BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
The Ramco Cements Ltd.’s Q2 FY22 Ebitda at Rs 3.94 billion was 29% above our estimates aided by higher than expected sales volumes and marginally lower costs.
Ebitda/tonne at Rs 1,454 was 5% above estimates.
Cement sales volumes at 2.71 million tonne were 22% above estimates. Net sales realisation at Rs 5,515/tonne was in line.
Power and fuel costs increased by 28% YoY/3% QoQ. A sharp increase in alternative fuel mix from 7% YoY share to 28%, largely substituting petcoke, helped contain costs.
Ramco Cements' management cited that the availability of alternative fuels remains a challenge and a surge in thermal coal and petcoke prices can drive a 15% increase in fuel costs in Q3 FY22.
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