New Delhi, May 23 -- South India-focused The Ramco Cements Ltd had a tough March quarter (Q4FY25). Cement sales volume declined more than expected by around 4% year-on-year to 5.29 million tonnes.

The region has seen an increased pace of consolidation lately, and elevated competition for market share gains has kept cement prices under pressure.

In fact, according to Nomura Global Markets Research, Ramco is the only major cement producer in its coverage to report a decline in year-on-year volumes in Q4FY25; Ramco's decline was as against 5% year-on-year growth for the industry.

"Blended realization (at Rs.4,522 per tonne) came in 4% below our estimate and was flat quarter-on-quarter, as against a 3% improvement quarter-on-quarter for th...