The Ramco Cements Ltd.'s profit declined in the first quarter, missing analysts' estimates.
The Ramco Group's flagship cement manufacturer's profit fell 31.7% year-on-year to Rs 74.4 crore in the June quarter, according to an exchange filing on Monday. That compares with the Rs 136.4 crore consensus estimate of analysts tracked by Bloomberg
Ramco Cements Q1 FY24 Highlights (Consolidated, Year-on-Year)
Revenue up 26.3% at Rs 2246.7 crore. (Bloomberg estimate: Rs 2222.7 crore).
Ebitda up 13.3% to Rs 343.4 crore. (Bloomberg estimate: Rs 390.5 crore).
Margin at 15.3% versus 17.03%.
Net profit down 31.7% at Rs 74.4 crore. (Bloomberg estimate: Rs 136.6 crore).
During Q1FY24, the sale volume was 4.30 million tonne, compared to 3.34 million tonne in Q1FY23, with a growth of 29%.
But for the non-availability of sand in Kerala, supply disruptions due to rail accidents in Orissa and West Bengal, and an active monsoon in the Northeast, the growth in sales volume could have been better for the current quarter. The cement capacity utilisation rate for Q1FY24 is 79%.
Ebitda margin was affected due to elevated fuel prices and weak cement prices in the markets where the company operates.
Blended Ebitda per tonne for Q1FY24 is Rs 812 as against Rs 921 during Q1FY23.
The company has incurred Rs 284 crore during Q1 FY24 for the above-mentioned capacity expansion, including regular capex. The net debt as of June 30 is Rs 4,406 crore, out of which Rs 479 crore is for working capital.
Shares of The Ramco Cements fell 2.56% at Rs 855.05 apiece, compared to a 0.4% gain in the benchmark BSE Sensex at 2:25 p.m.
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