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Results
07-Aug-23
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Analysis
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The Ramco Cements
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Revenue up 26.3% YoY to Rs 2246.7 cr, PAT down 31.8% YoY to Rs 74.4 cr in Q1FY2024
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On consolidated basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating income) of The Ramco Cements has increased
26.26% to Rs 2246.66 crore.
Operating profit margin has declined
from 17.03% to 15.29%, leading to 13.31% rise in operating profit to Rs 343.46
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 15.89% to 16.95%. Employee cost
decreased from 6.73% to 5.71%. Other expenses rose from 60.56% to
62.47%. Power and Oil fuel cost rose from 29.11% to 32.68%.
Freight charges fell from 19.97% to 19.80%.
Other income rose 17.01% to Rs 7.29
crore. PBIDT rose 13.39% to Rs 350.75 crore. Provision
for interest rose 96.69% to Rs 93.39 crore.
PBDT fell 1.72% to Rs 257.36
crore. Provision for depreciation rose 40.16% to Rs 149.71
crore.
Profit before tax down 30.57% to Rs
107.65 crore. Share of profit/loss was 5.94% lower at Rs -4.28
crore. Provision for tax was expense of Rs 29.01 crore, compared to
Rs 41.78 crore. Effective tax rate was 28.06% compared to 27.67%.
Net profit attributable to owners of
the company decreased 31.75% to Rs 74.41 crore.
Promoters’ stake was 42.11% as of 30
June 2023 ,compared to 42.33% as of 30 June 2022 . Promoters pledged
stake was 21.09% as of 30 June 2023 ,compared to 20.58% as of 30 June 2022
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Full year results analysis.
Net sales (including other operating income) of The Ramco Cements has increased
35.87% to Rs 8157.26 crore.
Operating profit margin has declined
from 21.49% to 14.53%, leading to 8.10% decline in operating profit to Rs
1,185.55 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 14.92% to 16.61%. Employee cost
decreased from 7.24% to 5.90%. Other expenses rose from 56.37% to
62.98%. Power and Oil fuel cost rose from 23.11% to 32.57%.
Freight charges fell from 20.20% to 19.62%.
Other income rose 17.61% to Rs 32.93
crore. PBIDT fell 7.56% to Rs 1218.48 crore. Provision
for interest rose 113.99% to Rs 240.52 crore. Loan funds rose to Rs
4,507.11 crore as of 31 March 2023 from Rs 3,949.67 crore as of 31 March
2022. Inventories rose to Rs 883.61 crore as of 31 March 2023 from
Rs 834.47 crore as of 31 March 2022. Sundry debtors were higher at
Rs 465.10 crore as of 31 March 2023 compared to Rs 350.71 crore as of 31 March
2022. Cash and bank balance declined from Rs 178.48 crore as of 31
March 2022 to Rs 170.33 crore as of 31 March 2023. Investments
declined from Rs 297.09 crore as of 31 March 2022 to Rs 272.70 crore as of 31
March 2023.
PBDT fell 18.89% to Rs 977.96
crore. Provision for depreciation rose 25.79% to Rs 505.98
crore. Fixed assets increased to Rs 12,031.83 crore as of 31 March
2023 from Rs 10,697.98 crore as of 31 March 2022. Intangible assets
increased from Rs 108.81 crore to Rs 150.03 crore.
Profit before tax down 41.26% to Rs
471.98 crore. Share of profit/loss was 149.91% lower at Rs -27.24
crore. Provision for tax was debit of Rs 129.99 crore, compared to
credit of Rs 89.41 crore. Effective tax rate was 29.23% compared to
negative 11.28%.
Minority interest decreased 51.06%
to Rs 0.23 crore. Net profit attributable to owners of the company
decreased 64.32% to Rs 314.52 crore.
Equity capital stood at Rs 23.63
crore as of 31 March 2023 to Rs 23.63 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 42.30% as of 31
March 2023 ,compared to 42.33% as of 31 March 2022 . Promoters
pledged stake was 22.03% as of 31 March 2023 ,compared to 20.63% as of 31 March
2022 .
Cash flow from operating activities
increased to Rs 1,411.50 crore for year ended March 2023 from Rs 1,134.89 crore
for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 1,765.79 crore, compared to Rs
1,816.58 crore during the year ended March 2022.
Operational
highlights:
Sales volume in Q1FY2024 stood at 4.3
million tons compared to 3.34 million ton in Q1FY2023 a growth of 29%. Capacity
utilization stood at 79% in Q1FY2024.
During Q1FY2024,
blended EBITDA per ton is Rs.812/-, compared to Rs.921/- in Q1FY2023.
The overall
green power usage has significantly improved from 19% in Q1FY23 to 29% in Q1FY24.
The green power share is likely to reach 40% for FY24.
Expansion:
In
Kolimigundla, balance 3 MW WHRS will be commissioned in Aug-23, and TPP of 18
MW and railway siding will be commissioned in 2023-24.
With regard
to expansion of capacity of dry mix products in 4 in AP & Orissa will be
commissioned during 2023-24.
CAPEX:
The
company has incurred CAPEX of Rs 284 cr in Q1FY2024.
| The Ramco Cements : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,246.66 | 1,779.41 | 26.26 | 8,157.26 | 6,003.69 | 35.87 | | OPM (%) | 15.29 | 17.03 | -175 bps | 14.53 | 21.49 | -695 bps | | OP | 343.46 | 303.11 | 13.31 | 1,185.55 | 1,290.07 | -8.10 | | Other Inc. | 7.29 | 6.23 | 17.01 | 32.93 | 28.00 | 17.61 | | PBIDT | 350.75 | 309.34 | 13.39 | 1,218.48 | 1,318.07 | -7.56 | | Interest | 93.39 | 47.48 | 96.69 | 240.52 | 112.40 | 113.99 | | PBDT | 257.36 | 261.86 | -1.72 | 977.96 | 1,205.67 | -18.89 | | Depreciation | 149.71 | 106.81 | 40.16 | 505.98 | 402.23 | 25.79 | | PBT | 107.65 | 155.05 | -30.57 | 471.98 | 803.44 | -41.26 | | Share of Profit/(Loss) from Associates | -4.28 | -4.04 | -5.94 | -27.24 | -10.9 | -149.91 | | PBT before EO | 103.37 | 151.01 | -31.55 | 444.74 | 792.54 | -43.88 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 103.37 | 151.01 | -31.55 | 444.74 | 792.54 | -43.88 | | Taxation | 29.01 | 41.78 | -30.56 | 129.99 | -89.41 | PL | | PAT | 74.36 | 109.23 | -31.92 | 314.75 | 881.95 | -64.31 | | Minority Interest (MI) | -0.05 | 0.21 | LP | 0.23 | 0.47 | -51.06 | | Net profit | 74.41 | 109.02 | -31.75 | 314.52 | 881.48 | -64.32 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 74.41 | 109.02 | -31.75 | 314.52 | 881.48 | -64.32 | | EPS (Rs)* | 3.15 | 4.61 | -31.75 | 13.31 | 33.52 | -60.29 | | | * 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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