Sharekhan's research report on The Ramco Cements
The company reported strong beat on net earnings for Q1FY2023 led by robust volume growth. Blended EBITDA/tonne came in better on account of higher than expected realizations and lower than anticipated costs. Management expects to achieve upper band of 12-15% y-o-y volume growth for FY2023. The power & fuel costs are expected to tread downwards from September. Capacity expansion plans continue to get delayed on account of a rise in cost of projects. However, it would not be lagging in terms of growth vis-à-vis its peers.
We maintain a Buy on The Ramco Cements Limited (Ramco) with an unchanged PT of Rs. 850.
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