CHENNAI: Ramco Cements Limited on Thursday reported an eight-fold increase in net profit after tax at Rs 101 crore in the quarter ended September 30, 2023 against Rs 11.5 crore in the corresponding quarter last year.
On a sequential basis, its net profit grew by 28% against Rs 78.9 crore in the quarter ended June 30, 2023.
Net revenue rose by 31% at Rs 2,343 crore in Q2 FY24, which was at Rs 1,793 crore in the year ago quarter. EBIDTA for the second quarter in 2023-24 was at Rs 412 crore, which is 114% growth over the same quarter previous year at Rs 193 crore.
While the sale volume rose to 4.6 million tonne in Q2 FY24, an increase by 38% when compared with Q2 FY23, the cement capacity utilisation was at 82% in the second quarter of 2023-24.
The company continues to focus on the strategy of right products for right applications to make its brands stronger, the statement said, adding that cement prices are under pressure during the current period under review.
Ramco Cements has acquired limestone-bearing land in Andhra Pradesh and Karnataka for augmenting its limestone reserves during the current quarter for which it incurred Rs 941 crore towards capex including the land purchase. The net debt as on September 30, 2023 was at Rs 4,966 crore including working capital borrowings.
Improvement in cement prices from October this year coupled with the current level of fuel price are expected to have a positive impact on the operating margins in the upcoming quarters, it added.