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We have coverage on The Ramco Cements Ltd. with a BUY rating on stock. Since our report, the stock has posted a high of Rs.925. With the recent run-up in the share price, (14% return) we are now changing our rating on the stock to Neutral and recommend our investors start booking profits. Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://www.sushilfinance.com/Disclamier/disclaimer Member : BSE/ NSE/ M...
Buy Ramco Cements Ltd For Target Rs.930 - Sushil Finance
Strong volumes & improving margins. The Ramco Cements Ltd. (TRCL), the Ramco Group’s flagship company, is the 5th largest cement company in India with a total production capacity of ~22MT (South-19MT & East-3MT). TRCL has a captive thermal power capacity of 175MW and a windmill capacity of 126MW. * We upgrade to BUY rating with a revised target of Rs. 1,030 (from Rs. 845), considering strong volumes and improving margins. * TRCL reported robust revenue growth (+50%YoY) ...
Buy The Ramco Cements Ltd For Target Rs.1030 - Geojit Financial Services Ltd
Revenue/EBITDA beat; higher depreciation & finance cost dragged PAT Result Synopsis The Ramco Cements (TRCL) reported mixed bag performance; Where revenue/EBITDA came +3/9% above YSECe to Rs20.1/2.83bn (+30/24% y/y) but Adj. PAT missed by 13% to Rs516mn (?32% y/y) due to higher depreciation & finance cost. Volume witnessed a growth of +19% y/y to 3.57MT (v/s 3.52MT YSECe). Net realization grew by +9% y/y, mitigated total cost/te increase of +10% y/y which resulted in EBITDA/te o...
Buy The Ramco Cements Ltd For Target Rs.931 -Yes Securities
Mixed numbers; rise in power & fuel cost impacted margins Healthy volumes drove revenue growth: Despite Q2FY23 being a weak quarter for the cement sector, Ramco posted decent revenue growth of 19.3% YoY to Rs 1,794cr. The growth was driven by volume growth of 22% YoY at 3.1mn tons as compared to 2.7mn tons in Q2FY22. However, realization per ton declined by 2.3% to Rs 5,419. Comparing quarterly numbers, net sales grew by 0.8% wherein growth was driven by realization of 0.8% while volum...
Buy The Ramco Cements Ltd For Target Rs.913 - Religare Broking
A mixed bag performance; leverage to rise on higher capex guidance The Ramco Cements’ (TRCL) Q2FY23 EBITDA at Rs1.8bn (down 53% YoY) was below our / consensus estimates due to higher than expected fuel costs. Cement volumes were up 22% YoY at 3.31mnte, implying a 3-year CAGR of ~7% backed by capacity expansion. Total cost/te was up 19%/9% YoY/QoQ against dip in realisation by 1% YoY and flat QoQ. This resulted in blended EBITDA/te reporting a sharp decline of 62% YoY and 39% QoQ to a...
Add The Ramco Cements Ltd For Target Rs.785 - ICICI Securities
Mixed bag performance; Cost dragged margins Result Synopsis The Ramco Cements (TRCL) reported mixed bag performance. Despite seasonal weakness, TRCL posted 10% better revenue than anticipated, due to strong volume growth of 22% y/y and flat sequentially. However, escalated cost/te +7% above estimate resulted in a miss of 13% on EBITDA/te to Rs567/te. Whereas EBITDA eroded by 53% y/y and 38% q/q to Rs1.87bn (8% below YSECe) as total cost surged by 46% y/y and 9% q/q largely d...
Buy The Ramco Cements Ltd For Target Rs.956 - Yes Securities
Opex spikes; capex guidance raised Debt to remain at elevated levels * The Ramco Cements (TRCL)’s 2QFY23 performance missed our estimates on higher opex; though sales volume/realization beat our estimates. EBITDA was at INR1.8b (v/s est. INR2.2b) while blended EBITDA/t was at INR555 (v/s est. INR693). Net profit stood at INR115m (v/s est. INR466m) in 2QFY23. * Continued rise in capex (guidance for FY23/24E now stands at INR17.2b/ INR8.9b v/s earlier guidance of INR8.6b/INR6.0b)...
Neutral The Ramco Cements Ltd For Target Rs.680 - Motilal Oswal Financial Services
Higher costs impact margins; leverage increases * Ramco Cements’ (Ramco’s) Q2FY23 EBITDA declined 53% YoY and 39% QoQ to Rs1.8bn, clocking 14-17% below Consensus’ and our estimates due to higher-thanexpected input costs. Accordingly, blended EBITDA/ton declined 62% YoY and 39% QoQ to Rs555 (Emkay est.: Rs700). The company has revised its capex guidance upward, to Rs26bn for FY23-24 (vs ~Rs14bn earlier) owing to preparatory work for a second line in Kurnool, expansion of i...
Buy The Ramco Cement Ltd For Target Rs.930 - Emkay Global
Widening geographical reach to drive the volume growth: The company has strong foothold in Tamil Nadu and decent presence in Kerala, Andhra Pradesh, Telangana, Karnataka and over the last few years, it has expanded its presence to West Bengal & Odisha as well. The rapidly rising demand in North Eastern states driven by government’s push for infrastructure projects have attracted cement players to expand into the region. The company has been operating 2.00 MTPA capacity in West Be...
Buy The Ramco Cement Ltd For Target Rs.930 - Sushil Finance
The company reported standalone net profit of Rs 112.27 crore for the quarter ended June 30, 2022 as compared to Rs 168.98 crore in the same period last year, registering a year-on-year decline of 33.56 per cent. Net revenue of the company rose substantially by 45.17 per cent at Rs 1,749.45 crore in April-June quarter of this fiscal as against Rs 1,205.08 crore in the corresponding period last year. During April-June quarter, operating expenses increased by 70.22 per cent to Rs 1,471.83 crore...
The Ramco Cements Q1 net profit down 33.56% at Rs 112.27 cr
The Ramco Cements is currently trading at Rs. 653.90, down by 25.40 points or 3.74% from its previous closing of Rs. 679.30 on the BSE. The scrip opened at Rs. 670.00 and has touched a high and low of Rs. 679.20 and Rs. 652.00 respectively. So far 21167 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1130.95 on 20-Jul-2021 and a 52 week low of Rs. 652.00 on 24-May-2022. Last one week high and low of the scrip st...
Ramco Cements declines on reporting 45% fall in Q4 consolidated net profit
Lower South Contribution And Stiff Cost Eroded Profitability Result Highlights * Volume grew by 11%q/q and 15% y/y to 3.01MT (YSEC est. 2.87MT) in 3QFY22 but Net Realization/t (Blended) stood at Rs5,163/t (-7% q/q and +0.4% y/y) due to higher dispatches to the east (higher than historical contribution of 22-28%). Differential between east and south NSR/t came in at Rs1000/t. * TRCL reported revenue growth of just +3.3% q/q (+15.5% y/y) at Rs15.5bn v/s YSEC est. 16bn in 3QFY22 due to ...
Buy The Ramco Cements Ltd For Target Rs. 1,188 - Yes Securities
Elevated cost and high volume in the East weigh on margins Volume spikes 15% YoY driven by new capacities * The Ramco Cements (TRCL)’s 3QFY22 results reflect the cost pressures witnessed by the industry and the inability to pass on the cost increases due to demand constraint. * TRCL’s variable cost rose 36% YoY leading to 22% YoY increase in opex/t. This negated the 15% YoY volume growth and OPM contracted 14.7pp YoY. EBITDA decreased 42% YoY, while EBITDA/t declined 49% ...
Buy The Ramco Cements Ltd For Target Rs.1,020 - Motilal Oswal
Optimistic on demand, but wary of near-term cost inflation Upgrade to Buy on strong volume growth opportunities * TRCL’s 2QFY22 result reflects volume recovery in South India, post the slowdown seen during COVID-19 lockdowns. Volume improved by 27% QoQ and 23% YoY, which helped it to operate its clinker plants at 74% capacity. * The company remains a play on the volume recovery theme and one of the better picks in the Cement space, led by its capacity expansion plans (clinker c...
Buy The Ramco Cements Ltd For Target Rs.1,106 - Motilal Oswal
Expansion and product diversity a key to growth Ramco Cements Ltd (TRCL) is the fifth-largest cement producer in India and the most popular cement brand in South India. The company is six decades old and manufactures ready mix concrete, dry mortar products and various grades of cement. It has a presence across ten states of India with four integrated plants and six grinding units. Apart from South India, it is growing its presence in East India, Sri Lanka and the Maldives. Inv...
High Conviction Idea - Buy The Ramco Cements Ltd For Target Rs.1,237 - Religare Broking
Neutral The Ramco Cements Ltd For Target Rs.1,000 Strong margin delivery, but volumes falter Maintain Neutral on valuation * The Ramco Cements (TRCL)’s 1QFY22 result highlights the more pronounced impact of the second COVID wave in South v/s other regions, resulting in 33% QoQ decline in volumes to 2.14mt. However, strong production discipline in the region kept margins intact. * We cut our FY22E/FY23E EPS estimate by 10%/7%, factoring in a weaker volume outlook for South. W...
Neutral The Ramco Cements Ltd : Strong margin delivery, but volumes falter - Motilal Oswal
New capacities to fuel growth… Ramco Cements’ Q4FY21 numbers were in line with our estimates at the operational level. Sales volume increased 9.5% YoY to 3.21 MT, up 23% QoQ due to healthy demand in the east region and pick-up in infra demand from south region. Realisations also improved 6.8% YoY. However, it was down 1.3% QoQ due to a rise in non-trade mix. This led to revenue growth of 17% YoY, 21.3% QoQ to | 1,631 crore (vs. I-direct estimate: | 1,625 crore). Capacity utili...
Buy The Ramco Cement Ltd For Target Rs. 1150 - ICICI Direct
Adverse regional mix leads to weaker margins Maintain Neutral – valuation prices in strong growth outlook * The Ramco Cements (TRCL)’s 4Q result highlights the adverse impact of higher sales in the East India market, resulting in QoQ decline in EBITDA/t to INR1,399 – weighed by both lower realization and higher cost. * Our FY22E/FY23E estimates are broadly unchanged. We retain our Neutral rating as we believe the valuation at 13.1x FY23E EV/EBITDA prices in the expe...
Neutral The Ramco Cements Ltd For Target Rs. 960 - Motilal Oswal
Strong realisation aided growth despite volume decline The Ramco Cements Ltd (TRCL), the flagship company of Ramco group is the 5th largest cement company in India with a total production capacity of 19.8MT (South-16.6MT & East-3.2MT). TRCL has captive Thermal power capacity of 175MW and Windmill capacity of 126MW. * We upgrade to Accumulate with a revised Target to Rs.1,060 (earlier Rs.880) considering strong margins and improving demand outlook. * Q3FY21 revenue grew by 5%YoY....
Mid Cap : Accumulate The Ramco Cements Ltd For Target Rs.1,060 - Geojit Financial
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