Financial Analysis of Cement Companies in India- Dissertation Project Report Writing Help
Cement demand growth to slow down marginally
In order to write a project report on financial analysis of Cement Companies in India you should understand the cement industry.
Dissertation Writing on Financial Analysis of Cement Companies in India will require collection of Annual Reports for past 5 years.
Your Project Report on Financial Analysis of Cement Companies in India will contain all key ratios and data analysis will reflect the operating margins.
Over the past 5 years cement demand has grown at a
CAGR of 9.3 per cent driven by:
·
Real estate boom in the urban areas
·
Infrastructure demand
CRISIL Research expects cement demand to grow at a
CAGR of 7.8 per cent over the next 5 years, primarily driven by:
·
Infrastructure demand, especially from road projects
·
Independent housing projects in semi-urban and rural
areas
Cement demand to grow at a 7.8 per cent CAGR
CRISIL Research estimates cement demand to grow at a
CAGR of 7.8 per cent between 2008-09 and 2013-14. This combined with our GDP
estimates, is expected to result in an average multiplier between 1.0 and 1.1 during
this period.
Types of cement
Cement is classified into various categories based on its
composition and specific end uses. Primarily cement is classified into portland
Portland cement
Portland cement is the most common type of cement in
general usage, as it is a basic ingredient of concrete. A mixture of limestone and clay is ground and burnt at a very high
temperature to form clinker. The clinker is ground to a fine powder with the
addition of gypsum (up to 5 per cent) to form portland cement. Essential
components of Portland cement are lime, silica, alumina and iron oxide.
There are different types of portland cement, which
differ based on their chemical composition; however, the manufacturing process
remains the same. Portland cement consists of tricalcium silicate or C3S,
dicalcium silicate or C2S, tricalcium aluminate or C3A,
and tetracalcium aluminoferrite or C4AF [C = CaO - calcium
oxide (calcia), S = SiO2 - silicon dioxide (silica), A = Al2O3
- aluminium oxide (alumina), F = Fe2O3 - iron oxide
(ferric oxide)]. The varying proportion of these constituents imparts diverse
properties to the different types of portland cement.
Ordinary portland cement (OPC)
In ordinary portland cement (OPC), C2S
accounts for 20-60 per cent of the total composition; C3S 20-60 per
cent; C3S, 0-16 per cent; and C4AF, 1-16 per cent.
Although OPC is suitable for all types of civil
engineering works, it cannot be used for mass concrete work like multi-storeyed
buildings.
Moderate heat portland cement (MHPC)
OPC, when mixed with water and allowed to hydrate,
generates lot of heat, which is not suitable for mass concrete work. However,
heat generated during hydration can be lowered by altering the chemical
composition of the cement; such cement is called moderate heat portland cement.
This cement is more resistant to sulphate, as compared to OPC.
Rapid hardening cement (RHC)
Rapid hardening cement is a special purpose cement
used for urgent repairs (such as airport runway repairs). RHC or high early
strength cement develops compressive strength within 24 hours, as compared to
28 days in the case of OPC. The average particle size is smaller in these
cements and they gain strength more quickly than ordinary cement. They
generate more heat in early stages and can be useful in cold weather
concreting. However, their principal use is in manufacturing precast concrete units
where the high early strength of the concrete permits quick re-use of moulds
and formwork.
Sulphate-resistant cement (SRC)
The compressive strength of concrete, which is made
using OPC, MHPC and RHC, deteriorates on account of continued contact with soil
and water, which are rich in sulphates.
SRC is a type of portland cement, which contains less
than 5 per cent tricalcium aluminate (C3A). SRC is used for marine construction
or in places, which are rich in sulphates.
Oil well cement (OWC)
Oil wells are drilled at depths of 500 metres or more
below the ground surface. After the drilling operation, wells are lined with an
annulus made of cement concrete. Since the temperature at these depths is over
1,000 C, if Portland cement grout is pumped into the well, it would set
instantly, and obstruct the 'cementation' or setting process. Hence, cement
used for lining oil wells, should be able to withstand setting time by up to
40-120 minutes, and thereafter, set within 24 hours. In addition, it should
have a strength of over 100 kg/cm2. In OWC, the percentage of tricalcium
aluminate (C3A) is reduced to less than 3 per cent in its total composition, in
order to control/modify the setting time. In India
White cement
White cement is a Portland cement made from
specially selected raw materials, usually pure chalk and white clay (kaolin)
containing very small quantities of iron oxides and manganese oxides. The
chemical complexes formed with iron oxide present in the cement raw meal give
OPC cement its grey colour. However, if the proportion of iron oxides is
reduced to less than 0.4 per cent, cement becomes white in colour. Iron oxide
improves the burning of raw meal; however, it is difficult to burn the raw meal
for white cement, on account of the low content of iron oxide. As white cement
has all the physical properties of OPC, it can be used in all types of
construction where OPC is used; however, its usage is limited, as it is more
expensive than OPC.
Blended cement
In order to produce blended cement, certain natural or
fabricated compounds, such as pozzolona, slag and sandstone, are mixed with
Portland cement clinker and ground finely. Blended cement is more suitable for
certain applications, as compared to Portland cement.
Blended cement is also called low-heat cement, as it
generates lesser heat during hydration, compared with OPC. This cement is used
for large concrete works, such as dams and piers. Blended cement minimises the
risk of developing contraction cracks, on account of the lower heat of
hydration of these cements.
Portland
Blast furnace slag (a waste product of the pig iron
furnace) can be used to produce slag cement. However, blast furnace slag does
not have cementitious properties if it is cooled slowly and ground finely;
hence, it is cooled quickly or quenched and subsequently ground, to acquire cementitious
properties. The quenching process is called 'granulation', and the slag is
known as granulated blast furnace slag.
Granulated blast furnace slag is mixed with lime or
OPC clinker and ground to form slag cement. Portland
Super sulphate cement, another type of slag cement, is
prepared by grinding granulated slag, anhydrite and clinker (in the proportion
of 70:15:15). This cement is more sulphate-resistant, than PBFSC or SRC.
Portland
Pozzolona is a clay matter (natural or synthetic),
which when ground with lime/clinker and mixed with water, produces cementitious
compounds. Highly reactive pozzolona or fly ash is mixed with Portland cement
clinker and ground with 5-6 per cent gypsum to form PPC. PPC contains up to 25
per cent pozzolona or fly ash. PPC has a lower heat of hydration, as compared
with OPC and is also relatively more resistant to sulphates. As a standard, fly
ash can be used to the extent of 15-35 percent.
It has the physical properties of OPC, and hence, can
be used for all types of construction work for which OPC is used. However, in
PPC, the shrinkage is lesser, as compared with OPC.
Masonry cement
Most varieties of cement, when mixed with sand and
water get converted into mortar, which is coarse and not water retentive.
Masonry cement is a more plastic mortar and is used for masonry work, such as
laying, binding and plastering bricks. Portland
Speciality cement
Speciality cements have several special properties and
are used in specific applications.
Expansive cement/Shrinkage compensated cement
Concrete prepared from Portland cement or blended
cement, shrinks on setting and hardening. Cement should expand on setting and
hardening when it is used for pre-stressed, pre-fabricated concrete products
and as a grout for filling cracks. This cement is prepared by increasing the
proportion of gypsum and aluminous cement clinker to Portland cement clinker
while grinding.
Super high strength cement
This type of cement is required for the urgent repairs
of important concrete structures, such as foundation pillars. This cement is
prepared in jet mills by finely grinding Portland cement clinker with a higher
proportion of tricalcium silicate. The tricalcium silicate content is around 60
per cent of the clinker and its fineness should be at least 600 kg/cm2.
Alinite cement
A special low-energy cement process has been developed
to manufacture cement, in which, over 5 per cent calcium chloride is added to
the raw meal while grinding. As the burning point of raw meal is lowered
significantly, less fuel is required for burning. The calcium chloride is
vapourised and condensed in the kiln dust, which is re-circulated. A part of
the chloride gets attached to the clinker components, and increases its
compressive strength.
This process is still in its development stage.
However, this process would be viable, if sufficient by-product waste, calcium
chloride is available at low cost.
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