The Ramco Cements Ltd

The Ramco Cements is engaged in manufacture of Cement, Ready Mix Concrete, and Dry Mortal Products. The Company caters mainly to the domestic markets. The Company is also engaged in sale of surplus electricity generated from its windmills and thermal power plants after meeting its captive requirements.

Pros:
Cons:
The company has delivered a poor growth of 6.92% over past five years.
Company might be capitalizing the interest cost
Dividend payout has been low at 12.56% of profits over last 3 years

Peer Comparison Sector: Cement // Industry: Cement - South India

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
964 1,016 943 1,026 1,029 1,066 1,056 1,255 1,220 1,184 1,210 1,532
668 663 668 755 738 765 821 983 970 936 996 1,207
Operating Profit 297 353 275 271 290 302 235 272 250 247 214 325
OPM % 31% 35% 29% 26% 28% 28% 22% 22% 21% 21% 18% 21%
Other Income 10 6 21 6 5 7 5 19 5 6 7 11
Interest 29 28 26 20 15 17 16 10 11 13 13 13
Depreciation 66 67 66 85 72 72 73 75 73 73 76 77
Profit before tax 211 264 204 172 208 220 151 205 170 167 131 247
Tax % 26% 22% 26% 22% 25% 23% 19% 47% 27% 32% 23% 33%
Net Profit 156 207 152 134 156 169 123 109 125 114 101 165
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2,008 2,454 2,795 2,613 3,254 3,831 3,684 3,645 3,573 3,950 4,406 5,146
1,255 1,674 1,937 1,984 2,314 2,823 3,120 2,931 2,501 2,754 3,305 4,109
Operating Profit 753 780 858 629 939 1,008 564 714 1,072 1,195 1,101 1,038
OPM % 38% 32% 31% 24% 29% 26% 15% 20% 30% 30% 25% 20%
Other Income 9 14 20 29 31 40 86 87 88 44 36 28
Interest 52 111 152 140 159 179 189 195 182 104 60 52
Depreciation 93 138 196 221 254 281 306 250 305 284 292 299
Profit before tax 617 545 530 297 557 588 154 356 673 850 785 716
Tax % 34% 33% 33% 29% 31% 31% 11% 32% 19% 24% 29% 29%
Net Profit 408 364 354 211 385 404 138 242 542 649 556 506
EPS in Rs 16.81 14.93 14.52 8.66 15.78 16.47 5.62 9.87 21.85 27.27 23.58 21.47
Dividend Payout % 12% 13% 13% 14% 15% 18% 17% 15% 13% 11% 13% 14%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.69%
5 Years:6.92%
3 Years:12.93%
TTM:16.79%
Compounded Profit Growth
10 Years:3.32%
5 Years:32.63%
3 Years:-2.37%
TTM:-9.27%
Return on Equity
10 Years:14.94%
5 Years:14.68%
3 Years:14.79%
Last Year:11.87%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12 24 24 24 24 24 24 24 24 24 24 24
Reserves 942 1,236 1,534 1,711 2,027 2,347 2,458 2,621 3,070 3,718 4,019 4,437
Borrowings 1,636 2,463 2,567 2,791 2,710 2,667 2,910 2,712 2,124 1,425 1,113 1,619
769 936 1,138 1,186 1,305 1,442 1,485 1,655 1,825 1,996 2,048 2,073
Total Liabilities 3,359 4,660 5,263 5,712 6,066 6,479 6,877 7,012 7,042 7,162 7,203 8,152
1,906 3,000 3,693 3,793 4,115 4,594 4,641 4,876 4,901 5,183 5,298 5,376
CWIP 576 635 318 546 528 157 354 263 147 120 175 853
Investments 89 89 89 267 266 266 283 356 372 148 159 175
788 936 1,164 1,106 1,156 1,463 1,599 1,518 1,623 1,710 1,571 1,749
Total Assets 3,359 4,660 5,263 5,712 6,066 6,479 6,877 7,012 7,042 7,162 7,203 8,152

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
476 639 681 619 864 701 479 956 1,085 1,105 1,113 790
-1,311 -1,284 -567 -686 -552 -378 -541 -482 -263 -276 -483 -1,191
801 661 -118 71 -329 -289 53 -457 -943 -659 -787 643
Net Cash Flow -34 16 -3 4 -18 34 -10 17 -121 171 -157 242

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 34% 21% 17% 10% 15% 16% 6% 10% 16% 18% 16% 14%
Debtor Days 11 13 20 24 23 29 30 38 48 51 37 35
Inventory Turnover 10.83 8.59 7.54 6.49 7.37 7.06 5.75 6.04 6.68 7.02 7.76 9.19