Ramco Cements climbs 5% after Q4 profit zooms 27%

Ramco Cements’ sales jumped 50.71 percent to Rs 2,558.68 crore in the March quarter, up from Rs 1,697.66 crore in the year-ago period

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Shares of The Ramco Cements jumped more than 5 percent in the morning trade on May 19, a day after the company reported a 27.33 percent increase in consolidated net profit at Rs 150.60 crore for the quarter ended March, driven by volume gains.

The company posted a net profit of Rs 118.27 crore during the January-March quarter of the previous fiscal, The Ramco Cements said in a regulatory filing on May 18.

Its sales jumped 50.71 percent to Rs 2,558.68 crore in the quarter under review against Rs 1,697.66 crore in the corresponding period of the previous fiscal.

“During Q4 FY23, the sale of cement and dry mortar products is 4.70 million tons, compared to 3.23 million tons in the Q4 FY22 with an impressive volume growth of 46 per cent,” the company said in its earning statement.

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For the fiscal ended March 2023, the Tamil Nadu-based company’s net profit fell 64.31 percent to Rs 314.52 crore. It had reported a net profit of Rs 881.48 crore in the previous year.

The Ramco Cements said the current demand for cement is good in IHB (individual-house-builder) as well as in infra segments.

“The cement demand in the medium term is expected to be resilient in view of government’s focus on infra spend, upcoming elections and forecast of normal monsoon for 2023,” it said. The company also expects an improvement in margins from Q2 of FY24.

The board has recommended a dividend of Rs 2 a share of face value of Re 1 each.

In a note, Yes Securities said volumes at 4.7 million tonnes were above its estimate of 3.7 MT, while total cost/tonne softened by 5 percent quarter on quarter, largely driven by deflating power expenses.

A fall in other cost/tonne by 29 percent year on year and 21 percent QoQ softened the total operating cost in Q4 FY23.

Shares of Ramco Cements have climbed around 16 percent this year, while 1-year returns stand at 19 percent.

At 11.18 am, the stock was trading at Rs 823.30 on the National Stock Exchange, up 5.34 percent from the previous close.

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