2. However they have stated that “ACC’s balance sheet continues to be strong, with CY08 net cash at Rs 6.8 billion (as against Rs 7.1 billion in CY07). Return ratios, which started to decline in 2007, again dropped in 2008.
3. IIFL has warned that declining trend in return ratios will continue in 2009 and 2010, on a decline in profitability. They have further warned that ACC continues to be the most expensive stock in our cement universe on P/BV basis.