Sharekhan's research report on The Ramco Cements
The company reported weak Q1FY2024 results owing to marginal miss on volumes, lower blended realisations, higher than expected Power & fuel and employee expense. Expect strong volume growth to sustain during FY2024 while the benefit of lower pet coke and coal prices to reflect from Q2FY2024 onwards. Odisha grinding unit of 0.9 mtpa is expected to commission by FY2024 end. Net Debt marginally increase q-o-q, staying at an elevated level.
Outlook
We retain a Buy on The Ramco Cements Limited (Ramco) with an unchanged PT of Rs. 1010, considering a strong earnings growth profile over FY2023-FY2025E.
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