Sharekhan's research report on The Ramco Cements
The company reported better-than-expected performance for Q3FY2023 led by higher-than-expected volumes, blended realisations and operational profitability. Net debt treads lower q-o-q. The company expects to achieve 30% y-o-y volume growth for FY2023 and high volume growth for FY2024 led by increasing non-trade sales. It is in process of monetizing its non-core asset valued at Rs. 300-400 crore which is expected to aid in reducing leverage.
Outlook
We upgrade The Ramco Cements Limited (Ramco) to Buy with a revised PT of Rs. 845, rolling forward our valuation multiple to FY2025E earnings and considering its strong earnings growth outlook.
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