Buy The Ramco Cements; target of Rs 850: Sharekhan

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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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.

Outlook

We maintain a Buy on The Ramco Cements Limited (Ramco) with an unchanged PT of Rs. 850.

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The Ramco Cements - 020822 - khan