BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
The Ramco Cements Ltd. reported volume, revenue in line, however realization, Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
The Ramco Cements posted +26.4% YoY revenue to Rs 22.4 (-12.8% QoQ) led by volume growth of +28.7% YoY (-8.5% QoQ) to 4.3 million tonne, which was partially offset by flat realisation/ tn at -0.5%/ -4.3% YoY/ QoQ Rs 5,212.
Ebitda increased +13.6% YoY (-17.3% QoQ) to Rs 3.4 billion. However, adjusted profit after tax sharply declined by 30.6% YoY/ 48% QoQ to Rs 789 million in Q1 FY24.
We expect 10.5%/ 24.9%/ 42.6% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY23- 25E led by 19%/ 5% volume growth and -2%/ +0.5% realisation growth in FY24E/ FY25E.
We decrease Ebitda estimates by 5% for FY24E factoring lower profitability; maintain Ebitda estimates for FY25E.
We maintain 'Sell' with revised target price of Rs 819 considering higher capex restricting sizable net debt reduction.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
