RAMCOCEM · Construction Materials
The Ramco Cements Ltd. reported revenue of ₹1,983 cr for October to December 2024, −6.1% on the year and −3.0% on the quarter.
Operating profit (EBITDA) was ₹279 cr, a margin of 14.1%, −474 bps on the year and −129 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 14.1% to 18.8%). Operating costs grew −0.6%, faster than revenue at −6.1%, so operating profit grew less than sales.
Net profit was ₹182 cr, +122.0% on the year and +600.0% on the quarter, with earnings per share of ₹7.72. Profit before other income, one-offs and tax fell 107.0%, so 229 points of the headline growth came from outside the core business. The tax rate was 4% against an average of 28% over the previous 6 quarters, which lifted profit this quarter.
Cement is read per tonne: realisation against power, fuel and freight. The statements give totals; the per-tonne view needs volumes from the filing. The quarterly statements do not carry volumes, realisation and cost per tonne; those come with the filing read.
On earnings per share of ₹15.84 over the last four quarters, the stock at ₹807.50 trades at 51.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,111 cr | ₹2,678 cr | ₹2,094 cr | ₹2,044 cr | ₹1,983 cr | ₹2,397 cr | ₹2,074 cr | ₹2,239 cr | ₹2,106 cr | ₹2,610 cr | ₹2,273 cr | ₹2,463 cr |
| YoY | — | — | −7% | −13% | −6% | −10% | −1% | +10% | +6% | +9% | +10% | +10% |
| EBITDA margin | 18.8% | 15.6% | 15.3% | 15.4% | 14.1% | 13.3% | 19.2% | 17.3% | 13.3% | 14.2% | 13.5% | 13.3% |
| Other income, % of PBT | 6% | 8% | 17% | 29% | 104% | 50% | 5% | 7% | 103% | 50% | 17% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | ₹12.6 cr | ₹4.8 cr |
| Tax rate | 31% | 26% | 27% | 27% | 4% | 46% | 27% | 24% | 20% | 15% | 23% | 27% |
| Net profit | ₹82.0 cr | ₹129 cr | ₹37.0 cr | ₹26.0 cr | ₹182 cr | ₹26.0 cr | ₹85.0 cr | ₹77.9 cr | ₹386 cr | ₹151 cr | ₹31.2 cr | ₹40.5 cr |
| YoY | — | — | −50% | −64% | +122% | −80% | +130% | +200% | +112% | +481% | −63% | −48% |
| Core profit YoY | — | — | −60% | −81% | −107% | −86% | +173% | +289% | — | +278% | −81% | −54% |
| EPS | ₹3.58 | ₹5.46 | ₹1.57 | ₹1.09 | ₹7.72 | ₹1.16 | ₹3.60 | ₹3.27 | ₹16.32 | ₹6.38 | ₹1.32 | ₹1.71 |
| Flags | · | · | ✓ | ✓ | 4 | 1 | ✓ | ✓ | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
The Ramco Cements Ltd. reported revenue of ₹1,983 cr (−6.1% on the year) and net profit of ₹182 cr (+122.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −107.0% on the year, against +122.0% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.