Motilal Oswal: Ramco Cements - A Beneficiary Of South Production Discipline
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Motilal Oswal Report
The Ramco Cements Ltd.’s Q2 FY21 results highlight the benefits of high cement prices in South India, which led to the highest ever cement Ebitda/tonne at Rs 1,895 (up 94% YoY).
Volumes, however, declined 19% YoY due to weak cement demand in South India.
We raise our FY21/FY22E earning per share by 26%/5%, factoring in a strong realization outlook on the back of a strong production discipline in South.
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