Ramco Cements Q3 Results: Profit Rises 59.28%, But Misses Estimates
The Ramco Group's flagship cement manufacturer's profit rose 59.28% year-on-year to Rs 81.57 crore as compared with a estimate of Rs 117.80 crore.
The Ramco Cements Ltd.'s profit rose in the third quarter of fiscal 2024, though it missed analysts' estimates.
The Ramco Group's flagship cement manufacturer's profit increased 59.28% year-on-year to Rs 81.57 crore in the December quarter, according to an exchange filing on Thursday. That compares with the Rs 117.80-crore consensus estimate of analysts tracked by Bloomberg.
The Ramco Cements Q3 FY24 Highlights (Consolidated, YoY)
Revenue up 4.93% at Rs 2,110.88 crore vs Rs 2,011.57 crore (Bloomberg estimate: Rs 2,253.07 crore).
Ebitda up 40.09% at Rs 396.53 crore vs Rs 283.05 crore (Bloomberg estimate: Rs 420.27 crore).
Margin up 471 basis points at 18.78% vs 14.07% (Bloomberg estimate: 18.7%).
Reported profit up 59.28% at Rs 81.57 crore vs Rs 51.21 crore (Bloomberg estimate: Rs 117.80 crore).
The company's board also approved establishing a Line II at its Kalavatala Plant in Andhra Pradesh. The proposal includes setting up of a second line comprising clinker capacity of 3.15 MTPA, cement manufacturing capacity of 1.5 MTPA and a waste heat recovery system of 15 MW.
The capacity expansion is proposed to be completed within 18 months at a required investment of Rs 1,250 crore, which would be financed out of internal resources as well as borrowings from banks.
Shares of The Ramco Cements closed 2.08% lower at Rs 974.35 apiece, before the results were announced, as compared with a 0.97% fall in the Nifty 50.
