On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of The Ramco Cements has increased
4.11% to Rs 2678.24 crore.
Operating profit margin has declined
from 16% to 15.65%, leading to 1.78% rise in operating profit to Rs 419.01
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 17.97% to 21.16%. Employee cost
increased from 4.76% to 4.99%. Other expenses fell from 60.72% to 57.78%.
Power and Oil fuel cost fell from 30.88% to 23.66%.
Freight charges rose from 20.06% to 22.77%.
Other income rose 23.30% to Rs 13.6
crore. PBIDT rose 2.34% to Rs 432.61 crore. Provision for
interest rose 34.49% to Rs 103.76 crore. Loan funds rose to Rs
4,936.50 crore as of 31 March 2024 from Rs 4,507.11 crore as of 31 March
2023. Inventories rose to Rs 983.48 crore as of 31 March 2024 from
Rs 883.61 crore as of 31 March 2023. Sundry debtors were higher at
Rs 855.70 crore as of 31 March 2024 compared to Rs 465.10 crore as of 31 March
2023. Cash and bank balance declined from Rs 170.33 crore as of 31
March 2023 to Rs 136.91 crore as of 31 March 2024. Investments rose
to Rs 319.04 crore as of 31 March 2024 from Rs 272.70 crore as of 31 March 2023
.
PBDT fell 4.83% to Rs 328.85
crore. Provision for depreciation rose 9.33% to Rs 154.08
crore. Fixed assets increased to Rs 12,988.87 crore as of 31 March
2024 from Rs 12,031.83 crore as of 31 March 2023. Intangible assets
increased from Rs 150.03 crore to Rs 442.77 crore.
Profit before tax down 14.59% to Rs
174.77 crore. Share of profit/loss was 425% lower at Rs -1.47
crore. Provision for tax was expense of Rs 44.74 crore, compared to
Rs 53.74 crore. Effective tax rate was 25.82% compared to 26.30%.
Minority interest decreased 84.62%
to Rs -0.48 crore. Net profit attributable to owners of the company
decreased 14.46% to Rs 129.04 crore.
Equity capital stood at Rs 23.63
crore as of 31 March 2024 to Rs 23.63 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 42.29% as of 31
March 2024 ,compared to 42.30% as of 31 March 2023 . Promoters
pledged stake was 22.29% as of 31 March 2024 ,compared to 22.03% as of 31 March
2023 .
Full year results analysis.
Net sales (including other operating income) of The Ramco Cements has increased
14.94% to Rs 9376.35 crore.
Operating profit margin has jumped
from 14.53% to 16.69%, leading to 31.97% rise in operating profit to Rs
1,564.58 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 16.61% to 18.56%. Employee cost
decreased from 5.90% to 5.86%. Other expenses fell from 62.98% to
58.93%. Power and Oil fuel cost fell from 32.57% to 27.12%.
Freight charges rose from 19.62% to 20.77%.
Other income rose 18.19% to Rs 38.92
crore. PBIDT rose 31.60% to Rs 1603.5 crore. Provision
for interest rose 72.76% to Rs 415.53 crore. Loan funds rose to Rs
4,936.50 crore as of 31 March 2024 from Rs 4,507.11 crore as of 31 March
2023. Inventories rose to Rs 983.48 crore as of 31 March 2024 from
Rs 883.61 crore as of 31 March 2023. Sundry debtors were higher at
Rs 855.70 crore as of 31 March 2024 compared to Rs 465.10 crore as of 31 March
2023. Cash and bank balance declined from Rs 170.33 crore as of 31
March 2023 to Rs 136.91 crore as of 31 March 2024. Investments rose
to Rs 319.04 crore as of 31 March 2024 from Rs 272.70 crore as of 31 March 2023
.
PBDT rose 21.47% to Rs 1187.97
crore. Provision for depreciation rose 27.73% to Rs 646.31 crore. Fixed
assets increased to Rs 12,988.87 crore as of 31 March 2024 from Rs 12,031.83
crore as of 31 March 2023. Intangible assets increased from Rs
150.03 crore to Rs 442.77 crore.
Profit before tax grew 14.76% to Rs
541.66 crore. Share of profit/loss was 35.98% lower at Rs -37.04
crore. Provision for tax was expense of Rs 148.13 crore, compared to
Rs 129.99 crore. Effective tax rate was 29.35% compared to 29.23%.
Net profit attributable to owners of
the company increased 14.44% to Rs 359.95 crore.
Equity capital stood at Rs 23.63
crore as of 31 March 2024 to Rs 23.63 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 42.29% as of 31
March 2024 ,compared to 42.30% as of 31 March 2023 . Promoters
pledged stake was 22.29% as of 31 March 2024 ,compared to 22.03% as of 31 March
2023 .
Cash flow from operating activities
increased to Rs 1,905.53 crore for year ended March 2024 from Rs 1,411.50 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 1,922.54 crore, compared to Rs
1,765.79 crore during the year ended March 2023.
Operational
highlights:
During FY24, the sale volume is
18.40 million tons, compared to 15.02 million tons in the FY23 with a growth of
22%, which is the highest in the industry. The cement capacity utilization for
the FY24 is at 83%.
Blended
EBIDTA per
ton for the FY24 is Rs. 867/- as against Rs. 811/- during FY23.
Expansion:
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.
Ongoing CAPEX:
In Kolimigundla,
TPP of 18 MW will be commissioned in Jun-24 and the railway siding will be
commissioned in Sep-24. The new units for dry mix products in AP is ready for
commercial production and another unit in Orissa is expected to be commissioned
in Sep-24.
CAPEX:
During
FY24, the company has incurred Rs.1,922 Crores towards capex including
maintenance capex. The capex guidance for FY25 is estimated to be at Rs. 1,200
crores including maintenance capex.
Dividend:
The Board of Directors have recommended a dividend of Rs.2.50 per share of Rs.l/-
each for the year ended 31st March 2024.
| The Ramco Cements : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,678.24 | 2,572.54 | 4.11 | 9,376.35 | 8,157.26 | 14.94 | | OPM (%) | 15.65 | 16.00 | -36 bps | 16.69 | 14.53 | 215 bps | | OP | 419.01 | 411.67 | 1.78 | 1,564.58 | 1,185.55 | 31.97 | | Other Inc. | 13.60 | 11.03 | 23.30 | 38.92 | 32.93 | 18.19 | | PBIDT | 432.61 | 422.70 | 2.34 | 1,603.50 | 1,218.48 | 31.60 | | Interest | 103.76 | 77.15 | 34.49 | 415.53 | 240.52 | 72.76 | | PBDT | 328.85 | 345.55 | -4.83 | 1,187.97 | 977.96 | 21.47 | | Depreciation | 154.08 | 140.93 | 9.33 | 646.31 | 505.98 | 27.73 | | PBT | 174.77 | 204.62 | -14.59 | 541.66 | 471.98 | 14.76 | | Share of Profit/(Loss) from Associates | -1.47 | -0.28 | -425.00 | -37.04 | -27.24 | -35.98 | | PBT before EO | 173.3 | 204.34 | -15.19 | 504.62 | 444.74 | 13.46 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 173.3 | 204.34 | -15.19 | 504.62 | 444.74 | 13.46 | | Taxation | 44.74 | 53.74 | -16.75 | 148.13 | 129.99 | 13.95 | | PAT | 128.56 | 150.6 | -14.63 | 356.49 | 314.75 | 13.26 | | Minority Interest (MI) | -0.48 | -0.26 | -84.62 | -3.46 | 0.23 | LP | | Net profit | 129.04 | 150.86 | -14.46 | 359.95 | 314.52 | 14.44 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 129.04 | 150.86 | -14.46 | 359.95 | 314.52 | 14.44 | | EPS (Rs)* | 5.46 | 6.38 | -14.46 | 15.23 | 13.31 | 14.44 | | | * 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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