The Ramco Cements (RAMCOCEM) Q2 24/25 earnings summary

Executive summary

• Revenue declined 13% year-over-year in 2QFY25, with profit after tax down 75% due to weak cement prices and lower demand, despite cost reductions from fuel and efficiency improvements.

• Consolidated revenue from operations for Q2 FY25 was ₹2,044.13 crore, down from ₹2,340.57 crore in Q2 FY24; H1 FY25 revenue was ₹4,137.68 crore, down from ₹4,587.23 crore year-over-year.

• Net profit for Q2 FY25 was ₹25.77 crore, a significant decline from ₹72.00 crore in Q2 FY24; H1 FY25 net profit was ₹62.34 crore, down from ₹146.36 crore year-over-year.

• No tax incentives contributed to lower EBITDA margins; finance costs and depreciation rose due to new facility commissioning.

• Total comprehensive income for Q2 FY25 was ₹23.14 crore, compared to ₹143.32 crore in Q2 FY24.

Financial highlights

• 2QFY25 standalone revenue: ₹2,049.5 crore (down 13% YoY); EBITDA: ₹323.4 crore (down 22% YoY); PAT: ₹25.6 crore (down 75% YoY).

• 1HFY25 standalone revenue: ₹4,146.4 crore (down 10% YoY); EBITDA: ₹651.3 crore (down 14% YoY); PAT: ₹61.1 crore (down 66% YoY).

• EBITDA margin for H1 FY25 was 16%, compared to 17% in H1 FY24.

• Basic and diluted EPS for Q2 FY25 stood at ₹1.12, compared to ₹3.15 in Q2 FY24.

• Power and fuel costs per ton fell 17% YoY in 2QFY25; logistics and employee costs per ton remained stable.

Outlook and guidance

• Cement capacity increased to 24 MTPA in 2QFY25; on track to reach 30 MTPA by March 2026 through expansions and de-bottlenecking.

• Capex for FY25 remains at ₹1,200 crore; further asset monetization and new project land acquisition ongoing.

• Share of green power expected to reach 42% annually in FY25, supporting cost reduction and sustainability goals.

• The company continues to monitor the impact of pending labor law changes and regulatory developments.

• No explicit forward-looking financial guidance was provided.