India’s Ramco Cements Ltd has reported sales of INR25.59bn (US$309.3m) in the quarter ended 31 March 2023 (4QFY22-23), marking a YoY increase of 51 per cent. Sales of cement and dry mortar products rose a comparable 46 per cent to 4.7Mt over the same period. According to the company, the growth is being driven by an uptick in infrastructure projects, which has helped offset weaker prices in the south of the country.
Profit after tax in the March 2023 quarter came in at INR1.52bn, up from INR1.24bn in the same period a year earlier, a 23 per cent YoY expansion, reports Reuters. Meanwhile, total expenses advanced by 53 per cent YoY in the quarter ended 31 March 2023, which was mainly attributed to higher fuel, raw material, and freight and handling costs. Rail transportation costs alone have expanded by 15 per cent due to “busy season” surcharges and a three per cent rise in diesel prices in FY22-23, commented the company, adding that it expects margins to improve from the 2QFY23-24 onwards
