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Published on 13/04/2020 10:02:05 AM | Source: Religare Broking Ltd

Buy The Ramco Cements Ltd 9-12 Months For Target Rs. 902 by - Religare Broking

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Investment Pick

* 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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