Ramco Cements Q1 Review - Good Quarter, Fair Valuation: Dolat Capital
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Dolat Capital Report
The Ramco Cements Ltd.’s revenue, volume, Ebitda, adjusted profit after tax were below estimates; Ebitda/tonne and realisation above estimates.
The Ramco Cements posted good set of numbers with up 17.9%/ up 40.0%/ up 54.2% y-o-y growth in revenue/ Ebitda/ adjusted profit after tax to Rs 12.3 billion/ Rs 3.6 billion/ Rs 1.7 billion led by up 10.5%/ up 6.5% y-o-y growth in volume/ realisation (up 11.3% q-o-q).
We expect 16.8%/ 14.6%/ 16.2% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-23E led by 16.0%/ 14.0% volume growth and up 2.5%/ up 1.0% realisation growth in FY22E/ FY23E.
We broadly maintain our FY22E/ FY23E factoring Q1 FY22 results.
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