fly ash 256.31 247.42 248.16
Slag Thousand 100.10 98.13 101.14
301-2
Silica Fume Tonnes 0.89 0.69 1.00
Other industrial wastes 0.07 4.45 3.36
Water
Ground Water 0.43 0.41 0.45
Rainwater Million m3 303-1 0.01 0.01 0.01
Water from municipality 0.72 0.70 0.73
% of water
Water recycled and reused 303-3 3.23 3.14 1.89
withdrawn
Biodiversity
Total number of saplings planted-
Number 2,967 2,630 1,437
Cement 304-1
Saplings survival rate- Cement % 84 81 82
Safety Performance
Number of fatalities (Directly Employed) 1 0 0
Number of fatalities per 10,000 (Directly
1 0 0
Employed)
Number of fatalities (Indirectly
2 2 4
Employed)
Number of fatalities (Involving third Number 403-2
0 3 0
party)
Lost Time Injuries (LTIs) per million man-
0.38 0.34 0.47
hours (Directly Employed)
Lost Time Injuries (LTIs) per million man-
0.32 0.31 0.18
hours (Indirectly Employed)
71
People Performance
Total Workforce: Gender and Category Wise Breakup
Permanent Employees - Male 13,951 13,957 19,337
Leaders 29 28 34
Managers 695 620 925
Executives 9,636 9,579 12,266
Workers 3,591 3,730 61,12
Permanent Employees - Female 248 219 309
Leaders 102-8 0 0 0
Managers 15 12 21
Executives 227 201 271
Workers Number of 6 6 17
Employees
Contractors - Male 23,703 22,387 30,976
Contractors - Female 451 658 615
Others - Male 132 182 272
Others - Female 0 4 40
Total Workforce – Region Wise
Breakup
Permanent Employees - Within India 13,757 13,718 19,108
Permanent Employees - Outside India 442 458 538
Others - Within India 23,931 22,736 31,603
Others - Outside India 265 351 300
Employees hired by Age, Gender and Region
Hiring by Age
Age <30 395 515
Number of
Age 30-50 401-1 441 767
Employees
Age >50 17 53
Hiring by Gender
No. of Male Number of 835 1,290
401-1
No. of Female Employees 18 45
Hiring by Region
Within India Number of 838 1,307
401-1
Outside India Employees 15 24
72

Turnover – Gender, Region and Age
Turnover by Age
Age <30 174 173 177
Number of
Age 30-50 401-1 370 266 700
Employees
Age >50 153 437 283
Turnover by Gender
No. of Male Number of 672 848 1,133
401-1
No. of Female Employees 25 28 27
Turnover by Region
Within India Number of 674 864 1,129
401-1
Outside India Employees 23 12 31
Maternity Leave Statistics
Employees who took Maternity leave 12 15 8
Employees who returned to work after 8 14 11
Maternity leave ended
Employees returning from maternity Number of 3 10 15
401-3
leave (FY2017-18) Employees
Employee who took maternity leave in 3 6 12
FY 2017-18 and were employed for 12
Months after return
Training
Training Performance
Total training hours Hours 2,97,209.7 2,25,539.8 3,56,322.6
404-1
Training hours per employee Hours/employee 20.93 15.91 18.13
Average training hours per person per Year
Leaders
Male 16 9 8
Hours
Female 0 0 0
Managers
Male 29 24 20
Hours
Female 36 40 25
Executives 404-1
Male 21 18 37
Hours
Female 10 17 25
Workers
Male 16 10 16
Hours
Female 5 0 48
Social Performance
CSR Spend Million INR 413-1 54.15 607.1 749.6
73
Independent
Assurance statement
74
75
76
Notes
ULTRATECH CEMENT LIMIITED | SUSTAINABILITY REPORT 2018-19
REGISTERED OFFICE
ULTRATECH CEMENT LIMITED
B WING, SECOND FLOOR, AHURA CENTRE, MAHAKALI CAVES ROAD,
DRIVING GROWTH
design partner: SGA Adsvita
content partner: thinkstep
ANDHERI (E), MUMBAI, MAHARASHTRA, INDIA.

+91 22 669 17800
+91 22 669 28109
THROUGH SDGs
S U S TA I N A B I L I T Y R E P O R T 2018-19
WWW.ULTRATECHCEMENT.COM
2
Executive Message
6
Reporting Scope
and Boundary
7
UltraTech
Overview
10
Sustainability 16
and Us
RESPONSIBLE
18 Our Value Creation Model

15
CSI Dashboard
20 Corporate Governance
STEWARDSHIP
27 Economic Performance
29 Environment Performance
37 Product Performance
43 Occupational Health and Safety
46 People Performance
49 Social Performance

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21st June, 2019

BSE Limited The Manager

This is for your information and records please.

UltraTech Cement Limited

ORDINARY BUSINESS: Accountants, Ahmedabad appointed by the Board of Directors

UltraTech Cement Limited 1

2 UltraTech Cement Limited

UltraTech Cement Limited 3

4 UltraTech Cement Limited

UltraTech Cement Limited 5

6 UltraTech Cement Limited

UltraTech Cement Limited 7

8 UltraTech Cement Limited

UltraTech Cement Limited 9

10 UltraTech Cement Limited

UltraTech Cement Limited 11

UltraTech Cement Limited

UltraTech Cement Limited 13

Route map to the venue of the Annual General Meeting

14 UltraTech Cement Limited

UltraTech Cement Limited

Form No. MGT – 11

Registered address: …………………………………................................................…………………………………………………...................................…..

E-mail ID: …………………………………………......…………………………………….........................................…………….........................................………

Folio No. / DP ID and Client ID: ………………………................................................…………………………………………...............................…………

1. Name: ………………….......……………..............................................…………… E-Mail ID:……………...…………….......................………………..

Signature ………………………………………..........................................................................……………………………………. or failing him/her

2. Name: ………………….......……………..............................................…………… E-Mail ID:……………...…………….......................………………..

Signature ………………………………………..........................................................................……………………………………. or failing him/her

3. Name: ………………….......……………..............................................…………… E-Mail ID:……………...…………….......................………………..

3. Retirement by rotation of Mr. O. P. Puranmalka.

UltraTech Cement Limited 15

................................................. ................................................. .................................................

16 UltraTech Cement Limited

UltraTech Cement Limited

UltraTech Cement Limited

Mr. Aditya Vikram Birla

The global economy recorded a

Of late, there have been a few

using the said technology Outlook:

Kumar Mangalam Birla

Kumar Mangalam Birla

Non-Executive Directors Independent Directors Executive Directors

Mrs. Rajashree Birla Arun Adhikari K. K. Maheshwari

Mrs. Renuka Ramnath

COMMITTEES OF THE BOARD

Audit Corporate Social Responsibility Nomination, Remuneration &

Stakeholders Relationship Finance Risk Management & Sustainability

Statutory Auditors Cost Auditors Secretarial Auditor

Khimji Kunverji & Co., N. D. Birla & Co.,

Registrar & Transfer Agent

Registrar & Transfer Agent

Expanding scale and

Identity Network Capacity

Certifications Services Respect

UltraTech UltraTech UltraTech UltraTech Birla White

Integrated Unit (20)

How is UltraTech enhancing value?

K36,775 K88.72 10% ~K1,100

Turnover Earnings per ROCE Market