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ICICI Securities Report
The Ramco Cements Ltd.'s Q4 FY21 Ebitda at Rs 4.5 billion (up 61% YoY) was broadly in-line with consensus estimates.
Realisation remained flat QoQ, while costs/tonne increased 2% QoQ resulting in Ebitda/tonne declining 8% QoQ to Rs 1,399/tonne (still up 47% YoY).
On a YoY basis, realisation was up 7%, while costs/tonne was down 3%.
The company's capacity addition of 1.5 million tonne clinker unit in Jayanthipuram and 2.25 million tonne clinker unit in Kurnool has been delayed by a quarter owing to Covid-19 resurgence and is now expected to be commissioned during Q1 FY22 and Q2 FY22, respectively.
Hence, the company is expected to report strong volume growth over FY22-23E.
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