The Ramco Cements Ltd. has posted a 59% drop in its standalone net profit for the third quarter ended December to ₹83 crore on account of weak demand.
Sales from products rose 16% to ₹1,541 crore. EBIDTA contracted 41% on account of a sharp increase in fuel prices and drop in cement prices, it said in a statement.
Cement sales rose 15% to 3 million tonnes while windfarms generated 2.28 crore units against 3.50 crore units.
On the ongoing expansion, the company said the clinkering unit of 2.25 MTPA in Kurnool is expected to be commissioned next month. The 1 MTPA cement grinding facility, 12 MW of waste heat recovery system and 18 MW of Thermal Power Plant in Kurnool are expected to be commissioned during FY23.
The company also proposed to expand the capacity of its dry mix products in Tamil Nadu, Odisha and Andhra Pradesh at a cost of ₹160 crore to produce high-value products such as water proofing, repair products, flooring screeds including liquid products besides other regular dry mix products.
From April to December, the company had spent a capex of ₹1,387 crore, of which ₹486 crore was during Q3 alone.
