On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of The Ramco Cements has increased
4.94% to Rs 2110.88 crore.
Operating profit margin has jumped
from 14.07% to 18.79%, leading to 40.09% rise in operating profit to Rs 396.53
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 16.54% to 17.86%. Employee cost
increased from 5.74% to 6.60%. Other expenses fell from 64.10% to
57.25%. Power and Oil fuel cost fell from 33.81% to 25.44%. Freight
charges rose from 19.05% to 19.78%.
Other income fell 26.02% to Rs 6.51
crore. PBIDT rose 38.10% to Rs 403.04 crore. Provision
for interest rose 67.42% to Rs 101.86 crore.
PBDT rose 30.38% to Rs 301.18
crore. Provision for depreciation rose 31.94% to Rs 179.77
crore.
Profit before tax grew 28.12% to Rs
121.41 crore. Share of profit/loss was 83.07% higher at Rs -2.44
crore. Provision for tax was expense of Rs 37.4 crore, compared to
Rs 29.14 crore. Effective tax rate was 31.44% compared to 36.27%.
Minority interest decreased 731.43%
to Rs -2.91 crore. Net profit attributable to owners of the company
increased 63.85% to Rs 84.48 crore.
Promoters’ stake was 42.11% as of 31
December 2023 ,compared to 42.30% as of 31 December 2022 . Promoters
pledged stake was 22.65% as of 31 December 2023 ,compared to 21.93% as of 31
December 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of The Ramco Cements has increased
19.94% to Rs 6698.11 crore.
Operating profit margin has jumped from
13.86% to 17.10%, leading to 48.03% rise in operating profit to Rs 1,145.57
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 16.01% to 17.56%. Employee cost
increased from 6.16% to 6.19%. Other expenses fell from 64.21% to
59.38%. Power and Oil fuel cost fell from 33.31% to 28.45%.
Freight charges rose from 19.42% to 20.01%.
Other income rose 15.62% to Rs 25.32
crore. PBIDT rose 47.14% to Rs 1170.89 crore. Provision
for interest rose 90.84% to Rs 311.77 crore.
PBDT rose 35.85% to Rs 859.12
crore. Provision for depreciation rose 34.84% to Rs 492.23
crore.
Profit before tax grew 37.23% to Rs
366.89 crore. Share of profit/loss was 31.94% lower at Rs -35.57
crore. Provision for tax was expense of Rs 103.39 crore, compared to
Rs 76.25 crore. Effective tax rate was 31.21% compared to 31.72%.
Net profit attributable to owners of
the company increased 41.09% to Rs 230.91 crore.
Promoters’ stake was 42.11% as of 31
December 2023 ,compared to 42.30% as of 31 December 2022 . Promoters
pledged stake was 22.65% as of 31 December 2023 ,compared to 21.93% as of 31
December 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 Q3FY2024 stood at 4.0
million tons compared to 3.64 million ton in Q3FY2023 a growth of 10.0%.
During Q3FY2024,
blended EBITDA per ton is Rs.1007/-, compared to Rs.803/- in Q3FY2023.
The overall
green power usage has significantly improved from 20% in Q3FY23 to 36% in Q3FY24
in view of change in utility of wind power to captive purposes.
Expansion:
During the
quarter, the company had increased the clinker capacity by 0.65 MTPA at
Kolimigundla and 0.35 MTPA at Ariyalur through pyro process optimization. With
this, the installed capacity of clinker stands at 16 MTPA. Further, the company
has identified the opportunities for de-bottlenecking of cement capacity
aggregating to 1 MTPA, which will be carried out in FY25.
Ongoing CAPEX:
In
Kolimigundla, TPP of 18 MW will be commissioned during March 2024 and railway
siding will be commissioned during June 2024.
Expansion of
capacity of dry mix products in AP & Orissa will be commissioned during March
2024.
The expansion
of grinding plant from 0.9 MTPA to 1.8 MTPA in Orissa are expected to be
commissioned during March 2024.
New CAPEX: The company propose to double the
clinker capacity in Kolimigundla to 6.30 MTPA and double the cement capacity to
3 MTPA with 15 MW of WHRS at an estimated project cost of Rs.1,250 Crores. This
expansion is scheduled to be commissioned in FY26. The aggregate installed
capacity of company would reach 19 MTPA for Clinker and 26 MTPA for cement by
FY26. The aggregate WHRS capacity would further increase to 68 MW by FY26.
CAPEX:
The
company has incurred CAPEX of Rs 385 cr in Q3FY2024 towards ongoing capex
including maintenance capex. The company has guided capex for Q4FY24 to be around
Rs.390 crores and for FY2025 is estimated around Rs 1700 crores.
| The Ramco Cements : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,110.88 | 2,011.57 | 4.94 | 6,698.11 | 5,584.72 | 19.94 | 8,157.26 | 6,003.69 | 35.87 | | OPM (%) | 18.79 | 14.07 | 471 bps | 17.10 | 13.86 | 325 bps | 14.53 | 21.49 | -695 bps | | OP | 396.53 | 283.05 | 40.09 | 1,145.57 | 773.88 | 48.03 | 1,185.55 | 1,290.07 | -8.10 | | Other Inc. | 6.51 | 8.80 | -26.02 | 25.32 | 21.90 | 15.62 | 32.93 | 28.00 | 17.61 | | PBIDT | 403.04 | 291.85 | 38.10 | 1,170.89 | 795.78 | 47.14 | 1,218.48 | 1,318.07 | -7.56 | | Interest | 101.86 | 60.84 | 67.42 | 311.77 | 163.37 | 90.84 | 240.52 | 112.40 | 113.99 | | PBDT | 301.18 | 231.01 | 30.38 | 859.12 | 632.41 | 35.85 | 977.96 | 1,205.67 | -18.89 | | Depreciation | 179.77 | 136.25 | 31.94 | 492.23 | 365.05 | 34.84 | 505.98 | 402.23 | 25.79 | | PBT | 121.41 | 94.76 | 28.12 | 366.89 | 267.36 | 37.23 | 471.98 | 803.44 | -41.26 | | Share of Profit/(Loss) from Associates | -2.44 | -14.41 | 83.07 | -35.57 | -26.96 | -31.94 | -27.24 | -10.9 | -149.91 | | PBT before EO | 118.97 | 80.35 | 48.06 | 331.32 | 240.4 | 37.82 | 444.74 | 792.54 | -43.88 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 118.97 | 80.35 | 48.06 | 331.32 | 240.4 | 37.82 | 444.74 | 792.54 | -43.88 | | Taxation | 37.4 | 29.14 | 28.35 | 103.39 | 76.25 | 35.59 | 129.99 | -89.41 | PL | | PAT | 81.57 | 51.21 | 59.29 | 227.93 | 164.15 | 38.85 | 314.75 | 881.95 | -64.31 | | Minority Interest (MI) | -2.91 | -0.35 | -731.43 | -2.98 | 0.49 | LP | 0.23 | 0.47 | -51.06 | | Net profit | 84.48 | 51.56 | 63.85 | 230.91 | 163.66 | 41.09 | 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 | 84.48 | 51.56 | 63.85 | 230.91 | 163.66 | 41.09 | 314.52 | 881.48 | -64.32 | | EPS (Rs)* | 3.58 | 2.18 | 63.85 | 9.77 | 6.93 | 41.09 | 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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