Q4FY21 Result Update - The Ramco Cements Ltd - ICICI Direct

Ramco Cements' Q4FY21 numbers were in line with our estimates at the operational level. Sales volume increased 9.5% YoY to 3.21 MT, up 23% QoQ due to healthy demand in the east region and pick-up in infra demand from south region. Realisations also improved 6.8% YoY. However, it was down 1.3% QoQ due to a rise in non-trade mix. This led to revenue growth of 17% YoY, 21.3% QoQ to Rs. 1,631 crore (vs. I-direct estimate: Rs. 1,625 crore). Capacity utilisation for the quarter was at 69% vs. 56% while clinker utilisation was at 92% vs. 93% last year. EBITDA per tonne recorded growth of 46.3% YoY to Rs. 1,399/tonne as usage of low cost petcoke inventory helped the company to contain the power & fuel cost despite sharp rise in the petcoke prices. Average cost of debt declined from 6.71% to 6.1% YoY. However, higher tax outgo led to PAT growth of 47.2% YoY to Rs. 214.4 crore (vs I-direct estimate: Rs. 230.5 crore). The expansion projects in Jayanthipuram and Kurnool have been delayed by three to six months due to the pandemic. We build in 18%, 19% sales volume growth for FY22E, FY23E, respectively. aided by new clinker and cement capacity addition.

For details, click on the link below: Link to the report

Shares of The Ramco Cements Limited was last trading in BSE at Rs.947.8 as compared to the previous close of Rs. 972.7. The total number of shares traded during the day was 40951 in over 2438 trades.

The stock hit an intraday high of Rs. 974 and intraday low of 943.05. The net turnover during the day was Rs. 39256138.

Source : Equity Bulls

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