Ramco Industries Ltd

Ramco Industries Ltd

₹ 226 2.84%
01 Mar - close price
About

Part of the Chennai-based Ramco Group; Ramco Industries Ltd. is engaged in the manufacture of Fiber Cement (FC) sheets and Calcium Silicate Boards (CSBs). Company is also engaged in the spinning of cotton yarn; sale of surplus electricity generated from its windmills and computer software.

Key Points

Product Portfolio
Ramco Industries is one of the leading building materials manufacturers in South Asia. The company's main products are:
a) Ramco Hilux:
It is the company's flagship product and is the ideal choice for dry construction like walls, partitions or ceilings. [1]
b) Ramco Hicem:
It is a High Impact Fibre Cement Board used for Partitions, Walls and Ceilings [2]
c) Ramco Greencor:
This is a 100% asbestos-free roofing product, manufactured using European Technology and specially developed (PVA), PolyPropylene Fibres. [3]
d) Ramco Poweroof:
This is made with Portland cement and high quality imported chrysotile fibres which is over 8 times greater than that of steel. [4]
e) Accessories:
This includes G.I Channels (Floor, Ceiling, Intermediate),G.I Stud, Screws (Self Drilling & Tapping), Rawl Plug, Pre Coated Wall Angle, etc. [5]

  • Market Cap 1,962 Cr.
  • Current Price 226
  • High / Low 274 / 117
  • Stock P/E 16.6
  • Book Value 459
  • Dividend Yield 0.44 %
  • ROCE 3.42 %
  • ROE 3.15 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Stock is trading at 0.49 times its book value
  • Market value of investments Rs.4,192 Cr. is more than the Market Cap Rs.1,962 Cr.
  • Debtor days have improved from 22.2 to 15.1 days.

Cons

  • The company has delivered a poor sales growth of 9.35% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 6.51% over last 3 years.
  • Dividend payout has been low at 4.35% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
304 340 419 311 337 391 497 304 304 350 487 316 334
255 300 338 256 286 355 422 273 294 316 433 287 300
Operating Profit 48 40 81 56 51 35 74 30 11 34 54 29 34
OPM % 16% 12% 19% 18% 15% 9% 15% 10% 3% 10% 11% 9% 10%
2 18 1 3 4 2 5 9 7 7 4 3 3
Interest 2 2 2 2 2 3 3 4 7 7 6 6 7
Depreciation 8 8 8 9 9 7 8 8 8 9 9 9 9
Profit before tax 40 47 72 48 44 28 68 26 2 25 43 18 20
Tax % 41% 26% 41% 30% 31% 29% 29% 43% 98% -73% 23% 56% 36%
72 66 76 144 37 46 61 3 1 58 40 -4 26
EPS in Rs 8.27 7.67 8.72 16.56 4.31 5.34 7.00 0.30 0.10 6.73 4.56 -0.48 3.04
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
783 880 785 863 865 881 932 1,036 974 1,209 1,460 1,458 1,486
650 749 722 783 785 764 814 909 871 1,014 1,234 1,305 1,336
Operating Profit 133 131 63 80 80 117 118 128 103 195 226 152 150
OPM % 17% 15% 8% 9% 9% 13% 13% 12% 11% 16% 15% 10% 10%
25 18 11 21 43 22 44 24 46 22 8 24 18
Interest 25 31 36 38 40 34 22 15 15 10 9 21 26
Depreciation 35 37 49 25 25 26 28 29 31 33 33 34 37
Profit before tax 99 80 -11 39 57 79 112 107 103 175 193 122 105
Tax % 22% 16% 71% 7% -0% 30% 30% 30% 33% 34% 34% 13%
77 67 -3 90 192 205 176 172 170 279 303 123 120
EPS in Rs 8.87 7.78 -0.36 10.39 22.21 23.63 20.31 19.89 19.56 32.16 34.95 14.11 13.85
Dividend Payout % 12% 14% -70% 3% 2% 2% 2% 3% 3% 3% 3% 7%
Compounded Sales Growth
10 Years: 5%
5 Years: 9%
3 Years: 14%
TTM: -1%
Compounded Profit Growth
10 Years: 6%
5 Years: -6%
3 Years: -10%
TTM: 6%
Stock Price CAGR
10 Years: 21%
5 Years: 3%
3 Years: -4%
1 Year: 65%
Return on Equity
10 Years: 7%
5 Years: 6%
3 Years: 7%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 461 518 513 602 2,514 2,707 2,877 3,044 3,201 3,475 3,750 3,875 3,979
239 451 408 413 363 336 213 187 238 152 224 308 279
155 145 117 140 173 211 217 224 266 332 312 273 276
Total Liabilities 864 1,123 1,047 1,164 3,059 3,263 3,315 3,464 3,713 3,968 4,294 4,465 4,542
300 291 411 407 407 424 424 443 467 472 523 563 561
CWIP 17 110 12 10 22 11 10 5 21 36 19 12 14
Investments 198 198 198 261 2,129 2,270 2,366 2,477 2,602 2,817 3,053 3,058 3,139
349 524 427 487 501 558 515 539 624 643 699 832 829
Total Assets 864 1,123 1,047 1,164 3,059 3,263 3,315 3,464 3,713 3,968 4,294 4,465 4,542

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
51 9 123 89 79 47 126 88 36 190 88 -43
-64 -117 -50 -15 6 -9 13 -33 -63 -73 -138 -27
-7 98 -55 -77 -57 -48 -150 -36 27 -104 63 54
Net Cash Flow -20 -10 18 -3 28 -9 -12 20 0 14 13 -17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 28 26 29 30 30 30 35 33 31 28 23 15
Inventory Days 136 227 171 195 202 256 207 194 264 217 203 273
Days Payable 36 22 22 28 50 46 36 33 50 48 26 11
Cash Conversion Cycle 127 230 178 198 183 239 206 194 246 197 200 277
Working Capital Days 57 120 110 101 87 108 100 80 104 82 85 131
ROCE % 18% 13% 3% 7% 4% 3% 4% 4% 3% 5% 5% 3%

Shareholding Pattern

Numbers in percentages

3 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
54.03% 54.03% 54.03% 54.03% 53.97% 53.97% 53.97% 53.97% 53.88% 53.88% 53.88% 53.88%
2.34% 2.84% 2.99% 2.99% 3.03% 3.02% 2.94% 1.98% 1.16% 0.73% 0.71% 0.90%
4.81% 3.62% 3.51% 3.51% 3.51% 3.51% 3.51% 3.51% 3.50% 3.50% 4.24% 4.18%
0.16% 0.16% 0.20% 0.20% 0.20% 0.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
38.66% 39.36% 39.28% 39.27% 39.29% 39.31% 39.58% 40.54% 41.45% 41.89% 41.16% 41.04%
No. of Shareholders 22,00927,24427,76128,62528,99229,63429,58330,58330,35531,22232,80934,257

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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