Ramco Cements Q4 Review - Strong Quarter, Fair Valuation: Dolat Capital

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Dolat Capital Report

The Ramco Cements Ltd.’s revenue was in line and volume above estimate however, realization, Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.

The company posted strong set of numbers with 17.3%/60.8%/54.3% YoY growth in revenue/Ebitda/adjusted profit after tax to Rs 16.3 billion/Rs 4.5 billion/Rs 2.3 billion led by 9.5%/7.3% YoY growth in volume/realisation (down 0.2% QoQ).

We expect 15.7%/12.7%/14.0% revenue/Ebitda/adjusted profit after tax compound annual growth rate over FY21-23E led by 18.9%/14% volume growth and -1.9%/ 1% realisation growth in FY22E/FY23E.

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