On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating income) of The Ramco Cements has increased
29.57% to Rs 2011.57 crore.
Operating profit margin has declined
from 14.75% to 14.07%, leading to 23.65% rise in operating profit to Rs 283.05
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 15.97% to 16.54%. Employee cost
decreased from 7.28% to 5.74%. Other expenses rose from 61.90% to
64.10%. Power and Oil fuel cost rose from 26.94% to 33.81%.
Freight charges fell from 21.68% to 19.05%.
Other income rose 42.16% to Rs 8.8
crore. PBIDT rose 24.13% to Rs 291.85 crore. Provision
for interest rose 140.66% to Rs 60.84 crore.
PBDT rose 10.09% to Rs 231.01
crore. Provision for depreciation rose 36.85% to Rs 136.25
crore.
Profit before tax down 14.07% to Rs
94.76 crore. Share of profit/loss was 176.05% lower at Rs -14.41
crore. Provision for tax was expense of Rs 29.14 crore, compared to
Rs 29.81 crore. Effective tax rate was 36.27% compared to 28.38%.
Minority interest increased 7.89% to
Rs -0.35 crore. Net profit attributable to owners of the company
decreased 31.82% to Rs 51.56 crore.
Promoters’ stake was 42.30% as of 31
December 2022 ,compared to 42.47% as of 31 December 2021 . Promoters
pledged stake was 21.93% as of 31 December 2022 ,compared to 13.76% as of 31
December 2021 .
Year-to-date
(YTD) results analysis.
Net sales (including other operating income) of The Ramco Cements has increased
30.17% to Rs 5584.72 crore.
Operating profit margin has declined
from 23.20% to 13.86%, leading to 22.24% decline in operating profit to Rs 773.88
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 14.60% to 16.01%. Employee cost
decreased from 7.81% to 6.16%. Other expenses rose from 54.42% to
64.21%. Power and Oil fuel cost rose from 21.46% to 33.31%.
Freight charges fell from 20.11% to 19.42%.
Other income rose 16.99% to Rs 21.9
crore. PBIDT fell 21.51% to Rs 795.78 crore. Provision
for interest rose 106.85% to Rs 163.37 crore.
PBDT fell 32.36% to Rs 632.41
crore. Provision for depreciation rose 24.01% to Rs 365.05
crore.
Profit before tax down 58.26% to Rs
267.36 crore. Share of profit/loss was 355.41% lower at Rs -26.96
crore. Provision for tax was debit of Rs 76.25 crore, compared to
credit of Rs 129.07 crore. Effective tax rate was 31.72% compared to
negative 20.34%.
Minority interest decreased 36.36%
to Rs 0.49 crore. Net profit attributable to owners of the company
decreased 78.55% to Rs 163.66 crore.
Promoters’ stake was 42.30% as of 31
December 2022 ,compared to 42.47% as of 31 December 2021 . Promoters
pledged stake was 21.93% as of 31 December 2022 ,compared to 13.76% as of 31
December 2021 .
Full year results analysis.
Net sales (including other operating income) of The Ramco Cements has increased
13.47% to Rs 6003.69 crore.
Operating profit margin has declined
from 29.43% to 21.49%, leading to 17.16% decline in operating profit to Rs
1,290.07 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 15.61% to 14.92%. Employee cost
decreased from 7.98% to 7.24%. Other expenses rose from 46.71% to
56.37%. Power and Oil fuel cost rose from 15.15% to 23.11%.
Freight charges rose from 19.56% to 20.20%.
Other income fell 7.80% to Rs 28
crore. PBIDT fell 16.98% to Rs 1318.07 crore. Provision
for interest rose 28.28% to Rs 112.4 crore. Loan funds rose to Rs
3,949.67 crore as of 31 March 2022 from Rs 3,109.78 crore as of 31 March
2021. Inventories rose to Rs 834.47 crore as of 31 March 2022 from
Rs 599.34 crore as of 31 March 2021. Sundry debtors were lower at Rs
350.71 crore as of 31 March 2022 compared to Rs 375.92 crore as of 31 March
2021. Cash and bank balance rose to Rs 178.48 crore as of 31 March
2022 from Rs 143.83 crore as of 31 March 2021. Investments declined
from Rs 306.97 crore as of 31 March 2021 to Rs 297.09 crore as of 31 March
2022.
PBDT fell 19.63% to Rs 1205.67
crore. Provision for depreciation rose 12.81% to Rs 402.23
crore. Fixed assets increased to Rs 10,697.98 crore as of 31 March
2022 from Rs 9,246.55 crore as of 31 March 2021. Intangible assets
increased from Rs 86.98 crore to Rs 108.81 crore.
Profit before tax down 29.74% to Rs
803.44 crore. Provision for tax was credit of Rs 89.41 crore,
compared to debit of Rs 379.92 crore. Effective tax rate was
negative 11.28% compared to 32.63%.
Minority interest decreased 31.88%
to Rs 0.47 crore. Net profit attributable to owners of the company
increased 12.49% to Rs 881.48 crore.
Equity capital increased from Rs
23.59 crore as of 31 March 2021 to Rs 23.63 crore as of 31 March
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 42.33% as of 31
March 2022 ,compared to 42.54% as of 31 March 2021 . Promoters
pledged stake was 20.63% as of 31 March 2022 ,compared to 13.01% as of 31 March
2021 .
Cash flow from operating activities
decreased to Rs 1,134.89 crore for year ended March 2022 from Rs 1,892.36 crore
for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 1,816.58 crore, compared to Rs
1,767.01 crore during the year ended March 2021.
Operational
highlights:
Sales volume in Q3FY2023 stood at 3.57
million tons compared to 3.01 million ton in Q3FY2022 a growth of 19%.
During
Q3 FY2023, the windfarms have generated 2.01 cr units as against 2.28 cr units
in the Q3FY2022, a decrease of 12% YoY.
Expansion:
Kurnool Integrated Unit commenced commercial production from 23rd September 2022 and achieved clinker capacity utilization 54% in 3QFY23
WHRS capacity of 5 MW in Kurnool was commissioned in Nov 2022; Another 3 MW expected to be commissioned in Feb 2023 and the balance 4 MW will be commissioned in May 2023. TPP of 18 MW and railway siding will be commissioned in FY24.
Expansion of Dry Mortar Plant: In TN, one unit was commissioned in Dec’22 & another unit will be commissioned in Feb’23. The remaining two units in AP & Odisha will be commissioned during FY24.
RRN Line III with clinker capacity of 1.44 MTPA will be commissioned before Mar 2023
CAPEX:
The
company has incurred CAPEX of Rs 390 cr in Q3FY2023 and Rs 1376 cr.
| The Ramco Cements : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,011.57 | 1,552.50 | 29.57 | 5,584.72 | 4,290.29 | 30.17 | 6,003.69 | 5,291.00 | 13.47 | | OPM (%) | 14.07 | 14.75 | -67 bps | 13.86 | 23.20 | -934 bps | 21.49 | 29.43 | -795 bps | | OP | 283.05 | 228.92 | 23.65 | 773.88 | 995.17 | -22.24 | 1,290.07 | 1,557.31 | -17.16 | | Other Inc. | 8.80 | 6.19 | 42.16 | 21.90 | 18.72 | 16.99 | 28.00 | 30.37 | -7.80 | | PBIDT | 291.85 | 235.11 | 24.13 | 795.78 | 1,013.89 | -21.51 | 1,318.07 | 1,587.68 | -16.98 | | Interest | 60.84 | 25.28 | 140.66 | 163.37 | 78.98 | 106.85 | 112.40 | 87.62 | 28.28 | | PBDT | 231.01 | 209.83 | 10.09 | 632.41 | 934.91 | -32.36 | 1,205.67 | 1,500.06 | -19.63 | | Depreciation | 136.25 | 99.56 | 36.85 | 365.05 | 294.38 | 24.01 | 402.23 | 356.56 | 12.81 | | PBT | 94.76 | 110.27 | -14.07 | 267.36 | 640.53 | -58.26 | 803.44 | 1143.5 | -29.74 | | Share of Profit/(Loss) from Associates | -14.41 | -5.22 | -176.05 | -26.96 | -5.92 | -355.41 | -10.9 | 20.75 | PL | | PBT before EO | 80.35 | 105.05 | -23.51 | 240.4 | 634.61 | -62.12 | 792.54 | 1164.25 | -31.93 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 80.35 | 105.05 | -23.51 | 240.4 | 634.61 | -62.12 | 792.54 | 1164.25 | -31.93 | | Taxation | 29.14 | 29.81 | -2.25 | 76.25 | -129.07 | PL | -89.41 | 379.92 | LP | | PAT | 51.21 | 75.24 | -31.94 | 164.15 | 763.68 | -78.51 | 881.95 | 784.33 | 12.45 | | Minority Interest (MI) | -0.35 | -0.38 | 7.89 | 0.49 | 0.77 | -36.36 | 0.47 | 0.69 | -31.88 | | Net profit | 51.56 | 75.62 | -31.82 | 163.66 | 762.91 | -78.55 | 881.48 | 783.64 | 12.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 51.56 | 75.62 | -31.82 | 163.66 | 762.91 | -78.55 | 881.48 | 783.64 | 12.49 | | EPS (Rs)* | 2.18 | 3.20 | -31.82 | 6.93 | 26.83 | -74.18 | 33.52 | 33.16 | 1.08 | | | * EPS is on current equity of Rs 23.63 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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