Ramco Industries Ltd

Ramco Industries Limited is an India-based company, which manufactures Fiber Cement (FC) sheets and Calcium Silicate Boards (CSBs).

Pros:
Company is virtually debt free.
Stock is trading at 0.54 times its book value
Market value of investments Rs.3557.93 Cr. is more than the Market Cap Rs.1659.16 Cr.
Cons:
The company has delivered a poor growth of 5.71% over past five years.
Company has a low return on equity of 6.42% for last 3 years.
Dividend payout has been low at 2.37% of profits over last 3 years

Peer Comparison Sector: Cement - Products // Industry: Cement Products

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016
252 174 177 218 275 196 197 232 278 179 197 255
218 163 168 205 248 179 180 207 245 162 183 233
Operating Profit 34 11 9 13 26 18 17 25 33 17 14 22
OPM % 14% 6% 5% 6% 10% 9% 8% 11% 12% 9% 7% 9%
Other Income 0 6 0 0 0 16 0 0 0 8 10 18
Interest 8 8 9 10 9 9 10 11 9 9 10 10
Depreciation 9 11 14 14 7 6 5 6 6 6 6 7
Profit before tax 17 -3 -14 -11 11 19 1 8 17 10 8 23
Tax % 22% 19% 28% 63% 16% -1% -10% 14% 17% 8% -12% -9%
Net Profit 22 -1 -7 -3 16 39 8 27 31 41 35 70
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
440 512 568 652 783 880 785 863 865 881 932 1,036
365 417 467 527 650 749 722 786 785 764 814 909
Operating Profit 75 94 101 125 133 131 63 77 79 117 118 128
OPM % 17% 18% 18% 19% 17% 15% 8% 9% 9% 13% 13% 12%
Other Income 21 23 25 9 25 18 11 25 44 22 44 24
Interest 20 26 22 21 25 31 36 38 40 34 22 15
Depreciation 30 33 31 30 35 37 49 25 25 26 28 29
Profit before tax 45 59 73 82 99 80 -11 39 57 79 112 107
Tax % 34% 27% 25% 26% 22% 16% 71% 7% -0% 30% 30% 30%
Net Profit 30 43 55 61 77 67 -3 90 192 205 176 172
EPS in Rs 3.30 4.82 6.19 6.85 8.69 7.61 0.00 10.33 22.21 23.63 20.31 19.89
Dividend Payout % 22% 15% 13% 13% 12% 14% -70% 3% 2% 2% 2% 3%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.31%
5 Years:5.71%
3 Years:6.23%
TTM:11.21%
Compounded Profit Growth
10 Years:14.94%
5 Years:%
3 Years:-1.88%
TTM:2.58%
Return on Equity
10 Years:8.33%
5 Years:7.62%
3 Years:6.42%
Last Year:5.80%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4 4 9 9 9 9 9 9 9 9 9 9
Reserves 258 300 347 397 461 518 513 602 2,514 2,707 2,877 3,044
Borrowings 264 261 248 238 239 451 408 413 363 336 213 187
88 111 113 150 156 146 118 144 173 211 244 272
Total Liabilities 615 677 716 795 865 1,124 1,048 1,168 3,059 3,263 3,342 3,512
259 247 229 240 300 291 411 407 407 424 424 443
CWIP 2 3 27 32 17 110 12 10 22 11 10 5
Investments 183 198 198 198 198 198 198 261 2,129 2,270 2,366 2,477
171 230 262 326 350 525 427 490 501 558 542 587
Total Assets 615 677 716 795 865 1,124 1,048 1,168 3,059 3,263 3,342 3,512

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
66 52 69 139 51 9 123 89 79 47 126 89
-66 -19 -18 -50 -64 -117 -50 -15 6 -9 13 -33
12 -36 -43 -70 -7 98 -55 -77 -57 -48 -150 -36
Net Cash Flow 12 -3 8 20 -20 -10 18 -3 28 -9 -12 20

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 13% 16% 16% 17% 18% 13% 3% 7% 4% 3% 4% 4%
Debtor Days 27 26 24 29 28 26 29 30 30 30 35 33
Inventory Turnover 6.25 5.06 4.21 4.68 5.13 3.50 2.71 3.23 2.96 2.77 2.98 3.63