Any current/future new fundraising through debt or equity?

The management discussed focus on deleveraging, with a target net debt to EBITDA ratio of around 2 to 2.5. Plans include a CAPEX of around Rs. 800 to 850 crores for FY24, mainly for capacity expansion (e.g., Kurnool second line, potential Karnataka plant). There is no explicit mention of new fundraising through equity or debt in the transcript. They are considering selling non-core land assets to fund part of land acquisition and reduce debt. Incremental capital expenditure is expected to be lower compared to earlier phases. The company aims to balance debt reduction and growth, with flexible

Any current/future capex/capital investment/strategic investment?

Planned CAPEX for FY24 is around Rs. 800 to Rs. 850 crores, largely committed and not reducible. Major ongoing CAPEX includes Kurnool project (~Rs. 600 crores) and R.R. Nagar (~Rs. 500 crores). The second line expansion at Kurnool is estimated to cost Rs. 800 to Rs. 900 crores. Future expansion plans include setting up a new plant in Karnataka; timing and decisions will be shared once the Board approves. Incremental CAPEX for adding 5 to 10 million tons capacity will be significantly lower than previous investments, likely under Rs. 5,000 crores for 10 million tons. Focus is on organic growth

Future growth expectations in sales/revenue/volumes?

FY24 volume growth guidance: ~20% (Page 8). Internal growth target for FY23-24: 30% (Page 5). Expect to achieve sales volumes around 18 million tons in FY24 (Page 6). Plans for capacity expansions including Kurnool second line and a new plant in Karnataka to support growth beyond FY24 (Page 8). Incremental capital expenditure expected to be lower, aiding efficient expansion (Page 11). Revenue in Q4 FY23: Rs. 2,581 crores with 46% volume growth, indicating strong momentum (Page 3). Growth supported by unlocked capacity and right product mix without compromising margins (Pages 8, 15). Deleveragi

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a volume growth of around 20% for FY24, aiming for approximately 18 million tons of sales. There is an internal growth target of 30% for FY23-24. EBITDA per ton is expected to remain stable, with no explicit reduction in margins; focus is on sustainable growth rather than pushing volumes at lower margins. Incremental capital expenditure will be lower going forward, supporting profitable growth and improved return on capital. The company plans organic growth primarily, with capacity expansions such as the Kurnool second line and a potential plant in Karnataka to fuel

The Ramco CementQ4 FY23Cement & Cement Products

The Ramco Cement Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹819.7P/E: 101.6Market Cap: ₹19.4K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

FY24 volume growth guidance: ~20% (Page 8).
Internal growth target for FY23-24: 30% (Page 5).
Expect to achieve sales volumes around 18 million tons in FY24 (Page 6).
Plans for capacity expansions including Kurnool second line and a new plant in Karnataka to support growth beyond FY24 (Page 8).
Incremental capital expenditure expected to be lower, aiding efficient expansion (Page 11).
Revenue in Q4 FY23: Rs. 2,581 crores with 46% volume growth, indicating strong momentum (Page 3).
Growth supported by unlocked capacity and right product mix without compromising margins (Pages 8, 15).
Deleveraging focus with net debt to EBITDA comfort zone around 2 to 2.5 before next phase of expansion (Pages 14-15).

Margin guidance

Category 3

The company targets a volume growth of around 20% for FY24, aiming for approximately 18 million tons of sales.
There is an internal growth target of 30% for FY23-24.
EBITDA per ton is expected to remain stable, with no explicit reduction in margins; focus is on sustainable growth rather than pushing volumes at lower margins.
Incremental capital expenditure will be lower going forward, supporting profitable growth and improved return on capital.
The company plans organic growth primarily, with capacity expansions such as the Kurnool second line and a potential plant in Karnataka to fuel medium-term growth.
Net debt to EBITDA ratio will be managed within 2 to 2.5 before pursuing the next growth phase, ensuring financial prudence.
Cost efficiencies and infrastructure upgrades (e.g., railway sidings, WHRS, TPP) are expected to support operational improvements and profitability.
Overall, the focus is on balanced volume growth with healthy margins and return on capital, aiming for double-digit return on capital post-tax in the medium term.

See what The Ramco Cement management said on margin guidance — free account, 30 seconds.

Fundraise plans

The management discussed focus on deleveraging, with a target net debt to EBITDA ratio of around 2 to 2.5.
Plans include a CAPEX of around Rs. 800 to 850 crores for FY24, mainly for capacity expansion (e.g., Kurnool second line, potential Karnataka plant).
There is no explicit mention of new fundraising through equity or debt in the transcript.
They are considering selling non-core land assets to fund part of land acquisition and reduce debt.
Incremental capital expenditure is expected to be lower compared to earlier phases.
The company aims to balance debt reduction and growth, with flexible decisions based on market dynamics.
No definitive fundraising plans (equity or debt) were stated; decisions on further expansion funding will be communicated in future board decisions.

Order book

The transcript provided from "1947.pdf" does not specifically mention the current or expected order book or pending orders in detail. However, some relevant insights include: - A.V. Dharmakrishnan mentions repeat orders and acceptance of their cement products in major projects, indicating a strong and ongoing order flow. - Focus on "right cement for right application," with multiple cement varieties tailored for different customers, helping secure repeat and preferred orders. - Plans for capacity expansion at Kurnool (second line) and Karnataka suggest anticipation of increased order volume. - Growth expectations of around 20% volume growth in FY24 imply a healthy order pipeline. - No explicit numbers or direct statements regarding the total pending or current order book were provided in the excerpts. Therefore, while specific order book figures are not disclosed, ongoing strong demand and expansion plans suggest a robust order pipeline.

See what The Ramco Cement management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned CAPEX for FY24 is around Rs. 800 to Rs. 850 crores, largely committed and not reducible.
Major ongoing CAPEX includes Kurnool project (~Rs. 600 crores) and R.R. Nagar (~Rs. 500 crores).
The second line expansion at Kurnool is estimated to cost Rs. 800 to Rs. 900 crores.
Future expansion plans include setting up a new plant in Karnataka; timing and decisions will be shared once the Board approves.
Incremental CAPEX for adding 5 to 10 million tons capacity will be significantly lower than previous investments, likely under Rs. 5,000 crores for 10 million tons.
Focus is on organic growth with reasonable capital costs; inorganic growth currently not prioritized.
Continuous investments in infrastructure like silos, railway sidings, and beneficiation systems to support growth and cost reduction.
CAPEX tied to growth opportunities balanced with debt deleveraging strategy.

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Earlier calls (7)

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