The Ramco Cements was down 1.28% to Rs 484.20 at 11:37 IST on BSE after consolidated net profit rose 118.66% to Rs 206.33 crore on 1.86% increase in total income to Rs 1018.17 crore in Q4 March 2016 over Q4 March 2015.
The result was announced during trading hours today, 20 May 2016.Meanwhile, the BSE Sensex was up 59.18 points, or 0.23%, to 25,458.90.
On BSE, so far 1.09 lakh shares were traded in the counter, compared with an average volume of 54,128 shares in the past one quarter. Trading in the counter was volatile. The stock rose 3.57% at the day's high of Rs 508 in intraday trade. The stock rose 3.36% at the day's low of Rs 474 in intraday trade. The stock hit a record high of Rs 515.40 on 9 May 2016. The stock hit a 52-week low of Rs 293.05 on 21 May 2015. The stock had outperformed the market over the past one month till 19 May 2016, rising 5.69% compared with 1.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 33.11% as against Sensex's 7.13% rise.
The large-cap company has an equity capital of Rs 23.81 crore. Face value per share is Re 1.
On a consolidated basis, The Ramco Cements' net profit rose 126.90% to Rs 558.47 crore on 1.22% decrease in total income to Rs 3694.56 crore in the year ended March 2016 over the year ended March 2015.
The company said that other operating income for quarter and year ended 31 March 2016 includes profit of Rs 17.53 crore on sale of equity investments.
The company has written back excess tax provision related to earlier years amounting to Rs 23.84 crore in the year ended March 2016, as the said provisions are no longer required.
Pursuant to the Schedule II of the Companies Act, 2013, the company has componentized its fixed assets based on technical advice and separately assessed the useful life of the significant components, forming part of the main asset. Consequently, the depreciation for the year ended 31 March 2016 is higher by Rs 7.26 crore. The company has opted to adjust the carrying value of fixed assets for Rs 37.89 crore whose life exhausted as on 1 April 2015 to the retained earnings as per the transtional provisions of the said Act. The deferred tax impact of Rs 13.12 crore on the said transtional adjustment is credited to the retained earnings.
The Competition Appellate Tribunal (COMPAT) has allowed the appeal filed by the company, in the matter of alleged cartalisation, by its order dated 11 December 2015 set aside the order of the Competition Commission of India (CCI) and remitted the matter to CCI for fresh adjudication and to pass a fresh order within three months. The company has since received the refund of Rs 25.86 crore which was deposited earlier. The CCI has re-heared the matter and the order is awaited.
The consolidated results for the quarter and year ended 31 March 2016 includes results of the subsidiary company Ramco Windfarms in which the company holds 71.50% of its paid up equity share capital and the associate company Madurai Trans Carrier in which the company holds 29.86% of its paid up equity share capital.
Ramco Systems has ceased to be an associate company with effect from 29 April 2015 in accordance with Section 2(76) of Companies Act 2013, by virtue of reduction in shareholding from 22.21% to 18.34% consequent to increase in its share capital through qualified institutional placement. The company discontinues the use of Equity method and accounted for Investments in accordance with Accounting Standard (AS) 13 on 'Accounting for Investments'. Accordingly, the carrying amount of investments on the date of cessation of assocaiate is considered as cost of investments in the consolidated financials.
Chennai-based The Ramco Cements (formerly Madras Cements) makes Portland cement. The company also produces ready mix concrete and dry mortar products, and operates one of the largest wind farms in the country.
Powered by Capital Market - Live News
