RAMCOCEM Results: Quarterly Results of The Ramco Cements

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	(1.80)	21.80	11.50	10.80
Op profit growth	35.70	3.18	(7.90)	12.20
EBIT growth	42.40	1.54	(11)	13.60
Net profit growth	29.70	7.16	(15)	21.60
Profitability ratios (%)
OPM	29.40	21.30	25.10	30.40
EBIT margin	23.30	16	19.20	24.20
Net profit margin	14.80	11.20	12.70	16.70
RoCE	13	11.40	13.90	15.70
RoNW	3.65	3.31	3.56	4.78
RoA	2.07	1.99	2.30	2.70
Per share ratios ()
EPS	32.40	25.70	23.80	27.50
Dividend per share	3	2.50	3	3
Cash EPS	18.10	12.20	11.50	15.80
Book value per share	243	212	175	159
Valuation ratios
P/E	31	20.10	30.80	24.40
P/CEPS	55.40	42.10	63.90	42.30
P/B	4.13	2.42	4.20	4.20
EV/EBIDTA	16.80	12.70	16	13.80
Payout (%)
Dividend payout	9.04	11.80	12.50	10.80
Tax payout	(33)	(24)	(29)	(24)
Liquidity ratios
Debtor days	31.20	32.90	41.20	47.20
Inventory days	43	40.90	46.90	51.80
Creditor days	(49)	(34)	(32)	(34)
Leverage ratios
Interest coverage	(14)	(12)	(14)	(9.20)
Net debt / equity	0.52	0.59	0.24	0.35
Net debt / op. profit	1.90	2.56	0.90	1.09
Cost breakup ()
Material costs	(16)	(16)	(17)	(17)
Employee costs	(7.90)	(7.10)	(6.90)	(7)
Other costs	(46)	(55)	(51)	(46)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	5,291	5,389	4,424	3,967
yoy growth (%)	(1.80)	21.80	11.50	10.80
Raw materials	(865)	(874)	(751)	(670)
As % of sales	16.40	16.20	17	16.90
Employee costs	(419)	(381)	(305)	(279)
As % of sales	7.91	7.06	6.89	7.02
Other costs	(2,450)	(2,988)	(2,256)	(1,811)
As % of sales	46.30	55.40	51	45.60
Operating profit	1,557	1,147	1,112	1,208
OPM	29.40	21.30	25.10	30.40
Depreciation	(357)	(317)	(294)	(286)
Interest expense	(88)	(72)	(60)	(105)
Other income	30.40	33.50	32.70	39.90
Profit before tax	1,144	792	791	857
Taxes	(380)	(188)	(231)	(203)
Tax rate	(33)	(24)	(29)	(24)
Minorities and other	20.10	(0.30)	3.54	8.53
Adj. profit	784	604	564	663
Exceptional items	--	--	--	--
Net profit	784	604	564	663
yoy growth (%)	29.70	7.16	(15)	21.60
NPM	14.80	11.20	12.70	16.70

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	5,268	5,368	4,406	3,950
yoy growth (%)	(1.90)	21.80	11.60	10.50
Raw materials	(865)	(874)	(751)	(670)
As % of sales	16.40	16.30	17	17
Employee costs	(402)	(368)	(304)	(278)
As % of sales	7.63	6.86	6.90	7.03
Other costs	(2,453)	(2,990)	(2,252)	(1,807)
As % of sales	46.60	55.70	51.10	45.70
Operating profit	1,548	1,137	1,099	1,195
OPM	29.40	21.20	25	30.20
Depreciation	(355)	(315)	(292)	(284)
Interest expense	(88)	(71)	(59)	(104)
Other income	34.60	37.20	36.60	43.50
Profit before tax	1,140	787	785	850
Taxes	(379)	(186)	(229)	(201)
Tax rate	(33)	(24)	(29)	(24)
Minorities and other	--	--	--	--
Adj. profit	761	601	556	649
Exceptional items	--	--	--	--
Net profit	761	601	556	649
yoy growth (%)	26.60	8.18	(14)	19.80
NPM	14.40	11.20	12.60	16.40

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	1,144	792	791	857
Depreciation	(357)	(317)	(294)	(286)
Tax paid	(380)	(188)	(231)	(203)
Working capital	(925)	(265)	(206)	--
Other operating items	--	--	--	--
Operating cashflow	(518)	22.50	60.80	368
Capital expenditure	4,196	2,445	794	--
Free cash flow	3,677	2,468	855	368
Equity raised	7,426	7,034	6,705	6,952
Investments	24.30	(82)	(87)	--
Debt financing/disposal	2,719	1,645	442	1,691
Dividends paid	66.70	59	70.70	71.50
Other items	--	--	--	--
Net in cash	13,914	11,124	7,986	9,083

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	23.60	23.60	23.60	23.60
Preference capital	--	--	--	--
Reserves	5,708	4,978	4,513	4,089
Net worth	5,732	5,001	4,537	4,113
Minority interest
Debt	3,110	3,032	1,637	1,121
Deferred tax liabilities (net)	1,115	970	922	913
Total liabilities	9,962	9,010	7,101	6,150
Fixed assets	9,334	7,890	6,253	5,498
Intangible assets
Investments	307	276	259	240
Deferred tax asset (net)	31.60	58.60	58.20	124
Net working capital	147	692	437	168
Inventories	599	647	561	561
Inventory Days	41.30	43.80	--	46.30
Sundry debtors	376	528	490	443
Debtor days	25.90	35.70	--	36.50
Other current assets	695	698	546	307
Sundry creditors	(506)	(494)	(313)	(307)
Creditor days	34.90	33.50	--	25.40
Other current liabilities	(1,018)	(687)	(847)	(836)
Cash	144	94.20	94.80	120
Total assets	9,962	9,010	7,101	6,150

Select Period

Particulars ( Rupees In Crores.)	Dec-2021	Sep-2021	Jun-2021	Mar-2021	Dec-2020
Gross Sales	1,541	1,453	1,205	1,624	1,325
Excise Duty	--	--	--	--	--
Net Sales	1,541	1,453	1,205	1,624	1,325
Other Operating Income	11.10	50	29.60	10	19
Other Income	6.19	7.22	5.31	7.80	5.69
Total Income	1,559	1,510	1,240	1,642	1,350
Total Expenditure **	1,324	1,103	868	1,185	946
PBIDT	235	407	372	457	404
Interest	25.30	29.40	24.30	15.20	16
PBDT	210	378	347	442	388
Depreciation	99.60	98.90	95.90	96.10	90
Minority Interest Before NP	--	--	--	--	--
Tax	4.74	75.50	35.70	174	68.20
Deferred Tax	25.10	(316)	45.80	(41)	28.30
Reported Profit After Tax	80.50	519	170	212	201
Minority Interest After NP	(0.40)	0.93	0.22	(0.20)	--
Net Profit after Minority Interest	75.60	516	171	216	207
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	75.60	516	171	216	207
EPS (Unit Curr.)	3	23	7	9	9
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	300	--
Equity	23.60	23.60	23.60	23.60	23.60
Public Shareholding (Number)	--	--	--	--	--
Public Shareholding (%)	--	--	--	--	--
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	--	--	--	--
Non Encumbered - % in Total Promoters Holding	--	--	--	--	--
Non Encumbered - % in Total Equity	--	--	--	--	--
PBIDTM(%)	15.30	28	30.90	28.10	30.50
PBDTM(%)	13.60	26	28.80	27.20	29.30
PATM(%)	5.22	35.70	14.10	13.10	15.20