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* The Ramco Cements Ltd (TRCL) reported mixed set of numbers for Q3FY20, wherein revenue growth was tad better while profitability missed our estimates. Its revenue grew by 6%, YoY, led by volume growth of 3.5%. However, the company’s EBITDA and PAT margins declined by167bps and 81bps YoY, due to higher expenditure.
* Ramco cements continue to focus on driving its revenue and margins by improving product mix, increasing utilization levels and expanding capacities. We estimate its Revenue/EBITDA/PAT to grow by 11%/16%/20% CAGR respectively over FY19-22E driven by positive sector outlook, price stabilization per bag, addition in capacity and gain in market share. Hence, we maintain a Buy on the stock with a target price of Rs. 902.
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