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Ramco Cement outperforms peers

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World Cement,

Bloomberg are reporting that share prices of most cement companies have risen by 5 – 30% over the last year. However, if there is one stock that has outperformed its peers it is Ramco Cements. The stock rose 50% over the last year compared to a 26% gain in UltraTech, 23% in Shree Cement and 4.17% in Ambuja Cement.

High pet coke inventory aided Ramco Cements' EBITDA margins in the last two quarters. For July – September quarter, EBITDA margin stood at 36.77% compared to 32.7% for Shree Cement, 22% for UltraTech Cement and 15% for Ambuja Cement. Pet coke prices have risen by 85% year-on-year, and approximately 30% over the last six months according to brokerage house IIFL.

Ramco’s cheer may be short lived since the company may soon run out of its pet coke inventory. This, in turn, may lead to a sharp rise in operating costs in the coming quarters that will put pressure on the EBITDA margin, which in turn could hurt future performance.

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