 "cement industry")
Ramco Cements missed analysts' estimates for fourth-quarter profit on Wednesday, hurt by weak cement prices, especially in its core market in South India.
Standalone net profit after tax fell over 20% year-on-year to Rs 121 crore ($14.5 million) during January-March, missing analysts' expectations of Rs 127 crore.
KEY CONTEXT
Ramco Cement derives 75%-81% of its volumes from South India, where cement prices dropped to four-year lows in the quarter as makers unveiled discounts to push volumes and stave off competition.
Higher volumes helped South India-focussed firms Dalmia Bharat post a smaller-than-expected profit fall, while India Cements' losses narrowed on cost-control measures.
