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Ambuja Cements Ltd

BSE: 500425 | NSE: AMBUJACEM ISIN: INE079A01024
Market Cap: [Rs.Cr.] 31,984.61 Face Value: [Rs.] 2
Industry: Cement - North India

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Dear Members,

It is our pleasure to present the Annual Report of the company for the year 2014.



Promoting reforms and policies key to economic revival.

Due to several factors, the Indian economy witnessed sluggish growth in first half of2014. On the domestic front, policy paralysis of the last couple of years continued rightup to the national elections in May 2014; added to that was a virtual stoppage of allinfrastructure projects, both in the private and public sectors as well as throughpublic-private partnership. Also, there were continuing inflationary pressures; interestrates remained far too high for financing long term projects. Nevertheless, the currentaccount deficit, while better than a year earlier, was still in danger zone; andentrepreneurial Rs animal spirits Rs — so essential for economic growth — wereat their nadir. On the external front, there were uncertainties regarding growth of theEuro Zone, the conflict in Ukraine, increasing militant activities in the Middle East andconcerns about the falling growth in China.

Thankfully, the second half of 2014 showed signs of improvement. For one, the Lok Sabhaelection results which brought the BJP-led National Democratic Alliance into power at thecentre with a comfortable majority in the Lok Sabha created its own optimism. After a longtime, there was positive talk of growth; of infrastructure development; unblocking of coalmines; allocation of telecom spectrum; deregulation of diesel prices; and of the promisesof an ambitious Rs Make in India Rs campaign. For another, the external economic frontbecame more benign. Crude oil prices, which averaged USS 108 per barrel even in June 2014,started moving south — steadily reducing to under USS 50 per barrel. This, in turn,reduced the oil import bill as well as the cost of imported naphtha, resulting in bothfiscal comfort and lesser pressure on the current account. Moreover, inflation starteddropping, creating hope for the easing of interest rates. Thus, by early 2015, there weremany more positive drivers for growth, both economic and political, than those thatexisted in 2014. If anything, there seems to be a sense that a better future awaits theIndian economy in 2015 and, hopefully, with it, your company



Cement and cementitious materials are critical for meeting society Rs s needs ofhousing and basic infrastructure such as bridges, roads, water treatment facilities,schools, hospitals, airports, ports, factories and many other facilities.

The operating environment for the cement industry was no different from that of themacro economy In the first half of 2014, the industry suffered due to muted demand andrising cost pressures on account of rising freight (-5%) and raw material costs (-8%). Itwas also affected by the shortage and ban of essential construction materials like sand,bricks, water and the like, along with very heavy rains in most parts of the countryInfrastructure bottlenecks further added to the woes. Major infrastructure projects gotlog jammed in policy paralysis, depressing demand.

However, with the beginning of an economic turnaround and riding on the back ofmoderating inflation amidst gradually improving consumer sentiment, industry showed somerecovery in consumption, which was also reflected in improved despatch numbers.

Groundwork to expedite the growth prospects of all end-use segments of cement- housing,infrastructure, commercial- are being worked upon by the Central Government. Concerns onenergy and land are being taken care via e-auction of coal blocks and the Land Ordinancesigned by the President of India. All these along with the policy push for good governanceaugur well for the future of the cement industry



Cement production increased by 2% to reach 21.43 million tonnes, from 20.96 milliontonnes while clinker production increased to 14.84 million tonnes, 4% up from 14.27million tonnes in year 2013.

Domestic cement sales volume recorded increase of 3% at 21.46 million tonnes from 20.94million tonnes in year 2013. Cement exports decreased to 0.08 million tonnes from 0.10million tonnes in year 2013. Clinker sales (including exports) were up at 0.61 milliontonnes from 0.56 million tonnes in 2013.

Net sales at Rs 9,911 crores were 9% up than that of previous year Rs s Rs 9,079crores. Average sales realisation increased by around 7% at Rs 4,475 per tonne againstapprox Rs 4,208 per tonne in 2013.

Total (operating) expenses for the year 2014 increased by 7% over thatofyear 2013.

The company achieved an absolute EBITDA of Rs 1928 crores. This is higher by 16% overthe corresponding Rs 1,667 crores of the year 2013.



Current Year 31.12.2014 Previous Year 31.12.2013 Current Year 31.12.2014 Previous ar 31.12.2013
Sales (Net of excise duty) 9,910.70 9,078.74 9,930.54 9,109.88
Profit before interest and depreciation and exceptional item 2,357.42 2,044.45 2,352.60 2,033.91
Less: Finance Cost 64.48 65.08 65-55 66.75
Gross profit 2,292.94 1,979-37 2,287.05 1,967.16
Less: Depreciation and amortisation expense 509-53 490.07 513.03 493.67
Profit before Exceptional Items and Tax 1,489.30 1,774.02 1,473-49
Less / (Add): Exceptional items - (24.82) - (24.82)
Profit before tax - 1,514.12 1,774.02 1,498.31
Less: Tax expense 287.05 219.55 287.51 219.87
Profit after tax but before minority Interest 1,496.36 1,294.57 1,486.51 1,278.44
Less: Minority interest - - (0.01) 0.13
Profit for the "Year 1,496.36 1,294.57 1,486.50 1,278.57
Add: Balance as per the last financial statements 1,230.69 737.01 1,525-77 1,048.09
Profit available for appropriation 2,727.05 2,031.58 3,012.27 2,326.66
General Reserve 150.00 150.00 150.00 150.00
Dividend on Equity Shares (including interim) 774.61 556.34 774.61 556.34
Corporate Dividend Tax 146.51 94-55 146.51 94-55
Tot al 1,071.12 800.89 1,071.12 800.89
Balance carried forward to Balance Sheet 1,655.93 1,230.69 1,941.15 i,525-77

Profit before tax at Rs 1,783 crores was up by 18% over corresponding figure of Rs1,514 crores for the year 2013.

Net Profit at Rs 1,496 crores was up by 16% over corresponding figure of Rs 1,295crores for the year 2013.


The company paid an interim dividend of 90% ( Rs 1.80 per share) during the year. TheDirectors are pleased to recommend a final dividend of 160% ( Rs 3.20 per share). Thus,the aggregate dividend for the year 2014 is 250% ( Rs 5/- per share) and the total payoutwill be Rs 921.12 crores, including dividend distribution tax of Rs 146.51 crores. Thisrepresents a payout ratio of 62%.


The company Rs s domestic cement sales in 2014 grew by 2.5% to 21.46 million tonnesversus 20.94 million tonnes in 2013. Total cement sales (including exports) grew by 2.4%to 21.54 million tonnes compared to 21.04 million tonnes in 2013.


In the North region, domestic cement sales of the company grew by 1.2% to 8.74 milliontonnes in 2014 compared to 8.64 million tonnes in 2013.

In the East region, the company achieved sales of 4.45 million tonnes of cement in thedomestic market, registering a growth of 6% over the previous year sales of 4.21 milliontonnes.

In the West & South region, the company Rs s domestic cement sales in 2014 grew by2.2% to 8.27 million tonnes as compared to 8.09 million tonnes achieved in 2013.

Cement exports were reduced to 0.08 million tonnes in 2014 as compared to 0.10 milliontonnes in 2013.


Our product range is marketed through a countrywide network of sales units, areaoffices and warehouses. This is backed by a distribution network of over 8,700 dealers and29,000 retailers. Their reach and penetration helps the company to cater to rural andsemi-urban markets. This, coupled with the strong brand equity and efficient channelmanagement, helped the company withstand severe price and volume competition. The companyRs s network of ports, bulk cement terminals and captive ships on the west coast hassupported a sustainable and strong market position in Mumbai, Surat and Cochin. Similarly,the Mangalore Bulk Cement Terminal, with its commercial operations has helped in expandingthe company Rs s footprints in the southern region.


Preserving our most valued resource- knowledge.

To live by its Rs I CAN Rs spirit, Ambuja started with Rs Foundations Rs - a knowledgeinitiative, called Ambuja Knowledge Centre (AKC) for all from the constructionfraternities. AKC aspires to create a holistic resource base on the subject of cement andconcrete. It stems from Ambuja Rs s belief in the continuous evolution of architecture,engineering and construction industries, thereby offering its professionals variousplatforms for information, inspiration and interaction.

Raising our own high standards.

The company has also embarked upon a Customer Excellence programme (CE) (its erstwhileMarketing and Commercial Excellence) to sharpen its marketing, sales and distributionfunctions. CE has now become a way of life at Ambuja. Excellence is what we seek and whatwe strive for in every aspect under Marketing and Sales. Since all along we have hadcustomer centricity in our DNA, it is imperative that we reiterate our commitment andcontinue to walk the talk! This is also in line with the global strategy of Holcim- thevision of Holcim CE to be the most customer focused company with the highest customerloyalty in our industry thus creating more value for our customers.


Upward movement in costs led to increased cost of production. The company Rs s costoptimisation initiatives partly mitigated inflationary pressures and restricted overallcost increases.


i) Cost of major raw materials, fly ash and gypsum, increased by 2% on per tonne basis.During the year, royalty on limestone was hiked by 27% from Rs 63 to Rs 80 per tonne.Overall, the raw material cost per tonne increased by approximately 13% over the previousyear.

ii) Power and fuel costs account for approximately 26% of the total operating cost ofthe company Coal cost for kiln and captive power plants increased by 4% and 10%respectively, mainly due to higher cost of imported coal. However, substitution of highcost coal by pet coke usage helped restricting the overall cost increase. Besides, therewas increased usage of alternate fuels by 5% over the usage for the year 2013. Usage ofalternate fuels accounted for 4% of total thermal energy consumption in 2014.

The cost of grid power remained stable on a per unit basis. However, cost of captivepower increased by 10% in 2014 mainly due to higher coalprices. Captive power generationcontributed 67% of the total power requirements.

Overall, power and fuel cost increasedby 7% on per tonne basis as compared to the year2013.

iii) Freight and forwarding cost works out to 28% of total operating costs. On pertonne basis, cost increase was restricted to 4% due to positive impact of various logisticoptimisation efforts and declining diesel prices during latter part of the year.

iv) The cost of packing bags went up by around 7%, driven by increase in PP granuleprices. Declining prices of PP granule in latter part of the year helped restrictingoverall price increase.


i) Keeping in line with the company Rs s philosophy of Sustainable Operation, focus onproduction of fly ash based PPC was maintained and several initiatives were taken up toenhance fly ash consumption in PPC with quality

ii) The company worked on fuel flexibility to mitigate risk associated with dynamicfuel market and developing the abilities to switch to most economical fuel mix.

iii) The Rs GEO 20 Rs project is a part of the efforts by the company for creating acost efficient fuel mix. It is in operation now and will be stabilised by Qi 2015. Here,as a result of handling, storing and processing of waste materials, the company will beable to ensure more usage of greener fuels thereby reducing energy cost.

iv) The revision of load lines for captive ships will lead to handling of higher cargoin environment friendly mode of sea transportation with savings in coastal freight cost.

v) Replacement of MP turbine with HP turbine at Maratha Cement should help to improveefficiency of captive thermal power plant and lower power generation cost. The company hasalso replaced most of major drives with VVFDs which will help to get lower powerconsumption thereby reducing energy cost.

vi) With the introduction of the SCOPE (Supply Chain Optimisation Project forExcellence), a supply chain excellence initiative, the company is expected to deriveoperational efficiencies in logistics. This is targeted by improvisation in directdespatches to customers by undertaking fleet optimisation and route optimisation mode(rail/ road/ sea) among others.


MOVING FORWARD RESPONSIBLY The company took up several projects to serve its customersin a more efficient, cost-effective, reliable and environment-friendly manner, whilebolstering its market position in the industry

CAPACITY EXPANSION DURING THE YEAR The new Roller Press commissioning at Rabriyawaswill help to increase grinding capacity by 0.8 Mio T and also result in reduction inenergy consumption. One additional silo will also be constructed by 2015, which will helpin diversifying product portfolio.

Getting better at being the best.

The company focused on consolidation and optimisation of its existing capacities in allthe three regions. Capital investments kept flowing in during the year, to ensure thehighest standards of safety in order to meet the company policies of Rs Zero Harm Rs ,clean and energy efficient infrastructure, cost efficient and environment friendlymaterial handling systems, process optimisation and sustainability initiatives.

Increasing productivity, one major step at a time.

i) A Waste Heat Recovery (WHR) plant at Rabriyawas in Rajasthan with an investment ofRs 92 crores is in progress to bring efficiency in fuel utilisation, optimise power costsand meet our renewable power targets.

ii) We have completed the Geocycle platform projects at four integrated plants whichwill help increase the co-processing of waste. With

a total investment of over Rs 240 crores on these platforms, this showcases ourcommitment for sustainable and environment friendly operations.

iii) We have successfully completed the ambitious fast return projects that the companyhad taken up in 2013 to optimise and enhance efficiency The company has already startedbenefitting from these initiatives.


i) Significant cement capacity addition of approximately 4.50 million tonnes withassociated clinkerisation capacity of 2.70 million tonnes is expected at the proposedintegrated plant at Marwar Mundwa, Nagaur district in Rajasthan with cement capacity of1.5 MTPA; and with similar capacity grinding units at Osara (M.P.) and Dadri (U.P.).Thetotal project cost is estimated at Rs 4,000 crores.

Environmental clearances for the project were acquired but kept in abeyance for MarwarMundwa by the MoEF. Part of the mining land is already in possession and the rest is underan advanced stage of acquisition. The company is also in the process of tying-up watersources required for construction and operations. Full- fledged construction work isexpected to commence in the later part of 2015.

ii) The new brown-field expansion project of Roller Press with master packer and autowagon loading is in full swing at Sankrail and will be completed during 2015. This willhelp increase grinding capacity by 0.8 million tonnes and also result in reduction inenergy consumption. New packer and auto loaders will improve despatch capacity.

iii) To mitigate the increase in logistic cost, the Rabariyawas unit in the State ofRajasthan is constructing a railway line to connect the plant location with the nearestrailway junction. It is likely to get operational in the year 2016.

The year 2015 will see capital expenditure worth Rs 523 crores. The entire proposedexpenditure would be financed by internal accruals.



The bigger picture is looking favourable.

To facilitate rapid economic growth, it will be necessary to see big ticket structuralreforms, faster approvals on the supply side, with major support of fiscal and monetarypolicy on the demand side. After nine months plus of the new government in the Centre,tangible policy actions are required to facilitate investment and sustained growth.

Medium to long-term economic growth depends on ensuring macroeconomic stability and oncreating an enabling environment for the private sector to invest. Fundamentally, India Rss medium-term growth prospects looks to be promising, and a medium-term trend rate ofgrowth of about 7% to 8% should be within reach in view of favourable tailwinds, bothdomestic and external, supported by active policy push in all three areas of goodgovernance, fiscal and monetary management. Despite headwinds of a global slowdown in someparts of the world, India has the ability to grow faster and be a leading growth engine inthe near to medium-term.


A positive trickle-down effect.

Investment in infrastructure and housing segments are most likely to propel demand forthe cement industry, in which road sector would act as major end user segment. Housingwill continue to remain key end-user segment for cement demand and grow at 5-7% over thenext few years.

The Government of India is starting to make efforts to provide conducive environmentfor the industry by bringing out key policy measures on ease of doing business, energyrelated reforms, fiscal consolidation and the like which, along with reasonablyaccommodative monetary policy, ought to open up growth opportunities for the cementindustry

Cement demand growth bears a strong correlation with GDP growth, particularlygovernment revenue expenditure. As GDP growth revives, we believe, growth in governmentspending (which has been curtailed for some time to arrest fiscal deficit) will alsoimprove, leading to a higher cement demand. We factor-7% growth in demand for year 2015.


Staying one step ahead of risk.

The company has laid down a well-defined risk management mechanism covering the riskmapping and trend analysis, risk exposure, potential impact and risk mitigation process. Adetailed exercise is being carried out to identify, evaluate, manage and monitoring ofboth business and non-business risks. The Board periodically reviews the risks andsuggests steps to be taken to control and mitigate the same through a properly definedframework.

In line with the new regulatory requirements, the company has formally framed a RiskManagement Policy to identify and assess the key risk areas, monitor and report complianceand effectiveness of the policy and procedure. A Risk Management Committee under theChairmanship of Mr. Rajendra Chitale, Independent Director, has also been constituted tooversee the risk management process in the company. Based on the detailed review, thefollowing key risks have been identified.


New laws bring new hope.

Restrictions on buying land, under a law championed by the previous Government, wereamong barriers holding up projects worth almost U.S.D. $300 billion or nearly Rs 20 lakhcrores in infrastructure, industrial and housing sectors. The present Government,realising the flaws has been working on the subject and has come up with a new landacquisition Bill to kick-start pending projects. With this Bill not being taken up in theprevious session of the Rajya Sabha, the President of India signed an ordinance on landacquisition on 7th January 2015, which aims at easing land acquisition rules to kick-starthundreds of billions of dollars in stalled projects. This land ordinance protects theinterests of farmers and lifts curbs on five categories of projects including defence,national security, rural infrastructure and low-cost housing. We hope that the Bill willsoon become law, and land can again be acquired for economic growth.

Ambuja Cement has appointed a dedicated function at the corporate level to look intorisks relating to the land, which will help in improved land acquisition and management.


Moving beyond coal.

Depleting coal linkages and volatility in the Indian rupee is escalating concernsregarding coal. The company is constantly working on efficiency improvement measures byplugging heat loss at every possible stage of coal consumption, looking at cost- effectivefuel mixes and also increasing the usage of alternative fuels and pet coke.

As a long term solution to energy security, the company has invested in projectGeocycle, under the banner of Rs Geo2o Rs . Waste Heat Recovery (WHR) systems that improvefuel utilisation, by tapping renewable energy sources are top priorities. New AFRpre-processing platforms are running at our plant location to increase the usage of theAFR.

Taxation / Administrative Burden

Resolving the taxing problems of the cement industry.

Cement, along with steel, forms an important raw material for the infrastructure andreal estate sectors. However, steel, being included under the category of Rs Goods ofSpecial Importance Rs , attracts a lower tax rate at 4%. Even other raw materials such asclay bricks, fly ash bricks, attract sales taxes ranging from 4% to 6%. Unfortunately,cement attracts a high rate of tax ranging from 12.5% to 15% in the various states, whichmakes it subject to higher tax in comparison with other building materials.

A solution to this lies in rolling out a uniform tax regime through the implementationof Goods and Services Tax (GST). So far, the Government has taken some positive steps bygetting the Cabinet approval. The central implementation of GST will play a critical rolein next level of growth and truly realise the country Rs s potential.

De-allocation of Coal Blocks

On 25th August 2014, the Supreme Court had ruled that the allotment of captive coalblocks since 1993, was done with an "ad-hoc and casual" approach "withoutthe application of mind". The ruling further added that, "common good and publicinterest suffered heavily in the unfair distribution of the national wealth —coal". The Supreme Court termed the allocation of these coal blocks as arbitrary andillegal and cancelled 214 of the 218 blocks. Some 40 companies were asked to pay a fine ofRs 295 per tonne and surrender their coal blocks.

The Government is now addressing the issue and to this effect, has cleared a Bill oncoal block auctions to replace an ordinance that was promulgated to begin auction of coalmines that were cancelled by the Supreme Court. This move will boost investor confidencedue to transparency in the process and reduce fuel availability risks. The e-auction ofcoal mines will be open to private companies while state- run companies would be allocatedmines directly In Phase I, the cancelled blocks will be opened for e-auction to three endusers: steel, power and cement.


On 20th June 2012, the Competition Commission of India (CCI) passed an order imposingunprecedented penalties of more than Rs 6,300 crores against some cement manufactures ofthe country, including the company, in the matter of a complaint filed by the BuildersAssociation of India for the alleged contravention of the Competition Law. Following thepenalty imposed on the company of Rs 1,164 crores, the company filed an Appeal before theCompetition Appellate Tribunal (COMPAT) against the order and for granting a stay againstdeposit of penalty The matter is pending before COMP AT and the next hearing is scheduledin February 2015. The management, backed by legal opinion from the external legal counsel,strongly believes that the company has a good case to succeed before COMPAT andaccordingly, no provision has been made in the books of accounts. However, the amount ofpenalty has been considered as contingent liability.


SUSTAINABLE TALENT MANAGEMENT Human resources (HR) at Ambuja plays a vital role inrealising business objectives by leading organisational change, fostering innovation andeffectively mobilising talent to sustain the organisation Rs s competitive edge.

The HR strategy is aimed at integrating HR processes to result in overallorganisational effectiveness, which consequently affects the business growth. HR in linewith business clarifies the business direction, performance expectations and activelycontributes to decide what tactics are required for managing talent to achieve businessgoals.

How do we maintain our competitive edge Rs

By honing our talent.

HR at Ambuja has been driving various Talent Management initiatives. Talent Managementplays a vital role in combination with other business processes in not only drivingshareholder value but also in managing, developing and retaining superior talent thatdefines the prime source of competitive advantage.

Structured talent reviews across levels supported by individualised development plansand crossfunctional and cross-location assignments have helped develop wholesomeleadership skills. All the development efforts are showing good results with more and moresenior positions being filled internally, while maintaining a healthy external talentintake. Thus succession planning has helped create a talent pipeline for key positions anda strong growth avenue for our developing leaders.

Carving out leaders from the best talent.

The core values of the organisation also emphasised the need to develop and buildleaders that will take the organisation to the path of high performance. Keeping this inmind along with the other Talent Management initiatives, the STEP (Sustainable Talent forEnhanced Performance) programme was institutionalised in 2012. The prime objective of STEP(Sustainable Talent for Enhanced Performance) is to develop a sustainable pool of leadersequipping them with essential leadership skills and competencies and enhancing theircoaching skill capacity to be internal coaches. The first batch of 96 managers who werepart of the STEP journey have successfully completed the programme.

Our people strategy, systems and processes are aimed towards making us an employer ofchoice with sustainable talent and concrete action plans to enhance employee engagement.The employee engagement survey administered this year saw 98% employee participation withan improvement in the engagement score.

We also continued in our efforts to provide a congenial work environment, innovativerecruitment and retention practices, and continuous learning opportunities to employees(management and nonmanagement staff) for their future growth and development. As part ofthe Workforce Development initiative- a key initiative to build the capability andcompetence of workmen and to ensure safety, productivity and quality trainingopportunities have been provided to 70% of our workmen.

These efforts have led to a significant increase in manpower productivity Efforts havealso been made to design progressive and empower HR policies and other welfare measures.


Making the Earth a better place.

We are committed to the path of corporate sustainability, with a legacy of aresponsible and ethical organisation. It is driven by our senior management in asustainability framework comprising of our sustainability committees, with the mandate toassess sustainability risks and opportunities at corporate and unit levels to monitor anddrive sustainability initiatives. Sustainability is a regular item in our board meetings.The company sustainability initiatives are aimed inter-alia at low carbon emissions, waterpositivity, and use of biomass / industrial wastes as alternative fuels as well as fly ashas blending material.

Gaining recognition for staying light on our feet.

We improved our sustainability performance over the previous years. This has beenrecognised by independent audits, and the company won the prestigious CII SustainabilityAward 2013 for Rs Significant Achievement on the Journey towards Sustainable DevelopmentRs . This is the fourth time in a row Ambuja Cements has received this award. In addition,for Domain Excellence, our Bhatapara unit was conferred the CII Sustainability Award

Futures & Options Quote
Expiry Date :
204.55    [6] ([2.85]%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 210.45
Average Price: 206.02
No. of Contracts Traded: 2,946
Open Interest: 54,40,000
Underlying: AMBUJACEM
Market Lot: 2,000
Previous Close: 204.55
Day's High | Low: 210.45 | 203.45
Turnover (Cr.): 121.39
Open Int. Change: -5,48,000 ([9.15]% )
Key Information

Key Executives:

N S Sekhsaria , Chairman

Nasser Munjee , Director

Rajendra P Chitale , Director

Shailesh Haribhakti , Director

Company Head Office / Quarters:

Ambujanagar P O,
Taluka Kodinar Dis Gir Somnath,
Phone : Gujarat-91-2795-221137/232009 / Gujarat-
Fax : Gujarat-91-2795-232629 / Gujarat-
E-mail : shares@ambujacement.com
Web : http://www.ambujacement.com


Sharepro Services India P Ltd
Samhita Complex,Plot No 13 AB,Saki Naka Andheri(E),Mumbai-400072

Fund Holding
Scheme Name No. of Shares
IDFC Premier Equity Fund (G) 47,00,000
HDFC Top 200 Fund (G) 22,12,000
UTI-MNC Fund (G) 20,52,053
UTI-Dividend Yield Fund (G) 18,00,000
L&T Equity Fund (G) 16,17,000
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