Ramco Industries Ltd

About

Ramco Industries is engaged in the business of manufacture of Fiber Cement (FC) sheets and Calcium Silicate Boards (CSBs).

  • Market Cap 2,555 Cr.
  • Current Price 295
  • High / Low 367 / 172
  • Stock P/E 8.74
  • Book Value 402
  • Dividend Yield 0.34 %
  • ROCE 5.23 %
  • ROE 8.34 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.73 times its book value
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 6.94% over past five years.
  • Company has a low return on equity of 6.53% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
227 214 264 323 221 199 232 305 261 304 340 419
200 193 234 278 198 180 214 243 218 255 300 338
Operating Profit 27 21 30 44 23 19 17 62 43 48 40 81
OPM % 12% 10% 11% 14% 10% 9% 7% 20% 17% 16% 12% 19%
Other Income 18 2 38 2 23 4 16 2 3 2 18 1
Interest 4 4 4 4 3 4 4 3 2 2 2 2
Depreciation 7 7 8 8 8 8 8 8 8 8 8 8
Profit before tax 34 11 57 35 35 12 22 52 36 40 47 72
Tax % 26% 50% 6% 47% 19% 66% 16% 33% 38% 41% 26% 41%
Net Profit 36 28 53 61 51 25 33 62 79 72 66 76
EPS in Rs 4.18 3.21 6.14 7.04 5.84 2.89 3.79 7.13 9.10 8.27 7.67 8.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
568 652 783 880 785 863 865 881 932 1,036 974 1,209 1,324
467 527 650 749 722 783 785 764 814 909 871 1,014 1,111
Operating Profit 101 125 133 131 63 80 80 117 118 128 103 195 212
OPM % 18% 19% 17% 15% 8% 9% 9% 13% 13% 12% 11% 16% 16%
Other Income 25 9 25 18 11 21 43 22 44 24 46 22 24
Interest 22 21 25 31 36 38 40 34 22 15 15 10 8
Depreciation 31 30 35 37 49 25 25 26 28 29 31 33 33
Profit before tax 73 82 99 80 -11 39 57 79 112 107 103 175 195
Tax % 25% 26% 22% 16% 71% 7% -0% 30% 30% 30% 33% 34%
Net Profit 55 61 77 67 -3 90 192 205 176 172 170 279 293
EPS in Rs 6.33 7.00 8.87 7.78 -0.36 10.39 22.21 23.63 20.31 19.89 19.56 32.16 33.76
Dividend Payout % 13% 13% 12% 14% -70% 3% 2% 2% 2% 3% 3% 3%
Compounded Sales Growth
10 Years:6%
5 Years:7%
3 Years:9%
TTM:38%
Compounded Profit Growth
10 Years:16%
5 Years:9%
3 Years:18%
TTM:75%
Stock Price CAGR
10 Years:22%
5 Years:11%
3 Years:14%
1 Year:64%
Return on Equity
10 Years:8%
5 Years:7%
3 Years:7%
Last Year:8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 347 397 461 518 513 602 2,514 2,707 2,877 3,044 3,201 3,475
Borrowings 248 238 239 451 408 413 363 336 213 187 238 152
113 149 155 145 117 140 173 211 217 224 266 364
Total Liabilities 716 794 864 1,123 1,047 1,164 3,059 3,263 3,315 3,464 3,713 4,001
229 240 300 291 411 407 407 424 424 443 467 472
CWIP 27 32 17 110 12 10 22 11 10 5 21 36
Investments 198 198 198 198 198 261 2,129 2,270 2,366 2,477 2,602 2,817
262 325 349 524 427 487 501 558 515 539 624 675
Total Assets 716 794 864 1,123 1,047 1,164 3,059 3,263 3,315 3,464 3,713 4,001

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
69 139 51 9 123 89 79 47 126 88 36 190
-18 -50 -64 -117 -50 -15 6 -9 13 -33 -63 -73
-43 -70 -7 98 -55 -77 -57 -48 -150 -36 27 -104
Net Cash Flow 8 20 -20 -10 18 -3 28 -9 -12 20 0 14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 24 29 28 26 29 30 30 30 35 33 31 28
Inventory Days 160 138 136 227 171 195 202 256 207 194 264 217
Days Payable 36 44 36 22 22 28 50 46 36 33 50 48
Cash Conversion Cycle 148 123 127 230 178 198 183 239 206 194 246 197
Working Capital Days 92 72 86 152 134 140 109 124 110 91 115 82
ROCE % 16% 17% 18% 13% 3% 7% 4% 3% 4% 4% 3% 5%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
53.92 53.92 53.92 54.03 54.03 54.03 54.03 54.03 54.03 54.03 54.03 54.03
0.73 0.71 0.73 0.77 0.76 0.74 0.75 0.74 0.72 0.71 2.34 2.84
4.11 4.55 4.73 5.00 4.98 5.14 5.34 5.44 5.61 5.27 4.81 3.62
0.08 0.08 0.08 0.08 0.08 0.15 0.15 0.15 0.15 0.16 0.16 0.16
41.17 40.75 40.54 40.13 40.16 39.95 39.73 39.65 39.49 39.83 38.66 39.36

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