On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of The Ramco Cements has increased
30.49% to Rs 2340.57 crore.
Operating profit margin has jumped
from 10.47% to 17.33%, leading to 116.06% rise in operating profit to Rs 405.58
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 15.52% to 17.89%. Employee cost decreased
from 6.55% to 6.28%. Other expenses fell from 67.53% to 58.29%.
Power and Oil fuel cost fell from 36.94% to 27.05%.
Freight charges rose from 19.29% to 20.43%.
Other income rose 67.69% to Rs 11.52
crore. PBIDT rose 114.35% to Rs 417.1 crore. Provision
for interest rose 111.66% to Rs 116.52 crore. Loan funds rose to Rs
5,064.20 crore as of 30 September 2023 from Rs 4,840.99 crore as of 30
September 2022. Inventories rose to Rs 1,058.58 crore as of 30
September 2023 from Rs 960.12 crore as of 30 September 2022. Sundry
debtors were lower at Rs 475.37 crore as of 30 September 2023 compared to Rs
476.11 crore as of 30 September 2022. Cash and bank balance rose to
Rs 120.02 crore as of 30 September 2023 from Rs 81.50 crore as of 30 September
2022. Investments rose to Rs 316.96 crore as of 30 September 2023
from Rs 286.31 crore as of 30 September 2022 .
PBDT rose 115.41% to Rs 300.58
crore. Provision for depreciation rose 33.41% to Rs 162.75
crore. Fixed assets increased to Rs 12,904.05 crore as of 30
September 2023 from Rs 11,453.42 crore as of 30 September
2022. Intangible assets increased from Rs 125.50 crore to Rs 154.71
crore.
Profit before tax grew 685.36% to Rs
137.83 crore. Share of profit/loss was 239.01% lower at Rs -28.85
crore. Provision for tax was expense of Rs 36.98 crore, compared to
Rs 5.33 crore. Effective tax rate was 33.93% compared to 58.96%.
Net profit attributable to owners of
the company increased 2,238.31% to Rs 72.02 crore.
Equity capital stood at Rs 23.63
crore as of 30 September 2023 to Rs 23.63 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 42.11% as of 30
September 2023 ,compared to 42.30% as of 30 September 2022
. Promoters pledged stake was 22.23% as of 30 September 2023 ,compared
to 21.93% as of 30 September 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of The Ramco Cements has increased
28.38% to Rs 4587.23 crore.
Operating profit margin has jumped
from 13.74% to 16.33%, leading to 52.61% rise in operating profit to Rs 749.04
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 15.70% to 17.42%. Employee cost
decreased from 6.41% to 6.00%. Other expenses fell from 64.27% to
60.38%. Power and Oil fuel cost fell from 33.03% to 29.86%.
Freight charges rose from 19.63% to 20.11%.
Other income rose 43.59% to Rs 18.81
crore. PBIDT rose 52.37% to Rs 767.85 crore. Provision
for interest rose 104.73% to Rs 209.91 crore. Loan funds rose to Rs
5,064.20 crore as of 30 September 2023 from Rs 4,840.99 crore as of 30
September 2022. Inventories rose to Rs 1,058.58 crore as of 30
September 2023 from Rs 960.12 crore as of 30 September 2022. Sundry
debtors were lower at Rs 475.37 crore as of 30 September 2023 compared to Rs
476.11 crore as of 30 September 2022. Cash and bank balance rose to
Rs 120.02 crore as of 30 September 2023 from Rs 81.50 crore as of 30 September
2022. Investments rose to Rs 316.96 crore as of 30 September 2023 from
Rs 286.31 crore as of 30 September 2022 .
PBDT rose 39% to Rs 557.94
crore. Provision for depreciation rose 36.56% to Rs 312.46
crore. Fixed assets increased to Rs 12,904.05 crore as of 30
September 2023 from Rs 11,453.42 crore as of 30 September 2022. Intangible
assets increased from Rs 125.50 crore to Rs 154.71 crore.
Profit before tax grew 42.22% to Rs
245.48 crore. Share of profit/loss was 163.98% lower at Rs -33.13
crore. Provision for tax was expense of Rs 65.99 crore, compared to
Rs 47.11 crore. Effective tax rate was 31.08% compared to 29.43%.
Net profit attributable to owners of
the company increased 30.62% to Rs 146.43 crore.
Equity capital stood at Rs 23.63
crore as of 30 September 2023 to Rs 23.63 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 42.11% as of 30
September 2023 ,compared to 42.30% as of 30 September 2022
. Promoters pledged stake was 22.23% as of 30 September 2023
,compared to 21.93% as of 30 September 2022 .
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 Q2FY2024 stood at 4.61
million tons compared to 3.35 million ton in Q2FY2023 a growth of 38%.
During Q2FY2024,
blended EBITDA per ton is Rs.894/-, compared to Rs.575/- in Q2FY2023.
The overall
green power usage has significantly improved from 22% in Q2FY23 to 38% in
Q2FY24 in view of change in utility of wind power to captive purposes. The green
power share is likely to reach 40% in FY24 and 45% in FY25.
Expansion:
In
Kolimigundla, TPP of 18 MW will be commissioned during December 2023 and railway
siding will be commissioned during June 2024.
Expansion of
capacity of dry mix products in AP & Orissa will be commissioned during
December 2023.
The expansion
of grinding plant from 0.9 MTPA to 1.8 MTPA in Orissa are expected to be
commissioned during January 2024.
CAPEX:
The
company has incurred CAPEX of Rs 941 cr in Q2FY2024.
| The Ramco Cements : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,340.57 | 1,793.74 | 30.49 | 4,587.23 | 3,573.15 | 28.38 | 8,157.26 | 6,003.69 | 35.87 | | OPM (%) | 17.33 | 10.47 | 686 bps | 16.33 | 13.74 | 259 bps | 14.53 | 21.49 | -695 bps | | OP | 405.58 | 187.72 | 116.06 | 749.04 | 490.83 | 52.61 | 1,185.55 | 1,290.07 | -8.10 | | Other Inc. | 11.52 | 6.87 | 67.69 | 18.81 | 13.10 | 43.59 | 32.93 | 28.00 | 17.61 | | PBIDT | 417.10 | 194.59 | 114.35 | 767.85 | 503.93 | 52.37 | 1,218.48 | 1,318.07 | -7.56 | | Interest | 116.52 | 55.05 | 111.66 | 209.91 | 102.53 | 104.73 | 240.52 | 112.40 | 113.99 | | PBDT | 300.58 | 139.54 | 115.41 | 557.94 | 401.40 | 39.00 | 977.96 | 1,205.67 | -18.89 | | Depreciation | 162.75 | 121.99 | 33.41 | 312.46 | 228.8 | 36.56 | 505.98 | 402.23 | 25.79 | | PBT | 137.83 | 17.55 | 685.36 | 245.48 | 172.6 | 42.22 | 471.98 | 803.44 | -41.26 | | Share of Profit/(Loss) from Associates | -28.85 | -8.51 | -239.01 | -33.13 | -12.55 | -163.98 | -27.24 | -10.9 | -149.91 | | PBT before EO | 108.98 | 9.04 | 1,105.53 | 212.35 | 160.05 | 32.68 | 444.74 | 792.54 | -43.88 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 108.98 | 9.04 | 1,105.53 | 212.35 | 160.05 | 32.68 | 444.74 | 792.54 | -43.88 | | Taxation | 36.98 | 5.33 | 593.81 | 65.99 | 47.11 | 40.08 | 129.99 | -89.41 | PL | | PAT | 72 | 3.71 | 1,840.70 | 146.36 | 112.94 | 29.59 | 314.75 | 881.95 | -64.31 | | Minority Interest (MI) | -0.02 | 0.63 | LP | -0.07 | 0.84 | LP | 0.23 | 0.47 | -51.06 | | Net profit | 72.02 | 3.08 | 2,238.31 | 146.43 | 112.1 | 30.62 | 314.52 | 881.48 | -64.32 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 72.02 | 3.08 | 2,238.31 | 146.43 | 112.1 | 30.62 | 314.52 | 881.48 | -64.32 | | EPS (Rs)* | 3.05 | 0.13 | 2,238.31 | 6.20 | 4.74 | 30.62 | 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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