The Ramco Cements Ltd.'s profit rose in the third quarter of fiscal 2024, though it missed analysts' estimates.
The Ramco Group's flagship cement manufacturer's profit increased 59.28% year-on-year to Rs 81.57 crore in the December quarter, according to an exchange filing on Thursday. That compares with the Rs 117.80-crore consensus estimate of analysts tracked by Bloomberg.
The Ramco Cements Q3 FY24 Highlights (Consolidated, YoY)
Revenue up 4.93% at Rs 2,110.88 crore vs Rs 2,011.57 crore (Bloomberg estimate: Rs 2,253.07 crore).
Ebitda up 40.09% at Rs 396.53 crore vs Rs 283.05 crore (Bloomberg estimate: Rs 420.27 crore).
Margin up 471 basis points at 18.78% vs 14.07% (Bloomberg estimate: 18.7%).
Reported profit up 59.28% at Rs 81.57 crore vs Rs 51.21 crore (Bloomberg estimate: Rs 117.80 crore).
The company's board also approved establishing a Line II at its Kalavatala Plant in Andhra Pradesh. The proposal includes setting up of a second line comprising clinker capacity of 3.15 MTPA, cement manufacturing capacity of 1.5 MTPA and a waste heat recovery system of 15 MW.
The capacity expansion is proposed to be completed within 18 months at a required investment of Rs 1,250 crore, which would be financed out of internal resources as well as borrowings from banks.
Shares of The Ramco Cements closed 2.08% lower at Rs 974.35 apiece, before the results were announced, as compared with a 0.97% fall in the Nifty 50.
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