The Ramco Cements (RAMCOCEM) Q3 24/25 earnings summary

Executive summary

• India's GDP is projected to grow at 6.4% in FY25, with steady expansion expected in FY26 despite global uncertainties.

• Retail inflation moderated to 4.9% in FY25 (April–December), and government capex is set to boost industrial activity.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2024 were approved, with auditors expressing an unmodified opinion.

• Standalone net profit for Q3 FY25 was ₹325.32 crore, up from ₹93.38 crore in Q3 FY24, driven by exceptional gains from asset sales.

• Cement demand was affected by monsoon and price pressures, with B2C volumes growing YoY in most regions but B2B volumes declining in some states.

Financial highlights

• 3QFY25 standalone revenue declined 6% YoY to ₹1,976.57 crore; consolidated revenue was ₹1,983.45 crore, both down YoY.

• 3QFY25 EBITDA fell 28% YoY to ₹291 crore; 9MFY25 EBITDA down 19% YoY to ₹942 crore.

• 3QFY25 profit after tax (including exceptional items) rose to ₹325 crore due to a ₹329 crore gain from asset sales; consolidated net profit was ₹181.58 crore.

• Basic and diluted EPS for Q3 FY25 were ₹13.76 (standalone) and ₹7.62 (consolidated), up from ₹3.95 and ₹3.70 in Q3 FY24.

• Cash profit for 3QFY25 increased 78% YoY to ₹512 crore; for 9MFY25, up 12% YoY to ₹926 crore.

Outlook and guidance

• Capex for FY26 is estimated at ₹1,200 crore, with cement capacity targeted at 30 MTPA by March 2026.

• Share of green power expected to surpass 40% on an annualized basis in FY25.

• The company continues to operate in a single segment: cement and cementitious materials.