The Ramco Cements gains 5% on high-volume trade, positive brokerage outlook

The Ramco Cements’ capacity expansions, coupled with the government’s strong focus on infrastructure and housing, will aid future volumes, Geojit financial services said

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Shares of The Ramco Cements surged 5 percent higher on September 25, buoyed by high-volume trade and positive brokerage outlook on the company’s business in the near term.

At 3 pm on the NSE, the Ramco Cements stock was quoting at Rs 902.20 apiece, up Rs 43.50, or 5.07 percent.

Nearly 10 lakh shares of the company exchanged hands at the bourses against a monthly average of 3 lakh shares.

A ‘buy’ rating from the Geojit Financial Service with the target price set at Rs 1,034 seemed to have contributed to the stock’s upward move.

“The Ramco Cements’ capacity expansions, coupled with the union government’s strong focus on infrastructure and housing, will aid future volumes. Now, declining input costs coupled with a shifting focus to deleveraging post FY24 will support valuation. The company has guided for strong volume growth of ~20% in FY24. We expect revenue to grow at a 12% CAGR over FY23-25E,” the financial service firm said.

Geojit expects the company to benefit from the recently commissioned one metric tonne of grinding capacity at R.R. Nagar in Tamil Nadu and an expected capacity addition of 0.9 metric tonne in the Odisha plant by the end of this fiscal to support volume growth.

“The company is expanding the capacity of dry mix products with two plants commissioned in FY23 and another two (in Andhra Pradesh and Odisha) by FY24. This product has margin potential of around 25-30 percent and will contribute nearly Rs 80 crore revenue per plant,” it said.

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In its results for the April-June quarter, The Ramco Cements reported a 26.30 percent YoY (year-on-year) rise in revenue from operations at Rs 2,247 crore. Net profit for the quarter dropped 32.11 percent YoY to Rs 74 crore. The operating profit margins for the quarter contracted by 200 basis points on a yearly basis to 15 percent.

Ramco Cements is engaged in the business of manufacturing and selling cement and cement-related products.

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