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The Ramco Cements Ltd., incorporated in the year 1957, is a Large Cap company (having a market cap of Rs 24258.92 Crore) operating in Cement sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1239.99 Crore, down -24.46 % from last quarter Total Income of Rs 1641.53 Crore and up 17.34 % from last year same quarter Total Income of Rs 1056.79 Crore. Company reported net profit after tax of Rs 170.02 Crore in latest quarter.
Investment Rationale
Factoring in higher realization, the brokerage increases FY22-23 EBITDA estimates by 5-9%. It rolls forward to Sep’22E (from Jun’22E) and increase TP by 15% to Rs 1,175 (from Rs1,020). Its DCF-based TP (11.25% WACC, 7.5% FCFF growth post FY26) implies a 1-year forward EV/EBITDA of 13.5x (vs. 15x currently).
Promoters held 42.5 per cent stake in the company as of June 30, 2021, while FIIs held 8.6 per cent, DIIs 22.3 per cent and public and others 26.5 per cent.
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