7/08/2023 3:18:39 PM | Source: Reuters
India's Ramco Cements misses Q1 profit view as costs outweigh demand
India's Ramco Cements on Monday missed first-quarter profit estimates, as mounting costs outpaced resilient demand.
Net profit after tax fell 29.7% to 789.1 million rupees ($9.5 million) for the quarter ended June 30, far below analysts' estimate of 1.29 billion rupees as per Refinitiv data.
Many Indian cement makers have been battling higher raw material prices and energy costs, with peers Orient Cement, JK Lakshmi Cement and Dalmia Bharat posting lower profits in the quarter.
Ramco's total expenses jumped 31.7% to 21.41 billion rupees, led by a 39% rise in input costs and 44% surge in power and fuel spends.
However, "power and fuel cost per ton is expected to come down in the coming quarters," the company added.
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